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Thursday, March 31, 2011

Bits Bucket for February 7, 2011

’she’ll lead a legion of “everyday people” to Capitol Hill to affirm the virtues of homeownership and urge Congress not to abandon federal support for low-cost mortgages…. “The middle working class is the bedrock of our country.”

‘Joining Thompson’s cause will be thousands of homebuilders, real estate agents, civil-rights leaders, and bankers who aim to deliver a similar message to Congress..’

‘Together, these groups represent what one might call…a real estate-industrial complex that transcends partisan politics, geography, and socio-economic divides.’

Bedrock of our country? Civil rights leaders? Transcending socio-economic divides? Here’s one of those homebuilding middle-class guys; except he has Picassos on his mansion walls:

‘With housing sales soaring, homebuilders are the toast of this year’s FORTUNE 500–and none is riding higher than luxury specialist Toll Brothers…Toll has rewarded himself for such spectacular returns with an extremely generous pay package…For fiscal 2004, Toll pocketed a bonus of $30 million–and it would have been $50 million if he hadn’t requested that the board adjust the over-the-top formula to something more reasonable. This year his bonus, with the formula adjusted downward again, is likely to hit $29 million. “I deserve it,” says Toll. “Look at all the value I’ve created for shareholders!”

http://money.cnn.com/magazines/fortune/fortune_archive/2005/04/18/8257004/index.htm

And here’s a couple for you Business Week:

‘Just when it looks like housing construction is finally going to cool off we get another number like today’s stat from the government. Construction began in November on 2.12 million privately owned homes (seasonally adjusted). That’s up from 5.3% from October and 17.5% from last November. And it doesn’t look like this is the end of it, either, because permits are up, too…’

‘It feels to me like the buyer’s market is flipping over into a seller’s market.’

http://www.businessweek.com/the_thread/hotproperty/archives/2005/12/an_overhang_of.html

‘Weakness in Housing? Forget It

The November numbers put to rest the pessimists’ claims that the market is popping or about to. If anything, it’s gaining steam…Residential construction in the quarterly GDP reports grew at a 10% rate through the first half of 2005 and is likely to post the same 10% rate in the third quarter once these figures are revised upward again in the final GDP report for the quarter. ..’

‘Virtually no evidence points to any wavering in this sector, despite pessimists’ efforts to keep finding signs of weakness.’

http://www.businessweek.com/investor/content/dec2005/pi20051220_1661_pi001.htm?chan=search


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Kole Audio TRAX2-1250-Watt Two-Channel MOSFET Power Amplifier with Bass Knob

Kole Audio TRAX2-1250-Watt Two-Channel MOSFET Power Amplifier with Bass Knob+-20% pitch control +-20% Tempo adjust Control via front panel or compact, wearable RC-1135 IR remote (included) Dual 1/4 microphone inputs with level control and music ducking for paging functionality Front-panel 1/4 headphone output with level control RCA audio output Random, Repeat All and Repeat Directory playback modes A-B repeat mode Easy-to-read front panel navigation Auto Cue and Cue to Music functions with audible, frame accurate search capability Master level control, microphone and headphone level controls push-lock into front panel for added security Audio channel - 2 (Stereo) / 1 Monaural Frequency response - 20 to 20,000 Hz +- 1.0 dB Dynamic range - 96 dB Signal-to-noise Ratio - 97 dB (1 kHz, 0 dB playback, A filter) Channel separation - 89 dB (1 kHz, 0 dB playback) Total Harmonic Distortion - 0.006% (1 kHz, 0 dB playback) Line Output (RCA) - 2.0 Vrms (0 dB) / 1 kOhm (Level Control Max) Unit Dimensions (including rack kits) - 1-12/16 H x 19 W x 5 D; Weight - 3 lbs. 9 oz.

Price: $299.95


Click here to buy from Amazon

Beveridge Curve Balancing Act: December 2010

Looking deeper at today’s Job Openings and Labor Turnover report you can see that while the unemployment rate is showing notable signs of establishing a peak, the job openings rate is showing an equal but opposite troughing dynamic.

Further, the latest data indicates that job hires are occurring at a rate of 3.6% of total employment while total job separations occurs at a rate of 3.5%.

So, currently job hires are just slightly outpacing separations thus resulting in, more or less, a stagnant job market and more evidence that the unemployment rate may stay elevated for some time.

It's important to note that today's data is very preliminary and volatile and that a more sustained and sustained spread between the rate of hires and separations would be required to make a significant dent in our current structurally weak job market.

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Featured Project: Ike Kligerman Barkley's Villa on the Atlantic Finds Italian Inspiration

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Wednesday, February 9, 2011, by Sarah

Today Curbed sits down with John Ike of NYC-based Ike Kligerman Barkley Architects, a firm that currently holds rank on Arch Digest's AD 100 list and recently chronicled its phenomenally diverse portfolio in Houses (Random House 2010). "John Ike, Thomas Kligerman, and Joel Barkley speak architectural languages of the past with a sure command of grammar and syntax and a rich vocabulary of form and detail," writes architect Robert A.M. Stern in his forward. Here, we chat about one of IKBA's newest projects, a family house on the New Jersey coastline.

2004A83.101-copy.jpg
Photo: Durston Saylor

Curbed National: What was the first thing these clients asked? Was this built as an entertaining house? For family?
John Ike: A great house for entertaining was the first discussion. Of course, the family was key, but the floor plan is very simple and transparent, lending itself to having a great party.
CN: You've said before: "Just as novelists and filmmakers gravitate toward genres that suit the themes they choose to explore, we look for the historic style that represents the best vehicles for the architectural story we wish to tell." Was there a specific historic property that inspired you here?
JI: The great Italian Renaissance architect Andrea Palladio’s Villa Trissino served as the inspiration for this house. The interior is decidedly more modern in keeping with the owner’s taste. The story line we adopted was of a modern intervention within this classic old villa, much as the great modern Italian architect Carlo Scarpa did in alterations to the Museo Castelvecchio in Verona. This combination of the antiques and modern pieces is both visually exciting and functionally illustrative.

Photos: Durston Saylor

CN: So this really does, in fact, illustrate IKBA's signature "old meets new" style.
JI: Yes, and very matter of factly. A stainless steel-and-glass curtain wall separates the conditioned living/dining room from the front and rear loggias. The rustic beamed ceiling marches unobstructed through all three spaces.

CN: Let's re-imagine this as a one-room house. Which room would you hang on to?
JI: The room I just described. It’s a room for all seasons with a great number of daily functions accounted for.

CN: Can you pinpoint a single favorite building material?
JI: Probably wood. Although it’s the juxtaposition of different materials together that heightens their natural qualities.

CN: And what can you add about the overall interior design?
JI: It's predicated on the architecture—the conversation between old and new, interior and exterior, smooth and rough. Although these aren’t exclusively modern themes, the overall tenor is modern. One piece of note, the wood center hall table, is by Italian Sculptor Mario Ceroli and dates from 1970.

CN: If you had to create a soundtrack for the house, what songs would you include?
JI: Gilberto Gil and some classic Brazilian bossa nova from the '60s.

CN: How would you describe the general experience of walking in?
JI: It's totally transparent from the time you turn in the driveway. If it weren’t for the privet hedges surrounding the sunken tennis court in the front of the house, you’d be able to see all the way through to the ocean.

CN: Finally, please describe the finished project in five words or less.
JI: Transparent in intention and execution.

· Ike Kligerman Barkley Architects [official site]


View the original article here

US Real Estate Presentation FINAL

US Withholding and Reporting

Withholding Tax
Certain types of U.S. source income are subject to gross basis taxation by the U.S. when earned by foreign companies or nonresident aliens • Tax is collected through a withholding mechanism and is generally 30% for fixed or determinable annual or periodic income (FDAP)

Withholding Tax
Items that qualify as FDAP: • • • • • Dividends Interest Rent Royalties Salaries and Wages

Withholding Tax
Income that is exempt from withholding:
• • • • • Interest from bank deposits, certain OID, portfolio interest Dividends from 80/20 companies Capital Gain, unless it relates to US real property Compensation for services performed outside the U.S. Income effectively connected with a U.S. trade or business (but the NRA becomes liable to file U.S. Taxes – other issues must be considered)

Withholding Tax
Withholding Obligations • The payor of items potentially subject to withholding (withholding agent) must determine if they have any withholding obligation. • The foreign payee (taxpayer) must provide the documentation necessary to determine the correct amount of withholding tax.

