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| Joined by Newark Municipal Council Members, Habitat staff, volunteers and EXIT associates, Tami Bonnell, President of EXIT's US Organization, handed the keys of EXIT's 11th sponsored home to Precious Kwia and her children during a dedication ceremony on Saturday, December 5. The house has become a reality thanks to a full corporate sponsorship from EXIT Realty Corp. International and the hard work of volunteers including the new homeowner, Precious Kwia. “I’m so grateful to Habitat Newark and EXIT Realty that I don’t know how to express it,” said Kwia. “I want to send them a whole lot of thankful thoughts for providing me with a place where my kids can play outside and they don’t have to be afraid to look out the window.” Officials and volunteers for Habitat Newark were extremely impressed with Kwia’s work ethic after she contributed over 400 hours of "sweat equity," and agreed that she is exactly the type of person they are trying to assist. “She came from Liberia where she and her children lived a dangerous existence and sometimes it was difficult to find food for her family,” explained David Zurheide, Executive Director of Habitat for Humanity, Newark. “Today she’s leading a productive life and helping other people every day.” Earlier in the year, EXIT Realty Associates pitched in on the home, swinging hammers and sawing 2x4s to turn a pile of hopes and lumber into a home for Precious Kwia and her four children in time for them to have a joyous Christmas celebration this year. | |
Sent to: rldugan@exitrealestatesolutions.com
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 Check out this new listing at roycedugan.comA great place to be. The City of Gallatin, TN has just completed a renovation of it's downtown "Courthouse Square". The place in Sumner County, TN for Festivals, Great food and just a fun place to visit. The English Gift and Tea Room is just steps away from the new Gallatin Public Library and the activities on the Square. Take a look, come to Gallatin and feel the new business climate! This 1880's constructed home or business location is a great opportunity for you! Posted via web from Exit Real Estate Commercial Solutions
We as a people, since the beginning of time, have recorded events in our past in an effort to make the future better. The only problem with this is, someone has to look to the historical recordings with the focus to learn from it, not present arguments for their political agenda. The truth is “We the People” had no regard for political parties, just the single purpose to make all citizens of The United States of America’s lives better by the agreement to “form a more perfect union”. I present here the Franklin D. Roosevelt, Inaugural Address, March 4, 1933 in hopes that every American will read it completely. This address was a call to action for the American public, and the leaders of the country. It is centered around the value of the true American work ethic. Social programs are paid for by Americans at work, they cannot be the sole provider of the work. The economy is driven by money moving, not by money sitting still, or being printed without value. The fear of entering the market or taking risk will continue to become the self fulfilling prophesy of recession. Look at the history of this country. We have been conquerors of frontiers and discoverers of new ideas. We have never been afraid to move forward in the face of difficulty. This country was founded on the idea that there was a new world across the sea, with value to trade, even though no one had ever seen it Columbus set sail! History truly repeats itself. We should learn from our successes and failures of the past to make BETTER and speedier paths for our real recovery. Read FDR's words some of them could have been written last week, some of them hold suggestions for today, some of them highlight mistakes along the path he took in 1933. Start Here USA!! Royce Dugan March 4, 1933 Franklin D. RooseveltI am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our people impel. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days. In such a spirit on my part and on yours we face our common difficulties. They concern, thank God, only material things. Values have shrunken to fantastic levels; taxes have risen; our ability to pay has fallen; government of all kinds is faced by serious curtailment of income; the means of exchange are frozen in the currents of trade; the withered leaves of industrial enterprise lie on every side; farmers find no markets for their produce; the savings of many years in thousands of families are gone. More important, a host of unemployed citizens face the grim problem of existence, and an equally great number toil with little return. Only a foolish optimist can deny the dark realities of the moment. Yet our distress comes from no failure of substance. We are stricken by no plague of locusts. Compared with the perils which our forefathers conquered because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily this is because the rulers of the exchange of mankind’s goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They know only the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish. The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit. Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy and moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men. Recognition of the falsity of material wealth as the standard of success goes hand in hand with the abandonment of the false belief that public office and high political position are to be valued only by the standards of pride of place and personal profit; and there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. Small wonder that confidence languishes, for it thrives only on honesty, on honor, on the sacredness of obligations, on faithful protection, on unselfish performance; without them it cannot live. Restoration calls, however, not for changes in ethics alone. This Nation asks for action, and action now. Our greatest primary task is to put people to work. This is no unsolvable problem if we face it wisely and courageously. It can be accomplished in part by direct recruiting by the Government itself, treating the task as we would treat the emergency of a war, but at the same time, through this employment, accomplishing greatly needed projects to stimulate and reorganize the use of our natural resources. Hand in hand with this we must frankly recognize the overbalance of population in our industrial centers and, by engaging on a national scale in a redistribution, endeavor to provide a better use of the land for those best fitted for the land. The task can be helped by definite efforts to raise the values of agricultural products and with this the power to purchase the output of our cities. It can be helped by preventing realistically the tragedy of the growing loss through foreclosure of our small homes and our farms. It can be helped by insistence that the Federal, State, and local governments act forthwith on the demand that their cost be drastically reduced. It can be helped by the unifying of relief activities which today are often scattered, uneconomical, and unequal. It can be helped by national planning for and supervision of all forms of transportation and of communications and other utilities which have a definitely public character. There are many ways in which it can be helped, but it can never be helped merely by talking about it. We must act and act quickly. Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people’s money, and there must be provision for an adequate but sound currency. There are the lines of attack. I shall presently urge upon a new Congress in special session detailed measures for their fulfillment, and I shall seek the immediate assistance of the several States. Through this program of action we address ourselves to putting our own national house in order and making income balance outgo. Our international trade relations, though vastly important, are in point of time and necessity secondary to the establishment of a sound national economy. I favor as a practical policy the putting of first things first. I shall spare no effort to restore world trade by international economic readjustment, but the emergency at home cannot wait on that accomplishment. The basic thought that guides these specific means of national recovery is not narrowly nationalistic. It is the insistence, as a first consideration, upon the interdependence of the various elements in all parts of the United States—a recognition of the old and permanently important manifestation of the American spirit of the pioneer. It is the way to recovery. It is the immediate way. It is the strongest assurance that the recovery will endure. In the field of world policy I would dedicate this Nation to the policy of the good neighbor—the neighbor who resolutely respects himself and, because he does so, respects the rights of others—the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors. If I read the temper of our people correctly, we now realize as we have never realized before our interdependence on each other; that we can not merely take but we must give as well; that if we are to go forward, we must move as a trained and loyal army willing to sacrifice for the good of a common discipline, because without such discipline no progress is made, no leadership becomes effective. We are, I know, ready and willing to submit our lives and property to such discipline, because it makes possible a leadership which aims at a larger good. This I propose to offer, pledging that the larger purposes will bind upon us all as a sacred obligation with a unity of duty hitherto evoked only in time of armed strife. With this pledge taken, I assume unhesitatingly the leadership of this great army of our people dedicated to a disciplined attack upon our common problems. Action in this image and to this end is feasible under the form of government which we have inherited from our ancestors. Our Constitution is so simple and practical that it is possible always to meet extraordinary needs by changes in emphasis and arrangement without loss of essential form. That is why our constitutional system has proved itself the most superbly enduring political mechanism the modern world has produced. It has met every stress of vast expansion of territory, of foreign wars, of bitter internal strife, of world relations. It is to be hoped that the normal balance of executive and legislative authority may be wholly adequate to meet the unprecedented task before us. But it may be that an unprecedented demand and need for undelayed action may call for temporary departure from that normal balance of public procedure. I am prepared under my constitutional duty to recommend the measures that a stricken nation in the midst of a stricken world may require. These measures, or such other measures as the Congress may build out of its experience and wisdom, I shall seek, within my constitutional authority, to bring to speedy adoption. But in the event that the Congress shall fail to take one of these two courses, and in the event that the national emergency is still critical, I shall not evade the clear course of duty that will then confront me. I shall ask the Congress for the one remaining instrument to meet the crisis—broad Executive power to wage a war against the emergency, as great as the power that would be given to me if we were in fact invaded by a foreign foe. For the trust reposed in me I will return the courage and the devotion that befit the time. I can do no less. We face the arduous days that lie before us in the warm courage of the national unity; with the clear consciousness of seeking old and precious moral values; with the clean satisfaction that comes from the stern performance of duty by old and young alike. We aim at the assurance of a rounded and permanent national life. We do not distrust the future of essential democracy. The people of the United States have not failed. In their need they have registered a mandate that they want direct, vigorous action. They have asked for discipline and direction under leadership. They have made me the present instrument of their wishes. In the spirit of the gift I take it. In this dedication of a Nation we humbly ask the blessing of God. May He protect each and every one of us. May He guide me in the days to come. Posted via web from Exit Real Estate Commercial Solutions
TESTING THE WATERS: Wealthy Investors Remain Eager But Selective Real Estate Buyers More Than Two-Thirds of Respondents in Barclays Survey are Bullish on CRE, but Credit Availability is Still a Challenge for Potential Buyers December 2, 2009 Cash buyers are currently the supreme rulers of a sparse and rocky CRE transaction landscape. Although transaction sheets don't yet reflect much activity, a growing number of surveys and reports suggest that high net-worth private investors are expected to be among the first to jump off the fence and sweeten their portfolio allocations with attractively priced property investments. The latest evidence is a report released this week by Barclays Wealth, a global wealth manager with offices in 25 nations, in conjunction with the Economist Intelligence Unit, which polled more than 2,000 high-net-worth individuals (HNWI) around the globe in August and September. Of those surveyed for the report titled “Prospects for Property: On Solid Foundations?” 68% said they plan to increase their stakes in commercial real estate. Just over one-quarter of wealthy investors believe real estate has better long-term prospects than other asset classes, including both commercial and residential, and a little more than half expect the value of their real estate investments to rise over the next two years. Investors queried for last month's 2010 Emerging Trends in Real Estate survey by PricewaterhouseCoopers and the Urban Land Institute (ULI) related similar anecdotes. One respondent told PwC that HNWI, cloaked in secrecy behind the walls of family offices, appear ready to form “old-school jumbo syndicates to go after some great deals.” “They’ll move ahead of pension funds and form the leading edge of private investors coming back into the markets,” an investor opined. Wealthy individuals are a core part of Marcus & Millichap's client base, and without question, "There's a tremendous amount of [HNWI] money and equity out there that's waiting for bargains and there's no shortage of investors," Bernie Haddigan, managing director for the national retail group for Marcus & Millichap, tells CoStar Group. However, most of the few properties that are actually trading now are low-risk, well-located and well-leased "safe bet" assets, Haddigan noted. Wealthy investors are taking a pass on many assets, especially apartments, that bear the faintest whiff of downside risk or investment mystery, such as occupancy challenges and less-than-ideal locations -- unless the price is rock bottom. "Trading is focused on either high quality and yield oriented, or junk that's being sold on a price-per-pound basis," Haddigan said. "There isn't much change in activity yet, but I do know that there are a lot of people out there who are really excited at the prospect of buying bargains over the next year or two." Haddigan said "sure-thing" assets like single-tenant net lease retail is the most popular in the short run for these investors, especially drug stores such as Walgreens and CVS, dollar stores, auto parts and other necessity-based retailers. Sales of well-located apartment projects, still largely flush with cheap Fannie Mae and Freddie Mac financing, remains popular among wealthy buyers, but most transactions are in the sub-$10 million range, he said. According to CoStar Analytics, individual investor activity in multifamily sales volume fell from $1.29 billion, or 17.5% of investments, in third-quarter 2007 to $228.8 million, or 10% of all investments, in third-quarter 2009. But individual investor activity appears to be picking up so far in the fourth quarter, already exceeding third-quarter volumes, according to early data accumulated by CoStar. Retail net lease investment activity by individual buyers also appears to be picking up steam in late 2009. In third-quarter 2007, CoStar recorded just $3.9 million in single-tenant net lease deals by individual investors, or 23.6% of all triple-net transactions. By the third quarter of 2009, the explosion in store closings had driven up acquisitions of net lease properties by individual investors to $63.5 million, or 46.4% of that niche of the investment sales market. So far in the fourth quarter, individuals have bought about 71% of all net lease transactions with more than $40 million in sales volume. Only the most sophisticated HNWI investors are buying office buildings, which require a lot more rent forecasting, leasing and financing savvy, Haddigan said. "Other than the safe bets and the better in-fill deals, there's just too much uncertainty out there right now for wealthy investors to feel comfortable jumping in on marginal real estate. But there's no question there's a lot of wealthy investors out there getting ready." As per normal in this market, however, no good news comes without