Thursday, June 15, 2006

What's Next for The MLS?

The National Association of Realtors has a lengthy article about the Multiple Listing Service (MLS) issue:
If there i’s one consensus among almost everyone interviewed for this article, it'’s the need for the nearly 900 MLSs nationwide to consolidate further. Although more than 100 regional and statewide MLSs already exist, the 2006 MLS Technology Survey conducted by the Center for REALTOR® Technology found that 55 percent of REALTORs® surveyed would like to see more regional or statewide MLSs and 47 percent of the MLSs surveyed had discussed consolidation. The disagreement comes in the degree.
Read it. What do you think?

13 comments:

  1. The link needs help or their web server stinks.

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  2. the second link was incorrect. Thanks. Fixed.

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  3. Can you call this a "Fire Sale" in Ocean and Monmouth Counties- New Jersey Real Estate scandal ?!!!!!

    Offers to purchase properties owned by beleaguered real estate mogul Solomon Dwek have so far reached $109.1 million- amount comes to about one-third of the $321 million in claims lodged against Dwek's 350-parcel empire
    ---

    Offers on Dwek property top $109M

    Amount is a third of claims against empire
    Posted by the Asbury Park Press on 06/15/06
    BY JASON METHOD
    STAFF WRITER
    FREEHOLD — Offers to purchase properties owned by beleaguered real estate mogul Solomon Dwek have so far reached $109.1 million, the Superior Court's fiscal agent said Wednesday.

    The amount comes to about one-third of the $321 million in claims lodged against Dwek's 350-parcel empire. The claims came in a legal and financial scramble after Dwek, 33, of Ocean Township was accused by PNC Bank of bouncing a $25 million check in April.

    The highest price offered so far is $6.5 million for a commercial property off Monmouth Road, West Long Branch. That property is owned by Dwek's company, WLB Center LLC, which paid $5.25 million for the 13.7-acre tract in May 2005.

    Donald M. Lomurro, the court-appointed fiscal agent reviewing Dwek's assets, predicted that bids on the properties will lead to "bigger and better numbers." He said the offers so far are considered valid because they equal or exceed the amount Dwek paid for the properties.

    Beyond the lawsuit, Dwek has been charged by the FBI with criminal bank fraud. He is free on $10 million bond.

    Superior Court Judge Alexander D. Lehrer froze Dwek's assets last month and has said he intends to see if selling many of the properties can satisfy all of the claims.

    Lomurro said investors in Pennsylvania, Ohio, Connecticut and elsewhere continue to inquire about the properties. Many of Dwek's properties are held by limited liability companies that have other owners, who can buy out Dwek's interest in the firms.

    Nearly half of the money is offered by Deal Property Acquisitions LLC, which proposed spending $45.6 million dollars to buy just 13 of the properties. Those properties include commercial properties in Dover Township, Red Bank, Ocean Township, North Carolina and Pennsylvania.

    Nothing could be learned about the identity of that company Wednesday.

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  4. Waiting for GodotJune 15, 2006 10:27 AM

    I am sitting in my living room, and my landlord just came through to check the house out since I will be moving in a month. He is scared because he can't sell the house, and now he will attempt to rent it at his cost. The problem is that his cost is based is on an option arm. I hate to see good people get screwed by the the bubble monster, but I am so glad that I got out when I did. Hope you all are in good shape.

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  5. Whatever the outcome, it will be another fraud foisted upon the general public. Would you expect anything less from NAR?

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  6. "http://smhbn.blogspot.com/2006/06/mls-manipulative-listing-system.html">

    You mean the manipulative listing system!

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  7. http://smhbn.blogspot.com/2006/06/mls-manipulative-listing-system.html

    I wouldn't trust a blogger to talk about MLS -- something vital in this new real estate paradigm. Again you have to deal with limited land supply, rising rents, lowered self-esteem of those who don't buy, and a federal government spending a lot of money in DC before you can seriously ever begin to think the RE prices might drop here -- never have, and never will.

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  8. AGAIN, BILL HAS BEEN POSTING IN MY NAME.

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  9. Here you go Lance - But I bet you don't trust him either:

    http://www.thestreet.com/_tsclsii/stocks/homebuilders/10291930.html

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  10. http://www.economagic.com/cenc25.htm

    More data. Good stuff.

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  11. i think that to consolidate even further, seems like it would cause more confusion and chaos in the long run, after reading that article..

    they do have reasons to consolidate, but i think we'll be waiting around for a long time before that even occurs.

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  12. In USA, MLS's are doing a good deal of work. Most of the people are resorting to MLS listing. And to the major advantage of the busy masses, most of the MLS's can be operated from home or work- online. They payment scheme has also been modified to make it comfortable for the people. What other innovations can you suggest?

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