High-end home sellers turn to leasing

Frank Danzo holds his son, Zach, 3, outside their Cherry Creek
North home. The house didn't sell for the $1.8 million asking price
after about a year on the market, so Danzo is now trying to lease it,
something more luxury homeowners are considering. (Hyoung Chang,
The Denver Post)

When Frank Danzo's Cherry Creek North home didn't sell after he dropped the price to $1.8 million, he decided he'd try to rent it. The 6,700-square-foot house has languished on the market for about a year since Danzo and his wife, Denise, moved to a larger home in Cherry Creek North, so now they want to rent it to help pay the mortgage.

"We kind of expected it would sell fairly quickly, and it didn't," Danzo said.

He'd like to find someone to lease the six-bedroom, five- bath house for about $6,000 a month for six months to a year. He's also considering a lease with an option to buy.

The glut of homes over $1 million on the market has many sellers considering leasing. In most cases, the rent doesn't cover the mortgage, but

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it helps.

"They're looking for ways to ride out the market," said Edie Marks, a broker at Kentwood Co. who specializes in luxury real estate.

In her more than 30 years in the real estate industry, Marks said, she's never seen sellers put their luxury homes up for rent.

With markets in other parts of the country in even worse shape than Denver, there are many people looking to rent while they're waiting for their homes to sell, said Rollie Jordan, another Kentwood broker who specializes in luxury sales. Jordan said she's worked with several chief financial officers of major Denver corporations, as well as a sports star, to find rental property while they're waiting for their homes in other markets to sell.

"It's a trickle-down effect. They're renting for a year or so until the market picks up and the homes in the areas they live in sell," she said. "Then they'll buy a home in Denver from me."

Among Jordan's clients is former Avalanche player Karlis Skrastins, who was traded to the Florida Panthers. Skrastins is renting a home in Florida while Jordan tries to either sell or lease his home on Cook Street in Cherry Creek North.

"In this economy you have to be creative," Jordan said. "I am a real estate professional and if I am asked to help with a rental, I'm happy to do so."

The 4,876-square-foot home is listed for sale at $1.9 million and for lease for $4,500 a month.

"It's a really sexy, hot place," Jordan said. "But I had to take the pool table out of the living room because the wives were saying it's a bachelor pad. The husbands loved it."

Marks refers clients who want to rent their homes to specialists such as Mary Bartos of Front Range Property Rentals LLC.

"They're just huge mansions, and they're not moving," said Bartos, who has about a half-dozen high-end homes available for lease.

Bartos said she hasn't had any negative feedback from neighbors of the rental properties she's handling.

"They are at first very skeptical," she said. "But you have to jump through a lot of hoops to rent one of these houses. You have to have an extensive background check. You have to have great tenants with great credit."

Another client of Bartos, who asked not to be named, said she leased her 6,000-square-foot Cherry Hills Village home to an oil executive and his family after it had languished on the market for about eight months.

"We had showings, but it just wasn't selling," the owner said. "We had it for sale, and we had it for lease, whichever came first. We would have preferred to have sold it, but with the timing of the market, the leasing came up first."

It's not just the high-end homes that sellers are trying to rent. Dee Chirafisi, broker/owner at Kentwood City Properties, said it's a trend that's happening in all price ranges.

"In 15 years, I've never done any leasing until this year — even in the low end," Chirafisi said. "People are just putting it out there, and whatever happens, they're OK with."

Lynne Ida's Curtis Park home has been on the market for six months. She dropped the price from $420,000 to $360,000 and now is trying to lease it for $1,650 a month.

"I'm not in the kind of situation where it's going to go into foreclosure or anything like that," she said. "I'm just riding out the market. I would prefer to sell it."

Margaret Jackson: 303-954-1473 or mjackson@denverpost.com

source: The Denver Post

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High-end home sellers turn to leasing

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95 Express tolls to start Dec. 5

If you commute or run deliveries on Interstate 95 in Miami, mark Friday, Dec. 5 on your calendar.

That’s when the state will start charging a toll for the new express lanes north of downtown.

“We will be coming out with further details soon, but we are really pushing for commuters to look into carpooling and our new 95 express buses,” said Brian Rick, regional public outreach media specialist for the Florida Department of Transportation.

The express lanes start just north of downtown and continue 7 miles to the Golden Glades interchange. There are no exits once a motorist enters the lanes. Up until Dec. 5, there’s no charge.

Starting around 5 a.m., Dec. 5, only motorists with SunPass or high-occupancy vehicle (HOV) decals can use the lanes. The decals can be obtained for hybrid vehicles or registered carpools with three or more occupants.

The toll along the stretch will fluctuate between 25 cents and $2.50 in an attempt to keep 95 Express from becoming congested with vehicles. The toll goes up or down, depending on traffic volume.

Businesses are being encouraged to start new programs for employees. FDOT has an entire program, South Florida Commuter Services, dedicated to helping motorists and businesses sign up for carpooling.

“These are free programs from the state designed to get people out of their single-occupancy vehicle and try carpooling or transit,” said Jim Udvardy, director of South Florida Commuter Services. “One of our services is to work with large employers and building a transportation program. And they can use that as a benefit for their employees in retention and recruitment.”

The commuter services program has a Web site at www.1800234ride.com. The site has online registration.

Carpools are checked out by the program to make sure members are actually in the carpool, and software helps determine if the carpool is legitimate, partly by judging the distances between registrants’ addresses.

Only the northbound lanes of I-95 have the new express lanes now, but the southbound lanes will be added next year.

source: South Florida Business Journal

link to the original post:
http://southflorida.bizjournals.com/southflorida/stories/2008/11/17/daily54.html



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List of potential tenants is tight amid a wave of store closures

The big, yellow “Closing” banner caught Greg Allen’s attention.

“I decided to see if there are any deals,” the Home Depot flooring salesman said. “It is surprising because Sound Advice has been around for a long time.”

Allen was among a steady flow of bargain hunters streaming into the Sound Advice on Federal Highway in Fort Lauderdale on Nov. 17. It had been little more than a week since the beleaguered stereo and electronics retailer announced the closing of 94 stores nationwide, including all in South Florida.

“They say we are in a recession, so I might as well save money as much as I can on something that I need,” said Ariel Umana, a photo specialist at a nearby Walgreens. He was on the hunt for a CD player.

Sound Advice, rocked by competition and declining sales, is hardly the only retailer sinking in these stormy economic seas.

Linens ’n Things, Floral Supply Mart, OfficeMax and The Rag Shop have also closed stores. After two years in business, the Brandon Fine Furniture store in Fort Lauderdale closed. The closures have given rise to a swell of empty big-box spaces in an environment where few are lining up to lease space.

“From this point forward, we are estimating 14,000 retail doors will close,” said Richard L. Kaye, executive VP of the Hilco Organization, an asset disposition, appraisal and acquisition firm. The Northbrook, Ill.-based firm is handling the liquidation of bankrupt Linens ’n Things.

The combined store closings will flood the retail real estate market with about 75 million square feet of vacant space by the middle of next year, Kaye said.

“Frankly, it is going to be a very challenging environment for retail space in general,” he said.

The cracks are already starting to form in South Florida’s once-Teflon retail sector.

Third quarter vacancy rates were at a five-year high, according to Reis research. In response, third quarter rents dipped lower across South Florida.

Many retail real estate experts are bracing for vacancy rates to spike several percentage points by early next year, as sluggish holiday sales are likely to wipe out more retailers.

