US braces for baby boom retirement wave
The first of the vast US baby boom generation goes into retirement in January, setting off a demographic tidal wave with wide-ranging economic, political and social implications.
Kathleen Casey-Kirschling, born on January 1, 1946, is acknowledged as the nation's first baby boomer and the first to apply for social security benefits, for which she will be eligible in 2008.
The New Jersey grandmother is the first of an estimated 80 million Americans born between 1946 and 1964, a generation that led a social revolution in the 1960s and changed the fabric of most facets of society.
The cost for government-funded social security and medical care for the boomers leaves a funding gap of between 40 and 76 trillion dollars for next 75 years, according to various estimates.
"America is facing a demographic juggernaut," says Brent Green, a marketing consultant and author, in his "Boomers" blog.
"An unprecedented number will soon be entering the retirement stage of life. One-third of the population will be over 50 by 2010. One in five will be over 65 by 2010."
Leonard Steinhorn, an American University professor and author of "The Greater Generation: In Defense of the Baby Boom Legacy," says the generation often wrongly maligned as latte-sipping Yuppies has transformed most of American society.
He wrote that boomers have led or sustained most of "the great citizen movements that have advanced American values and freedoms -- the environmental movement, the consumer movement, the women's movement, the civil rights movement, the diversity movement, the human rights movement, the openness in government movement."
He told AFP he expects this transformation to continue as boomers age. "It's not going to be a generation that's going to go off to the golf courses and do nothing."
He said boomers will push politics to a more progressive bent even though that has not yet happened because the more conservative over-60 generation still carries much weight in the electorate.
"Once younger voters begin to replace them, the socially conservative vote will dwindle," he said.
The generation is a ripe target for marketing of everything from travel to real estate to computer games for keeping minds fit.
"In the whole way we think about aging and the way companies develop products, we have traditionally been a country of the young," said David Baxter, senior vice president at Age Wave, a California-based research and consulting company focused on the over-50 population.
"If you look at the hottest products, companies think the youth market is the most important."
Baxter said marketers are still using "the myth that older consumers are stuck in their brands and not very interesting consumers. But it's the mature consumer who has all the money."
Americans aged 50 and over have a collective one trillion dollars in disposable income and control 67 percent of the US wealth, according to the over-50 social networking website Eons.
Members of the baby boom generation are big users of technology and the Internet. A Pew Internet Life Project report showed two-thirds of those between 50 and 58 had Internet access as of 2004, similar to the number of 28- to 39-year-olds.
Many are gravitating to social networking sites, especially those geared to their generation with names like TeeBeeDee and BoomerCafe.
About half of Americans will buy new homes after retirement, and many will continue to work in some capacity or become involved in social activism.
Michael Falcon, head of the retirement group at Merrill Lynch, says the nation must prepare for a "new model" for retirement.
"Multiple generations report cycling in and out of work and pursuing a new career in later life as the retirement ideal," he said in a 2006 report. "Companies need to be aware of this new concept of retirement."
A Merrill Lynch survey found 71 percent of adults surveyed plan to work in some capacity after their formal "retirement."
Carol Orsborn, a public relations executive who writes a "Boomer Blog," said the generation appears to be pursuing its dreams rather than dropping out to a quiet retirement.
"If we were hippies in the 1960s and 1970s and yuppies in the 1980s and 1990s, what are we now?" she wrote.
"At an age where expectations that our generation pull back, instead of 're-tiring' we are 're-upping' for another tour of duty in life. We are changing careers, finally getting around to taking risks with our dreams, advancing into new psychological and spiritual terrain, not only new to us as individuals, but for society as a whole. We are, in fact, Re-uppies."
On the economic side, some fear the "silver tsunami" will drain the country of its wealth, but Baxter says the United States has some advantages.
"It's true that everything in our society is built on the idea of continued growth, it's kind of a giant Ponzi scheme with every generation prior to this one having given birth to a larger generation," he said.
The problems are even more acute in some European countries and Japan which face a similar demographic time bomb. But Baxter said "the US is cushioned to some extent by a more liberal immigration policy" and because "there is more flexibility in our workforce. It's illegal to have mandatory reitirement and that's not the case in most countries."
Wednesday, December 26, 2007
Thursday, December 6, 2007
Curb appeal projects return most value for homeowners
Curb appeal projects return most value for homeowners
Remodeling report details most profitable home projects
A home's curb appeal is at the top of most profitable remodeling projects, according to a report out this week that details remodeling costs versus value.
Every penny counts for homeowners and home sellers in a slumping housing market and those looking to remodel will consider the return on value of specific projects.
Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades, according to the report produced by Hanley Wood LLC in cooperation with Realtor Magazine.
The most profitable project on the national level was upscale siding replacement, recouping 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned more than 80 percent of costs, at 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale.
The 2007 Remodeling Cost vs. Value Report compares construction costs with resale values for 29 midrange and upscale remodeling projects comprising additions, remodels and replacements in 60 markets across the country. Data are provided for nine U.S. regions, following the divisions established by the U.S. Census Bureau. (See www.costvsvalue.com.)
Four new projects were added this year: the aforementioned wood deck addition, a back-up power generator, and both a midrange and upscale garage addition.Nationally, the back-up power generator only returned 58 percent of the investment on resale, although the return was highest in the West South Central region, which comprises Arkansas, Louisiana, Oklahoma, and Texas, at 68 percent.
Buyers in the Pacific region of Alaska, California, Hawaii, Oregon and Washington value their garages: The midrange garage addition returned nearly 70 percent nationally but 88 percent in this region, while the upscale garage addition returned approximately 65 percent nationally but 78 percent in this area.
Homeowners in the Pacific region could also expect to see some of the highest percentages of remodeling expenses returned at resale, with 13 of the 29 projects returning 90 percent or higher of project costs.
Homeowners in the East North Central region of Illinois, Indiana, Michigan, Ohio and Wisconsin might expect some of the lowest returns; only one project -- upscale fiber cement siding -- returned more than 80 percent upon resale (82 percent of costs recouped), while nine projects returned less than 60 percent of project costs.
The least profitable projects were a back-up power generator, sunroom addition, and home office remodel. The back-up power generator returned the lowest percentage of initial cost in the East North Central, New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont), Pacific, and West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) regions.
Sunrooms are least popular in the East South Central (Alabama, Kentucky, Mississippi and Tennessee), Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico and Wyoming), and West South Central regions.
Home office remodels return the lowest percentage of project costs in the Middle Atlantic (New Jersey, New York and Pennsylvania) and South Atlantic (Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia) regions.
Real Estate Articles from Inman News
Thursday, November 29, 2007
REAL ESTATE RATES
Overnight real estate rates lower
30-year fixed rate at 5.79%; 10-year Treasury yield at 4.03%
Long-term mortgage interest rates dropped further Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.03 percent.
The 30-year fixed-rate average sank to 5.79 percent, and the 15-year fixed rate fell to 5.35 percent. The 1-year adjustable stayed at 5.52 percent.
The 30-year Treasury bond yield was up at 4.43 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average jumped 331.01 points, or 2.55 percent, finishing at 13,289.45. The Nasdaq climbed 82.11 points, or 3.18 percent, closing at 2,662.91.
30-year fixed rate at 5.79%; 10-year Treasury yield at 4.03%
Long-term mortgage interest rates dropped further Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.03 percent.
The 30-year fixed-rate average sank to 5.79 percent, and the 15-year fixed rate fell to 5.35 percent. The 1-year adjustable stayed at 5.52 percent.
The 30-year Treasury bond yield was up at 4.43 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average jumped 331.01 points, or 2.55 percent, finishing at 13,289.45. The Nasdaq climbed 82.11 points, or 3.18 percent, closing at 2,662.91.
Tuesday, November 27, 2007
Mortgage Shopping
SHOPPING FOR A MORTGAGE THIS CHRISTMAS
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
Obtain Information from Several Lenders
Home loans are available from several types of lenders--thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions.
Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers’ advertisements do not use the word "broker." Therefore, be sure to ask whether a broker is involved. This information is important because brokers are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. A broker’s compensation may be in the form of "points" paid at closing or as an add-on to your interest rate, or both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders.
Obtain All Important Cost Information
Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker:
Rates
Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.
Ask whether the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment.
If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down.
Ask about the loan’s annual percentage rate (APR). The APR takes into account not only the interest rate but also points, broker fees, and certain other credit charges that you may be required to pay, expressed as a yearly rate.
Points
Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate.
Check your local newspaper for information about rates and points currently being offered.
Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay.
Fees
A home loan often involves many fees, such as loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs. Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates.
Ask what each fee includes. Several items may be lumped into one fee.
Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure.
Down Payments and Private Mortgage Insurance
Some lenders require 20 percent of the home’s purchase price as a down payment. However, many lenders now offer loans that require less than 20 percent down--sometimes as little as 5 percent on conventional loans. If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay. When government-assisted programs such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller.
Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available.
Ask your lender about special programs it may offer. If PMI is required for your loan,
Ask what the total cost of the insurance will be.
Ask how much your monthly payment will be when including the PMI premium.
Ask how long you will be required to carry PMI.
Ask how long you will be required to carry PMI.
Obtain the Best Deal That You Can
Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. The most likely reason for this difference in price is that loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Generally, the difference between the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage.
Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. The most likely reason for this difference in price is that loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Generally, the difference between the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage.
When overages occur, they are built into the prices quoted to consumers. They can occur in both fixed and variable-rate loans and can be in the form of points, fees, or the interest rate. Whether quoted to you by a loan officer or a broker, the price of any loan may contain overages.
