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Point2, Local Matters team up on Facebook app

By Inman News, Wednesday, May 28, 2008.

Point2 Technologies Inc., which offers online tools for real estate professionals, and media technology company Local Matters Inc. on Wednesday announced an agreement in operating Point2's Facebook Neighborhoods application.  more...

Pit bull service dog unwelcome

By Janet Portman, Wednesday, May 28, 2008.

Q: A tenant who is qualified to rent an apartment has asked us to allow her to bring her service dog, which is a pit bull mix. We aren't arguing over whether she is legally disabled, and we would normally allow the service animal on the property, even though we have a "no pets" policy. But our insurance policy forbids pit bulls, and if we allow one to live here, we risk cancellation or higher premiums. We don't want to be slapped with a fair housing lawsuit, either. What should we do? --Henry H.  more...

HOA washes hands of leaky skylight

By Benny Kass, Wednesday, May 28, 2008.

Q: I purchased a condominium unit 10 months ago and the roof around the edges of the skylight has started to leak. Our management company had their maintenance people look at it and opined that I need to replace it and the cost would be mine. I disagreed with them and they asked their attorney for an interpretation. The lawyer responded that I was responsible, but I know that he did not have all documents when making that opinion since he could not provide me with a copy of the floor plans.  more...

The open house workaround

By Teresa Boardman, Wednesday, May 28, 2008.

Last week's article, "In protest of open houses," caused some protests of its own, so I am following up with some thoughts on marketing and prospecting. I spend 10-15 hours a week prospecting -- every week without fail, no excuses.

Some readers contacted me directly by e-mail regarding last week's article. They all said the same thing. They are struggling to get business; the market is slow; and they have not had success with open houses and no longer want to do them. In every case, their broker/manager is telling them that they need to do more open houses. They were relieved to hear that not every agent believes in open houses.  more...

Florida space occupied by U.S. government sells

By Inman News, Wednesday, May 28, 2008.

An 11,305-square-foot office in Key West, Fla., leased to the Department of Homeland Security and the United States Immigration and Custom Enforcement Facility has sold to private buyers for $10.7 million.

Craig and Kurt Hoffman bought the space from KEY West GSA LLC at a price that represents $969 per square foot.  more...

Ohio self-storage buildings change hands

By Inman News, Wednesday, May 28, 2008.

A private investor recently sold a seven-property portfolio of self-storage facilities in the Columbus, Ohio, metro area for nearly $18.9 million.

The properties bear the Storage Inns of America brand and comprise 418,020 square feet.

A Mishawaka, Ind.-based investment group purchased the portfolio from an unidentified investor at a price per square foot of $45.

The Storage Inns of America portfolio includes:

  • a 608-unit facility at 1330 Georgesville Road, Columbus;

  • a 576-unit facility at 7200 Tussing Road, Reynoldsburg;  more...

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2008

NOW or THEN for VOWs

By Glenn Roberts Jr., Wednesday, May 28, 2008.

Geoff Lewis, a lawyer for RE/MAX International, tells Inman News that he believes the proposed agreement to settle the DOJ vs.  more...

Blogosphere reacts to proposed NAR/DOJ settlement Premium Content

By Glenn Roberts Jr., Wednesday, May 28, 2008.

The online real estate community is peppering a proposed settlement in a years-long legal dispute over a set of property listings policies with a combination of praise, daze, amazement and naysaying.

Depending on what section of the industry's blogosphere you are traversing, the proposed agreement (see proposed settlement document here) between the federal government and the National Association of Realtors is said to have  more...

Sales of new U.S. homes fall 42%

By Inman News, Wednesday, May 28, 2008.

The rate of new single-family home sales dropped 42 percent in April compared to the same month last year, the U.S. Census Bureau and Department of Housing and Urban Development reported.

New-home sales reached a seasonally adjusted annual sales rate of 526,000 in April -- this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.  more...

Higher rates choke home loan apps

By Inman News, Wednesday, May 28, 2008.

Rising interest rates pushed home loan application volume down a seasonally adjusted 4.6 percent last week from one week earlier, the Mortgage Bankers Association reported today.

Overall application volume has now fallen for two straight weeks, impacted by another substantial decline in refinance activity, which dropped 8.9 percent last week and overshadowed the 0.1 percent gain in the index that tracks purchase loans.  more...

Real estate rates up overnight

By Inman News, Wednesday, May 28, 2008.

Long-term mortgage interest rates increased Tuesday, and the benchmark 10-year Treasury bond yield climbed to 3.92 percent.

The 30-year fixed-rate average rose to 5.85 percent, and the 15-year fixed rate gained to 5.42 percent. Meanwhile, the 1-year adjustable rate increased to 5.9 percent.

The 30-year Treasury bond yield edged up to 4.64 percent.

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