Thursday, August 14, 2008

Estately Real Estate Search Introduces Online Property Search Collaboration Tools Consumers Can Share Their notes, favorites and searches

SEATTLE, WA -- Estately has introduced online collaboration tools to make it easier for home shoppers to let their friends and family participate in their home search.

Consumers can use the Seattle, Washington based real estate search website's new tools to share notes on hundreds of thousands of homes for sale and to see what properties their friends and family are saving. Consumers can see all of their friends and family's feedback on a property in one place. (

"Very few of our customers are searching for a home alone. Whether it is their spouse, their mom, their best friend or their Realtor who they are collaborating with, people want feedback on homes in their price range and they want to share their short list with each other." said Galen Ward, (top left photo) co-founder of "People searching for real estate haven't had a good way to collaborate on their home search until now."

Consumers can also make their My Estately page public with the click of a button and invite anyone, from blog readers to MySpace friends, to see their saved homes and notes at a convenient url. A sample page can be seen at

About Estately

Estately ( is a privately held real estate search site that makes it quick and easy to search from hundreds of thousands of Seattle, Portland, San Diego, and Bay Area homes for sale on a map, view precise details about each home, and see what parks, schools, restaurants, transit stops and more are near each home.

Estately was the recipient of the 2008 Inman Innovator Award for Best Real Estate Web Service. Estately is a licensed real estate brokerage in the states of Washington and California and is a member of over a dozen Washington, Oregon and California MLSes. Visit for more information.

Contact: Galen Ward,, 206-274-9138

Marcus and Millichap Sells 2,240-SF Assisted Living Care Property

BROOKLSVILLE, FL, Aug. 14, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Roseland Retirement Home (top right photo) located in Brooksville, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $265,000. Damien Carriero had the exclusive listing to market the property on behalf of the seller, Frank Furino.

The buyer, Steven Cole, was secured and also represented by Damien Carriero, (middle left photo) an investment specialist in Marcus & Millichap’s Tampa office.

The facility was built in 1960 and situated on +/- 5.5 acres. The living area is approximately 2,240-square feet and is made up of nine total rooms and three full bathrooms. The new owners can expand to an additional 31 beds for a total of 43 beds.

Press Contact:s:

Steven M. Ekovich, First Vice President/Regional Manager, Tampa, (813) 387-4700
Sue Sampson, Marcus & Millichap, 7650 Courtney Campbell Causeway, Suite 920, Tampa, FL. 33607. Phone: (813) 387-4700. Fax: (813) 387-4710

HFF arranges $30M first mortgage for suburban Seattle multifamily community

HARTFORD, CT – The Hartford office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $30 million first mortgage financing for Campus Grove Apartments,(top right photo) a 309-unit multifamily community in suburban Seattle, Washington.

Working exclusively on behalf of CREA/Legacy Federal Way, LLC, HFF senior managing director Dana Brome (top left photo) and director Susan Larkin (middle right photo) placed the five-year loan with Cigna Investments.

The 5.91% fixed-rate financing will be serviced by HFF. CREA/Legacy Federal Way, LLC is a joint venture between Legacy Partners and Cornerstone Real Estate Advisers on behalf of MassMutual Life Insurance Company.

The borrower is using loan proceeds for a complete interior and exterior renovation of the community, which was originally built in 1991.

Campus Grove Apartment is situated on a 23.8-acre site at 1300 Campus Way Southwest in the southern Seattle suburb of Federal Way. The 85% leased property has 67 buildings with two- and three-bedroom townhomes featuring fireplaces and private patios/balconies. Community amenities include an outdoor swimming pool, sport court, fitness center, walking trails and meeting rooms.

“The newly renovated complex will be renamed Arcadia and is expected to achieve substantially higher rental rates and attract a higher quality of tenants than currently exists at the property,” said Brome. “Cigna provided a flexible structure, which allowed the borrower to draw full dollars today even though the asset’s NOI is not fully stabilized.”

Dana E. Brome, HFF Senior Managing Director, 860 275 6199,

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

NAR's Second-Quarter Survey Shows Home buyers Responding to Lower Metro Prices

WASHINGTON, DC (August 14, 2008) – Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors.

Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

Lawrence Yun, (top right photo) NAR chief economist, said a clear cause-and-effect response has developed in the housing market. “The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops,” Yun said.

Compared with the first quarter, existing-home sales increased 25.8 percent in California, 25.0 percent in Nevada, 20.5 percent in Arizona and 10.1 percent in Florida. “Buyers in these areas are responding to deeply discounted home prices.”

In the second quarter, 35 out of 150 metropolitan statistical areas 1 showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines. NAR’s track of metro area home prices dates back to 1979.

NAR President Richard Gaylord, (middle left photo) a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data.

“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market.

"Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.”

A separate recent study by the National Bureau of Economic Research, “Housing Supply and Housing Bubbles,” shows construction costs in 2007 were higher than home prices in 33 out of 79 metro areas studied.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage rose to 6.09 percent in the second quarter from 5.88 percent in the first quarter; the rate was 6.37 percent in the second quarter of 2007.

For a complete copy of NAR's release, please contact Walter Molony, NAR Public Affairs, 202/383 1177

Mercantile Commercial Capital Eyes Best Year Ever in 2008

ALTAMONTE SPRINGS, FL -- Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports that 2008 is shaping up to be its best year ever.

Christopher Hurn, (top right photo) president and chief executive officer of Mercantile Commercial Capital, said that since the firm closed on its first commercial loan in June 2003, it has since provided 227 commercial loans valued at more than $318 million.

