Realty Reality: July 2005

Sunday, July 31, 2005

Three-Car Garages The Trend Of The Future According to NAHB

Back in the 1950s, the one-car garage was standard in the 41 percent of homes that had any garage at all. More than half a century later, almost two-thirds of all new homes have two-car garages and on a nationwide basis, 19 percent have three-car or more garages.

“The home building industry is definitely seeing a growing trend toward the three-car garage,” said Jerry Howard, executive vice president and CEO of the National Association of Home Builders (NAHB).

“Especially in areas where houses do not traditionally have basements, the three-car garage is becoming a must-have in new homes,” said Howard. “But it’s not just limited to those areas. Three-car garages are becoming more common in markets across the country.”

Census Bureau statistics confirm the trend toward three-car garages in all four census areas, although the Midwest and the West are definitely in the lead. When the Census Bureau first started tracking three-car or more garages in 1992, they accounted for 20 percent of the new homes in the West. In 2004, 31 percent of new homes in the West had three-car or more garages. In the Midwest, 16 percent had three-car or more garages in 1992 and 32 percent had three-car or more garages last year.

The number in the South has grown steadily from 4 percent in 1992 to 9 percent in 2004. The Northeast increased from 4 percent to 10 percent over the same time period, and anecdotal reports from builders indicate that more consumers in these areas are demanding three-car garages every day, especially in upscale houses.

For most buyers, the appeal of the three-car garage is simple: more storage space. NAHB studies of consumer preferences consistently show that extra storage space is very high on most consumers’ wish lists.

And while there may not be three vehicles parked in the garage on any given day, it’s a sure bet that it will hold yard and garden equipment, seasonal recreational equipment, and much more – many of them items that would be difficult to retrieve from a basement or attic.

Additionally, builders are finding that consumers increasingly prefer 8-foot by 10-foot garage doors compared to the more standard 7-foot by 9-foot doors so that their larger garages can more readily accommodate SUVs and the other bigger vehicles that are growing in popularity.

As they’ve gotten larger, garages have also become more sophisticated, said Howard. “Consumers find elaborate and extensive built-in storage and shelving systems, work areas, utility sinks and many other amenities very appealing,” he added. “They are also tending to view the garage as more of an extension of the house, and some buyers are even heating and cooling the space for comfort and year-round use.”

Another very appealing feature about a three-car garage is that it allow builders to offer a second floor “bonus room” that can be used for a multitude of purposes. “These bonus rooms are a growing trend in upscale homes and provide a very flexible space that can be put to any number of uses,” Howard said. “From a playroom for the kids to a home office, exercise room, loft, extra bedroom, an in-law or nanny suite, quarters for a boomerang child, and even extra storage, the uses are almost endless.

“With extra space, extra amenities and plenty of flexible customization options, the three-car garage is definitely a trend that consumers are embracing,” he said.

Ironically, he added, today’s three-car garage with an upstairs bonus area actually rivals the size of a typical new home of the 1950s, when homes averaged about 1,000 square feet.

It is also ironic that at a time when new home lots are generally decreasing in size, the three-car garage requires a slightly larger lot. Placement of the three-car garage is also challenging for builders, and typically they are sited at the side of the home rather than the front so that the garage does not become the most prominent point in the streetscape.

Source: http://www.nahb.org/news_details.aspx?sectionID=148&newsID=1550 (NAHB News Release: July 21, 2005)

Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Saturday, July 30, 2005

USDA - PLANTS National Database

The USDA's PLANTS Database provides standardized information about the vascular plants, mosses, liverworts, hornworts, and lichens of the U.S. and its territories. It includes names, plant symbols, checklists, distributional data, species abstracts, characteristics, images, plant links, references, crop information, and automated tools.

http://plants.usda.gov

Friday, July 29, 2005

P.D.Q. Bach (a.k.a. Peter Schickele)

Since 1965 the tireless Professor Peter Schickele has kept audiences in stitches with his presentation of P.D.Q. Bach (the heretofore unknown "last and the least of the great Johann Sebastian Bach’s twenty-odd children, he was certainly the oddest") and his uniquely typical music.