some sort of caveat. Nearly three-quarters of wealthy investors who described themselves as bullish on commercial property in the short term also said the high cost and weak availability of credit is hampering their investment efforts, according to the Barclays survey. Among prospective residential investors, 60% said tight financing is preventing them from taking the plunge. “High-net-worth investors find real estate to be an attractive investment for a variety of reasons, including the potential for both capital appreciation and rental income,” said Brian Nick, Barclays investment strategist. “But we have to weigh those potential benefits against the fact that the real estate market is neither liquid nor transparent, which are also desirable characteristics for assets in a portfolio.” Now that global real estate prices seem to be stabilizing, wealthy investors are again thinking about increasing their allocations to this asset class,” added Michael Crook, Barclays alternatives strategist at Barclays. But, "it’s clear from the survey results that the demand from high-net-worth investors for real estate will depend on the availability of credit and the sustainability of the global economic recovery.” Although the returns are potentially great, some advisors worry that HNWI with portfolios that are already overweight with real estate may be taking a big risk by ramping up their real holdings. Almost 40% of survey respondents with assets of $50 million or greater have more than half of their portfolios invested in real estate rather than a healthy and balanced investment portfolio, Barclays officials said. “The survey has revealed that investors are holding a much higher proportion of their wealth in real estate than we would normally recommend,” said Barlays Chief Economist Michael Dicks. “This suggests a real need for people to consider diversifying their portfolios into other asset classes in order to reduce risk.” In other Barclays survey results, about 16% of interviewees regarded the U.S. as the most promising commercial and residential investment real estate market, with China and the United Kingdom tied as the second-most appealing markets. India followed closely in fourth place, with France, Spain, Canada, Brazil, Germany and Australia rounding out the top 10 markets. As one respondent told a PricewaterhouseCoopers interviewer, wealthy Asian and Middle Eastern buyers could be actively bottom-fishing for discounts and core-plus returns by late 2010 and early 2011 in 24-hour cities like New York. Posted via web from Exit Real Estate Commercial Solutions
Fairvue Club files for Chapter 11High-end Gallatin development facing foreclosure12-01-2009 3:20 PM — One of Middle Tennessee's largest luxury home developments filed for bankruptcy Monday. Gallatin's Fairvue Club Properties filed for Chapter 11 protection, six weeks after the club announced it was reducing services to its members in a cost-savings plan. The development, which was to be a combination of country club and high-end subdivision on Old Hickory Lake, shut down one of its two golf courses in October and reduced dinner seatings at its clubhouse to Wednesdays, Fridays and Saturdays. Club employees were called to meet with club General Manager David Beard Tuesday morning and a letter will be sent to club members later this week. The club was facing foreclosure Dec. 18. The filing lists between 200 and 999 creditors, assets between $10 million and $50 million and debts in the same range. Fairvue Club Properties LLC is subsidiary of TLP Devco, whose sole owner is Leon Moore , chairman and CEO of the former lodging development and franchising company ShoLodge.
I think it is important to understand that the U S Bankruptcy laws were created to protect both Debtors and Creditors. The Chapter 11 filings of big 3 automotive companies and their destruction of stockholder equity is looked on as a successful use of the same laws. When a private entity uses the same business protection tools it somehow becomes personal, and we try to find some sinister fault. There are business reasons to use the Bankruptcy Protections when certain creditors become preditory in their persuit of assets that would be detrimental to others. In this case Members of the club as well as other creditors. Reporting of these events need to be factual, fair and balanced to look for the intentions and reasons behind the actions. Posted via web from Exit Real Estate Commercial Solutions
Daily Real Estate News | November 17, 2009 |
The Home Valuation Code of Conduct (HVCC) is getting a bad rap for causing what real estate professionals say is a rise in inaccurate appraisals, Alfred Pollard told a packed room of REALTORS® Friday in a risk management-regulatory issues joint forum at the 2009 NAR Conference & Expo in San Diego. Pollard, the general counsel for the Federal Housing Finance Agency (FHFA), said HVCC was released at a time when the economy was in a massive contraction—what he called a systemic event—and that this broader picture has to be taken into consideration when talking about valuation trends. "Concerns [over valuations] might not be 100-percent tied to this code," he said.FHFA oversees Fannie Mae and Freddie Mac, which earlier this year adopted HVCC and applied it nationwide in an agreement with the New York attorney general. HVCC expires in late 2010 but the two secondary-mortgage-market companies can retain all or parts of HVCC going forward.It isn’t fair to criticize all appraisal management companies (AMCs) for handing out valuation assignments to inexperienced or out-of-market appraisers who are willing to work for reduced fees, said Mark Johnson, chief operating officer of LSI, a large AMC. Any AMC that lets appraisers work outside their area of geographic competency is violating appraisal standards under USPAP and they should be reported. "I do believe there have been some bad actors," Johnson said.The average travel distance of the 20,000 appraisers in his company's database is eight to 12 miles, he said. Any appraiser who wants to travel more than 25 miles under his company's policy must explain why and get an OK. "We don't want guys driving 50 miles," he said. Steve White of Keller Williams Realty in Santa Clarita, Calif., and chair of NAR's Risk Management Committee, said real estate professionals are losing deals because valuations are coming in far below the price agreed upon by the buyer and seller and that the process for getting valuations reconsidered doesn't work. Valuations are taking so long that there is no time to get them reconsidered before the deal collapses. And when real estate professionals try to share comparables or familiarize out-of area appraisers with unique market issues, appraisers say they can't talk to them.Pollard and Johnson said there's nothing in HVCC that prohibits real estate professionals from sharing comparable or other information with appraisers. "You can talk; you just can't drive them to a value," said Pollard.—Source: Robert Freedman, REALTOR® magazine Posted via web from Exit Real Estate Commercial Solutions
This news article was recommended by Royce Dugan: USGBC: 7.9 MILLION JOBS TIED TO GREEN CONSTRUCTION OVER NEXT FOUR YEARS As the green building movement convenes this week at the annual Greenbuild International Conference & Expo in Phoenix, the U.S. Green Building Council (USGBC) issued a report providing 7.9 million reasons to support green building -- jobs. The report, which the USGBC co-authored with consultant Booz Allen Hamilton, linked 7.9 million U.S. jobs and a... Message from Royce Dugan: Green Jobs are making an impact on our economy. ----------------------------------- CoStar Group, Inc. 2 Bethesda Metro Center, 10th Floor Bethesda, Maryland 20814 USA Tel: 800-204-5960 http://www.costar.com/ Posted via email from Exit Real Estate Commercial Solutions
rldugan@fairvueinvestments.com wants to share this video with you: Personal Message What to expect from an Energy audit of your home. Eco-friendly Kitchen Design Video: This kitchen model at Abt Electronics in Glenview, Ill., displays some of the latest "green" kitchen trends, from sustainable kitchen cabinets to recycled glass countertops. http://link.brightcove.com/services/player/bcpid1785312249?bclid=1747275818&bctid=6970587001 Posted via email from Exit Real Estate Commercial Solutions
Excerpt From SuccessMapping: 8 Things That Are Blocking You From Success
 The following is an excerpt from the book SuccessMapping: Achieve What You Want…Right Now! (Emerald Book Co., 2009) by Arlene Johnson. The book provides a step-by-step roadmap to achieving success and your personal goals.
