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Thursday, June 30, 2011
[CFR] Not Slowest Economic Recovery, Yet Housing Is – So Deal With It
The Council on Foreign Relations published their quarterly update from the Center for Geoeconomic Studies, always a good resource, called: The Economic Recovery in Historical Context. The charts look at various metrics since the end of each recession. FYI, the recession was dubbed “over” in June 2009.
GDP is growing, but below the average post-war pace but not slower than the 1980-81 double dip.
Housing continues to fall – it is well below both the average and low end of the post-war range. Of course that’s because housing/credit was the cause of the crash itself.
It’s hard to see the economy moving forward appreciably until housing improves or at least it’s being more consistent with historic norms during an economic recovery. I like these graphics because they provide tangible perspective to the state of the economy and housing.
Rooms with a Pouf from Our House Tours
I really wanted to title this post "An Ode to the Pouf" due to the extreme love I have towards this versatile home accessory. Please excuse the over-the-top adoration as I list the ways this functional piece can add value to any home.
In this roundup the pouf can be spotted being used as extra seating for house guests or as a foot stool for tired feet. They can be used to bring a pop of color to any room, without replacing the main furniture items, or as an impromptu coffee or side table. In image 5 the vintage pouf, placed in just the right spot, creates an adorable vignette and can even be, as the main image shows, an upscale perch for man's best friend.
1. Carrie's Glamorous Bungalow
2. Martha's Stunning Fireplace
3. Rhiannon and Victor's First "Grown-Up" Home
4. Tailored Sofas for Elegance & Sophistication
5. Robert & Michelena's Modern-Bohemian Fusion
Images: as linked above
Front hand warmer pocket.FHFA Monthly Home Prices: April 2011
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Philadelphia Feeling: Federal Reserve Bank of Philadelphia Business Outlook Survey June 2011
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Wednesday, June 29, 2011
My Life Story, One Appraisal At A Time
Roland Li wrote a nice profile of moi in the current issue of Brokers Weekly. They’ve done a nice job moving the publication online.
Check it out: Jonathan Miller tells it like it is
If You Build It, When Will the Home Buyers Come?
New homes sales fell 2.1 percent in May.Sales of newly built homes fell around 2 percent in May from the previous month, but that was a little better than expectations, given the lousy home builder sentiment number we got this month and the huge supply of competing existing and distressed properties. But let's put this monthly move in perspective, shall we? The 319,000 sales pace is 14 percent higher than the record low set in February, but new home sales are still 77 percent below their peak in 2005, and 900,000 is considered healthy. But how's this for an odd statement: "The one positive in this report was the further fall in the number of new homes for sales, from 172,000 in April to yet another record low of 166,000," writes Paul Dales at Capital Economics. "With fewer new homes for sale than ever before, at some point homebuilding activity will have to increase, but we can't see it happening for several years yet."That's the positive?? You could look at the home prices, down 3.4 percent, which is less than the 5 percent drop in existing home prices in May. But then you have to remember all the concessions builders are throwing in, and you also have to look at the fact that the median price of an existing home is 30 percent less than that of a newly built home. How's that for competition? Take a peak at an interesting chart from John Burns Real Estate Consulting, which he titles, "Sales Rates and Concessions: Understanding the Dance"
Options and upgrades lead the incentives with price cuts coming in third behind closing costs. That means that the price drop is even lower than the official Commerce Department numbers depict, at least from the builder's perspective and the net price declines. "Faced with slower sales, builders initially prefer incentives to price cuts, because they can delay or eliminate the longer term impact to buyers' psychology and appraiser's comps if the slowdown is temporary," notes Burns. I'm just not sure how temporary it will all be, again, given the huge amount of distressed properties against which builders compete. Many of the analysts say simple demographic demand will eventually push sales back to normal levels. Patrick Newport over at IHS Global Insight predicts that will take at least two years. "Tighter lending standards for builders and homebuyers, higher commodity prices, and uncertainty over the direction of the economy and of house prices are stifling both the demand and the supply side of the housing market," concludes Newport. It seems like I hear this every month. Just wondering what exactly is going to change that quote? Questions? Comments? document.write("");document.write("RealtyCheck"+"@"+"cnbc.com");document.write('');And follow me on Twitter @Diana_OlickS&P/Case-Shiller: April 2011
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Outdoors Week: A Chat With Frederico Azevedo, He Who Makes Huge Planters
× 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, June 24, 2011, by Sarah Firshein 
Photo by Eric Striffler
Brazilian-born landscape architect Frederico Azevedo seemed like just the guy to talk to about dramatic—yet decidedly sane—lawn ornaments. Azevedo owns Unlimited Earth Care, a garden shop in Bridgehampton, N.Y., where he runs a landscape design business, as well. In 2006, he launched a series of oversize planters that was immediately embraced by his jet-setting clientele—he tells the story of a California woman who painted her fence with white-and-purple stripes and chose one of Azevedo's 72-inch-high purple planters to stick in front of it. Here, we talk to the guy behind all this grandiosity.
Let's talk about these planers. What do you think inspired you to start designing them?
Well, everybody was going with a certain scale—maximum 36 inches—and the problem was that in certain places you need more height than width. So I started to have the idea to make them narrower and longer, so they fit in any space. They can fit in a terrace, a large landscape design, around swimming pools, or even in a small city balcony, because the base is very narrow and it doesn't have a very big diameter. That is the trick and the way so then you keep them balanced.
What sorts of plants were you designing for?
To use in these particular design, usually the plants are low—you can go with low palms or make a great visual because actually that's what palms are. They have very narrow trunks and big canopies.
How big is the biggest planter you offer?
82 inches with a base diameter of 30 inches.
Do you sell many of those really huge ones?
Yes, actually yes, people from California—they have completely different environments. The colors make them really great, too.
What types of gardens and landscapes would you say have impacted you and your work?
Always modern gardens make an impact on me. I'm from Brazil, and I grew up in the
'70s when all the modern architecture was exploding in Brazil with the creation of Brasilia, the capital. It was done all by Oscar Niemeyer, and the gardens were designed by Roberto Burle Marx, the father of modern landscape design. All this modernism was a great inspiration in my career. Also, in Rio was the development of Flamengo Park, which is a park that crosses the south part of the city to downtown. That's where the modern museum is and other things that all create an image of how to treat the environment differently and be careful with what you plant. They searched for all native plants and put them there. That is really what inspire me—how you can make all landscaping very sustainable by researching species that were here and for some reason disappeared. If you can bring them back and group them in a specific way, they will look great.
So you always use native species?
I try to—I try to always to do what's going to grow in a healthy way because everything that you try to force is going to be forced not natural.
Would you say you're drawn to one type of garden or landscape?
Everything is fascinating. I just like to observe everything—the woods, sometimes when you go to Europe you'll find species along the road that came from a completely different environment and turn out to be invasive now. I'm very curious about all the little details. I like everything—any garden, any time.
So what style would you say defines your work for clients?
I try to push for modern style so I have more of a concept about what the garden is and what landscaping is involved. With very defined concept that will help the garden to have more style. We all like a lot of stuff, but we have one body, and one style, and we cannot mix everything that we like. That's what i try to develop with my clients: to get into a concept and translate the ideas to an environment. Everything changes and what remains is the style. In the moment you achieve garden that will stay forever.