Have the lender or broker write down all the costs associated with the loan. Then ask if the lender or broker will waive or reduce one or more of its fees or agree to a lower rate or fewer points. You’ll want to make sure that the lender or broker is not agreeing to lower one fee while raising another or to lower the rate while raising points. There’s no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere.
Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. Lock-ins can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. Should that happen, try to negotiate a compromise with the lender or broker.
Remember: Shop, Compare, Negotiate
When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them.
Fair Lending Is Required by Law
The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.
The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.
Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics.
Credit Problems? Still Shop, Compare, and Negotiate
Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders. If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don’t assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can.
Whether you have credit problems or not, it’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact: Equifax: (800) 685-1111 TransUnion: (800) 888-4213 Experian: (888) 397-3742
Glossary
Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered.
Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay.
Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA).
Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance.
Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.
The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions.
Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount.
Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing.
A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.
Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation.
Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs.
Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.
Thrift institution is a general term for savings banks and savings and loan associations.
Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range.
For more info check out http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm
Wednesday, November 21, 2007
HAPPY THANKSGIVING FROM HOMES AROUND NASHVILLE
We at Homes Around Nashville with Realty Executives Fine Homes are very thankful for our loyal client base. Thank you for choosing our website for your home search needs.
We wish you a bright start to the holiday season...
We wish you a bright start to the holiday season...
…
Monday, November 12, 2007
Lenox Village
Lenox Village will offer 'one-stop' living
Center to feature shopping, dining and living choices
By SUZANNE NORMAND BLACKWOOD
Staff Writer
Lenox Village is about to begin work on its new lifestyle center, offering more opportunities for people to work, play and shop where they live.
David McGowan, president of Lenox Village LLC, said the lifestyle center would feature a coffee shop, a bookstore, a clothing boutique and a couple of family-style restaurants. Restaurants will be the anchor tenants, he said.
McGowan said lifestyle centers, so called because they are designed to "cater to the lifestyles of the area," generally feature small shops and have easy access with no indoor hallways like shopping malls. They also include a mix of residential and office space.
Local examples include the Hill Center in Green Hills to The Avenue in Murfreesboro, new shopping centers.
Shops will be smaller
McGowan said the project is being referred to as "The Village Lifestyle Center," which means it will have smaller retailers and neighborhood shops.
The 400,000-square-foot center would feature 40,000 square feet of office/retail space as well as 273 condos. Residents will share a clubroom, conference room, lobby and elevators, and they will have a private movie theater.
Residents and business owners will have private courtyards. And each restaurant will have a patio and outdoor seating.
"We'll have parking along the outside of the building," McGowan said. There will also be a 504-car garage, part of which will be underground.
"We're trying to do everything we can to reduce the surface parking," McGowan said. But, he said, wherever they park, "People (will) have a very short walk."
A park near the lifestyle center will include lighting and sidewalks. "It will be set up so we can have public events, seasonal events," McGowan said.
Old-style design
A buzzword in mixed-use development these days has been "new urbanism," which Lenox Village has strived to accomplish at the development off Nolensville Road in south Davidson County.
But the concept is not really that new, McGowan said. "It's building communities like they were before World War II," he said.
Such developments include a mix of housing types with multiple price points. They "hit different buyer profiles," ranging from young singles to young couples to empty nesters to the elderly.
These communities also include a mix of retail and office space, with occupants ranging from doctors' offices and insurance agents to hair stylists, day spas and bookstores.
The office/retail is also within walking distance. This is for the purpose of building a sense of community, as well as respecting people's busy schedules, McGowan said.
"Everyone's time is precious now with kids and sports," he said.
Demographics play role
Construction of The Village Lifestyle Center is expected to be completed by the middle of next year. Lenox Village has three other commercial buildings in its overall plan. The Regent Building is expected to be completed the middle of next year. The Park View and The Village Shops have occupants and have space available for sale or lease.
A small pocket of retail/office space also exists called The Shoppes on Sunnywood.
McGowan said Lenox Village targets a certain retail/office mix based on the area's demographics. The average family income at Lenox Village is about $90,000, he said, while the average family income within a five-mile radius is about $73,000.
Prathima Bandi, who owns Community Cleaners, purchased space at Lenox Village because she and her husband, Sudhir, saw it as an investment.
"The area is growing right now," she said. Within Lenox Village alone, 3,000 homes are expected to be built when the development is completed.
Although this is a new business, Bandi said her husband had a dry-cleaning business in Chicago years ago. She feels confident they chose the best spot for attracting a strong customer base.
"We thought it would be a good place for us to start off," she said.
Thursday, November 8, 2007
PENNINGTON VILLAS
UNDER CONSTRUCTION NOW!
PHASE 3 of PENNINGTON VILLAS!
GIVE US A CALL TODAY FOR YOUR PERSONAL VIEWING OF THESE LOVELY VILLAS.
Bill Berkley, ABR, CRS, Broker
Cynthia S. Berkley, AFFL. Broker
Homes Around Nashville Group
REALTY EXECUTIVES FINE HOMES
Direct Line: (615)-847-1169
Main Ofc: (615)-376-4500
Toll Free (888)-656-1169
FAX Line: (615)-847-2351
E-Mail: BILL@HomesAroundNashville.com
Website: www.HomesAroundNashville.com
Wednesday, November 7, 2007
Tollgate Village
Tollgate Village opens townhouse sales
Carbine & Associates last week began selling townhouses in its Tollgate Village development in Williamson County.
The Franklin-based developer is building 39 townhouses in the Thompson's Station subdivision, which also includes single-family homes, condos and commercial space. Prices for the townhouses start at about $280,000, said Amy Hornsby, head of sales.
The units come in two- or three-bedroom floor plans, ranging from 1,900 square feet to 2,450 square feet. Each townhouse comes with a courtyard and a two-car garage.
Construction began earlier this fall and is expected to be completed in December.
Carbine & Associates last week began selling townhouses in its Tollgate Village development in Williamson County.
The Franklin-based developer is building 39 townhouses in the Thompson's Station subdivision, which also includes single-family homes, condos and commercial space. Prices for the townhouses start at about $280,000, said Amy Hornsby, head of sales.
The units come in two- or three-bedroom floor plans, ranging from 1,900 square feet to 2,450 square feet. Each townhouse comes with a courtyard and a two-car garage.
Construction began earlier this fall and is expected to be completed in December.
Thursday, October 18, 2007
News
Fire Destroys Home, But Not Agent’s Mission to Find the Family a New One
RISMEDIA, Oct. 18, 2007-One door to a home closes and another opens. Such is the case of Ellen Mulvihill who recently watched her New Jersey Shore house burn down. But, she is getting the keys to a new home thanks to the efforts by a group of caring people. The generous support is especially heartfelt because Mulvihill has both hands full with her 13-year-old autistic son who became disoriented due to the loss and requires 24/7 care.
The wheels to find a new home for Mulvihill went into motion when William Dillon, a sales associate at Diane Turton, Realtors’ Brick office and former lieutenant in the Hillside Police Department, heard the bad news from another sales associate at the real estate firm. Deborah Frick of the Manahawkin office knows Mulvihill and put out a call for help throughout her company. Responding to the emergency, Mr. Dillon began by speaking with many of his friends including, Joseph Signore, the founder of Brick Township-based Wheels 4 Charity Foundation, about Ms. Mulvihill’s plight.
Together Dillon and Signore went to Modern Homes Inc., a Toms River-based modular homebuilder. Working with the Kelli Cisek at the homebuilder, the group procured a house for Mulvihill from Penn Lyon Homes, which is one of the largest modular home manufacturers in the USA. Located in Pennsylvania, Penn Lyon Homes (www.pennlyon.com) will also transport the modular house to Mulvihill’s lot and a small army of volunteer design and building professionals as well as craftsmen will be needed to finish the house.
The completed dwelling will have about 2,300 square feet of space and be valued at $260,000.
“Modern Homes and our firm have much in common because we understand the value of giving back to the communities we serve,” said Diane Turton, owner and broker of record of Diane Turton, Realtors. “On this project, we are working with one of the best in the business and partnering with true professionals makes all the difference in the world. In fact, we both know how important a home is to a family and that is what makes our partnership a natural.”
While a home for Mulvihill is in the works, she still needs furniture, painting and much more. The group has been working to locate businesses, plumbers and electricians to chip in their time and expertise. So far, Lowe’s and Home Depot have come aboard to donate all appliances and furnishings. In addition, the Township of Barnegat has agreed to assist with this project and has streamlined the process of obtaining the permits that are needed to complete a variety of work.
Nevertheless, a call to action has been put out to the general public with a goal to open the door to Mulvihill’s new home by Christmas. The group is seeking help from demolition firms, debris removers, engineers to produce a plot plan, masons for the foundation and an architect. Anyone interested in helping can visit the Wheels 4 Charity Foundation Web site at http://wheels4charity.com/volunteer-form.
For more information, visit http://www.dianeturton.com/.
RISMEDIA, Oct. 18, 2007-One door to a home closes and another opens. Such is the case of Ellen Mulvihill who recently watched her New Jersey Shore house burn down. But, she is getting the keys to a new home thanks to the efforts by a group of caring people. The generous support is especially heartfelt because Mulvihill has both hands full with her 13-year-old autistic son who became disoriented due to the loss and requires 24/7 care.
The wheels to find a new home for Mulvihill went into motion when William Dillon, a sales associate at Diane Turton, Realtors’ Brick office and former lieutenant in the Hillside Police Department, heard the bad news from another sales associate at the real estate firm. Deborah Frick of the Manahawkin office knows Mulvihill and put out a call for help throughout her company. Responding to the emergency, Mr. Dillon began by speaking with many of his friends including, Joseph Signore, the founder of Brick Township-based Wheels 4 Charity Foundation, about Ms. Mulvihill’s plight.