Withholding Tax
Withholding Obligations • A withholding agent is any person having control of an item of income (such as FDAP) of a foreign person subject to withholding • A withholding agent is obligated to withhold a U.S. tax of 30% on payments subject to withholding (or lower treaty rate where applicable)

Withholding Tax
Withholding Obligations A withholding agent can withhold at less than 30%, as appropriate if he/she can reliably associate a payment with valid documentation that provides the recipient is either a U.S. person or a foreign person subject to reduced rate of withholding under a tax treaty with the U.S.

Withholding Tax
A Valid Withholding Certificate meets the following conditions:
• • • • Made on a fully complete and signed Form W-8 Made while a Form W-8 is still valid Is received prior to making the payment The IRS has not notified the withholding agent that the Withholding Certificate information is incorrect or unreliable

Withholding Tax
Forms W-8 (Withholding Certificates)
W-8BEN – certifies foreign status of the beneficial owner of a payment (may require ITIN if treaty benefits desired) W-8ECI – certifies that payments are treated as effectively connected with a U.S. trade or business and are exempt from withholding W-8EXP – certifies status as certain types of foreign tax exempt entities (governments, international organizations, central banks, etc.) W-8IMY – certifies status as an intermediary between the withholding agent and the beneficial owners

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Withholding Tax
Withholding Agent’s Filing Responsibilities
• Form 1042-S – individual reporting for each payee, income category, withholding tax rate, exemption code (if any); equivalent to Form 1099 series for domestic payees Form 1042 – Annual Withholding Tax Return A Qualified Intermediary may create pools for all beneficial owners within the same income and withholding tax rate category (preserving investor anonymity)

• •

Withholding Tax
Special Withholding Regimes
• FIRPTA Withholding – typically 10% of amount realized upon disposition of a U.S. real property interest by a foreign person • Partnership Withholding on foreign partner’s share of effectively connected income (35%) • Reduced withholding possible where withholding certificates are obtained • Foreign taxpayer files U.S. tax return.

Foreign Investment in Real Property Tax Act “FIRPTA”

FIRPTA
General discussion • The FIRPTA rules generally prevent the tax-free sale of U.S. real property by foreign owners • FIRPTA was enacted in 1980 in light of concerns about the ability of foreigners to avoid US tax on real estate gains • The intention of FIRPTA was to establish equitable treatment for foreign and domestic investors in U.S. real property

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FIRPTA
General Rule Under IRC § 897, the general rule is that the gain or loss from the sale of a U.S. Real Property Interest by a foreign corporation or non-resident alien is treated as effectively connected income with the conduct of a trade or business and therefore subject to US income tax

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FIRPTA
What is a U.S. Real Property Interest (USRPI)? • (1) Any interest, other than solely as a creditor, in real property located in the U.S. (or U.S. Virgin Islands), AND • (2) Any interest, other than solely as a creditor, in a domestic corporation UNLESS it is established that the domestic corporation is not a U.S. Real Property Holding Company (USRPHC)

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FIRPTA
Ownership interests in property may include: • Leaseholds • Life Estate • Right to share in appreciation of value • Options • Installment obligations (unless taxpayer elects out of installment treatment)

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FIRPTA
Ownership interests in property may exclude: • Interest in real property solely as a creditor • 5% or lower interest in a publicly traded company

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FIRPTA
Real property may include: • Land • Buildings and various improvements • Personal property associated with real property
? e.g., hotel furnishings, furnishings connected with rental of office space, property used in farming or mining

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FIRPTA
US Real Property Holding Company (USRPHC) • A U.S. or foreign company qualifies as a USRPHC if the following fraction is 50% or more on any testing date:
? FMV of USRPIs, OVER ? FMV of USRPIs + FMV of foreign real property + assets held/used in the taxpayer’s trade or business

• This test is conducted over a five-year testing period

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FIRPTA
USRPHC • Assets held/used in a trade or business may include: ? Cash and securities ? Inventory ? Depreciable trade or business property ? Goodwill and other intangibles • The above assets must be held or used in the taxpayer’s business and must satisfy the requirements of Reg. § 1.8971(f) to be included in the USRPHC analysis

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FIRPTA
USRPHC Subsidiaries If a company holds a controlling interest in another corporation, the parent is treated as owning a proportionate share of the subsidiaries assets for purposes of determining whether the parent is a USRPHC

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FIRPTA
USRPHC Determination Dates • Date USRPI is acquired • Last day of taxpayer’s tax year • Date non-U.S. real property is disposed of • Date trade or business assets are disposed of • Alternative monthly determination dates

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FIRPTA
USRPHC Status
• Once a domestic corporation is classified as a USRPHC, any interest in the corporation is treated as a USRPI for the five year period after that date.
? Exception - where all USRPIs have been sold by the company in transactions where the full amount of realized gain is recognized (Cleansing rule of 897(c)(1)(A))

• The following are not USRPI;
? “Domestically controlled” real estate investment trusts ? A 5% owner of publicly traded interests in public companies ? A 5% percent owner of interests in public companies that are not regularly traded
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FIRPTA
USRPHC Presumption
• It is presumed that a domestic company is a USRPHC unless established otherwise by: ? The domestic company certifies that is has not been a USRPHC during the five-year period ending on the date of the transaction by providing a non-USRPHC statement; or ? Requesting the IRS to determine USRPHC status • A non-USRPHC statement must be obtained by a foreign shareholder in order to avoid withholding on the disposition of an interest in the domestic company

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FIRPTA
What is the impact of USRPHC status? • Withholding 10% of the proceeds is required on the transfer of an interest in a USRPI by a foreign person under IRC § 1445(a) • If a U.S. partnership disposes of a USRPI then the partnership is required to withhold the applicable amount that is allocable to the foreign partners (IRC § 1446, Treas. Reg. § 1.1445-5(c)(1)(ii)

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FIRPTA
• Other exceptions
? Personal residence sale of $300,000 or less (IRC § 1445(b)(5)) ? Transaction is eligible for non-recognition and proper notice is provided to transferee and IRS (Treas. Reg. 1.1445-2(d)(2))

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FIRPTA
• New Developments - Reasonable Cause Relief ? Prior to June 27, 2008, taxpayers had to request a private letter ruling under Regs. § 301.9100-3 (“9100 relief”) to seek relief for late FIRPTA filings ? Under Rev. Proc. 2008-27 there is a new application procedure for relief for the failure to withhold without going through the 9100 relief process ? The Rev. Proc. requires that the taxpayer file a completed statement or notice when it becomes aware of the failure to file the required statements or notices and explain how the taxpayer’s failure to timely file was due to reasonable cause

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FIRPTA
• New Developments - Reasonable Cause Relief ? Upon receipt of an application, the IRS will decide if the requirements for granting relief under the Rev. Proc. have been met ? The IRS will notify the taxpayer in writing within 120 days if it determines that the failure to comply with the withholding requirements under FIRPTA were not due to reasonable cause, or if additional time is needed to make a determination ? The taxpayer can still seek 9100 relief, but only if relief has been denied under the under the Rev. Proc.

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FIRPTA
FIRPTA Planning • Upfront structuring
? Use of Blocker corporation ? Domestically Controlled REIT ? Equity / debt structuring

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U.S. Gift and Estate Tax Considerations Regarding Inbound Investments

U.S. Estate and Gift Tax Residence Rules
• • Domicile is key in addressing U.S. estate and gift taxation. Residency for U.S. income tax purposes is not the same as Domiciliary for U.S. gift and estate tax purposes.
? Substantial Presence Test – objective test; ? Concept of Domicile – subjective test based on facts and circumstances.

• •

Estate Tax Treaties – Income Tax Treaties. It is possible to be a U.S. income tax resident but not a domiciliary for U.S. gift and estate tax purposes.

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U.S. Estate Taxation
• Non-Domiciliary subject to U.S. estate tax on the transfer of the gross estate situated in the United States:
? U.S. real estate; ? Tangible property situated in the United States (both tangible and intangible).

• •

Non-Domiciliary’s estate tax exclusion is only $60,000, as opposed to a U.S. domiciliary which is $3,500,000. Marital deduction allowed only if the donee spouse is a U.S. citizen. Qualified Domestic Trust may provide relief.