What do you mean by "concept?"
The idea of blending, repetition, and the ability to translate ideas. Sometimes people have a definition of what they think is an English garden but it's actually an Italian garden. The key is to translate everybody's ideas into one reasonable concept that will blend into nature and will be acceptable to the architecture and the environment.
Where do you live? What's your outdoor space like?
North Haven, N.Y., which has lots of deers. The first time I saw deer in my life was when I went to Austria, and friends took me to their country house in Salzburg. I woke up and I was staring at deer for two hours. I thought it was so beautiful. When I came to America, I said, "I want to live where the deers are!" Some people don't like it. I love it. I stared to experiment and research and I developed these gorgeous perennial gardens—everything is deer proof. We have the deer, and the dogs, and everything blends in with each other. It's no problem. That was a challenge for me; what I didn't have from past experience became a great pleasure. I developed a beautiful garden in a natural environment without fences.
· Unlimited Earth Care [official site]
· All Outdoors Week posts [Curbed National]
Fantasy Chic: The Accordian Cabin
Yesterday I wrote about some examples of cabin chic homes from some of our more adventure seeking House Tour participants. Today, I thought I’d follow up with one of the coolest spaces I found while researching other stylish cabins - the versatile vacation home of architects Maartje Lammers and Boris Zeisser.
Nestled near a stream deep in Sweden’s Glaskogen nature reserve, this reptilian looking structure, originally transformed from an 18th-centuruy fisherman’s cottage, was reconstructed for use as the summer getaway of Maartje Lammers and Boris Zeisser, both principle architects of design firm 24H Architecture. Its compact size and modern furnishings, combined with indigenous features, like walls draped with reindeer skin and silver birch, make it the perfect place to kick off your boots around a wood stove after a long day of fishing.
Because of the area’s laws, which prohibits the expansion of residential properties beyond 30 square meters, Lammers and Zeisser were forced to think outside the box (as it were), and added an extension to the property mounted on a rolling steel frame. Now whenever they want a little extra space, they can stretch out the neck of their little dinosaur cabin, gaining a few extra feet without breaking the law.
To read more about Lammers and Zeisser’s accordion cabin, read their feature in The Guardian.
Images: James Silverman
That's Rather Hideous: A Perfectly Preserved, Untouched Relic...Of The 1980s
× 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, June 28, 2011, by Rob Bear
Lovers of the rubik's cube decade will be drawn to this Technicolor dream apartment, with its purple walls, mirrored ceilings, and, uh, period furniture. Curiously enough, Queen frontman Freddie Mercury kept an apartment in this NYC co-op back in the day, but all traces of his "floor-to-ceiling mirrors and silvery satin walls" have been replaced by white and beige. Luckily (for our purposes) this place is still keeping the faith, but who knows how much longer this oddity will be kept in vintage condition. The one bedroom, 2.5 bath pad is on the market for $2.495M. Click on over to Curbed NY for more eye-popping photos.
· A Look At Midtown's 1980s Time Machine (With Mirrored Ceilings!) [Curbed NY]
· All Hints of Freddie Mercury Gone From His $4.35M Apartment [Curbed NY]
Tuesday, June 28, 2011
Build-a-lot [Download]
![Build-a-lot [Download]](http://scamfreepower.com/images/41nRxUWVmxLSL500.jpg)
Send the housing market through the roof as you build, buy, and sell houses in the new strategy game, Build-a-lot! You can flip houses for quick cash or sit back and watch the rental income pile up. Become a real estate mogul as you visit scenic towns, earn huge profits and perform special favors for the colorful local mayors. Can you build a new cinema for the local movie star? Install a bowling alley in the Mayor's Mansion? No problem! There's plenty to do and lots of fun ahead in Build-a-lot!Price: $9.99
The Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey: June 2011
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Bits Bucket for June 27, 2011
Twice as fast as Concorde: The supersonic jet that will fly from London to New York in TWO HOURS By Daily Mail Reporter
It has been eight years since Concorde was retired from service, and with it the supersonic dreams of millions around the world.
Now supersonic travel is on the cards again after a manufacturer unveiled plans for a plane that will travel twice the speed of Concorde.
HyperMach claims its SonicStar aircraft will be so quick that travelling from London to New York will take just two hours.
Return of supersonic travel: The SonicStar aircraft will be twice as fast as Concorde - so quick that travelling from London to New York will take just two hours. It was unveiled at the Paris Air Show
Return of supersonic travel: The SonicStar aircraft will be twice as fast as Concorde - so quick that travelling from London to New York will take just two hours. It was unveiled at the Paris Air Show
SONICSTAR’S SPECS
Maximum cruise speed - Mach 3.6
Long-range cruise speed - Mach 3.1
High-speed cruise speed - Mach 3.4
Engines - Two SonicBlue S-MAGJET Hybrid Supersonic 4000-X Series
Thrust - Flat-rated to 54,700lb
Wing area - 1,800 square feet
Landing distance - 4,800ft
Range - 6,000 nautical miles
Highest Altitude - 62,000ft
CABIN
Length - 64metres
Height at maximum - 2.6metres
Width at maximum - 2.7metres
A trip from New York to Sydney, meanwhile, will be cut by a staggering 75 per cent - from 20 hours on a commercial airliner to just five hours.
British firm HyperMach revealed its plans for the 20-seat plane at the Paris Air Show last week.
It will be able to cruise at Mach 3.1, a speed made possible by S-MAGJET hybrid gas turbine engine technology; nobody has ever travelled that fast before.
Its top speed, however, will be Mach 3.6.
Richard Lugg, the chief executive of HyperMach, said: ‘Mankind has always been inspired to do things better, quicker and faster and that is our ambition.’
HyperMach plans to build its engine by the end of the decade and to have the plane itself constructed by 2025.
With relatively low fuel consumption, the Sonic Star ‘overcomes the economic and environmental challenges of supersonic flight to revolutionise the way we travel and drive air transportation forward into the future,’ claims HyperMach.
By using electromagnetic currents across the fuselage to suppress the sonic boom, the plane is able to overcome the noise regulations that constrict supersonic travel.
It has a range of 6,000 nautical miles and its 54,700 thrust class S-MAGJET engine - actually two engines - is optimised to fly the aircraft at 62,000ft.
But it is the reduction in jet engine emissions that HyperMach believes will prove the secret of SonicStar’s success.
Tiny Buildings: Sculpture by Laurie Poast
As someone foregoing a summer vacation in order to save up for a few home improvements, these delicate clay buildings by Amsterdam-based American artist Laurie Poast are the lovely reminder of far-off travels real or (in my case) only imagined.
From several-hundred-year-old windmills on Greek islands to French country farms to Dutch row houses, the tiny sculptures recall almost magical European landscapes — certainly a welcome view on any mantle top. Poast sells her handmade miniature buildings in her Etsy Shop, ARTISANIEeurope.
