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December 17, 1998 • Traffic: It's Not Just For Big Cities Anymore • Gen X-ers, Babyboomers Rank Good Retirement Benefits High • Texas Among 13 States With Gasoline Additive In Water • Oil And Gas Properties Sold • Housing Market To Remain Strong • Christmas Break
December 15, 1998
December 9, 1998
December 4, 1998
December 2, 1998
November 30, 1998
November 23, 1998
November 20, 1998
November 18, 1998
November 17, 1998
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November 13, 1998 • Associates Home Equity Loans Top $10 Billion • Mortgage Rates Inch Upward • San Antoino Names Single-Family Builder Of The Year • Uptown Realtors Opens Downtown Dallas Office • Houston Exploration To Acquire Offshore Assets • Specialty Loan Originator Opens Houston Office
November 9, 1998
November 6, 1998
November 4, 1998
November 2, 1998
October 30, 1998
October 28, 1998
October 26, 1998
October 23, 1998
October 19, 1998
October 14, 1998
October 9, 1998
October 2, 1998
3rd Quarter 1998 Real Estate News |
December 17, 1998
Traffic: It's Not Just For Big Cities Anymore
by Bernie Fette, Texas Transportation Institute
Time that commuters spend stalled in traffic in small- and medium-sized
cities has more than quadrupled since 1982. And the time loss is growing
at a far faster rate than in larger cities and illustrates what's fast
becoming one of life's basic truths -- traffic congestion isn't just a
big-city problem.
Texas Transportation Institute researchers Tim Lomax and David Schrank
have studied roadway congestion in the country's 50 largest urban areas
since 1987. They added another 20 cities to the research effort this
year to allow more comprehensive tracking and more meaningful
comparisons of city-to-city traffic conditions.
The current study incorporates information collected through 1996, the
most recent year for which data are available. The population of cities
studied ranged from Boulder, Colo. (105,000) to New York City (17.1
million).
Researchers say the findings will give transportation professionals,
policy-makers and individual citizens important information related to a
growing problem and a common language to use in discussing possible
solutions.
A roadway congestion index is one way of quantifying congestion. The
index considers traffic volume (demand) and the number of freeways and
major roadway lanes (supply) in an area. An index value greater than 1.0
indicates significant congestion.
The five areas with highest congestion levels were:
-- Los Angeles (1.57),
-- Washington, DC (1.43),
-- Miami-Hialeah (1.34),
-- Chicago (1.34) and
-- San Francisco, Oakland (1.33).
The lowest congestion levels were found in:
-- Bakersfield, Calif. (0.68),
-- Laredo, Tex. (0.73),
-- Colorado Springs, Colo. (0.74),
-- Beaumont, Tex. (0.76) and
-- Corpus Christi, Tex. (0.78).
While San Diego and Las Vegas saw their congestion levels increase more
than 50 percent since 1982, conditions worsened at the same rate in
three smaller cities: Salt Lake City, Utah; Albany-Schenectady-Troy, NY;
and Eugene-Springfield, Ore.
Conditions improved in only two areas -- Houston, Tex., where the
congestion index dropped by 5 percent, and Phoenix, Ariz., where the
index fell 1 percent.
Rush-hour travel took about 50 percent more time than non-rush hour
trips in Los Angeles; San Francisco-Oakland; Seattle-Everett, Wash.;
Washington, DC; and Las Vegas, Nev.
In some cities, rush-hour trips required only 5 to 10 percent more time
than non-rush-hour trips. These were: Eugene-Springfield, Ore.; Boulder;
Albany-Schenectady-Troy; Corpus Christi; and Beaumont.
Researchers calculated the amount of fuel wasted as a result of
congestion, noting that drivers stuck in traffic wasted more than six
billion gallons of fuel in 1996 -- enough to fill 670,000 gasoline tank
trucks or 134 supertankers. In the nation's most congested cities, the
waste amounts to more than 100 gallons per eligible driver per year.
Drivers in the least congested cities wasted about 20 gallons per year.
The total cost of traffic congestion nationwide is almost $74 billion.
The annual congestion cost per eligible driver ranged from $1,290 in
Washington, DC, to $125 in Boulder.
"Urban areas are not solving the problem simply by building roads," said
Lomax. "The future solutions won't be limited to roads, and, therefore,
the measurement techniques cannot be limited to roadway-based
measurements."
Possible solutions to congestion include:
-- slowing the growth of vehicle volume on the road with bus and carpool
lanes or transit services;
-- using flextime and telecommuting to change the time vehicles use the
road;
-- more efficient traffic management with coordinated signals and
incident management; and
-- providing more land-use pattern alternatives to reduce the need for
vehicle travel.
To find out how traffic affects your community -- or to simply view
traffic statistics, reports and Texas Transportation Institute solutions
-- check out TTI's Mobility Study Web site at mobility.tamu.edu.
LOS ANGELES /PRNewswire/ -- A national study of babyboomers and
Generation X-ers has found that both age groups agree salary isn't
everything when it comes to a good compensation package.
The "New Faces of Retirement" poll, commissioned by Transamerica Asset
Management Retirement Services, found that most respondents (60 percent)
would take a job with a lower salary and excellent retirement benefits
before they would choose a position with a higher salary but poor
retirement benefits.
Although the majority of both the boomer and gen-x populations surveyed
considered retirement benefits more important than salary, Gen-Xers
place slightly less emphasis in this regard (64 percent versus 53
percent).
Other findings of the study:
-- 82 percent of those polled plan to retire before the age of 65 if
they feel financially secure;
-- 76 percent are concerned that Social Security will not be there when
they retire; and
-- 71 percent say that compared to their parents' generation, people in
their generation will have a much harder time achieving financial
security.
SAN FRANCISCO, Calif. /PRNewswire/ -- Texas is one of 13 states the "San
Francisco Chronicle" lists as having some water contaminated by MTBE,
the gasoline additive.
The newspaper reports this week that California has 10,000 shallow
groundwater sites, including 1,000 in the Bay Area, contaminated by
MTBE. It has been found in dozens of the state's lakes and reservoirs.
Contamination incidents from coast to coast were surveyed, and the
newspaper listed MTBE problems in Montana, Colorado, Kansas, Texas,
Wisconsin, Maine, New York, Massachusetts, Pennsylvania, New Jersey,
North Carolina and Florida.
HOUSTON, Tex. /PRNewswire/ -- EEX Corporation has agreed to sell
substantially all of its oil and gas properties in Oklahoma and the
Hardeman Basin of North Central Texas for about $32 million in cash.
Lariat Petroleum, Inc., is buying the Oklahoma properties, and Key
Production Company, Inc., is acquiring those in the Hardeman Basin. The
aggregate daily production from these properties approximates 15 million
cubic feet equivalent of natural gas.
EEX Corporation is an oil and natural gas exploration and production
company with activities in Texas, the Gulf of Mexico and Indonesia.
WASHINGTON, DC -- U.S. economic growth should ease in 1999 in reaction
to global changes, but with low interest rates and low inflation, the
nation's economy will remain steady, according to the latest economic
outlook from the National Association of Realtors (NAR).
The housing market is solid and expected to remain healthy in 1999, said
Dr. Fred Flick, NAR vice president of economic research. The gross
domestic product, which rallied to 3.9 percent in the third quarter,
will ease to 2.5 percent in the fourth quarter before slowing
substantially in 1999. Mortgage rates should edge downward towards 6.6
percent in response to the recent interest rate cut by the Federal
Reserve.
"The trade deficit will widen in 1999 spurring further interest rate
cuts that will keep mortgage rates low," said Flick. "Conditions are
favorable for a healthy housing year, with low mortgage rates and strong
consumer confidence."
NAR forecasts existing home sales of 4.78 million units this year and
4.47 million in 1999. The new home sales market is expected to reach a
record 872,000 units in 1998 and 821,000 units next year. Housing starts
should total 1.6 million units in 1998, an increase of 8 percent from
1997. However, starts are ahead of demand so a slow-down can be expected
in 1999, says NAR.
Texas A&M University and the Real Estate Center will be closed Dec. 23
through Jan. 3 for the Christmas holidays. The next edition of RECON
will be on Jan. 4, 1999.
December 15, 1998
Fannie Mae Invests More Than $1 Billion In Four Years
SAN ANTONIO, Tex. -- Fannie Mae, the nation's largest source of home
mortgage funds, announced yesterday that the company achieved its goal a
year early to provide $1 billion in affordable home mortgages and
multifamily financing under its "House San Antonio" plan.
At a news conference, Michael Hernandez, southwestern regional vice
president of Fannie Mae, also announced a new $1.3 billion investment
goal to help thousands more families find affordable housing by 2003.
During the fourth year of House San Antonio, Fannie Mae joined local
nonprofits on two new down payment and closing cost assistance
initiatives:
-- The Greater San Antonio Builders Association offers down payment
assistance provided by the Norwest Foundation as part of the Winter
Parade of Homes initiative. Eligible buyers who earn as much as $31,840
(80 percent of the area median income) will have access to down payment
assistance through a grant administered by the San Antonio Housing Trust
Foundation.
-- The San Antonio Housing Trust Foundation provides down payment
assistance to potential home buyers who earn as much as $47,760 (120
percent of the area median income) and are buying a home inside Loop
410.
For more information on House San Antonio or a list of local lenders,
call Fannie Mae's Consumer Resource Center at 1-800-7FANNIE.
WASHINGTON, DC -- More than 70,000 professionals from the building
trades will descend on Dallas Jan. 15-18 for their industry's largest
event of the year, the International Builders' Show presented by the
National Association of Home Builders (NAHB).
"We have just finished one of the best years for housing ever with the
highest annual rate of new home sales on record," said Kent Colton, NAHB
executive vice president and CEO. "Everyone will be formulating game
plans to keep business running smoothly in 1999."
With approximately one million feet of exhibition space and more than
1,000 exhibitors, the 1999 event promises to be the largest annual
convention and exposition ever held by NAHB. Conventioneers are expected
to pour close to $10 million into the Dallas economy during the four-day
event.
Texas Governor George W. Bush will deliver the keynote address during
grand opening ceremonies at 11 a.m. on Friday, Jan. 15, at Reunion
Arena. The theme of the opening ceremonies is "Building the American
Spirit."
This is the second year for the annual NAHB exposition to be held in
Dallas. NAHB has reserved some 20,000 hotel rooms for the event.
One major attraction this year is a 40,000 square foot home built by the
Tommy Ford Construction Company. Another highlight will be the New
American Home, an annual project of the National Council of Housing
Industry and Builder Magazine.
NEW ORLEANS, La. (BUSINESS WIRE) -- Hibernia Corporation announced
yesterday that the company's plan to merge its Texas bank, Hibernia
National Bank of Texas, into its Louisiana bank, Hibernia National Bank,
has been approved by the Comptroller of the Currency.