Together Dillon and Signore went to Modern Homes Inc., a Toms River-based modular homebuilder. Working with the Kelli Cisek at the homebuilder, the group procured a house for Mulvihill from Penn Lyon Homes, which is one of the largest modular home manufacturers in the USA. Located in Pennsylvania, Penn Lyon Homes (www.pennlyon.com) will also transport the modular house to Mulvihill’s lot and a small army of volunteer design and building professionals as well as craftsmen will be needed to finish the house.
The completed dwelling will have about 2,300 square feet of space and be valued at $260,000.
“Modern Homes and our firm have much in common because we understand the value of giving back to the communities we serve,” said Diane Turton, owner and broker of record of Diane Turton, Realtors. “On this project, we are working with one of the best in the business and partnering with true professionals makes all the difference in the world. In fact, we both know how important a home is to a family and that is what makes our partnership a natural.”
While a home for Mulvihill is in the works, she still needs furniture, painting and much more. The group has been working to locate businesses, plumbers and electricians to chip in their time and expertise. So far, Lowe’s and Home Depot have come aboard to donate all appliances and furnishings. In addition, the Township of Barnegat has agreed to assist with this project and has streamlined the process of obtaining the permits that are needed to complete a variety of work.
Nevertheless, a call to action has been put out to the general public with a goal to open the door to Mulvihill’s new home by Christmas. The group is seeking help from demolition firms, debris removers, engineers to produce a plot plan, masons for the foundation and an architect. Anyone interested in helping can visit the Wheels 4 Charity Foundation Web site at http://wheels4charity.com/volunteer-form.
For more information, visit http://www.dianeturton.com/.
Monday, October 8, 2007
What A Realtor Can Do For You
What a REALTOR® Can Do for You
The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Plus...
- A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.
- A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.
- A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
- A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service--even if you are relocating from another city.
- A REALTOR® can show you only those homes best suited to your needs--size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.
- A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and improve its utility and value.
- A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Look for a real estate professional to facilitate negotiation of a win-win agreement that will satisfy both you and the seller.
Friday, October 5, 2007
auction
Let the Home Auction Bidder Beware
By Margaret Price
NEW YORK -- If you're hoping to grab a good house potentially at a great price, you might want to beat a path to your county's courthouse.
In today's dour housing market, amid the vast number of properties in foreclosure, more people are converging on courthouses or other places where such properties are auctioned. And if they've got the sharp eye and tenacity of homeowner Nancy Levin, they might dig up a gem.
When Mrs. Levin's family needed to relocate within Michigan, she took on the task of researching properties for sale. Eventually, she found a lovely three-bedroom, 3,000-square-foot home adjacent to a golf course in tony Bloomfield Hills, Mich. But because the mortgages on the home were in default, Levin eventually had to buy the house at a foreclosure auction about 18 months ago.
The process was far from simple. Among the array of issues, Levin encountered frequent postponements of the auction date, requiring her to keep an eye on the ever-changing schedule of this sale. When the auction finally occurred, Levin was duly rewarded. As the only bidder on the house, she landed the property for its opening auction price, plus $1. All in all, the sale price was about $120,000 less than the home's appraised value, creating what Levin dubs "an amazing deal."
But to some observers, the Levins were exceptionally fortunate. Foreclosed homes sold at auctions, a tragedy for previous owners, present a golden opportunity to others. They are also potential mine fields for the unwary.
About 40 percent of properties with a mortgage in default end up at foreclosure auctions, experts say. And if bidders haven't done their research on a property, they could find themselves landing a house riddled with problems.
For one thing, foreclosed properties may have been neglected, and the public often will have had little or no chance to inspect a property closely before the auction. Moreover, the property could contain liens for such things as unpaid taxes and association fees, some of which the buyer may have to pay. Moreover, there could be a redemption period after the foreclosure sale to be aware of. In the many states where this period exists, borrowers can redeem their property, which was sold at the foreclosure auction, by paying the amount it sold for at the auction, plus interest.
There are other financial pressures involved. Buyers need to bring cash or a cashier's check with them to a foreclosure auction. That's because winning bidders must make down payments immediately after the auction. In fact, some states require winning bidders to pay the full sales amount the same day as the auction.
And these days, the process increasingly involves a disconcerting twist: Many properties may be worth less than the value of their outstanding mortgage.
In recent years, many homeowners obtained adjustable rate mortgages at very favorable terms. But when their mortgage rates adjusted upward, they were hit with higher payments, sometimes beyond their ability to pay. As the housing market soured, some homeowners have been unable to sell their property before the bank foreclosed.
If such properties end up on the auction block, their opening bid could be close to, or even higher than, the assessed value of the home. At the same time, many bidders are professional investors who will pass on homes where they don't foresee a profit.
Options to buy don't end with foreclosure auction
"Banks have a duty to bid as much as they are owed" on an outstanding mortgage, says Ryan Slack, chief executive of PropertyShark.com, an online real estate research company in New York City. "But investors don't want to buy a property unless it's [priced] at a discount," he adds.
Indeed, at a July 13 foreclosure auction at the Queens County, N.Y., Supreme Court building, only four of the 18 properties auctioned that day attracted any bids from the public. The rest, observers said, ended up in the hands of their mortgage lender.
But the ability to obtain troubled properties doesn't end there: Some time after the lender takes title to foreclosed properties, a new selling phase typically begins. That's when banks try to shed unwanted properties - typically by selling them through a real estate agent or by offering them at a second auction.
These post-foreclosure auctions are attractive to lenders, experts say, because they can unload their mounting stocks of properties on a specific date.
Thus, "you're seeing [post-foreclosure auctions] of 20 to 30 properties at a time, held at conference centers or hotels," says Rick Sharga, marketing vice president at RealtyTrac Inc., a real estate information company in Irvine, Calif. "In the past, [such lenders] didn't have enough inventory" to hold such events.
For example, the Real Estate Disposition Corp. (REDC), a real estate auction company in Irvine, held three post-foreclosure auctions for almost 300 properties in May. These auctions, taking place in San Diego, Los Angeles, and Riverside, Calif., drew some 4,000 people, all told, reports Michael Schack, senior vice president at REDC.
To critics, such mega-auctions are bad news for buyers, who often end up paying market or above-market prices for properties. But to Mr. Schack, these events don't necessarily spark excessive bidding wars.
As some close observers note, many attendees at both foreclosure and post-foreclosure auctions are onlookers with no plans to bid. And to Schack, those who do bid often have a strategy: "They set a top price in their mind before bidding. They don't want to go overboard on that, because they are there to get a deal."
Proponents of post-foreclosure auctions see them as safer venues for bidders than the foreclosure auctions that preceded them. That's because you're buying from a lender at a post-foreclosure auction. (At a foreclosure auction, you're buying from the official who conducts the auction.)
Auctioneer Tommy Williams, chairman and cofounder of Williams & Williams, a real estate auction company in Tulsa, Okla., lists several other advantages: Buyers get a clean, unencumbered title; they are given the opportunity to inspect the property before the auction; and they partake in a bidding set by market forces and competition rather than one in which the value of the property is based upon the size of the outstanding mortgage.
Some investors still prefer to snag deals early
For his part, though, professional investor Les Lazarus likes to land deals before they disappear. Thus, he prefers initial foreclosure auctions.
"It's like first come, first served," holds the investor from Franklin, Tenn. "First, there's the foreclosure auction." Then, once the bank takes possession of the property - if it isn't sold to a member of the public at the foreclosure auction - the bank will likely try to sell it on their own or through a real estate agent.
Then, if the property is still not sold, they'll take it to an auction. He says, "It's awfully hard to see something squeeze through all those steps and still be a good deal."
Nonetheless, observers agree on at least one key point: Participants, particularly at foreclosure auctions, need to do as much research as possible on properties before showing up to bid. And, before jumping into the fray, they need to have observed several prior sales to see how the process works.
"We seldom recommend that someone buy at their first foreclosure auction," says Mr. Sharga. "Or, if they do, they should work with a real estate professional to minimize the risk."
Before you bid, prepare
Participating in foreclosure auctions can be risky. So if you're thinking of buying a property at a foreclosure auction, attorney Scott Tross offers several tips to make the process safer and easier. Mr. Tross, a partner in the firm of Herrick, Feinstein LLP, wrote "New Jersey Foreclosure Law and Practice," published in 2001 by New Jersey Law Journal Books.
Tross suggests:
1. To find available properties, check the "legal" section of the classified ads in local newspapers. Some Internet sites, such as PropertyShark.com and RealtyTrac.com, also have listings.
2. Since you're unlikely to be able to inspect a property before a foreclosure auction, drive by it and observe it from the street.
3. Before a property is scheduled for a foreclosure auction, do a title search on it, which will reveal any existing liens on the property. As a rule of thumb, the buyer will have to pay all senior liens (those placed on the property before the lien being foreclosed upon at the auction). Senior liens may include the first mortgage on the property as well as any unpaid real estate taxes.
Junior liens (those placed on the property after the lien being foreclosed upon) will usually be extinguished by the sale and won't need to be repaid.
4. If you plan to bid on a property, bring cash or, preferably, a cashier's check. The amount must be enough to cover the down payment on the property, unless your state requires that the full sale price be paid immediately. Down payments run about 10 to 20 percent of the sale price.
5. Go to the auction knowing how high you will bid. Don't exceed that amount.
6. In many states, after you pay the down payment, you'll have a period of time - perhaps 30 days - to pay the remainder. Once you've paid in full, you'll receive the deed from the official who conducted the auction, and you'll own the property. That's the time to buy title insurance, which ensures that you'll get a clean, unencumbered title. (Note: If you don't pay on time, the property will be reauctioned, and you may lose your down payment.)