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U.S. Gift Taxation
• Non-Domiciliary subject to U.S. gift tax on the transfer of U.S. situs property:
? U.S. real estate; ? Tangible property situated in the United States; ? Currency is defined as tangible property so (i.e. cash held in a U.S. bank account).

• However, transfers of intangible personal property are expressly excluded from gift tax. • Non-Domiciliary allowed the $13,000 annual exclusion per donee. • Marital deduction allowed only if the donee spouse is a U.S. citizen. In such case, an annual exclusion of $133,000 applies for gifts to such non-citizen spouse.

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Individual Ownership
• Simple manner to own real estate. NRAD benefits from lower individual Capital Gains tax rate. However, NRAD subject to U.S. estate tax upon death. NRAD also subject to U.S. gift tax on transfer during life. NRAD subject to liability from creditor claims arising from direct ownership.

Non Resident Alien/Domiciliary

• •

U.S. Real Estate

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Ownership Through U.S. Corporation
• NRAD benefits from lower individual Capital Gains tax rate on sale of USCo. However, USCo does not enjoy lower capital gains rate on sale of U.S. Real Estate. NRAD subject to U.S. estate tax on value of USCo upon death. NRAD not subject to U.S. gift tax on transfer of USCo during life. Provides limited liability to NRAD.

Non Resident Alien/Domiciliary

USCo

• • •

U.S. Real Estate

36

Ownership Through Foreign Corporation
• NRAD not subject to income tax on sale of ForeignCo. However, ForeignCo does not enjoy lower capital gains rate on sale of U.S. Real Estate. NRAD not subject to U.S. estate tax on upon death. NRAD not subject to U.S. gift tax on transfer of ForeignCo during life. Provides limited liability to NRAD.

Non Resident Alien/Domiciliary

ForeignCo

U.S. Real Estate

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Ownership through double tiered structure and potentially a foreign trust or private foundation
NRA / Trust / Private Foundation •ForeignCo shares are not FIRPTA asset and disposition escapes U.S. taxes as long as NRA remains the owner. •There is no Estate and Gift Tax exposure for the NRA in the U.S.. •The trust or private foundation works as a pre-immigration planning tool, as well as a living disposition in the event of succession. •The Private Foundation (equivalent to a trust for the U.S.) also serves Estate taxes planning purposes for jurisdictions like Venezuela.

U.S Real estate

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Ownership Through Foreign Partnership
• Some practitioners believe an interest in a double tiered partnership structure is not US situs property for estate tax purposes. The Internal Revenue Service does not agree with this position, but the issue has not been resolved by the courts. Preserves capital gains lower rate of taxation.

Non Resident Alien/Domiciliary

For.

U.S. U.S. Real Estate

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Pre-Immigration Planning
• Pre-Immigration Income Tax Planning
? Postpone residency starting date ? Accelerate income; ? Sell income producing property; ? Effectuate taxable reorganizations; ? Make “check-the-box” elections on entities to accelerate gains and step up basis in underlying assets.

Pre-Immigration Estate/Gift Tax Planning
? Accelerate gifts of non-situs US property and intangible property. ? Use of foreign trusts (care regarding creation within 5 years of residency).

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Circular 230 Disclosure
• To ensure compliance with Treasury Department regulations, we wish to inform you that, unless expressly stated otherwise in this communication (including any attachments) any tax advice that may be contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
41


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Wednesday, March 30, 2011

Arizona Real Estates » Blog Archive » <b>Real Estate</b> Owned property <b>...</b>


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Who Qualifies for New Homebuyer Tax Credit?

Update: Just spoke with somebody at Sen. Chris Dodd’s office. According to the senator’s banking committee staff, you can qualify for the credit even if you signed a purchase contract before today’s date. The important thing is that you close on the home between today and June 30, 2010 (Your contract must be signed by April 30, 2010). Keep the questions coming, I’ll try to answer as many as I can.


Dozens of you have written in with good questions about the tax credit. I’m working on finding answers, especially to one recurring question. To qualify for the $6,500 credit is it necessary to sign the purchase contract after the measure is signed into law today or can a homeowner who closes on a home after today also meet the requirements? I’ve asked the White House to clarify.

In the meantime, I just received a press release from CMPS Institute, a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice.

It clarifies a few things. Read on.

More Homebuyers Qualify for Tax Credit

Ann Arbor, MI November 6, 2009 – Congress just passed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.” Consider these three examples:

Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.

Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.

Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.

The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”

There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
· The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others
· If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit.)
· The credit applies even if you have co-signers on your mortgage loan


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House of the Day: Riverside Drive Mansion From The Guy Who Designed Carnegie Hall

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Monday, February 7, 2011, by Rob

Have a nomination for a jaw-dropping listing that would make a mighty fine House of the Day? Get thee to the tipline and send us your suggestions. We'd love to see what you've got.

Location: New York, N.Y.
Price: $20,000,000
The Skinny: Built in 1909 for a Turkish tobacco baron, this French Renaissance-style house was designed by the architect behind Carnegie Hall, William B. Tuthill. Tuthill's design includes 12,000 square feet of living space, a hallway lined in Egyptian marble and Turkish glass, a smoking room (naturally), a dazzling green tiled roof, and, remarkably, an underground passage under the street leading out to the Hudson River. The secret escape hatch is now sealed, and that might be a small part of why this house is having so much trouble finding a new owner. When it first hit the market back in 2006, the asking price was a jaw-dropping $31M. Over in the heart of the Upper East Side, that price might be run of the mill, but for the way uptown address at 107th and Riverside Drive? It's none too surprising that the house has endured some substantial price chopping in the past four odd years. By March of last year, the 41-foot-wide mansion was asking $24.9M. Today, it remains on the market for $20M. Still quite the pretty penny, but no matter what the current owner manages to get for it, he probably stands to make a tidy profit. A Columbia Law professor, he purchased the mansion in 1979 for just $325K.
· Riverside Drive [BHS]
· $25M Riverside Drive Mansion Makes Annual Return to Market [CurbedNY]
· An Opulent Home, a Rich Past [NYT]


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Snoop Dogg Follows Martha Stewart on Twitter!: Why? Because the decorating doyenne "keeps...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, March 22, 2011, by Sarah Firshein

? Back to top

? Previous: Click, Click, Click: Three Ways to Keep Up With Curbed National!

? Next: Tuesday Townhouse


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PM Linkage: Parents Concerned About Pornographic Cake Shop; What $90M Gets You in Manhattan; New Bike Racks on Clement; More!

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Outstanding Contraction!: Commercial Paper Outstanding January 2011

The Commercial Paper (CP) market is essentially a private debt market used by corporations as a generally cheaper means of funding typical recurring operations than drawing on a line of bank credit.

Commercial paper, as financial instrument, is by no means a recent innovation and, in fact, you can read about how the CP market was affected by the many historic financial shocks experienced by the U.S. (read Panic on Wall Street: A History of America’s Financial Disasters)

Although the Federal Reserve was able to artificially bring CP rates down significantly since the shocking 615 basis point spread blowout (A2/P2 spread) of late 2008, they have apparently not been successful in preventing an overall contraction in the CP market.

The Federal Reserve calculates and published the total amount of CP outstanding every week and by mid-January commercial paper outstanding had fallen to a new series low (data tracked back as far as 2001) though in recent weeks the trend has moderated a bit dropping 11.27% on a year-over-year basis to $996.20 billion, a level that is still notably lower than even the worst periods of the last two recessions.

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Copyright © 2011
PaperEconomy Blog - www.papereconomy.com
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[Three Cents Worth #168 DC] Who Has The More Resilient Market: Washington Or New York?

It’s time to share my Three Cents Worth on Curbed DC, at the intersection of neighborhood and real estate in our Nation’s capitol.

…As a Manhattan real estate appraiser who grew up in the Washington, DC metro area, I thought it would be appropriate to link the two markets in my inaugural Three Cents Worth DC column for Curbed. One of the things that seems to be missing from the DC metro area housing market discussion is some historical context…

Three Cents Worth: Who Has The More Resilient Market: Washington Or New York?


