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Move's new secret venture to cost $6 million

By Inman News, Monday, April 30, 2007.

Move Inc. officials said Tuesday that they expect a new "transformational" venture -- spearheaded by former Realtor.com president Allan Dalton and outgoing National Association of Realtors chief economist David Lereah -- to cost about $6 million in net expenses and to generate some revenue this year, but offered no specifics about the project.

This effort is scheduled to launch in August and is expected be a new "engine of growth" for the company, said Move CEO Mike Long during a first-quarter earnings announcement.  more...

Real estate stocks post mixed results Premium Content

By Marcie Geffner, Monday, April 30, 2007.

Editor's note: Four new companies have been added to the Inman Index this month. First American Financial, Fidelity National Financial, D.R. Horton and Toll Brothers were selected both to diversify the index to include more aspects of real estate and narrow the index to companies that focus primarily on real estate.

Investors took a new look at real estate stocks in April and liked some of what they saw. Six of the 10 companies that comprise the hypothetical Inman Index gained ground; one company was virtually unchanged, and only two closed in negative territory.  more...

Inman Blog Challenge: Online marketing

By Inman News, Monday, April 30, 2007.

Editor's note: The following article originally appeared in the Inman News Blog.  more...

American real estate pie Premium Content

By Marc Davison, Monday, April 30, 2007.

A long, long time ago I can still remember the tools used to practice real estate. A legal pad, Selectric, Bic Clicks, an MLS book and a poodle. The most pressing expense was the dog food.

Times changed. PCs replaced typewriters. Bics were replaced by convention giveaways. MLSs went digital. Alpo was replaced by designer kibble.

Moss grows fat on a rollin' stone

Between 1996 and 2006, homes sold before yard signs stabbed the front lawn. The first wave of dot-coms ushered consumers onto the Web.  more...

Massive purchase in Kansas

By Inman News, Monday, April 30, 2007.

A manufacturer of industrial and household cleaning products sold and leased back its 572,114-square-foot manufacturing facility in Great Bend, Kan., for an undisclosed amount.

CPAC Inc.'s Fuller Brush entity sold the property to STAG Capital Partners and signed a lease to retain occupancy of the space for 18 years.

The property is situated on two parcels of land totaling 123 acres at 15 SW 40th Ave.

The closing of the sale-leaseback took place contemporaneously with the closing of Buckingham Capital Partners II L.P.'s acquisition of CPAC Inc.

Two apartment deals sealed in Indiana

By Inman News, Monday, April 30, 2007.

Two Indiana apartment communities have sold for more than $15 million, CB Richard Ellis reported Monday.

CB Richard Ellis represented the sellers in both transactions, which involved 492 housing units.

AIMCO sold the 284-unit North Park Apartments in Evansville to New York-based The Embassy Group LLC, and The Compass Group Inc. sold the 208-unit Village Square Apartments in Lafayette to an unidentified buyer.  more...

Drug maker relocates headquarters

By Inman News, Monday, April 30, 2007.

Barr Pharmaceuticals Inc. signed a long-term lease to occupy a 142,500-square-foot office property in Montvale, N.J.

The value of the transaction was not disclosed.

The space, located at 225 Summit Ave., will serve as Barr's executive headquarters. Situated on 37 acres, the building was recently fully renovated and features a 22,000-square-foot operations data center with backup generator and a full-service cafeteria.

Montvale-based Ivy Equities -- with joint venture partner Paragon -- owns the property, which was formerly occupied by Toys 'R' Us.

Pending real estate sales index falls 10.5%

By Inman News, Monday, April 30, 2007.

A National Association of Realtors index that gauges pending home sales dropped 10.5 percent in March compared to the same month last year, and was down 4.9 percent from February 2007.

The Pending Home Sales Index, which is based on signed contracts for home sales that have not yet closed, was 104.3 in March, NAR reported.

The index is considered a leading indicator for the housing sector, as pending sales typically are finalized within one or two months of s  more...

Overnight real estate rates stall

By Inman News, Monday, April 30, 2007.

Long-term mortgage interest rates were flat Monday, and the benchmark 10-year Treasury bond yield fell to 4.62 percent.

The 30-year fixed-rate average held at 5.77 percent, and the 15-year fixed rate stayed at 5.5 percent. The 1-year adjustable inched up to 5.6 percent.

The 30-year Treasury bond yield dropped to 4.81 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Arizona House passes bill impacting 'Zestimates'

By Inman News, Monday, April 30, 2007.

State legislation in Arizona that would provide Zillow.com and other home valuation sites with a clear exemption from appraiser licensing requirements passed the state House of Representatives in a 52-3 vote Monday, with five legislators not voting.  more...

Second-home sales fall in 2006 Premium Content

By Glenn Roberts Jr., Sunday, April 29, 2007.

A major slide in investment-home purchases in 2006 compared to the prior year was partially offset by a rise in vacation-home purchases, the National Association of Realtors trade group reported today.

The annual Investment and Vacation Home Buyers Survey also found that vacation-home sales increased 4.7 percent in 2006 to a record 1.07 million  more...

Video: InmanWIRE debuts

By Inman News, Sunday, April 29, 2007.

Inman News has launched the first episode of a new weekly series called InmanWIRE, which stands for "Week in Real Estate." Join Managing Editor Jessica Swesey and Inman News Founder and Publisher Bradley Inman for a light look at the week in real estate news.

Episode #1 was filmed on April 27, 2007.

 more...

Residential construction spending rate drops

By Inman News, Sunday, April 29, 2007.

The rate of residential construction spending dropped about 14.2 percent in March compared to the same month last year, while the rate for all construction spending fell about 2 percent, the U.S. Census Bureau reported today.

The seasonally adjusted annual rate of construction spending reached $1.19 trillion in March, according to the report.  more...

NAR's top economist moves to Move Inc.

By Inman News, Sunday, April 29, 2007.

David Lereah, the chief economist for the National Association of Realtors trade group, is moving on from this position to assist a secretive project at Move Inc., a company that operates the NAR-affiliated Realtor.com property-search site.

Lereah, who critics have said tends to view the real estate market with rose-colored glasses, will join Move in mid-May to serve as an executive vice president  more...

Flagler to develop Lakeside Five

By Inman News, Sunday, April 29, 2007.

Construction on the final office building at the Flagler Center in Jacksonville, Fla., will begin in June, the developer announced Friday, and a lease has already been signed for 80 percent of the facility.

The building, Lakeside Five, will feature five stories and 142,000 square feet of class A office space. The project's completion is expected in the second quarter of 2008.

Flagler has entered into a lease with insurer Kemper Auto and Home, which will relocate from Belfort Road and occupy approximately 113,600 square feet as its corporate headquarters.  more...

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