LATEST NEWS

• The 258,000-square-foot Delray Marketplace retail center project has begun construction with Deerfield Beach-based SIKON Construction Company. The center, which is located at the northwest corner of West Atlantic Avenue and Lyons Road, will feature shopping, restaurants and entertainment, and is set for completion Nov. 15 of this year. 
  
• In Florida, the Federal Housing Finance Agency says it completed 119,113 loan modifications in 2010 and 2011. More than 56,550 short sales or deeds-in-lieu of foreclosure were also completed during the same time period
• Florida has more loans that are one year or more delinquent than any state in the U.S. but California, according to a new report by the Federal Home Finance Agency. There are a total of 166,000 Florida loans more than one year delinquent, out of 292,000 delinquent loans backed by Freddie Mac and Fannie Mae, the Palm Beach Post reported. California has 174,000 loans that are delinquent by a year or more.
• Miami-Dade County saw the greatest increase in the state when it came to the rate of mortgage delinquencies, with 23.5 percent more mortgages 90 or more days delinquent than in the previous quarter, according to data from the Federal Reserve Bank of New York. In the same period, the number of delinquent mortgages rose 19.3 percent in Broward County and 16.3 percent in Palm Beach County.  

FROM THE BREAKERS HOTEL

We are proud to share with you that The Breakers has been nominated as one of Florida's top 100 buildings by the Florida chapter of the American Institute of Architects. The "Florida Architecture: 100 Years, 100 Places" competition is one of many events planned to celebrate the organization's 100th anniversary and to recognize the most architecturally significant buildings in our state.

As you are a valued guest of The Breakers, we hope you will join us in voting for the resort as often as you can from now through April 6, 2012.  There is no limit to the number of times an individual can vote. The winner will be announced in early April and honored at the chapter's annual convention held at The Breakers in July 2012. It would be very exciting if The Breakers was named the #1 building in Florida! Vote Now>

We are honored to showcase the original 1926 building and its breathtaking public rooms, all hand painted by Italian artisans, to thousands of visitors to enjoy each year. The parallel path of preservation and modernization has allowed The Breakers to thrive in the luxury hotel sector and survive as the only large historic luxury resort in the country still in the hands of its original owners.  At 116 years old, this is an unusual feat.

Given the number of other buildings included in this survey, it would be an honor to rank at the top of the list. Thank you for your vote and, as always, for being our guest. We look forward to welcoming you back to the resort again in the near future.

Warmest Regards,

The Breakers Team 

PS: You can vote for more than one and The Colony Hotel is on the list as well.

HOUSING PREDICTIONS

Robert Schiller, Yale Professor of Economics and originator of Case-Shiller housing reports, says we may be at bottom, but has no indications of another boom any time soon.

Hear what he has to say.

Florida has one of the highest negative equity percentages nationwide, with 44 percent of its mortgaged properties reported as being underwater

6,082,000 US MORTGAGES GOING UNPAID IN END OF JANUARY 2012 - IS THIS GOOD NEWS OR BAD?

Lender Processing Services, whose mortgage performance statistics are derived from its loan-level database of nearly 40MM mortgage loans, gives the above headline statistics for loans 30 or more days delinquent and in foreclosure, about 15% of all mortgages in the database.  

Nevertheless, they report that the delinquency rate is down 10%+ from January 2011, and foreclosure rate is up 1.1% compared to December 2011.  LPS says Florida had the highest percentage of non-current mortgages last month.

Capital Economics, a leading independent international macro-economic research consultancy, predicts the housing crisis will end in 2012 as banks loosen credit standards, now lending at 82% LTV with average required credit score to be 700.  They caution that, “Any improvement in credit conditions won’t be significant enough to generate actual house price gains.”  They also say that potential ramifications from the euro-zone pose a threat to future credit availability. “Shadow inventory” is not included, nor how long it will take for those properties, not yet on the market, to be sold.