The transaction is expected to be effective Jan. 1, 1999. The new bank
will be called Hibernia National Bank. Hibernia would be a $14.3 billion
asset organization with 257 banking locations in 34 Louisiana parishes
and 13 Texas counties.
GREENWOOD VILLAGE, Colo. -- A comprehensive redesign of www.remax.com,
the Web site of RE/MAX International has been completed.
According to a company announcement, the site is a "friendlier and more
informative site, featuring smoother user interface features, improved
graphics and links to thousands more real estate listings."
WASHINGTON, DC -- Nevada will be the nation's most popular seniors'
housing market for the next eight years, according to findings of a new
National Association of Home Builders (NAHB) study, "Seniors in the
Market for Housing: State Forecasts Through 2006."
Using population forecasts from the U.S. Census Bureau, NAHB projects
which states will have the greatest appeal for seniors in years to come.
Nevada had the top rating for "demand intensity" for households headed
by persons age 55 and older looking for housing between 1999 and 2006.
Florida was second on the demand intensity scale, Arizona was third and
Arkansas fourth. Others were Oregon, New Mexico, Wyoming, Montana, Idaho
and West Virginia.
PALM BEACH GARDENS, Fla. (BUSINESS WIRE) -- Correctional Properties
Trust, a real estate investment trust, announced yesterday that the
board of trustees has approved the purchase of a 1,500-bed correctional
facility in Lawton, Okla.
The fully operational, medium-security facility is operated by Wackenhut
Corrections Corporation under a contract with the state of Oklahoma
Department of Corrections.
The purchase price is about $45 million or about $30,000 per bed. The
closing is planned for January.
Purchase of a 600-bed expansion of the Lea County Correctional Facility
in Hobbs, New Mexico, also was announced. The purchase price was about
$22.5 million.
COLLEGE STATION, Tex. -- The Environmental Protection Agency (EPA) is
visiting real estate offices to check sales and leases for compliance
with requirements to disclose the possibility of lead-based paint in
dwellings built before 1978.
The EPA fined an Oklahoma real estate agency $11,000 for failing to
provide the required notification when leasing an older house to a
mother with a young child.
The EPA fined the Kingsville Naval Air Station in Kingsville, Tex.,
$408,375 for noncompliance. This is the largest fine assessed to date
under the 1992 Residential Lead-Based Paint Hazard Reduction Act.
December 9, 1998
Texas Commissioners Want To Crack Down On Non-Licensees
AUSTIN, Tex. -- Members of the Texas Real Estate Commission (TREC)
yesterday expressed "major concern" over real estate business activities
being conducted by persons who do not hold a valid sales or broker
license. Commissioners adopted a resolution requesting that legislation
be introduced giving TREC greater legal authority to impose fines on
those who engage in such practices. The authority TREC seeks is similar
to that of several other state regulatory and professional licensing
agencies.
Commissioners noted that standard real estate contract forms promulgated
by TREC can be obtained as a matter of public information through the
agency's Web site. There have been reports of unlicensed individuals
using the forms to buy and sell property. Commissioners say the forms
are complex and should only be used by licensees who know how and under
what conditions each form can be used legally.
"TREC will be doing a great disservice to consumers and the real estate
industry if we do not correct any mistaken impression that we condone
the use of standard contract forms by individuals who are not licensed
to practice real estate," said Commission Chairman Jay Brummett.
A notice will be printed on all standard contract forms. The notice also
will be posted on the TREC Web site and published in the agency's
newsletter. The notice states that the forms are intended for use by
persons who have been trained and are qualified as real estate
licensees.
The notification will alert consumers to the technical and legal nature
of contractual agreements and suggest they confer with licensed real
estate professionals or legal counsel before signing any standard
contract form.
AUSTIN, Tex. -- Rules that establish procedures for resolving disputed
complaints and contested enforcement cases were among 30 eliminated
yesterday by the Texas Real Estate Commission. The deleted requirements
were considered outdated or unnecessary.
The old requirements will be replaced with nine simplified and revised
rules based on the state's overall Administrative Procedures Act.
"Whether we are reexamining current procedural regulations or responding
to new business practices, such as real estate advertising on the
Internet," said Chairman Jay Brummett, "TREC must fully meet its legal
obligations without imposing more rules than are effectively needed."
AUSTIN, Tex. -- No new Texas laws will be needed to regulate real estate
advertising on the Internet, according to the Texas Real Estate
Commission. However, commissioners have received specific
recommendations for amending existing rules that apply to advertising on
the Internet and using other means of electronic communication.
A formal proposal is being prepared for public comment and further
consideration at the Commission's next meeting on Jan. 11, 1999.
Other items to be considered at the January meeting include:
-- "after-the-fact" referral fees,
-- simplification of attendance records at mandatory continuing
education courses and
-- whether limitations are warranted on the number of real estate
license exams that can be taken repetitively in specific time periods.
NEW YORK, N.Y. -- Real estate will remain strong in 1999 because the
underlying fundamentals of property performance in 1998 have remained
solid in the face of sagging financial markets. That's the opinion of
John Bralower, president of Sonnenblick-Goldman Company, a leading
independent real estate investment banking firm.
"While 1999 may not be a boom year," said Bralower, "real estate, equity
and debt will remain solid investments. The markets have learned from
past mistakes and are in a better position to manage the downside, while
taking advantage of opportunities."
Other commercial real estate trends he noted:
-- Markets are increasingly becoming global as consolidation and other
trends push corporations to break out of their national borders and do
business worldwide.
-- Traditional lenders, including insurers, banks and pension funds,
will become bigger players in real estate as the more aggressive
investment banks, which dominated the more highly leveraged deals, seek
to redeploy their capital.
-- Refinancings will increase considerably as owners wait out greater
returns.
-- Sales will continue strong but not as strong and not as pricey as
this year.
-- Owners of hard real estate assets will have greater flexibility to
withstand the fluctuations of financial markets.
WASHINGTON, DC -- Two Texas companies were among the eight selected to
receive The Business Roundtable's prestigious Construction Industry
Safety Excellence award.
Austin Industrial, Inc., and Protherm, Inc., are both members of the
Associated Builders and Contractors. Both winning Texas firms are in
Houston.
Each year, The Business Roundtable honors safety leaders in the industry
as a means of encouraging construction safety nationwide. Companies are
recognized for outstanding lost workday rates, total recordable incident
rates and for excellent safety programs.
AUSTIN, Tex. (BUSINESS WIRE) -- Independent research has been made
available to members of the media, analysts, brokers and investors by
the Center for Internet Commerce, an independent entity with no relation
to any publicly traded company, brokerages or promotional firms. The
research is available at www.e-tail.org.
The site also supplies visitors with free access to real-time quotes,
Internet indexes and more.
At the site, investors may access vital information on companies at the
cutting edge of technology and trends. This includes Microsoft, IBM,
Dell Computers and Hewlett Packard.
CANTON, Mass. (BUSINESS WIRE) -- Tweeter Home Entertainment Group Inc.
announced today it has reached an agreement in principle to acquire the
retail operations of Home Entertainment Inc. of Texas, a company that
has been in business 42 years.
Home Entertainment Inc. has four stores in Houston and three stores in
Dallas. Its retail revenue is about $25 million a year.
December 4, 1998
North Texas Has Highest, Lowest Priced Homes
COLLEGE STATION -- North Texas can claim some the highest- and
lowest-priced homes in the state. That's according to the December issue
of Trends, a monthly statistical report from the Real Estate Center at
Texas A&M University.
Four of the five highest median prices in October were in North Texas
cities. Three of the five lowest priced medians were there, too.
Plano's median topped the state at $152,500. Denton's $125,000 median
was second highest in Texas. Northeast Tarrant County was third with
$124,300. Irving had the fourth highest median price with $122,900.
Austin made the top five with $118,800.
According to Trends, the Sherman-Denison area's median price of $62,100
was lowest in the state. Port Arthur and Odessa-Midland had the second
and third lowest medians at $63,800 and $64,100, respectively. Paris was
fourth at $65,000. Wichita Falls' $67,500 median price was the fifth
lowest in Texas.
For more Texas real estate statistics, visit the Center's home page at
http://recenter.tamu.edu.
COLLEGE STATION -- Not only can a sexual harassment lawsuit be costly
to defend -- $250,000 at the trial stage -- but the publicity can
devastate a company's image and goodwill.
Deborah Erdos Knapp and Michael T. Bond of Cleveland State University
say the personal invasion of sexual harassment is so widespread that as
many as 50 percent of all women and 14 to 17 percent of men will
experience some form during the working lives. The researchers recommend
a multi-pronged approach to proactively controlling some of the risks.
First, there must be a clearly communicated, substantive sexual
harassment policy within the firm. Every employee should have a copy of
the policy. A systematic program of disseminating the firm's policy
needs to be in place. Periodic employee surveys can be used to monitor
the situation.
Next, there must be a reporting mechanism with dispute resolution
techniques. Because not all individuals respond in a similar manner,
multiple reporting avenues are recommended.
There must be consistent outcomes from disputes. If the top producer or
best customer commits sexual harassment, they must be treated the same
as the most junior employee. Tolerating sexual harassment at lower
levels sends the message that more aggressive forms also are acceptable.
Management must address diversity training, including employee rights,
sensitivity and responsibility regarding sexual harassment and have a
widely distributed and understood policy and mechanism for dealing with
these issues. A systematic approach to sexual harassment fosters an
environment of trust, comfort and goodwill that encourages licensee
retention.
WASHINGTON DC -- Not only is 1998 likely to be the best year in American
history for new home sales, if the current pace continues the
homeownership rate record of 65.7 percent set last year is certain to be
broken.
"It looks like new home sales will shatter the current record of 819,000
set in 1977 and rise to a new high of about 870,000 this year," said
Housing and Urban Development Secretary Andrew Cuomo. "This is good news
for American families, good news for the housing industry and good news
for our economy."
McLEAN, Va. -- In Freddie Mac's Primary Mortgage Market Survey, the
30-year, fixed-rate mortgage averaged 6.71 percent, with an average .9
of a point, for the week ending Dec. 4, 1998.
This is down from last week's average of 6.78 percent and the 7.15
percent of one year ago.
The rate for a one-year treasury-indexed adjustable-rate mortgage
averaged 5.52 percent this week with an average 1.0 point. This is down
slightly from last week's 5.54 percent. A year ago, the one-year ARM was
5.50 percent.
The average for 15-year fixed-rate mortgages this week was 6.37 percent
with an average of .9 of a point. Last week the average was 6.44
percent, and a year ago it was 6.71 percent.
