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Feb

14
2008

Dear John

By Matt Carter, Thursday, February 14, 2008.
What's the intro for a long-dead soap opera, supposedly set in Santa Barbara but actually filmed in Burbank, doing on the Inman Blog? You'll have to click on "continue reading" to hear about the real-life Valentine's Day drama unfolding in...  more...

Honey, we're moving to South Dakota!

By Glenn Roberts, Jr., Thursday, February 14, 2008.
South Dakota was the lone state with an increase in sales of resale homes in the fourth quarter of 2007 compared to the same quarter in 2006, the National Association of Realtors reported today. South Dakota had 19,600 sales of...  more...

Houston, we have a problem

By Matt Carter, Thursday, February 14, 2008.
In looking at markets that may see a temporary increase in the $417,000 conforming loan limit, I ran a table yesterday that relied on median home price data from the third quarter 2007. Running the numbers again today with preliminary...  more...

N.J. multifamily deal tops $51 million

By Inman News, Thursday, February 14, 2008.

A 970-unit apartment complex in Gloucester Township, N.J., has sold to an investor and will be rebranded, brokerage Kislak Co. Inc. announced.

The Fountainview Village Apartments at 1501 Gloucester Road commanded a price of $51.5 million, and were sold by Fountainview Village LP.

The apartment complex will be rebranded by the new owners, whose identities weren't disclosed, as Autumn Ridge Apartments.  more...

Sale of north Texas apartments completed

By Inman News, Thursday, February 14, 2008.

Brokerage Grubb & Ellis Co. recently announced the sale of a 476-unit apartment complex in North Arlington, Texas, for an undisclosed price.

An out-of-state investor purchased the property from an unidentified entity.

The property, Collins Pointe, comprises 327,266 square feet of space in a variety of differently sized one- and two-bedroom units. The complex also features two large, resort-style swimming pools.

Private college expands headquarters

By Inman News, Thursday, February 14, 2008.

Brokerage Grubb & Ellis/BRE Commercial today announced the 289,750-square-foot lease by Bridgepoint Education in two buildings at Kilroy Sabre Springs in San Diego, Calif.

The value of the transaction, inked with landlord Kilroy Realty Corp., was not disclosed.

Bridgepoint Education, an independent private higher-education company based in San Diego, provides online education as well as traditional education at its two physical campuses: Ashford University in Clinton, Iowa, and University of the Rockies in Colorado Springs, Colo.  more...

Many Californians locked out of home ownership Premium Content

By Inman News, Thursday, February 14, 2008.

Home prices have outpaced household income throughout California, and in 14 counties the median income needed to purchase a median-priced home is more than double the median household income, according to a report released today.

The median home price in California soared from $200,000 in March 2000 to $470,000 in March 2006, according to "Locked Out 2008," a report by the independent, nonprofit California Budget Project organization.  more...

Mortgage rates end week higher

By Inman News, Thursday, February 14, 2008.

Mortgage rates inched higher this week despite a lack of strong economic news, Freddie Mac reported today.

The average rate on 30-year fixed-rate mortgages rose from 5.67 percent to 5.72 percent, and the average 15-year fixed mortgage rate jumped from 5.15 percent to 5.25 percent.

Points, or fees that lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.  more...

NAR reports Q4 price drops in most metros

By Inman News, Thursday, February 14, 2008.

The median price of U.S. single-family resale homes dropped 5.8 percent in the fourth quarter compared to the same quarter in 2006, the National Association of Realtors reported today, with prices falling in 77 of 150 metro areas tracked.  more...

Nightly real estate rates inch up

By Inman News, Thursday, February 14, 2008.

Long-term mortgage interest rates rose again Wednesday, and the benchmark 10-year Treasury bond yield increased to 3.73 percent.

The 30-year fixed-rate average climbed to 5.64 percent, and the 15-year fixed rate gained to 5.1 percent. The 1-year adjustable rate, however, dipped to 5.04 percent.

The 30-year Treasury bond yield was higher at 4.54 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Morgan Stanley axing 1,000 mortgage jobs

By Inman News, Thursday, February 14, 2008.

Morgan Stanley announced Wednesday the company will lay off 1,000 employees as it scales back residential mortgage operations in the U.S. and closes a UK-based subsidiary, Advantage Home Loans.

Morgan Stanley, which reported $9.4 billion in mortgage-related write-downs in the fourth quarter, said it will continue to service U.S.  more...

Spousal abuse raises risk of eviction

By Janet Portman, Thursday, February 14, 2008.

Q: I have a real difficult situation here that I need help with. One of my tenants has an abusive husband who hits her. More than once, she's called the police, and the resulting chaos is really upsetting for the other residents. I feel sorry for her, but I can't tolerate these disruptions. I know that if I had a tenant who fought with other residents, I could evict that person for disturbing the peace. Can I do the same with this couple? --Bill L.  more...

Renters: Are you prepared for an emergency?

By Helene Lesel, Thursday, February 14, 2008.

Before calamity strikes, do you know where the gas shutoff valve is? Are you in the dark when you need to locate your breaker box or even the fire extinguisher? As a tenant, you often don't have any idea where various shutoff equipment is located, and you may not have the tools to do the job. Knowing how and where to shut off water, gas and electricity are basic abilities every tenant should possess. That problem can be handily solved by making a checklist and requesting the landlord provide shutoff information.  more...

Property manager won't be getting a good referral

By Robert Griswold, Thursday, February 14, 2008.

Question: I have recently inherited a property from my deceased father and have uncovered that several of my tenants haven't been paying rent over the last few months. Also, the property manager who was supposed to be taking care of everything never bothered to do anything about it. We also discovered the property manager's assistant was stealing money from our account. We also believe they have been fraudulently billing us for contractor's work that hasn't been performed. What should I do?

Property manager Griswold replies:  more...

Grandma's real estate partner may be a fraud

By Benny Kass, Thursday, February 14, 2008.

Q: Our grandmother is 90 years old and lives alone in her house. The property is free and clear of any mortgage, and is worth approximately $300,000. We believe Grandma is financially well-off.

However, a recent credit report indicates that she has a partner in a mortgage that to our knowledge she never took. This secret partner has been an "advisor" to her for some years. When we asked about this, our grandmother adamantly refused to discuss this, but reaffirmed her trust in the advisor.  more...