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San Diego office complex changes hands

By Inman News, Tuesday, February 1, 2005.

Grubb & Ellis/BRE Commercial arranged the sale of the Scripps Wateridge Corporate Center comprised of two office buildings totaling 123,853 square feet in San Diego, Calif.

The value of the transaction was $24.8 million.

The two steel-frame, class A office buildings, located at 6925 and 6965 Lusk Blvd., sit on approximately 11.7 acres of land and were 100 percent leased to two tenants at the time of sale.   more...

New England family sells shops

By Inman News, Tuesday, February 1, 2005.

Urstadt Biddle Properties Inc. purchased The Dock Shopping Center, a 269,000-square-foot retail center in Stratford, Conn.

The value of the transaction was approximately $50.3 million, which also includes an adjacent 192-slip marina along the Housatonic River.

The property is UBP's ninth retail acquisition in Connecticut.  more...

U.S. Trust extends L.A. lease

By Inman News, Tuesday, February 1, 2005.

U.S. Trust Co., N.A., has signed a 10-year lease renegotiation and extension to occupy 50,204 square feet in Los Angeles, Calif.

The transaction was valued at approximately $18 million.

U.S Trust, a wealth management and investment company, will occupy the entire 27th and 28th floors at 515 South Flower St., which is owned by a joint venture between Thomas Properties Group and the California State Teachers Retirement System.  more...

Native Americans protest sale of white buffalo home Premium Content

By Glenn Roberts Jr., Tuesday, February 1, 2005.

A ranch for sale in the highlands near Flagstaff, Ariz., offers something rare to its buyer: a small herd of white buffalo. The price tag for the ranch and herd is $5 million. But the sale of the herd, bred by the owners of the ranch, has also stirred protest among Native Americans who have said that it is wrong to sell something that is sacred.

For many generations, the story of the White Buffalo Calf Woman has been passed along through spiritual leaders of the Native American nations in the Great Plains.  more...

Fewer borrowers cash out real estate equity

By Inman News, Tuesday, February 1, 2005.

Fifty-six percent of Freddie Mac-owned loans that were refinanced in the fourth quarter resulted in new mortgages at least 5 percent higher in amount than the original mortgages, according to Freddie Mac's quarterly refinance review. This is in contrast to the third quarter of 2004, when 59 percent of refinanced loans had higher new loan amounts.  more...

Real estate construction spending soars

By Inman News, Tuesday, February 1, 2005.

Construction put in place spending during December 2004 was estimated at a seasonally adjusted annual rate of $1.03 trillion, approximately 1.1 percent above the revised November estimate of $1.02 trillion, according to the U.S. Commerce Department's Census Bureau. The December figure is approximately 8.7 percent above the December 2003 estimate of $948.9 billion.

The value of construction spending in 2004 was $998.4 billion, approximately 9 percent above the $915.7 billion spent in 2003.  more...

Wall Street hammers Fannie, Freddie

By Marcie Geffner, Tuesday, February 1, 2005.

Real estate stocks experienced an unpleasant downward ride in a generally downward-headed stock market in January 2005.  more...

Fidelity moves MLS print operations to U.S.

By Inman News, Tuesday, February 1, 2005.

Fidelity National Financial today announced that its Fidelity MLS Solutions division has transitioned the balance of its MLS print operations from Canada to Fidelity's Olathe, Kan., facility to centralize its MLS technology operations.  more...

Real estate fraudsters pay up

By Inman News, Tuesday, February 1, 2005.

Real estate fraudsters paid more than $400,000 in negotiated settlements to The Prieston Group's clients in January, the risk management consulting company said today.

Lanahan & Reilley, a law firm providing legal services in support of TPG Loss Mitigation efforts, indicated that $315,800 of that amount was in cash, while the balance was in various forms of negotiated settlement.  more...

Prudential offers real estate loan for Hispanic market

By Inman News, Tuesday, February 1, 2005.

Prudential CA/NV/TX Realty is offering a 103 percent loan-to-value loan product designed for Hispanic home buyers in Northern California.

The loan is only offered in Northern California and was developed by the Home Loan Group in a joint venture with Chase Home Finance.

"After conducting an internal study of the Hispanic market, we saw significant gaps between the type of loan products currently available and what is an underserved market," said Ed Krafchow, president of Prudential CA/NV/TX Realty.  more...

Yellow Pages gets a new image

By Inman News, Tuesday, February 1, 2005.

Cendant completes spin-off of mortgage arm

By Inman News, Tuesday, February 1, 2005.

Cendant has completed the spin-off of its mortgage and fleet management business by distributing 100 percent of its previously wholly-owned subsidiary PHH Corp., to its stockholders, the company said Monday.  more...

North Carolina posts record real estate sales

By Inman News, Tuesday, February 1, 2005.

For the fourth year in a row, sales of existing homes in North Carolina broke records in 2004, posting a 21 percent increase from sales recorded in 2003, according to statistics compiled by the North Carolina Association of Realtors.

Realtors reported that 112,188 residential units were sold in 2004 on an adjusted basis, up from 92,523 sales in 2003.

The average cost of a home was $193,817 in 2004, up 5 percent from $184,606 for 2003.  more...

Overnight real estate rates mixed

By Inman News, Tuesday, February 1, 2005.

Long-term mortgage interest rates mixed Monday, and the benchmark 10-year Treasury bond yield fell to 4.13 percent.

The 30-year fixed-rate average remained at 5.2 percent, and the 15-year fixed-rate rose to 4.74 percent. The 1-year adjustable was down at 3.61 percent.

The 30-year Treasury bond yield decreased to 4.59 percent.

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

Realtor's blog snags clients Premium Content

By Janis Mara, Tuesday, February 1, 2005.

Like sex, "blogs are natural, blogs are fun," and they can also lead to enhanced real estate business, as the luminous, uncluttered and quirky Grow-a-Brain, part of Riverside, Calif.-based The Champion Company's Web site, attests.

 more...

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