FORT WORTH, Tex. -- The U.S Environmental Protection Agency (EPA) and
the U.S. Department of Agriculture (USDA) have scheduled a public forum
in Fort Worth for Dec. 10 to hear comments about the draft Unified
National Strategy for Animal Feeding Operations.
The meeting will be at the Holiday Inn South at 100 E. Alta Mesa Blvd.
from 6 p.m. to 9 p.m. Those wishing to speak begin registering at 5 p.m.
As part of the Clean Water Action Plan, the strategy outlines a series
of actions to minimize water pollution from large animal feeding
operations. Nutrient-rich water runoff from improperly managed animal
feeding operations has been blamed for water pollution problems such as
fish kills, foul-tasting drinking water and outbreaks of a toxic
bacteria.
The draft strategy may be viewed on the Internet at
http://www.epa.gov/owm/afostrat.htm or http://www.nhq.nrcs.usda.gov.
December 2, 1998
Texas Homes Remain Affordable
COLLEGE STATION, Tex. -- Low interest rates helped off-set rising home
prices, and the third quarter Texas Housing Affordability Index (THAI)
was improved compared to last year.
"The index was 1.43 in the third quarter," says Dr. Jack C. Harris, Real
Estate Center research economist, "meaning Texas' median household
income was 43 percent higher than that needed to buy the median priced
home. In 1997, the index was 1.41."
The average interest rate on mortgages closed from July through
September was 6.96 percent or 60 basis points lower than last year. Home
prices rose 5.5 percent during the year while income was only 1 percent
higher.
The state's highest affordability indexes were reported in:
1. Palestine (2.52)
2. Garland (2.40)
3. Fort Bend County (2.15)
4. Abilene (2.00)
5. Wichita Falls (1.91)
In Garland, 87 percent of households could afford the average home sold
locally. Eighty-one percent of households in Fort Bend County could
afford the typical home. In Arlington, 79 percent of households could
afford the typical local home.
COLLEGE STATION, Tex. -- According to a new First-Time Homeowner
Affordability Index (FTHAI) developed by the Real Estate Center at Texas
A&M University, Texans buying their first home in the third quarter did
not do quite as well as those buying a year earlier.
"The new index measures the ability of non-homeowning households to
afford a modest home," says Dr. Jack Harris, research economist. "The
FTHAI is measured in the same way as the THAI but uses median income of
renter households and moderate sized starter home prices in the
formula."
For the third quarter, the FTHAI was 1.16 compared to 1.18 for the same
period in 1997.
"Renters' median income has not improved as much as that of Texas
homeowners," says Harris, "although prices of smaller homes have
increased at the same rate as the rest of the market."
First-time homebuyers fared best in these Texas cities:
1. Palestine (2.21)
2. Garland (2.21)
3. Abilene (1.92)
4. Wichita Falls (1.91)
5. Fort Bend County (1.89)
WASHINGTON DC -- Local property taxes and parking restrictions lead the
complaint list of multifamily property owners, according to the Commerce
Department's Census Bureau.
That finding is one of many in a just-released report, "What We Have
Learned About Properties, Owners and Tenants from the 1995 Property
Owners and Managers Survey."
Owners of large properties say the Americans with Disabilities Act, rent
control and waste disposal requirements are all equally troublesome.
Medium-sized property owners rank rent controls third. Small-property
owners complain about lead-based paint requirements.
Other highlights of the report:
-- There were 2.2 million multifamily properties with fewer than five
units in 1995. More than 459,000 had five to 49 units, and nearly 60,000
had 50 or more units. The study only included privately held properties.
-- Investors were primarily interested in rental income. Overall, 58
percent of multifamily properties made a profit or broke even, 27
percent had a loss, and 16 percent of owners were not sure if they made
or lost money.
-- Many owners were not aware of the Section 8 rent subsidy program
sponsored by HUD.
-- Renovating bathrooms, replacing kitchen facilities and upgrading
heating systems were the top three capital improvements in 1990-95.
-- About half the multifamily property owners were between 45 and 64
years old. Eighty-five percent were white, 8 percent African American,
and 4 percent were Asian or Pacific Islander. Six percent were owned by
Hispanics.
-- One in eight properties included handicap-accessible units; 91
percent of those units were paid for by the owners, and 4 percent shared
costs with tenants.
WASHINGTON DC -- Monday the Commerce Department's Census Bureau released
1998 population estimates for the insular areas of the United States --
Guam, the U.S. Virgin Islands, the Northern Mariana Islands and America
Samoa.
The estimates for July 1, 1998, are:
Guam.......................................149,101
U.S. Virgin Islands....................118,382
Northern Mariana Islands..........66,611
American Samoa.......................62,093
For more population estimates on births, deaths and net migration, go to
the Census Bureau's international database on the Internet at:
http://www.census.gov/ipc/www/idbnew.html.
WASHINGTON DC -- A group of six real estate advocacy groups has
announced it plans to challenge a Federal Communications Commission
(FCC) satellite dish and antennae ruling in federal court.
The FCC has in the past limited the right to install satellite dishes or
antennae to those with "direct or indirect ownership interest." Last
Friday, the FCC extended that right to anyone with a "leasehold
interest." While the decision currently refers only to residential
apartment buildings, leaders of the Building Owners and Managers
Association (BOMA) International, one of the coalition members, fear it
could be used in the office building setting through expanded
definitions of "leased premises" and "tenants."
Other members of the coalition are the Institute of Real Estate
Management, the National Association of Real Estate Investment Trusts
and the National Multi-Housing Council.
NEW YORK (BUSINESS WIRE) -- Tuesday Exxon and Mobil announced they have
reached an agreement to merge. . . . Exxon shareholders will own about
70 percent and Mobil shareholders the other 30 percent of the merged
company. . . . The merged company will be renamed Exxon Mobil
Corporation. . . . Both brands will remain. . . . Exxon Mobil will be
headquartered in Irving, Texas.
HOUSTON, Tex. /PRNewswire/ -- Houston Industries Wholesale Energy Group
has opened an office in the financial district of San Francisco. . . .
The Houston-based company is a diversified international energy services
company. . . . It has nearly four million electric and natural gas
customers in the United States.
HOUSTON, Tex. /PRNewswire/ -- Nuevo Energy Company announced Tuesday
the successful completion of the Eller Unit 1 well at the Giddings Field
in Austin County, Texas. . . . The unit is producing at a rate of 30
million cubic feet of gas per day from the Austin Chalk formation. . . .
Based on the results of the Eller Unit 1, Nuevo says it has acquired
more than 12,500 acres and as many as 12 more wells could be drilled. .
. . Potential reserves are estimated at 15 billion cubic feet of gas
per well. . . .
PASADENA, Calif. (BUSINESS WIRE) -- Ameron International Corporation has
sold its 50 percent ownership of Gifford-Hill-American to Cornerstone
Construction & Materials, Inc. for $25 million in cash. The sale was
announced yesterday. . . . Prior to the sale, each company owned 50
percent of GHA, a leading supplier of concrete pressure pipe in Texas.
NEW ORLEANS, La. (BUSINESS WIRE) -- Hibernia announced Tuesday it has
signed an agreement to purchase the assets and assume the liabilities of
the Beaumont operations of Chase Bank of Texas, N.A., for $87 million in
cash. . . . The transaction gives Hibernia the leading market share in
Jefferson County and expands its coverage of southeast Texas.
TULSA, Okla. /PRNewswire/ -- A contract to build a 30-mile, 24-inch
water pipeline near Huntsville, Texas, has been awarded to Willbros
Group, Inc. . . . Work will begin immediately and completed in the third
quarter of 1999.
November 30, 1998
Existing Home Sales Continue On Course
WASHINGTON -- Sales of existing single-family homes rose slightly in
October after declining in September, according to the National
Association of Realtors.
The seasonally adjusted annual rate of existing home sales rose 2.1
percent in October to 4.79 million units from 4.69 million units in
September.
"We expect to close out 1998 at a record-setting level," said NAR
President Sharon A. Millett. "The lowest mortgage interest rates in more
than three decades, greater financial opportunities and an increase in
the number of financing products available to consumers today will
continue to drive first-time buyers into the market, allowing many
trade-up buyers to make their move."
Currently, NAR projects 4.75 million existing home sales for 1998 -- a
12.6 percent increase from the record 4.22 million sales last year.
McLEAN, Va. -- Freddie Mac has announced it will increase its
single-family mortgage loan limit from $227,150 to $240,000, effective
January 1, 1999. The 5.67 percent change is consistent with the increase
in the national average home price between October 1997 and October
1998.
ALBUQUERQUE, N.M. (INB) -- Hugh and Jesse, a father and son team in
Chicago, have just signed a contract for a 12-unit building. They plan
to do some rehab work and then sell it. How much will they profit?
"It could easily be in the $100,000 range," says rehab wizard Kevin C.
Myers, founder of http://www.rehabwiz.com. Myers' site includes chat
rooms, articles, seminars and courses showing how to profit from fixing
up houses and other properties.
LOS ANGELES, Calif. -- U.S. investors spent more than $10 billion this
year acquiring assets and portfolios of non-performing loans in Japan
and east Asia. According to a new study by Ernst & Young's real estate
unit, E&Y Kenneth Leventhal Real Estate Group, more are on the way.
The $10 billion investment (about 60 percent of which went to Japan) is
more than the $6.4 billion Asian investors planted in U.S. real estate
assets from 1993 to 1996 and is more than five times the investment
Japanese investors made in 1985, their first big year in the United
States.
"This is the first time in history that U.S. real estate developers and
investors have exported such a huge amount of capital to Asia, and it
couldn't come at a better time as the cash-strapped Asian economies are
crying out for liquidity," says Jack Rodman, director of Asian real
estate for EYKL. He also says there is some concern by a few Asian
nationalist groups that a "Yankee invasion is picking up these assets
for ten cents on the dollar."
WASHINGTON DC -- Electricity deregulation, which proponents say
encourages competition among providers and gives consumers "the power to
choose," will once again top the legislative agenda of the Building
Owners and Managers Association (BOMA) International.
BOMA International will continue to press for federal electricity
deregulation legislation "because of the substantial savings and
enhanced services that competition would create for building owners and
managers who cannot currently purchase wholesale power in all 50
states."
Congress adjourned without a mandate on electricity deregulation in
1998, but congressional leaders have said the matter will rate high on
their list for action in the coming year. This, coupled with increased
competition in California, Rhode Island, Massachusetts and parts of New
York, insures the issue will be considered in 1999.
Other BOMA legislative issues are: tax reform, reducing or eliminating
the capital gains tax, depreciation recapture and leasehold improvement
depreciation. BOMA also is focusing on blocking forced building entry by
telecommunications service providers, banning smoking in office
buildings, Year 2000 preparedness, indoor air quality rules and building
codes and ethics.