Here’s a very basic and universal truth: We all have far more potential than we will ever realize. Really, you are wired to experience success in all that matters to you. It’s who you are. So, equipped with your belief in what might be possible and what you next want to accomplish, SuccessMapping will show you how! The Eight Success Blockers Even when we strongly believe that we are totally capable to achieve a specific goal, we can stall out and stop taking action before we accomplish what we set out to. What keeps preventing us from starting or completing our most important journeys toward life dreams and goals? There are eight major reasons-”success blockers”-that can stop you from starting something you want to achieve or completing it once you’ve started. The Eight Success Blockers are: 1. Neglecting your potential. Not believing that you can succeed with-or, because of multiple options, having no clarity about-what you really want to accomplish. 2. Lack of focus. When your thoughts, behaviors and actions are not “laser-focused” on what you want to achieve. 3. Choosing not to engage. Making decisions that Do Not Help you achieve what you want: When needing to change, choosing to wait and see and do nothing different. Or choosing to oppose or resist engaging in the change opportunity. 4. Ignoring your strengths. Not knowing, not utilizing or not leveraging your personal strengths to help you more easily achieve a goal. 5. Ignoring potential obstacles. Not being prepared to see, resolve or transform potential stumbling blocks. 6. Going it alone. Not using a collaborative approach to ask and get the specific support or resources you need to help you achieve your business or personal goal. 7. Decisions without foresight. Not weighing the benefits and consequences of important decisions and actions. Possible results? Decisions made with no commitment or that you later regret. 8. Not being change-ready. Allowing how you respond to change to sabotage having the life you want. Not recognizing and taking charge of the predictable dynamics of change. Even with extraordinary capabilities and an abundance of resources, these Eight Success Blockers can delay you or stop you cold. Not knowing or not managing these success blockers can cause you to wait, start-stop, and become easily distracted or sidetracked with other life activities. Sound familiar?
Knowing is preventing.
So, if you are not pursuing an important business or personal goal, ask yourself: “Why not? Which block right now is causing me to delay accomplishing what I want?” ______________________________________________________ Whatever you put on those lines is self-knowledge that, alone, is a huge step toward overcoming a barrier between you and your life dream or goal. This knowledge and the information and tools of each SuccessMapping Step will easily guide you through the Eight Success Blockers. The outcome? You will have a step-by-step Success Map that really works, regardless of what you want to accomplish.
Copyright © 2009 by Arlene Johnson. From SUCCESSMAPPING: Achieve What You Want . . .Right Now! by Arlene Johnson (Emerald Book Company). Reprinted with permission of the author. To order this book or receive more information, please visit www.successmapping.com. --> Posted via web from Exit Real Estate Commercial Solutions
Nashville-area homes sales were up in October compared to last year — the first time since October 2006 that year-to-year home sales increased for a given month. According to data released Monday by the Greater Nashville Association of Realtors, 2,145 home closings were reported last month, up 22.7 percent from last October. “This is undeniable evidence that the $8,000 tax credit has been meaningful in stimulating home sales,” Mike Nichols, president of the Realtors association, said in a news release. “There is no question that many of these sales were initiated due to the tax credit, and it is certainly our hope that, with the expansion and extension of this tax credit through next spring, we will continue to see positive sales in the area.” “And while one month does not make a trend, having a significant number of sales pending for the next month is also encouraging,” he said. There were 2,106 sales pending at October’s end, compared to 1,504 sales pending at this time last year. Year-to-date closings still are down for 2009, however. According to the association’s figures, there have been 17,598 closings through October, an 18.4 percent decrease from the 21,581 closings reported through October 2008. And while volume was up in October, values were down. The median price for a single-family home was $160,000, compared to $170,000 in October 2008. The median price for a condo was $144,000, compared to $152,500 last year. “Inventory is down overall and actually down significantly in the single-family homes category,” Nichols said. There are 23,398 such homes on the market today, compared to 24,043 at this time last year. “Based on October’s numbers, we are at about an eight-month supply in that category, which is much more in balance than what has been the case for some time,” Nichols said. The condominium inventory also decreased, from 2,541 in 2008 to 2,417 currently. Posted via web from Exit Real Estate Commercial Solutions
 Here is the pruning chart that was to be included in the previous post. Posted via web from Royce's posterous
***Scroll below to see crape myrtle pruning diagram By: Brent Wilson - Wilson Bros Nursery
When it comes to pruning crape myrtles, it would be better to leave them alone than to prune them improperly. We've all seen over-pruning - people chop back crape myrtles below the knuckles each and every year. When a crape myrtle is pruned back too far it has two effects: - Reduces the number of blooms that will be produced during summer.
- New branches will grow far too long and therefore not be able to support the weight of heavy blooms - particularly when wet. These long branches weep over and often break off during heavy rains.
When a crape myrtle is pruned properly: - It will produce twice the number of branches and therefore twice the number blooms as it did during the previous year.
- The new branches will be strong enough to support blooms.
The Time To Prune Crape MyrtlesWrong-season pruning would mean November and December. Don't let "peer pressure" by neighbors and commercial gardening crews get to you. If you trim the crapes in the last two months of the year, and we get a warming trend in January or February, the trees might actually start putting on new growth. That new growth will be highly susceptible to freezing weather should it come on the heals of a warm spell. New growth will also tend to draw the cold right into the plant, causing needless damage to a tree that should be resting in dormancy. So, the best time to trim crapes in is late winter or early spring - just prior to new growth emerging. For years, we've suggested this as a great time to trim them, because at that time we're also trimming back our roses and many other plants and trees. Other Crape Myrtle Pruning Tips- For older established crape myrtles that have developed a nice mature canopy and form, pruning is not necessary. What is older? Maybe over 10 years in age.
- Sharp hand pruners work fine for pruning younger crape myrtles with branch diameters of 1/2" or less. For larger specimens lopping shears or a pruning saw may be necessary.
- Suckers that grow from the base of the trunk of a crape myrtle tree can be removed any time of year.