NEW YORK -- If you're hoping to grab a good house potentially at a great price, you might want to beat a path to your county's courthouse.
In today's dour housing market, amid the vast number of properties in foreclosure, more people are converging on courthouses or other places where such properties are auctioned. And if they've got the sharp eye and tenacity of homeowner Nancy Levin, they might dig up a gem.
When Mrs. Levin's family needed to relocate within Michigan, she took on the task of researching properties for sale. Eventually, she found a lovely three-bedroom, 3,000-square-foot home adjacent to a golf course in tony Bloomfield Hills, Mich. But because the mortgages on the home were in default, Levin eventually had to buy the house at a foreclosure auction about 18 months ago.
The process was far from simple. Among the array of issues, Levin encountered frequent postponements of the auction date, requiring her to keep an eye on the ever-changing schedule of this sale. When the auction finally occurred, Levin was duly rewarded. As the only bidder on the house, she landed the property for its opening auction price, plus $1. All in all, the sale price was about $120,000 less than the home's appraised value, creating what Levin dubs "an amazing deal."
But to some observers, the Levins were exceptionally fortunate. Foreclosed homes sold at auctions, a tragedy for previous owners, present a golden opportunity to others. They are also potential mine fields for the unwary.
About 40 percent of properties with a mortgage in default end up at foreclosure auctions, experts say. And if bidders haven't done their research on a property, they could find themselves landing a house riddled with problems.
For one thing, foreclosed properties may have been neglected, and the public often will have had little or no chance to inspect a property closely before the auction. Moreover, the property could contain liens for such things as unpaid taxes and association fees, some of which the buyer may have to pay. Moreover, there could be a redemption period after the foreclosure sale to be aware of. In the many states where this period exists, borrowers can redeem their property, which was sold at the foreclosure auction, by paying the amount it sold for at the auction, plus interest.
There are other financial pressures involved. Buyers need to bring cash or a cashier's check with them to a foreclosure auction. That's because winning bidders must make down payments immediately after the auction. In fact, some states require winning bidders to pay the full sales amount the same day as the auction.
And these days, the process increasingly involves a disconcerting twist: Many properties may be worth less than the value of their outstanding mortgage.
In recent years, many homeowners obtained adjustable rate mortgages at very favorable terms. But when their mortgage rates adjusted upward, they were hit with higher payments, sometimes beyond their ability to pay. As the housing market soured, some homeowners have been unable to sell their property before the bank foreclosed.
If such properties end up on the auction block, their opening bid could be close to, or even higher than, the assessed value of the home. At the same time, many bidders are professional investors who will pass on homes where they don't foresee a profit.
Options to buy don't end with foreclosure auction
"Banks have a duty to bid as much as they are owed" on an outstanding mortgage, says Ryan Slack, chief executive of PropertyShark.com, an online real estate research company in New York City. "But investors don't want to buy a property unless it's [priced] at a discount," he adds.
Indeed, at a July 13 foreclosure auction at the Queens County, N.Y., Supreme Court building, only four of the 18 properties auctioned that day attracted any bids from the public. The rest, observers said, ended up in the hands of their mortgage lender.
But the ability to obtain troubled properties doesn't end there: Some time after the lender takes title to foreclosed properties, a new selling phase typically begins. That's when banks try to shed unwanted properties - typically by selling them through a real estate agent or by offering them at a second auction.
These post-foreclosure auctions are attractive to lenders, experts say, because they can unload their mounting stocks of properties on a specific date.
Thus, "you're seeing [post-foreclosure auctions] of 20 to 30 properties at a time, held at conference centers or hotels," says Rick Sharga, marketing vice president at RealtyTrac Inc., a real estate information company in Irvine, Calif. "In the past, [such lenders] didn't have enough inventory" to hold such events.
For example, the Real Estate Disposition Corp. (REDC), a real estate auction company in Irvine, held three post-foreclosure auctions for almost 300 properties in May. These auctions, taking place in San Diego, Los Angeles, and Riverside, Calif., drew some 4,000 people, all told, reports Michael Schack, senior vice president at REDC.
To critics, such mega-auctions are bad news for buyers, who often end up paying market or above-market prices for properties. But to Mr. Schack, these events don't necessarily spark excessive bidding wars.
As some close observers note, many attendees at both foreclosure and post-foreclosure auctions are onlookers with no plans to bid. And to Schack, those who do bid often have a strategy: "They set a top price in their mind before bidding. They don't want to go overboard on that, because they are there to get a deal."
Proponents of post-foreclosure auctions see them as safer venues for bidders than the foreclosure auctions that preceded them. That's because you're buying from a lender at a post-foreclosure auction. (At a foreclosure auction, you're buying from the official who conducts the auction.)
Auctioneer Tommy Williams, chairman and cofounder of Williams & Williams, a real estate auction company in Tulsa, Okla., lists several other advantages: Buyers get a clean, unencumbered title; they are given the opportunity to inspect the property before the auction; and they partake in a bidding set by market forces and competition rather than one in which the value of the property is based upon the size of the outstanding mortgage.
Some investors still prefer to snag deals early
For his part, though, professional investor Les Lazarus likes to land deals before they disappear. Thus, he prefers initial foreclosure auctions.
"It's like first come, first served," holds the investor from Franklin, Tenn. "First, there's the foreclosure auction." Then, once the bank takes possession of the property - if it isn't sold to a member of the public at the foreclosure auction - the bank will likely try to sell it on their own or through a real estate agent.
Then, if the property is still not sold, they'll take it to an auction. He says, "It's awfully hard to see something squeeze through all those steps and still be a good deal."
Nonetheless, observers agree on at least one key point: Participants, particularly at foreclosure auctions, need to do as much research as possible on properties before showing up to bid. And, before jumping into the fray, they need to have observed several prior sales to see how the process works.
"We seldom recommend that someone buy at their first foreclosure auction," says Mr. Sharga. "Or, if they do, they should work with a real estate professional to minimize the risk."
Before you bid, prepare
Participating in foreclosure auctions can be risky. So if you're thinking of buying a property at a foreclosure auction, attorney Scott Tross offers several tips to make the process safer and easier. Mr. Tross, a partner in the firm of Herrick, Feinstein LLP, wrote "New Jersey Foreclosure Law and Practice," published in 2001 by New Jersey Law Journal Books.
Tross suggests:
1. To find available properties, check the "legal" section of the classified ads in local newspapers. Some Internet sites, such as PropertyShark.com and RealtyTrac.com, also have listings.
2. Since you're unlikely to be able to inspect a property before a foreclosure auction, drive by it and observe it from the street.
3. Before a property is scheduled for a foreclosure auction, do a title search on it, which will reveal any existing liens on the property. As a rule of thumb, the buyer will have to pay all senior liens (those placed on the property before the lien being foreclosed upon at the auction). Senior liens may include the first mortgage on the property as well as any unpaid real estate taxes.
Junior liens (those placed on the property after the lien being foreclosed upon) will usually be extinguished by the sale and won't need to be repaid.
4. If you plan to bid on a property, bring cash or, preferably, a cashier's check. The amount must be enough to cover the down payment on the property, unless your state requires that the full sale price be paid immediately. Down payments run about 10 to 20 percent of the sale price.
5. Go to the auction knowing how high you will bid. Don't exceed that amount.
6. In many states, after you pay the down payment, you'll have a period of time - perhaps 30 days - to pay the remainder. Once you've paid in full, you'll receive the deed from the official who conducted the auction, and you'll own the property. That's the time to buy title insurance, which ensures that you'll get a clean, unencumbered title. (Note: If you don't pay on time, the property will be reauctioned, and you may lose your down payment.)
Thursday, October 4, 2007
Keeping Your Earnest Money Safe
When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
Monday, September 10, 2007
Saturday, September 8, 2007
New listing!
NEW LISTING IN HICKORY HILLS!!!!
WELCOME TO YOUR NEW HOME!
153,500
THIS HOME IS A MUST-SEE! VERY WELL-KEPT AND CLEAN! VAULTED CEILINGS THRU-OUT, FIREPLACE, UPGRADED APPLIANCES, WIRED FOR SURROUND SOUND, CUSTOM CABINETS IN KIT, CERAMIC TILE BATH, WALK-IN CLOSETS, SEP. LAUNDRY ROOM, OVERSIZED DECK! 3 BEDROOMS, 2 BATHS. OVER 1300 SQ. FT. SOUGHT AFTER NEIGHBORHOOD!
GIVE US A CALL TODAY TO FOR A PERSONAL VIEWING OF THIS BEAUTIFUL HOME! IT WON'T LAST LONG....
The Homes Around Nashville Team
1-888-656-1169
615-376-4500
jennifer@homesaroundnashville.com
Wednesday, August 29, 2007
pricing of your home
If you start out with too high a price on your home, you may have just added to your stress level -- and selling a home is stressful enough. There will be a lot of "behind the scenes" action taking place that you don’t know about.
Contrary to popular opinion, the listing agent does not usually attempt to sell your home directly to a homebuyer. That would be inefficient.
Listing agents market and promote your home to the hordes of other local agents who do work with homebuyers, dramatically increasing your personal sales force. During the first couple of weeks your home should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients.
If the price is right.
If you and your agent have overpriced, fewer agents will preview your home. After all, they are Realtors, and it is their job to know local market conditions and home values. If your house is dramatically above market, why waste time? Their time is better spent previewing homes that are priced realistically.
Wednesday, August 15, 2007
Economy is stable reports show
Data suggests economy is sound
By Joanne Morrison
Falling gasoline costs held U.S. consumer prices nearly in check in July and industrial output rose, according to data that suggested the economy was sound despite credit fears in financial markets.