“I think everyone imagines that January of 2009 will not be a pretty picture,” said Stephen Bittel, chairman of Terranova Corp., which owns and manages 3 million square feet of shopping centers in South Florida. “Christmas was always critical, but this year, Christmas assumes unusual importance.”

Bittel said home goods, apparel, and restaurants are the most vulnerable.

The downturn, however, could create opportunities for some retailers to grab prime spots at discounted rents.

Dollar Tree is looking to open as many as 20 new stores across South Florida, said Bill Rotella, president of Fort Lauderdale-based Rotella Group, which is representing the discounter. The chain’s stores range from 10,000 to 20,000 square feet.

“Landlords are aggressively trying to get their boxes re-tenanted and are being as flexible as they can,” Rotella said. He estimated deals are now being cut for rents that are 20 percent less than a year ago.

According to local brokers, other big-box retailers now looking to move into South Florida are: Indianapolis-based electronics and appliance retailer hhgregg, with 30,000-square-foot store formats; Monrovia, Calif.-based neighborhood grocer Trader Joe’s, whose stores are 12,000 to 15,000 square feet; and Kent, Wash.-based outdoor gear and clothing retailer REI, whose stores average 27,000 square feet.

Bethany Neilson, a spokeswoman for the 105-store REI chain, confirmed that the retailer is looking for locations in Florida, but has yet to sign any leases. Despite the economy, she said, REI is not planning to deviate from its growth rate of six to eight new stores a year.

In addition to new chains, empty big-box spaces could be snapped up by existing market players looking to fill in coverage gaps, said Paco Diaz, senior VP of CB Richard Ellis.

With little new construction in the near future, Diaz said, landlords able to act aggressively to land deals and financially positioned to withstand lean times will come out on top once the market rebounds.

“Come 2011,” Diaz said, “they are going to be in very good condition.”

dlunsford@bizjournals.com (954) 949-7523

source: South Florida Business Journal

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List of potential tenants is tight amid a wave of store closures



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Why are Europe's bees dying?

Members of the European Parliament have joined a growing chorus urging action to save the world's threatened bee populations.

As Europe business reporter Ben Shore explains, the phenomenon is far more serious than simply a rise in honey prices.

Bees seem to be vulnerable to a combination of threats

In the plush surroundings of the European Parliament in Strasbourg, a continental breakfast is a common sight. Between 0730 and 1100 the various eateries around the building churn out coffee, almond croissants and orange juice at an impressive rate.

But a cloud hangs over the future of this most European of institutions. That cloud is the worrying decline in bee populations.

Bees not only produce honey, they pollinate many of the plants and vegetation which we then go on to consume.

And the continental breakfast? Well, bees pollinate almond trees, so if bees were to die out, the almond filling for our croissants would disappear. The one-euro cup of coffee would suddenly rocket in price, as would the orange juice, because bees pollinate the majority of coffee plants and orange trees.

Even milk would be more difficult to come by, because bees pollinate most types of animal feed, and the alternatives dairy farmers would have to use, probably cereals, are far more expensive.

More data needed

The threat to breakfast is very real. The bee population of Europe has been falling at an alarming rate. In the UK, it dropped by around 30% between 2007 and 2008, according to the British Bee Keepers Association.

The continental breakfast might not survive if the bees disappear

But Britain is only a minor player in the European beekeeping scene, with around 274,000 hives. According to the European Food Safety Authority (EFSA), Italy had 1,091,630 hives in 2007 and France 1,283,810.

In the same EFSA study Italy revealed its bee mortality rate was 40-50% - a worrying figure for a country with an industrial-scale beekeeping industry.

But EFSA officials point out that the figures are not very reliable because before the bees started dying out there was no harmonisation in the way different countries collected statistics on their bee populations.

When it comes to actually working out why the bees are dying the confusion is even greater.

Scientists think something called the varroa mite is partly responsible for the bee emergency. They suck the blood of infected insects, weakening their immune systems.

But it is thought there may be other pressures on bees, including some pesticides and the prolonged spells of wet weather which have been seen during the last two European summers.

The situation is so bad there is even a name for it: Colony Collapse Disorder, and the lack of information is one of the things that so concern MEPs.

They are calling on the EU's executive arm, the European Commission, to spend more money on research into what is causing the bees to die out.

MEPs also want the creation of special recovery zones on arable land, full of nectar-rich plants. It is thought such areas could help bee populations to recover.

The beekeeping industry is welcoming the attention from European politicians, but the commission will take time to act, and time is something bees lack.

source: bbc

link to the original post:
http://news.bbc.co.uk/2/hi/europe/7739798.stm

Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
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http://waterfrontlife.blogspot.com
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Housing Slump Hits Canada as Seller Offers C$100,000 Deal Bonus

By Christopher Donville

Nov. 19 (Bloomberg) -- West Vancouver builder Sean Hanley thought Canada's real estate market would be immune to the housing recession that sent values tumbling in the U.S. Then the economy slowed and oil prices fell.

The price of a detached house in this upscale community fell 22 percent in October from a year earlier, helping to drag the average residential price in Canada down by 9.9 percent, the biggest decline in 26 years, according to the Real Estate Board of Greater Vancouver and the Canadian Real Estate Association. For Hanley, that's meant nary a buyer for his five-bedroom home.

``It's been a little bit surprising the consequences of the subprime crisis have been so far-reaching,'' said Hanley, 48, who has cut his asking price to C$3.99 million ($3.26 million) and is now offering a C$100,000 bonus, on top of regular fees, to the agent who delivers a buyer.

The speed and magnitude of the price declines in parts of metropolitan Vancouver and across the country are startling some Canadians, who haven't seen a recession since 1992, said Ken Peacock, director of economic research at the Business Council of British Columbia.

Many homeowners felt Canada, the world's eighth-largest economy, would escape the U.S. credit crisis, aided by surging commodity prices and a scarcity of loans made to people with limited or bad credit records, Peacock said.

Housing `Shock'

``It's been a shock for some people,'' Peacock, 42, said in an interview. ``They sort of embraced the idea that we had a strong domestic economy and we would be insulated.''

Real estate in greater Vancouver, Canada's third-most- populous urban area, has historically been more expensive than the rest of the country because of the mild winters and Pacific Ocean setting against a backdrop of rainforest-covered mountains, real estate agent Charles Bilash said.

The port city's economy has also benefited from population growth, reductions in taxes and construction of highways, a subway line and venues for the February 2010 Winter Olympics Games.

Since early June, Canada's benchmark Standard & Poor's/TSX Composite Index has tumbled 42 percent, as crude oil and other commodity prices have slumped and the U.S. and Canadian economies slowed. Canada's currency has sagged 17 percent against the U.S. dollar since midyear.

Bank of Canada policy makers last month forecast the economy to contract at a 0.4 percent annualized pace this quarter, compared with a prediction in July of 1.8 percent growth. Canada relies on the U.S. for more than 80 percent of exports.

Sitting on Sidelines

That's bad news for Hanley, who put his 6,000 square-foot home on the market almost a year ago for C$4.3 million. The house boasts an unobstructed Pacific Ocean view, sun-filled patios and an infinity swimming pool.

``People aren't making major acquisitions while their net worth is declining,'' Hanley said.

Prices in Canada's leading cities also have fallen from their peaks, though Vancouver may have the most to lose. In October, greater Vancouver prices were almost double the national average of C$281,133.

