• News
  • Real Estate
Industry Briefs

SF's wee units

(AP) -- Itsy-bitsy apartments are coming to San Francisco.

The Board of Supervisors on Tuesday approved legislation allowing construction of hundreds of 220-square-foot apartment units.

Building codes had required that living rooms alone be that size.

It makes San Francisco home to some of the smallest apartments in the country.

The micro-apartments include a bathroom, kitchen and closet.

Two people will be allowed to live in the tiny apartments, which are expected to fetch $1,300 to $1,500 a month.

The San Francisco Chronicle said they will help those who want to live alone, but can't afford most of the studio apartments on the market.

The average studio apartment in the city goes for more than $2,000 a month.

Subway suit

(AP) -- The Beverly Hills Unified School District is suing U.S. transportation authorities in a bid to block $2 billion in federal funding for a planned subway route that would run under the city's high school.

The lawsuit was filed in U.S. District Court in Los Angeles on Thursday against the Federal Transit Administration and transportation officials.

The lawsuit claims federal officials didn't know about serious seismic and methane-gas risks when approving a central Century City location for a stop along the $5.6 billion Westside Subway Extension.

The suit requests new environmental studies because tunneling to that location would create hazards for Beverly Hills High School.

An FTA spokeswoman did not immediately return in a phone call for comment.

The district filed a previous lawsuit against the Los Angeles County Transportation Authority.

BofA fraud suit

(Bloomberg) -- Bank of America Corp., the second-largest U.S. bank by assets, was sued by CIFG Assurance North America Inc. for fraud and breach of contract over insurance policies tied to residential mortgage-backed securities (RMBS).

The suit was filed Tuesday in New York State Supreme Court in Manhattan in connection with five financial guaranty insurance policies issued by CIFG.

The policies relate to two structured transactions arranged by BofA (NYSE: BAC) and backed by 22 mortgage-backed securities, according to court filings.

“Bank of America had these securities in its inventory because it had been unable to sell them when it served as underwriter on the original RMBS offerings,” CIFG said in the lawsuit.

“Bank of America knew of the poor quality of the mortgage loans, and knew the original unsold RMBS were a ticking time bomb on the bank's books.”

The bank, unable to sell the securities in pieces, then “hatched a new plan of financial engineering,” repackaged the bonds, and induced New York-based CIFG to provide more than $150 million in insurance to make them marketable to investors, the insurer said in the suit.

The case is CIFG Assurance North America Inc., 654028/2012, New York State Supreme Court, New York County (Manhattan).

Maine resales

(AP) -- Resales of single-family homes are going up in Maine.

The Maine Association of Realtors said real estate agents last month sold 945 existing homes in Maine, a nearly 25 percent jump from October 2011.

The median sales price of those homes came in at $170,500, up from $165,000 a year earlier.

The association said that sales of existing homes nationwide rose about 10 percent for the month.

For the three-month period from August through October, the number of homes sold in Maine increased by 16 percent over the same period last year.

The highest median sales price was in Cumberland County, at $229,900. The lowest median price, $81,000, was in Aroostook County.

User Response
0 UserComments