November 23, 1998
How Many Agents And At What Income?
by Dr. Ted C. Jones, vice president and chief economist, Stewart Title
Guaranty Company
Obtaining a real estate license is most difficult in Texas and
California. Researchers at the University of North Carolina at
Greensboro looked at whether or not there are benefits, other than
consumer protection, of having more stringent qualifications.
G. Donald Jud and Daniel T. Winkler collected data from 54 metropolitan
statistical areas. Information included the number of real estate
licensees, the number of full-time equivalents working in real estate,
estimated and derived agent income, regional cost of living, real estate
exam pass rates and state educational requirements.
Their findings show that as industry revenue rises, additional agents
enter real estate. Hence, the demand for agents rises with sales
activity. The total number of licensees, however, does not necessarily
respond to income factors.
Income was inversely related to real estate license examination pass
rates. States with lower pass rates had corresponding higher incomes,
after adjusting for the cost of living. Likewise, the lower pass-rate
states had fewer individuals entering the business.
Educational requirements were found to have little influence on supply
and only a small influence on earnings.
WASHINGTON (BUSINESS WIRE) -- Women business owners are seeking bank
credit for their firms with greater frequency, obtaining credit in
greater amounts and continuing to use credit for business expansion.
However, women entrepreneurs continue to have less bank credit than men
business owners, and women owners of color face greater difficulties in
gaining access to capital.
These findings are the latest in a six-year analysis of business
financing trends conducted by the National Foundation for Women Business
Owners and sponsored by Wells Fargo.
Today, 34 percent of women business owners who have bank credit have
$50,000 or more available for use in their businesses, compared to 20
percent in 1996. However, they still lag their male counterparts; in
1998, 58 percent of men owners have $50,000 or more in available bank
credit.
THE WOODLANDS (BUSINESS WIRE) -- Residents of The Woodlands, Texas, kick
off the community's year-long 25th Anniversary celebration tonight at 6
p.m. That's when "The Light in the Forest" beacon will be illuminated.
Residents and long-time community leaders will join Congressman Kevin
Brady in flicking the switch that turns on the 7,000-watt beacon. The
beacon rotates inside six vertical columns of light forming a crown of
light, and it will shine throughout 1999.
The Woodlands is home to 50,000 residents. It was one of the country's
original 13 planned communities and has been hailed as a model of
successful urban planning.
DALLAS /PRNewswire/ -- Future Petroleum Corporation announced today it
has purchased oil and gas properties in Texas and Louisiana for $4.467
million in cash.
As of August 1, the acquired properties had estimated net total proven
reserves of 517 million barrels of oil and nearly 19 billion cubic feet
of natural gas.
Texas properties purchased were in Ector, Matagorda and McMullen
Counties. In Louisiana, the company bought in Vermilion and Ouachita
Parishes.
November 20, 1998
Major Water Conference Set
AUSTIN -- Implications of landmark legislation dramatically changing
how Texas uses water will be on the agenda here Dec. 1-2 at the 25th
Water for Texas conference.
The focus of this year's conference will be on issues related to Senate
Bill 1, a 1997 plan for future water use. Conference organizers hope to
help city and agricultural leaders, environmental groups and the public
fully understand implications of the legislation.
"For the first time, the responsibility for planning for future water
needs has been shifted away from the state and given instead to regional
working groups," said Wayne Jordan, director of the Texas Water
Resources Institute (TWRI). "These regional groups have to identify how
they will meet anticipated water demands, implement water conservation
and cope with droughts."
Sessions will be held on water policies, alternative water supplies,
agricultural irrigation, drought planning, water marketing,
environmental needs, groundwater, the dependability of water supplies
and brush management.
Attendees will take an in-depth look at how computer models are being
used to determine how much water is available in Texas watersheds. A
panel will describe efforts to develop modern tools to predict the
amount of water that can be provided in individual watersheds during
normal and dry-weather years.
To receive a conference program or obtain registration information,
contact the TWRI at 409-845-1851 or twri@tamu.edu. The program can be
viewed at the TRWI Web site at http://twri.tamu.edu.
COLLEGE STATION -- Homebuyers, sellers and appraisers in a Minnesota
study agree that power lines have a negative impact on residential
values.
Researchers at St. Cloud State University studied opinions of four
groups. Cheryl Mitteness and Steven Mooney surveyed 190 people who were
homeowners of property with overhead power lines, sellers of property
with overhead power lines, buyers of property near power lines or
residential appraisers.
Slightly more than half (51 percent) of homeowners with overhead power
lines said they did not consider the high-voltage lines or towers at the
time of purchase. One-third of respondents lowered their offering price
because of the lines. The average reduction was 4.1 percent, based on an
average purchase price of $135,629. Nearly two-thirds said power lines
did not enter into the offering-price decision.
Fifty percent of those who had sold a home with an overhead power line
said the property's market value was adversely affected. Two-thirds (67
percent) of the sellers said a longer marketing time was required for
the property to sell.
Half of homebuyers near overhead power lines did not consider homes with
overhead power lines. When asked if the home they purchased had been
within 200 yards of overhead power lines, 44 percent said they would
have lowered their offering price an average of 7.6 percent.
More than eight in ten (83 percent) of the residential appraisers
indicated a negative influence on residential property market value
arising from the presence of lines. Appraisers estimated an average 4.1
percent reduction in residential property values for homes with
high-voltage overhead power lines. Each respondent had appraised an
average of 54 residential properties near overhead power lines. A
similar 84 percent indicated an average 62 days longer marketing period
for residential properties affected by power lines.
All groups acknowledged a negative impact of power lines on residential
values. Homeowners under power lines and appraisers alike concluded an
identical 4.1 percent average negative impact on value.
McLEAN, Va. -- In Freddie Mac's Primary Mortgage Market Survey, the
30-year, fixed-rate mortgage (FRM) averaged 6.86 percent, with an
average of .9 of a point, for the week ending Nov. 20, 1998. This was a
dip from last week's average of 6.93 percent; a year ago the 30-year FRM
averaged 7.18 percent.
The rate for one-year treasury-indexed, adjustable-rate mortgages (ARMs)
averaged 5.52 percent this week, with fees and points averaging 1.0.
This was less than last week's average of 5.56 percent. A year ago, the
one-year ARM was 5.48 percent.
The average for 15-year FRMs this week was 6.51 percent, with an average
.9 of a point, easing from last week's average of 6.57 percent. A year
ago, the 15-year FRM was 6.73 percent.
grant from the U.S. Environmental Protection Agency during a Nov. 24
ceremony.
Brownfields are abandoned commercial sites. The grants are designed to
return these properties to the tax rolls, create jobs and restore a
sense of community pride.
Brownfields do not qualify as Superfund sites because they do not pose a
serious public health threat. However, the stigma of any perceived
contamination and legal barriers to redevelopment discourage businesses
from buying these properties.
The grant will help Brownsville citizens continue the redevelopment
created by recent construction of a federal courthouse in the
neighborhood. EPA Region 6 Administrator Gregg Cooke will present the
grant.
November 18, 1998
Appraisal District Challenged
HOUSTON -- On Oct. 13, Harris County District Judge Dwight Jefferson
ruled that companies conducting business in Harris County do not have to
provide a list of their taxable property to the Harris County Appraisal
District. The appraisal district oversteps its authority in ordering
companies to do so.
The decision sets the stage for a legal battle in the appellate courts
that will have major state-wide implications.
Jim Robinson, Harris County Appraisal District chief appraiser, believes
the case to be the most important property tax case before the courts
this decade.
AUSTIN -- Residential redevelopment is happening in downtown Austin. The
redevelopment of the Brown building is the first residential project
downtown in more than a decade.
W. Ball Development is responsible for a new parking garage and
renovation of the historic Brown building. It was originally constructed
in 1938 and was the office of many of Texas' most prominent leaders,
including John Connally and Lyndon Johnson.
Today, the building has been turned into upscale loft apartments. Two
months before its November 1998 opening, the project had leased 50
percent of the lofts. Rents range from $875 to $1,795 per month. The
units are renting at $1.10 to $1.50 per square foot, depending on the
floor plan.
The building contains numerous recycled materials. Terrazzo floors were
preserved, and many of the marble pieces have been incorporated into
kitchen countertops and backsplashes. The lobby has been restored to its
1938 grandeur with pink, green and yellow terrazzo floors and pink
marble walls. The three elevators have figures above them depicting
Brown's business principles and are lit in neon.
Bill Ball of Ball Development says that it has been only recently that
the market has made it possible to do residential lofts downtown. He
notes that the federal tax credit for the rehabilitation of historic
structures along with a tax abatement from the city helped make the
project financially feasible.
More residential units are on the drawing boards of a number of downtown
developers. The Sutton Company has 39 lofts at Brazos and Fifth Street.
Plans are underway for the Reddy Ice building at 10th and Red River. The
building will include retail and residential uses. Another project is in
the design phase -- a 352-unit center between Caesar Chavez and Third
Streets just west of Congress Avenue.
WASHINGTON -- A nation-wide audit to test for and evaluate housing
discrimination was announced Monday by the Department of Housing and
Urban Development.
"This historic audit will help us fight housing discrimination more
effectively," said HUD Secretary Andrew Cuomo. "By determining the
extent and scope of housing discrimination in greater detail than ever
before, the audit will help us give all American families the
opportunity to exercise their legal right to move into any neighborhood
and any home they can afford."
The audit, which will cost $7.5 million, will include 3,000 to 5,000
tests for housing discrimination in housing sales, rentals and mortgage
lending.
DALLAS (BUSINESS WIRE) -- Motel 6 has announced the signing of its 100th
property franchise agreement.
The 36-year-old lodging giant has been offering franchises since 1996. A
$600 million system-wide renovation and a prototype "Motel of the
Future" resulted in a record number of franchising inquiries. Some 1,300
applications were denied.
"We know that we are competing against major franchisors in the lodging
industry," said David O'Shaughnessy, executive vice president of
franchising and quality. "While we want to expand across the country, we
won't sacrifice quality and consistency just to meet growth objectives."
The latest franchise will be located in Saraland, Alabama, and will be
one of Motel 6's all-new "Prototype 2000" properties. These motels
feature interior corridors, state-of-the-art heating and cooling,
computerized front desks and back offices and electronic door locks.
With the addition of the latest property, Motel 6 will have 781 total
locations in the United States.
WASHINGTON -- Existing home prices are increasing at moderate rates in
most metropolitan areas, according to NAR.
NAR's third quarter metro area home price report, covering 132
metropolitan areas, shows 13 areas with double-digit annual increases in
median existing home prices. Only eight areas posted price declines. The
majority showed moderate rises.
"Generally, home prices are appreciating faster than the overall rate of
inflation," said NAR President Sharon A. Millett, "but are not outpacing
increases in buyer income. Combined with low interest rates, this is
preserving a good balance between buyers and sellers in most areas of
the country."
