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Sellers misled about real estate tax break

By Robert Bruss, Monday, May 22, 2006.

DEAR BOB: Due to a job promotion and transfer we must sell our house of 21 years. Our nice problem is the net profit will be about $625,000. My wife and I are aware $500,000 of that amount for a married couple will be tax-free, thanks to Internal Revenue Code 121. However, my insurance agent told me that if we buy a replacement principal residence of equal or greater cost, we could also avoid paying tax on the additional $125,000 capital gain. Is this true? --Cheryl R.

DEAR CHERYL: No. I hope your insurance agent knows more about insurance than he does about income taxes.  more...

Overnight real estate rates down

By Inman News, Friday, May 19, 2006.

Long-term mortgage interest rates were lower Thursday, and the benchmark 10-year Treasury bond yield dropped to 5.06 percent.

The 30-year fixed-rate average slipped to 6.21 percent, and the 15-year fixed-rate dipped to 5.88 percent. The 1-year adjustable was down at 5.29 percent.

The 30-year Treasury bond yield fell to 5.17 percent.

Rates 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...

Justice Dept. subpoenas MLSs Premium Content

By Glenn Roberts Jr., Friday, May 19, 2006.

WASHINGTON, D.C. -- Fourteen multiple listing services have received subpoenas that seek documents in relation to the U.S. Department of Justice's antitrust lawsuit against the National Association of Realtors.

Laurie Janik, general counsel for the Realtors trade group, said it is not likely that the case, which was filed in September 2005, will be settled soon.

"Fourteen subpoenas have been served on 14 multiple listing services that I'm aware of," Janik said Thursday during a meeting of the association's Multiple Listing Service Forum.  more...

International luxury buyers 'just like you and me' Premium Content

By Janis Mara, Friday, May 19, 2006.

Editor's note: Foreign home buyers are playing a significant role in some U.S. markets, and U.S. buyers are showing a growing interest in international markets. Florida is just one example of growing globalization in the real estate industry. In this three-part series, Inman News examines the habits of international real estate buyers and the close ties between cross-border buyers and luxury markets.  more...

Suburban real estate wreaks havoc on resources

By Katherine Salant, Friday, May 19, 2006.

(This is Part 1 of a two-part series. See Part 2.)

Ask most home builders these days what they sell, and they'll say a lifestyle. In most cases, this means a house on the outer fringes of suburbia with a yard for the kids and a garden for the folks. The house has plenty of room to pursue hobbies, entertain friends, bond with the family and get away from it all in a spacious master suite.

But is this lifestyle a sustainable one for the long haul?  more...

First impressions are everything in real estate

By Paul Bianchina, Friday, May 19, 2006.

If you're a homeowner, you've no doubt heard the term "curb appeal"--that somewhat subjective first impression that your home makes to a visitor seeing it for the first time. If you're thinking of selling your home this spring or even if you just want to spruce things up so the neighbors will love you again, here are some tips to consider:

Take an overview: You've probably stepped over that cracked walkway a hundred times, and you don't even notice the faded paint job anymore.  more...

Tips to avoid buying a problem house

By Robert Bruss, Friday, May 19, 2006.

Have you ever bought a bad "lemon car"? I have. Several, in fact. Fortunately, I was able to either get my money refunded or trade for a better car.

But getting out of the purchase of a "bad house" isn't so easy. In fact, it might be impossible. That's why home buyers need to know how to avoid purchasing a bad house.

Purchase Bob Bruss reports online.

NO HOUSE IS PERFECT. As even home builders will admit, no house is perfect. Hopefully, the imperfections are minimal.  more...

Commercial real estate continues uptrend Premium Content

By Inman News, Friday, May 19, 2006.

The expanding economy is pulling commercial real estate along with it, creating strong demand for space, and institutional investors are returning to the market, according to a commercial market update and forecast from the National Association of Realtors.  more...

Macfarlan acquires 9-property industrial portfolio

By Inman News, Friday, May 19, 2006.

Macfarlan Capital Partners this week announced it has acquired 9 class A warehouse buildings totaling 750,765 square feet in Texas and New Mexico.

Macfarlan purchased the multitenant industrial portfolio for $37 million. The properties are located in San Antonio, El Paso and McAllen, Texas, and Santa Teresa, N.M.  more...

Rockaway Center sells in New Jersey

By Inman News, Friday, May 19, 2006.

CB Richard Ellis' New York Tri-State Investment Team represented Mt. Rockaway Property LLC in the sale of the 95,500-square-foot Rockaway Executive Center in Rockaway Township, N.J.

The value of the transaction was $22 million.

Mt. Rockaway Property LLC, an entity owned by affiliates of Wexford Capital LLC and U.S. Realty Advisors Inc., sold the property to The Newkirk Master Limited Partnership.  more...

Real estate investors turn bullish on the heartland

By Janis Mara, Friday, May 19, 2006.

Real estate markets in areas where prices haven't yet risen rapidly, living is affordable, jobs are plentiful and economic conditions are strong may offer the best investment opportunities this year, according to a study released Thursday.

The "Real Estate Cycle in 2006" study by First American Real Estate Solutions investigates where the residential real estate market stands today and where it is likely to go based on histori  more...

ICheck is 'Robocop' for real estate listings

By Glenn Roberts Jr., Friday, May 19, 2006.

WASHINGTON, D.C.  more...

Immediate threat of 7% mortgage rate disappears

By Lou Barnes, Friday, May 19, 2006.

You can watch markets for a long time and not see a one-week reversal in psychology -- and reality -- as large as this. Mortgages are pulling back slowly from 6.75 percent, but the immediate threat of 7 percent has disappeared altogether.

One week ago, bond and stock markets were drowning in the depressing soup of an obvious inflation problem and a Fed too timid to do anything about it. Then it got worse: Tuesday's CPI affirmed the fear, the core rate rising .3 percent for the second month in a row, way over the Fed's 2 percent-annual ceiling.

Then things got weird.  more...

Stucco repair perfect for do-it-yourselfer

By Bill and Kevin Burnett, Friday, May 19, 2006.

Q: When a downspout was replaced on my home, a small amount of stucco was torn away from the building. The plumber duct-taped plastic sheeting to the area as temporary protection.  more...

Applying guerilla tactics to real estate warfare Premium Content

By Bernice Ross, Friday, May 19, 2006.

(This is Part 2 in a four-part series. See Part 1, Part 3 and Part 4.)

Do you have what it takes to successfully compete against billion-dollar competitors who want a piece of your local market?  more...

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