Other reports on Wednesday showed a slight dip in New York state manufacturing activity this month and a decline in the amount of capital flowing into the United States in June.
Analysts said the latest data, combined with reports earlier this week showing solid retail sales and a shrinking trade deficit, point to an economy that is doing pretty well.
"Things don't look that bad. There is no evidence yet in the data that the economy is on the cusp of losing steam," said Michael Darda, chief economist at MKM Partners in Greenwich, Connecticut.
Still, a gauge of home builder sentiment from the National Association of Home builders hit its lowest since January 1991, suggesting a housing slump had a ways to run.
"Builders realize that issues related to mortgage credit cost and availability have become more acute, filtering some prospective buyers out of the market and prompting others to delay their decision to purchase a new home," said NAHB President Brian Catalde, a home builder from El Segundo, California.
The bulk of Wednesday's data was close to expectations on Wall Street and financial markets focused more on the fear credit would evaporate as problems in the subprime mortgage market widen than the economy's health.
Throughout the day, stocks teetered between gains and losses, while prices for U.S. government bonds were mixed.
Central banks around the globe have pumped money in the financial system over the past week in an effort to keep credit flowing.
Financial markets now expect the U.S. Federal Reserve to lower interest rates at its next meeting on September 18, if not before, to buffer the economy as credit becomes more scare.
Many economists, however, do not expect the central bank to act that quickly.
"To me, the risk remains the economy not inflation, but I doubt the Fed will change course before the September 18th meeting without an even more major deterioration in financial conditions," said Joel Naroff, president and chief economist of Naroff Economic Advisors in Holland, Pennsylvania.
CONSUMER PRICES UP LESS THAN EXPECTED
The Consumer Price Index, a key inflation gauge, rose just 0.1 percent last month as gasoline prices fell 1.7 percent, the Labor Department said. Economists polled by Reuters had expected a rise of 0.2 percent.
So-called core inflation, which excludes volatile food and energy prices, rose 0.2 percent, matching forecasts. Year-over-year, the core CPI held steady at 2.2 percent for a third straight month.
The Fed said last week that inflation remained its predominant concern, although it acknowledged that a wobbly housing market had led to tightening credit terms for some households and businesses.
"The July CPI readings don't make it any harder or easier for the Fed to cut interest rates," said Richard Huber, economist at A.G. Edwards and Sons in St. Louis. "The trade deficit data we got yesterday will drive GDP numbers for the second quarter higher, which will allow the Fed to say that it's still focused on inflation."
INDUSTRIAL OUTPUT UP
Industrial output rose 0.3 percent in July as automotive-related production surged 2.6 percent, offsetting a big decline in utility output, a Federal Reserve report showed.
Manufacturing output rose 0.6 percent.
"Low inventory levels, strong export demand, and ongoing moderate economic growth at home have allowed the manufacturing sector to shake off the depressing effects of the housing downturn," said Daniel Meckstroth, chief economist for the Manufacturers Alliance/MAPI.
Separately, the U.S. Treasury said net overall capital inflows into the United States dropped to $58.8 billion in June from May's revised inflow of $107.3 billion, hurt by a plunge in net purchases of U.S. securities by private investors.
June's net overall capital inflow barely covered the U.S. trade deficit for the month of $58.1 billion.
In another report, the New York Federal Reserve Bank said manufacturing in New York State factories slowed in August. The New York Fed's "Empire State" general business conditions index fell modestly to 25.06 from 26.46 in July.
(Additional reporting by Julie Haviv, Ellen Freilich and Emily Kaiser in New York, and Patrick Rucker, Nancy Waitz and David Lawder in Washington)
By Joanne Morrison
Falling gasoline costs held U.S. consumer prices nearly in check in July and industrial output rose, according to data that suggested the economy was sound despite credit fears in financial markets.
Other reports on Wednesday showed a slight dip in New York state manufacturing activity this month and a decline in the amount of capital flowing into the United States in June.
Analysts said the latest data, combined with reports earlier this week showing solid retail sales and a shrinking trade deficit, point to an economy that is doing pretty well.
"Things don't look that bad. There is no evidence yet in the data that the economy is on the cusp of losing steam," said Michael Darda, chief economist at MKM Partners in Greenwich, Connecticut.
Still, a gauge of home builder sentiment from the National Association of Home builders hit its lowest since January 1991, suggesting a housing slump had a ways to run.
"Builders realize that issues related to mortgage credit cost and availability have become more acute, filtering some prospective buyers out of the market and prompting others to delay their decision to purchase a new home," said NAHB President Brian Catalde, a home builder from El Segundo, California.
The bulk of Wednesday's data was close to expectations on Wall Street and financial markets focused more on the fear credit would evaporate as problems in the subprime mortgage market widen than the economy's health.
Throughout the day, stocks teetered between gains and losses, while prices for U.S. government bonds were mixed.
Central banks around the globe have pumped money in the financial system over the past week in an effort to keep credit flowing.
Financial markets now expect the U.S. Federal Reserve to lower interest rates at its next meeting on September 18, if not before, to buffer the economy as credit becomes more scare.
Many economists, however, do not expect the central bank to act that quickly.
"To me, the risk remains the economy not inflation, but I doubt the Fed will change course before the September 18th meeting without an even more major deterioration in financial conditions," said Joel Naroff, president and chief economist of Naroff Economic Advisors in Holland, Pennsylvania.
CONSUMER PRICES UP LESS THAN EXPECTED
The Consumer Price Index, a key inflation gauge, rose just 0.1 percent last month as gasoline prices fell 1.7 percent, the Labor Department said. Economists polled by Reuters had expected a rise of 0.2 percent.
So-called core inflation, which excludes volatile food and energy prices, rose 0.2 percent, matching forecasts. Year-over-year, the core CPI held steady at 2.2 percent for a third straight month.
The Fed said last week that inflation remained its predominant concern, although it acknowledged that a wobbly housing market had led to tightening credit terms for some households and businesses.
"The July CPI readings don't make it any harder or easier for the Fed to cut interest rates," said Richard Huber, economist at A.G. Edwards and Sons in St. Louis. "The trade deficit data we got yesterday will drive GDP numbers for the second quarter higher, which will allow the Fed to say that it's still focused on inflation."
INDUSTRIAL OUTPUT UP
Industrial output rose 0.3 percent in July as automotive-related production surged 2.6 percent, offsetting a big decline in utility output, a Federal Reserve report showed.
Manufacturing output rose 0.6 percent.
"Low inventory levels, strong export demand, and ongoing moderate economic growth at home have allowed the manufacturing sector to shake off the depressing effects of the housing downturn," said Daniel Meckstroth, chief economist for the Manufacturers Alliance/MAPI.
Separately, the U.S. Treasury said net overall capital inflows into the United States dropped to $58.8 billion in June from May's revised inflow of $107.3 billion, hurt by a plunge in net purchases of U.S. securities by private investors.
June's net overall capital inflow barely covered the U.S. trade deficit for the month of $58.1 billion.
In another report, the New York Federal Reserve Bank said manufacturing in New York State factories slowed in August. The New York Fed's "Empire State" general business conditions index fell modestly to 25.06 from 26.46 in July.
(Additional reporting by Julie Haviv, Ellen Freilich and Emily Kaiser in New York, and Patrick Rucker, Nancy Waitz and David Lawder in Washington)
Wednesday, July 18, 2007
As Midstate apartment market tightens, rents increaseOccupancy rate soars; developers focus on condos
By CHAS SISK
Housing isn't cheap. Just ask Middle Tennessee's renters.
Rents in the Nashville area have jumped 5 percent since the winter of 2005 and are on pace to rise another 5 percent by spring, according to the latest figures from the Greater Nashville Apartment Association.
The average apartment in the Nashville area now costs $736 a month, up nearly $30 from last summer's rates, and apartment managers are having little trouble finding renters at the higher prices.
Since spring, the occupancy rate in the region's 60,000-unit apartment market has risen above 94 percent, one of the highest rates since a late-1990s building splurge sent vacancies soaring.
Investors and analysts say it's uncertain whether Nashville's apartment complexes have become so full that a round of new construction is inevitable. Developers of multifamily buildings continue to be enamored of condominium projects, which offer a better return on investment than apartments, though for considerably more risk.
"They're going to do condos instead of apartments until the market crashes," said Kent Burns, president of Freeman Webb Investments Inc., a Nashville firm that owns 30 apartment complexes in Middle Tennessee.
The occupancy rate has risen nearly a percentage point since spring and is approaching the 95 percent threshold, the point at which apartment managers say they generally have too few units available to meet demand.
Options are fewer
The high occupancy rate leaves new tenants with fewer options. Mike Rose, a retired mortgage broker who moved into the Lakeshore Apartments complex in Hendersonville recently, said he had little trouble choosing where to live, but he didn't have many choices as to the type of unit.
"I don't think there's a shortage," Rose said. "But you're not going to find four, five, six, eight apartments in a complex."
Those who stay in their apartments may also feel the pinch. Rents are up in every Middle Tennessee submarket except the Wilson County cities of Mt. Juliet and Lebanon.
In most areas, the increases are relatively modest, no more than $30 or so. But in a few neighborhoods, rents have exploded.
Along Nolensville Road, the average rent for an apartment has jumped $60 to $653 a unit since last winter. In Smyrna and La Vergne, rents are up $72 to $680.
And in downtown and midtown Nashville, rents have rocketed up $175 to $1,121.
Condos affect market
One cause of that rise has been developers' eagerness to build condominiums. Some complexes, such as the Blair House apartments on Chesterfield Avenue, have been razed to make way for new projects.