Images: ARTISANIEeurope
Wednesday, June 22, 2011
Pricechopper: Telegraph Hill: 260 Green Street Takes Another Whack, Drops $5.4M
× 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, June 6, 2011, by Philip Ferrato
Was: $12,900,000
Now: $7,495,000
You Save $5,405,000
Report from cliffside- already severely price-chopped- that swell shingled house at 260 Green Street has taken another serious cut. With its long, gated drive and a terrace literally on the edge of Telegraph Hill, the 4-bed, 4.5 bath, 2-car garage has unparalleled views of downtown and the Bay. Inside, it's got a bulls-blood red lacquer living room/library, an octagonal dining room with a second service kitchen, plus what a commenter once called a "girl's dream dressing room" as part of the master suite. Someone's going to love it, and we hope soon. A little redecorating and it will be party-ready. And if you don't like bull's blood, $5.4M buys a lot of paint. Check out the floor plans, and after the jump, a gallery of interior shots.
The previous owner was "Cable Car Lady" Friedel Klussman, who was also a founder of SF Beautiful. We wouldn't be surprised if Mrs. Klussman wasn't the one who managed to snag the dead-end of Calhoun Terrace for her cliffside patio.
· Telegraph Hill: Dream Houses Plunge Into the Abyss [Curbed SF]
· Friedel Klussman [Cable Car Guy]
· 260 Green Street [Redfin]
Follow Us on Facebook!: Ever look at your Facebook and...
× 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, June 10, 2011, by Sarah Firshein
Ever look at your Facebook and realize there's not enough Curbed going on? That's easily fixed! Head over to the Curbed National Facebook page and hit "Like." Our top stories will show up in your Facebook feed, like magic. And hey, follow us on Twitter, too. We'll be liking you back in spirit. [Facebook, Twitter]
? Previous: Rent Out This London Penthouse For a Mere $65K Per Week
? Next: Woman Attempts to Meet Men By Renting Mansion
Tuesday, June 21, 2011
Where to Start When You're Starting Over?
I was approached by friends this past weekend who have decided to make a long term commitment to their current job and, therefore, location. Now that they intend to stay here for more than a year, they are looking to transform their house into a home. The problem? When they arrived, they had a very short time to paint and procure furniture, and now they have buyer's remorse about essentially every room in their house.
The plan is to spend the next six months making changes to the kitchen, living room, dining room, den, the master bedroom, two bathrooms, and two kids' bedrooms. Cosmetic changes only 7mdash; the house comes with the job so the basic structures will stay the same. They want my help, but I'm at a bit of a loss on how to begin. Working in an empty space is one thing, but redoing everything in an full house with a family presents a completely different challenge.
Do we start with the private spaces, the bedrooms and bathroom upstairs, because they are more contained and therefore likely easier to complete in a shorter timeframe? If we do this, the family may feel an immediate positive effect which would help keep up their enthusiasm for the project, but may have to battle disappointment that the changes aren't visible to guests.
Or do we start with the larger, more public spaces, the kitchen, dining and living rooms, because they are the center of the home? If we do this, the family may feel they are getting more bang for the buck in terms of impact, but will have to live longer with a work in progress before they see any fully finished rooms.
My friends and I are all feeling a little overwhelmed by the various options, so I am turning to you readers for advice and assistance. Is it better to start small or start big? Would you rather make incremental changes or is a clean sweep the best way to go? If you have ever done a whole house makeover while living in the house, please share what worked and what didn't. Help me help my friends turn their house into a home that works for their family, one they will be eager to share with their friends.
Image:
For Sale in Palm Springs (Henry Wright Mystery #1)
Retired police chief Henry Wright is now living in Palm Springs and is asked by his friend Wayne Johnson, a detective in the Palm Springs Police department to help solve a crime. Henry has been living as somewhat of a recluse since his wife passed away, but tracking down this killer brings him back to life. Follow his adventures as he travels around the state to solve this mystery.Third edition released March 2011 to improve readability on Kindle and correct punctuation and grammer.
Price: $0.99
Crass Glass: An Ohio judge is suggesting dress...
× 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, June 10, 2011, by Rob Bear
? Previous: Songstress Carole King Selling Her Remote Idaho Ranch
? Next: Mesmerizing Time Lapse Turns Buildings into Light Show
TurboTax Business Federal+ e-File 2010
Its customized interview tailors itself to your type of business (corporation, partnership, or multi-member LLC) and provides extra guidance to simplify tax preparation and help you maximize tax savings. Just answer simple questions and let Intuit TurboTax Business Tax Year 2010 Software do the rest.Price: $129.95
Spruce Up: Upcycled Vintage Furniture Store Profile
Ginger and Matt Summers sell their unique line of upcycled vintage furniture and accessories at their etsy store, appropriately called Spruce Up.
I hesitate to call what this Cincinnati couple do with furniture "upcycling" because it's so much more than that. As they say in their etsy profile, the couple "creates warm yet modern environments by blending styles such as mid-century modern, vintage industrial and hollywood regency."
Take that dresser in the third photo, for instance – after stripping and painting the base of the cabinet, the couple cut apart old shutters and applied them to the drawer fronts, piece by piece, to create that breathtaking herringbone pattern. And that floor lamp? It's made from an old surveyor's tripod and a vintage lamp shade! Love it!
Visit the Shop: Spruce Up
Images: Spruce Up
Monday, June 20, 2011
PM Linkage: Getting Tipsy on San Francisco; It's Pride Month!; Rats in SoMa; More!
× 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.
Real Estate Sold: Noe Valley Charmer Sells For Asking
× 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, June 7, 2011, by Sally Kuchar In late April an adorable 1-bed, 1-bath condo on Dolores in Noe Valley hit the market with an asking price of $599,000. Like we said in the original post: it's charming. Black and white tiled floor in the kitchen, arches, bay windows, all that San Francisco charm you want in a Victorian apartment. We're happy to report that as of yesterday, the unit has sold for $599,000. Congrats to the lucky buyer, and please invite us over to your apartmentwarming party!
· Downright Adorable on Dolores [Curbed SF]
· 1150 Dolores #2 [Redfin]
· Downright Adorable on Dolores [Curbed SF]
· 1150 Dolores #2 [Redfin]
Join Us! Three Ways to Follow Apartment Therapy
Offline or just off the blog for a bit? Don't miss anything by keeping up with us via:
I Still Dream About You: A Novel
The beloved Fannie Flagg is back and at her irresistible and hilarious best in I Still Dream About You, a comic mystery romp through the streets of Birmingham, Alabama, past, present, and future.Meet Maggie Fortenberry, a still beautiful former Miss Alabama. To others, Maggie’s life seems practically perfect—she’s lovely, charming, and a successful real estate agent at Red Mountain Realty. Still, Maggie can’t help but wonder how she wound up in her present condition. She had been on her hopeful way to becoming Miss America and realizing her childhood dream of someday living in one of the elegant old homes on top of Red Mountain, with the adoring husband and the 2.5 children, but then something unexpected happened and changed everything.
Maggie graduated at the top of her class at charm school, can fold a napkin in more than forty-eight different ways, and can enter and exit a car gracefully, but all the finesse in the world cannot help her now. Since the legendary real estate dynamo Hazel Whisenknott, beloved founder of Red Mountain Realty, died five years ago, business has gone from bad to worse—and the future isn’t looking much better. But just when things seem completely hopeless, Maggie suddenly comes up with the perfect plan to solve it all.