HomeValueForecast mentions positive trends including an improving jobs picture, low interest rates and a slowing of distress sales on the market, but note that here too, the end of shadow inventory is not mentioned. They state that current Florida prices are at 2002 levels.

This IS A GOOD TIME TO BUY.

DISCOVER BOCA RATON'S GUMBO LIMBO ENVIRONMENTAL NATURE CENTER

Founded in 1984, Gumbo Limbo Nature Center at 1801 North Ocean Boulevard is a unique, outstanding cooperative project of the City of Boca Raton, Greater Boca Raton Beach and Park District, The Palm Beach County School District, Florida Atlantic University (FAU), and Gumbo Limbo Nature Center, Inc. Each year, more than 100,000 local and tourist visitors receive valuable environmental education while enjoying respite from the city bustle.  Gumbo Limbo is a great place for all ages to visit.

As a beacon for environmental education, research, and conservation, Gumbo Limbo’s 20 acres of protected barrier island not only provide refuge to many varieties of plants and animals - some rare or endangered - but also represent a commitment to protect our natural resources by our members, volunteers, and the organizations that comprise the Center.

Florida boasts some of the most important nesting beaches for loggerhead sea turtles in the world, and also offers important nesting habitat for green and leatherback sea turtles, as well as the occasional Kemp's ridley and hawksbill turtle nests.  Florida's waters provide important development habitat for many species of sea turtles in a variety of life stages.  The Boca Raton Sea Turtle Conservation and Research Program works under permit from, and in coordination with, the Florida Fish & Wildlife Conservation Commission (FWC).

All species of sea turtles in the world are either threatened or endangered species. Sea turtles face many threats in the world today that were not an issue hundreds of years ago. 

Some of these threats include:

·         Collisions with boats

·         Direct and Indirect glow from artificial lighting

• Interactions from commercial fisheries
• Loss of nesting habitat
• Pollution

Gumbo Limbo instructs more than 10,000 Palm Beach County school students in coastal and marine ecology every year with programs constructed to meet the Sunshine State Standards Requirement in science education.  They monitor 500 nests a year within a five mile span of beaches and rescue injured turtles and release more than 6000 stranded hatchlings each nesting season. More than 50 programs are offered for children, adults, and families facilitated by qualified naturalists and biologists with Small class sizes and a low cost with more than 13,000 people participating annually.

The FAU lab conducts valuable scientific research which enhances our understanding of sea turtle behavior, physiology, and ecology.  The research creates practical applications in the conservation of sea turtles and other marine life.  The North Trails feature a Butterfly Garden, in full bloom in May and June.  The outdoor amphitheater holds plays.  The ¼ mile boardwalk is an opportunity to visit an ecosystem that once flourished thruout Florida before modern development and industrialization.  Take a free guided walk Wednesday mornings at 10 am.  Look into the half-day week long summer Environmental Camp where the children learn about about plants, animals and coastal habitats, and enjoy many other activities.

Visit Gumbo Limbo Nature Center to learn more about these threats and what you can do to help.   If you might like to volunteer, call 561-338-1588. http://www.gumbolimbo.org

The 7th annual festival celebrating sea turtles and our ocean environment will take place at Gumbo Limbo on Saturday, March 3, 2012! The fun begins at 10 am and lasts until 4 pm.  Admission is free.  Stroll around the lush grounds, visit environmentally friendly exhibitors, attend a performance by Sol Children Theatre, and learn how to make leaf prints! There will be plenty of fun for all ages, from arts, crafts, and games, to educational talks and guided walks through the hammock. Keep your eyes open for Luna, the NEW Green Sea Turtle mascot – a great photo opportunity!

LinkedIN's Report on the Housing Market

Almost 11 million homes are now underwater, says financial information provider CoreLogic, a leading provider of financial, property and consumer information. Around 3.5 million homeowners are behind in their payments and another 1.5 million homes are already in the foreclosure process, according to online marketplace RealtyTrac, the Foreclosure Authority™ , that delivers in bulk the most current and most accurate foreclosure data.