[Click to expand and read full post on Curbed DC]

Curbed DC Three Cents Worth Archive
Curbed NY Three Cents Worth Archive


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Arch Digest, Elle Decor Report Increased Ad Pages: Architectural Digest and Elle Decor have...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Monday, February 7, 2011, by Sarah

? Back to top

? Previous: Palm Beach Pastels in a Decidedly Non-Floridian Community

? Next: Chrysler's Eminem Commercial Immortalizes the City of Detroit


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Self-Expression Gone Wild: Zazzle, the company who will...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Friday, March 18, 2011, by Abby Pontzer

? Back to top

? Previous: Redevelopment Saved! For Now


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[Hybrid Redux Proposal] Zandi’s Fannie-Freddie Public-Private Replacement

One of the things that annoys me about talking heads (self-included on occasion) is there is a lot of kvetching provided but not many solutions offered. Mark Zandi, the noted economist and recent guest on my podcast has come up with a possible solution for the glimmer twins Fannie/Freddie (the former GSEs):

Mortgage rates could be one percentage point higher and house prices 10% lower if the U.S. mortgage market were fully privatized, according to a paper to be released Tuesday by Mark Zandi, chief economist at Moody’s Analytics.

The calculations help build Mr. Zandi’s case for replacing Fannie Mae and Freddie Mac with new entities constituting a public-private hybrid system for financing home loans.

Wait, isn’t this a repeat of the past?

The problem before was that the GSEs served two masters: Taxpayer AND Shareholder. The shareholder enjoyed an unfair advantage since the taxpayer was the backstop that allowed higher risk taking that ultimately brought the GSEs down.

But Zandi contends that a completely private entity will not work because investors will assume that the government would step in if there was a problem. I agree with him. A purely private solution ignores this reality.

Solution?

MBICs (mortgage bond insurance companies) who would securitize packages of bank loans and sell them.


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Moonlighting

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Parenting Handbook: Father Hand-Paints Super Mario Bros. Mural in Son&apos;s Bedroom

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Wednesday, February 9, 2011, by Sarah

5426529107_f1a34cd12e_o.jpg

Anyone accepting nominations for parents of the year? Because this guy deserves it. On a whim, a Tennessee man named Casey Fleser—a self-professed "software developer, hobby collector, family man, and all around good guy—decided to decorate his sons' room in a Super Mario Bros. theme. "I didn’t really think about it," he explains, "except that it would be cool." Well, sometimes cool equals expensive, and Fleser came face to face with a set of decals that would help make the coolness happen—for $1,100.

The aim was to recreate World 1-1, the video game's uber-recognizable first level:

"I worked it out so each pixel would work out to 1/4? square and my scene would be 232 (58?) pixels tall by about 2060 pixels wide (515?). Since the vast majority of it was sky, it surely wouldn’t be that much work, right?

So we got to work and quickly had our three background color painted: black on the bottom, an orangeish stripe along the middle that would be the ground, and the blue sky above. The next day we’d pencil in a grid and start painting pixels."

Later, Fleser reflected on the process. "Now if I can just avoid blurting out any more ridiculous ideas," he writes.

· This Year's Stupid Idea [SGnTN via Boing Boing]


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All cards on the table

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Tuesday, March 29, 2011

Closures: Oh no! Borders announced today that...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Friday, March 18, 2011, by Sally Kuchar

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CRE-Advice.com Announces Commercial <b>Real Estate</b> Leadership Summit <b>...</b>

CRE-Advice.com Announces Commercial Real Estate Leadership Summit

CRE-Advice.com announces the commercial real estate industry’s first online video summit – a free event.

New York, NY (PRWEB) February 9, 2011

CRE-Advice.com, a leading online commercial real estate community announced today that it will host the commercial real estate industry’s first online video summit. This free online event features some of the industry’s most recognized thought leaders sharing their insights and observations about the current state of the commercial real estate markets.

Those registering for this free online event will be provided access to videos from industry thought leaders as they provide their commercial real estate market insights for the remainder of 2011. This is the first event of its kind to be held in the commercial real estate sector, and is just another reason why CRE-Advice.com is one of the commercial real estate industry’s leading online destinations.

Following is a representative overview of the more than one dozen confirmed speakers presenting videos:

1.    James Underhill, CEO, Cushman & Wakefield;

2.    Mark Rose, Chairman and CEO of Avison Young;

3.    Robert J. White, CEO of Real Capital Analytics;

4.    Jeff Finn, President and CEO of NAI Global;

5.    Suzann Silverman, Editor-in-Chief, Commercial Property Executive

6.    Robert Knakal, Chairman, Masey Knakal Realty Services

7.    Frank Simpson, President of CCIM Institute

8.    Robert Bach, Chief Economist, Grubb & Ellis;

9.    Kevin Maggiacomo, President and CEO of Sperry Van Ness

10.    Ron Goss, National President of the Institute of Real Estate Management.

11.    Jeffrey Rogers, President and COO of Integra Realty Resources

12.    Fred Schmidt, President and CEO of Coldwell Banker Commercial & ONCOR Int.

13.    Sam Chandran, Ph.D., Global Chief Economist, Real Capital Analytics, and;

14.    Rod Santomassimo, Founder and President of The Massimo Group, LLC.

To register, or for more information about the video summit please visit http://www.cre-advice.com.

About CRE-Advice.com

CRE-Advice.com is the commercial real estate industry’s leading destination community where members represent the industry’s most exclusive advisors and practitioners, and visitors will find answers to commercial real estate questions, unique expertise, specialists, as well as the news, and information necessary to thrive in today’s commercial real estate markets. More information can be found by visiting: http://www.cre-advice.com.

# # #

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebcommercial-real-estate/events/prweb5053014.htm


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Kole Audio TRAX1-5500-Watt Class D Mono-Channel Power Amplifier with Bass Knob

Kole Audio TRAX1-5500-Watt Class D Mono-Channel Power Amplifier with Bass Knob+-20% pitch control +-20% Tempo adjust Control via front panel or compact, wearable RC-1135 IR remote (included) Dual 1/4 microphone inputs with level control and music ducking for paging functionality Front-panel 1/4 headphone output with level control RCA audio output Random, Repeat All and Repeat Directory playback modes A-B repeat mode Easy-to-read front panel navigation Auto Cue and Cue to Music functions with audible, frame accurate search capability Master level control, microphone and headphone level controls push-lock into front panel for added security Audio channel - 2 (Stereo) / 1 Monaural Frequency response - 20 to 20,000 Hz +- 1.0 dB Dynamic range - 96 dB Signal-to-noise Ratio - 97 dB (1 kHz, 0 dB playback, A filter) Channel separation - 89 dB (1 kHz, 0 dB playback) Total Harmonic Distortion - 0.006% (1 kHz, 0 dB playback) Line Output (RCA) - 2.0 Vrms (0 dB) / 1 kOhm (Level Control Max) Unit Dimensions (including rack kits) - 1-12/16 H x 19 W x 5 D; Weight - 3 lbs. 9 oz.

Price: $699.95


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PM Linkage: Community Garden Wants to Expand; Touring Berkeley Villas; Where to Drink Tonight; More!

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Aldar's 2010 Financial Results Reflect Severity of Abu Dhabi's <b>...</b>


(ABU DHABI, UAE) -- Aldar Properties PJSC, Abu Dhabi's property development, investment and Management Company, yesterday announced its full year results for 2010, reporting a loss of $370 million before impairments and fair value losses. The loss for the year, after recognizing the impairment and fair value losses, was $3.46 billion. In 2009 Aldar's profit was $228 million.

With developments under construction worth $5.218 million at year end, 2010 saw continued project delivery. Al Bandar, the first residential development within Al Raha Beach, was handed over to residents in Q3 and Al Gurm, the luxury residential development, saw the delivery of 9 villas in Q4.

HQ, the international grade A office building, was completed in Q4 of 2010, with long leasehold tenants including ATIC, Global Foundries, and Abu Dhabi Insurance Authority signing during the year. At Central Market, the Souk opened in early Q3 and continued progress was made across the development.

At Yas Island, Yas Links Golf Course, opened in the first quarter and was named one of the top 10 new international courses in the world by Golf Magazine. Ferrari World Abu Dhabi opened in November and has become one of the most popular leisure destinations in the region.

Aldar generated revenues of AED 1,791.1 million (2009: AED 1,979.3 million) in 2010 from a range of sources including property sales, property development and management fees and revenues from other operating businesses. The percentage of contribution from these recurring revenues comes as a consequence of assets being completed and being used and is likely to become a growing feature of the Aldar business in times to come.