The average home price in Toronto, Canada's financial capital, plunged 11 percent in October to C$353,018, according to figures released Nov. 14 by the Canadian Real Estate Association.

Declines in Canada are beginning to mirror those in western U.S. cities, including Seattle and San Francisco.

Pending sales of single-family homes and condominiums in Seattle fell 26 percent in October to 578 units from the same month a year earlier, according to the Northwest Multiple Listing Service. The median home price fell 5.4 percent to $375,000.

Tracking the U.S.

While home sales rose 45 percent in September in the San Francisco Bay Area, the gain was largely due to foreclosures. The median price slid 36 percent to $400,000, according to MDA Dataquick.

``Canada's housing market seems to be tracking the U.S. with a two-year lag,'' said David Wolf, a Toronto-based economist with Merrill Lynch & Co.

In Hanley's West Vancouver, 565 detached homes were on the market last month, 88 percent more than a year earlier, according to the Real Estate Board of Greater Vancouver.

Sales fell to 19 from 51 a year earlier. The price of a benchmark, or typical, detached house in West Vancouver declined to C$1.14 million from C$1.46 million a year earlier, said Craig Munn, a spokesman for the board.

Though Hanley says his offer of a C$100,000 bonus has increased awareness of his home, he's starting to think it may be easier to rent the place.

``The only other option is to reduce my asking price by C$600,000 to C$700,000 to where I'd be virtually giving the place away,'' Hanley said. ``I'm not about to do that.''

To contact the reporter on this story: Christopher Donville in Vancouver at cjdonville@bloomberg.net.

source: bloomberg.com

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Housing Slump Hits Canada as Seller Offers C$100,000 Deal Bonus


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$300 Billion in Exotic Mortgages Now Available

FHA is now New Century, IndyMac, Wamu, Lehman and Countrywide all rolled up into one.

The failed $300 Billion Hope For Homeowners (H4H) program that the markets heralded when it was announced is getting revamped. This is because it was a bad idea - only 100 applications have been submitted as of Oct 1st. Hear that?!? 100 applications. 100 freaking applications! Its no wonder in the universe why there is no faith in the solons.

Remember Dodd and Schumer pumping this with all they had? If they would have just called me, I would have told them it was fundamentally flawed - I wrote about it several time. Now this is just more tax payer money already ear-marked that they will spend however they want. Their choice is to spend the money on more bad loans.

The reasons for failure are simple - banks do not want to participate because they have to write principal balances down too much and waive second mortgage liens. Getting a bank to waive principal is next to impossible as you know. That is the primary reason for every foreclosure prevention plans failure. Additionally, borrowers simply don’t qualify without exotic-type loan programs.

So, what is the solution that FHA came up with? You got it - to change lending guidelines turning FHA into an exotic lender giving borrowers exotic loans. It gets better - they are giving these loans to troubled borrowers in default with their present lender. Brilliant!

FHA WILL NOW BE THE BIGGEST EXOTIC, HIGH LTV and HIGH DEBT-TO-INCOME RATIO lender around. Actually folks, because FHA is a government agency you and I are taking the hits for all the losses to come from this program. If this style of lending caused the great mortgage and housing meltdown in the first place, why would issuing new loans in the same manner to previously defaulted borrowers have a different outcome?

Once again the government is changing the rules to bailout the banks - see underlined sentences in bold below. This program does waive principal which I condone, but with high housing debt-to-income ratios, 40-year terms, and near 100% LTV’s allowed, borrowers are better off renting. When the value of their homes drop another 25-50% in the next two years, they will walk away and rent anyway.

The mortgage and housing crisis can be solved. It will be a painful and expensive process but it is far better than the alternative and throwing $300 billion of sh** against the wall every month to see if it sticks. I write about it in yesterday’s The Great Mortgage Modification PUMP - GOD SAVE US ALL - Best Mr Mortgage

source: mrmortgage

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$300 Billion in Exotic Mortgages Now Available

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Rory Vanucchi
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Visitors to Ireland from Great Britain down 17% in September

Source: CSO

Overseas trips to Ireland from Great Britain fell by just over 17% in September 2008 to 318,600 compared to September 2007, according to the CSO.

Trips from Other Europe and North America also fell but to a lesser extent. Overall, overseas trips to Ireland fell by 10.8% and the fall in visitor numbers from Great Britain accounted for much of this decrease.

Irish residents made 726,300 overseas trips in September 2008 which was down very slightly from September 2007. This was in contrast to an increase of 14.5% in September 2007 compared to the same month in 2006.

In the first nine months of 2008, the number of overseas trips by Irish residents grew by 4.4% to 6,241,600 compared to the same period in 2007. This was slightly more than the number of trips taken to Ireland which fell by just over 1% to 6,174,000.

The CSO “Airport Pairings” database contains information of every direct flight in and out of the nine Irish airports on a monthly basis. Data is available from January 2006 to April 2008. For details click here.

source: finfacts ireland

link to the original post:
http://www.finfacts.ie/irishfinancenews/article_1015301.shtml

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Rory Vanucchi
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http://waterfrontlife.blogspot.com/
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Paying the price for tax cuts in Broward County

FORT LAUDERDALE, Fla. – Nov. 18, 2008 – Weston homeowner Tony Steinbuck fights fires for a living, but even he is incensed by the more than 50 percent increase in fire fees imposed by his city.

“It’s a big scam,” said Steinbuck, 47, a Palm Beach County firefighter whose bill jumped from $232 to $357. “That’s how some of the cities are back-dooring. They knock off some property taxes, and then charge more fees.”

The state last year ordered spending cuts and then voters in January approved additional tax relief. But in Broward County, most property owners won’t get all they were expecting. Instead, 26 municipalities and the county raised property tax rates, added or increased fees on services ranging from ambulance transport to athletic programs, or did both.

Their officials say they had little choice because essential services were at stake. But some residents and economists question whether local governments should have made more aggressive spending cuts or taken other measures, such as expanding the tax base or privatizing services.

“I think it’s totally unfair because ... they are taking more money from the citizens, which is not what the Legislature intended,” said Phil McConaghey, 75, an engineer from Pembroke Pines, one of 13 municipalities that boosted its tax rate, imposed some new fees and increased others.

A case for fees

Coral Springs this year raised more than a dozen fees, ranging from fire inspection charges to community bus fares.

Mayor Scott Brook defends the practice because fees are more targeted than property taxes.

“If you are not engaged in the service, you are not paying,” he said.

Some of the fees hikes this year are steep.

In Tamarac, for example, patients requiring basic transport from paramedics will pay $600, up from $360 last year. Plantation homeowners caught building without a permit will be charged $300, up from $200, or if it is greater, double the permit fee. Seven cities boosted their fire fees by at least 30 percent.

“We’re no further ahead with the tax cuts because of the fees,” said Lenora Chuchla, 63, of Hollywood, which tacked on an additional $33 to yearly garbage bills. “They may sound like small increases, but when you’re on a fixed income, it’s not.”

Weston City Manager John Flint said his city’s new contract with the Broward Sheriff’s Office justifies the 53.7 percent increase in fire fees. He said the old contract lagged behind inflation and the city last April added a fourth rescue truck.

Byron Jaffe, an airline pilot and Weston resident, said the fee hike is “worth it as long as the high level of service is maintained. I don’t want my house to burn down because we don’t have enough fire services to get here.”

