Tough times call for more training from Realtor groups
From: www.inman.com
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The Pacific West and Tri Counties Association of Realtors, a Realtor trade group in Southern California, has lost about 2,500 members since the end of 2006 with the decline in area home sales. But the group has a plan -- lots of plans, in fact. more...
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Report: Reorganize regulation of financial system
From: www.inman.com
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The Bush administration has put forward a sweeping plan for reorganizing the regulation of the financial system that would include national licensing standards for mortgage brokers and the elimination of federally chartered thrifts.
Many of the major aspects of the plan unveiled today by Treasury Secretary Henry Paulson would require congressional approval, and are not likely to be achieved during President Bush's final year in office, Paulson acknowledged. more...
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Live chat software launches in real estate
From: www.inman.com
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In today's tough real estate market, brokers are looking for all sorts of ways to connect with consumers -- especially online -- and an interactive software company is offering technology that aims to do just that.
WebsiteAlive, a provider of live chat software, has created a version of its platform for real estate sites and is partnering with LuxuryRealEstate.com to offer it to real estate companies. more...
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Zillow report: Homes with higher values see steeper drops
From: www.inman.com
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High-value homes tend to decline in value at a steeper rate than lesser-value homes in a declining market, according to an analysis by real estate valuation and marketing company Zillow.
The analysis is based on a review of the company's estimates of home values over time -- the company refers to these estimates as Zestimates. The company broke homes into five categories of home values, each representing 20 percent of the market, to analyze differences in the performance of each market segment. more...
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Embattled HUD secretary to step down April 18
From: www.inman.com
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Secretary of Housing and Urban Development Alphonso Jackson announced today he will step down next month in the face of investigations involving allegations of favoritism and calls from Democrats for his resignation.
Jackson's resignation, effective April 18, leaves open the possibility that HUD will be led by an interim chief in the final months of a lame-duck administration, even as the department implements a major expansion of FHA loan programs and pushes for an overhaul of the Real Estate Settlement Procedures Act, or RESPA. more...
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Nightly real estate rates go nowhere
From: www.inman.com
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Long-term mortgage interest rates were unchanged Friday, and the
benchmark 10-year Treasury bond yield fell to 3.44 percent.
The 30-year fixed-rate average stayed at 5.75 percent, and the
15-year fixed rate held at 5.27 percent. The 1-year adjustable rate, however, gained to 5.32 percent.
The 30-year Treasury bond yield was down at 4.32 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time. more...
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Conforming loan limit won't fall with home prices
From: www.inman.com
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In a reversal of past policy, federal regulators say they won't lower the $417,000 conforming loan limit to keep it in line with falling home prices.
Adopting a stance taken by Fannie Mae and Freddie Mac during the housing downturn of the early 1990s, the Office of Federal Housing Enterprise Oversight has ruled that the conforming loan limit will move in only one direction: up. more...
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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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Colliers Los Angeles Brings On Retail Team from Grubb & Ellis
From: www.costar.com
"The Los Angeles office of Colliers International has brought on a new team specializing in retail leasing and development.
Max Franco, senior vice president, leads the team and is joined by Lauren McCullen, associate, and Sandra Ledesma, marketing..."
Bond Cos. Promotes Bachli to Principal
From: www.costar.com
"Mark Bachli, SVP of project management for Bond Companies, has been named a principal of the commercial real estate development and investment company.
Bachli has been with Bond since 2002 and has been responsible for the management of developments..."
CoStar's Daily Deals of Note for Tuesday
From: www.costar.com
"MANHATTAN
Tishman Lands Hudson Yards Assignment with $1 Billion Bid
by Andrew Burr
Tishman Speyer, the owner of New York's iconic Rockefeller Center and Chrysler Building, has secured the rights to develop the coveted Hudson Rail Yards, a 26-acre..."
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..."
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..."
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