Real Estate Investment

In his inaugural address this week, President Lee Myung-bak used the story of his own escape from poverty to urge fellow South Koreans to "work hard to realize their dreams." He recalled how, as "a boy from the countryside who could not even eat regular meals," he rose to become a successful businessman and eventually won the top job in the land. But in recent years there has been a quicker way to get rich in South Korea: real estate speculation.

One of Los Angeles' best known corporate and civic leaders, Robert F. Maguire III, is no longer in control of the real estate company he founded. The board of directors of Maguire Properties Inc. voted unanimously to replace Maguire as chairman, chief executive officer and president, the company said Sunday. Maguire, 73, will hold the title of chairman emeritus but no longer be involved in daily operations.

Investment in U.S. commercial real estate fell 70% in the first quarter from a year earlier as banks curtailed credit, the National Assn. of Realtors said Wednesday. Investors spent $48.2 billion on commercial properties in the period, down from $157.8 billion in the year-earlier period, the trade group said. "Slow economic growth is lowering demand for commercial space, mostly in the office and industrial sectors," said Lawrence Yun, the Chicago-based association's chief economist.

Maybe Katherine Heigl just didn't have room in her closet for those 27 bridesmaid dresses? The breakaway star of "Grey's Anatomy" and "Roswell," who is enjoying a newish marriage and box-office acclaim with "27 Dresses," has listed the house she owned before she became really famous -- a Hollywood starter house. It's in Los Feliz, and the asking price is $1.75 million. The 2,400-square-foot redone contemporary has an open floor plan with glass walls that provide views from downtown to the ocean.

Two New York commercial real estate brokerages have been selected by Tribune Co. to market the Los Angeles Times' main office downtown and Tribune Tower in Chicago to potential buyers, the company said Tuesday. Cushman & Wakefield will look for buyers for The Times' historic headquarters at 1st and Spring streets, and Eastdil Secured will try to sell the landmark Tribune building overlooking the Chicago River, said Stephanie Pater, director of real estate for Tribune.

Southern California median home sale prices are down about 30% from their peak. That's about as far as they fell in the 1990s real estate downturn, and enough of a decline to have many asking: Is it time to buy? Some are already answering with their checkbooks. In the inland areas where prices have crashed hardest, buyers are slowly returning. But many of those who study housing markets say the worst is yet to come for real estate.

An investment promoter who promised Spanish speakers a bonanza in distressed real estate but allegedly cost them millions of dollars has been arrested on a federal charge of bribing a bank executive. Juan Rangel of Downey, 44, owner of Commerce-based Financial Plus Investments, was in custody pending a bail hearing Friday in Los Angeles. In a court affidavit, FBI Special Agent Stephanie A.

Michael and Esther Maston had hoped the fertility drugs would work, but they weren't ready for the news that they were going to have triplets: a boy and two girls. "We can't afford to send three kids to college" at the same time, Michael, a civil engineer for Rancho Cucamonga, recalled saying in the doctor's office that day in 2001. Since then, the Mastons have been focused on saving for their children's college educations and building a retirement fund for themselves.

A major shareholder in Target Corp. pitched a plan to Wall Street on Wednesday that would spin off the discount retailer's real estate holdings as a separate entity as a way to increase the value of the company and its shares. Separating the real estate into a publicly traded real estate investment trust would create long-lasting value for the retailer, William Ackman told several hundred people at a meeting in Manhattan.

MARRY in haste. Repent at your leisure. That old saw could apply just as well to buying a fixer. Before you fall in love and rush to buy and renovate a rundown old house that has a certain charm, take some time to get to know it better. A little due diligence, experts say, can save a lot of heartbreak -- and serious money. Todd Hays is a serial fixer. The 45-year-old publicist just sold his 12th renovation project and is working on his 13th.