Broken promises?

Voters in January approved a ballot initiative that doubled the $25,000 homestead exemption and allowed homesteaders to take tax savings with them when they moved. The previous spring, the Legislature ordered local governments to freeze property taxes at 2006 levels, then trim them by 3 percent to 9 percent, depending on how much taxes collections increased over the previous five years.

The point was “to ensure that local governments knew that the ever increasing gravy train is over,” said former state Sen. Steve Geller, a South Florida Democrat who pushed the tax relief amendment.

However, just five local governments – Deerfield Beach, Lauderdale-by-the-Sea, Lazy Lake, Pembroke Park and West Park – passed budgets without raising fees or property tax rates.

Pembroke Park Manager Bob Levy said the town “turned to industry to pick up the [tax] burden.”

It aggressively grew its tax base by using incentives to lure large companies.

“We could not survive otherwise because about 30 percent of our population lives below the poverty line,” he said.

On the other hand, Pembroke Pines raised its tax rate to $4.43 per $1,000 taxable property value, up from $4.17 last year. Many owners will still save money because of the new $50,000 homestead exemption, just not as much as they thought.

Faced with a $12.6 million shortfall, the city cut about 80 positions, including 67 vacancies; sliced pool hours; and imposed a four-day, 40-hour work week for some employees. It kept its tennis program going by introducing membership fees of $20 to $50. It also raised its fire fee to $209.63, up from $153.48.

Asked whether the commission considered limiting perks such as travel or cell phones, Pembroke Pines Mayor Frank Ortis said: “What perks should I have cut? The residents didn’t ask me to do that.”

Not everyone embraces the city’s choices.

“I’m not happy,” said Debbie Alley, 55, an accounting and human resources administrator. “I am concentrated on making mortgage payments and gas is higher. I will certainly think about fees when [commissioners] are up for re-election.”

The choices

Chris Edwards, director of tax policy at the Cato Institute, a libertarian research group, argues that cities should consider privatization instead of increasing fees.

“Swimming pools and any other service where the user can be charged a fee can be privatized,” he said. “Private enterprise runs things more efficiently, especially when there’s competition.”

Ronald Fisher, an economics professor at Michigan State University, argues that fees and tax rate hikes are not unreasonable if it keeps municipal services at an acceptable level. For example, he said, if a city cuts its police force, crime may go up. With fewer workers to mow medians and repair roads, neighborhoods may fall prey to blight and property values could plunge.

The goal is to generate enough revenue to promote economic growth without overburdening homeowners, Fisher said.

“Everybody wants something for nothing,” he said. “As we know, it’s not realistic. If people still want good roads, garbage collection, water services, they have to pay for it sometime.”

source: floridarealtors.org

link to the original post:
http://www.floridarealtors.org/NewsAndEvents/n3-111808.cfm



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Rory Vanucchi
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http://waterfrontlife.blogspot.com
www.FortLauderdaleLiving.net

Streets: Utilitarian Corridors or Livable Public Space

In just the last year and a half, Transportation Commissioner Janette Sadik-Khan has begun a dramatic transformation of New York City's streets from mere utilitarian corridors into livable public spaces.

This is no happy accident. It took advocates (and bloggers!) years and years of hard work to make this possible. Only three years ago Mayor Bloomberg proudly stated that traffic was a side effect of the city's growing vitality. Now he's leading the charge on putting into place practical ideas that make the city less dependent on automobiles, more livable, more desirable and inviting to new families that would otherwise choose to live in exurban developments.

This may seem like just a feel good story about something that just increases quality of life for some people in NYC that doesn't have much implication for the rest of the country, but consider this: As the Commissioner states, NYC is planning on a million new residents over the next 20 years. Think about how many square miles of suburban/exurban development that will save for farming. Think about how many fewer cars will be produced if those million people come to NYC. What if every city across the country were a more desirable place to live, work, play, shop than its surrounding suburbs?

As we think about our future, we will need to be very conscious of how we can make low energy consumption urban areas more desirable than high energy consumption suburban areas.

source: oildrum.com

link to the original post:

http://local.theoildrum.com/node/4711



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Glut of unsold homes hits rents

Life is now getting harder for landlords as rents start to fall A glut of unsold homes has flooded the rental market, driving down rents at the fastest rate on record. The Royal Institution of Chartered Surveyors (Rics) said new instructions to sell flats and houses had been at record levels in the past few months. However, Rics said many people who cannot sell their homes have decided to let their properties, and this increase in supply has pushed rents down. The proportion of surveyors reporting lower rents was its highest since 2003. Quick change The past year has seen a dramatic turnaround in the UK property market because of the international banking crisis and the credit crunch. Frustrated vendors are placing their property on the market to let Royal Institution of Chartered Surveyors The latest quarterly Rics survey - for August, September and October - shows that the difficulties people have had in buying and selling homes have spilled over decisively into the rental market. With the supply of mortgages, sales and house prices all falling fast, many would-be vendors have decided to let their homes instead of selling them. "Frustrated vendors are placing their property on the market to let as they have been unable to agree sales due to a lack of demand in the housing market," said Rics. The turnaround for potential landlords and tenants has been swift and the number of homes available to rent has boomed. The proportion of Rics members who, looking back over the previous three months, reported more instructions to sell properties then fewer instructions, was 68% for houses and 50% for flats. As a result, the number of surveyors who said rents were now falling outstripped by 12% those who said they were still rising, the first fall in rents since 2003. This was a big change from the previous Rics report in August which had shown that 31% more surveyors were reporting that rents were still rising. London and South East The region most affected by the sudden change in the rental market has been London and the South East. That part of the country is heavily dependent on the financial services industry and has seen a swift rise in unemployment. Unlike the rest of the country it has also seen a slump in demand from potential tenants. "Tenant demand growth in the South East came to a virtual halt, while in London, demand actually contracted outright," said Rics. The effect was to drive down rental levels, with 53% more Rics members in London reporting a fall in rents for houses than a rise, and 33% more reporting a drop in rents for flats. source: bbc link to the original post: Glut of unsold homes hits rents Fort Lauderdale Blog and Real Estate News Rory Vanucchi RoryVanucchi@gmail.com http://waterfrontlife.blogspot.com www.FortLauderdaleLiving.net

Coral Ridge, Imperial Point won't let economy dampen their holiday festivals

By DON CRINKLAW Forum Publishing Group

November 20, 2008

Despite a weak economy, two Fort Lauderdale neighborhoods in the spirit of "to heck with the bad news" are going all out this year with holiday festivals that may make residents a bit more merry.

Coral Ridge Association Inc. President Betsy Dow said the association isn't concerned about finances right now. Its upcoming children's Holiday Festival will be paid for with association money assessed from members over the past year.

"We're not toning anything down," Dow said.

Residents will get their annual party from 11 a.m. to 4 p.m. Dec. 6 at George English Park, 1101 Bayview Drive. Dow said the festival will feature its usual style, and should go off without a hitch.

Coral Ridge Association Social Director Pam Coleman, said the party will feature a rock climbing wall, bounce house, and maybe a special appearance by the Fort Lauderdale Police Department's Mounted Patrol.

Elsewhere, the Imperial Point neighborhood is putting the final touches on its annual holiday party known as the "Winter in the Park Festival," organized by its homeowners association. In the past, the neighborhood has seen a few celebrities drop in including news anchor Jim Lehrer and his camera crew. However, this year's stars will likely be the children.