Capital Economics, one of the leading independent macro-economic research consultancies in the world, providing research on the US, Canada, Europe, Asia, Latin America, the Middle East and the UK, and on the property sector expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability. 

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”  In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV. 

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November, 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan. 

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

TRULIA REPORT: MORE PEOPLE WANT TO MOVE TO FLORIDA THAN LEAVE DUE TO PRICE DECLINES

Trulia’s top 10 list includes the number of interested out-of-area residents compared to each resident considering leaving. A rating of 2, for example, means that two people are considering a home inside an area for every one person considering a move out:

1. Palm Bay-Melbourne-Titusville: 8.80
2. Lakeland-Winter Haven: 7.60
3. North Port-Bradenton-Sarasota: 6.62
4. Cape Coral-Fort Myers: 2.59
5. Tulsa, Okla.: 2.48
6. West Palm Beach-Boca Raton-Boynton Beach: 2.46
7. Fort Lauderdale-Pompano Beach-Deerfield Beach: 2.44
8. Riverside-San Bernardino-Ontario, Calif.: 2.43
9. Charleston-North Charleston-Summerville, S.C.: 2.40
10. Orlando-Kissimmee-Sanford: 2.30

New York is the top source of long distance (100 miles or more) home searches for properties along Florida’s Atlantic coast and Central Florida (e.g., Lakeland-Winter Haven, Fort Lauderdale and West Palm Beach).

“THE SKINNY” ON FORECLOSURES IMPACTING THE REAL ESTATE MARKET & SHADOW INVENTORY

150,000 properties were repossessed by lenders in the tri-county southeast Florida area since the 2007 crash.  CondoVultures.com reports that the repossessions equal about half the nearly 300,000 foreclosure actions filed during the same 5-year period.  They estimate than less than half of those properties repossessed by lenders have been resold to buyers.  They further estimate that this rate will continue steadily for the foreseeable future.

There was a 36% drop in year-over-year bank repossessions but that is rooted in part to issues related to the “foreclosure freeze” in 4Q 2010.  Some investors are concerned that purchasing bank-owned properties could lead to future title issues.

With nearly 299,000 notices of default filed against borrowers, the Florida court system was over whelmed with foreclosure actions.  Today lenders plan for a 700-day repossession process with a cost of about $100,000 per property.  Generally bank owned properties generate lower average prices than short sales.

CoreLogic reports that at the end of October 2011 lenders had a “shadow inventory” of 1.6MM distressed properties and repossessed homes they had not yet put up for sale, down 16% from a year ago.  Florida is one of 6 sates accounting for half of these.  CoreLogic says in a healthy market shadow inventory should represent less than one month supply of homes; currently the figure is five months.

National Association of Realtors says 29% of November 2011 sales were short sales and bank owned sales.    Lender Processing Services estimates that there were almost 4MM homes in the foreclosure process or 90-days delinquent at the end of October.

No matter whose estimate we look at, it’s not a pretty picture!

“THE SKINNY” ON FORECLOSURES IMPACTING THE REAL ESTATE MARKET & SHADOW IN INVENTORY

150,000 properties were repossessed by lenders in the tri-county southeast Florida area since the 2007 crash.  CondoVultures.com reports that the repossessions equal about half the nearly 300,000 foreclosure actions filed during the same 5-year period.  They estimate than less than half of those properties repossessed by lenders have been resold to buyers.  They further estimate that this rate will continue steadily for the foreseeable future.

There was a 36% drop in year-over-year bank repossessions but that is rooted in part to issues related to the “foreclosure freeze” in 4Q 2010.  Some investors are concerned that purchasing bank-owned properties could lead to future title issues.

With nearly 299,000 notices of default filed against borrowers, the Florida court system was over whelmed with foreclosure actions.  Today lenders plan for a 700-day repossession process with a cost of about $100,000 per property.  Generally bank owned properties generate lower average prices than short sales.

