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Judge gives green light to FSBO lawsuit

By Jessica Swesey, Thursday, February 19, 2004.

A federal judge in Sacramento this week rejected the California Department of Real Estate's attempt to dismiss a First Amendment lawsuit brought by ForSaleByOwner.com. The suit claims the state's law that requires the FSBO company to obtain a real estate broker's license to legally conduct business in the state is unfair.

ForSaleByOwner is expected to file motions for summary judgment in the case by this summer. Trial, if necessary, will be held early next year.  more...

Oxnard apartments change hands

By Inman News, Thursday, February 19, 2004.

Marcus & Millichap arranged the sale of the 85-unit Dolphin Bay Apartments in Oxnard, Calif.

The value of the transaction was approximately $10.5 million.

Dolphin Bay Apartments is located at 5300 South J St. The class B community was constructed in 1970. The property's unit mix includes 20 one-bedroom/one-bath units, 55 two-bedroom and 10 three-bedroom apartments.

Thousand Oaks, Calif.-based Dolphin Bay Partners sold the property to Millenium Holdings Inc., a Los Angeles-based investment group.

At the time of sale, occupancy was 95 percent.  more...

Mission Ridge deal closes in Washington

By Inman News, Thursday, February 19, 2004.

Hendricks & Partners negotiated the sale of Mission Ridge, a 260-unit multifamily complex in Renton, Wash.

The value of the transaction was not disclosed.

Chicago-based Waterton Associates sold the property, located at 12000 SE Petrovitsky Road, to Redwood City, Calif.-based Prometheus Real Estate Group.

David Young of the Seattle office of Hendricks & Partners negotiated the transaction.

Hendricks & Partners is a national advisory firm focused exclusively on the sales of multifamily properties.

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Praedium sells SoCal business park

By Inman News, Thursday, February 19, 2004.

The Praedium Group LLC, a New York City-based national real estate investment company, sold the 257,400-square-foot Arrow Business Park in Rancho Cucamonga, Calif.

The value of the transaction was approximately $12.3 million.

The property comprises two large warehouse/distribution properties located at 9000-9100 Ninth Street and situated on 13 acres.

Aurora, Colo.-based ProLogis was the buyer.

At the time of sale, the property was 100 percent occupied.

Pat Scruggs and Gary Stache of CB Richard Ellis represented both the seller and the buyer.  more...

New bank rule terrifies Realtor group

By Jessica Swesey, Thursday, February 19, 2004.

The National Association of Realtors is worried that a new federal banking rule that allows national banks to skirt state banking laws might also enable banks to ignore state real estate licensing laws if they are allowed to enter the brokerage business.

But NAR's concern is misplaced, according to the Office of the Comptroller of the Currency, the federal agency that regulates national banks. The agency's preemption rule, which took effect this month, has nothing to do with real estate brokerage.  more...

Real estate marketplace inefficient, but works Premium Content

By Bradley Inman, Thursday, February 19, 2004.

Every morning in the tiny fishing village of Pichidangui on the central coast of Chile, local residents line up and await the arrival of the morning catch. The boats dock; the fish are cleaned, sold and wrapped in newspaper. Within an hour, the small crowd dissipates.

The value chain in Pichidangui is simple–fishermen distribute fish to residents–an efficient and cost-effective marketplace with no middlemen or intermediary costs. Far more complex, the U.S. real estate value chain is also more expensive–10 percent or so of every sale.  more...

Same-sex couples eye real estate benefits

By Inman News, Thursday, February 19, 2004.

Equal protection of property laws

The city of San Francisco this weekend issued marriage licenses to hundreds of gay and lesbian couples. Commentators, pundits, moralists, ethicists and everyday folks may hold their own opinions about the private lives of these same-sex couples, but whether they should be allowed to marry is a matter of public policy, and it's just as much about financial and legal matters as it is about love, sex and family.  more...

Mortgage rates plunge to 7-month lows

By Inman News, Thursday, February 19, 2004.

Mortgage interest rates this week fell to lows not seen since July, as job market woes and the declining dollar highlighted the vulnerability of the U.S. economy, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.58 percent for the week ended today, down from 5.66 percent last week. This is the lowest the 30-year fixed-rate mortgage has been since the week ending July 11, 2003, when it was 5.52 percent.  more...

Inman TV: $8,000 home in San Francisco

By Inman News, Thursday, February 19, 2004.