The main feature now will be the hayride, said Association President Betty Shelley, with little horses pulling the hay wagon.

"[We] have a large slide with snowflakes falling over it, and a little train," Shelley said.

The "Winter in the Park Festival," complete with food, live music and countless holiday lights, is set for 6 p.m. Dec. 12 at Dottie Mancini Park, 6400 NE 22nd Ave., just behind Imperial Point Hospital. The park was formerly known as Imperial Point Park, but was rededicated earlier this year.

For information on the Coral Ridge Festival call 954-564-4784. For "Winter in the Park Festival" information call 954-938-9230.

source: sun-sentinel.com

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Coral Ridge, Imperial Point won't let economy dampen their holiday festivals


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2008 Festival of Trees - 21st Annual Festival Of Trees An Artful Celebration.

This year marks the 50th anniversary of the Museum of Art Fort Lauderdale and as you may be aware community support and donations are essential to the Museum's ability to present extraordinary exhibitions, build outstanding educational programs and expand their permanent collection. As a community, we have watched our Museum grow into a highly successful institution, presenting exhibitions of exceptional caliber, international importance and broad public appeal such as Tutankhamun and the Golden Age of the Pharaohs, Cradle of Christianity, Requiem - Photographs of Auschwitz, Diana - A Celebration, Highwayman, Ansel Adams - Celebration of Genius and currently on display The Great Age of American Automobiles to name just a few. These exhibits have brought more than a million visitors to our Museum and generated in excess of $200 million in economic impact to Broward County.

Since Beaux Arts inception in 1959, we have functioned as the fundraising arm of the Museum of Art Fort Lauderdale and have raised over $5 million dollars on their behalf. Last year our signature fundraiser, Festival of Trees, enjoyed record participation raising nearly $125,000. It is only with your help that we can exceed that figure this year. Beaux Arts members are already busy preparing for:

A preview of this year's trees

Festival Of Trees

Festival of Trees ~ November 21 - 30, 2008
VIP Pre-Sale Reception - November 21, 2008
Opening Night Gala - November 21, 2008
Teddy Bear Tea - November 22, 2008


For 10 magical days The Galleria at Fort Lauderdale will display our glittering holiday wonderland of magnificently decorated trees, wreaths and gingerbread houses designed, created and donated by individuals, families, artists, and local businesses of Broward County all available for purchase.

Teddy Bear Tea
Beaux Arts "Teddy Bear Tea" is the darling of holiday social events for young families. Hosted by The Capital Grille this charming children's brunch also heralds the arrival of Santa Claus and has quickly become a "must attend" for young ladies of all ages.

*Beaux Arts is a non-profit charitable organization comprised solely of volunteers

Please join us in supporting the Museum of Art Fort Lauderdale by participating in this wonderful community event. Your sponsorship commitment at any level is greatly appreciated and will make an enormous impact on the success of the 21st Annual Festival of Trees. The various levels of sponsorship and the benefits associated with each level are enclosed for your consideration along with a Sponsorship Commitment form that indicates the level and amount you have designated for sponsorship. If your interest in making a gift does not fall into one of our stated levels, please do not hesitate to discuss this further with me. I am happy to answer any questions that you may have and can be contacted directly at 954-296-1473. Beaux Arts is a non-profit organization and all donations are deductible to the extent permitted by law.

On behalf of Beaux Arts and the Museum of Art Fort Lauderdale, we gratefully and most sincerely thank you for your support!!

source: beauxartsfll.com

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Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
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http://waterfrontlife.blogspot.com
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Thousands of Florida softshell turtles end up on dinner plates in Asia

Fishermen pluck softshells from Florida's waters to satisfy Asian appetites

By David Fleshler South Florida Sun-Sentinel

November 19, 2008

Hauled from canals and marshes around Lake Okeechobee, turtles arrive in the late afternoon at Jones Fish House, a corrugated metal structure on the Palm Beach County side of the lake.

A truck sent by Tamarac seafood broker Wan To Ho pulls up every few days and takes the turtles to Fort Lauderdale-Hollywood International Airport for a journey that will end in the soup bowls of Hong Kong, Beijing and Shanghai.

The international trade in Florida softshell turtles has become a significant business in Florida and other southeastern states, as Asian countries scour the globe for savory meats that have become rare at home. In September the Florida Fish and Wildlife Conservation Commission imposed an 20-turtle daily limit on commercial fishing of softshell turtles, but it's unclear whether that will have much effect because no one knows how many fishermen there are and how many turtles they've been catching.

Distinguished by its large size, tubular snout and flat, leathery shell, the Florida softshell turtle is the state's most popular turtle for eating and export, although other kinds are caught for food or the pet trade. While softshells historically have been abundant, many scientists say it's risky to allow a massive, market-driven catch of the largest, most reproductively active turtles without a careful assessment of the effect on Florida's lakes, rivers and canals."The real problem is we have no idea how many people are fishing, we don't know how many they're taking," said Peter Meylan, professor of biology at Eckerd College in St. Petersburg, who was among 32 scientists who signed a letter urging the state to impose a one-turtle-a-day limit. "Two guys fishing together can catch 40 turtles in a day. You're talking about a lot of biomass being taking out of ecosystems all over Florida."

Related links

• Florida's endangered and threatened species Photos

• About the Florida softshell turtle

• Top turtle importers

• Prices for turtles

• The problem

  Having depleted their own turtle populations, many countries have begun importing large numbers of Florida softshell turtles. The Florida Fish and Wildlife Conservation Commission recently cut the commercial catch limit to 20 turtles per day per person, but many scientists say this won't be enough to prevent the species' decline.

Ken Haddad, executive director of the state wildlife commission, issued a statement Tuesday saying the scientists' concerns "registered with us loud and clear," describing the 20-turtle limit as "interim" and promising to adopt a new strategy by June.

At Jones Fish House, just north of Pahokee, a town struggling with poverty and drugs, a sign announces We Buy Softshell Turtles. The fish house pays up to $1.20 a pound, but the sign warns it will reject turtles that are bleeding or smell bad.

As men cleaned fish at tables in the back, manager Lasonda Jones said she sells about 1,000 pounds of turtles a week to Chinese buyers, starting about a year ago. The new catch limits will harm people in an impoverished part of the state, she said.

"Those people are going to be out of a job," she said, seated near a sign listing prices for frog legs, alligator, shrimp and catfish. "Those people work hard; sunburned from having to be outside for 12 hours."

William Shockley, an Okeechobee fisherman, catches turtles on lines with about 250 hooks baited with chicken or bacon. He said the turtles remain plentiful, particularly because most of the state's lakes are off-limits to commercial fishing. And as the restoration of the Everglades creates new marshes and open-water areas, he said, Florida softshell turtles will see their habitat expand.

"I was born and raised in South Florida, and I don't want to see any of our turtles go extinct," he said.

Driving the business is the rising wealth of China, Vietnam, Malaysia and other Asian nations, where the desire for exotic meats and traditional medical ingredients has increased demand for such items as turtle and shark fins.

"In China and Vietnam, freshwater turtle and tortoise meat is a delicacy," said Barney Long, a wildlife biologist with the World Wildlife Fund.

A law enforcement bulletin by the Florida Fish and Wildlife Conservation Commission estimated in March that 1,600 to 3,000 pounds of turtles were shipped to Asia every week from each of the airports of Tampa, Orlando, Fort Lauderdale and Miami, with additional shipments going by refrigerated trucks.