Condo construction has also indirectly deterred new projects, investors and brokers said. Prices for land in high-density neighborhoods are high, and multifamily developers have tended to choose the quick return of condo construction to recoup their investments over the slower returns of building apartments and collecting rents.
Those condos may soon have another impact on the apartment market. Over the next year, more than 1,000 condos in the downtown alone will be delivered to owners.
Those units could suppress demand for apartments, as people move out of rental housing and into condos. Or it could inflate the supply, as investors attempt to rent out units until they are able to resell them.
"I think there's a possibility of competition," said Charlie Biter, president of Nashville-based Continental Property Management LLC.
Apartments may return
As occupancy rates and rents climb higher, the odds increase that Nashville developers will turn their sights again to apartment construction.
One sign that may soon occur can be found in the Stahlman office building. Last summer, a joint venture between two local development companies reopened the 100-year-old tower on Third Avenue North as a 142-unit apartment building.
Occupancy there now approaches 90 percent, with most units leasing for $900 to $1,500, said Bert Mathews, president of The Mathews Co., a partner in the project.
Already two of Nashville's most prominent multifamily developers — Crosland LLC and Bristol Development Group — are planning to build apartments next. Both have major condo projects in the Gulch under construction, and both are now planning to build 150-unit apartment buildings in that same area.
"It's doing way better," said Steve Massey, a broker in the multifamily investment practice at CB Richard Ellis. "Now the market's getting tight."
By CHAS SISK
Housing isn't cheap. Just ask Middle Tennessee's renters.
Rents in the Nashville area have jumped 5 percent since the winter of 2005 and are on pace to rise another 5 percent by spring, according to the latest figures from the Greater Nashville Apartment Association.
The average apartment in the Nashville area now costs $736 a month, up nearly $30 from last summer's rates, and apartment managers are having little trouble finding renters at the higher prices.
Since spring, the occupancy rate in the region's 60,000-unit apartment market has risen above 94 percent, one of the highest rates since a late-1990s building splurge sent vacancies soaring.
Investors and analysts say it's uncertain whether Nashville's apartment complexes have become so full that a round of new construction is inevitable. Developers of multifamily buildings continue to be enamored of condominium projects, which offer a better return on investment than apartments, though for considerably more risk.
"They're going to do condos instead of apartments until the market crashes," said Kent Burns, president of Freeman Webb Investments Inc., a Nashville firm that owns 30 apartment complexes in Middle Tennessee.
The occupancy rate has risen nearly a percentage point since spring and is approaching the 95 percent threshold, the point at which apartment managers say they generally have too few units available to meet demand.
Options are fewer
The high occupancy rate leaves new tenants with fewer options. Mike Rose, a retired mortgage broker who moved into the Lakeshore Apartments complex in Hendersonville recently, said he had little trouble choosing where to live, but he didn't have many choices as to the type of unit.
"I don't think there's a shortage," Rose said. "But you're not going to find four, five, six, eight apartments in a complex."
Those who stay in their apartments may also feel the pinch. Rents are up in every Middle Tennessee submarket except the Wilson County cities of Mt. Juliet and Lebanon.
In most areas, the increases are relatively modest, no more than $30 or so. But in a few neighborhoods, rents have exploded.
Along Nolensville Road, the average rent for an apartment has jumped $60 to $653 a unit since last winter. In Smyrna and La Vergne, rents are up $72 to $680.
And in downtown and midtown Nashville, rents have rocketed up $175 to $1,121.
Condos affect market
One cause of that rise has been developers' eagerness to build condominiums. Some complexes, such as the Blair House apartments on Chesterfield Avenue, have been razed to make way for new projects.
Condo construction has also indirectly deterred new projects, investors and brokers said. Prices for land in high-density neighborhoods are high, and multifamily developers have tended to choose the quick return of condo construction to recoup their investments over the slower returns of building apartments and collecting rents.
Those condos may soon have another impact on the apartment market. Over the next year, more than 1,000 condos in the downtown alone will be delivered to owners.
Those units could suppress demand for apartments, as people move out of rental housing and into condos. Or it could inflate the supply, as investors attempt to rent out units until they are able to resell them.
"I think there's a possibility of competition," said Charlie Biter, president of Nashville-based Continental Property Management LLC.
Apartments may return
As occupancy rates and rents climb higher, the odds increase that Nashville developers will turn their sights again to apartment construction.
One sign that may soon occur can be found in the Stahlman office building. Last summer, a joint venture between two local development companies reopened the 100-year-old tower on Third Avenue North as a 142-unit apartment building.
Occupancy there now approaches 90 percent, with most units leasing for $900 to $1,500, said Bert Mathews, president of The Mathews Co., a partner in the project.
Already two of Nashville's most prominent multifamily developers — Crosland LLC and Bristol Development Group — are planning to build apartments next. Both have major condo projects in the Gulch under construction, and both are now planning to build 150-unit apartment buildings in that same area.
"It's doing way better," said Steve Massey, a broker in the multifamily investment practice at CB Richard Ellis. "Now the market's getting tight."
Saturday, June 30, 2007
HAPPY 4th OF JULY
The Great American Cookout
Throw the Ultimate July 4th Party
Every year North Americans head outdoors to celebrate summer and Independence Day. Now I know you don't want to be outdone by the neighbors, so I've put together some of the best information for you to make the most out of your summer entertaining. I must emphasize that the secret to a successful cookout is in the planning. Whether you will be grilling hamburgers, steaks, chicken or fish or maybe smoking ribs or brisket you need to know more than just the secrets to barbecuing & grilling. This is why I have put together this list of great resources to help you out.
Entertaining and Party Organizing
The first part of throwing a successful summertime bash is knowing how to cook for a crowd. If you happen to be a woman, don't be put off by the idea of grilling. Grillin' for Gals is a great guide to get you going. Remember to you are planning more than a meal, it's a party.
When cooking for a large gathering make sure you prepare something for everyone. Throw on a couple of Hot Dogs for the kids while you are grilling the rest. In fact, try getting the kids fed first to alleviate their hunger for summer foods.
Cooking and Recipes
When putting together a meal decide the best way to prepare the dishes quickly and easily. Kebabs are a great main dish because you can cook everything at once. You don't have to stick to the basics. Try a grilled meal with a Chinese, Italian, French or Mexican style.
Start off with some great appetizers for the grill or other appetizers.
If you want tradition then you need a good recipe for Potato Salad, Cole Slaw or Barbecue Beans.
If you or some of your guests are vegetarians you can still do some 4th of July entertaining, only vegetarian style. Vegetarian grilling can be more than just veggie burgers, but you will be a success if you make them from scratch.
Remember to cool things off with some Frozen Delights or go the extra mile with Italian ice cream. There is a lot you can do with desserts like a nice dish of dirt or a margarita pie.
Drinks
When it comes to serving iced tea don't forget the iced tea, or even the iced coffee. Coordinate your drinks with the meal and the season. A slightly chilled wine will go great with grilled foods. There are also a lot of cool, refreshing summer cocktails you can choose from. You might even what to check out some patriotic drinks for this July 4th. Of course no great cookout is complete without beef. What you need to make this even particularly patriotic is a good selection of beers. Colleen Graham has just what you need to stock your cooler.
No matter what you plan for this summer's entertaining I know a good place to find everything you need.
Throw the Ultimate July 4th Party
Every year North Americans head outdoors to celebrate summer and Independence Day. Now I know you don't want to be outdone by the neighbors, so I've put together some of the best information for you to make the most out of your summer entertaining. I must emphasize that the secret to a successful cookout is in the planning. Whether you will be grilling hamburgers, steaks, chicken or fish or maybe smoking ribs or brisket you need to know more than just the secrets to barbecuing & grilling. This is why I have put together this list of great resources to help you out.
Entertaining and Party Organizing
The first part of throwing a successful summertime bash is knowing how to cook for a crowd. If you happen to be a woman, don't be put off by the idea of grilling. Grillin' for Gals is a great guide to get you going. Remember to you are planning more than a meal, it's a party.
When cooking for a large gathering make sure you prepare something for everyone. Throw on a couple of Hot Dogs for the kids while you are grilling the rest. In fact, try getting the kids fed first to alleviate their hunger for summer foods.
Cooking and Recipes
When putting together a meal decide the best way to prepare the dishes quickly and easily. Kebabs are a great main dish because you can cook everything at once. You don't have to stick to the basics. Try a grilled meal with a Chinese, Italian, French or Mexican style.
Start off with some great appetizers for the grill or other appetizers.
If you want tradition then you need a good recipe for Potato Salad, Cole Slaw or Barbecue Beans.
If you or some of your guests are vegetarians you can still do some 4th of July entertaining, only vegetarian style. Vegetarian grilling can be more than just veggie burgers, but you will be a success if you make them from scratch.
Remember to cool things off with some Frozen Delights or go the extra mile with Italian ice cream. There is a lot you can do with desserts like a nice dish of dirt or a margarita pie.
Drinks
When it comes to serving iced tea don't forget the iced tea, or even the iced coffee. Coordinate your drinks with the meal and the season. A slightly chilled wine will go great with grilled foods. There are also a lot of cool, refreshing summer cocktails you can choose from. You might even what to check out some patriotic drinks for this July 4th. Of course no great cookout is complete without beef. What you need to make this even particularly patriotic is a good selection of beers. Colleen Graham has just what you need to stock your cooler.
No matter what you plan for this summer's entertaining I know a good place to find everything you need.
Thursday, June 28, 2007
Young Professionals
Best Cities For Young Professionals
Matt Woolsey
Head to the Big Apple, and your chances of getting the corner office might not be as far off as you think.
That's because New York City tops our list as the No. 1 city for young professionals.