As Maggie prepares to put her plan into action, we meet the cast of high-spirited characters around her. To Brenda Peoples, Maggie’s best friend and real estate partner, Maggie’s life seems easy as pie. Slender Maggie doesn’t have to worry about her figure, or about her Weight Watchers sponsor catching her at the Krispy Kreme doughnut shop. And Ethel Clipp, Red Mountain’s ancient and grumpy office manager with the bright purple hair, thinks the world of Maggie but has absolutely nothing nice to say about their rival Babs “The Beast of Birmingham” Bingington, the unscrupulous estate agent who hates Maggie and is determined to put her out of business.
Maggie has heartbreaking secrets in her past, but through a strange turn of events, she soon discovers, quite by accident, that everybody, it seems—dead or alive—has at least one little secret.
I Still Dream About You is a wonderful novel that is equal parts Southern charm, murder mystery, and that perfect combination of comedy and old-fashioned wisdom that can be served up only by America’s own remarkable Fannie Flagg.
From the Hardcover edition.
Price: $26.00
Source For Fruit Motif Kitchen Curtains? Good Questions
Q: I am dying to know the source of the curtains from Tosca Radigona's kitchen. Does anyone know where I can find them?
Sent by Susanna
Editor: Leave your suggestions for Susanna in the comments - thanks!
• Got a question? Email yours with pic attachments here (those with pics get answered first)
Thermaltake Tt eSPORTS Challenger Ultimate Gaming Keyboard Fan Cooler 64KB On-board Memory KB-CHU003US Black with Black Light Switch
Thermaltake Challenger Ultimate Keyboard - Wired - Black KBCHU003US Keyboards & KeypadsPrice: $99.99
Thule Fairings
The Thule Fairing cuts down on the drag and wind noise that your Thule bars make when you're blasting down the highway on your way to parts unknown with a roof full of gear. Thule Fairings are cake to install, and use rubber bumpers and anti-scuff film to protect your vehicle's finish. Editors Note: Please call if you aren't certain what parts you need to install your rack.Product Features
- Compatibility: Thule racks
- Recommended Use: reduce wind drag on your Thule rack
- Manufacturer Warranty:
Price: $85.00
Sunday, June 19, 2011
Recession Redux?: May 2011
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Artistry: Vincent Van Gogh's 1889 masterpiece 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. Thursday, June 9, 2011, by Sarah Firshein
? Previous: House for Sale in Peculiar
? Next: Fab.com Launches Today
Bjarke Ingels: Today the Wall Street Journal runs...
× 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, June 10, 2011, by Sarah Firshein
? Previous: Here's Mary McDonald's Project From Million Dollar Decorators
? Next: Super Mario Bros. Seating
New York Jets Collector's Edition Monopoly
It's game day. The unwavering New York Jets and the world's most popular board game have teamed up to provide the ultimate fantasy Jets football experience. Buy, sell and trade the most valuable players, from Joe Namath and Mark Gastineau to Chad Pennington and Curtis Martin. The team is now yours to own. Are you ready to rumble?Price: $39.99
Democracy: Conservative Group Posts Fake Eviction Notices to Make a Point
× 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. Thursday, June 9, 2011, by Sarah Firshein
In today's annals of terrible, conservative political advocacy group Americans for Prosperity has papered a bunch of Detroit houses with eviction notices as a means of stating their case against the New International Trade Crossing bridge, which would link Detroit to Canada. The bright-yellow notices bore the words "EVICTION NOTICE" in clear block letters and then, in smaller print, explained that the Michigan Department of Transportation could actually take away residents' houses in order to build the bridge, which hasn't yet garnered legislative support. “It was meant to startle people,” said Americans for Prosperity state director Scott Hagerstrom, adding, “We really wanted people to take notice. This is the time that their opinions need to be heard. We wanted people to read it.” Naturally, the eviction notices were met with shock and awe from unsuspecting residents. Detroit Free Press editor Stephen Henderson calls AFP's actions "emotional terrorism" and points out that even if the bridge were to happen, remuneration laws would protect homeowners from actually being evicted.
· Conservative group: fake eviction notices were meant to 'startle people' [Detroit Free Press via Gawker]
· Stephen Henderson: Anti-bridge eviction notices evoke ugliness of blockbusting [Detroir Free Press]
Saturday, June 18, 2011
On the Market: What does Grammy-winning DJ, musician, and...
× 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, June 10, 2011, by Sarah Firshein
? Previous: Woman Attempts to Meet Men By Renting Mansion
? Next: Gorgeous Old Movie Theaters; Libraries; Sidewalk Gardens; More!
LADIES FLAT OPERA WALLET CLUTCH PURSE BY DESIGNSK
Our flat wallet clutch is stylish and trendy for all occasions, including parties. It is easy to use and carries everything from cash to a checkbook. It can be used without a purse or can be put in a purse. A multi-purpose wallet that fits everything all-in-one!!Price:
Linkage: Mobile Architecture; Don King Sells; Stephen Colbert's Head; More!
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Thule 450 CrossRoad Railing Roof Rack Foot Pack (Set of 4)
The Thule 450 Crossroad Railing-mounted Foot Pack for Car Roof Racks is designed for vehicles with factory rack side rails, and fits more vehicles than any other railing carrier. The Crossroad uses a foot style that complements all vehicles, and is easy to install with just the turn of a handle, no tools required.The 450 Crossroad feet give you maximum strength and a custom fit via rubber-coated steel straps, and provide for full rail protection with integrated rubber linings. The feet are constructed of galvanized, stamped steel and nylon, and have a black polyester-powder coating that provides vibration damping and protects against slippage. This pack comes with all the necessary zinc-iron plated steel mounting hardware.
The 450 Crossroad Railing-mounted foot pack is compatible with slide-in load bars, weighs six pounds, and can be locked via Thule's One Key System lock cylinders (not included). User's should note that each foot uses five inches of bar space, and requires Thule Load Bars and locks to complete this roof-rack system.
What's in the Box?
4 x 450 Crossroad railing-mount feet, 2 x hardware bags, 4 x handle assemblies, 4 x end caps, and instruction guide
Manufacturer's Warranty
Limited lifetime warranty
Price: $174.95
Ego Booster: For people named Alex, could there...
× 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, June 8, 2011, by Rob Bear
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Friday, June 17, 2011
More Money For Cable Car Rides: On July 1st, the cost 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. Tuesday, June 7, 2011, by Sally Kuchar
On July 1st, the cost for a single ride on a San Francisco cable car will be $6, not $5 like it is now. The last time the cable car fare was increased was in 2005, when the city spiked the cost from $3, a 67% increase. "There is no doubt that our recent budget deficits have required us to make tough choices that we do not take lightly," Muni chief Nathaniel Ford said in a prepared statement. "We are working hard to ensure the financial stability of this agency while providing the highest possible quality of service to all our transportation customers." [SF Gate]
? Previous: Western Addition Apartment Allows Cats and Dogs, Renters Rejoice
How Equity Became A Household Word
Readers suggested a topic on debt and lifestyle. “Given that incomes for most quartiles has been flat in real terms over the past few decades, why have people borrowed and then spent as if their incomes were growing? We wouldn’t be in as big a mess as we are now if everybody simply lived within their means. Instead a very large proportion of the US has borrowed and lived beyond their means. Yes, there are always some people who will borrow their way to the poor house. But ISTM that ever greater levels of indebtedness have become the norm rather than the exception.”