"Despite the challenging market conditions that prevailed in 2010, Aldar forged ahead with its commitment to delivering high quality developments and infrastructure that will have a positive long term impact for Abu Dhabi. We have also put in place new financial framework, focused on strengthening the capital structure and ensuring the business has a sustainable future," said Chairman Ahmed Al Sayegh.

He added, "This framework will enable Aldar to build on its experience as a strategic developer for Abu Dhabi focused on the creation, ownership, and operation of quality residential, commercial, retail, leisure and hospitality, and educational establishments. It will continue to adopt a measured approach to development, adapting to prevailing market conditions."

Click Here To See Prior News Posts By This Contributor »


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[Contest] Congrats to our 2nd “My American Dream” Contest Winner!

During week #2 of our “My American Dream” Twitter contest, @dropastich won a $50 Crate and Barrel gift card from Trulia for her entry:

@trulia=>My American dream=>a safe loving home for my grandson to grow up in #Crate&Barrel #giftcards #myamericandream #contest #giveaway

Don’t forget to share your American Dream with us for a chance to win - we’re picking our last Twitter contest winner on Monday!

Here’s how to enter - it’s as easy as 1, 2, 3

Step 1: Be a registered user of Twitter.com. (If you are not a registered user of Twitter, simply visit https://twitter.com/signup to register for free.)Step 2: Follow Sponsor on Twitter at @trulia.Step 3: Tweet (1) the hashtag #myamericandream and (2) a brief response to the following question: What is your American dream? Do not include personal information in your answers, including, without limitation, your name, e-mail address, or contact information.

Judging

Beginning on or about the final day of each Submission Period, a panel of Trulia Judges will evaluate eligible tweets and select one (1) winner for the prior Period based on which tweet is the most apt, original, and interesting.

Winners Announced

Each potential prize winner will be notified by direct message via Twitter within 48 hours after the then-applicable Period ends. Once the winners have been confirmed, we’ll announce them on our blog http://www.truliablog.com/.

Click here for the full the official rules.

Popularity: 3% [?]


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Bits Bucket for February 6, 2011

“I’m not a deadbeat or a scumbag,” Blackley said. “I tried to do the right thing.”

I would just like to take the hundreds of thousands of $$$$ I stole and move on with my life.

Lenders compound court errors

By Christine Stapleton and Kimberly Miller
Palm Beach Post Staff Writer

Posted: 8:18 p.m. Saturday, Feb. 5, 2011

Scores of Palm Beach County homes were foreclosed on with faulty paperwork that banks are now trying to sidestep with a legal maneuver experts say doesn’t even exist.

Defeated by an interest-only home equity loan, and frustrated with failed attempts at a loan modification and a short sale, Patrick Blackley gave up on the Loxahatchee home he built in 1999 for his wife and two sons.

It was sold at auction Nov. 8.

But Blackley’s May foreclosure judgment for $370,000 was based on a court affidavit signed by Stephan, the robo-signer. The Florida Default Law Group filed a motion to ratify the judgment on Oct. 12, including a new affidavit signed by another GMAC employee. The motion was never ruled on.

Blackley, 48, isn’t interested in challenging the foreclosure. He’s moved his family to Florida’s west coast and is rebuilding his life.

Still, he now feels deceived by a banking system that cut corners to take away his home and a court system he felt lost in and confused by.

“I’m not a deadbeat or a scumbag,” Blackley said. “I tried to do the right thing.”

Three bidders jockeyed for Blackley’s 3,000-square-foot home during the county’s online auction. The winning bid, cast by Wells Fargo Bank, was for $132,100.

http://www.palmbeachpost.com/money/lenders-compound-court-errors-1235736.html - -

Type: MTG
Date/Time: 6/10/1999 04:06:16
CFN: 19990237990
Book Type: O
Book/Page: 11164/599
Pages: 8
Consideration: $145,900.00
Party 1: BLACKLEY PATRICK T & LAURA A
BLACKLEY LAURA A (M)
Party 2: COMMUNITY SAV
Legal: ACREAGE 14 42 40 POR ACRE

Type: MTG
Date/Time: 5/29/2001 08:17:06
CFN: 20010221888
Book Type: O
Book/Page: 12589/955
Pages: 4
Consideration: $82,045.00
Party 1: BLACKLEY PATRICK T & LAURA A
BLACKLEY LAURA A (M)
Party 2: FIRST UN NAT BK
Legal: ACREAGE 14 42 40 POR ACRE

Type: MTG
Date/Time: 5/22/2002 09:32:09
CFN: 20020259115
Book Type: O
Book/Page: 13728/1155
Pages: 6
Consideration: $98,000.00
Party 1: BLACKLEY PATRICK T
BLACKLEY LAURA A
Party 2: FIRST UNION NATIONAL BANK
Legal: 14 42 40 POR ACRE

Type: MTG
Date/Time: 10/18/2002 15:28:08
CFN: 20020551769
Book Type: O
Book/Page: 14288/515
Pages: 21
Consideration: $189,800.00
Party 1: BLACKLEY PATRICK T
BLACKLEY LAURA A
Party 2: VIRTUALBANK
Legal:

Type: MTG
Date/Time: 2/26/2004 15:16:57
CFN: 20040105197
Book Type: O
Book/Page: 16594/1248
Pages: 23
Consideration: $238,000.00
Party 1: BLACKLEY PATRICK T
BLACKLEY LAURA A
Party 2: IMPAC FUNDING CORP
IMPAC LENDING GROUP
Legal: 14 42 40 POR ACRE

Type: MTG
Date/Time: 3/16/2005 15:46:06
CFN: 20050151656
Book Type: O
Book/Page: 18271/366
Pages: 16
Consideration: $307,500.00
Party 1: BLACKLEY PATRICK T
BLACKLEY LAURA A
Party 2: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC
DECISION ONE MORTGAGE COMPANY LLC
Legal: 14 42 40 POR ACRE

Type: MTG
Date/Time: 3/30/2006 14:30:33
CFN: 20060187697
Book Type: O
Book/Page: 20128/557
Pages: 7
Consideration: $140,000.00
Party 1: BLACKLEY PATRICK T
BLACKLEY LAURA A
Party 2: CITIBANK FEDERAL SAVINGS BANK
Legal: 04 42 40 POR ACRE

Type: JUD
Date/Time: 8/12/2010 18:13:20
CFN: 20100298967
Book Type: O
Book/Page: 24007/236
Pages: 6
Consideration: $0.00
Party 1: WELLS FARGO BANK NA TRUSTEE
Party 2: BLACKLEY PATRICK T
BLACKLEY LAURA A
CITIBANK FEDERAL SAVINGS BANK
Legal: 14 42 40 POR ACRE


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Paint Color Inspiration from Design Seeds

Spring is here! Time for home renovation projects and incorporating color into the home. Even though I study design and find daily color inspirations, sometimes it can be a challenge to put together a cohesive color combination.

The other day I discovered Design Seeds, a website that pulls color combinations from a beautiful photograph of a single rose to a handful of gumdrops. I am speechless and I think you will agree that Jessica has a real eye for color. No more standing at the paint store comparing samples. Next time I am painting my space, I can refer to Design Seeds first for inspiration.

To see all of Jessica's color combination images, check out Design Seeds. Proceed with caution, her site is frequently updated and can quickly become an addiction.

Images: Design Seeds


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January 2011’s Top 10 Movers n’ Shakers

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New From West Elm: Nothing says "summer" quite like a...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Monday, March 21, 2011, by Sarah Firshein

Screen-shot-2011-03-21-at-3.28.32-PM.jpgNothing says "summer" quite like a bunch of pillows and blankets drifting idly on a lake in a rowboat! We just snuck a peek at photos from the new West Elm catalog; this summer, the furnishings chain has plans to introduce kitchenware—stoneware, bright textiles—and expand its current outdoor collection to include the "Dexter" line of driftwood furniture, among others. [CurbedWire]

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4x4 Black Estate Post Cap

4x4 Black Estate Post CapThese caps are molded of ASA Resin, specifically developed to stay bright and attractive in harsh outdoor environments for many years. These post caps require "no" maintenance, A long lasting alternative to wood caps will outlast a wooden cap guaranteed .