So far this year, Mercantile Commercial Capital’s revenues are up more than nine percent over last year, loan volume is up 12 percent and profits are up five percent.

Hurn said an additional measure of the firm’s success is new job creation.

“The SBA 504 loan program ranks as one of the most valuable programs the U.S. government offers for economic development because it is a capital loan program that targets new employment,” he said.

Using the SBA formula, Mercantile Commercial Capital’s efforts have so far led to the creation of more than 2,274 new jobs--- 1,444 of them in Florida.

For more informatio, please contact
Chris Hurn, Mercantile Commercial Capital, LLC 407-786-5040
Robin Lashley, Mercantile Commercial Capital, LLC 407-786-5040
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Realtor(R) Award Finalists Volunteer to Make a Difference

CHICAGO, Aug. 14 /PRNewswire-USNewswire/ -- Realtors(R) across the country are making extraordinary commitments to improve the quality of life in their communities.

The National Association of Realtors(R) today announced 10 such individuals as finalists for REALTOR(R) Magazine's 2008 Good Neighbor Awards.The Good Neighbor Awards program, now in its ninth year, recognizes Realtors(R) who generously volunteer their time to help others.

These Realtors(R) often donate countless hours and dollars to organizations that help those in need and make their community a better place to live.In October, five winners will be selected from among the 10 finalists and will receive travel expenses to the 2008 REALTORS(R) Conference & Expo in Orlando in November, national media exposure for their community cause, and a $10,000 grant for their charity.

In addition to the winners, five honorable mentions will receive a $2,500 grant. The winners will be announced in the November issue of REALTOR(R) Magazine.

"The Good Neighbor Awards is our way of thanking our most outstanding Realtor(R) volunteers, who are not only making a difference in the lives of many, but also are helping build stronger, healthier communities," said NAR President Dick Gaylord,(top right photo) a broker with RE/MAX Real Estate Specialists, Long Beach, Calif.

"We are extremely proud to recognize these finalists and are truly inspired by their enthusiasm and commitment to giving back to the communities in which they live and work.

The Realtor(R) Good Neighbor Awards finalists are:

Mary E. Bacon, (photo at right, below Gaylord) Bob Parks Realty, LLC, Mt. Juliet, Tenn., Mt. Juliet Help Center

Lei Barry, ( left photo) Keller Williams Real Estate, Blue Bell, Penn., Inter-Faith Housing Alliance

H. Burton Foster, (middle right photo, under Bacon) Century 21 Gold Standard, East Aurora, N.Y., Matthew Foster Foundation

Scott (lower right photo, underneath Foster) and Robin Gwaltney,(lower left photo) Coldwell Banker at Your Service Realty, Ltd., Rochester, Minn., Rochester Better Chance

Reita Hutson, John Hall and Associates, Scottsdale, Ariz., Gabriel's Dream, Inc.

Victor Kee, Pete Anderson Realty, Inc., Astoria, Ore., Sunday Supper and Sunday Meals on Wheels

Caroline McCartney, GSH Real Estate Corp., Norfolk, Va., St. Jude Children's Research Hospital

John Neibarger, Key Properties, Realtors(R), Johnstown, Ohio, Mary E. Babcock Library, Inc.

David Pap, Coldwell Banker Residential Brokerage, Cambridge, Mass., Cambridge Housing Assistance Fund

Sheila Stevens, Prudential Georgia Realty, Suwanee, Ga., The Sport of Giving Inc

For a complete detailed copy of NAR's release, please contact Sara Geimer, +1-312-329-8296, or Sara Weis, +1-202-383-1013, both of the National Association of Realtors.

Boardwalk REIT Announces Solid Second Quarter 2008 Financial Results

FFO Per Unit Up 13.2% and DI Per Unit up 15.1% YOY; its August 2008 Distribution and its intention to renew its Normal Course Issuer Bid

CALGARY, Alberta, Canada, Aug. 14, 2008 /PRNewswire-FirstCall/ -- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) Boardwalk Real Estate Investment Trust ("Boardwalk REIT" or the "Trust") today announced solid financial results for the second quarter of 2008.

FFO per unit was up 13.2% and DI per unit up 15.1% YOY. Its August 2008 Distribution and its intention to renew its Normal Course Issuer Bid. FFO and DI are non-GAAP measures.

The reconciliation to Net Earnings and to Total Operating Cash Flows, respectively, can be found in Management's Discussion and Analysis (MD&A) for the second quarter ended June 30, 2008, under the section titled, "Performance Measures".

For the second quarter ended June 30, 2008, the Trust reported Funds From Operations ("FFO") of $32.9 million and FFO per unit of $0.60 on a diluted basis, compared to FFO of $29.8 million and FFO per unit of $0.53 for the same period last year.

Distributable income ("DI") for the quarter was $33.2Â million and DI per unit was $0.61 on a diluted basis, compared to $30.0Â million and $0.53 per unit for the same period last year.

For a complete detailed copy of the company's release, please contact Sam Kolias, CEO, Boardwalk REIT, (403) 531-9255; or Roberto Geremia, President, (403) 531-9255.

Foreclosure Activity Increases 8 Percent in July, According to RealtyTrac U.S. Foreclosure Market Report

Activity Up 55 Percent From July 2007

IRVINE, Calif. – August 14, 2008 – RealtyTrac® (the leading online marketplace for foreclosure properties, today released its July 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007.

The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase — compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”

Nevada continued to document the nation’s highest state foreclosure rate in July, with one in every 106 households receiving a foreclosure filing during the month. (Reno, NV skyline photo, middle left)

For a complete detailed copy of RealtyTrac's release, please contact Tammy Chan, Atomic PR, 415-402-0230,