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Advice for the Rookie Realtor Premium Content

By Inman News, Monday, May 10, 2004.

Re: 'Rookie Realtor spouse speaks out' (May 10)

Dear Rookie:

The real estate industry would like you to believe that if you step in some cow plop that you are really walking in tall clover. There is little reality left in realty. In short, it is mostly hype and little or no beef. There is no incentive for the national associations, state associations and licensing authorities, local associations, real estate training companies or brokers to limit the size of the agent population.  more...

Clark Building takes on tenants

By Inman News, Monday, May 10, 2004.

CarrAmerica Realty Corp. and Clark Enterprises Inc. announced more than 135,000 square feet in new and renewal leases at The Clark Building in Bethesda, Md.

CarrAmerica's affiliate provides leasing and property management services to the building's owner, Clark Enterprises Inc., which provides asset management services. Both companies worked in concert with The Clark Construction Group Inc. in managing the building's recent renovations.  more...

Class A office tower sells in Orange County

By Inman News, Monday, May 10, 2004.

The Plaza at Huntington Beach, a 301,947-square-foot mixed-use center, has sold for $36.2 million to Beverly Hills-based First Huntington Center LP. The buyer acquired the 8.5-acre property as part of a 1031-exchange.

The Plaza, which spans an entire city block located at Warner Avenue and Beach Boulevard, consists of a 200,093-square-foot, 15-story class A office tower, 84,328 square feet of commercial pads, 17,650 square feet of in-line retail space and a six-story parking structure.  more...

SAFCO bags Las Vegas retail center

By Inman News, Monday, May 10, 2004.

Grubb & Ellis Co. represented Los Angeles-based SAFCO Capital in the acquisition of Charleston Plaza, a 229,020-square-foot retail center in Las Vegas, Nev.

The transaction was valued at $21.5 million.

New York-based Kimco Realty Corp. was the seller.

The center, which was built in 1989, is located at the southwest corner of Charleston Boulevard and Burnham Avenue. Tenants in the center, which was 98.5 percent leased at the time of sale, include Albertsons, Sav-On, Factory 2U, Greenbacks and Rodeo Discount Mall.  more...

Realtors association should unleash Realtor.com

By Marcie Geffner, Monday, May 10, 2004.

The National Association of Realtors is considering whether to allow Homestore to add a referral-fee-based business model, according to a number of real estate brokers, including Steve Baird of Chicago-based Baird and Warner, who said as much at a real estate conference in Denver last week.

The idea is indeed a good one. NAR should lighten up about Realtor.com.  more...

Real estate trend in self-contained communities Premium Content

By Glenn Roberts Jr., Monday, May 10, 2004.

Something huge is happening on the western rim of Nevada's Las Vegas Valley, drawing tens of thousands of people to settle in the desert. It's called Summerlin, and it's a massive master-planned community that encompasses 36 square miles, or 22,500 acres.  more...

Interest rates chief real estate worry

By Samantha Peterson, Monday, May 10, 2004.

Mortgage broker Ginger Engle isn't overly concerned about interest rates because she doesn't believe they'll go up quickly enough to have a big effect on her business. But rates are definitely a topic she hears a lot about.

"The customers are more worried about it," said Engle, who works for Monarch Mortgage in Asheville, N.C.

That intense interest in loan rates echoes views expressed in "Gray Skies or Sunshine?" a recent survey of mortgage brokers conducted by Informative Research.  more...

GMAC Real Estate goes mobile

By Inman News, Monday, May 10, 2004.

GMAC Home Services and Retrieval Dynamics Corp. today announced a two-year agreement to market RDC's Mobile Listing Advantage program, which provides real estate agents and brokers with instant wireless access to all residential Multiple Listing Service listings.

In addition, Retrieval Dynamics is developing and implementing a co-marketing strategy to drive penetration and adoption with GMAC Real Estate's wireless carrier technology partners, including On The Go Communications, a value-added reseller of wireless services.  more...

Nonprofit creates real estate listings portal

By Inman News, Monday, May 10, 2004.

The Nehemiah Corporation of America today announced the launch of an online portal where registered industry partners can market participating Nehemiah properties directly to buyers who do not have the funds necessary for their down payment and closing costs.

The Nehemiah Listing Service allows the organization's real estate, builder and lending partners to upload properties available nationwide.  more...

Real estate wealth fuels consumer spending

By Inman News, Monday, May 10, 2004.

Surging home values will fuel consumer spending and trigger purchases of furniture, consumer electronics and home improvements, despite higher industry rates, according to a public accounting and consulting firm's index of consumer spending habits.

"Consumers are in a strong position to continue spending.  more...

Housing set to become less affordable

By Inman News, Monday, May 10, 2004.

First-time home buyers who have a 10 percent down payment will no longer qualify for a mortgage on a median-priced home this year, and by 2007 repeat buyers who have a 20 percent down payment will not qualify for a mortgage on a median-priced home, according to a Fannie Mae Foundation study on "Homeownership Affordability in Urban America: Past and Future."

This study gauged trends in the affordability of homes for median-income working Americans, focusing on 19  more...

Bye-bye real estate refi

By Inman News, Monday, May 10, 2004.

Rising interest rates will reduce mortgage originations in 2004, primarily through a drop in refinancings, according to Freddie Mac's May 2004 Economic Outlook.

The share of refis is expected to come in at about 40 percent of all mortgage originations this year, compared with shares well above 50 percent the last three years.

"For now, it looks like 'Bye Bye Refi,'" according to the report.  more...

New real estate loan fraud product debuts

By Inman News, Monday, May 10, 2004.

Mortgage technology provider AppIntell today launched a new loan fraud prevention product that aims to minimize risk and detect potential early payment defaults.

The company worked with mortgage giant Freddie Mac to customize a prior version of its fraud prevention tool, and now is marketing the new version to the mortgage industry under the name "Sherloq."  more...

Illinois real estate gains ground

By Inman News, Monday, May 10, 2004.

Sales of existing single-family homes in Illinois were up 3.3 percent in the first quarter compared to the same quarter last year, according to the latest report from the Illinois Association of Realtors. A total of 22,407 existing single-family homes were sold across the state, up from 21,691 sales in the first quarter of 2003. 

Robust sales in March helped lift home sales to positive gains in the first quarter despite slower sales in January and February, according to state Realtors.  more...

Mortgage rates rise

By Inman News, Monday, May 10, 2004.

Long-term mortgage interest rates continued to climb Monday, and the benchmark 10-year Treasury bond yield moved up to 4.79 percent.

The 30-year fixed-rate average increased to 6.08 percent, and the 15-year fixed-rate rose to 5.43 percent. The 1-year adjustable was up at 3.39 percent.

The 30-year Treasury bond yield increased to 5.47 percent.

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