An agent planning for retirement
From: www.inman.com
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I left my old corporate job, with its lovely 401(k) that offered cushy matching funds, in 2005.
The year after was such a financial disaster -- I piled on credit-card debt like, well, a sailor on shore leave with a fistful of credit cards -- that I didn't make any retirement contributions at all.
But now, I am doing my 2007 taxes, and (huzzah!) I get to be responsible again. That means I'm making a contribution to my retirement funds. more...
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Foreign buyers fuel second-home sales, while U.S. buyers hold back
From: www.inman.com
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Sales of vacation properties fell 30.6 percent in 2007 compared to the prior year, with investment-property purchases down 18.1 percent, according to an Investment and Vacation Home Buyers Survey report released by the National Association of Realtors.
Total sales of new and resale homes used as primary residences, by comparison, dropped 10 percent from 2006 to 2007, survey results revealed. more...
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Bailout is not a four-letter word
From: www.inman.com
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Mortgage rates rose slightly this week, the lowest-fee 30-year from just below 6 percent to a hair above. Spreads still gape versus Treasurys, at 2.5 percent above the 10-year defying all of the Fed's latest efforts. Five-year ARMs, both conforming and jumbo, are better in availability and rate, but both are scarcer and higher than in January.
The economy itself is in a curious place. This morning's report of a half-percent gain in February personal income was head-scratching good news, not squaring with consumer confidence measures at 16-year lows, some components at 41-year all-time lows. more...
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Economist on job market: 'Expect a slow burn'
From: www.inman.com
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A report from The Conference Board this week suggests that improvement in the U.S. job market is unlikely before the third or fourth quarter of this year.
The organization's Help-Wanted Advertising Index, a key economic indicator measuring the volume of job ads in major U.S. newspapers, dipped one point in February to 21, and is down nine points from the same time last year.
The Conference Board reported that just 31 percent of labor markets surveyed last month reported rising want-ad volume, down from 43 percent in January. more...
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Radian to raise down-payment requirements, ban alt-A loans
From: www.inman.com
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Radian Guaranty Inc. is the latest private mortgage insurer to tighten underwriting standards, with a moratorium on loans with down payments of less than 3 percent kicking in March 31, and a ban on stated-income and stated-asset loans scheduled to begin April 30.
Like competitors including PMI and MGIC, Radian has also adopted more stringent standards in declining markets where prices are falling. more...
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California's single-family building permits drop 60%
From: www.inman.com
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Single-family housing starts, as measured by building permits issued, plunged 59.8 percent in February compared to the same month last year, the California Building Industry Association trade group reported this week, and total housing starts dropped 27.9 percent. more...
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Real estate rates increase overnight
From: www.inman.com
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Long-term mortgage interest rates were up Thursday, and the
benchmark 10-year Treasury bond yield climbed to 3.53 percent.
The 30-year fixed-rate average rose to 5.75 percent, and the
15-year fixed rate gained to 5.27 percent. The 1-year adjustable rate, however, dropped to 5.3 percent.
The 30-year Treasury bond yield was up at 4.39 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time. more...
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Fed schedules hearings on BofA, Countrywide merger
From: www.inman.com
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The Federal Reserve will hold public hearings next month in Los Angeles and Chicago before ruling on Bank of America Corp.'s planned acquisition of Countrywide Financial Corp.
The meetings will be held on April 22 in Chicago and April 28 and 29 in Los Angeles (see announcement). more...
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Buyers, you'll be wealthier if you quit renting
From: www.inman.com
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(This is Part 2 of a three-part series. Read Part 1, "Top questions to ask sellers at listing appointment.")
Are buyers really liars? Not usually -- the challenge is you just haven't asked them the right questions.
One of the biggest obstacles in converting leads into signed business is the agent's inability to stay in question mode rather than tell mode. more...