One Fort Lauderdale seafood exporter buys 15,000 pounds a week, or 1,000 to 1,500 turtles, according to another state report. Kevin Enge, the biologist who wrote the report, confirmed that it was referring to Wan To Ho, president of Mr. Sushi Catering, of Tamarac.

Reached by phone, Ho said he buys only a "few thousands pounds" a week. He agreed the business needs more study and regulation, but said his business puts money in a lot of pockets.

"I think I'm not doing anything wrong," said Ho, who emigrated from southern China more than 30 years ago. "I help export. I help the fishermen."

David Fleshler can be reached at dfleshler@SunSentinel.com or 954-356-4535.

source: sun-sentinel.com


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Thousands of Florida softshell turtles end up on dinner plates in Asia



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Rory Vanucchi
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condo law

Some members of my homeowners association are getting mixed messages regarding qualified voters. One member was told that her daughter who is not on her deed is unable to deliver her proxy vote. Another member was told her live-in boyfriend, who is also not on the deed, was eligible to deliver her proxy. Can a member have anyone be their proxy or must the proxy be another member or a homeowner?

You will need to look at the homeowners association's governing documents to determine the answer. Under Florida law, if the governing documents do not discuss proxy voting requirements, the proxy vote will be valid if: it is dated; states the date, time, and place of the meeting for which it is given; and is signed by the authorized person who executed the proxy. Florida law does not mandate who delivers the proxy vote, but the governing documents may say otherwise. If the governing documents mandate a different requirement, those documents will govern.

If a condo association denies an applicant from buying into the complex, does Florida law require the association to put the denial in writing or can they just do it verbally?

It is the condominium association's governing documents — not Florida law — that would give the association the right to deny an applicant. You will need to review the association's declaration of condominium to determine whether and how it can deny applicants from moving into the complex.

Can a condo association require a unit owner to hand over a copy of the key to their home?

Yes. Florida's Condominium Act gives associations the irrevocable right of access to each unit during reasonable business hours, when necessary, for the maintenance, repair, or replacement of any common elements or of any portion of a unit to be maintained by the association pursuant to the declaration or as necessary to prevent damage to the common elements or to a unit or units. In cases where unit owners have challenged this law, Florida's Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes has repeatedly upheld that right of access.

source: sun-sentinel.com


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http://www.sun-sentinel.com/business/custom/consumer/sfl-flbcondocol1119sbnov19,0,5943486.story



Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
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www.FortLauderdaleLiving.net

Hurricane Insurance

Is it true that if you live within one mile of the ocean and your building is worth more than $750,000, you are going to have to have hurricane shutters, impact glass or window film which meet the code requirements for newly constructed buildings by Jan. 1 or if you are insured by Citizens they can refuse to pay a claim, or cancel your coverage?

This is essentially true. A bill was passed during the 2008 legislative session that amended Florida Statute 627.351. The new rules mandate that, as of Jan. 1, any home within one mile of the "coastal mean high water line" with an insured value of $750,000 or more is not eligible for Citizens Property Insurance Corporation coverage unless it has opening protections as required by the Florida Building Code for a newly constructed residential structure in that area. A residential structure will comply if it has shutters or opening protections on all openings and if such protections complied with the Florida Building Code at the time they were installed.

source: sun-sentinel.com


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hurricane shutters, impact glass or window film which meet the code requirements



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From McMansions to modest

Empty-nesters Sandy and Tom Sorensen are pictured outside their 1,750-square-foot home in Stapleton earlier this month. The couple will downsize to a 1,200-square-foot townhome that they keep as a rental when they retire in a few years. (Photos by Cyrus McCrimmon, The Denver Post )

Even in this weak economy, the yearning to have a home of one's own is still strong. While there are plenty of resale and foreclosure options out there, homebuilders are enticing buyers with brand-new smaller and less expensive homes.

Floor-plan sizes and home prices have dropped since the beginning of the year. According to Hanley Wood Market Intelligence, a market-research and analysis firm for residential real-estate development and new-home construction, the median square footage and median sales price for homes dropped from 2,000 square feet for $314,900 in the first quarter of 2008 to 1,876 square feet for $306,950 in the third quarter.

There is a lot of appeal for homebuyers who not only want something new and affordable

The kitchen, dining-room and living-room areas of the Estrella model at McStain's Casitas at Stapleton. The Casitas homes which are between 900 and 1,200 square feet are being marketed primarily to women.

but also like the idea of something smaller and easier to tend.

"Having a smaller home means less cleaning, lower utility bills and more time and money to do other things besides yard work," said Tom Sorensen, who owns and sells Wonderland Homes in the Stapleton neighborhood. "A smaller home feels more like a home and forces family members to communicate with each other and not escape to some far-off part of the house."

Focus on flow and function

Sorensen and his wife, Sandy, who are empty-nesters, live in a 1,750- square-foot home, having downsized from 2,000 square feet. When the couple retires in a few years, they will downsize again to the 1,200-square- foot Wonderland townhouse they keep as a rental.

Wonderland Homes has created a niche, building smaller homes with increased attention to architectural detail and sustainability for the past 10 of its 30-plus years in the industry.

"There is a demand for what we build," said Michael Hart, vice president of sales and marketing for Wonderland. "Our business is in response to the market, but it has been our business model for several years rather than a recent change brought about by the market."

Wonderland townhomes and single-family homes range from 950 to 1,800 square feet and run from the $200,000s to $400,000. Hart said Wonderland doesn't downsize important rooms such as the kitchen, bedrooms or living areas but focuses on flow and function.

"The need for bigger rooms becomes unnecessary when there is attention paid to how people live in a house," he said.

While McStain Neighborhoods has always tried to meet the needs of a broad spectrum of homeowners, one of its current projects, Casitas at Stapleton, is primarily marketed to women, a growing demographic in the homebuilding industry. The two-story structures with Spanish Mission-style exteriors share a common courtyard for sociability. The open living/dining/kitchen area and master bedroom and bath are upstairs, providing an added sense of security. The Casitas average 900 square feet, with base prices ranging from $210,000 to $280,000.

The smaller floor plans fit with McStain's 45-year tradition of sustainable building, leaving a smaller carbon footprint.

"The Casitas are a great solution for people who want to live efficiently but cherish that little jewel box of a place," said Caroline Hoyt, co-foun der and chief designer of McStain Neighborhoods.

"People are hunkering down"

McStain also is building a series of 1,400-square-foot homes in its Indian Peaks South development in Lafayette.

"Homebuyers are asking for smaller, more affordable homes," said Hoyt. "People are hunkering down and not spending as much."

The resale and foreclosure markets present strong competition to new-home builders.

"Our pricing and product offerings need to be competitive with those markets," said Rusty Crandall, division president of KB Home Colorado.

In response, the 50-year-old company, one of the nation's largest homebuilders, is downsizing floor plans to 900 to 1,400 square feet, starting in the low to mid-$100,000s, in several of its communities.

Like Wonderland and McStain's plans, KB's new designs will have more open space instead of designated formal living and dining rooms. And, like the others, their homes are built to Energy Star guidelines, decreasing utility costs, which Crandall said provide a strong advantage over resale homes.

Mike Rinner, executive vice president of the Genesis Group, a market-research and analysis firm, said that while there may be current demand for smaller homes and home prices, he feels bigger houses will still be in demand when the economy recovers.