CoreLogic reports that at the end of October 2011 lenders had a “shadow inventory” of 1.6MM distressed properties and repossessed homes they had not yet put up for sale, down 16% from a year ago.  Florida is one of 6 sates accounting for half of these.  CoreLogic says in a healthy market shadow inventory should represent less than one month supply of homes; currently the figure is five months.

National Association of Realtors says 29% of November 2011 sales were short sales and bank owned sales.    Lender Processing Services estimates that there were almost 4MM homes in the foreclosure process or 90-days delinquent at the end of October.

No matter whose estimate we look at, it’s not a pretty picture!

DO YOU LOVE TO READ... BUT WISH IT WAS NOT SUCH A SOLITARY EXPERIENCE

DO YOU LOVE TO READ... BUT WISH IT WAS NOT SUCH A SOLITARY EXPERIENCE

Join almost 1.5MM readers and check out a social network for avid readers. List your personal collection and connect with “like [or unlike] minds.” Then browse THEIR collections and share ideas and opinions with reviews. You can join for free and can upgrade your account to catalog as many books as you want to. Head over to http://www.librarything.com.

Click the TALK section tab and then look at a topic of interest. Join one of the groups. Browse the Local entries for lists of book stores and libraries that are nearby. Click MORE and you can get free books and review them, e.g. for Amazon.com. Click Zeitgeist for 25 most reviewed books and other statistics. It probably won’t surprise you to find that J.K. Rowling and Stephen King are the top two of 75 authors. William Shakespeare is #7. TheTop 25 Books list gives places 1 through 8 to the Harry Potter Books.

THERE ARE 50MM UNEMPLOYED IN THE US - HERE'S A PHARMACY DISCOUNT CARD!

FOR A CARD WITH YOUR NAME ON IT 
EMAIL marilynfjacobs@gmail.com

CONCERNED ABOUT A NUCLEAR ATTACK ON THE US? HERE IS A SOLUTION!

Silo missle sites in various states have been and are being converted into underground homes.

Taxpayers spent $3.3MM for a silo in Topeka, Kasas which has been converted to underground living quarters.  The silo was purchased for $40,000, in bad shape, in the 1980’s by a school teacher who, with his wife, has lived there comfortably ever after.

A 3’ layer of earth covers the top layer of reinforced concrete.  Floors are 3’ thick, walls and ceilings 18” thick and 15’ high.  The special concrete structure was built by the government to withstand a nuclear blast.   The folks who live in it say, “We love the solid, quiet feel of the place.  Not only is it very well built – it is very easy to heat and cool.”  This home has a large greenhouse around the hatch, which brings sunlight into the living space and was formerly used for heavy equipment to manipulate the missiles.  

About half of these former military sites are owned privately or by cities, counties, school districts, water companies and other commercial entities.  This is a niche market for a unique home for real estate agents.  The schoolteacher has made 55 sales, of which 5 have turned over more than once. They said that buyers include some military or former military personnel who are familiar with the silos, and know the benefits.  Others are looking for interesting projects to restore, and some want the seclusion, privacy and security.  Some buyers are survival-oriented.”

Mortgages and appraisals are a challenge.   “Prices have increased and are rising,” they said.

 

A former 14.5 acre Nike missile base in southeastern Indiana has been converted to three 5,000 sq ft residential spaces.  One features a kitchen, four bedrooms, two bathrooms, an exercise room indoor swimming pool and Jacuzzi tub.  All have single-phase electric, city water, paved access with remote-control rolling front gates and high security chain link fencing topped with barbed wire. 

An Atlas F site is for sale now in the Adirondack Mountains in New York.  Diameter is 52’ and depth is 180’.  It holds a 2300 sq ft 2-story contemporary home with 3 bedrooms, 2 baths, finished interiors, a spiral staircase, fiber-optic lighting, a generator and new well.  The floor plan is open, there is a large garage and wraparound porch that hides the underground entryway.  Price has been reduced from $4.6mm to $750,000.  The entrance features heavy security doors that were built to withstand a 2000-lb blast.  Location is on part of an exclusive airport subdivision on a 2050 foot Federal Aviation Administration-approved runway.