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These post caps fit standard 4x4 3-1/2" x 3-1/2"(up to 3-3/4" x 3-3/4")pressure treated posts

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The Shack gets sacked

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Monday, March 28, 2011

TEXAS IS THE REASON - Flag - Gray T-shirt

TEXAS IS THE REASON - Flag - Gray T-shirtBrand New, never worn, front print Gray Authentic TEXAS IS THE REASON T-shirt.

Price:


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More Chump Change: About $12 million will pay for...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Wednesday, March 16, 2011, by Philip Ferrato

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Vanessa Holden&apos;s New Role Announced: Yesterday, we broke the news that...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Wednesday, February 9, 2011, by Sarah

Yesterday, we broke the news that Martha Stewart Living editor in chief Vanessa Holden was leaving the magazine for West Elm. Today, reps confirm, announcing that Holden will be the company's senior vice president and creative director. Per the release, she "will oversee all facets of the home furnishing brand’s expression in the West Elm catalog, on westelm.com, and in the brand’s store environments." [previously; CurbedWire]

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? Previous: Man Eats Glass Champagne Flutes and Household Lightbulb

? Next: Ike Kligerman Barkley's Villa on the Atlantic Finds Italian Inspiration


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New Residential Construction Report: February 2011

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Snowpocalypse!: Former Blue&apos;s Clues Star Builds an Igloo in His Courtyard

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Wednesday, February 9, 2011, by Sarah

Screen-shot-2011-02-09-at-12.06.55-PM.jpg
Jason Schmidt, Right photo: Steve burns/NYMag

Today New York magazine's Wendy Goodman treks to Williamsburg, Brooklyn, where she revisits the apartment of former Blue's Clues star Steve Burns that was featured in the magazine's Fall 2010 Home Design issue. The dwelling, a converted 2,000-square-foot garage, was just as Goodman last saw it, except for—oh, right—now there's a mighty fine courtyard igloo. If Burns were ever able to list it in Craigslist, he told her, the blurb would go something like, "“Charming alcove studio, steps from L train. Cutting-edge green construction, locally sourced material, a MUST SEE! $1,100/month.” Later, he added, "Faced with a mountain of snow, I simply did what any self-respecting man-child would do: I built a fort. It was sort of an automatic response, really. All that snow had to go somewhere.” And what kind of man-child would he be without using it as a beer cooler during the Super Bowl!


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Celebrity Decor: Inside Russell Simmons&apos;s Buddha-Drenched Yoga House of Worship

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Monday, March 21, 2011, by Sarah Firshein

0913_2.jpg

Back in September, when talkshow host Nate Berkus paid Russell Simmons a visit, we got a peek of the hip-hop mogul's NYC apartment. And, of course, the incredibly loud signage that Simmons erected to pledge his support for the First Amendment in the whole World Trade Center Mosque controvery. This weekend the Financial Times runs a quick profile of said apartment, focusing on its many, many Buddha sculptures and the yoga room that "looks like a temple, really big enough for four people," according to Simmons. He has also decorated one of his daughter's rooms in a Disney theme and the other to resemble an Indian prayer room. For those hoping to find religion (by osmosis), the place is now accepting applications for neighbors.

· Of Mosques and Men: a new Liberty Street message [Boing Boing]
· A mantra for all seasons [Financial Times]
· Curbside Pickup Transformations [The Nate Show]
· Be Russell Simmons' Liberty Street Neighbor for $6.39 Million [Curbed NY]
· All World Trade Center Mosque coverage [Curbed NY]


View the original article here

TrendWatch: Secret to a Happy Home Revealed, and it Includes Water Views

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, February 8, 2011, by Sarah

Although Yahoo amped up its quest for world domination by appropriating all of Zillow's content, listings site Trulia is going for a more metaphysical approach, endeavoring to find what it is, exactly, that makes a happy home. After all, can happiness be quantified? Why yes! Yes it can. Trulia asked 1,200 American couples to rank 11 home features—dual closets, large kitchen island, a man cave, water views, and more—in order of how each would positively improve their relationship. What came out on top? For women, apparently storage space is the be-all, end-all of making the magic happen. And for men—in a brilliant show of obviousness—it's having a master bedroom large enough for a king-size bed. Browse the photogallery above for the close-up shots.

· Zillow and Yahoo Merge; Quest for World Domination Continues [Curbed National]


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Homebuilder Blues: NAHB/Wells Fargo Home Builder Ratings March 2011

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Upgraded <b>Real Estate</b> Investing Websites Released

Upgraded Real Estate Investing Websites Released Hello, Guest Login Sign Up Support: Knowledge Base Contact Us SBWire RSS TwitterFacebook Google LinkedIn Sign Up - Login Submit Press ReleaseMake Connections Create Company ProfileCreate Group Press Releases View by Date View by Industry View by Location View by Subject RSS News Feeds View By Company View By Member View By Group Archive Search Related Tools Profiles Company DirectoryMember Directory Group Directory Profile Search Services Press Release Distribution Hosted News Room SBWire CRM SBWire Response SBWire Connect SBWire For Groups SBWire For Non-Profits SBWire For Journalists Current Price List For journalists News Alerts My Journalist Profile About SBWire About Us Why SBWire? Our Blog Contact Us Service Updates Our News Room   HomePress ReleasesCWF PropertiesView Press Release Upgraded Real Estate Investing Websites Released EmailPrintSave  

Plano, TX-- (SBWIRE) -- 02/09/2011 -- A real estate investing website firm, http://www.RealEstateInvestorsWebSites.net, has rolled out a new upgrade for their real estate investor websites. Real estate investors can now manage all aspects of real estate investing right from their back office including comparable sales, repair and deal analysis, short sales, closing, email campaigns and a lot of other important aspects of real estate investing.

The websites are geared towards reducing workload while increasing efficiency so real estate investors can close more deals spending less time, money and effort.

Whether their business model involves buying houses, selling houses on terms, at retail price, renting them out or wholesaling them to other real estate investors, or even seeking private money, the websites drastically reduce the workload and increase efficiency so real estate investors can close more deals spending less time, effort and money.

The websites are also equipped with in-built automation capabilities such as autoresponders making it easy to automate tasks and do important marketing campaigns at no extra cost. Email marketing must be part of a successful real estate investing business, and the websites are fully equipped to handle this important demand.

With advanced search engine optimization to attract leads on the search engines and life-like speaking models, the websites attract visitors, capture their attention and convert them closed deals with minimal work from the real estate investor.

For more information, please visit http://www.RealEstateInvestorsWebSites.net or call 214-227-8718.

Featured Press Releases

Cash Advance Laws in Mississippi Set Caps on Interest Rates

Sacramento, California Mortgage Consultant Reveals Insider Loan Secrets Other Mortgage Lenders Don't Want The Public To Know

Free Workshops at phati’tude’s 1st African American Literary Festival, NYC

Posted Wednesday, February 28 2011 at 9:16 PM CST - PermalinkMedia Relations Contact

Buck Wise
Owner
CWF Properties

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http://www.RealEstateInvestorsWebsites.net

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Griffin Technology GC16034 Elevator Laptop Stand

Griffin Technology GC16034 Elevator Laptop StandGriffin Technology Elevator GC16034 Notebook Stand GC16034 90

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That&apos;s Rather Hideous: When Love of Fabrics Goes Awry, Smothering Factor Heats Up

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, February 8, 2011, by Sarah

Valentine’s Day fast approaches, and in celebration of love we’d like to call attention to that emotion’s uglier alterego: smothering. Specifically: smothering as it pertains to fabrics. Above, please find drapes that match bedskirts, chair upholstery that matches sheets, wallcoverings that match Zach Braff, and so on. Curbed's official stance? Think of fabrics as you would your stock portfolio: diversify. 'Tis the season to spread the love.

—Sarah F. Cox


View the original article here

Sunday, March 27, 2011

Neil Patrick Harris Lists: How I Met Your Mother star...

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, March 22, 2011, by Sarah Firshein

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? Previous: Please Meet the Prince William and Kate "Commemorative Fridge"

? Next: Lofty Lakeside Modern Built for Entertaining in the Pacific Northwest


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Housekeeping: We&apos;re Giving Away a Design Book a Day: Sign Up For the Newsletter!