The national median existing home price was $132,700 for the third
quarter -- 4.9 percent higher than the third quarter last year.
Third quarter metro median resale prices ranged from $69,700 in
Waterloo-Cedar Falls, Iowa, to $330,700 in San Francisco. The biggest
increase from last year -- 18.1 percent -- was reported by Charleston,
S.C., where the median is $122,900.
"Regionally, the strongest price increases have been in the Midwest and
the West," said Millett, "where we see a lot of activity in the trade-up
market."
In the South, the median existing home price of $118,000 rose 5.1
percent from the third quarter of 1997. After Charleston, S.C., the
strongest increase was in Beaumont, Texas, where the median price rose
13.9 percent to $76,400. Montgomery, Ala., also reported a 13.9 percent
rise to $107,600.
HOUSTON (BUSINESS WIRE) -- Texaco announced yesterday a reorganization
of its North American natural gas business unit, Texaco Natural Gas. The
move is an effort to improve the company's competitive position, reduce
operating expenses and "improve focus in growth areas."
The reorganization will result in the reduction of 100 positions and
save some $20 million annually..
CARROLLTON -- John Lundquist is the new sales manager for Judge Fite
Company's Plano office.
Lundquist has extensive management and residential real estate
experience. As an associate of the company, he has been a consistent top
producer.
He has a bachelor of science in finance from Oklahoma State University
and has taken graduate courses at Loyola University.
November 17, 1998
Texas Farm Bureau Condemns Treaty
WACO /PRNewswire/ -- The global emission reduction treaty signed Sunday
in New York will be a "disaster for American agriculture," the president
of the Texas Farm Bureau said Monday.
"I have very serious concerns for any effort that will limit our ability
to compete in a global economy while giving our competitors free reign,"
said Bob Stallman.
The Farm Bureau statement adds that, although the treaty cannot be
enforced without Senate ratification, the signing reinforces concern
over "back-door" implementation such as the establishment of climate
change offices and initiatives in several federal departments and
agencies. Widespread acceptance of these methods could devastate the
U.S. farming community. Organizations that use these methods will see
the signing of the treaty as approval from the U.S. government . . . and
convince states, counties, cities and different industries that it is
only a matter of time before the Senate ratifies the Kyoto Protocol.
The Texas Farm Bureau says ratification may never come because the
Senate has already passed a resolution forbidding the ratification
because of the exempt status granted developing nations.
NEW YORK /PRNewswire/ -- In a clear sign that the U.S. commercial loan
market is slowing, loan volume to corporate borrowers in key industries
tailed off dramatically during the third quarter, according to Loan
Pricing Corporation, which tracks and analyzes loan and bond markets
worldwide.
The slowdown comes partly in response to the global economic turmoil
that has disrupted financial markets worldwide, including the U.S.
high-yield bond market, upon which many leveraged and highly leveraged
bank loans depend. As well, banks have for much of the year been
resisting thinly priced loans to investment grade borrowers, citing
declining returns caused by plummeting loan pricing.
"These changes have had a pronounced effect on the corporate loan
market," said Jim Davis, president of LPC. "Volume is off from the last
year, when a record $1.1 trillion in loans were completed in the United
States alone. This year's figure certainly will be less, and loan
pricing in both the investment grade and leveraged markets has soared in
recent weeks."
According to LPC, several industries that lenders rely on heavily for
corporate loan demand retreated noticeably from the U.S. market during
the third quarter.
REITs: Loans to real estate investment trusts followed a similar
pattern. While volume for the quarter reached a respectable $12.3
billion, 81 percent of that came during July, before the financial
markets turmoil. Real estate had written an impressive come-back story
for the past few years; it contributed -- via speculative deals -- as
much as any other sector to the credit crunch that brought the lending
market to a standstill in the early 1990s, but it posted a strong volume
in 1997.
OIL & GAS: While loans to oil and gas companies totaled a healthy $27.12
billion during the third quarter, only three deals accounted for the
bulk of the volume. The market otherwise has been lackluster, as
atrophying oil prices has meant tougher going in the loan market for
these borrowers.
ROUND ROCK (BUSINESS WIRE) -- Dell Computer Corporation unveiled the
first manufacturing center on its new 570-acre campus in northeast
Austin and celebrated the most ambitious initiative in the company's
history.
The new facility, dedicated to manufacturing servers, storage products
and workstations, is one of five new manufacturing facilities announced
or completed by Dell around the world this year. In addition to Austin,
Dell has new sites in Ireland, China and Brazil.
Dell is ranked No. 2 in the United States and No. 3 in world-wide PC
rankings, according to leading analysts.
OKLAHOMA CITY (BUSINESS WIRE) -- Fleming announced Friday that the
company is transferring all business from its Houston division to its
Garland division beginning early next year.
The Houston supply center is expected to be closed in late June 1999.
Fleming made the changes in response to the Houston division's largest
customer -- Randall's Supermarkets -- decision to move to full
self-distribution. IGA, Kmart and several independent retailers
currently served by the Houston division will be supplied from the
Garland food division.
Fleming is one of the nation's largest food marketing and distribution
companies, serving more than 3,000 supermarkets nationwide.
BETHESDA, Maryland (BUSINESS WIRE) -- AMI Capital Inc. has closed a $5.1
million loan on an apartment complex in northwest Dallas.
AMI structured the transaction on Santa Fe Apartments, a 237-unit
garden-style complex as a 10-year term loan with 30-year amortization.
AMI fixed the rate on the 80 percent loan-to-value mortgage at 6.7
percent.
The property consists of one- and two-bedroom apartments in six
three-story buildings on 5.55 acres. The multi-family rental property
was constructed in 1982 and was 96 percent occupied at closing.
AUSTIN (BUSINESS WIRE) -- Samsung announced Monday it will invest more
than $400 million in two manufacturing facilities, one in Tijuana,
Mexico, and the other at Samsung Austin Semiconductor in Austin.
In Austin, Samsung will invest $200 million to expand its 64-megabit
dynamic random access memory (DRAM) chip equipment.
November 13, 1998
Associates Home Equity Loans Top $10 Billion
DALLAS /PRNewswire/ -- Associates Home Equity Services, Inc., a provider
of first- and second-mortgage loan products to financial brokers and
consumers nationwide, has surpassed $10 billion in receivables.
Home equity loans can be used for home improvements, debt consolidation,
educational expenses and a variety of other purposes. Associates Home
Equity Services is the largest home equity lender in Texas and a major
provider of home equity financing in 46 states.
McLEAN, Va. -- In Freddie Mac's Primary Mortgage Market Survey, the
30-year, fixed-rate mortgage (FRM) averaged 6.93 percent, with an
average of one point, for the week ending Nov. 13, 1998. That was up
from last week's average of 6.89 percent. A year ago, the 30-year FRM
averaged 7.23 percent.
The rate for one-year treasury-indexed adjustable-rate mortgages
averaged 5.56 percent this week, with fees and points averaging 1.0.
That compares to last week's 5.48 percent and 5.53 percent one year ago.
The average for 15-year FRMs this week was 6.57 percent, with an average
of one point. This also was higher than last week's 6.5 percent average.
A year ago, the 15-year FRM was 6.78 percent.
SAN ANTONIO -- Mike Hollaway Custom Homes was named 1998 Distinguished
Single-Family Builder of the Year at the recent Greater San Antonio
Builders Association Inaugural Gala.
The award was presented to Mike Hollaway in recognition of his on-going
support of the association, the building industry, his commitment to
housing in San Antonio and his dedication to strengthening the local
industry.
Hollaway Enterprises includes Mike Hollaway Custom Homes and Mike
Hollaway Realty Management. In addition to offering custom home building
and general real estate services, the company provides marketing
services to other local home builders.
DALLAS -- Uptown Realtors, ranked fourth in residential real estate
sales by number of transactions according to the Dallas Business
Journal, plans to open a third Dallas office. The new office will be on
Main Street in the heart of downtown Dallas in a storefront location
near Neiman Marcus.
In making the announcement, President Mike Grossman said the office will
serve as a downtown housing center and will include helpful information
to prospective purchasers and tenants for all properties currently
available and being developed downtown.
"We have seen tremendous growth in the inner-city market, and this is
another way we will continue our mission to serve and reflect the
diversity of Dallas," said Grossman. "The market in the downtown area is
exploding with opportunities."
Uptown Realtors recently celebrated its fifth year in business.
HOUSTON (BUSINESS WIRE) -- Houston Exploration Company has announced it
has entered into a purchase and sale agreement to acquire offshore
producing properties and facilities for $85.28 million from Chevron USA.
The transaction is expected to close on Nov. 30.
The acquisition includes a 100 percent working interest in three
adjacent offshore lease blocks of 17,280 net acres in the Mustang Island
area on the continental shelf, which currently has nine producing wells,
three production platforms and average daily production of 37 mmcfe per
day, net. The acquisition also provides additional exploratory,
exploitation and development drilling opportunities.
SAN BRUNO, Calif. (BUSINESS WIRE) -- Atherton Capital Incorporated has
expanded its retail gas station, lube center and convenience store loan
origination efforts by opening a Houston office.
Dan Weber will provide loan origination services throughout the South
Central United States as Atherton's regional vice president. The region
includes Arkansas, Kansas, Louisiana, New Mexico, Oklahoma and Texas.
The San Francisco Bay Area specialty commercial finance company provides
loans for owners, franchisees and investors in branded retail
businesses. Financing programs include debt refinancing, acquisition of
existing units, real estate acquisitions, equipment purchases, store
improvements and leasing. Atherton serves operators of quick service and
casual dining restaurants, gas stations, lube centers and convenience
stores, video stores, optical retailers and specialty retail outlets.
October 2, 1998
Texas Homes Selling Faster
Fort Bend and Galveston MLSs report the biggest decline in estimated
days to sell -- down 35 percent from 1997. Houston is selling homes in
31 percent fewer days. MLSs selling homes in 20 percent or more fewer
days include Amarillo, Arlington, Austin, Bay Area, Dallas, Garland,
Montgomery County, Northeast Tarrant County, Palestine, Plano and Port
Arthur.
The seasonally adjusted annual rate of existing single-family home sales
was 4.73 million units, down 3.7 percent from the all-time high resale
rate of 4.91 million units reported in July. The August pace was 10.5
percent more than the 4.28 million units recorded in August of last
year.
Despite the decline in August sales, NAR President R. Layne Morrill said
the rate is still more than what is considered to be the economic
threshold -- a sustained rate of 3.5 million units.
"The dip in numbers reflects a cautious correction in the market as
consumers stopped to catch their breath in a very healthy economy," he
said. "In fact, the sharp changes in the financial markets a few weeks
ago only served to underscore the stability of residential real estate
as a safe, solid long-term investment choice for consumers."