Great information on pruning Crape Myrtle Trees. Winter or early spring is the best time to prune according to most all gardeners I have researched. Most people prune in the Fall and that leaves potential new growth subject to freezing! Posted via web from Royce's posterous
Interest rates will remain low, taxes will eventually increase, some large companies may spin-off and banks “look very ugly” in regards to their problem loans and write-downs, said a former Morgan Stanley & Co. managing director. Banks have written down only a third of their problem commercial loans and weaknesses in the commercial real estate sector are just getting started, said Margaret Black-Scott, former managing director and vice chairman of the global wealth division at Morgan Stanley. “The banking situation looks very ugly.” Black-Scott spoke before the local chapter of the Association for Corporate Growth at the River Club Tuesday. She talked about what has happened in the economy from 1980 through 2009 and what businesses can do to survive, as well as her predictions on the future of the economy. The signs of continued weakness suggest tax increases could be coming. “There is a risk of higher taxes,” she said. “They will definitely come up at some point.” Black-Scott said there will be more growth in the independent space and she sees large companies such as JPMorgan Chase & Co. (NYSE: JPM) and UBS spinning off their domestic business. Despite the weaknesses there are some positive signs in sectors such as residential real estate, and low interest rates are bringing some stability to a chaotic economy, she said. “The good news is, Jacksonville is in the top 100 metro areas in the nation,” she said. “The problem is Jacksonville is 96th in metro areas” Black-Scott said she expects interest rates to stay low through the next election cycle. Other positive signs include improvements in housing starts, real gross domestic product and “almost $4 trillion in cash sitting on the sidelines waiting to go somewhere,” she said. “We’re already in the cycle where I hope the worst is behind us but there is still a disconnect.” Black-Scott advised business owners to: • Bullet-proof your business “because the shots are still coming.” • Know yourself. “What is your temperament in the risks of business.” • Be alert, flexible, diversified but be careful and measured in the risks that you take. • Pay attention to taxes and expenses • Think about the consequences and what could happen. • Maintain balance and perspective. • Be patient. • Be decisive. On Nov. 3, the ACG will host speaker Pat Blount, President and CEO of Benewolf on the topic “Halloween is not over: The frightening truth inside the banking industry.” More information can be found at http://chapters.acg.org/northflorida/. > Posted via web from Royce's posterous
* Apollo strips costs out of portfolio companies - letter * Portfolio companies control over $10 bln of their debt * Apollo has invested $9 bln since start of Q2 2008 * Latest fund valued at 120 pct of cost By Megan Davies NEW YORK, Oct 23 (Reuters) - Private equity firm Apollo Management [APOLO.UL] cut more than $1.9 billion of costs out of its portfolio companies after the financial crisis, according to a letter sent to its investors on Thursday. It also invested heavily in buying debt of the companies it has stakes in -- to the extent that its portfolio companies now control over $10 billion of their debt. Apollo's letter, from founder Leon Black, said Apollo acted "swiftly in the dark days of the downturn" to optimize the capital structures of its portfolio companies. The letter said it cut debt at gaming company Harrah's Entertainment and reduced leverage at real estate firm Realogy. The letter, obtained by Reuters on Friday, said the firm has been a contrarian investor during the crisis, investing some $9 billion across its private equity funds since the start of the second quarter of 2008. An Apollo spokesman declined to comment on the letter. Private equity firms have strayed from their traditional business of leveraged buyouts since the credit crisis halted access to easy financing. They have instead focused on investment strategies such as buying distressed debt and minority stakes in firms. Apollo's letter said it has focused on investing in leveraged senior loans, buying debt in companies such as Intelsat. It has also bought distressed debt, where some of its largest positions are in companies including cable operator Charter Communications, chemical firm LyondellBasell Industries and transport firm Swift Transportation. Apollo also gave an update on valuations of the funds' investments at the end of September. Its most recent fund, with $15 billion raised in 2008, is marked at 120 percent of cost, up from a low of 55 percent of cost, the letter said. Its two credit opportunities funds -- I and II -- created mainly to invest in large portfolios of levered loans, were valued at 122 percent and 100 percent of cost, respectively. Continued...
Interesting strategy... Purchase the debt of the companies you are invested in. Should reduce overall risk and potentially increase control of the asset. Posted via web from Royce's posterous
CoStar Shines a Light on the Best and Worst Retail Markets in Third Quarter CoStar Ranks the Nation's Retail Markets on Vacancy, Rental Rates, Absorption and Construction Activity -- CoStar Power Brokers Comment October 21, 2009 CoStar's recently released Third Quarter 2009 National Retail Report (now available to all CoStar Property Professional subscribers and also available soon for non-CoStar subscribers) provides a detailed view of retail rental rates, vacancy, construction and sales activity across the major metropolitan areas CoStar tracks in the nation. In this article, CoStar, drawing from statistics in the report, shines a spotlight on the country's "hottest" and "most challenged" retail real estate markets. Additionally, we called upon CoStar Retail Leasing Power Brokers in some of these markets to discuss the driving factors behind these rankings. VACANCY RATESWith retailer bankruptcies, store closings and the massive slowdown in retailer expansions, increasing vacancy has plagued nearly every market during the recession, with the third-quarter national retail vacancy rate rising to 7.6%, up 120 basis points (bps) over third-quarter 2008. Note that CoStar's overall retail vacancy rate includes all types of retail buildings, from freestanding single-tenant retail buildings to super-regional shopping malls. A number of metro markets stand out as either showing improvement in retail vacancy or suffering from the most dramatic increases in vacancy over the last year. Of the 63 retail markets that CoStar Group, Inc. tracks across the nation, only six have shown a year-over-year improvement in the average retail vacancy rate (third-quarter 2009 compared to third-quarter 2008). On the flip side, only six markets have shown an increase in the vacancy rate of 250bps or greater over the course of the last 12 months. MARKETS SHOWING IMPROVEMENT IN THE RETAIL VACANCY RATE Memphis: 3Q 2009 8.9%, improvement of 112bps over the 3Q 2008 vacancy rate of 10%.
Providence, RI: 3Q 2009 6.6%, improvement of 69bps over the 3Q 2008 vacancy rate of 7.3%.
Long Island: 3Q 2009 4.6%, improvement of 56bps over the 3Q 2008 vacancy rate of 5.1%.
New York City: 3Q 2009 2.5%, improvement of 53bps over the 3Q 2008 vacancy rate of 3.0%.
Westchester / SO CT: 3Q 2009 6.7%, improvement of 51bps over the 3Q 2008 vacancy rate of 7.2%.
Tulsa: 3Q 2009 7.6%, improvement of 14bps over the 3Q 2008 vacancy rate of 7.8%.