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Monday, February 7, 2011, by Sarah

Sure, you can follow Curbed National's comings and goings on Facebook and Twitter, but at the moment there's only one way to get a fresh-off-the-presses hard-bound coffee table design book mailed directly to you: by signing up for Curbed's daily dose of real estate porn, our House of the Day newsletter. From today until, well, our inventory runs out, each newsletter will contain a secret word—the first person to email it back to the tip line will win the gorgeous, glorious tome of their choice. Sign up here:

Sign Up For Curbed's House of the Day Email:

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Sonoma County California USGS Topographic Maps on CD

Sonoma County California USGS Topographic Maps on CDThis USGS Topo CD will change the way you view your county! This easy to use USGS topo CD is a great way to print your own maps of anyplace in your County. These are the highest detailed USGS maps available. A scale of 1:24,000 allows considerable detail to be shown; 2.64 inches = 1 mile. All maps have been joined together into one digital file without the text in the borders. Land Owners, Farmers, & Ranchers - quickly create accurate maps of your property. Hunters, Fishermen, Sportsmen, & Outdoor enthusiasts - no need to carry multiple USGS maps into the backcountry. Print just your area, even if it falls on the corner of the original paper map. Our digital maps do not have corners or edges. Real Estate, Developers, Planners & Property Management - a topo map shows the area around a property and can greatly enhance marketing material, reports, presentations or make a fascinating display in the office. Teachers, Professors, and Education Professionals (K-12 & College) - USGS topographic maps are a interesting addition to any classroom, it will bring your lessons to life fascinating everyone involved. Engineers, Planners, and Environmental Professionals - visualize and evaluate site locations prior to your visit. Get more out of a site visit with the USGS Topo Map you print out. This will save you time and money! Geographic Information System (GIS) professionals - the USGS DRGs are mosaiced into one MrSID image file in UTM NAD83 Meters coordinate system. Everything is there for use in you favorite GIS software - All ESRI products, (ArcView, ArcInfo, ArcMap, etc.), Erdas, MapInfo, any other GIS software that reads MrSID format.

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Milken Institute Ranks the Best Cities for Jobs


The Milken Institute came out with its annual list of cities that are best able to create jobs. The top ten were culled from a list of the nation’s 200 largest cities. All have managed to avoid the worst of the economic meltdown driven by falling housing markets and job losses in manufacturing and global trade.

The 2009 top 10 performers


1. Austin-Round Rock, TX
2. Killeen-Temple-Fort Hood, TX
3. Salt Lake City, UT
4. McAllen-Edinburg-Mission, TX
5. Houston-Sugar Land-Baytown, TX
6. Durham, NC
7. Olympia, WA
8. Huntsville, AL
9. Lafayette, LA
10. Raleigh-Cary, NC


Texas cities dominate the list. The free-marketers at the Milken Institute already love the Lone Star State with its lack of zoning laws and no state income tax. Communities such as Houston, Austin, Killen and not too far Lafayette, Louisiana never saw a big run up in home prices and they have the still strong energy sector supporting their economies.

The Milken folks noted that the biggest decliners on list included multiple cities in Florida and California where housing related jobs continue to disappear. Michigan cities are also among the nation’s weakest performers, with heavy losses in durable goods and automotive manufacturing.


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The 2011 San Diego Local Real Estate Market Update - 2011 ...

2011 will be a year of change, that's for sure, but the market overall is looking much more stable and consistent than that of the last couple years. The nation as a whole has been knocked around by the great recession and we are seeing the after effects from the most severe economic downturn in decades. That being said, this year will be one of more stability whereas last year was a tumultuous rollercoaster, not only for real estate, but for the greater economy as a whole.

I would love to say that this year will be the break out recovery year that everyone is hoping for, but the fundamentals point to the contrary. Depending on how you measure, there are anywhere from 15-25 Million people that are unemployed. There are 7+ Million households in some form of financial trouble and facing the possibility of foreclosure. Depending on how you measure, we are running a 14-55 TRILLION dollar deficit and we are creating money like crazy and buying back our own debt to gloss things over until things get better - it's crazy. Notwithstanding the societal, environmental, and geopolitical issues that are impossible to ignore, you could basically say that we are living in the most fluctuating, fast-paced and most exciting time to be alive in human history. I would argue that never before in the history of our species has a single generation had the ability to enact such immense change both presently and well into the future. It's safe to say that there is a lot going on in our world, and so much so that you need to rely on your trusted advisors more than ever, so I am pleased to be able to provide you with the best information and best service possible for all of your real estate needs.

Of the several negative issues mentioned above, there are an equal amount of positive developments that are occurring as well when it comes to local real estate. The last couple years have been difficult, but we are all doing our best to make our way through these challenging times. The three biggest barriers preventing a full-blown economic recovery are high unemployment, excess inventory, and people's negative perception of the real estate market, in general. Ill addresses each of these separately.

Unemployment: Everyone talks about unemployment and it is a big deal because when a work-worthy person cannot find employment, the loss of that utility value is small, but when multiplied several million times for all those who are unemployed throughout the nation, it takes its toll on everyone to a considerable degree. Its eats away from GDP because that would-be worker is not making the money that leads to consumption, it takes the USA down a notch on the world scale in overall productivity, it takes away from tax revenue that is so badly needed by our government, and it has a damaging effect on the family unit when the breadwinner of a family cannot find work. Until jobs are placed by this excess workforce, we will continue to have problems. Ben Bernanke, the Chairman of the FED, has recently stated it will take 5 or more years to get to 5% unemployment, which most economists consider the "natural" rate (of unemployment). It's good to see that USA today on a recent front page is touting that jobs are being created and we are making progress, unfortunately it is slower than everyone wants or expects. From a real estate perspective, the more people that are unemployed or on limited work schedules (furloughs), the fewer people there are that can actually qualify for a home loan. Last year alone 93% of all home purchases were done so using some sort of mortgage financing, so although it may seem that there are a lot of all-cash buyers out there, it's quite the contrary, and this lack of buyer capacity will cause a reduction in overall demand, which will have a dampening effect on home values. We have seen this effect take shape over the past 18-24 months specifically, but the good news is that the worst is behind us.

Excess Inventory: We are in the midst of a massive turnover of real estate. This turnover was one that was thought to be an onslaught of foreclosed homes, but it hasn't turned out to be that way. Banks are smart and if there is a shadow inventory of homes that are being withheld from the public, it is being released in a very controlled manner. After all, why would the banks release the entire foreclosed inventory at once? All that housing supply would just eat away at their bottom line. The opportunity cost of holding these foreclosed properties is greater than just fire-selling them away to get them off the books. There are a lot of myths out there regarding all those foreclosed homes and their relationship with the banks that own them. Just know that this is an issue that is far from over; in other words, the banks do own a considerable amount of REO (Real Estate Owned) property, and that these homes will become available at a controlled level over time until all the excess property is absorbed. Essentially, this is the best way to go about getting rid of all the excess property anyway. It's good for the banks because they make more money, but at the same time it is good for current homeowners because values will remain stable, as well as being good for the economy in general.

Furthermore, 2011 will be the year of the short sale. On average, the bank will make 10-15% more by doing a short sale as opposed to foreclosing on a home. A short sale makes sense for a bank because the seller in a short sale works with their agent to find a buyer and all the bank needs to do is "push the button" and approve the deal. With a foreclosure, there are mounting holding costs, property taxes, eviction costs, repair costs and lawyer's fees that the bank is responsible for, and when compared side by side, the short sale is the win-win for the bank and borrower alike. 2010 was a record year for foreclosures where over 1 million homes were taken over by the banks. Many experts predict that 2011 will be the absolute peak for foreclosures, and estimates are as high as 1.3 Million homes being taken over the banks. That being said, these experts are not taking into account all of these would-be foreclosures that will inevitably be sold as a short sale because in most cases, doing a short sale is considerably better than a foreclosure in terms of the overall effect on the financial and credit health of the seller/borrower. The more people doing a short sale, the quicker we can absorb the excess distressed inventory in the market, and because the federal government has rolled out attractive programs that entice cooperation for the bank and sellers in a successful short sale, this will add momentum making the short sale the most popular and viable go-to option to absorb inventory and make substantial inroads on the way to economic recovery. As a result, expect to see a consistent and substantial supply of short sale inventory for at least the next 18-24 months.

