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Essex expands in Pacific Northwest

By Inman News, Thursday, September 1, 2005.

Essex Property Trust Inc. announced that the Essex Apartment Value Fund II has acquired Echo Ridge Apartments, a 120-unit apartment community in Snoqualmie, Wash.

The value of the transaction was approximately $17.9 million.

Echo Ridge Apartments is a 5-year-old community that is located approximately 25 miles east of Seattle. The community is comprised of 21 two-story apartment buildings, and is at the epicenter of Snoqualmie Ridge, a 1,300-acre master-planned community.  more...

GMH gains student housing in Georgia

By Inman News, Thursday, September 1, 2005.

GMH Communities Trust announced that its student housing division, College Park Communities, has acquired Blanton Common, a newly constructed student housing community in Valdosta, Ga.

The value of the transaction was approximately $25 million.

The 208-unit/608-bed property is located near the campus of Valdosta State University.

The property was 100 percent leased at the time of sale and recently celebrated its grand opening for the 2005-2006 academic year.  more...

Shidler Group sells California business park

By Inman News, Thursday, September 1, 2005.

The Shidler Group has sold the three-building, 141,000-square-foot Pacific Point Business Park in Sorrento Mesa area of San Diego.

The value of the transaction was $30.7 million.

The three buildings in the business park, located on Pacific Center Blvd., have square footages of 54,712, 44,869 and 41,340 square feet.

San Diego-based QUALCOMM Inc., a developer of digital wireless communications products and services, purchased the asset.  more...

Existing-home sales top records in Canada

By Inman News, Thursday, September 1, 2005.

Existing-home sales via Canada's Multiple Listing Service set a record for the month of July and remain on track to set an annual record for 2005, according to statistics released by The Canadian Real Estate Association.

A seasonally adjusted total of 40,973 units were sold through MLS in July, down 2.7 percent from June but up 5.9 percent from a year ago.

Sales activity also set new records for July in British Columbia, Alberta and New Brunswick.  more...

Chicago firm joins Sotheby's

By Inman News, Thursday, September 1, 2005.

A large real estate firm in Chicago is the latest to join Sotheby's International Realty Affiliates, the company announced Thursday.

Sudler Real Estate Brokerage, which has about 300 sales associates in four offices throughout Chicago, has joined the Sotheby's International Realty luxury real estate network.  more...

Cendant searches for missing employees

By Inman News, Thursday, September 1, 2005.

Cendant today announced a series of relief initiatives in the wake of Hurricane Katrina. 

"Our top priority today is to locate approximately 500 employees who we have not yet been able to reach, and to provide whatever assistance we can," said Henry R. Silverman, Cendant chairman and CEO. "We have also begun to move forward with plans to assist in the rebuilding effort within the region."

Key initiatives underway include:  more...

U.S. real estate price growth hits 25-year high

By Inman News, Thursday, September 1, 2005.

The average price for a U.S.  more...

Overnight real estate rates decline

By Inman News, Thursday, September 1, 2005.

Long-term mortgage interest rates continued lower Thursday, and the benchmark 10-year Treasury bond yield rose to 4.03 percent.

The 30-year fixed-rate average dipped to 5.23 percent, and the 15-year fixed-rate sank to 4.81 percent. The 1-year adjustable was down at 3.83 percent.

The 30-year Treasury bond yield increased to 4.31 percent.

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

Real estate stocks take a nosedive

By Marcie Geffner, Thursday, September 1, 2005.

The Inman News Real Estate Stocks Index suffered a decline of nearly 7 percent of its value in August as nine of the 10 publicly owned real estate brokerage, mortgage and technology stocks that make up the hypothetical index lost ground.  more...

Nirvana: Centralized MLS

By Janis Mara, Thursday, September 1, 2005.

Editor's note: The MLS is in crisis, say many large brokers, agents and industry observers. The cooperative organization plays an essential role in the U.S. housing market, matching buyers and sellers through the assistance of a Realtor. But cooperation has been replaced by acrimony, litigation and an uneasy migration to the Internet. In this three-part series, we look at some underlying problems causing concern for MLS members, what's working and what's not working.  more...

Help-U-Sell reshuffles management

By Inman News, Thursday, September 1, 2005.

Rick O'Neil is no longer president of fee-for-service provider Help-U-Sell Real Estate; Thomas E. Hurford has been appointed acting chief executive officer; and a new member has joined its board of directors, the company said today.

The residential sales company is embarking on a major restructuring program, Help-U-Sell said in a statement. O'Neil will have "an ongoing role" with Help-U-Sell, the company said, without describing what his duties would be.  more...

Katrina doesn't stop Louisiana real estate brokerage

By Inman News, Thursday, September 1, 2005.

Homeowners offer housing to stranded Katrina victims Premium Content

By Jessica Swesey, Thursday, September 1, 2005.

While millions of people are turning to the Web to get the latest information on the damage from Hurricane Katrina, thousands more are using the Web to reach out to those in need.

Message boards and Web sites are filling up with offers from homeowners who say they're willing to take in families and individuals now homeless in the wake of Katrina.  more...

Katrina destroyed 'large share' of New Orleans houses

By Inman News, Thursday, September 1, 2005.

The number of homes destroyed by Hurricane Katrina is almost certain to dwarf the losses from any previous U.S. disaster, a leading home builders' association said in a report today.

Economists for the National Association of Home Builders said a "large share" of the more than 200,000 homes in New Orleans is likely to be destroyed. The study defines "destroyed" as "made uninhabitable and beyond economically justified repair.  more...