Morrill noted that the true return on a home investment should be based
on home appreciation and the amount leveraged. Homebuyers typically use
their own money to cover only 10 to 20 percent of the purchase price of
a home, yet the home appreciation they realize is based on the total
value.
"Add this to the tax benefits homebuyers receive for their investments
in the form of deductions allowed for mortgage interest and property
taxes, and this leveraging of borrowed funds gives housing a return far
in excess of the market's appreciation," said Morrill.
The national median existing-home price for August was $132,900, an
increase of 4.2 percent from the same month last year.
Effective yesterday, if you are planning to dig 16 inches or deeper
using mechanical equipment, in most cases you are required to call a
statewide, toll-free number -- 800-545-6005 -- at least two working days
in advance. Calls go to a notification center which notifies operators
of virtually every type of underground line or pipe except water and
sewer. These companies can send someone out to mark what is underground
or perform a "line locate."
With passage of the Underground Facility Damage Prevention and Safety
Act last year, Texas became the last state in the continental United
States to adopt a mandatory one-call system to locate underground
pipelines and cables. If needed, the line locate will be performed
within 48 hours (excluding weekends and holidays) from the time it is
requested. Those who don't call before digging may be subject to a fine.
According to the Coalition for Safer Excavation, a quarter million
Texans a year lose their telephone service, including access to 911, as
the result of excavators who cut underground lines. Third parties
without line locates cause more than half the telecommunications outages
and nearly half the pipeline failures in the state.
The course is for building management professionals, not computer
"techies." Students will learn how to develop a Year 2000 plan to keep
their buildings and facilities running smoothly throughout the
transition; inventory and analyze computer-dependent systems which could
be affected by the century date change; implement step-by-step
strategies to avoid system crashes; and communicate progress to tenants,
lenders and business partners.
For more information or to register, call 210-521-8838.
Recent transactions include acquisition financing for Dallas-based Free
State Storage, LP for a 525-unit self-storage facility in Canton, Texas;
a $5.4 million refinance of Winn Dixie-anchored Chestler Hills Shopping
Center in Dallas; and the $3 million refinance of the 212-unit Wood
Meadow Apartments in Dallas.
"The commercial real estate market in the Southwest, Texas in
particular, is strong enough to withstand the current disruption in the
global capital markets," said Miller. "Interest rates are still
extremely competitive, and there is still capital for projects across
all product lines."
Miller warned, however, "we are seeing some fallout in the domestic
capital markets. Some capital providers are not taking any new deals or
are closing shop altogether. We're getting a lot of calls from
prospective borrowers whose deals have fallen through."
Dallas-based Wilcox Development Services entered into an agreement with
an affiliate of the General Motors Pension Trust to develop the
high-rise office tower in the prestigious Las Colinas Urban Center. The
pension trust acquired the 5.25-acre site on the northeast corner of
John Carpenter Freeway and O'Connor Boulevard on Sept. 1. Groundbreaking
is scheduled for mid-1999 with occupancy scheduled for late 2000.
With 22 stories, the Las Colinas Center will be the tallest building in
the area. The building will have a 1,600-car parking garage and a
monorail station.
October 9, 1998
Key FHA Change Benefits Homebuyers
WASHINGTON -- A key improvement to the Federal Housing Administration
(FHA) has moved closer to enactment as the U.S. Congress this week
approved a measure to raise the limits on single-family mortgages
insured by the program. The change will help families nationwide who are
unable to obtain home mortgage financing through the private sector.
The legislation raises FHA's mortgage insurance limits for single-family
homes -- which currently range from a minimum of $86,317 to a maximum of
$170,362 -- to a higher range with a minimum limit of $109,032 and a
maximum limit of $197,620. The measure, approved Tuesday in the House of
Representatives and today in the Senate, was included in a bill
appropriating fiscal year 1999 funds for the U.S. Department of Housing
and Urban Development (HUD). FHA is part of HUD. The bill now goes to
the president for his signature.
Another important provision in the legislation will provide uniformity
to metropolitan areas with several different FHA limits. Because FHA
limits are assigned on a county-by-county basis, some metro areas have a
variety of limits. This is confusing for those considering different
counties for a home purchase. The legislation would apply one limit to
each metro area.
National Association of Realtors President R. Layne Morrill described
the FHA change as NAR's "top public policy trust" for 1998.
"This is a big win for homebuyers and sellers," said Morrill. "It's a
victory for everyone who has been locked out of the market by the
inability to obtain private-sector financing."
The average existing-home price was $126,100 -- also 8 percent higher
than last year.
Single-family building permits in major Texas markets were up 25 percent
at the end of July. The average value of a single-family dwelling unit
permit was 5 percent higher. Total multi-family permits were up 45
percent. The average multi-family permit (per unit) was 8 percent higher
than last year.
The acquisition gives Olympus a premier 3.3-acre site with unobstructed
views of the arts district and significant development possibilities.
Financial terms of the transaction were not disclosed.
Building permits are by far the most popular section on the site. News
releases and the latest issue of this electronic newsletter are second.
October 14, 1998
Buying Auto Insurance With Groceries
DALLAS, Texas, Oct. 14 /PRNewswire -- Unistar Financial Service
Corporation's affiliate Unistar Auto Insurance Agency has completed a
transaction to open three more non-standard auto insurance retail
distribution locations within the Dallas-based Danal's grocery store
chain. The Unistar kiosks are under construction now, with anticipated
opening by Nov. 1.
"The Danal's grocery store chain is a great opportunity for our master
auto insurance distribution plan," said Marc A. Sparks, chairman and CEO
of Unistar. "We continually seek interdependent sites to distribute our
insurance products as we believe that the public wants convenient,
one-stop shopping. At Danal's, the customer may buy their groceries, pay
a utility bill, buy license tags for their cars and, now, purchase auto
insurance -- all in one place."
The state's median home price is expected to rise by 4 percent during
1999 to $213,350, following an estimated 10 percent increase in the
median price for 1998. Sales of existing, single-family homes in
California are expected to decline 8 percent next year following a
projected 10.7 percent rise this year.
A total of 615,000 existing, single-family home sales are projected for
this year in California -- up 10.7 percent from 1997. Sales are expected
to decline 8 percent to 565,800 in 1999.
Among the other 1999 highlights of the California forecast:
-- State-wide median condominium price of $163,820 -- up 5 percent.
-- Condominium sales down 4 percent.
-- A 1.8 percent expansion in the U.S. Gross Domestic Product.
-- Fixed mortgage interest rates averaging 6.5 percent.
-- State-wide, single-family housing permits to reach 110,000 -- up 15.8
percent.
-- Multi-family permits to reach 40,000 -- up 17.6 percent.
-- U.S. unemployment rate averaging 5.4 percent.
-- U.S. inflation rate at 2 percent.
-- State-wide, non-farm jobs to exceed 13.8 million -- 1.9 percent
higher.
-- Total state real personal income to increase 2.7 percent.
October 19, 1998
Real Estate Agent Expenses
COLLEGE STATION, Texas -- Most real estate sales agents are independent
contractors who pay a portion of the firm's operating expenses. The
cost-sharing differs from firm to firm. According to a recent survey by
the Real Estate Center and the Texas Association of Realtors,
reimbursing the company as expenses occur is the most common method of
sharing overhead costs in 33.3 percent of firms.
Only 10 percent of responding firms indicate that agents pay a pro rata
share of all operating costs. Three percent impose a flat fee. The
graduated commission, however, is significant (15.6 percent of firms);
the agent's percentage of commission increases after the firm has
extracted its share of overhead.
Some operating expenses are paid directly by agents. For example, a
majority of firms require agents to pay MLS fees (68.5 percent). While
few agents incur expenses for institutional advertising (10.1 percent),
a substantial number of firms charge agents for printing (39.3 percent),
faxes (20.2 percent), computers (19.1 percent), local telephone (14.6
percent) and miscellaneous other expenses (21.3 percent).
Surveyed companies were asked whether they calculated a "desk cost" for
their agents. Such costs refer to the firm's overhead per full-time
agent. Only 25.6 percent of responding firms reported calculating a desk
cost. These expenses ranged from $8,375 to $12,146 per year.
"The concept of desk cost is a useful management tool," says Dr. Charles
E. Gilliland, research economist who conducted the study of 3,000 Texas
real estate firms. "Knowing the average overhead costs to support an
agent provides a benchmark against which individual net revenues may be
compared."
Advancing technology requires spending to keep abreast of new
developments. According to the survey, brokers spent on average $3,590
per year for the past three years to acquire technology. Survey results
indicate a wide variation in business practices in the residential
brokerage industry.
Percent of Real Estate Agents Using Technology
Non-portable fax machines 93.8
MLS computers 93.1
Modems 85.1
Non-MLS computers 77.4
Internet 59.5
E-mail 58.5
CD-ROMs 55.7
Firm home pages 48.2
Videos 31.2
Agent's home pages 22.9
Laptop/notebook computers 18.3
List servers 14.5
Digital cameras 13.0
Portable fax machines 7.5
Little impact is expected on home sales and housing construction.
Growth in the real gross domestic product (GDP) should dip to 1.8
percent for the third quarter, says Dr. Fred Flick, NAR vice president
of economic research. The dip is the result of a decline in net exports.
A fourth-quarter rebound of 2.4 percent will result as inventories
recover from the General Motors strike.
The trade gap, however, is another story. The gap is growing, and U.S.
exporters will continue to suffer given weakened world-wide economies.
"The slumping global economy will put a drag on the U.S. economy," says
Flick, "and GDP growth should average only 1.4 percent in 1999 -- down
from a healthy projected annual growth rate of 3.4 percent for this
year."
Housing will remain robust, says the NAR forecast. Existing home sales
of 4.39 million units are projected for 1999. That is second only to the
expected record of 4.75 million sales this year.
Record sales are expected in the new home market this year with 881,000
units. Activity is projected to settle to a healthy 831,000 sales in
1999. Housing starts are expected to reach 1.6 million units this year
-- the best year for housing construction since 1987.
Housing starts will slow to 1.52 million units in 1999 -- still
extremely strong.
"With the turmoil on Wall Street, people see real property as a safe
investment," says Flick. "Amid falling mortgage rates, low unemployment
and relatively high consumer confidence, potential buyers are still
finding it to be an excellent time to jump into the housing market."
Tabulations show most full-time workers employed in education (1.1
million) followed by hospitals (431,000) and correctional activities
(428,000).
NEWPORT BEACH, Calif. (BUSINESS WIRE) -- ExamWeb, a provider of
downloadable test preparation software, announced Friday the
availability of its newest product designed to help candidates pass the
California Real Estate Salesperson Exam.
There is a strong market for this product as some 30,000 will take the
exam this year.
