× 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, April 14, 2011, by Sally Kuchar When we first laid our eyes on 201 Vicente, we thought someone had moved our grandma's house in rural Michigan to to West Portal. Built in 1924, this 4-bed, 2.5-bath home is on the market with an asking price of $1,300,000. The home is situated on a corner lot and has many windows, so if you're a fan of privacy we suggest you invest in some heavy drapery. While not photographed, the listing states that the backyard is lovely. The only thing we're scratching our heads over is that there's an elevator from the garage to the top level. Think this residence will get asking? Let us know in the comments!
· 201 Vicente [Redfin]
Wednesday, April 27, 2011
Bits Bucket for February 23, 2011
The cause of the “pension crisis” is the boom/bust cycles that the Fed creates, and the “guaranteed” inflation, as the Fed tries to maintain a ~2% inflation rate, which they call “price stability.” The Fed’s tendency to bail speculators out of their foolish mistakes (the Greenspan/Bernanke put) made investors think that “they” would never let deflation happen, so the investors had no choice but to go all in.
If not for the bubbles, our commitments would be significantly lower. During the bubbles, city and state managers/legislators offered up compensation packages that cannot be sustained in a “normal” economy.
The problem is that our bubble economy has been going on for so long (since the early 80s), that everyone (govt management AND pension fund managers and actuaries) thinks the bubble economy is “normal,” and they plan accordingly. Those who thought it was unsustainable were forced out, as the returns they made were consistently lower than those who chased the bubbles and got the bubble returns. Also, as asset prices rose, unions would (logically) demand compensation increases to keep up.
BTW, in the situations I’m aware of, it’s not the reduced TAX revenue that is causing a problem with the pension plans. It’s the losses they saw during the “financial crisis,” and the lower returns on investments. The large pension funds in California do not rely on taxpayer funding, and taxpayers have not spent a single cent on the “pension crisis” experienced by these large funds (CalPERS and CalSTRS*). The pension funds, at lest the large ones I’m most familiar with (I’m not as familiar with independent municipal pension funds) get their revenue from the pension contributions that are paid by the employees and their employers, as part of their compensation packages. Approximately 70% of the revenue is supposed to come from investments (the link below is from 2005, and it shows investment returns are 75% of projected revenue), and THAT is where the problem lies. It’s not about tax revenue, it’s about investment returns/losses.
The funds were super-funded (over-funded) in the late 90s (a bubble!), which is why they passed the pension boost for public safety personnel. The bubbles that resulted from the actions taken by the Federal Reserve and Wall Street are what have caused them to make such foolish mistakes, and this, along with the eventual bursting of said bubbles, is why there is a “pension crisis.”
From the CalPERS link, who pays into the fund:
Member - $16.8
Employer - $17.0
Investments - $116.1
http://www.law.harvard.edu/programs/lwp/Buenrostro%20(FINAL%20POWER%20POINT).pdf
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*The state pays ~2-3% of the employees’ (teachers’) wages to CalSTRS, from what I can tell. The rest comes from employees, the employers (as part of the compensation package), and investment returns.
http://calstrs.com/About%20CalSTRS/fastf...
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I think this is why I get so frustrated with the anti-union rhetoric. It’s just that so few people actually understand how the system works, and why it’s in trouble right now, yet they are ranting and raving about public sector workers who had nothing to do with the financial crisis.
Again, it is NOT the unions who caused the problems, but the financial industry and the Federal Reserve — by creating bubbles which made fund managers and actuaries think that 7-9% returns were “normal” and sustainable, and then forcing negative rates on us when the funds need ~7-9% in order for the numbers to work out…which force the managers to move further out on the risk curve when rates are held so low for such an extended period of time, and then those risks blow up in their faces when the bubbles burst.
This is why some of us are so infuriated. This is being labeled as “taxpayers vs. unions,” when that’s not the issue here. Why has Wall Street — the ones who caused the crisis — been getting bailouts, record bonuses and tax breaks, which cost taxpayers trillions of dollars…while public sector workers are being blamed in the media for causing the “pension crisis” and told they have to give up everything **they’ve worked for over the years** and were promised in good faith? IMHO, it’s an intentional diversion, and public workers are being made the scapegoats for the financial industry.
Sorry, but it’s B.S.
Tuesday, April 26, 2011
Diary (Remaster)
Remastered reissue of 1994's "Diary". Available on CD and deluxe double LP.Price: $11.98
A-Rod's Big-League Tax Break: A-Rod's probably feeling pretty good right...
× 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, February 25, 2011, by Sarah Firshein
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Bits Bucket for February 27, 2011
Business
Sunday, Feb. 27, 2011
Many home sellers won’t budge on price
Realestate agents say homes are priced too high
Jim Brodeur’s two-bedroom brick bungalow in Columbia has been up for sale three times in the past six years. So far, there have been no takers.
But you won’t find a “reduced price” appendage to the “for sale by owner” sign in front of his 1,200-square-foot Superior Street house.
Home sellers such as Brodeur – who are unwilling to lower home prices despite a weak housing market – are contributing to the lingering sour real estate market in the Midlands.
Stan Dubinsky has refurbished a home in Rosewood and now has it up for sale. The median price of homes sold in Columbia has not slipped significantly, but the number of homes sold is down 40 percent from the peak of the market — and still falling even as other markets in the state start to recover. That could be because most sellers would rather keep their home on the market for years rather than lower the price and lose money on it.
