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Industry reacts to DOJ vs. NAR settlement proposal Premium Content

By Glenn Roberts Jr., Tuesday, May 27, 2008.

Consumers may ultimately gain access to a larger and more diverse collection of online real estate information if a proposed settlement between the federal government and the National Association of Realtors trade group is finally approved, industry experts said Tuesday.

And industry participants and innovators now have some clear evidence that a five-year stalemate over NAR policies in the online sharing and display of property information is nearing an end.  more...

Despite economy, timeshares drum up big business

By Tom Kelly, Tuesday, May 27, 2008.

Timeshare buyers are cautioned about labeling their weeks as "investments." Think of it as "prepaid vacations," timeshare developers famously say.

While an investment, especially in real estate, often stands an excellent chance of making money, the usual return on a timeshare typically centers on enjoyment rather than cash.  more...

Homeowners needn't be afraid of stucco repair

By Bill and Kevin Burnett, Tuesday, May 27, 2008.

This week, the subject is stucco. One homeowner wants to know how to repair holes made during an insulation project; another wants to know how to hang a bike and a wisteria vine from her stucco wall.  more...

Sphere of influence has new meaning Premium Content

By Kris Berg, Tuesday, May 27, 2008.

Fellow agent and Inman News columnist, Alison Rogers, recently spoke of the friends-and-family plan when it comes to buying and selling real estate. This made me chuckle knowingly, for I have been burned more times than I am willing to admit by the "I have a friend" rejection. Occasionally, this friend will turn out to be a very competent, even proficient agent. Unfortunately, this is not always the case. Licensed agents in my state alone total 87 quadrillion to the 12th power. Every one of them is the friend or family of someone, yet I will wager a bet that not every one of them is among the very best real estate has to offer.  more...

KPMG signs at MainPlace

By Inman News, Tuesday, May 27, 2008.

KPMG LLP, the U.S. audit, tax and advisory firm, has signed a lease for 108,904 square feet on the top four floors of MainPlace in downtown Houston, Texas.

The value of the transaction was not disclosed.

The 46-story, 1 million-square-foot office building is under construction at 811 Main St. KPMG LLP, which is currently located in Bank of America Center, will relocate to MainPlace upon building completion in 2011.  more...

Fashion co. to occupy New Jersey space

By Inman News, Tuesday, May 27, 2008.

A major fashion apparel company has committed to 418,000 square feet in South Brunswick, N.J., for an undisclosed price.

The company's identity was not disclosed, but it will occupy the entire building, which is owned by TIAA-CREF. The property, located at 329 Herrod Blvd., will serve as the Northeast distribution facility for the Bergen County, N.J.-based fashion leader.

The industrial building features 52 exterior cross-dock and two drive-in loading doors, 100 trailer parking positions and 28-foot clear ceilings.  more...

Buyer found for Morena Vista

By Inman News, Tuesday, May 27, 2008.

Grubb & Ellis/BRE Commercial recently announced it brokered the $5.8 million sale of Morena Vista Corporate Center in San Diego.

Located at 4375 Jutland Drive, the two-story, multitenant office building totals 31,530 rentable square feet and includes covered parking. The property will be 100 percent leased to four tenants, according to a press statement.

The Morena Vista Corporate Center, originally constructed in 1991, is situated on 2.86 acres.  more...

DOJ, NAR agree to settle antitrust lawsuit Premium Content

By Glenn Roberts Jr., Tuesday, May 27, 2008.

A federal antitrust lawsuit, filed against the National Association of Realtors trade group in 2005 following a two-year investigation, has reached a proposed settlement that calls for the adoption of a new online listings policy.

Deborah A. Garza, deputy assistant attorney general for the U.S. Justice Department, today characterized the settlement as "a full success" for the Justice Department.  more...

Aggregators generate most online loan apps Premium Content

By Inman News, Tuesday, May 27, 2008.

Consumers say the Internet is a great tool for comparing mortgages and home-equity loans offered by different lenders, but rate it as less effective than the telephone or in-person meetings for obtaining information tailored to their specific situation or needs.

Loan originators who want to get more consumers to fill out applications online should make their Web sites more user-friendly, offer customized advice online, and better integrate online and offline channels so consumers can switch to the phone or online chat when questions pop up.  more...

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27
2008

DOJ vs. NAR settles ...

By Glenn Roberts Jr., Tuesday, May 27, 2008.

From U.S. Justice Department announcement today: "The Department of Justice announced today that it has reached a proposed settlement with the National Association of Realtors (NAR) that requires NAR to allow Internet-based residential real estate brokers to compete with traditional brokers. The Department said the settlement will enhance competition in the real estate brokerage industry, resulting in more choice, better service, and lower commission rates for consumers.  more...

Estately.com expands to Portland

By Inman News, Tuesday, May 27, 2008.

Real estate search site Estately.com has expanded outside of Washington state to include Portland property information.

The company, which works on a referral basis by connecting consumers with real estate professionals at other brokerage companies, now features about 85,000 homes and condos for sale at its search site, including 35,000 Portland-area properties.  more...

Consumer confidence weakens in May

By Inman News, Tuesday, May 27, 2008.

Consumer confidence deteriorated further in May as weak business and job conditions coupled with growing pessimism about the short-term future further depleted consumers' confidence in the overall state of the economy, The Conference Board reported today.

The Consumer Confidence Index fell to 57.2 -- a 16-year low -- down from 62.3 in April. The Present Situation Index registered 74.4, down from 81.9. The Expectations Index fell to 45.7, compared with 50 in April.  more...

U.S. home-price index falls 14.1% Premium Content

By Inman News, Tuesday, May 27, 2008.

A U.S. home-price index, based on repeat sales of single-family homes over time, fell 14.1 percent in the first quarter compared to the same quarter last year -- a record in its 20-year history.

The Standard & Poor's/Case-Shiller national index, which tracks more than 100 metro areas and covers about 70 percent of the country, declined 6.7 percent in the first quarter compared to fourth-quarter 2007.  more...

MLS exec sees change full speed ahead

By Inman News, Tuesday, May 27, 2008.
Cameron Paine

Cameron Paine is CEO of Connecticut Statewide Multiple Listing Service, a broker-controlled MLS with about 13,000 members.

The MLS, which began operating in February 2007, has made news this year with the launch of CTreal.com, a public property-search site that features about 31,000 property listings.

Paine has been at the forefront of current MLS issues, including data consolidation and public-facing Web sites.  more...