“Is credit to easily available? Are rates too low? Is the boomer cohort at a spending, rather than saving age? Have advertisements suddenly become more effective at making people want things? All else being equal, in the face of flat real wages one would anticipate flat real spending, not greater spending funded by greater debt. There’s something else in the equation, and I’m not sure what it is.”
A reply, “I wonder if there are historical stats for loan (mortgage?) applications vs those that are granted? It’d be interesting to see if there has been an increase in applications in percentage terms. Of course that doesn’t control for people moving houses more frequently (thus more mortgages), and for increased size of mortgages due to banks being willing to lend more.”
One said, “I think people just didn’t understand the relationship between the interest rate, the length of the loan and the monthly payment. Using a very simple case, if the mortgage pusher says you can refi your mortgage, have a lower payment and get $20,000 cash, are most people going to realize that they have added 15 years to their mortgage pay off date and handed a $10,000 fee to the bank? Maybe, but maybe not.”
“And this is even before you ask if they realized that they converted their fixed rate fully amortizing loan to an adjustable rate, negative amortization loan with a 6 month teaser rate.”
Another added, “The easy availability of credit at low rates allowed people to achieve the lifestyle that the media told them they deserved. The only thing I’d add is that the above reasons produced an attitude change; that might be the something else in the equation. So many people seem to think that having a load of debt is natural without understanding the true cost of it.”
“One thing I noted was how ‘equity’ became a household word. The old system was you bought a house and enjoyed seeing the slow reduction in the mortgage balance; it was debt focused. The new system was to buy a house and brag to everyone how quickly your equity was building. It didn’t even matter if the debt was shrinking as long as your equity was going up. The switch from debt focus to equity focus was, in my mind, a brilliantly retarded move.”
One pointed out, “didn’t they used to teach basic finances in Home Economics back in the day? I did take a business ‘elective’ in high school which taught about budgeting, types and cost of insurance, investments, etc. But it was an elective.”
“Perhaps folks are simply lacking a basic education in financial matters that happened to be part of the core curriculum ‘back in the day’?”
And finally, “My guess is that the average person was more dependent on the bank to determine what they could handle than the average HBB participant might have originally thought. Combine a rah-rah atmosphere where it looks like everybody is getting rich and living the good life and have the bankers cut the brake lines and color it all with the assumption that housing always goes up and here we are.”
The Virginian Pilot. “Nearly one in four homes with a mortgage in Hampton Roads - 24 percent - is worth less than what is owed on the loan, according to CoreLogic. The firm’s quarterly report said 22,967 more mortgages in the region will be underwater if home prices decline 5 percent from current levels. ‘A lot of people who want to move up, they’re not going to move up until they sell their existing homes,’ said Vinod Agarwal, an economist at Old Dominion University. ‘So that reduces the number of buyers in the market.’”
“Across the country, the number fell slightly to 10.9 million, down from 11.1 million at the end of 2010, the firm reported. That represents about 22.7 percent of all residential properties with a mortgage nationwide. The highest concentration of underwater loans was in Nevada at 63 percent.”
From KPTV Portland. “Home prices in the biggest metro areas across the country have reached their lowest level since 2002, according to a price index. And 12 housing markets, including Portland, are seeing home prices at the lowest level since 2006. ‘Basically, you have a lot more people who were mortgaged right up to the hilt. And then when the price decline came, they were under water. The estimate for Oregon is that a third of our homeowners right now are under water,’ says Portland State University professor Gerry Mildner.”
From CNN Money. “The economy is still struggling. And Americans are in for a long and painful adjustment period. One major reason: their own household debt. The bubble economy that led to the recession was fueled by American consumers, businesses and banks taking on too much debt, particularly in real estate, during the decade before the crisis.”
“Total private sector debt — held by consumers and businesses combined — peaked at 283% of gross domestic product in early 2008 — nearly three times the size of the entire economy.”
“The good news is that since the recession, consumers have been paying off debt and saving more. Private debt fell to 234% by the end of last year, though much of that decline resulted from bad mortgage debt shifting from banks to the government through the bailout of mortgage finance giants Fannie Mae and Freddie Mac, said Carmen Reinhart, a senior fellow at the Peterson Institute for International Economics and a leading expert on financial crises.”
“But even with some modest improvement in savings in recent years, households still can’t afford the current debt levels, which are well above the average disposable income. ‘At least households are being prudent and rational and bringing the debt down. But I worry we’ll see it leveling off higher than I think it should,’ said David Wyss, a visiting fellow at Brown University and former chief economist at Standard & Poor’s.”
“Stephen Roach, the chair of Morgan Stanley Asia, wrote a recent note suggesting that American consumers were turning into ‘zombie consumers,’ greatly because ‘burdened with underwater mortgages, excessive debt, and subpar saving, U.S. consumers are stretched as never before.’”
“And the process of unwinding those huge debt loads is slow going. Despite Americans paying down debt, saving more of their paychecks, and shedding some of their debt through bankruptcy and foreclosure, Reinhart estimates that the amount of consumer debt alone has declined to only about 92% of the gross domestic product.”
“That’s down from only 98% at its high point at the end of 2007 — a peak that shot up from less than 70% in 1999. ‘The deleveraging process doesn’t really get underway quickly,’ Reinhart said.”
From WCTV. “In Kissimmee, Florida the mortgage crisis hit Areliz Martinez-Rodriguez. Martinez-Rodriguez says, ‘I purchased the house for 255 and right now, the house is for 87 thousand dollars.’ The biggest investment of her life withering away in a market chilled by one of the nation’s highest rates of foreclosure. ‘I’m stressed out because I need a house for my kids and for me and I’m trying to work with the bank and the bank doesn’t want to work with me.’”
“When Donna Thomas’ real estate company of 40 years went under during the mortgage crisis, she lost everything she was saving for retirement. Thomas says, ‘We basically had to give up our regular insurance and go to an HMO and we’ve had to cut back on everything.’”
Bits Bucket for June 6, 2011
http://market-ticker.org/akcs-www?post=187583
How dumb is the Tea Party? I mean, come on, Sarah Palin?
One’s hand over their heart does not make one a good candidate. Oh sure, they all wax patriotic when the camera rolls. But what is Palin’s history as a Presidential candidate?
She has one, remember? She ran as an equal part of John McCain’s ticket.
And what did John McCain do? After campaigning on “personal responsibility” and “capitalism” he suspended his campaign to return to Washington DC and stump for passage of TARP, which did not have sufficient votes in the Senate to pass at the time, and shepherded it through The Senate as the cornerstone of his campaign just a couple of weeks before the election.
Where was Sarah? In full support of this action: She has not said one word negatively about Mr. McCain’s acts in that regard, either during that time or since.
