By Samantha Peterson, Friday, December 31, 2004. The success of online real estate brokerage ZipRealty's initial public offering has buoyed other companies with alternative business models, boosting their optimism about prospects for 2005. ZipRealty, a full-service brokerage that rebates part of its sales commission to home buyers and sellers, made its IPO of 4.55 million shares of common stock at $13 per share in November. Net proceeds totaled $61.3 million, higher than the company originally predicted. more...
By Glenn Roberts Jr., Friday, December 31, 2004. A 31-year-old organization for relocation professionals, which formerly had membership exclusive to Century 21 franchises, has broadened its horizons by welcoming other franchises and independent companies. The Board of Directors for International Relocation Consultants Inc., or Inrelco, voted in October to open the organization's doors to all real estate firms that maintain a relocation department. more...
By Janis Mara, Friday, December 31, 2004. The housing market will continue unscathed despite the departure of the chief executive officer and chief financial officer of Fannie Mae, the country's largest mortgage finance company, industry figures opined. "Personally, I don't think any one person could have that much influence. I agree with David Lereah (senior vice president of the National Association of Realtors), who says we are still in a housing boom for the next five years nationally," said Michael Godfrey, president of the Bay East Association of Realtors in Pleasanton, Calif. more...
By Inman News, Thursday, December 30, 2004. Long-term mortgage interest rates were flat Wednesday, and the benchmark 10-year Treasury bond yield dipped to 4.27 percent. The 30-year fixed-rate average stayed at 5.38 percent, and the 15-year fixed-rate remained at 4.79 percent. The 1-year adjustable was unchanged at 3.42 percent. The 30-year Treasury bond yield sank to 4.89 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. more...
By Inman News, Thursday, December 30, 2004. Single-family home sales in the Austin, Texas, area soared 25 percent in November from a year ago, the Austin Board of Realtors reported Wednesday. Realtors reported that 1,589 homes were sold in the region in November. From January through November 2004, 19,044 homes were sold in Central Texas. 2004 is the sixth consecutive year in which more than 18,000 homes have been sold in Austin. The Austin Board of Realtors projects that 2004 will be the first year for total homes sold to exceed 20,000. more...
By Inman News, Thursday, December 30, 2004. The sharp rise in energy prices in 2004 put less strain on household finances than might have been expected, according to a recent Freddie Mac analysis. Freddie Mac reported that American homes built in the last few years are nearly twice as energy efficient as the typical house built in the 1960s. more...
By Inman News, Thursday, December 30, 2004.
By Inman News, Thursday, December 30, 2004. Sales of detached single-family homes in Massachusetts rose 17.4 percent in November from a year ago, according to the Massachusetts Association of Realtors. There were 4,063 closed home sales in November, up from 3,460 recorded in November 2003. Sales of condominiums jumped 53.6 percent year-over-year in November to 1,597, compared to 1,040 sales in November 2003. The median price of a detached single-family home in November was $345,950, up 14.6 percent from $302,000 recorded a year earlier. more...
By Inman News, Thursday, December 30, 2004. Fannie Mae announced Wednesday that it has agreed to sell an aggregate of $5 billion in two placements of preferred stock to qualified institutional buyers, representing the largest capital placement ever undertaken by the mortgage-financing giant. The $2.5 billion series of 5.375 percent Non-Cumulative Convertible Series 2004-1 Preferred Stock has a stated value and liquidation preference of $100,000 per share and is convertible by holders into shares of Fannie Mae common s more...
By Inman News, Thursday, December 30, 2004. Sherry Chris joined Real Living Network Services after serving as executive vice president of Royal LePage, Canada's largest real estate firm. At Royal LePage, Chris played a key role on the leadership team that spearheaded the development of an alternative business model for Canada's real estate industry. more...
By Samantha Peterson, Thursday, December 30, 2004. With more than 80,000 real estate brokers across the country, observers say the fragmented real estate industry is long overdue for consolidation at a faster pace than in the past. more...
By Inman News, Thursday, December 30, 2004. Kushner Cos. recently sold The Curling Club luxury apartment complex in Hoboken, N.J. The value of the transaction was $70 million. ING Clarion Partners purchased the property. The Curling Club comprises 240 units and is located between 11th and 12th Avenues at 1122 Grand St. Kushner Cos. acquired the former industrial site in 1998, and in late 1999, the firm completed construction of The Curling Club, which consistently has maintained occupancy rates near 100 percent, according to a press statement. Cushman & Wakefield brokered the transaction. more...
By Inman News, Thursday, December 30, 2004. Binswanger/CBB recently sold a 212,000-square-foot building with acreage in San Antonio, Texas. The value of the transaction was not disclosed. The one-story property is located at 1235 Gembler Road. Stream Realty Partners L.P. purchased the property as an investment from AutoZone, a retailer of automotive parts and accessories with locations throughout the United States and Mexico. AutoZone consolidated operations at this facility into its brand-new, 600,000-square-foot distribution center in Terrell, Texas. more...
By Inman News, Thursday, December 30, 2004. A joint venture between Bascom Arizona Ventures LLC and Rockwood Capital Partnership recently purchased a 582-unit apartment community known as the Tiburon Apartments in Mesa, Ariz. The value of the transaction was $18.5 million. FEIGA/Tiburon L.P., a Delaware Limited Partnership, sold the property. more...
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