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NAR may call Realogy, RE/MAX officials as witnesses in DOJ case
From: www.inman.com
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The National Association of Realtors has plans to call nine witnesses to testify in court if an antitrust lawsuit filed by the U.S. Justice Department proceeds to trial, and may call upon an additional list of 14 witnesses.
A preliminary live trial witness list, produced by the National Association of Realtors in a Feb. 14 court document, includes a list of "will call" witnesses and a separate category of "may call" witnesses. more...
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Church Buys Santa Monica Office Bldg. for $652.50 PSF
From: www.costar.com
"St. Peter and St. Paul Coptic Orthodox Church purchased 1237 Fourth St. in Santa Monica, CA from Ideal Properties LLC. The property sold for $4.33 million, or about $652.50 per square foot.
The buyer plans to occupy the building. The broker reported..."
CoStar's Retail News Roundup: Mar. 30 to Apr. 5, 2008
From: www.costar.com
"This week in the Retail Roundup, CoStar reports on expansions or new concepts at Ulta, The Taco Maker, Hardee's and Carl's Jr., Williams-Sonoma, Tiffany & Co., Citi Trends, DSW, and A.C. Moore; new retail developments in MA, AZ, TX, FL and PA; acquisition..."
Group Trades Santa Monica Multifamily for $7.5M
From: www.costar.com
"An investment group led by Dowd Family Trust sold an apartment complex at 2727 Sixth St. in Santa Monica, CA. Ocean View Plaza LLC purchased the property for $7.5 million, or about $241,935 per unit.
The 31-unit apartment complex is a 23,700-square..."
Granite Construction Buys 18 Acres in Santa Paula
From: www.costar.com
"Watsonville, CA-based Granite Construction Co. purchased the land parcel at 999 Mission Rock Road in Santa Paula from Santa Paula Development Co. Inc. for $9 million, or about $490,731 per acre.
The deal closed at the end of a yearlong escrow period..."
Sovereign Sells Bank of the West Bldg. for $4.5 Million
From: www.costar.com
"An investor taking title as 401 S Glendora LLC purchased the Bank of the West Building at 401 S. Glendora Ave. in West Covina, CA, for $4.5 million, or about $561.50 per square foot. Sovereign Investment Co. sold the building, occupied by Bank of the..."
Investor Sells Tropicana Apts. in Arcadia for $5M
From: www.costar.com
"Oriam Associates LLC purchased the 34-unit Tropicana Apartments at 1030 W. Huntington Drive in Arcadia, CA. A private investment group sold the property for $5 million, or about $147,059 per unit.
The Tropicana Apartments includes 34 units on .84..."
CoStar's Daily Deals of Note for Monday
From: www.costar.com
"LOS ANGELES
Douglas Emmett Buys 1.4 Mil. Sq Ft Arden Portfolio For $610M
by Randyl Drummer
Douglas Emmett Inc. (NYSE: DEI) has pulled the trigger on a big transaction. In one of its largest acquisitions since going public in late 2006, the Santa..."
ATI Systems Relocates HQ Operations to Pasadena
From: www.costar.com
"ATI Systems International Inc., a security and armored transport services firm, will relocate its Los Angeles headquarters to Pasadena. It is scheduled to move into 19,987 square feet of office space in the Lake Corson Building at 301 N. Lake Ave. on..."
Investor Sells Santa Monica Retail Bldg. for $425 PSF
From: www.costar.com
"The Boat Yard LLC sold the property at 1901 Olympic Blvd. to 1669 19th Street LLC. Total consideration for the sale was nearly $4.13 million, or about $425 per square foot.
The property is a one-story retail building consisting of 9,703 square feet..."
Investor Picks Up 36,000 SF in Oxnard Industrial Sale
From: www.costar.com
"Nightsky Drive LLC purchased the 35,918-square-foot industrial property at 1621 Emerson Ave. in Oxnard, CA. Vista Chaparral LLC sold if for $4.74 million, or about $132 per square foot.
The single-story industrial building was constructed in 1988..."
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