Now, three years into this, we have the facts to go with what Sarah Palin personally enabled, both at the time and since:
Banks took that money and remained in business. We have since discovered that they have been foreclosing on people without any evidence that they hold the alleged debt in question. A Fortune study pointed out what I have been asserted for four years: The banks do not own the paper in a majority of the cases.
The banks have NOT ceased the practices that got them in trouble. Credit-default swaps and other derivatives are still traded over the counter. There is no nightly mark to market. In point of fact, Kanjorski (former Rep D-11, PA) codified the practice of marking “assets” to fantasy values which continues to this day. There has been $9 trillion in market loss on residential real estate if you believe Zillow, but only $500 billion in removed debt from the Fed’s Z1 in mortgages. Where did the rest go? While certainly some was lost equity, not all was. The rest is being actively hidden, an act of intentional and legalized deceit that Palin and McCain actively supported in 2008 and continue to support today.
While she says The Fed has done “bad” things (in an oblique way) she has not committed to a zero inflation policy through enforcement of The Federal Reserve Act via something like reinstatement of the Coinage Act of 1792s sanctions for non-compliance. And until and unless she does, she’s not for “sound money.” All the arm-waving is of no value until and unless you hear something solid that can be reduced to an actual policy. I haven’t heard any such thing - have you?
There has been no recognition that the ponzi scheme of exponential “growth” has been a false God since 1983 under both Democrat and Republican administrations. Until this is recognized, admitted to and dealt with we cannot fix what’s wrong with the economy. Chief among these facts are labor and environmental arbitrage.
She has refused to demand that every illegal immigrant go home. Now. We have some 8 million Americans who would like a job but can’t find one. We have some 20 million illegal invaders. The math is obvious. A “secure border” at some future date does not address the problem that is here and now.
She has no energy policy. Sorry, “Drill drill drill” isn’t an energy policy. Petroleum is a dead end street. Yes, we have to do it for now, but it’s not an energy policy - period. Nor is natural gas. There are solutions but they’re not found in sucking off the oil companies, which she’s very, very good at. They’re found in paths like LFTRs (thorium salt reactors); high-temperature nuclear designs can be deployed that are much safer than the common water-cooled units we run today, they have process heat available, and with that process heat we can produce liquid hydrocarbons for transportation fuel from coal. The result is an energy policy that is self-contained in our nation and which we can fuel for over one thousand years at today’s consumption rates, and for roughly five hundred years given expected population growth. That’s a plan forward that will work. “Drill drill drill” will not do anything except make the oil companies rich and you poor.
She has yet to put forward what her view of “Constitutional Government” is. Get rid of the TSA? Zero the Department of Education? Zero Agriculture? Eliminate the Nazi-style police state tactics such as those used on Guerrera in Arizona? Sue Indiana for their violation of the Constitution under their State Supreme Court ruling? I’ve heard nothing that speaks to original intent, Constitutional Government and individual liberty. Zip, zero, nada.
Now maybe you can all overlook these facts. After all, she’s cute. But I vote for policies, not euphoria. I vote for expressed principles that have been reduced to acts, and in this case Palin has a major problem found in the acts of the other half of her ticket in 2008 - an act which led to over a million people losing their homes through questionable circumstances and an ongoing economic Depression that had its costs transferred to the taxpayers through bailouts and fraud.
Will Palin jail any of these jackasses? If she will I certainly haven’t heard her promise to do it. In fact, all I’ve heard thus far, since 2008, constitutes support of those very jackals that destroyed the economy in the first place.
So tell me… exactly what policies has Sarah Palin espoused that you think would make things better?
I can’t name one, and that’s a problem.
Jay Buhner Lists: Former Seattle Mariner and current Mariners...
× 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, June 10, 2011, by Sarah Firshein
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Office Spaces: Inside the Tripped-Out World of AOL's New Palo Alto Digs
× 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, June 8, 2011, by Sarah Firshein
Photo by Jasper Sanidad (courtesy of Studio O+A) via Co.Design
Today Co.Design publishes a terrific piece on the newly revamped Palo Alto, Calif., offices of AOL. Yes, this would be the very same AOL that just unveiled its bonkers "Rainbow City" art installation-type balloon-world thing-y on the High Line in NYC—so no surprises that its professional environment would be equally unconventional. It's an open-floorplan space, but milking employees' need for privacy, design firm Studio O + A created—what else?!—a bunch of fiberglass pods. There's also a "Town Hall" that's “part kitchen, part play space, part kick-back area... [and] all-hands common area,” as well as (of course) a game room. (We actually think it's against Silicon Valley building codes for all Web companies to not have a game room.) Click over for all the photos.
· At Least AOL's New Offices in Palo Alto Aren't a Disaster [Co.Design]
· Here Now, an Impressionistic Stroll Up Phase 2 of the High Line [Curbed NY]
· Studio O + A [official site]
Like Us!: A couple of reasons to "like"...
× 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, June 10, 2011, by Sally Kuchar
A couple of reasons to "like" Curbed SF on Facebook: 1. It's an easy way to follow the top real estate and neighborhood news of the day. 2. We like you, so why not like us? We desperately want the attention. 3. Sometimes we make announcements over there and give away prizes. [Facebook]
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Bits Bucket for June 7, 2011
Hey gang! We have a winner here in Minneapolis-St. Paul. A columnist who writes for the Minneapolis Star-Tribune who actually “gets it” regarding the housing market. Here is his article which was published Sunday June 5th. Hope you enjoy it!
Housing rebound? Let’s find the bottom first
Article by: ERIC WIEFFERING , Star Tribune Updated: June 4, 2011 - 3:12 PM
As soon as home prices began tumbling five years ago, real estate agents, anxious homeowners, would-be buyers and panic-stricken lenders began looking for “The Bottom.”
While it’s so far proven to be as elusive as the Grail, unicorns and other totems of mythology, I’m confident that someday we will find the bottom in the housing market.
But let’s not confuse a bottom with a bounce back. They are not the same thing, and the first does not assure the second.
By now it’s obvious to all that housing, like tulips and dot-com stocks, was a classic speculative bubble. But the thing most people don’t appreciate about speculative manias is that it can be decades, if ever, before asset values or prices revisit the lofty levels seen during the peak of the mania.
For all the gold fever of late, prices when adjusted for inflation remain more than 40 percent below the all-time peak in 1980. Or, consider the tech stock-dominated Nasdaq index, which is 46 percent below its 2000 peak. Tulips, meanwhile, found a bottom 475 years ago.
Yet many homeowners and real estate boosters seem afflicted with the assumption that, once a bottom is reached, homes will begin to recover most, if not all, of the value lost during the past five years.
“There’s no reason to expect that,” said Dean Baker, co-director of the Center for Economic and Policy Research in Washington, D.C. “It’d be like buying into Nasdaq and assuming it’s going to bounce back to 5,000.”
Baker was among the first to warn that the run-up in home prices was a speculative mania that would end badly. His 2002 paper was met with scorn far and wide. The Joint Center for Housing Studies of Harvard University responded with its own study that declared there was little basis for concern about a housing bubble.
