Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real,americast.usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Wed, Sep 30 1992 Date: Wed, 30 Sep 92 04:52:36 EDT Message-ID: 09-30 0000 DECISIONLINE: Real Estate USA TODAY Update Sept. 30, 1992 Source: USA TODAY:Gannett National Information Network SEARS TO GET OUT OF REAL ESTATE: Sears, Roebuck and Co.'s decision to scale down to a retail-only corporation leaves its real estate division for sale. Coldwell Banker and Sears Mortgage are so well-known in residential real estate that they could garner some hefty bids from financial services companies looking for a large chunk of the real estate business. Any buyer will have to be big. (For more, see special Coldwell package below.) CENTER TO GET THE LEAD OUT: The new National Center for Lead-Safe Housing opens Thursday. Lead poisoning - linked to mental retardation, hyperactivity and behavior problems - threatens up to 3 million children in the USA. Cities that want to participate in federally-funded strategies to make homes - especially low-cost housing - "lead-safe," can write the center at 500 American City Building, Columbia, Md. 21044. CHECK PROPERTY RECORD CARD: Property tax consultant Paul Abbott is author of a book titled How to Buy a Home at Fair Market Value. The first step in finding a fair price is reviewing the home's property record card. Since less than 1% of all home buyers bother to review the card before making an offer, 60% of all home buyers overpay for the home they buy. COMPANY DONATES LAND: W. R. Grace & Co. said Tuesday that it would donate all of its interests in more than 1,300 acres of land within the historic district of Green Springs, Va. The land will be donated to a corporation dedicated to the preservation and protection of the Green Springs Historic District. The land, held by Grace for possible mining, contains 250 historic and architectural landmarks. HOUSING LEADERS TO MEET: Housing industry leaders from throughout California will meet in Monterey Oct. 7 to Oct. 9, to discuss 1993 legislative goals of the California Building Industry Association and elect new officers for the 6,000-member firm trade organization. CBIA is the state-level representative for new home and commercial:industrial builders and developers. DEL WEBB EXPECTS BIG SALES: Del Webb Corp. says its home sales in retirement communities will increase as the American population grows older. Del Webb, which built the first Sun City community in Phoenix over 30 years-ago, develops and builds luxury residential communities for people 55 and over. The company has Sun City projects under development in Phoenix, Tucson, Airz., Las Vegas and Palm Springs, Calif. BRADLEY TO LEASE VACANT SPACE: Bradley Real Estate Trust said Tuesday it will have the vacant, 31,000-square-foot space at its Richfield Hub Shopping Center in Richfield, Minn., leased by 1993. Officials of the trust said it is in talks with potential tenants. Bradley buys, renovates and holds established income-producing properties in the Midwest, Northeast and mid-Atlantic states. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.02% Tuesday, unchanged from Monday but up from 7.89% the week before. They were at 8.92% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.02% Tuesday, unchanged from Monday but down from 5.03% the week before. A year ago they were at 6.83%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.16% Tuesday, unchanged from Monday but up from 3.15% the week before. A year ago they were at 5.50%. For the 11th District ARM index, rates were at 5.069% Tuesday, unchanged from Monday and unchanged from the week before. A year ago they were at 6.845%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Tuesday, listing at 7.36%. That's up 0.02 from rates of 7.34% Monday but down 0.11 from 7.47% the week before. A year ago T-bonds were at 7.80%. SPECIAL PACKAGE ON COLDWELL: COLDWELL SHOULD DRAW OFFERS: Coldwell Banker, the USA's third-largest real estate brokerage franchisor, and Sears Mortgage Corp., the sixth-largest mortgage company, are up for sale by Sears, Roebuck and Co. Coldwell is the USA's largest residential real estate broker. Laurie Moore, editor of Real Trends newsletter, says GE Capital, Ford Credit, GMAC Credit, Primerica and American Express may be interested. DIVISION WILL BRING BIG PRICE: Moore figures the entire Coldwell residential division could sell for 10 to 12 times the division's 1991 earnings, or a price of $610 million to $732 million. Competitors say Coldwell had worn down Sears' patience as profits from real estate fell. After two up-and-down years, the outlook for 1992 looked bleak after the division reported a loss of $3.1 million for 1992's first half. SEARS WILL SELL IN 1993: Sears says it intends to sell the residential and mortgage operations, as a whole or in parts, in either public or private transactions by year-end 1993. Although the residential real estate market is weak, experts say there will be plenty of interest from potential buyers. Coldwell CEO Chandler Barton said he "intends" to stay on after sale and hopes to keep his management team intact. (End of package.) Real Estate Editor: Martin Baucom. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. 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