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Subprime losses prompt Swiss bank UBS to lay off 1,500 Premium Content

By Inman News, Monday, October 1, 2007.

UBS AG said it would lay off 1,500 workers and predicted third-quarter losses will exceed $500 million after deteriorating conditions in the U.S. subprime mortgage market forced the Swiss-based bank to write down the value of billions in investments.

In other news related to problems in mortgage lending:

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  • Analysts at Fitch Ratings said they placed the corporate debt of Indymac Bancorp and residential servicer ratings of Indymac Bank on "Rating Watch Negative" for possible downgrade.

$41.5 million Arizona apartment deal

By Inman News, Monday, October 1, 2007.

The Courtney Vista at Zanjero apartments in Glendale, Ariz., have been purchased by a limited liability company for a price of $41.5 million.

Courtney Vista Apartments LLC bought the complex from Courtney Vista Development Inc.

The community, built between 2006 and 2007, features 308 units located at 7455 N. 95th Ave.

According to a press statement, the sales price represents a per-unit value of $134,740.

Developer buys Indiana multifamily project

By Inman News, Monday, October 1, 2007.

The developer of a brand-new, 264-unit multifamily project in Plainfield, Ind., has sold the property to a Chicago-based developer for an undisclosed price.

Flaherty & Collins, which developed the class AA project called Central Park at Metropolis Apartments, unloaded the property on Becovic Cos.

According to a press statement, this latest acquisition is Becovic's third in the Indianapolis area. The company also owns The Springs Luxury Waterside Apartments and The Grande Reserve at Geist.  more...

European investor dumps Miami office space

By Inman News, Monday, October 1, 2007.

A private Europe-based investment group has sold a 96,718-square-foot office building in Miami, Fla., for $28.5 million.

Boston-based Congress Group purchased the property, which is located at 999 Brickell Ave. in the Brickell Financial District.

At the time of sale, the property's main tenant was Helm Bank, although the building has "exceptional future development potential for office, residential or hotel-related uses," according to a press statement.

Homescape partners with Keller Williams for listings

By Inman News, Monday, October 1, 2007.

Homescape, the online real estate venture operated by a group of five newspaper publishers, has inked a new partnership with a major U.S. brokerage franchise company that will beef up Homescape's property listings to more than 2.7 million.

Homescape today announced an agreement with Keller Williams Realty that will add an additional 75,000 listings to the Homescape Web site.  more...

Real estate rates end night lower

By Inman News, Monday, October 1, 2007.

Long-term mortgage interest rates dropped Friday, and the benchmark 10-year Treasury bond yield inched up to 4.58 percent.

The 30-year fixed-rate average fell to 6.06 percent, and the 15-year fixed rate sank to 5.69 percent. The 1-year adjustable dipped to 5.7 percent.

The 30-year Treasury bond yield held at 4.83 percent.

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

Real estate and social media: What works, what doesn't

By Inman News, Monday, October 1, 2007.
Real Estate Video by - Real Estate Blogger

Russ Capper is known as a  more...

Wall Street wrecks real estate stocks

By Marcie Geffner, Monday, October 1, 2007.

Wall Street swung a megaton wrecking ball at real estate stocks in September.

Every one of the 10 companies that comprise the hypothetical Inman Index of real estate stocks suffered a one-month loss and all of the issues have lost at least 10 percent, if not much more, of their value so far this year.

Hardest hit among the 10 companies last month were home builder D.R.  more...