Few were as dismissive of Baker’s research as David Lereah, then the chief economist for the National Association of Realtors. Lereah’s 2006 book, “Why the Real Estate Boom Will Not Bust — And How You Can Profit From It,” occupies a special shelf in the business canon, alongside James Glassman’s late 1999 tome, “Dow 36,000.”
Baker worried in 2002 that housing prices nationally could fall as much as 22 percent, wiping out $2.6 trillion in household wealth. The plunge proved even deeper because the bubble kept inflating for four years longer. Nationally, average home prices are 34 percent below their 2006 peak, according to the S&P/Case-Shiller Index.
In Minnesota’s 13 most populous counties, the median price fell 26 percent between 2006 and 2010, according to sales data compiled by the Minneapolis Area Association of Realtors. Of the 103 sales markets tracked by the group, 101 have experienced a decline in median home prices since 2006. Meanwhile, the average price of homes sold in 2010 is roughly the same as it was in 2001.
Lost decade, anyone?
Just for fun, I tried to reach a few people who were brave enough to call a bottom in the housing market over the years. One who was sporting enough to take my call, Mary Bujold, is president of the Minneapolis-based real estate consulting firm Maxfield Research. I could almost hear her cringe when I reminded her of her March 2009 prediction, which she offered up to a Star Tribune reporter.
“Please, you don’t have to read it back to me,” Bujold said.
For Bujold, the biggest surprise was how deeply distorted the market turned out to be, and how much the entire economy had come to rely on consumer confidence tied so closely to a falsely inflated home value.
“When the whole tower started to tumble, I think there was a shock as to how far-reaching those effects were,” she said.
That’s the thing about bubbles: The bottom always seems to be six to nine months away, and it’s always a lot further down than anyone
ever led you to believe.
ericw@startribune.com • 612-673-1736
Thursday, June 16, 2011
Suki's Gem On The Hill House Tour
Name: Suki Kwon
Location: Capitol Hill — Seattle, Washington
Size: 470 square feet
Years lived in: 2 — owned
Suki's unique and quirky Capitol Hill condo in Seattle is bursting at the seams with personality. You can't help but be mesmerized by all the interesting gadgets you find hiding in every little corner. The 1920's building caught her eye over two years ago and she has been completely smitten ever since.
Suki patiently searched high and low in antique and thrift stores to find the perfect pieces to add to her new home. Being that she only has 470 square feet to work with, every item that makes the cut is extremely special. There are quite a few conversation pieces to be found throughout Suki's darling little home — everything in her house seems to tell a story. One of her prized finds is the church pew that now resides in her living room.
She has done an incredible job making this small space feel light, spacious, airy and fun … enjoy the tour!
Apartment Therapy Survey:
My Style:: It has taken me two years and four months to get my tiny condo finally ready for a House Tour. It proves that my style is patience! It takes me forever to find any object that I truly love. Every shopping experience is like searching for a soul mate.
Inspiration: I am mostly drawn to old, used objects that make you wonder their life story. Therefore, used goods stores, craigslist, ebay, etsy, and garage sales are my muse and inspiration.
Favorite Element: I love the Old World charm of a 1920's building, for example, funky blue-orange bathroom tiles, hard wood floor, glass door knobs, and a built-in eating nook.
Biggest Challenge: The small size has forced me to become more creative with my decor choices in order to avoid clutter and create a comfortable, inviting space. All of my furniture is space-consciouswith clean lines and petite size, but comfortable. I have also tried my best to give each space its own character. I didn't want my studio condo to look like a studio.
What Friends Say: Clean, cozy and cute.
Biggest Embarrassment: The size of my kitchen. I would love to have a 21st century 'hell-yeah' kitchen with lots of counter space and an indoor grill. Have I mentioned I am a total foodie and love to cook?
Proudest DIY: Having a condo has motivated me to paint and be crafty. I first started painting because I couldn't afford to buy any real paintings, but it has now become my favorite pastime. Most of the artwork I have on display is my own. I also made a toilet paper holder out of a retro phone and a kitchen ceiling light fixture out of a colander.
Best Advice: Be patient and be picky.
Resources of Note:
PAINT & COLORS
• Benjamin Moore’s Cushing Green (Dining Room and Kitchen) and Sherwood Green (Living Room). I liked the yellow color in the bedroom, so I kept it.
LIVING ROOM
• Mitchell Gold + Bob Williams couch and ottoman
• Glow audio’s amplifier and speakers
• First Church’s pew (Craigslist)
DINING ROOM
• Antique dinner table
• Antique chairs
• Eating Nook’s Cushion made by Queen Anne Upholstery
KITCHEN
BEDROOM
• Down to Earth Home bed frame
• Antique Plant Stand
• Restoration Hardware bed sheet set
Thanks, Suki!
Images: Alysha Findley
• HOUSE TOUR ARCHIVE Check out past house tours here
• Interested in sharing your home with Apartment Therapy? Contact the editors through our House Tour Submission Form.
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Falling Mortgage Rates Spur Serial Refinancing
Andrew and Peggy Sheren can't resist a good deal, especially when it comes to financing their McLean, Virginia home. "We’ve gone from an interest rate from something like greater than 6 percent down to the lowest interest rate we currently have is three and an eighth percent," Andrew remembers. They have refinanced their home four times in four years, taking equity out only the first time for a renovation, but essentially cutting their interest rate in half. Negative economic reports of late have pushed the rate on the popular 30 year fixed to below 4.5 percent, the lowest this year and just about a quarter percent off the 50-year lows we saw last summer; adjustable-rate products are even lower. When investors see bad economic news, they pull money out of the stock market and park it in bonds. The price of bonds goes up, the yield goes down, and mortgage rates follow down. "If we see continuing demand in mortgage backed securities, we’ll see further pushes lower. If we see continued doses of bad economic news, the stock market taking beatings, we don’t see positive economic news, continually bad jobs reports and previous months of jobs reports revised lower as we saw last week, then rates will continue to push down as we see that," says Craig Strent, CEO of Apex Home Loans, a small mortgage lender in Rockville, Maryland. Strent has seen a big surge in refinance requests in just the past few weeks. Nationwide, refinancings are climbing as well, while mortgage applications to purchase a home remain flat at very low levels. Strent, who obviously sells mortgages for a living, says regardless if you've already refinanced, you can still stand to save money over the long term. "If you look at how much can I save in my interest costs and how much will it cost me to do it, and how long will it take me to breakeven and recover those costs? Am I going to be living there that long? And if the answer is yes, it’s going to make sense to refinance," advises Strent. That's why the Sheren's keep going back to the table. They have gone from a fixed-rate loan to an adjustable rate mortgage on their Virginia home and have also refinanced the loan on a property they own in California. By making some changes to the loan value and term, they have been able to do this at little to no extra cost. "We did a refinance in California where we actually got negative closing costs," boasts Andrew Sheren, adding, "I think that’s where we did pay half a point." The trouble of course is that one in five borrowers owe more on their homes than their homes are currently worth. 10.9 million, or 22.7 percent of borrowers were in this negative equity position, or so-called "underwater," position at the end of March, according to a report out this morning from Core Logic, and while negative equity is improving in some of the hardest hit states, it is getting worse in states you might not expect. Nevada still has the highest rate of negative equity, but in New York, borrowers are underwater by the most, an average $129,000. Being in a negative equity position makes it far tougher to refinance. There are government programs through Fannie Mae, Freddie Mac, and the FHA which offer underwater borrowers a chance to refinance, but there are many qualifications that many borrowers don't meet. Some borrowers are choosing to do cash-in refinances, where they are putting more money into the mortgage, the opposite of what happened during the housing boom. This helps them get a better rate. Unfortunately, the borrower who need to refinance most, likely can't. But for those who can, it can make sense, over and over. "Nobody gets rich, so far as I know, through refinancing, but what you do do is you save cash flow," says Andrew Sheren. Questions? Comments? document.write("");document.write("RealtyCheck"+"@"+"cnbc.com");document.write('');And follow me on Twitter @Diana_OlickTurf Wars: Controversy Surrounds Control of Iconic Rainbow Flag in the Castro
× 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, June 10, 2011, by Sally Kuchar
We first got word that there was something fishy going on with the Castro's iconic rainbow flag back in April, when media outlets reported that the Merchants of Upper Market & Castro are in charge of the flag and refused to fly it at half-mast in respect to Elizabeth Taylor's passing.
