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Archstone-Smith buys beachside apartments

By Inman News, Tuesday, March 23, 2004.

Archstone-Smith acquired Kingswood Village Marina, a 623-unit apartment community in Marina del Rey, Calif.

The value of the transaction was $87 million.

Kingswood Village Marina Ltd. was the seller of the property, which will now operate as Archstone Marina del Rey, under the company's Archstone brand.

Archstone Marina del Rey comprises seven three-story garden-style buildings and one 13-story high-rise tower, with 1- and 2-bedroom apartments ranging in size from 809 to 1,450 square feet.  more...

Keystone gains Miami properties

By Inman News, Tuesday, March 23, 2004.

Keystone Property Trust purchased three distribution centers consisting of 189,218 square feet in Miami, Fla.

The total value of the transaction was approximately $12.5 million.

The facilities, located within one mile of Miami International Airport in the Airport West submarket, were built in 1999 and were 100 percent leased to credit tenants, including Tyco International and Trane Corp., at the time of sale.  more...

Joint venture acquires Inland Empire apartments

By Inman News, Tuesday, March 23, 2004.

Kennedy Wilson Inc., in a joint venture with its partner Lehman Brothers Inc., bought a 228-unit multifamily apartment community in Grand Terrace, Calif.

The value of the transaction was not disclosed.

The Crest, located at 22491 DeBerry St., was purchased from a private trust.

The Crest was constructed in 1978 and consists of 19 two-story buildings. The garden-style "bedroom community" rests on nine landscaped acres that feature a swimming pool, spa, clubhouse, fitness center, laundry facilities and a tot lot.  more...

Listings pullout threatens real estate broker cooperation

By Jessica Swesey, Tuesday, March 23, 2004.

NRT-owned Coldwell Banker's decision last week to pull the listings of 10 of its Chicago-area offices from Multiple Listing Service of Northern Illinois marks yet another instance of a big broker's preference for a private, broker-owned MLS instead of an association-owned MLS.

Broker-owned MLSs are not an unheard of phenomenon. Other markets such as Boston and Atlanta operate with broker-owned MLSs.  more...

Real estate owners to reap sprinkler system settlement

By Inman News, Tuesday, March 23, 2004.

Real estate managers who own or owned commercial or residential buildings in which a fire sprinkler system using Poz-Lok was installed may be eligible to receive payment if their piping has leaked, according to a court-approved consumer notification program launched today. Poz-Lok piping can be identified by several of its distinctive features. It is comprised of thin-walled galvanized steel pipe, ductile iron rubber gasketed fittings and a "U"-shaped locking fitting.  more...

Fewer Americans change homes

By Inman News, Tuesday, March 23, 2004.

Americans are moving at some of the lowest rates in more than 50 years, but long-distance moves are becoming slightly more common, the U.S. Census Bureau reported today.

According to a report, "Geographical Mobility: 2002 to 2003," the 40 million people who moved between 2002 and 2003 comprised 14 percent of the population, down sharply from a rate of 20 percent in 1948 when the Census Bureau first began collecting information on movers.  more...

Corcoran, NRT get comfortable in Hamptons, Palm Beach real estate Premium Content

By Glenn Roberts Jr., Tuesday, March 23, 2004.

The Corcoran Group and parent NRT Inc. are feeling very at home in the Hamptons and in Palm Beach, two burgeoning real estate markets for high-end homes.

On March 16, The Corcoran Group announced its acquisition of Dayton/Halstead LLC, a real estate powerhouse in the Hamptons and neighboring communities in Long Island's East End for nearly a century.  more...

Smart growth even smarter in tough economy Premium Content

By Susan Ashworth, Tuesday, March 23, 2004.

Even in tough economic times, there is a way to stimulate growth and cut back on spending.

That's the finding of a new study by The Brookings Institution, which found that compact development patterns and reinvestment in established areas can actually save taxpayers' money and improve regional economies.  more...

Homebuilders Financial Network launches mortgage cos.

By Inman News, Tuesday, March 23, 2004.

Homebuilders Financial Network, a subsidiary of Fidelity National Financial, will establish two new builder-based mortgage companies for regional builders.

HFN will establish and manage private-labeled lending operations for Pinn Brothers, based in San Jose, Calif., and Las Vegas, Nev.-based Astoria Homes. Together, the two builders represent about 1,200 new home developments and $200 million in mortgages annually.  more...

California Realtors hash out legislative agenda

By Inman News, Tuesday, March 23, 2004.

Representatives for the California Association of Realtors are meeting this morning in Sacramento to discuss a series of sponsored bills that, if approved, would increase the housing stock and reduce affordable housing requirements for developers and local governments.  more...

FNC, U.S. Property & Appraisal strike alliance

By Inman News, Tuesday, March 23, 2004.

Through a strategic alliance announced Monday, mortgage originators using FNC's CMS collateral information management system will be able to access U.S. Property & Appraisal to order and receive residential appraisal assignments.   more...

Mortgage lending pessimism at 5-year high

By Inman News, Tuesday, March 23, 2004.

Large mortgage lenders are growing increasingly pessimistic about their business and expect serious declines in mortgage loan volume and company profits, according to a recent industry study.

Mortech, an independent research project on mortgage technology, presented to its sponsors the results of this year's study at the Mortgage Bankers Association Technology Conference last week in Phoenix.

"Our key measure of lenders' perceptions of their business is what they expect the next 12 months to bring," said Jeff Lebowitz, founder and principal of Mortech.  more...

Real estate agent builds credibility on cable TV

By Howard Brinton, Tuesday, March 23, 2004.

When Darryl Baskin started out in real estate 16 years ago in Broken Arrow, Okla., he had an unusual problem. He was only 19 years old, and he looked so young that when he went out to show properties he was often mistaken for his customer's son. The way he overcame his challenge holds a lesson for any real estate agent: he created a name for himself via television.

Baskin realized that what he lacked, given his youth, was credibility, so he decided to develop a weekly real estate news show for a local cable television station.  more...

Overnight mortgage rates steady

By Inman News, Tuesday, March 23, 2004.

Long-term mortgage interest rates were mostly flat Monday, and the benchmark 10-year Treasury bond yield sank to 3.72 percent.

The 30-year fixed-rate average rose slightly to 5.11 percent, and the 15-year fixed-rate held at 4.43 percent. The 1-year adjustable was down at 2.92 percent.

The 30-year Treasury bond yield dropped to 4.67 percent.

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