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S.F. Bay Area facilities acquired

By Inman News, Friday, November 9, 2007.

NAI BT Commercial recently brokered the sale of two industrial buildings and one apartment complex in the San Francisco Bay Area for approximately $13.7 million.

In the first deal, Discovery Foods sold its headquarters in Hayward to a private investor for approximately $7.9 million, and then leased back the space on a 20-year term.

The site includes two concrete tilt-up warehouse-office buildings with 50 percent refrigeration, containing a total of 69,000 square feet on 5.3 acres. The properties are located at 2395 American Ave. and 2188 Alpine Way.  more...

Phillips Edison acquires center in California

By Inman News, Friday, November 9, 2007.

Phillips Edison & Co. added another retail center to its holdings with the recent purchase of Lassen Shopping Center in Susanville, Calif.

Neither the seller's identity nor the sales price was disclosed.

Comprising 79,187 square feet, the property was anchored by Dollar Tree and Lassen Career Network at the time of sale.

According to John Bessey, vice president of acquisitions for Phillips Edison, the shopping center is "tired and in need of redevelopment."

San Diego-area multifamily purchased

By Inman News, Friday, November 9, 2007.

Private investors have sold the Garrison West Apartments in Oceanside, Calif., for $5.5 million.

James and Karen Watkins unloaded the 46-unit multifamily property on Glenn L. Goldman Trust, which purchased the asset as "the replacement property in a reverse exchange," according to a press statement.

The complex, located at 445 Garrison St. on approximately 2.2 acres, comprises 30 two-bedroom townhouse units and 16 one-bedroom units.

Flat-fee company protests MLS rules in Washington Premium Content

By Glenn Roberts Jr., Friday, November 9, 2007.

A flat-fee brokerage in Washington contends that a new data exchange policy passed by a local multiple listing service is anticompetitive because it allows MLS participants to make individual decisions about which property listings to display -- and not to display -- on their Web sites based on a list of criteria, including compensation offered, the type of listing agreement, and the type of services offered.  more...

Consumer confidence caves under housing slump

By Inman News, Friday, November 9, 2007.

Consumer confidence fell in October, mainly due to falling home prices as consumers expressed growing concerns over the housing slump, which has shaken confidence in the overall economy.

An index of consumer sentiment fell to 80.9 in October, down from 83.4 in the August and September surveys and well below the 93.6 recording in October 2006, according to the University of Michigan's latest survey of consumers.  more...

Wachovia reports additional $1.1 billion in subprime losses Premium Content

By Inman News, Friday, November 9, 2007.

Wachovia Corp., which announced in third-quarter earnings last month that it had boosted provisions for loan losses to $408 million in response to "modest deterioration in credit quality," today announced a $1.11 billion pre-tax loss in October on its subprime mortgage portfolio.  more...

Excess supply, low consumer confidence impair market

By Inman News, Friday, November 9, 2007.

Housing markets are bad across the country and Toll Brothers was the latest large home builder to reflect that sentiment in a preliminary fourth-quarter earnings report Thursday.

Fourth-quarter home-building revenues declined 36 percent to $1.17 billion compared to the same period in 2006 at Toll Brothers, while the company's $2.85 billion backlog declined 36 percent compared to fiscal 2006.  more...

Fremont General continues efforts to sell off subprime biz

By Inman News, Friday, November 9, 2007.

Fremont General Corp. (NYSE: FMT), a company that operates primarily through banking company Fremont Investment & Loan, on Thursday reported $18.3 million in income for the third quarter as it continued to sell off residential real estate loans and completed the sale of its commercial lending business.  more...

Real estate rates dip overnight

By Inman News, Friday, November 9, 2007.

Long-term mortgage interest rates were down Thursday, and the benchmark 10-year Treasury bond yield dropped to 4.28 percent.

The 30-year fixed-rate average was down at 5.97 percent, and the 15-year fixed rate sank to 5.57 percent. The 1-year adjustable slipped to 5.61 percent.

The 30-year Treasury bond yield rose to 4.67 percent.

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

HotPads adds for-sale properties

By Inman News, Friday, November 9, 2007.

HotPads.com, an apartment-search site that launched two years ago, this week opened up to for-sale property listings.

The company, which has an inventory of about 80,000 available rental properties, went live with an initial batch of 200,000 searchable for-sale listings supplied by partners, which include Web site and real estate software providers such as ThreeWide and ListHub.  more...