MARKETS SHOWING THE MOST SIGNIFICANT INCREASE IN THE RETAIL VACANCY RATE Phoenix: 3Q 2009 11.4%, increase of 297bps over the 3Q 2008 vacancy rate of 8.4%.
Southwest Florida: 3Q 2009 8.5%, increase of 284bps over the 3Q 2008 vacancy rate of 5.7%.
Sacramento: 3Q 2009 10.4%, increase of 274bps over the 3Q 2008 vacancy rate of 7.6%.
Tucson: 3Q 2009 8.2%, increase of 264bps over the 3Q 2008 vacancy rate of 5.5%.
Inland Empire: 3Q 2009 9.0%, increase of 263bps over the 3Q 2008 vacancy rate of 6.3%.
Orlando: 3Q 2009 8.3%, increase of 258bps over the 3Q 2008 vacancy rate of 5.7%.
RENTAL RATESWith many retailers challenged to cover occupancy costs at their stores and most landlords challenged to lease their available retail spaces and/or cover their debt service, defining fair-market rent has been a sore spot for retailers and landlords across the country. However, statistics from CoStar's Third Quarter National Retail Report show that there has been at least a moderate meeting of the minds between retailers and landlords, which is reflected in the national average retail asking rental rate. With the caveat that landlords would like to have refrained from lowering their asking rental rates and perspective tenants would like to have asking rates lowered significantly, the national average asking retail rental rate (triple-net basis) came in at $16.94 per square foot (psf) at the close of the third quarter, down nearly 4% compared to the rate a year earlier. Not every market is following this national trend. CoStar data shows that only 11 of the 63 major retail markets CoStar tracks recorded at least a minor increase in the average asking retail rental rate. On the flip side, nine markets have seen a decline in the asking retail rental rate of 9% or more. MARKETS SHOWING AN INCREASE IN THE AVERAGE ASKING RETAIL RENTAL RATE Note that with the exception of San Francisco, all of the markets showing an increase in rent have average asking rental rates that fall well below the national average retail rental rate. Six of these 11 markets have vacancy rates at or below the national average. However, an increase in the asking rental rate has certainly not helped vacancy in these markets -- all but Tulsa have recorded an increase in vacancy over the course of the last year. San Antonio: 3Q 2009 $15.47psf, up 4.4% over 3Q 2008.
Cincinnati: 3Q 2009 $12.53psf, up 2.9% over 3Q 2008.
Tulsa: 3Q 2009 $10.09psf, up 1.8% over 3Q 2008.
San Francisco: 3Q 2009 $31.98psf, up 1.5% over 3Q 2008.
Madison, WI: 3Q 2009 $13.38psf, up 1.2% over 3Q 2008.
Raleigh / Durham: 3Q 2009 $16.39psf, up 1.3% over 3Q 2008.
Dallas / Fort Worth: 3Q 2009 $14.51psf, up 0.9% over 3Q 2008.
Birmingham, AL: 3Q 2009 $10.10psf, up 0.9% over 3Q 2008.
West Michigan: 3Q 2009 $10.68psf, up 0.8% over 3Q 2008.
Columbus, OH: 3Q 2009 $12.15psf, up 0.4% over 3Q 2008.
Philadelphia: 3Q 2009 $15.12psf, up 0.2% over 3Q 2008.
MARKETS SHOWING A SIGNIFICANT DECREASE IN THE AVERAGE ASKING RETAIL RENTAL RATE Note that following these significant decreases, six of the nine markets still have average asking retail rental rates well above the national average. Six of these nine markets have retail vacancy rates well above the national average and with the exception of Memphis, all have suffered an increase in the vacancy rate over last year ranging from 68bps to 284bps. That said, landlords in these markets have definitely responded to market conditions by lowering asking rents, and their efforts have hopefully helped to at least soften the below of vacancy rate increases that could have been worse. Memphis: 3Q 2009 $10.98psf, down 18.1% over 3Q 2008.
Toledo, OH: 3Q 2009 $8.04psf, down 17.8% over 3Q 2008.
East Bay/Oakland, CA: 3Q 2009 $24.88psf, down 13.8% over 3Q 2008.
Seattle/Puget Sound: 3Q 2009 $19..96psf, down 11.8% over 3Q 2008.
Southwest Florida: 3Q 2009 $17.31psf, down 10.2% over 3Q 2008.
Las Vegas: 3Q 2009 $22.55psf, down 9.9% over 3Q 2008.
Detroit: 3Q 2009 $12.72psf, down 9.6% over 3Q 2008.
Tucson: 3Q 2009 $18.24psf, down 9.5% over 3Q 2008.
Miami-Dade: 3Q 2009 $25.83psf, down 9.3% over 3Q 2008.