A communications vault in Paris, Missouri near the Mark Twain recreational lake is available, needing “fix-up”.  There are 8200 sq ft of usable underground floor space on this 13-acre site.  Ceilings and walls are 24” thick and 2’ to 4’ of earth cover the underground area.  A metal shield envelopes the structure and there are heavy blast doors with an emergency-escape hatch exit.  The property is available for $295,000.  Electricity works and most rooms have heaters and dehumidifiers.

Here is a unique living style which has a following of those seeking secure homes in hardened cold war facilities.

DECLINE OF UNEMPLOYMENT IN US JANUARY 2007 - APRIL 2011

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DID YOU KNOW…

That a recent US census, according to the St. Louis Post-Dispatch newspaper, showed that 65+ age seniors now account for the largest segment, about 13%, of the population.  In 2000, it was 12.4%   in 1900 the number was 4.1%.  That 13% equates to 40.3-million people.

Soon current baby boomers (born between 1946 and 1964) will further grow the senior ranks.  Florida maintains its #1 spot, up 17.3%, with West Virginia, Maine, Pennsylvania and Iowa following.  Alaska has the lowest amount of seniors.  

FLORIDA STAGE JOINS DELRAY'S ARTS GARAGE... performances coming...

 

Founding producing director, Louis Tyrrell, the spark plug who, for the last 24 years, built a startup into the nation's largest professional theater dedicated exclusively to producing new and emerging American plays, will soon make presentations at the Arts Garage, a multidisciplinary cultural hub on the ground floor of a Pineapple Grove parking lot in trendy downtown Delray, just off Atlantic Avenue.

The Theater at Arts Garage encompasses many arts covered by the Arts Garage, including music, dance and visual arts - a good partnership!  Starting event will be in February with a Master Playwright Series, four weekly play-readings/lectures on Tuesday evenings.  The New Play Festival will be unveiled in early March featuring readings of 6 evolving scripts, play writing workshops and a keynote address by Pulitzer Prize-winner Marshal Norman.  With reduced space, productions will be smaller.  Tyrrell says that intimate theater "is the new normal."

A musical play, "Woody Sez" will be presented from March 16-April 8, based on the music of folk troubadour Wood Guthrie.  Those subscribers to Florida Stage left with canceled tickets when it closed, can use them for admission on a space-available basis.

Future plans include the opening of The Arts Warehouse in a 15,000 sq ft facility, not yet renovated, perhaps opening in 2014.

This is a "win-win," a great addition to Delray Beach's vibrant arts scene.

MIZNER PARK AMPHITHEATER COMING EVENTS

Planning a flight soon?  Head over to SeatGuru.com and see more than 700 airline seat maps from most carriers and read 25,000+ reviews from other fliers.

Get tips on which seats have:

• limited recline
• reduced legroom
• misaligned windows
• superior and substandard seats identified by color
• compare seats from different carriers 

and have a wonderful flight!

THIS WEEKEND IN DELRAY BEACH

EVER WONDERED WHAT THE INTERNET ECONOMY IS?

McKinsey estimates that the 200 million-person global economy has reached $8-trillion.  The report is limited to the G-8 countries plus Brazil, China, India and South Korea.

·        Private consumption refers to, electronic equipment, e-commerce, broadband subscriptions, mobile internet and hardware and software consumption

·        Private investment refers to, from telecommunications industry and maintenance of extranet, intranet and websites

·        Public expenditure refers to, government buying and spending of hardware and services

·        Trade refers to, exports of internet equipment and b-2-b services with overseas companies

The internet contributes more to the economy than mining, utilities, agriculture or education.  In France since the mid-1990’s, McKinsey states that the internet created twice the number of jobs that it destroyed.  World leader of the online industry is the United States with 30% of global internet revenues, but the UK is the world leader in online retail sales.  China’s and India’s internet economies rely on exporting online services for most of their economies.

NOTE THAT REAL ESTATE HAS THE GREATEST WEIGHT IN THE GDP....