The software allows users to take an unlimited number of unique practice
exams. The software contains detailed explanations of the answers,
tutorials on each subject area and a glossary of real estate terms.
ExamWeb's software also tracts the performance of the user, showing how
well the student progresses through practice exams, highlighting
strengths and weaknesses and graphing the results.
CHICAGO (BUSINESS WIRE) -- Myers Internet Services, Inc., an Internet
presence provider to the mortgage industry, announced today the
availability of T-LOAN, an Internet-based product that enables a
mortgage company's Website to automatically generate a custom quote
based on the needs of each customer.
According to Warren Myer, CEO of Myers Internet Services, this product
gives lenders and mortgage brokers an affordable way to add the
functionality found at major competitive sites.
November 9, 1998
Tips For Increasing Salesperson Productivity
ANAHEIM, Calif. -- The 1998 National Association of Realtors convention
offers many ideas for enhancing productivity and service quality of real
estate agents. Here are just a few picked up by Dr. Mark Dotzour, Real
Estate Cener chief economist.
* Shorter Open Houses. Shorter open houses can be very effective. Why
not have three houses open for 45 minutes each on a Sunday afternoon?
One agent had seven open houses of just 15 minutes each during the
traditional 2 - 5 p.m. time slot. The agent did this with a personal
assistant.
* Who Comes to Open Houses? Not everyone at the open house is a "tire
kicker," "nosey neighbor" or even a potential purchaser. Some people
visit open houses to informally "interview" the agent because they are
planning to sell their house in the near future. Sell yourself as well
as the house you are showing.
* Are You the Personal Assistant? If you don't have a personal
assistant, you are one. Many tasks you perform can be done by an
assistant. The less time you spend on these tasks, the more time you
have to spend on "high-value" activities with buyers and sellers.
* Keeping Your Personal Assistant. Assistants are usually hourly
employees. However, providing a bonus for exceptional results encourages
exceptional behavior. One presenter suggests giving $25 bonuses for each
lead generated by the assistant. As an additional incentive to retain
the assistant, the bonus is placed in a savings account and held until
the end of the year.
* Types of Personal Assistants. Personal assistants can be classified
into three groups.
-- Gophers that place signs, keep brochure holders filled and
deliver documents.
-- Clerical-administrative assistants who produce newsletters,
handle computer work and schedule appointments. Both of these can be
part-time, unlicensed positions.
-- Licensed assistants can act on your behalf in a wide variety of
buying and selling situations.
* Longer Office Hours. Some major corporations locate in the central
time zone so they can efficiently do business with clients nationwide.
If your office is open from 7 a.m. to 7 p.m. in Texas, then you are open
for a full business day for clients on both coasts.
* Newsletters Work. Newsletters are an excellent tool for prospecting
for clients. Content is important and must be professional. Articles
about dog grooming are not appropriate. Market activity statistics are
the most effective. Frequent delivery is a key to success. Sending a
newsletter every month is most effective.
* Keep Up With Your Clients. Many clients now receive information and
messages electronically. If you do not have e-mail and a Web site, you
are like a dentist without an x-ray machine or a doctor unfamiliar with
an MRI.
* "E Certification." Prudential now gives an "E Certification" to
encourage agents to be prepared for cutting-edge information and service
delivery. Certified agents have proficiency on the Internet, e-mail and
internal networks and have the tools to take advantage of the
technology.
ANAHEIM, Calif. (BUSINESS WIRE) -- Realtors can now help customers
complete the purchase of a home more quickly with the adoption of a
unique new affiliate program from iCreditReport.com, a supplier of
real-time credit reports over the Internet.
The program allows participating Realtors to offer instant credit
reports to their prospective buyers by referring customers to
http://www.icreditreport.com. Realtors earn a commission on sales of
credit reports originating from their site, and the program's tracking
system provides real-time online credit report sales to each affiliate.
"Our program saves Realtors the frustration of working with buyers who
have unsuspected problems in their credit history," said I.O.A. Eze,
president and CEO of QSpace, Inc., creator of iCreditReport.com.
Derogatory, inaccurate and incomplete information often delays closing
or puts real estate deals in jeopardy. The online credit report enables
Realtors to pre-qualify prospective buyers. Buyers are able to dispute
inaccuracies in their report before buying a home, while Realtors avoid
last-minute surprises with lenders.
CAMBRIDGE, Mass. /PRNewswire/ -- Yahoo! Real Estate now delivers timely
access to valuable home price information.
INPHO, Inc., a leading online provider of home price data to consumers,
has announced an agreement with Yahoo! Inc. to distribute property
information to the new home values area of Yahoo! Real Estate.
Yahoo! users can now access data on nearly 20 million U.S. home purchase
prices within the last five years.
Users enter a location or a price range to find purchase prices from
home sales records. Users also can look up the sales records for houses
on a particular street or within a certain range of address numbers on a
street. People moving to a new city can enter the name of the city and
find a list of purchase prices of homes sold in a certain price range.
To access the home price information, go to http://realestate.yahoo.com.
CARROLLTON, Texas -- Consumer buying confidence was evident during the
first half of 1998 in a 50 percent increase in luxury properties sold
through the Century 21 Fine Homes & Estates program.
To be listed with the Century 21 program, the asking price for the home
or property must be at least $500,000.
"Consumer confidence is up, and that is clearly being reflected in the
real estate industry," says Robert Moles, president and CEO of Century
21 Real Estate Corporation. "Baby boomers are equipped with more
discretionary income now that their children are leaving the nest.
"Low interest rates and high employment rates are creating more
first-time homebuyers, allowing more present homeowners to purchase
trade-up properties and second homes," says Jim Fite, presidnet and CEO
of Century 21 Judge Fite Company.
November 6, 1998
Study Finds State Parks Need More Support
COLLEGE STATION, Texas -- Texas parks, historic sites and other outdoor
resources are vital to the state's economic and social structure but
face a number of threats, including inadequate funding. That's according
to a Texas A&M University study released yesterday.
"Texas Outdoors: A Vision for the Future" recommends greater support
from both public and private sectors if the state is to meet growing and
changing demands for outdoor recreation benefits.
"Texans are blessed with wonderful resources even though we lag behind
other states in investing in those resources," said Dr. Peter Witt,
project co-manager. "We often take those benefits for granted, even when
they are in danger of decreasing or disappearing."
The nine-month study was commissioned by Texas Parks and Wildlife in
cooperation with the Texas Recreation and Park Society.
The Texas A&M report follows closely an audit released by the State
Auditor's Office in October, which found a $10.1 million annual
shortfall in funds needed to improve state park operations.
Texas A&M identified five critical issues facing the state's parks:
-- increasing recreational demand;
-- inadequate, redundant and disjointed inventories;
-- a lack of understanding of Texas Parks and Wildlife;
-- lack of basic information about users and non-users and
-- compliance with health and safety regulations.
The report suggests more than 100 potential actions. Among them are:
-- additional funding,
-- meeting needs of under-served constituents with developments near
major cities,
-- increasing joint ventures,
-- a "rigorous review" of holdings to determine what sites are needed
and
-- communicating the importance of protecting Texas' resources.
ANAHEIM, Calif. (BUSINESS WIRE) -- An Internet Multiple Listing Service
is being demonstrated at this year's National Association of Realtors
convention here.
Fusion MLS was developed by Sacramento's Realty Plus Online. The
software works with or replaces existing MLS systems. The system offers
agents Internet features, such as online mapping, customer fliers,
graphical reports and third-party data integration via an intuitive
browser interface.
Tools include a smart browser method of reminding agents of client
appointments, tasks and new product matches both at log-in and via
e-mail. A searchable address book, contact manager and calendar are
included. There are financial calculators and buyer and seller
pre-qualifying forms.
Marketing tools include agent, office and property flier templates with
drag-and-drop instant customization. Agents can print MLS, office, open
house and buyer tours in various formats.
Fusion MLS can search and display any field in the MLS system along with
the standard property search and display tools. Multiple, full-color
photos are available with each listing. Both agents and clients can be
notified of new listings via e-mail.
Open architecture accommodates any property and allows an MLS to
dynamically control system changes.
For more information, call 1-888-256-6546 or visit
www.realtyplusonline.com.
FORT LAUDERDALE, Florida (BUSINESS WIRE) -- Extended Stay America, Inc.,
has opened two StudioPlus Deluxe Studios brand hotels in the Dallas-Fort
Worth area.
A new 82-room StudioPlus was opened at 4022 Parkside Centre Blvd in
Farmers Branch. A new 84-room hotel has opened at 3261 NE Loop 820 in
Fort Worth.
"The extended stay lodging market is the fastest growing segment of the
hotel industry and is quickly catching the interest of business
professionals -- people relocating or on extended work assignments,"
said President and CEO George D. Johnson Jr.
The company already owns and operates six other extended stay hotels in
the Dallas-Fort Worth area.
HOUSTON, Texas/ PRNewswire/ -- Duke Energy Field Services, Inc., has
completed the previously announced purchase of approximately 56 percent
of the Roberts Ranch natural gas processing plant in Midland County from
an affiliate of Dynergy, Inc.
In addition, Duke Energy Field Services has purchased the remaining 44
percent interest in the plant from GPM Gas Corporation.
The gas processing plant has the capacity to process 85 million cubic
feet per day of natural gas.The plant is about ten miles north of Duke
Energy's Parks Booster Station in Midland County.
November 4, 1998
Which Home Improvements Sell?
WASHINGTON -- Home renovations and remodeling help sell a house, but
some add more value than others.
The "1998-99 Cost vs. Value Report," a cooperative effort between
Realtor Magazine and Remodeling magazine, looks at 12 popular home
remodeling projects, their cost and what value they have on resale. The
projects are high quality but not luxury-level work. Costs of each
project were reviewed for "real world validity" by experts.
Among the projects examined, the report compares minor with major
kitchen renovations. The minor project, which includes updating vinyl or
ceramic tile and adding lights under cabinets, was found to have the
most "bang for the buck" at resale -- a national average return of 94
percent of the projects estimated cost of $9,182. By comparison, a major
kitchen renovation, including a total remake down to additional
shelving, upgrading appliances and adding a second sink and cooking
area, was found to generate an 87 percent return on a national average
cost of $24,486.
Add-ons to homes -- family rooms, additional bedrooms and even second
floors -- were found to recoup more than 80 percent of their national
average cost at resale time. According to the report, homeowners who opt
to spend a national average of $32,958 to add a 16-by-25-foot family
room will recoup $27,830 if the home is resold within a year of
renovation.
Ambitious homeowners who spend a national average of $60,732 to add a
second story can expect to recoup 84 percent of their investment, or
$50,761, if the home is sold within a year.
Home improvements that proved nationally to have the least potential to
recoup their cost were: a deck (70 percent recouped); window replacement
(68 percent) and home office (64 percent).
