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L.A. office project sold

By Inman News, Friday, January 28, 2005.

Grubb & Ellis Co. represented Greenlaw Partners LLC, a Newport Beach-based private investment group, in the purchase of a 228,506-square-foot office project in Los Angeles.

The transaction was valued at $44.2 million.

The three-building complex, known as Pacific Concourse, was built in 1989 and is located at 5220, 5230 and 5245 Pacific Concourse Drive.

A partnership between Los Angeles-based Pacifica Capital Group and GMAC sold the property, which was 95 percent occupied at the time of sale.  more...

Bascom, Rockwood grow assets in California

By Inman News, Friday, January 28, 2005.

A joint venture between the Bascom Group and Rockwood Capital purchased a 320-unit apartment community known as the Villa Mirage Apartments in Lancaster, Calif.

The value of the transaction was $25 million.

The property is located at 43230 Gadsden Ave. Built in 1990, the apartment community consists of 40 two-story buildings with one-, two-, and three-bedroom apartments totaling 320 units with an average size of 817 square feet. Current amenities include two swimming pools, a spa, two playgrounds, a fitness center, sports courts and club house.   more...

Federal agency inks West Coast lease

By Inman News, Friday, January 28, 2005.

Charles Dunn Co. facilitated a 5-year, 81,480-square-foot lease agreement for space in Los Angeles on behalf of the Executive Offices for Immigration Review.

The value of the transaction was approximately $10 million.

The office space is located at 606 South Olive St.

Charles Dunn represented the landlord, 606 South Olive LLC, in the transaction. Executive Offices of Immigration Review represented itself. 

Charles Dunn Co. is a full-service brokerage and property management firm operating on the West Coast.

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Conspiracy theorists defend real estate loan scheme Premium Content

By Glenn Roberts Jr., Friday, January 28, 2005.

Editor's note: Federal investigators are looking into so-called mortgage elimination programs that claim to wipe out home mortgages or other forms of debt for consumers. In this three-part series, we provide a case study of one mortgage-elimination process. Part 1 explores the methods the group's proponents use to try to convince title companies and lenders that it has successfully eliminated mortgages.  more...

RELO exec takes job at RealEstate.com

By Inman News, Friday, January 28, 2005.

Real estate industry veteran Dave Collins has left his post at RELO to join LendingTree LLC as the head of its RealEstate.com Broker Network, which consists of more than 750 real estate companies from throughout the country.   more...

Federal banking agencies get streamlined

By Inman News, Friday, January 28, 2005.

Banks and software vendors will be able to kick the tires on the Central Data Repository starting early this summer, the Federal Reserve Board said Friday.

The CDR is an Internet-based system that streamlines how federal banking agencies collect, validate and distribute financial data submitted to banks in quarterly call reports. Banks won't have to submit call report data to CDR until October 2005, but can test the system this summer.  more...

'Hotspots' land on real estate maps

By Inman News, Friday, January 28, 2005.

RealBird today announced the release of interactive hot spots with its RealBird Standard and Professional Viewer, a capability that allows the addition of multimedia elements such as photos, slideshows or virtual tours to property listings onto branded online aerial, street or topo maps.

Hotspots can be also linked to any URLs, like third-party hosted virtual tours, or to any external Web site or Web page.  more...

Global real estate bubble may 'deflate' Premium Content

By Inman News, Friday, January 28, 2005.

Predictions of a "global house-price bubble" are intensifying, according to ResearchWorldwide.com, a real estate information portal.

The company cites common threads linking "the rising tide that lifts all boats" in housing markets worldwide. Homeowners have experienced the lowest real interest rates worldwide in many decades, a low rate of inflation, and lackluster equity and bond market performance, for example.  more...

Real estate: The week ahead

By Inman News, Friday, January 28, 2005.

  • The "Online Real Estate Convention," hosted by the Real Estate Cyber Space Society, kicks off Jan. 30-Feb. 5 on the World Wide Web. The event is free and loaded with online exhibits and speakers, including National Association of Realtors President Walt McDonald, and John Tuccillo, business consultant with JTA LLC and former NAR chief economist.

  • Thompson Media will hold its "Mortgage Technology Conference," Jan. 31-Feb.  more...

FTC sues 'credit repair' companies

By Inman News, Friday, January 28, 2005.

Two companies targeting Spanish-speaking consumers with claims that they could improve consumers' credit ratings have allegedly violated federal laws, according to the Federal Trade Commission. The FTC has asked a federal district court to halt both companies' illegal business practices and award consumer redress.

The FTC alleges that Florida-based Sunshine Credit Repair Inc. and Service Brokers Associates Inc.  more...

Overnight real estate rates climb

By Inman News, Friday, January 28, 2005.

Long-term mortgage interest rates up Thursday, and the benchmark 10-year Treasury bond yield gained to 4.22 percent.

The 30-year fixed-rate average rose to 5.21 percent, and the 15-year fixed-rate climbed to 4.74 percent. The 1-year adjustable was up slightly at 3.68 percent.

The 30-year Treasury bond yield increased to 4.68 percent.

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

Senators seek to tighten control of Fannie, Freddie

By Inman News, Friday, January 28, 2005.

A bill to strengthen regulation of government sponsored enterprises such as Fannie Mae and Freddie Mac has been introduced by three Republicans in the U.S. Senate.

The legislation would create an independent regulator with the power to shut down the home loan financing giants and other GSEs to protect against a taxpayer bailout if they are failing. The regulator would also have the power to approve new programs and products proposed by Fannie Mae and Freddie Mac.  more...

An eBay model for real estate Premium Content

By Jessica Swesey, Friday, January 28, 2005.

Billions of people place bids for goods on eBay each year, and now a software developer in Texas is bringing the auction concept to real estate sales commissions.  more...