According to the SF Appeal, controversy continues. A Castro/Upper Market Community Benefit District meeting was held yesterday to discuss whether to ask the Department of Public Works to convene a meeting on the flag.
The flagpole is on city land, but the merchants' association covers the insurance and maintenance of the rainbow flag. "As simple it may seem to have a gigantic flag there, it's not cheap," Supervisor Scott Wiener said. "It requires effort. The city does not have the resources to do this."
But Upper Market and Castro residents still question MUMC's authority over the flag. "There's been no public discussion about how MUMC managed to get control of city property that is important to the gay community around the world," said gay blogger and activist Michael Petrelis. Castro Benefit District executive director Andrea Aiello chimed in as well. "We understand MUMC owns it, but we want to have more community input," she said.
· Does Not Compute [Curbed SF]
· Controversy Over Control Of Castro's Rainbow Flag Continues To Mount [SF Appeal]
[Sundown in the Castro via JohnMinSF]
Rochelle & Rob's Country Cottage House Tour
Name: Rochelle & Rob - Meredith (8), Isaac (5), Chuck & Lyle (cats) plus 8 chickens (Bones, Glinda, Precious, Chloe, Daphne, Mutmee, Scoob and Dooby) and 2 turkeys (Chrissy and Tank)
Location: Harvard, Massachusetts
Size: 2200 square feet on 6 acres
Years lived in: Owned for 6 and a half years
Over six years ago when we arrived here from England this place was interesting, but dark and dated. Every wall in the house was painted 'England Skies Grey' (my term) and having come off 4 years of that dreariness, we needed to open it up and brighten a bit.
We started with the kitchen, spending weeks ripping off disgusting tile counter tops bit by bit (there were literally 3 layers of tile and concrete backer board each applied separately with adhesive and screws every 4 inches!). When we finished the mini kitchen makeover we lead on to ripping out carpets, replacing and refinishing flooring where needed, painting and decorating. And though we have not structurally changed anything (yet), now, every corner of this place has been touched (but as with all older houses, we are by no means done).
Then there is the outside. The grounds were in an extreme state of neglect and as a landscape designer, it was unbearable and embarrassing to drive up the driveway. It has taken 6 years of moving and re-moving (including a major set back in 2009 with the ice storm that killed about 40 trees and made it looked like we were in a war zone). In total nearly 80 trees have been removed but we finally have a house that doesn't get roof damage (falling limbs) every time it rains. And things have opened up enough so that our house isn't constantly covered in mold, and we have a flourishing garden which we are finally (this year) able to starting plant things in (rather than removing them). It is still a major work in progress, but at least now I can have some fun at the nursery. Yeah!!
Apartment Therapy Survey:
OUR Style: Cheap, Cozy, Eclectic, Funky Travel-inspired
Inspiration: The house was built in 1940 -- and it seems to cry out for furnishings that reflect that general period, so we do our best to go with that.
Favorite Element: Our house hugs the land and the few interior steps that we have represent the way the rock formations lie beneath. It makes the house feel just right for the place.
Biggest Challenge: The living room is odd shaped (long and narrow) with entries that make furniture placement tricky. Also, the kitchen is essentially a hallway - that doubles as the funnel from one side of the house to the other. We hope to 'fix' that someday.
What Friends Say: They like how unique and cozy it is.
Biggest Embarrassment: The constant piles of folded and unfolded laundry (that are just outside of nearly every picture).
Proudest DIY: The coffee table (though it is not done) - we re-worked our son's crib to create it (the mattress below has been recovered and is our cat's favorite sleep spot). It still needs a finish on the top and a complete stain or paint job (we are still undecided what color/ stain and top finish we should create), but it is very useable and perfect for our house. (And it put to good use the impossible to ditch baby mattress).
Biggest Indulgence: Our Bed (which is a lovely pile of comfort, but sorry, I just didn't want to share it).
Best Advice: Figure it out as you go -- don't try and do everything at once.
Dream Sources: The long list of local consignment stores that we regularly peruse. And craigslist.
Resources of Note:
Rugs and Carpets: Various travels and Mohr and McPherson
Window Treatments: All Handmade (by me). Fabric from Artee and Calico Corner.
Beds: Vintage - except for ours which is from Mohr and McPherson.
Paint: Benjamin Moore
Furniture: Mitchell Gold, Ikea, Craigslist, Ebay, Antiques, Homemade
Accessories: Found vintage pieces and hand me downs.
Lighting: Original to house, Ikea and Antiques.
LIVING ROOM
• Sofa - Both from Mitchell Gold
• Shelves from Ikea
• Curtain Fabric From Calico Corner
DINING ROOM
KITCHEN
• Spice Canisters at The Container Store
BATHROOMS
• Yellow bathroom - Wall decals from Velocity Art and Design
• Grey Bathroom - Pictures from Ikea.
GARDEN
• Pavers reclaimed from Worcester, MA City Square Project.
• Fireplace - custom design collaboration by myself (Rochelle) and Justin Morine of Minute Man Ironworks in Ayer, MA
It's been fun to put this together for you! -- Rochelle (aka - The Gardenist)
Images: Rochelle Greayer
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Reality TV: New Show Alert: Million Dollar Contractor, on DIY Network
× 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, June 8, 2011, by Sarah Firshein
The Twitter feed of contractor-to-the-stars Stephen Fanuka just tipped us off to a new DIY Network show entitled Million Dollar Contractor. No additional info is available yet on the Scripps website, but if his clients are any indication—Thom Filicia, Beyonce, Tony Bennett, and more—the affable, outgoing Fanuka promises to please as he (presumably) builds stuff inside rich people's homes. (Not to mention bowl over his viewership with his smoldering good looks.) Plus, if the old adage is true, any reality TV project entitled "Million Dollar" anything turns to gold. Million Dollar Contractor will premiere sometime in fall.
· All Million Dollar Decorators coverage [Curbed National]
· @StephenFanuka [Twitter via @House_Beautiful]
· Cable Guide 2011 [Scripps]
· Fanuka, Inc. [official site]
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