"I think people will wait to buy the size house they want," said Rinner. "Or they'll make things more affordable in other ways, buying a home closer to work to save money commuting or with more 'green' features to save on utility costs."

source: denverpost.com


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With buyers seeking affordability, new-home builders are offering up downsized models

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Wells Fargo Stops Doing Limited-Doc GSE Loans

This is the first I have seen of proactively dropping Fannie/Freddie waivers by a large-named mortgage lender.

As you can take from Wells Fargo’s message below Fannie and Freddie will still buy low documentation loans (pseudo-stated income) if their magic computer systems, DU and LP respectively, say the borrowers are a good risk. Typically Fannie/Freddie waivers are allowed on what they consider a ‘good’ borrower. It is up to the lender whether they want to add overlays onto the GSE’s conditional approvals such as Wells has decided to do here.

So, what does it mean that Wells Fargo would stop doing this? I say a) they have $350 billion in mortgage exposure with Wachovia’s toxic assets, are sick of the failing asset class and want to curtail volume somewhat b) they don’t trust that the GSE’s will be there to buy the loans after Paulson leaves c) they may have some liability for funded loans going forward for these riskier loans if conditions change with the GSE’s d) they are unsalable loans to anyone else if the GSE’s go away.

Ultimately this means nothing for Wells Fargo. Continuing light-doc GSE loans is probably not even a big deal considering they just took on nearly $150 billion in the most toxic loans ever created in the Wachovia purchase. But this is another hit to the housing market. Many self-employed borrowers or those living off of harder to document, irregular income such as dividend/interest or rental will have a much harder time getting a loan. -Best Mr Mortgage

Below is a list of the top 10 banks by originations in Q3. While this decision to do away with GSE limited doc loans, it likely will not make much of a difference in their mortgage lending numbers. The housing market itself will see to that.
Rank Company Originations
1. BoA $58 billion
2. Wells Fargo $51 billion
3. JPMorgan $40 billion
4. Citigroup $22 billion
5. ResCap $11 billion
6. SunTrust $8 billion
7. PHH Mortgage $8 billion
8. U.S. Bancorp $8 billion
9. Wachovia $7 billion
10. Flagstar $7 billion


source: mrmortgage


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Wells Fargo Stops Doing Limited-Doc GSE Loans



Fort Lauderdale Blog and Real Estate News
Rory Vanucchi
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FP&L seeks fuel charge reduction

Lower fuel charges could mean the average Florida Power & Light residential customer would see a slightly lower bill in 2009, but a hike in rates in 2010 could be on the way.

FP&L on Monday filed proposals with the Florida Public Service Commission that would reduce the amount of the pass-through fuel charge, resulting in a drop of $1.57 in the bill of an average customer who uses 1,000 kilowatts a month.

The rate drop would take effect Jan. 6 if approved in a Dec. 2 PSC vote.

The typical 1,000 kilowatt-hour residential customer bill is currently $111.12 a month. F&PL is proposing to reduce that to $109.55 through a lower 2009 fuel charge, reflecting a recent reduction in prices in fuel markets.

FP&L president and CEO Armando Olivera said the process of setting the 2010 rate is just beginning. He said volatile fuel prices this year made things difficult to predict. Natural gas makes up 50 percent of the company’s power generation.

“Frankly, we were seeing huge volatility,” Olivera said. “Now, we see natural gas down, but there we days when that wasn’t evident.”

The power company prides itself on offering one of the lowest rates in Florida, well below the national average.

At the same time, the Juno Beach-based company said it will ask the PSC for a 6 percent to 9 percent increase in its base rate to cover the cost of doing business, which includes capital improvements.

The current rate proposals do not reflect new investment in solar energy, Olivera said. The company is adding three new solar plants, but the cost of those was already approved by the PSC in July.

The three plants are expected to cost $688 million.

source: southflorida.bizjournals.com


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FP&L seeks fuel charge reduction



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Rory Vanucchi
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Foreclosures may alter home values

In a sign of how the real estate market has imploded, property appraisers plan to figure in foreclosure sales when they value homes next year.

State Department of Revenue rules advise county property appraisers to ignore foreclosures and other types of "distressed" sales in favor of arms-length deals between willing buyers and sellers.

The belief is that such open market sales are truer indicators of home values. But that's only the case when foreclosure sales are relatively rare, not rampant like they are now, property appraisers are saying.

"The number of foreclosure sales we are dealing with now is so much greater than I have ever seen that I believe they have become part of the market," said Pam Dubov, Pinellas County's property appraiser-elect.

Warren Weathers, Hillsborough County's chief deputy appraiser, said that Dubov is right and that his office also will look at how to gauge the effect of foreclosure sales on values. In Pasco County, Appraiser Mike Wells has already done so for this year's tax roll.

"Some of the Department of Revenue rules are for a normal market," Weathers said, "and this is not a normal market."

Dubov and Weathers have yet to come up with a method for weighing how the inclusion of foreclosure sales will effect homeowners' property tax bills.

It's complex and uncharted territory, they said. Next week, appraisers from across Florida are meeting in St. Petersburg, and Dubov said she plans to raise the issue.

"We have to do some gaming of this and see what it looks like," she said. "I just know we can't do business as usual."

But both she and Weathers agree one likely result is that homeowners in areas with lots of foreclosure sales whose homes are assessed near market value will see their property tax bills drop next year, assuming governments don't raise tax rates.

In Pasco, Property Appraiser Wells said that in the spring he told his staff to consider foreclosure sales when developing the current tax roll. Wells said he did so after talking with his staff, his attorney and few others. He has yet to hear complaints from the state, or from homeowners who saw their tax bills dip.

"I believe it allowed me to come up with a fairer picture of the market, and what is going on out there," Wells said.

Jim Overton, Duval County property appraiser and president of the Florida Association of Property Appraisers, said he was unaware of Wells' move but isn't surprised others are eager to follow. The issue was discussed recently among appraisers at the national level, he said, and will be taken up by his association in coming months.

According to Dubov, Gov. Charlie Crist's office has asked the Department of Revenue for a review of the matter. Other than to say two or three appraisers have been in contact about the issue, the department declined to discuss what Dubov, Weathers and others plan.

Hernando County Property Appraiser Alvin Mazourek said he also was considering how to incorporate distressed sales into next year's values.

Though some homeowners may see their tax burden lift a bit, the decision by property appraisers to include foreclosure sales in their market analysis could reduce the amount of revenue going to already strapped local governments.

Incoming Pinellas administrator Bob LaSala said that in such a precarious economy it makes sense for appraisers to innovate and change their practices, even if it makes his job tougher.

"I wouldn't begrudge the home­owner who is struggling with a tax bill a solution that might make sense in this broader picture just because I've got constraints as well," LaSala said.

Florida is second only to California in the number of struggling borrowers who have lost their homes to lenders. In Tampa Bay area counties last month, 26 percent of real estate deals involved banks selling off properties reclaimed through foreclosure. Another 9 percent were "short sales," where borrowers behind on mortgages settle with lenders for less than what's owed.

That means in October more than one in three deals were distressed. The figure in September was 28 percent.

By comparison, in September 2007, 6 percent of sales were distressed; in September 2006, just 1 percent.

