Archive - Feb 1, 2008 | Inman News

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Feb

1

2008

I'll make them an offer they can't refuse

By Matt Carter, Friday, February 1, 2008.

When the Service Employees International Union recently made its objections to Bank of America's planned acquisition of Countrywide Financial Corp. known -- in letters to politicians and a dedicated Web site, BankofAmericaBadforAmerica.org -- it's hard to imagine that BofA executives... more...

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The other 'Google Effect' on real estate

By Jessica Swesey, Friday, February 1, 2008.

No, we're not talking about SEO or the Long Tail. Rather, the San Francisco-based SocketSite blog throws the topic out to readers today to debate what's up with the "Google Effect" on San Francisco real estate and whether it actually... more...

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Y2K all over again

By Glenn Roberts, Jr., Friday, February 1, 2008.

A report by BusinessWeek states that home prices could dive another 25 percent or more within the next two to three years, "returning values to their 2000 levels in inflation-adjusted terms." The report quotes David A. Rosenberg, a Merrill Lynch... more...

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Some real estate stocks bounce back

By Marcie Geffner, Friday, February 1, 2008.

Investors took a new look at housing-related stocks in January and seemingly liked some of what they saw, especially after the Federal Reserve cut interest rates twice near the end of the month. Half of the 10 real estate companies that comprise the hypothetical Inman Index posted healthy stock-price increases in January while the other half suffered further drops in their already-battered valuations. more...

Fogcutter Apartments in Encinitas sold

By Inman News, Friday, February 1, 2008.

Brokerage Grubb & Ellis/BRE Commercial this week announced the $6.1 million sale of the Fogcutter Apartments in Encinitas, Calif.

The sale price for the 29-unit building, located at 925 N. Vulcan Ave., breaks down to $210,345 per unit. The property was built in 1985 and is located approximately two blocks from Beacons Beach. Fogcutter Apartments consists of 14 one-bedroom units, 11 two-bedroom/one-bath units, four two-bedroom/two-bath units and 22 one-car garages. more...

SL Green sheds Manhattan space

By Inman News, Friday, February 1, 2008.

A fully leased office building in the Midtown section of Manhattan, N.Y., has sold to a joint venture for an undisclosed price.

The partnership of Paramount Group Inc. and Sherwood Equities Inc. purchased the 18-story property from SL Green Realty Corp. Located at 440 Ninth Ave., the building comprises 398,000 square feet.

According to a press statement, the property "recently underwent tens of millions of dollars in capital improvements, thereby minimizing the need for additional alterations." more...

Small L.A. apartment building commands big price

By Inman News, Friday, February 1, 2008.

Brokerage Charles Dunn Co. has negotiated the sale of a 27-unit apartment building in Los Angeles to a limited liability company for $8.2 million.

Representing sellers N2 Ventures LLC and Silver Oak Holdings LLC, the 30,590-square-foot apartment building sold to Redwood Partners LLC.

The property, located at 3325 S. Canfield Ave., was 100 percent occupied at the closing of escrow, according to a press statement.

Sellsius co-founder flocks to Trulia

By Inman News, Friday, February 1, 2008.

The duo that built up a real estate brand around an alternate spelling to Fahrenheit's counterpart have split up, with one of the partners heading to real estate search and marketing site Trulia and the other continuing the blog and business that is Sellsius. more...

What Fed cuts really mean for mortgages

By Lou Barnes, Friday, February 1, 2008.

Contrary to the conviction of deeply confused civilians and reports by lazy news media, mortgage rates are unchanged, about 5.75 percent for the lowest-fee 30-year paper. more...

Beazer exiting five markets, closing mortgage unit

By Inman News, Friday, February 1, 2008.

Countrywide Financial Corp. will be the "preferred mortgage provider" for customers of Beazer Homes USA Inc. as the builder closes its troubled mortgage origination unit and winds down home-building operations in five markets.

Originations through Beazer Mortgage Corp. are discontinued "effective immediately," Beazer said today in announcing an agreement in which Countrywide loan counselors will market loans to buyers at all Beazer Homes' projects. more...

Home construction spending drops 18% in 2007

By Inman News, Friday, February 1, 2008.

The rate of spending on residential construction fell for the 22nd consecutive month in December to the lowest level in almost five years, and spending for the full year in 2007 dropped 18.3 percent compared to 2006, the U.S. Census Bureau reported today. more...

Real estate rates sink overnight

By Inman News, Friday, February 1, 2008.

Long-term mortgage interest rates fell Thursday, and the benchmark 10-year Treasury bond yield dipped to 3.59 percent.

The 30-year fixed-rate average dipped to 5.49 percent, and the 15-year fixed rate slipped to 4.97 percent. The 1-year adjustable rate sank to 5.12 percent.

The 30-year Treasury bond yield was down at 4.32 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time. more...

Home ownership out of reach for many, despite rising affordability

By Inman News, Friday, February 1, 2008.

The income required to buy a median-priced home has dropped in many markets, though high housing costs have put home ownership out of reach for many workers in high-growth occupations, according to a study released this week by a housing research center. more...

How to tell if a listing is overpriced

By Bernice Ross, Friday, February 1, 2008.

Persuading sellers to be realistic is a consistent challenge for any real estate agent, especially in a slowing or a declining market. Recent technological innovations make this much easier than ever before.

In previous columns, I have discussed how to use rate-of-absorption numbers to help sellers be more realistic about the probability of selling their home. For example, if there are eight months of inventory on the market, the probability that a seller will sell in any given month is 12.5 percent. more...