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Abacus gains apartments near San Francisco

By Inman News, Friday, December 1, 2006.

Abacus Capital Group LLC recently purchased a 200-unit luxury apartment property in Fairfield, Calif., for $33.5 million.

The property, Park Crossing Apartments, was sold by developer A.G. Spanos. It was constructed less than two years ago, according to a press statement.

The purchase comes on the heels of two other acquisitions -- a 288-unit property located in North Fort Worth and a 232-unit property in the Albany, N.Y., market.

New York City-based Abacus Capital Group LLC has a national real estate portfolio comprising 23,000 apartments.

Hines affiliate takes high-rise complex

By Inman News, Friday, December 1, 2006.

A subsidiary of Hines-Sumisei U.S. Core Office Fund L.P. has acquired Riverfront Plaza in Richmond, Va., which comprises two 21-story office buildings that overlook the James River.

The Core Fund, an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.) Inc., paid Commerz Grundbesitz-Investmentgesellschaft mbH an undisclosed sum for the complex.  more...

Asheville shopping mall changes hands

By Inman News, Friday, December 1, 2006.

Transwestern brokered the sale of the 494,496-square-foot Biltmore Square Mall in Asheville, N.C., for a price of $20 million.

Midland Loan Services sold the property, which was built in 1989, to Biltmore Eight LLC. The amount of space acquired was actually 334,000 square feet, as two of the anchor tenant spaces, Dillard's and Belk's department stores, were retailer-owned and not a part of the transaction.  more...

Chicago MLS sued over consolidation plan Premium Content

By Glenn Roberts Jr., Friday, December 1, 2006.

Consolidation plans that would create one of the largest broker-owned multiple listing services in the country hit a snag this week when an opposing shareholder group filed a lawsuit challenging the merger.

Opposing shareholders are challenging a vote approving the consolidation of Multiple Listing Service of Northern Illinois with a competing broker-owned MAP MLS.  more...

Edgeio moves into real estate

By Jessica Swesey, Friday, December 1, 2006.

Edgeio, a search service for online classifieds and other listings, has acquired the assets of Adaptive Real Estate Services, a real estate Web site provider that serves about 1.5 million property listings through the IDX (Internet data exchange) protocol used by multiple listing service organizations.

The acquisition will make it possible for real estate brokers to easily opt-in their property listings to an edgeio index, said Robert Meyer, who founded Adaptive Real Estate Services, known as ARES.

Unlike search engines, whic  more...

October housing production drops in California

By Inman News, Friday, December 1, 2006.

The California Building Industry Association reported a 46.8 percent statewide drop in building permits issued for new single-family homes in October compared to the same month last year, and permits for the first 10 months of the year are down 30 percent compared to the same period last year.

Meanwhile, permits for multifamily units increased 28.4 percent in October compared to the same month last year, and were up 6 percent for the first 10 months of the year, the association also reported.  more...

Dallas sees more real estate cooling

By Inman News, Friday, December 1, 2006.

Single-family home sales and prices in the Dallas/Fort Worth metro area continued to cool in October, according to preliminary statistics provided by North Texas Real Estate Information Systems.

Realtors recorded 6,739 single-family home sales in October, up from 6,622 in September, but down 4 percent from approximately 7,020 sales a year ago.  more...

Real estate construction spending in 7-month slowdown

By Inman News, Friday, December 1, 2006.

The rate of private residential construction spending fell for the seventh straight month in October and was 9.4 percent below the October 2005 rate, the U.S.  more...

Iowa real estate endures slow October

By Inman News, Friday, December 1, 2006.

Iowa home sales and prices continued to fall in October, according to statistics provided by the Iowa Association of Realtors.

Realtors recorded 3,023 property sales in October, down 4 percent from a year ago when 3,141 homes sold.

The state's median home price declined to $109,650 in October, down from $110,000 in September, and down 14.6 percent from $128,400 posted in October 2005.

In Des Moines, the state capital, there were 825 home sales recorded in October, down 9 percent from  more...

Decline in overnight real estate rates continues

By Inman News, Friday, December 1, 2006.

Long-term mortgage interest rates were down again Thursday, and the benchmark 10-year Treasury bond yield slipped to 4.46 percent.

The 30-year fixed-rate average dipped to 5.65 percent, and the 15-year fixed rate sank to 5.42 percent. The 1-year adjustable held at 5.3 percent.

The 30-year Treasury bond yield decreased to 4.56 percent.

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