That likely comes as a shock to, well, no one. Many of America's best companies, as determined by Forbes rankings of the best 400 big businesses and best 200 small businesses, including financial giant Goldman Sachs (nyse: GS - news - people ) and media conglomerate News Corp. (nyse: NWS - news - people ) are in New York. Throw in New York's bars, clubs and world-class dining, and you get a city teaming with young professionals.
San Francisco clocked in at No. 2 and Atlanta at No. 3. Los Angeles, Washington, D.C., Boston and Seattle filled spots four through seven, and Minneapolis, Philadelphia and Denver closed out the top 10.
Behind The Numbers Our list was compiled by tracking where the graduates of top universities across the country ended up 10 years after commencement; where the best business opportunities exist; which cities had the most young and unmarried people; and which cities paid young professionals the best.
To see where graduates of elite schools chose to pursue their careers, we looked at Class of 1997 alumni location data from six elite universities across the country--Harvard, Princeton, Duke, Stanford, Northwestern and Rice. The data indicated where graduates have settled 10 years later, and where their professional lives have matured.
We then excluded alumni that remained close to school. Harvard grads in Massachusetts--nixed; Dukies who stayed in North Carolina--gone; Stanford Cardinals roosting in California--tossed. The goal: to determine which cities offer such strong opportunities for young professionals that they're willing to pick up and move across the country for them.
Some cities are bigger than others, of course. So we adjusted where elite grads ended up against overall population size to measure the respective concentrations of young professionals. This allowed smaller cities such as Portland and Austin to compete equally with heavyweights such as New York and Los Angeles.
Then we stirred the locations of prized jobs into the mix. Each year, Forbes selects America's 400 best big businesses and 200 best small businesses. We used the locations of those 600 companies to determine which cities had the best professional opportunities for the under-35 set.
Money is important too. To figure out how far yearly income will go, we measured cities' variations in starting salary using data from New York-based Mercer Human Resource Consulting and adjusted it for cost of living with our own Forbes index; the idea being that the more greenhorn grads a city can attract with a decent salary to cost of living ratio, the more likely they'll stay and develop in that area.
Of course, even the most driven young professionals need to let off steam. With that in mind, the final metric was measured which cities had the highest share of never-married people in their 20s and 30s. Never married is an important qualifier. For example, of the 40 largest cities, Salt Lake City has the third-highest population share of people ages 25 to 34, but its standing as No. 27 in the never-married category really puts a damper on the nightlife.
The bottom 10 cities were brought down by a variety of causes. Salary to cost of living submarined Miami, Norfolk, Va., and San Antonio. The inability to attract top grads and top companies hurt Detroit and Las Vegas, and all our measurements converged on Tampa, Fla., beating it down to last place on our list.
Matt Woolsey
Head to the Big Apple, and your chances of getting the corner office might not be as far off as you think.
That's because New York City tops our list as the No. 1 city for young professionals.
That likely comes as a shock to, well, no one. Many of America's best companies, as determined by Forbes rankings of the best 400 big businesses and best 200 small businesses, including financial giant Goldman Sachs (nyse: GS - news - people ) and media conglomerate News Corp. (nyse: NWS - news - people ) are in New York. Throw in New York's bars, clubs and world-class dining, and you get a city teaming with young professionals.
San Francisco clocked in at No. 2 and Atlanta at No. 3. Los Angeles, Washington, D.C., Boston and Seattle filled spots four through seven, and Minneapolis, Philadelphia and Denver closed out the top 10.
Behind The Numbers Our list was compiled by tracking where the graduates of top universities across the country ended up 10 years after commencement; where the best business opportunities exist; which cities had the most young and unmarried people; and which cities paid young professionals the best.
To see where graduates of elite schools chose to pursue their careers, we looked at Class of 1997 alumni location data from six elite universities across the country--Harvard, Princeton, Duke, Stanford, Northwestern and Rice. The data indicated where graduates have settled 10 years later, and where their professional lives have matured.
We then excluded alumni that remained close to school. Harvard grads in Massachusetts--nixed; Dukies who stayed in North Carolina--gone; Stanford Cardinals roosting in California--tossed. The goal: to determine which cities offer such strong opportunities for young professionals that they're willing to pick up and move across the country for them.
Some cities are bigger than others, of course. So we adjusted where elite grads ended up against overall population size to measure the respective concentrations of young professionals. This allowed smaller cities such as Portland and Austin to compete equally with heavyweights such as New York and Los Angeles.
Then we stirred the locations of prized jobs into the mix. Each year, Forbes selects America's 400 best big businesses and 200 best small businesses. We used the locations of those 600 companies to determine which cities had the best professional opportunities for the under-35 set.
Money is important too. To figure out how far yearly income will go, we measured cities' variations in starting salary using data from New York-based Mercer Human Resource Consulting and adjusted it for cost of living with our own Forbes index; the idea being that the more greenhorn grads a city can attract with a decent salary to cost of living ratio, the more likely they'll stay and develop in that area.
Of course, even the most driven young professionals need to let off steam. With that in mind, the final metric was measured which cities had the highest share of never-married people in their 20s and 30s. Never married is an important qualifier. For example, of the 40 largest cities, Salt Lake City has the third-highest population share of people ages 25 to 34, but its standing as No. 27 in the never-married category really puts a damper on the nightlife.
The bottom 10 cities were brought down by a variety of causes. Salary to cost of living submarined Miami, Norfolk, Va., and San Antonio. The inability to attract top grads and top companies hurt Detroit and Las Vegas, and all our measurements converged on Tampa, Fla., beating it down to last place on our list.
Thursday, June 21, 2007
FOR SALE - DESTIN, FLORIDA
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Tuesday, June 19, 2007
Nashville West shopping
Nashville West developers bet big on Charlotte PikeShopping center to house more than 20 stores
By CHAS SISK, The Tennessean
Even their own wives couldn't believe what developers Mark McDonald and William Oldacre were proposing.
An up-market shopping center on the western end of Charlotte Pike? It was too much to believe.
"They said, 'You're out of your minds. No one will go to Charlotte to shop,' " McDonald recalled. "And I said, 'You will go. It's more convenient than Green Hills.' "
McDonald, Oldacre and partner Thomas Newton are betting big that they can reshape the perceptions of people such as their spouses: affluent men and women who live in Nashville's upscale neighborhoods of Belle Meade, Green Hills and Hillwood.
Late last year, the developers' $135 million Nashville West shopping center opened on a 100-acre expanse between Interstate 40 and Charlotte Pike, bringing major national retailers to a street that historically has tended to attract few businesses larger than independent grocery stores, fast-food restaurants and small car lots.
With this project, Newton Oldacre McDonald believes it can turn the western end of Charlotte Pike into a retail center capable of challenging established trading posts in Green Hills and Cool Springs. And to make it possible, they're pouring millions of dollars into road improvements, landscaping and an expanded public park.
The investment signals a trend that is just beginning to take hold in Nashville: Developers are beginning to believe that they can build successful new shopping centers, at least partially, from the remains of old, failing ones.
Others may follow
Nashville West's fate could point the way for others interested in turning around similar outposts among Nashville's aging shopping corridors.
"It's having a great impact, and it's only going to get better as they add stores, the park," said Metro Councilman Billy Walls, whose district includes Nashville West and the surrounding neighborhood.
"It (the site) had no future. No one was even looking at that until these developers came and said, 'We're proposing this.' "
McDonald and Oldacre said they had been eyeing the property since the late 1980s. Then the property was partially occupied by the Hillwood Plaza shopping center, a strip mall anchored by Wal-Mart. That center began to slide in 1998, when Wal-Mart relocated to another shopping center farther west on Charlotte Pike.
But Newton Oldacre McDonald did not decide to take a chance until three years ago, when H.G. Hill Realty readied plans for the $70 million Hill Center at Green Hills, a 48,000-square-foot shopping center on the site of an old grocery store.
That project convinced them that a redevelopment project could work, Oldacre said.
20 stores planned
The first Nashville West store, Costco, opened in November. It has since been followed by a Target, Dick's Sporting Goods and Best Buy, among others.
Plans call for building more than 20 stores with a total of 700,000 square feet of retail space, the equivalent of 16 acres under roof.
Newtown Oldacre McDonald also envisions building six to 10 restaurants, 50,000 square feet of out-parcel space, condos and a renovated Metro park.
According to the firm's research, more than one in five households within a 10-minute drive of Nashville West earn $100,000 a year or more. That's nearly twice the ratio found in Davidson County as a whole.
Newton Oldacre McDonald believes that many of these people shop in either the increasingly crowded retail center along Hillsboro Pike in Green Hills or trek to the area around CoolSprings Galleria in Franklin.
Nashville West is one-fifth of the distance to Cool Springs for Belle Meade residents and gets far less traffic than Green Hills.
"There are no large (undeveloped) tracts of land to develop, so what you can do is take an existing site and market to the demographics," said Brian Forrester, an agent with The Shopping Center Group in Nashville. "You've got to be creative. … This is a creative project."
Landscaping costs $3 M
To lure upscale shoppers to Nashville West, Newton Oldacre McDonald strived to create a shopping experience that exceeds that of the typical shopping center. The firm spent $3 million on landscaping, including restoring and extending a 19th-century stone wall to give the center a unique look.
The firm is spending $2 million on improvements to Metro's H.G. Hill Park. Those plans include building a 4-acre park that will remain under Metro control but will be maintained by the tenants of Nashville West.
Another advantage to the location: It's not as likely to have many competitors. Shopping centers in Nashville's suburbs frequently have to fend off competitors located across the street.
But Nashville West is tucked into a fairly developed area, with the hilly topography reducing the chances that another center will enter the market soon. That means that any competitor would also have to redevelop, likely at a considerable expense.
