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Advice for the Rookie Realtor

By Inman News, Thursday, March 11, 2004.

Dear Rookie,

Just wanted to say that I have been doing real estate for a little under a year now and I really felt like you were talking to me in your first editorial. I can say though thankfully that I have not had a bad experience with the other brokers and agents that I have worked with. Just wanted to say to keep up the hard work and it will all come along in some time. Keep posting so we can all keep up to date on how everything is going.

Sal Messina
BP Vance Real Estate Inc.

Dear Rookie,  more...

Bedding manufacturer expands in North Carolina

By Inman News, Thursday, March 11, 2004.

Binswanger/CBB negotiated the sale of a, 95,792-square-foot building with acreage in Mebane, N.C.

The value of the transaction was not disclosed.

The one-story, fully air-conditioned property is located at 7320 Oakwood St. Extension.

Sleep-set company Kingsdown Inc. purchased the property in order to expand its local manufacturing operations from Royal Home Fashions, a full-line specialty-store offering an array of window dressings, bedroom ensembles, bath products and decorative accessories for the home.  more...

CB Richard Ellis closes multifamily sale

By Inman News, Thursday, March 11, 2004.

CB Richard Ellis facilitated the sale of a 128-unit apartment property in Anaheim, Calif.

The transaction was valued at approximately $15.4 million.

The identities of the buyer and seller were not disclosed.  more...

Marcus & Millichap seals S.F. apartment deal

By Inman News, Thursday, March 11, 2004.

Marcus & Millichap Real Estate brokered the sale of a 72-unit apartment property in San Francisco.

The value of the transaction was $20.5 million.

Carmelia Investment Corp. sold the property to San Francisco-based Nob Hill Tower DE LLC.

The property is located at 1221 Jones St. in San Francisco's Nob Hill area. The sale included 75,062 rentable square feet. The building was constructed in 1971 and includes a unit-mix of eight studios, 40 one-bedroom and 24 two-bedroom apartments, which range in size from 500 to 1,450 square feet.  more...

Essex lands L.A. apartments

By Inman News, Thursday, March 11, 2004.

Essex Property Trust purchased Fountain Park Apartments, a 705-unit multifamily community located in Playa Vista, Calif.

The value of the transaction was approximately $124.5 million.  more...

Homestore narrows loss

By Inman News, Thursday, March 11, 2004.

Real estate media and technology provider Homestore today reported a net loss of $12.1 million or 10 cents a share in the fourth quarter 2003.

Earnings results improved from a $37.6 million loss, or 32 cents a share, in the fourth quarter 2002, and $30.6 million, or 26 cents a share in the third quarter 2003.  more...

RESPA deadline looms

By Inman News, Thursday, March 11, 2004.

The deadline is fast approaching on the White House Office of Management and Budget's 90-day review of the U.S. Department of Housing and Urban Development's plan to revamp the Real Estate Settlement Procedures Act.

RESPA watchers expect OMB to issue a decision or recommendation to HUD sometime next week; however, OMB has not said whether its review will be finished on time.  more...

It's a bird, it's a plane, it's a house!

By Jessica Swesey, Thursday, March 11, 2004.

Nothing bugs veteran airline pilot Tom Bennington more than having to tear apart an airplane. That's why he's transforming Boeing 727s into practical living spaces. Yes, that's right–living spaces, as in homes.

His next airplane home is for sale auction-style on eBay until tomorrow, through power seller Don Peters, owner of iWillSellYourStuff.com.  more...

Survey scores MLS vendors

By Inman News, Thursday, March 11, 2004.

Nine MLS system vendors evaluated in Clareity Consulting's third annual "MLS Customer Satisfaction Survey" received an overall rating of "good" or "excellent," although some individual MLS accounts still have some "end-user satisfaction issues."  more...

More borrowers pay mortgage on time Premium Content

By Inman News, Thursday, March 11, 2004.

The fourth-quarter 2003 National Delinquency Survey released today by the Mortgage Bankers Association shows that the seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties fell to 4.49 percent in the fourth-quarter 2003, down 16 basis points from 4.65 percent in third-quarter 2003.  more...

Mortgage rates plunge to near-record lows

By Inman News, Thursday, March 11, 2004.

Mortgage rates fell significantly this week on the heels of the bleak U.S. employment report released on Friday, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.41 percent, with an average 0.6 point, for the week ended today, down sharply from last week when it averaged 5.59 percent.

The average for the 15-year fixed-rate mortgage this week is 4.69 percent, with an average 0.7 point, down nearly 20 basis points from last week's average of 4.88 percent.  more...

Bird's eye view of real estate

By Susan Ashworth, Thursday, March 11, 2004.

A new real estate service gives potential home buyers a view of the market they may not have seen before.

A free service for real estate agents, Realbird from DonationChannel is a mapping system that allows consumers to view aerial photos and topographic maps of any U.S. location or point of interest.  more...

Online real estate debate heats up

By Inman News, Thursday, March 11, 2004.

Real estate, mortgage, media and technology innovators from across the country will gather to network and assess future developments in online real estate during Inman News' Real Estate Connect 2004, July 28-30 at the Palace Hotel in San Francisco.

Advance registration rate of $499 ends Monday, March 15. Sign up online or call (800) 775-4662, ext. 122.  more...

Home equity trade group criticizes abusive lending study

By Inman News, Thursday, March 11, 2004.

The National Home Equity Mortgage Association claims that the latest report by the Association of Community Organizations for Reform Now fails to address legitimate concerns about abusive lending practices and instead attacks the non-prime mortgage lending industry as a whole, an industry that NHEMA said has played a central role in increasing home ownership and access to mainstream credit in minority communities.  more...

HUD adds adjustable-rate loan options

By Inman News, Thursday, March 11, 2004.

The Department of Housing and Urban Development published in the Federal Register Wednesday a final rule that aims to enhance home-buying opportunities by expanding its offerings of adjustable-rate mortgage products on FHA-insured mortgages.

Potential home buyers will be able to choose mortgages with periods of three, five, seven or 10 years, depending on their needs, during which time the interest rate would be fixed.  more...

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