Peter K. Murphy, a real estate consultant with Home Encounter in Ybor City who provided the data on distressed deals, said that last month banks were selling foreclosed homes for 60 percent of market value.

source: tampabay.com


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Foreclosures may alter home values



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Superyachts sink in value as crunch bites

Luxury yachts in Monte Carlo harbour, Monaco. Photograph: Graeme Robertson

They were the ultimate status symbol of the boom years, coveted by billionaire businessmen who wanted to show off their wealth, but the value of superyachts is plummeting as the credit crunch really begins to bite.

Many owners are being forced to sell their boats as their other assets fall, and dealers are slashing prices as the market slows.

Some bargains are on offer, according to dealers, including the 164ft Alibella, which boasts a helipad and marble fixtures and fittings finished with gold trim, and is now available for just €24.5m (£21m) - an huge €9.5m discount - if a buyer can come up with the cash within a month.

Edmiston, a London-based yacht brokers, says it was delivered to its anonymous owner six months ago, but they are now seeking a quick sale. An email sent to clients by William Christie, a broker at the company said: "The owner will sell at this massively reduced price if the deal can be completed within 30 days."

The Alibella can accommodate 14 guests in six cabins, but cheaper second-hand yachts are also available. The 163ft Thunder B, which has a seven-metre swimming pool, is now available for €13.7m, down from €18.9m and the asking price on the 146ft Candyscape has also been slashed, from €15.5m to €12.9m. The interior of the boat was designed by Candy & Candy, the upmarket property developer owned by brothers Nick and Christian Candy, and boasts a saloon with a giant entertainment system, including a pop-up flat-screen television.

The 150ft Midlandia, meanwhile, has been reduced in price from €27m to €19.9m. It comes with bullet-proof glass and an outdoor cinema; perfect for a security-conscious film buff with a few millions to spare.

link to the original post: Superyachts sink in value as crunch bites

source: guardian.co.uk


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Hybrid tugboat may give local ports a green push

Email Picture

Benjamin Reed / For The Times

A Foss Maritime employee applies a compound to protect the tugboat's steel from rust.

The ports of Los Angeles and Long Beach, the largest cargo container ports in the nation, invest in cleaner-air efforts.

By Ronald D. White
November 13, 2008

For all of its 21st-century advancements, the shipping industry drags a lot of old technology around.

Giant vessels are so sophisticated these days that they require only a handful of crew members. But the ships still burn a thick, dirty sludge called bunker fuel while at sea and slurp diesel to keep the lights and air conditioning running while in port.

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  Photos: hybrid tugboat

Inefficient yard tractors and cranes guzzle fuel and spew exhaust as they stack containers. And tugboats, pound for pound the most powerful vessels on the water, waste most of that muscle idling or cruising.

Now, as seaports try to raise their environmental standards, some companies are finding business opportunities.

Foss Maritime Co. of Seattle, for instance, has developed the Prius of tugboats, which consumes less diesel and generates less pollution by using batteries for all the vessel's low-power needs. Foss calls it the world's first hybrid tug and expects to deliver it to San Pedro harbor early next year.

The stakes are high, said William Lyte, co-founder of Technoplex Group in Los Angeles, a consulting firm that helps entrepreneurs market new technology.

"The ports have about $5 billion in expansion projects they want to do, and they can't do it without mitigating the impact of pollution. Green systems will have to be in place to get these projects approved," Lyte said. "Companies from all over the world will be trying to sell that kind of technology here, so California businesses have to be prepared to compete."

Those companies will discover what Foss learned. The ports of Los Angeles and Long Beach, the largest cargo container ports in the nation, are willing to serve as testing grounds, business incubators and venture capitalists. About $1.35 million in development costs for the Foss hybrid tug came from the two ports and the South Coast Air Quality Management District.

"We asked for help to offset the increased capital costs of doing this," said Susan Hayman, vice president of environmental and corporate development for Foss. "Partnerships are supposed to help jump-start new ideas, and this one is working exactly the way it was supposed to."

Geraldine Knatz, executive director of the Port of Los Angeles, said she hoped other businesses would bring their best ideas to the busy harbor.

"The concept of a hybrid tug really gets to the heart of our technology advancement program, where both ports have set aside a funding pool for the development of clean-technology applications in a maritime environment," she said of the $15-million, five-year program. "So it's very exciting for us to see this concept that Foss brought to us come to fruition."

The Foss tugboat, which is being built in a factory in Rainier, Ore., will be based at Southern California's twin ports for five years in exchange for the funding help.

Outwardly, it looks much like other tugboats. Inside, the tug is so different that it will be able to operate like a regular work boat while using less fuel and expelling less exhaust.

The idea had been kicking around Foss' offices since 2006, based on the knowledge that tugboats tend to run on full power only 7% of the time and waste their 5,000-plus horsepower by idling 50% of the time. Knowing that railroads were moving to electric propulsion, Foss initially looked at switching locomotives, which are used to move trains inside rail yards.

There was one big problem.

"The batteries were too heavy. They would have sunk the boat," Foss Chief Engineer Rick McKenna said.

The solution came from the oil industry.

Aspin Kemp & Associates of Owen Sound, Canada, had expertise with "ultra-deep-water" drilling rigs that are held in position with "dynamic positioning thrusters" instead of anchors. The thrusters have to power up quickly to keep the rig in place.

The engineering firm designed a way to run the diesel engine and the electrical motor generator through the same drive shaft, McKenna said, enabling Foss to switch to smaller batteries and smaller diesel engines.

"It drives like a normal tug," McKenna said. The system's design would enable most existing tugboats to switch to the diesel-battery setup through a retrofit. Foss is hoping that will be a key selling point.

Tests have raised expectations that turning hybrid would cut a tug's particulate and nitrogen-oxide emissions as much as 44%. That's enough to impress environmental groups that have been some of the ports' harshest critics.

"Moving the ports' tugboat fleet toward hybrid technology is a benefit to both local residents and companies who do business at the ports," said Jessica Lass, a spokeswoman for the Natural Resources Defense Council. "It shows it's entirely possible to move the ports toward greener, hybrid technology that cuts down on toxic greenhouse emissions and diesel fuel that fouls our local waterways and bodies."

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  Photos: hybrid tugboat

Foss has been in the tugboat business since 1889. But Heather Tomley, senior environmental specialist at the Port of Long Beach, said companies don't have to have a maritime background to gain the ports' attention.

One such landlubber is Advanced Cleanup Technologies Inc. The 16-year-old Rancho Dominguez company is branching out from its main work of mopping up hazardous spills to cleaning up the air.

Advanced Cleanup has used components from three other companies to develop a bonnet that can be lowered on top of a ship's smokestack, sending the exhaust through a cleaning system, Tomley said. Such a device would be useful when a vessel is docked and has to keep its diesel engines running to power its systems, she said.

The bonnet, Tomley said, "seemed to work very well," with initial tests showing emission reductions of more than 95%.

Another California company cited by Tomley, Yorba Linda-based Vycon Inc., has developed a flywheel technology that attaches to yard cranes. The flywheel system collects energy as cargo containers are lowered and then releases it, helping lift containers. That reduces the power the diesel engine has to supply, cutting fuel consumption and the release of pollutants.

Tomley said Vycon achieved more than a 25% reduction in particulate emissions in California Air Resources Board testing.

Vycon has been watching sales of the $150,000 devices grow. "This year we have sold 38 machines," said Louis Romo, vice president of sales. "We sold five during all of 2007, so that is a nice jump for us."

White is a Times staff writer.

source: latimes.com


link to the original post: Hybrid tugboat may give local ports a green push



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