"We don't believe there's another site like this," McDonald said.
"If there is one, we can't imagine what it is."
Friday, June 1, 2007
How Much is To Much?
The 60-storey house for just one family
This 60-storey house is for just one family.
India's richest man, Mukesh Ambani, is planning a palace in the heart of Mumbai with helipad, health club, hanging gardens and six floors of car parking.
His wife, mother and three children will live there with him, looked after by 600 live-in staff.
Construction has already started on what will eventually be a 175m tower and planners are aiming to complete it in September 2008.
Earlier this year, Forbes rated Mr Ambani as the richest resident Indian with a net worth of US$20.1 billion.
He came 14th in Forbes' 2007 worldwide rankings.
Currently he is chairman of petroleum major Reliance Industries Ltd, India's largest private sector company
The building, already worth £500 million, could start a rush on skyscrapers.
THE DAILY MAIL
Thursday, May 17, 2007
housing market
US HOUSING MARKET
Live in Seattle? If you own your home, chances are you're celebrating.
That's because the city's median home price in the first quarter of this year hit $380,200, an increase of 12.3% from a year earlier, according to data from the National Association of Realtors (NAR). Median home prices in the Pacific Northwest as a whole soared; in Portland, Ore., prices jumped 8.9%, and in Salem, Ore., they grew 15.6%.
Southern metros also boasted gains. In San Antonio, prices went up 11.2%, and Austin, Tex., prices climbed 5.4%. Charlotte, N.C., and Raleigh, N.C., rose 6.4% and 6.3%, and Richmond, Va., and Norfolk, Va., improved 6.2% and 5.9%.
"What we're seeing now are the areas which still have a strong economy, but didn't have the overheated prices [during the housing boom], are the ones holding on strong now," says Kermit Baker, a senior research fellow at Harvard University's Joint Center for Housing Studies.
In the Northeast, the New York City metropolitan area turned in a steady 1% growth rate, and smaller metros like Albany, N.Y.; Trenton, N.J.; and Allentown Pa.--which improved by 6.3%, 7.1% and 5.8% respectively--helped overcome Boston's continuing slump to lift the Northeast to a 1.2% overall price growth, making it the only region in the black.
Now the bad news.
Cloudy Skies Median home prices in Florida are down, according to NAR: Tampa by 2%, and Sarasota, Palm Bay and Daytona by an average of 9%. Overall, Florida prices plunged 25%, making the Sunshine State not so sunny. Miami, however, which had been hamstrung early in the housing downturn, improved by 2%. The rally may be tenuous however, as 23% of Miami housing loans are subprime, according to First American LoanPerformance, a mortgage data provider.
"We've had 30 subprime lenders go under, which leads to a tightening of credit," says Jonathan Miller, president of Miller Samuel, a New York-based real estate appraisal and consultancy firm of lenders nationwide. "That adds one more barrier to transactions, something that couldn't have come at a more delicate time for the housing market. On a national level, there are a lot of markets which are going to have some problems."
The Gulf Coast, where home prices had roared back at a double-digit clip the year following Hurricane Katrina, is one such market. Biloxi, Miss., grew by 15.7%, and Baton Rouge, La., by 9.7%, but the subprime hammer came down on New Orleans, where a 20% delinquency rate on subprime loans contributed to an 11% drop in home values, the NAR reports.
Worse News To Come? For many markets, things may get worse before they get better. Nationwide, prices fell by 6.6%, a number that makes sense at this point in the housing cycle, experts say.
"When housing prices slip, nothing really changes until you try to sell, which is what we've had happen in the last couple of months," says Miller. "I don't think the housing slowdown has fully hit the national economy yet."
Overexpansion was a problem for most metro areas. Homeowner vacancy rates stood at 2.8% in the first quarter of this year, a statistically significant rise from the 2.1% rate a year ago and the 1.7% average between 1995 and 2005, according to the U.S. Census Bureau.
Those high inventory numbers flatten prices and make new development less lucrative.
"It's becoming more difficult to put together financing for new development projects," says Miller. "That'll actually provide some constraint on supply, but that's a couple years down the road. You figure the lead on new development is probably two years, so it's going to be a couple years before units stop coming off the conveyor belt."
Moving forward, there is concern surrounding the strength of the national macro economy. In the first quarter of 2007, growth came in at a disappointing 1.3%--hampered by 4% inflation--but the Federal Reserve predicts growth between 2.5% and 3% for the remainder of 2007.
"We do have a massive inventory correction, which will happen a lot easier and a lot less painfully if it continues to happen during an economic expansion," says Baker. "The fear is now that even though the direct housing hit was absorbed, the indirect hit could be serious too. We're into that now, but it doesn't look like it's enough to throw the economy into recession."
Some might disagree. Fears about the ripple effect of the housing market have traders particularly bearish.
The S&P/Case-Shiller housing futures market on the Chicago Mercantile Exchange (nyse: CME - news - people ) is based on repeat sales of homes across 10 markets ranging from Boston to San Diego. There, traders are betting on a 4.5% decline from now until next year.
"There's a limitation to the futures market, because it only trades one year forward," says Fritz Siebel, a broker with Traditional Financial Services, the largest trader of housing futures. "For 2007 to 2008, the market doesn't look good, but it doesn't mean there's not a bottom around the corner."
Source: Matt Woolsey, Forbes.com
Live in Seattle? If you own your home, chances are you're celebrating.
That's because the city's median home price in the first quarter of this year hit $380,200, an increase of 12.3% from a year earlier, according to data from the National Association of Realtors (NAR). Median home prices in the Pacific Northwest as a whole soared; in Portland, Ore., prices jumped 8.9%, and in Salem, Ore., they grew 15.6%.
Southern metros also boasted gains. In San Antonio, prices went up 11.2%, and Austin, Tex., prices climbed 5.4%. Charlotte, N.C., and Raleigh, N.C., rose 6.4% and 6.3%, and Richmond, Va., and Norfolk, Va., improved 6.2% and 5.9%.
"What we're seeing now are the areas which still have a strong economy, but didn't have the overheated prices [during the housing boom], are the ones holding on strong now," says Kermit Baker, a senior research fellow at Harvard University's Joint Center for Housing Studies.
In the Northeast, the New York City metropolitan area turned in a steady 1% growth rate, and smaller metros like Albany, N.Y.; Trenton, N.J.; and Allentown Pa.--which improved by 6.3%, 7.1% and 5.8% respectively--helped overcome Boston's continuing slump to lift the Northeast to a 1.2% overall price growth, making it the only region in the black.
Now the bad news.
Cloudy Skies Median home prices in Florida are down, according to NAR: Tampa by 2%, and Sarasota, Palm Bay and Daytona by an average of 9%. Overall, Florida prices plunged 25%, making the Sunshine State not so sunny. Miami, however, which had been hamstrung early in the housing downturn, improved by 2%. The rally may be tenuous however, as 23% of Miami housing loans are subprime, according to First American LoanPerformance, a mortgage data provider.
"We've had 30 subprime lenders go under, which leads to a tightening of credit," says Jonathan Miller, president of Miller Samuel, a New York-based real estate appraisal and consultancy firm of lenders nationwide. "That adds one more barrier to transactions, something that couldn't have come at a more delicate time for the housing market. On a national level, there are a lot of markets which are going to have some problems."
The Gulf Coast, where home prices had roared back at a double-digit clip the year following Hurricane Katrina, is one such market. Biloxi, Miss., grew by 15.7%, and Baton Rouge, La., by 9.7%, but the subprime hammer came down on New Orleans, where a 20% delinquency rate on subprime loans contributed to an 11% drop in home values, the NAR reports.
Worse News To Come? For many markets, things may get worse before they get better. Nationwide, prices fell by 6.6%, a number that makes sense at this point in the housing cycle, experts say.
"When housing prices slip, nothing really changes until you try to sell, which is what we've had happen in the last couple of months," says Miller. "I don't think the housing slowdown has fully hit the national economy yet."
Overexpansion was a problem for most metro areas. Homeowner vacancy rates stood at 2.8% in the first quarter of this year, a statistically significant rise from the 2.1% rate a year ago and the 1.7% average between 1995 and 2005, according to the U.S. Census Bureau.
Those high inventory numbers flatten prices and make new development less lucrative.
"It's becoming more difficult to put together financing for new development projects," says Miller. "That'll actually provide some constraint on supply, but that's a couple years down the road. You figure the lead on new development is probably two years, so it's going to be a couple years before units stop coming off the conveyor belt."
Moving forward, there is concern surrounding the strength of the national macro economy. In the first quarter of 2007, growth came in at a disappointing 1.3%--hampered by 4% inflation--but the Federal Reserve predicts growth between 2.5% and 3% for the remainder of 2007.
"We do have a massive inventory correction, which will happen a lot easier and a lot less painfully if it continues to happen during an economic expansion," says Baker. "The fear is now that even though the direct housing hit was absorbed, the indirect hit could be serious too. We're into that now, but it doesn't look like it's enough to throw the economy into recession."
Some might disagree. Fears about the ripple effect of the housing market have traders particularly bearish.
The S&P/Case-Shiller housing futures market on the Chicago Mercantile Exchange (nyse: CME - news - people ) is based on repeat sales of homes across 10 markets ranging from Boston to San Diego. There, traders are betting on a 4.5% decline from now until next year.
"There's a limitation to the futures market, because it only trades one year forward," says Fritz Siebel, a broker with Traditional Financial Services, the largest trader of housing futures. "For 2007 to 2008, the market doesn't look good, but it doesn't mean there's not a bottom around the corner."
Source: Matt Woolsey, Forbes.com
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