ABSORPTIONWith the delivery of well-leased new retail buildings and retail leasing activity at a near standstill across the nation, absorption of the nation's retail space was nearly nil (on a year-to-date net basis) at the close of third-quarter 2009. Surprisingly, more than half of the retail markets CoStar tracks have come through with positive net absorption so far this year, bringing the nation's total net absorption of retail space to a meager 3.66 million square feet, which represents only 0.04% of total retail inventory. Ten markets showed positive net absorption in excess of 500,000 square feet at the close of third quarter. Compare this to third quarter 2007, when 31 markets recorded net absorption at this level or higher. Perhaps a more relevant figure to look at, however, is how much net retail space markets have absorbed as a percentage of their total rental retail square footage in the market. Specifically, 11 U.S. markets have absorbed at least 0.4% of their total retail space so far this year, while six markets have exuded 0.4% of their total retail space. MARKETS SHOWING SIGNIFICANT POSITIVE NET ABSORPTION OF RETAIL SPACE Note that seven of the following 11 markets maintain retail vacancy rates below the national average and most are among those that have either shown an improvement or very small increase in the retail vacancy rate over the course of the last year. Westchester / So CT: 3Q09 Net Absorption of 1.92M sq. ft. = 1.08% of total retail inventory
Memphis: 3Q09 Net Absorption of 731,215 sq. ft. = 0.96% of total retail inventory
Raleigh/Durham: 3Q09 Net Absorption of 714,234 sq. ft. = 0.88% of total retail inventory
Oklahoma City: 3Q09 Net Absorption of 680,178 sq. ft. = 0.83% of total retail inventory
Nashville: 3Q09 Net Absorption of 760,506 sq. ft. = 0.78% of total retail inventory
Providence: 3Q09 Net Absorption of 407,639 sq. ft. = 0.77% of total retail inventory
Long Island: 3Q09 Net Absorption of 1.7M sq. ft. = 0.76% of total retail inventory
Kansas City: 3Q09 Net Absorption of 606,487 sq. ft. = 0.63% of total retail inventory
Hartford: 3Q09 Net Absorption of 825,274 sq. ft. = 0.60% of total retail inventory
Indianapolis: 3Q09 Net Absorption of 575,808 sq. ft. = 0.56% of total retail inventory
Austin: 3Q09 Net Absorption of 392,182 sq. ft. = 0.54% of total retail inventory
MARKETS SHOWING SIGNIFICANT NEGATIVE NET ABSORPTION OF RETAIL SPACE Note that while half of the following six markets have average retail vacancy rates below the national average, all have suffered a marked increase in the average retail vacancy rate over the course of the last year, ranging from a 165bps to 284bps increase. Southwest Florida: 3Q09 Net Absorption of -873,366 sq. ft. = -1.12% of total retail inventory
Orlando: 3Q09 Net Absorption of -984,246 sq. ft. = -0.67% of total retail inventory
Greensboro/Winston-Salem: 3Q09 Net Absorption of -621,278 sq. ft. = -0.65% of total retail inventory
East Bay/Oakland: 3Q09 Net Absorption of -676,595 sq. ft. =-0.52% of total retail inventory
Sacramento: 3Q09 Net Absorption of -543,118 sq. ft. = -0.48% of total retail inventory
Tampa/St. Petersburg: 3Q09 Net Absorption of -896,125 sq. ft. = -0.43% of total retail inventory
RETAIL PROJECTS UNDER CONSTRUCTIONAt the close of third quarter, CoStar tallied 1,166 retail projects totaling 49.87 million square feet of retail space under construction, which, if completed would add only 0.55% more retail inventory to the retail landscape nationally. Whether due to a lack of retail leasing activity, retailers pulling out of commitments, or financing falling through, developers have cut their construction plans by more than 60% compared to this time last year, when there were 3,051 retail projects totaling 104.26 million square feet under construction. According to CoStar data, 14 markets had 1 million square feet or more of retail space under construction at the close of third-quarter 2009, while 16 markets had less than 300,000 square feet under construction. Perhaps a more relevant figure to consider, however, is the amount of retail space under construction as a percentage of total retail inventory. Ten markets have retail space currently under construction that if delivered, have the potential to add at least 1% more inventory to their total retail landscape, while 11 markets have very little retail space under construction, amounting to under .2% of current retail inventory. MARKETS WITH SIGNIFICANT RETAIL SPACE UNDER CONSTRUCTION Note that only four of the following 10 markets have retail vacancy rates higher than the national average; however, only two of them have seen an improvement in vacancy over the course of the last year, suggesting that this level of retail space under construction could keep those vacancy rates rising as these buildings deliver. Las Vegas: 2.34M sq. ft. under construction = 2.05% of total existing retail space.
Washington: 3.37M sq. ft. under construction = 1.67% of total existing retail space.
New York City: 1.03M sq. ft. under construction = 1.41% of total existing retail space.
Westchester/So CT: 2.29M sq. ft. under construction = 1.29% of total existing retail space.
Dallas/Ft. Worth: 4.32M sq. ft. under construction = 1.26% of total existing retail space.
Austin: 813,540 sq. ft. under construction = 1.11% of total existing retail space.
Birmingham: 913,661 sq. ft. under construction = 1.07% of total existing retail space.
Raleigh/Durham: 857,542 sq. ft. under construction = 1.06% of total existing retail space.
Northern NJ: 3.09M sq. ft. under construction = 1.04% of total existing retail space.
Charlotte: 657,910 sq. ft. under construction = 1.01% of total existing retail space.
MARKETS WITH VERY LITTLE RETAIL SPACE UNDER CONSTRUCTION Note that only four of the following 11 markets have retail vacancy rates higher than the national average, but all have experienced an increase in vacancy over the course of the last year. Developers' prudent decisions to hold back on the construction of new retail space will hopefully contribute to the prevention of further erosion in vacancy in these markets. Dayton: 0 sq. ft. under construction
Greensboro/Winston-Salem: 52,605 sq. ft. under construction = 0.06% of total existing retail space.
Milwaukee: 99,200 sq. ft. under construction = 0.07% of total existing retail space.
Baltimore: 101,585 sq. ft. under construction = 0.08% of total existing retail space.
Madison: 41,072 sq. ft. under construction = 0.11% of total existing retail space.
Toledo: 102,279 sq. ft. under construction = 0.15% of total existing retail space.
Hartford: 211,600 sq. ft. under construction = 0.15% of total existing retail space.
Tampa/St. Pete: 347,660 sq. ft. under construction = 0.17% of total existing retail space.
St. Louis: 218,697 sq. ft. under construction = 0.17% of total existing retail space.
Minneapolis: 341,665 sq. ft. under construction = 0.18% of total existing retail space.
Orlando: 281,808 sq. ft. under construction = 0.19% of total existing retail space.
