Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Thu, Apr 30 1992 Date: Thu, 30 Apr 92 05:41:14 EDT Message-ID: 04-30 0000 DECISIONLINE: Real Estate USA TODAY Update April 30, 1992 Source: USA TODAY:Gannett National Information Network HOUSING COMPLEX TO BREAK GROUND: Former Los Angeles Raiders football player Shelby Jordan, now a developer of affordable housing, will join in the groundbreaking for Wisconsin Apartments in Los Angeles, a 23-unit affordable-housing complex in the shadow of the Los Angeles Memorial Coliseum. The Community Redevelopment Agency is providing a $790,000 loan to build the complex, which will be developed in two phases. STATE, FED. FUNDING USED: Shelby Jordan, participating in the groundbreaking of affordable-housing complex Wisconsin Place, is executive director of Community Resource Talent Development Inc. CRTD and the non-profit Brookmore Apartment Corp. are developing the $2.6 million complex with additional funding from state and federal housing funds and tax credits. Completion is scheduled for fall 1993. REAL ESTATE DEAL CLOSED: The Price Company and The Price Real Estate Investment Trust Wednesday announced the closing of a $62.5 million real estate transaction. The REIT purchased three properties from the company: The Corona Hills Shopping Center in Corona, Calif.; The College Square Shopping Center in Cerritos; and a Price Club in Corona. The Company will lease the last property back from the REIT. RECYCLED INSULATION TO BE MADE: Building materials manufacturer Louisiana-Pacific Wednesday opened a plant in Savage, Md., to make high-performance residential insulation from recycled newspaper. The insulation, called Nature Guard, is made in a process that reduces the paper into small, efficient fiber groups, treated for fire retardancy. Louisiana-Pacific headquarters are in Portland, Ore. HOTEL ROOM COST TO RISE: Coopers & Lybrand Hospitality Directions predicts that the cost of a hotel room will increase as the industry begins to recover from overbuilding in the 1980s. Last year the average daily room rate was $59.08; projections for this year put the rate at $60.31. Estimated cost by 1994 is likely to be slightly more than $65. MAUI LAND REPORTS LOSS: Maui Land & Pineapple Co. Inc. Thursday reported a net loss of $1 million, or 58 cents per share, for the first quarter of 1992. For the like period a year ago, the company reported a net loss of $18,000, or 1 cent per share. Kapalua resort reported an operating loss for the first quarter of 1992 as compared to an operating profit for last year's first quarter. BIDS FOR HOMES TO BE OPENED: Chatham County, Ga., has said it plans to open bids May 28 for 32 homes built on a landfill that now is leaking methane gas. Eighteen of the homes will have to be moved. The remaining 14 will need special vents. SKI AREA SALE NEAR CONCLUSION: The sale of the Mission Ridge ski area in Wenatchee, Wash., to Seattle investors is expected to be finalized in mid-June. Terms of the agreement include the investment of $1.5 million to operate and improve the area. BUILDING MONEY APPROVED: A plan to spend $200,000 to buy a building to house the operations of Newton Cable and Wire Inc. of Cari, Ill., has been approved by the Lawrenceville City Council. The deal would create 125 jobs. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.85% Wednesday, unchanged from Tuesday and up from 8.76% the week before. They were at 9.53% a year ago. For 30-year adjustable-rate mortgages, the rates were 6.13%, unchanged from Tuesday and up from 6.11% the week before. A year ago they were at 7.36%. ARM INDEXES UNMOVED: The one-year Treasury ARM index rates were listed at 4.32% Wednesday, unchanged from Tuesday and up from 4.14% the week before. A year ago they were at 6.25%. For the 11th District ARM index, rates were at 5.800%, unchanged from Tuesday and unchanged also from the week before. A year ago they were at 7.654%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Wednesday, listing at 8.06%. That's up 0.02 from rates of 8.04% Tuesday and up 0.03 from rates of 8.03% the week before. A year ago T-bonds were at 8.17%. Real Estate Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM