REALTOR® NEWSWIRE

Top News Stories in and Around the Industry

Milwaukee Ranks Among Top Retirement Places

Milwaukee Business Journal (WI)

Milwaukee has been honored by AARP The Magazine as one of the top five places in the country for retirees to live. The publication judged a number of markets on such criteria as quality of local health care, presence of mass-transit systems, and the availability of mixed-use housing to deliver its rankings. The top five also included Atlanta; Boston’s Beacon Hill neighborhood; Chandler, Ariz.; and Portland, Ore. As far as Milwaukee was concerned, AARP The Magazine specifically cited the market’s recent condominium boom as reason for seniors to consider retiring there. The article added: “An example of urban renewal at its best, Milwaukee features picturesque river walks and affordable waterfront living.”

Which States Have the Highest Closing Costs?

Realty Times, Evans, Blanche

New York has the most expensive closing costs in the country at $3,830, according to an annual report from Bankrate.com, but a borrower taking out a $200,000 mortgage in Indiana would pay an average of $2,339--or $1,491 less--for origination, title and closing costs. Topping Bankrate.com’s report for the third straight year, New York was followed by Texas. Florida, Pennsylvania, and Ohio followed No. 3-ranked Indiana. The national average in closing costs is $2,736, with 24 states and the District of Columbia having higher closing costs and another two dozen states having closing costs that are lower than the national average. Kickbacks and undisclosed referral fees have been problems for the closing industry, and some lenders are now introducing flat-fee pricing or products carrying no fees and no mortgage insurance in an effort to lower closing costs.

HGTV Series Seeks Central Wisconsin Homes to Feature

Wisconsin Daily Rapids Tribune

HGTV’s “If Walls Could Talk” series is currently in production on its ninth season and is looking for Wisconsin homes to profile. Specifically, the show seeks houses with either unusual stories or interesting past histories. Often, the various episodes center around new homeowners who make surprising historical discoveries about their residences during restoration and repair efforts. Homeowners interested in having their properties featured on an upcoming show should call HGTV’s Jenna Friederich at 303-712-3146.

REALTOR® Survey Reveals Increased Demand for MLS Consolidation

PRNewswire

Of the agents and Multiple Listing Service (MLS) executives polled by the National Association of REALTORS® for its 2007 REALTOR® MLS Technology Survey, the number in favor of a statewide MLS jumped to almost 33 percent from 19 percent in 2006. Twenty-seven percent, meanwhile, preferred having a metropolitan statistical area MLS, while 21 percent said a larger market region within their state would be ideal. The number of respondents reporting consolidation of their MLS with at least one other doubled to 30 percent from 15 percent. In terms of technology and security, close to 67 percent of MLS executives report the use of a RETS (or real estate transaction standard) interface to facilitate real-time data sharing regardless of the software they use. Finally, 27 percent employ two-factor authentication to ensure that only authorized parties are granted access to the database.

More Communities Pass Offender Laws

Milwaukee Journal Sentinel, Sink, Lisa

More and more Wisconsin communities are passing laws that banish sex offenders from living in all but small pockets of their general area. The heat is now on elected officials not to be the last to pass such laws and thus become a “dumping ground” for deviants. Cudahy City Attorney Paul Eberhardy observes, “It’s the ‘everybody else is doing it so now we need to do it’ rationale. I don’t think that makes good law.” Among the numerous Wisconsin markets that have passed residency restrictions since last November are Algoma, Bayside, Glendale and Menomonee Falls. Meanwhile, no less than 30 states have approved varying restrictions on where sex offenders may reside or loiter, including all of Wisconsin’s neighboring states except Minnesota. Such laws have raised questions over whether they will so stigmatize sex offenders and force them away from support systems that they may commit new crimes. The laws also have some who live in those few “safe zones” for offenders concerned that their property values may suffer as a result.

Newspapers Feel Real Estate Woes

Forbes, Sutel, Seth

The nation’s leading newspaper publishers – Tribune Co., Gannett Co. and McClatchy Co. – watched revenues decline in the second quarter, which some observers believe can be attributed to a drop in real estate advertisements in the midst of a housing slowdown. However, others warn that newspapers are not going to get much of that revenue back when the market rebounds because realty companies are shifting more of their marketing budgets to online advertising. If real estate classifieds follow help-wanted ads to the Internet on a permanent basis, experts say newspapers could be in trouble, given that over 35 percent of their revenues are tied to classifieds. More and more property agents are turning to Realtor.org, Yahoo and other online home listings sites as well as blogs and other Web-based mediums, as home buyers and sellers log onto the Internet in increasing numbers. “With younger agents, there’s a trend of going online. There’s a realization that’s where they need to be,” says RE/MAX Denver regional advertising director Abby Lee. According to Charlie Diederich, marketing and advertising director of the Newspaper Association of America, newspapers need to beef up their Web sites to offer more advanced tools if they hope to attract REALTORS® and consumers.

Many Homeowners Near Lambeau Field Willing to Sell Property

Green Bay Press-Gazette (WI), Zarling, Patti

Some homeowners in the village of Ashwaubenon who live close to Lambeau Field, the beloved home stadium of the Green Bay Packers, are looking to sell their properties for the right price. Ashwaubenon officials recently held an informal gathering of homeowners to discuss the future of the local property market. Since numerous houses have either recently been sold or put on the selling block in the neighborhood, local leaders felt the time was right to craft a comprehensive plan to address future development. Several attendees expressed special interest in selling their homes to the Packers organization. The team recently purchased one home close to the stadium, which it plans to convert into additional parking. Jason Wied, the Packers’ vice president of administration, confirmed that he has recently fielded numerous calls from Ashwaubenon residents looking to gauge the team’s interest in buying their properties for similar purposes. Wied said the Packers would like to maintain the surrounding community feel as much as possible, stating, “The issue for us is we love the neighborhood just the way it is. We think we’ve got one of the best stadiums in the country.” Nevertheless, Wied said the team is interested in additional opportunities to expand its parking.

Published: 9/7/2007

September 2007 Issue