This time horizon is the same for foreclosure properties as well, and the reason being is that the peak of the market in terms of prices was in late 2006 and early 2007. Up to this point there were still 0%-down and sub-prime loans being made, and many of these loans were underwritten on a 5 year fixed interest rate. By the time 5 years would come around, the terms of the loan would increase the payment substantially, but your typical borrower at this time in 2006 or 2007 was given the notion that they would easily be able to refinance out of their loan, no problem... well, things have changed. These loans are the loans that will be your next foreclosure or short sale this and next year. These are the loans owned by debt-laden and over-extended borrowers who cannot keep up with their monthly obligations any further. Since these toxic loans continued to go on unabated until about 2008, we will continue to see the negative implications and aftermath up until 2013.

Owners that own homes that are worth 40%-50% less than what they bought them for a few years ago can see that their value isn't coming back anytime soon. They are smart enough to know to remove themselves now when everyone else is doing a short sale so that they can put themselves in a decent position to buy a home again in the future, where the prices will still be reasonably good. This sentiment is running rampant, and I know because I am getting more calls and referrals about short sales than ever before. For the market as a whole, this is great because it takes a home that is upside down and a borrower that is in a crappy position financially, and it resets value to a qualified buyer that can afford the home and is committed to a length of homeownership for more than just a couple of years. This is the type of stabilizing mechanism that will get us where we need to be, and the short sale is one major avenue of getting us there.

People's Perception: Call it perception, or call it consumer confidence, if it is negative, then we are in for a rough ride. Along with this New Year came an overwhelming rebirth of spirit and hope; (at least that's what I see and feel). The end of 2010 brought the closure of a year that for many was one they would like to forget. I am seeing great developments popping up all over the place, and in general I am seeing the overall sense of people's sentiment improving. Although we are improving at a slow and arduous rate, we are nonetheless moving in the right direction. Unless the majority of us believe we are headed in the right direction, we will be less well off and more susceptible to the potential hurdles and pitfalls while on our way to recovery. To look at this another way, consider the uninhibited optimism of real estate as a whole throughout the years 2004-2006. This was essentially an apex of consumer confidence and people were paying crazy amounts for homes that were selling for hundreds of thousands less just a year or so before. There is a severe herd mentality with real estate, as with the stock market and many other daily societal interactions for that matter, and herd mentality was never more apparent than with the housing boom of 2004-2006. People's perceptions were that prices were going to continuously go higher. Unfortunately, the opposite was true, and during the ensuing correction and recession, the perception changed and most people felt that prices were perceived to go continuously lower, but I argue that this was back in 2008-2009. We are now in a position of trying to gain a modicum of stability and confidence and that is what I am seeing develop which will continue to do so throughout the year, barring any unforeseen anomaly. In fact, a national poll stated that 7 of 10 people report that home values have stabilized in their area. In other words, the crap hit the fan, but the worst is behind us and we are slowly getting the pieces back together again. While it may not feel great, it's considerably better than where we were just a year or two ago, and the populace is getting more and more positive as time goes on.

Looking Ahead

Overall, San Diego has had a healthy correction over the past couple years, and its poised to remain stable and remain one of the best places in the country for a buyer to invest their money on real estate.

At one point at the peak of the market in 2006, only 12% of households could afford the median priced home - seriously! How could people expect that prices were going to go higher when only 12% of all the families in San Diego could afford the middle of the road home...crazy. Today that number has more than tripled, and for a median-sized condo, the number is more than 50%. Affordability is at a 40 year high and a recent poll reported that 8 of 10 people believe that buying a home right now is a good financial decision and 68% of people feel that now is a good time to buy a home.

Further, interest rates are trending at an all time low. They have never been this good, and that is saying a lot. If you take the average mortgage rate over the past 30 years, it is approximately 7%. Today rates are below 5% and that is just astounding. Never has there been a period in the past 70 years where there was a real estate environment of low interest rates and reduced prices. It is truly a historic time to be involved in the market, because I firmly believe that we all will look back several years from now and see what a buying opportunity this was. I will argue that the years 2009-2014 will be a 5 year window of awesomeness in terms of purchasing real estate over the long term. That does not mean that you buy a home and 5 years later its worth double - what happened in the last boom market was an anomaly and it would not have happened had lenders and large banking institutions condone the risky behavior of lending to sub-prime borrowers and the excessive use of exotic loan programs. All this did was make this recent correction more severe. Hopefully we will learn from these mistakes. That being said, buyers today should be poised and prepared to expect modest appreciation for their real estate investment. Over the long haul, this turns into a substantial gain, especially if you aggressively pay down your mortgage. I just feel that what we witnessed over the past decade was a once in a lifetime episode, so we should not expect that kind of market disequilibrium to that extent ever again.

As we work our way through the excess inventory, we will find ourselves in a more stable real estate environment. I started working and building my career in this industry back in 2006, and I will be the first to say that I have never seen a "normal" real estate market; I have no idea what normal feels like. That being said, once the distressed element of the for-sale property is absorbed, we will find ourselves in a relatively stable and normal market, but not for long.

I argue that within 2 years, San Diego (along with the rest of the nation) will experience a housing shortage. I have written about this earlier in 2010, but simply put, the last couple years have seen a trickle of new inventory and new construction. Typically, we Americans need about 1.3 Million new housing units each year to account for population growth and need to replace old and decrepit structures. If you have tried to get a construction loan over the past 3 years you would know that it was nearly impossible to do so. From my numbers, roughly a third of the actual housing requirement has been reached, which means that over the past several years, a pent up demand for housing has been brewing. This doesn't seem to make sense because of all the foreclosures and short sales, but as this excess inventory gets swapped up, the housing shortage will present itself in full effect

Essentially, we are moving from a glut to a strain with the supply of housing. Prices will begin to increase as this occurs and there will be further momentum in prices going upwards due from the corrected and expanding economy as well as inflation. This comes as good news for a homeowner when taking into account the medium and long term prospects of home ownership, and presents a window of opportunity for those considering a new home purchase. It is wise to act now while prices and the cost of money is low, and build a solid and secure future for yourself financially.

Overall, San Diego is going to come out of this great recession first because it was one of the first real estate markets to go into correction-phase. It's also a highly desirable area, unlike the overinflated and overbuilt sprawl of places like Phoenix, Las Vegas, and the Inland Empire. We are a city formed and enclosed by the ocean, canyonlands and mountains. Our supply of land is truly finite and only on the periphery of our county will you find available tracts of land for new construction. Our local economy is no longer dependant on the ebb and flow of the military industrial complex as it has been for most its history. We have a burgeoning biotech, telecom, and computer industry base that offer the jobs that justify our current real estate home values. Throughout the recession, there have been plenty of investors and first time homebuyers that gladly pickup property because they have faith in San Diego's prospects for the long term. San Diego is unlike a Stockton or Fresno or Bakersfield or Victorville, where you can get a newer home for $125,000 but there are foreclosures everywhere and there aren't enough buyers to absorb all of the distressed inventory. We are lucky and privileged to live in an area as beautiful and desirable such as this, and the price to live here reflects that sentiment accordingly.

Conclusively, San Diego has weathered the storm quite well. The average reduction in overall price from the peak of the market in San Diego County in general is about 20-25%. The future can look very different depending on whom you are getting your information from, but based on the market and the fundamentals, we are bound to expect further stability and equilibrium as the economy recovers, jobs are regained, excess inventory is absorbed and people overall believing that the future will leave us better off than where we are today. Although we won't be seeing a recovery at the pace that we would like, we are heading in the right direction. There are bright times ahead of us, and we need to keep that in mind when we are exposed to the contrary. I for one am bullish on buying real estate in San Diego and my goal for this year with my wife Jessica is to save up a down payment for our new home together and take advantage of the phenomenal interest rates. Let's get successful and prosper together, and I wish you the best for 2011.

Michael Wolf is a Realtor, GRI and author of "The First Time Homebuyer Book" and currently practices in the San Diego area. His company is Ascent Real Estate, and his business partner and fianc?e Jessica Richter are located in Bankers Hill. Michael and Jessica specialize in San Diego county real estate, with emphasis in Foreclosure and Short Sale distressed property. Aside from residential purchases and sales, Michael and Jessica have helped several investors with multi-unit and commercial residential income investment properties. Their team represents a passion for service and follow up that cannot be out done. contact him at: wolf@ascentrealestate.net or check out their website: ( http://www.mikeandjessica.net/ ) or the book's website: ( http://www.thefirsttimehomebuyerbook.com/ )

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Michael Justin Wolf - EzineArticles Expert Author

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