Memphis and Nashville Tennessee make the top 5 in "Markets Showing Positive NET Absorption of Retail Space". Posted via web from Royce's posterous
Help for a Sustainable Recovery By Lawrence Yun, Chief Economist, NAR Research While we listen to the animated discussions surrounding the health care debate, war strategies, flu vaccines and Nobel Peace Prizes, the federal budget deficit continues to rise. There is certainly no delight in watching the budget deficit soar. The $1.4 trillion deficit in the 2009 fiscal year to September is the highest ever in U.S. history - both in sheer dollar figures as well as the highest since the Second World War if measured in relation to the overall economic pie. It's a huge burden to future generations. Why should we be concerned? Because continuing high budget deficits could easily cause interest
rates to rise much sooner - and possibly quite sharply. Yes, there will be arguments about what federal programs work and which ones just bleed money. But Washington needs to come out with a credible plan to reduce the deficit over time. Meanwhile, price correction - and over-correction - have wreaked havoc on the broader economy. Wall Street balance sheets were bleeding heavily before the big help from the $700 billion TARP funding. Property owners felt it, too: foreclosures spiked, strategic defaults rose among financially capable but underwater homeowners, and appraisals became messier. Most importantly in terms of economic impact, the bulk of American families have experienced a major hit to their wealth accumulation -- by more than $4 trillion in the past three years. The economy will have a difficult time gaining firm footing without government life support if home values continue to fall. One area where federal taxpayer dollars have been effectively utilized is that first-time homebuyer tax credit. The key to any future sustainable economic recovery lies in home values stabilizing or, better yet, a return to a historical home price appreciation rate of 3 to 5 percent each year. The bubble prices crash landed, but all the excesses have already been removed. In fact, one could legitimately argue that home values have overshot downward. Price-to-income ratio is now below the historical average. The monthly mortgage payment for a middle income person buying a middle priced home is well below its historical norm. A review of the latest data strongly suggests that the homebuyer tax credit has had its intended impact of significantly stimulating home sales. From about 4.5 million annualized home sales pace in the few months prior to the stimulus, sales have jumped to 5.1 million in recent months. That is a change of 600,000 additional existing-home sales. New home sales have risen from the mid 300,000 to low 400,000 range over the similar period. The rise in sales has been concentrated in the lower-priced home segment largely because first-time buyers are looking to stay, rightly, well within their budget. Housing inventories, while still higher than desired levels, have been trimmed. The latest 8-month supply of existing-home inventory is much better than the double-digit figures of last year. Home values have likewise moved in an "improving" direction. Broadly speaking, they are down from one year ago, but the declines have been less steep in recent months compared to the pre-stimulus times. The median existing-home price as of August was down 12.5 percent compared to a nearly 20 percent decline early in the year. In short, sales have risen and home prices are on the verge of stabilizing. But the housing stimulus package is set to expire. A settlement, and not the contract signing to buy, must occur by the end of November. Some first-time buyers who are signing contracts to buy in October just may make the deadline. It would be pity if the housing market which is just on the cusp of a self-sustaining recovery rolls downhill again. That could happen if potential buyers step back and inventory returns to an upward climb. Falling home values - independent of whether it is over-correcting or not - will bring back all the associated collateral damage. A much happier scenario would be that the buying momentum continues for few additional quarters so that inventory falls back down to the normal 5 to 7 months, a level consistent with home value stabilization. Once that is accomplished, the consumer "fear factor" of waiting and waiting for a lower price later will no longer be part of the home buying decision. We will have reached a point of housing market self-sustainability. Consumer confidence will be lifted. The wealth impact of consumers opening up wallets for general consumer goods will steadily turn positive. Thus, the broader economy also gets set for a sustainable recovery without needing further stimulus dollars. For that happy scenario to play out, a time extension on the home buyer tax credit is critically needed. At a cost of about $10 billion (if extended through the middle of next year), the housing market will likely have recovered nicely with the broader economy on track for a solid robust expansion. That $10 billion price tag is rather modest compared to the $700 billion in TARP funding and $800 billion of the broader economic stimulus package that was passed early in the year (with debate still raging over the effectiveness of that broad spending bill). Moreover, the cost of $10 billion is a static measure that does not take into account job creations and increased tax revenue from rising economic activity. Actually, if we take into consideration all of the economic dynamic responses, the homebuyer tax credit can be argued as a net positive revenue generator for the federal government. There is nothing like economic growth to dent budget deficits. If the economy was already at full capacity, the housing stimulus would simply be moving dollars from one sector of the economy to another. But as is fully visible out in the streets, we are nowhere near full capacity. Factory capacity utilization was 69.6 percent in August, compared to an 80 percent rate that should be the case in normal economic times. On the job market front, the country is facing a double-digit unemployment rate rather than the healthy 5 or 6 percent unemployment rate. Therefore, there is a plenty of room for growth for a win-win situation for the housing market and other sectors of the economy. Despite these vast potential benefits to the economy from extending the homebuyer tax credit, valid questions should nonetheless be asked. Is there any pent-up demand remaining? Will the tax credit just go to the people who would have bought a home anyway and thereby will simply pocket the $8,000 check? Well, the following table shows a compelling case for tapping the financially healthy renter population. In 2000, before the housing market boom, there were 11.5 million renter households who had the necessary income to buy a median priced home at prevailing market conditions. Today, the pool of renters who can buy a median priced home is over 16 million. Just nudging even a small share - say 5 percent - of these financially healthy renters into buying via a tax credit check will mean 800,000 additional home sales. That number is sufficiently meaningful to get the inventory down to the level of home value stabilization. The housing market will then be on the path to a self-sustaining recovery. After what we have been through this decade, it would be quite nice to observe a return of a "boring" housing market with annual price growth of a steady and normal 3 to 5 percent - without any of the fits, frenzy, and panic. A faster and firmer recovery can happen if the tax credit is opened up to more buyers by making it apply to any buyers - just just first-timers - and by raising the income limit for qualification. It would also contribute to healthy economic activity - a sustained recovery - and thus help to put a dent in the deficit. In short - it's a win/win. NAR is working hard to get that homebuyer tax credit extended. You can help - by calling, writing or e-mailing your Congressional representatives. It's good for home buyers, it's good for REALTORS®, and it's good for the U.S. economy" Lawrence Yun hits a very positive note. If we want to enhance and speed the economic recovery that we all need and want to see, why not take a look at one program that has worked and enhance it! The article is long but worth the read! Please respond to the call to action, write , call, email your Congressional representatives. Let's talk about a program that works! Posted via web from Royce's posterous
How often do you hear people speak with envy about companies with “real heart”? Companies like Nordstrom, FedEx, Ben and Jerry’s, Southwest Airlines, Starbucks, and The Container Store to name a few. Outsiders are constantly looking for their “secrets” to success. Fact is, the secret lies in the hearts of their employees. These companies create connected teams and, as a result, build dominant businesses by acting like geese. Like geese? Yes, like GEESE! If you ever happen to see (or hear about) geese heading south for the winter – flying along in “V” formation – you might consider what science has discovered about why they fly that way. As each bird flaps its wings, it creates uplift for the bird immediately following. By flying in “V” formation, the whole flock adds at least 71% greater flying range than if each bird flew by itself. Any goose that falls out of formation suddenly feels the drag and resistance of trying to go it alone and quickly gets back into position to take advantage of the lifting power of the bird in front. When the lead goose gets tired, it rotates back in the set and another goose moves up to fly point. And the geese in the back honk to encourage those in front to keep up their speed. Finally, when a goose gets sick or is wounded and falls out of formation, two other geese fall out with that goose and follow it down to lend help and protection. They stay with the fallen teammate until it is able to fly or it dies. Only then do they launch out on their own – or with another formation – to catch back up with their group. The lesson: Like geese, people who share a common direction and sense of community, who take turns doing demanding jobs, and who watch out for one another, can get where they are going more quickly and easily because they are traveling on the thrust of their teammates. Geese are defined by how they stay connected with one another. Successful teams – and excellent leaders – are defined the same way.
Quoted From 7 Moments … That Define Excellent Leaders
By Lee J. Colan
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| Rahav Segev for The New York Times Tim McGraw on tour in 2006.
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