CARROLLTON, Texas -- Century 21 Real Estate Corporation has announced
that Century 21 Judge Fite Company has been awarded the 1998 Founders
Award by Baylor University's Institute for Family Business.
"This award is a testament to our family's dedication and knowledge of
the real estate industry," said Jim Fite, president of Century 21 Judge
Fite Company.
Each year Baylor University confers the Founders Award to a successful
family business that has grown and adapted to present and future markets
while maintaining the identity and original concept of the founders.
More than 200 businesses were nominated for the award.
WASHINGTON -- Sales of existing apartment condominiums and cooperatives
continued at a record-setting pace in the third quarter 1998, according
to the National Association of Realtors.
The third-quarter annual sales rate for condominiums and cooperatives
reached a pace of 611,000 units, breaking the record set in the second
quarter of 1998. The third-quarter annual sales rate was 3.3 percent
higher than the previous quarter's pace and 16.6 percent more than that
of one year ago.
RICHARDSON, Texas (BUSINESS WIRE) -- Micrografx, Inc., has announced
several firms to manage the next phase of development for the company's
new 90,000 square-foot facility. The new facility will be located in
Allen's Millennium Technology Park, a 92-acre tract north of Dallas.
The new corporate campus will be developed by Prentiss Properties.
COLLEGE STATION -- The new videotape on "How to Use Paragraph 7D(1) of
the Standard Forms Contract" was the most requested Real Estate Center
product during October.
"The Texas Deer Lease" was a close second. Other popular products were:
-- "Landlords' and Tenants' Guide"
-- "English-Spanish Real Estate Glossary"
-- "The Texas Property Tax System"
-- "Texas Real Estate Resource Directory"
-- "Real Estate Software Directory on Disk"
-- "Real Estate Software Directory" the book version
Hits on the Center Internet site during October: 227,930
Visitors to Center's booth at the Austin Realtor Rally: 381
WASHINGTON -- A two-year U.S. Environmental Protection Agency (EPA)
grant to the city of Denton will help make environmental answers easier
to obtain and understand. Denton has been selected to receive one of
eight Environmental Monitoring for Public Access and Community Tracking
grants awarded nationwide.
"EPA is committed to making timely, accurate and understandable
information readily available so that families can make informed
decisions about their daily lives. The Denton project to monitor and
report local environmental data will help citizens and industries
throughout north central Texas as we work together to protect public
health and our environment," said Regional Administrator Gregg Cooke.
The $484,868 grant will allow the city of Denton to work with
researchers at the University of North Texas to inform citizens in
Denton, the Elm Fork watershed and the Dallas-Fort Worth metropolitan
area about current, historical and near-term forecasts about
environmental conditions.
Advanced monitoring equipment will collect real-time measurements of air
and water quality, ultraviolet radiation and other environmental
factors. Satellite imagery and other innovative methods will combine
with local data to give a more complete and accurate view.
November 2, 1998
Texas Building Permits Up 26 Percent
COLLEGE STATION -- Building permits issued through August for
single-family homes in Texas were running 26 percent ahead of last year.
The 8,343 permits issued in August pushed the total for the year to
65,325. In contrast, U.S. permits were up 12 percent.
The average per-unit value for a residential permit issue this year in
Texas is $112,400 -- 4 percent greater than the first eight months of
1997. Average permits issued ranged from $42,300 in
McAllen-Edinburg-Mission to $175,600 in Tyler. The largest percentage
increase in average building permit value was reported in San Angelo --
up 20 percent from last year.
WASHINGTON -- In a move to expand its information-management services in
the commercial field, the National Association of Realtors (NAR) has
launched CommercialSource at REALTOR.COM.
CommercialSource is a portal site for commercial real estate -- an
organized list of links to other sites of interest. It has been enriched
with original content, including daily news about commercial and
investment real estate and monthly features on market trends written by
industry experts and the NAR staff.
The site provides commercial real estate professionals with access to
more than 150,000 national and international property listings. The site
will continue to grow as links are added. Six channels of information
can be found at the site:
-- property listings,
-- financing sources,
-- daily news updates,
-- products and services,
-- industry resources and
-- publications.
Primary access to the web site is through REALTOR.COM; however, it may
also be reached at http://www.CommercialSource.com.
JACKSONVILLE, Fla. /PRNewswire/ -- NationsCredit Manufactured Housing
Corporation has announced a special loan program for any homeowners who
are victims of the recent Texas floods.
Homeowners who have lost homes as a result of flood damage and are
purchasing a manufactured home through a participating NationsCredit
dealer will be eligible for a delay of 90 days until the first payment
is due.
To qualify, customers must provide evidence that their home was
destroyed as a result of the recent flooding. The deadline for
applications is Nov. 30, 1998.
For additional information, call 904-791-7238 or visit the NationsCredit
Web site at: http://www.nationsbank.com
APPLETON, Wis. /PRNewswire/ -- Aid Association for Lutherans (AAL) is
provi
Gen X-ers, Babyboomers Rank Good Retirement Benefits High
Texas Among 13 States With Gasoline Additive In Water
Oil And Gas Properties Sold
Housing Market To Remain Strong
Christmas Break
Top of Page
Builder's Show Returning To Big 'D'
Texas, Louisiana Banks Merge
RE/MAX Enhances Web Site
Nevada: Seniors Housing Hot Spot
Oklahoma, New Mexico Correctional Facilities Purchased
Get The Lead Out
Top of Page
Texas Eliminates 30 Rules
Internet Advertising Rules Pondered
1999: No Boom But No Bust Either
Two Texas Construction Companies Honored
Research Available
Home Entertainment INC. Of Texas Sold
Top of Page
Sexual Harassment In Real Estate Brokerage
Home Sales And Homeownership Set To Make History
Good Economy = Low Mortgage Rates
EPA, USDA Seek Comments On Proposed Animal Feeding Operations Strategy
Top of Page
First-Time Homeowners Slightly Worse Off in 1998
Property Taxes, Parking Lead Multifamily Property Owner Complaints
Population Estimates On The Edge
Coalition Taking FCC To Court
News Briefs
Top of Page
Freddie Mac Announces 1999 Loan Limits
Fix 'em Up and Sell 'em
U.S. Real Estate Investors Pump $10 Billion Into Asia
Electricity Deregulation Tops Boma Agenda
Top of Page
Credit Access Improves For Women
Happy Birthday, The Woodlands
Future Petroleum Buys Texas, Louisiana Property
Top of Page
Negative Power Line Perceptions
Mortgage Rates Ease From Last Week
Brownsville To Receive Brownfields Grant
Top of Page
Downtown Austin Developments
HUD Announces National Discrimination Audit
Motel 6 Signs 100th Franchise Contract
Existing Home Sales Rise Nationwide
Texaco Unit Reorganizes
Lundquist Named Judge Fite Sales Manager
Top of Page
Commercial Loans Said To Be 'Slowing'
Dell Dedicates New Austin Manufacturing Center
Fleming Consolidates To Garland
Loan Closed On Dallas Apartment Complex
Samsung Invests $400 Million In North American Facilities
Top of Page
Mortgage Rates Inch Upward
San Antoino Names Single-Family Builder Of The Year
Uptown Realtors Opens Downtown Dallas Office
Houston Exploration To Acquire Offshore Assets
Specialty Loan Originator Opens Houston Office
Top of Page
Home Sales Slide, But Remain Strong
WASHINGTON -- Existing single-family home sales declined in August from
the previous month but remained exceptionally strong, according to the
National Association of Realtors.
Call Before You Dig
AUSTIN, Texas /PRNewswire/ -- Before you install that swimming pool or
dig that trench, be sure you know what's already in the ground. It's now
the law.
Y2K Crisis For Office Building Computer Systems Subject Of Seminar
SAN ANTONIO, Texas -- Time spent worrying about how an office building's
computer systems will handle the Year 2000 computer crisis might be
better spent learning how to prepare. With just seven business quarters
remaining until 2000, the Building Owners and Managers Association
(BOMA) International is offering a half-day training program entitled
"How to Successfully Tackle the Year 2000 Challenge." The program will
be Oct. 15 at the Airport Convention Center at 8505 Broadway in San
Antonio.
Finova's Dallas Office Has $200 Million Pipeline
DALLAS, Texas -- Six months after opening its doors, the local office of
FINOVA Realty Capital has $200 million of debt and equity transactions
in its pipeline, according to Director Rhett Miller.
Financing Las Colinas Office Center
NEW YORK, New York -- Sonnenblick-Goldman Company, acting as the
exclusive financial advisor to Wilcox Development Services, has arranged
financing to develop Las Colinas Center, a 484,000 square foot Class A
office building to be built in Irving, Texas.
Top of Page
Texas Home Prices Up 8 Percent
COLLEGE STATION, Texas -- Through August, Texas' median existing home
price was 8 percent higher than a year ago. The median for the major
metropolitan Multiple Listing Services was $96,700.
Olympus Acquires Dallas Property
DALLAS, Texas (BUSINESS WIRE) -- Olympus Real Estate Corporation, a
leading real estate investment firm, announced yesterday it has acquired
a 73,000-square-foot office tower and motor bank at 1909 Woodall Rodgers
Freeway and approximately one acre of adjacent vacant land in the uptown
area of Dallas.
Video Added To Website
A two-minute video focused on the upcoming Texas deadline to upgrade
underground gasoline storage tanks is now on the Center's Web site:
http://recenter.tamu.edu. You will need Real Video to view it.
Top of Page
California Housing Market Forecast
SANTA CLARA, Calif., Oct. 14 /PRNewswire -- Following a banner year in
1998, home resales in California will moderate to a more sustainable
level in 1999, according to the California Association of Realtors 1999
Housing Market Forecast released today.
Top of Page
Minimal Impact On Housing Expected From Economic Slowdown
WASHINGTON -- The U.S. economy is expected to rebound slightly in the
fourth quarter before slowing in 1999, according to the latest economic
outlook released by the National Association of Realtors (NAR) Friday.
State Governments Employ Some 3.5 Million
WASHINGTON -- State governments employed 3.5 million full-time workers
in 1997, an increase of less than 1 percent from 1995, according to
tabulations released today by the Commerce Department's Census Bureau.
Top of Page
On-Line Credit Reports Expedite Closings
Home Price Data Online
Luxury Property Sales Soar
Top of Page
Internet MLS Unveiled
Deluxe Studio Hotels Open In Dallas-Fort Worth
Texas Gas Plant Purchased
Top of Page
Judge Fite Company Wins
Condo Sales Continue At Record Pace
Micrografx Developing Allen Headquarters
Video Is Month's Most Requested
EPA Grant Helps North Texas
Top of Page
NAR Adds Commercial Web Site
Flood Assistance Programs For Texans