Regions

By Anuradha Kher, Online News EditorNapa, Calif.–Sperry Van Ness has recently completed the sale of Plaza Del Sol Apartments, a 70-unit apartment community in Napa, Calif., to Seattle-based Trinity Real Estate for $10.41 million. The property is located near Highway 29 on 713 Trancas St.According to the Sperry Van Ness sales team, the sale of Plaza Del Sol was the largest apartment deal in Napa since December 2006.The buyer plans to make interior upgrades to the property including new washer/dryers, new countertops, paint, flooring and appliances. There are also plans for a new sales office and fitness center on the…

Washington, D.C.—The Senate approved the bipartisan tax bill on Thursday, designed to help businesses and homeowners troubled by the housing slump, ABC News reports.Passed by an 84-12 vote, some supporters said the bill is geared too much toward homebuilders. The proposal includes large homebuilder tax breaks, a $7,000 tax credit for buying foreclosed properties and $4 billion in grants for communities to purchase vacant homes.Although it has not said it will veto the plan, the White House opposes it because it feels the bill could further lower some home values and use taxpayer funding to rescue lenders, ABC said.In addition,…

Vista, Calif.–A couple who sued their real estate agent for fraud and negligence lost their case in Vista, Calif. on Thursday, the New York Times reports.Marty and Vernon Ummel’s case–in which the couple accused their ReMax agent, Mike Little, of being so anxious to close the deal that he neglected to tell them other homes on their street in Carlsbad, Calif. were selling for lower prices–received national coverage.Real estate lawyers said a win for the Ummels could have prompted a number of homebuyers whose home value had declined to file lawsuits. However, the jury rendered the not guilty verdict quickly…

Ann Arbor, Mich.—U.S. consumer sentiment is at it worst level in 26 years, according to the Ann Arbor, Mich.-based University of Michigan’s index of confidence.The index dropped from 69.5 in March to 63.2 in April due to recession concern, BBC News reported Friday. The reading was far worse than analysts had expected.The April figure is the lowest since 1982, when the U.S. was in an economic slump. U.S. consumers are worried about high unemployment and rising food and fuel prices.

New York—The Hope Now coalition says lenders have helped almost 1.2 million troubled homeowners—but it’s still not clear how successful Hope Now’s plan has been in helping people keep their homes, CNNMoney.com reports. Numbers released Thursday by Hope Now—which indicate the total number of workouts from July 2007 through the end of February—also show that almost 419,000 borrowers’ homes were lost to foreclosure.The Bush administration’s Hope Now group of lenders, investors and community groups divides its data into two categories: loan modifications–which include loan term changes such as permanent reductions to a loan’s principal or interest rates–and repayment plans, which…

By Anuradha Kher, Online News EditorTimothy J. O’Brien Named Senior Managing Director, Partner for Legacy Partners ResidentialIrvine, Calif.–Timothy J. O’Brien (pictured) has been named senior managing director/partner for Legacy Partners Residential’s Southern California region.As senior managing director/partner, O’Brien will be responsible for Legacy’s operations, acquisition and development activities throughout Southern California.“With Tim’s expertise and hands-on knowledge of the regional multifamily sector, Legacy Partners sees continued opportunity to develop, acquire and operate profitable multifamily communities throughout Southern California,” says W. Dean Henry, president of Legacy Partners Residential Inc.O’Brien is a 22-year veteran of real estate development and investment in Southern California….

Bertazzoni’s Cooking RangesItalian manufacturer Bertazzoni has unveiled its comprehensive line of elegantly designed cooking systems in a multitude of sizes. The freestanding ranges, built-in cook tops, ventilation hoods and coordinated accessories offer accurate cooking performance and imaginative details.The latest Bertazzoni product offerings include the Professional Series and the Heritage Series models in gas and dual fuel options.The Elegant Heritage Series [1] comes in 30-, 36- and 48-in. options and is available in crema (beige), nero (black) and vino (burgundy). The suggested retail pricing in the U.S starts at $4,299 for the 30-in., $4,849 for the 36-in. and $7,999 for the…

Washington, D.C.–The Bush administration said Wednesday it would enable the Federal Housing Administration to allow some borrowers who have defaulted to refinance into FHA-insured loans.The administration’s plan was suggested as the House Democrats discussed another proposal at a House Financial Services Committee hearing, CNNMoney.com reports.The Bush plan–designed for borrowers who are “financially capable but have a spotty credit record,” according to Brian Montgomery, assistant secretary for housing–would allow borrowers to receive FHA protection in case of default, but they would have to pay a premium. Lenders would be required to write down loans to between 90 and 97 percent of…

Barcelona–The U.S. housing decline–along with lower spending in other countries–has reduced growth at Ikea, the world’s largest home-furnishings retailer, Chief Executive Officer Anders Dahlvig said Wednesday.Ikea, which operates in 37 countries, has felt the effect of reduced economic global growth “quite a lot,” Dahlvig said during a retail conference speech in Barcelona, Spain.In the fiscal year through August, sales rose 14 percent to 19.8 billion euros ($31.3 billion), according to Bloomberg. Ikea’s biggest market was Germany, which comprised 16 percent of its revenue, followed by the U.S., France and Britain.Ikea is focusing on emerging markets such as Croatia, Slovenia and…

Washington, D.C.–As the world’s biggest banks took responsibility for the credit crisis on Wednesday, the Institute of International Finance recognized “major points of weaknesses in business practices,” such bankers’ pay and risk management, the Financial Times reports.However, the Washington, D.C.-based Institute–which represents more than 375 of the globe’s largest financial companies–said it would be “completely wrong” for to increase industry regulation and instead suggested stronger self-regulation.”We think it would be completely wrong to jump to some premature regulatory measures,” said Josef Ackermann, chief executive of Deutsche Bank and chairman of the IIF board. “We want to demonstrate we can do…