Stan Dubinsky shows realtor Renee Culler the home he has refurbished in Rosewood and now has up for sale. The median price of homes sold in Columbia has not slipped significantly, but the number of homes sold is down 40 percent from the peak of the market — and still falling even as other markets in the state start to recover. That could be because most sellers would rather keep their home on the market for years rather than lower the price and lose money on it.
Too many home sellers are pricing their homes above what the market can bear and then refusing to lower it – in part because they don’t have to, said Doug Bridges, a real estate agent with Coldwell Banker United, Realtors, in Northeast Richland.
“I think, right now, a lot of people are looking for a steal,” said Brodeur, who purchased the house as an investment in 2005 and fixed it up with granite countertops in the kitchen and new tile in the bathroom. By the time Brodeur did the work and got the house ready for sale, the market had plunged, he said.
“I don’t feel the urge to help anybody steal anything,” said Brodeur, a Trane air conditioner salesman.
Brodeur is not alone in his sentiment.
The median price for single-family homes sold in Columbia in January rose 3.3 percent compared with January 2010, according to the latest report from the S.C. Realtors trade group. But the number of houses sold fell 11.6 percent in January, and home sales have dropped 40 percent since the housing peak in 2006.
The drop in home sales has some industry professionals wondering whether home sellers in Columbia have their houses priced right in this market, as housing inventories remain swollen.
According to the latest reports, there were more than 70 active listings for more than $100,000 in the Rosewood neighborhood last month, with just 22 closings in the past six months.
Brodeur’s house is in the only category of homes where the median price fell in January – no more than two bedrooms – down 6.3 percent.
Brodeur is asking $149,900 for his house. He said it was appraised two years ago for $155,500. He said he has gotten two “bites” since he put the house back up for sale most recently.
In between the three times over six years he has put the house on the market – each for 30 to 60 days at a time – Brodeur said he rented the place out.
“I’m willing to work with you,” Brodeur said he told prospective buyers. “But I don’t have to sell it, and I’m not going to give it away. If I lost my job, it would be different.”
Owners who need to sell their homes because they are facing financial difficulty or need to move out of the area are quicker to lower their prices, industry experts said.
But as more sellers wait on the market, sales in the Midlands are slumping – even as home sales along the coast have started to rebound.
The reason, at least in part, is demand, industry experts said. People are less inclined, or able, to buy homes in a challenging economy with record unemployment.
“We are not creating positive economic development in the Midlands,” said Doug Bridges, a real estate broker with Coldwell Banker United, Realtors, who also is a member of the Greater Columbia Chamber of Commerce. “We don’t have the demand that a Greenville or a Charleston does.”
Read more: http://www.thestate.com/2011/02/27/1715115/many-home-sellers-wont-budget.html#ixzz1FCLX9BHP
Spiral Staircases for Small Spaces Shopper's Guide
Staircases aren't something one usually shops for, but you might build a loft one day and find yourself in need of a space-saving design that looks good and fits your budget. There are two main options when it comes to stairs: custom built (generally more expensive) and kits (which tend to be cheaper). Here are 10 sources for both — some high and some low.
Arke: Arke is a US subsidiary of an Italian company that sells in the US through Home Depot, Lowe's and other stores. They offer DIY spiral staircase kits, starting around $1,500, that can be assembled and customized to fit your space. Serett Metal Work: Owner Joshua Young has made a name for himself as a designer of unusual staircases. His Brooklyn-based studio does custom work, and their expertise rests in traditional blacksmithing, contemporary metalworking, furniture making, and fine art.The Iron Shop: Like Arke, this company sells spiral staircase kits that can be assembled by a home DIYer. They offer online shopping and ordering, and their kits come in both modern and Victorian styles in a range of colors and finishes. Kit pricing ranges between $1,000 and $2,500.MILK Design: Chicago-based MILK design was started by two former construction workers, Joe Colosi and Pawel Korczakowski. With a range of custom pieces built for Christian Liaigre for Holly Hunt, they create high-end staircases and railings in the Midwest.Mylen Stairs: They've been in business for 50 years, and they sell both custom spiral staircases and modular "econo" kits. Based out of Peekskill, Nyew York, they ship their kits nationally, can provide drawings to architects, and have a service line you can call for installation advice.Spiral Stair Warehouse: Based out of Broomall, Pennsylvania, they sell metal spiral staircase kits that come with 8 structural parts. They have five available sizes, and you can call for information about how kits and installation work.Salter Spiral Staircase: Headquartered in Collegeville, Pennsylvania, they sell kits in steel, wood, aluminum and galvanized steel. They have residential and commercial sales departments — call for a price quote.Spiral Stairs of America: This Erie, Pennsylvania company sells standard and Deco-style spiral stairs, in both kits and custom designs. Their stairs comply with the standards of BOCA, CABO, IBC, and IRC.Duvinage: They describe themselves as "the oldest" manufacturer "of custom spiral stairs and circular stairs in the United States," and they've built staircases for the White House and the National Gallery of Art. Based out of Maryland, they sell both prefab kits and do custom work.Precision Pine: Their spiral staircase kits are all made from wood and start around $2,600. Based out of Knoxville, Tennessee, they offer mostly traditional styles.Housekeeping: Click, Click, Click: Three Ways to Keep Up With Curbed National!
× 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, February 25, 2011, by Sarah Firshein
Follow Curbed National's comings and goings on our Facebook page and on Twitter—plus, there's the Curbed's House of the Day newsletter with a daily dose of real estate porn. An indomitable trifecta.
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