According to the Professor's 'research', P.D.Q. Bach's father ignored him completely, setting an example for the rest of the family (and indeed for posterity), with the result that P.D.Q. was virtually unknown during his own lifetime; in fact, the more he wrote, the more unknown he became. He finally attained total obscurity at the time of his death, and his musical output would probably have followed him into oblivion had it not been for the zealous efforts of Prof. Schickele. These efforts have even extended themselves to mastering some of the rather unusual instruments for which P.D.Q. liked to compose, such as the left-handed sewer flute, the windbreaker, and the bicycle.

In addition to his annual concerts in New York City, Shickele has appeared with over fifty orchestras, ranging from the Boston Symphony Orchestra, the Chicago Symphony Orchestra, the Cleveland Orchestra, the New York Philharmonic, the London Symphony Orchestra and the Los Angeles Philharmonic to the New York Pick-Up Ensemble; and his self-contained show The Intimate P.D.Q. Bach (featuring the Semi-Pro Musica Antiqua) has played in cities and on campuses from Maine to California. He as also recorded numerous albums of supposedly discovered P.D.Q. Bach compositions.

Schickele also hosts his own, highly regarded, radio show that is syndicated on public radio, "The Shickele Mix". Since January of 1992, Schickele Mix has been exploring Duke Ellington’s maxim that “if it sounds good, it is good”, in more than 175 episodes, combining such seemingly diverse music as Ravel, the Beach Boys, Willie Nelson, and Cole Porter into suites that demonstrate how these pieces unexpectedly share a similar musical technique or idea.

For more information about the many facits of the music wit and genius of Peter Schickele:

http://www.schickele.com/

http://en.wikipedia.org/wiki/P._D._Q._Bach

Thursday, July 28, 2005

Spot Landscaping Red Flags When Looking at Homes For Sale

When looking at homes for sale, make sure you pay close attention to the outdoor space, which can signal major problems with the property. Tilted or uneven sidewalks may be signs of soil expansion, while a backyard that slopes toward the house could cause drainage problems when it rains. Conduct a visual inspection and note landscaping issues in writing, but seek an expert opinion before deciding whether or not to buy.

Source: Realtor.org Magazine

Mortgage Rates Rise for the Fourth Consecutive Week

RISMEDIA, July 28 – Mortgage rates have increased slightly, rising for the fourth consecutive week, Bankrate reports.
The average 30-year fixed rate mortgage inched higher from 5.78 percent to 5.84 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.38 discount and origination points.

For more information and analysis, visit http://www.bankrate.com

Wednesday, July 27, 2005

Google Earth - Satellite Photo Imaging - Mapping and More

For a great free resource, try out Google Earth, a Windows satellite photo, mapping, driving directions and local information program. Be prepared to spend a lot of time exploring the world through this software.

This is actually an update to Keyhole, a mapping program which Google acquired in 2004 and which cost $30 - $90 to download. Google is giving it away for free, but is planning to offer two premium versions (Google Earth Plus and Pro, for $20 and $400) that include GPS integration and other capabilities.

With this software, you can travel to anywhere in the world and easily drop in to see it up close.

Click here for their web site and details for downloading the software.

Click here for the online Google Maps service, combining Maps with Satellite imagry.

(also accessed via "Local" search)

New Jersey Churchscape

http://www.njchurchscape.com

New Jersey Churchscape is an online database and photographic inventory on more than half the 18th & 19th century churches in the state and is added to each month.

It is an authoritative source on early churches in New Jersey, with lists of pre-1900 churches by county and articles within topics categories such as:

Architects & architectural styles
Architectural details
Cities, counties & regions
Culture, history, economics & politics
Denominations
Individual churches
Photography
Religious history

Check out their links page for some interesting historical, archeological and art related sites:
http://www.njchurchscape.com/links.html

Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Tuesday, July 26, 2005

What’s it Worth? - NAHB House Price Estimator

The National Association of Homebuilders (NAHB) has developed a useful tool, available for download, that runs in Microsoft Excel, called the NAHB Home Estimator: http://www.nahb.org/generic.aspx?sectionID=784&genericContentID=32911

The house price estimator is based on a model NAHB has developed to estimate the average price of a home with various features in different parts of the country. By changing the age, features, location and other inputs, the model can be used to estimate how a particular amenity - for example, an extra bathroom or waterfront location - tends to impact the price of a single family detached home.

The model was developed by applying well-established statistical techniques. The amount of geographic detail in the survey data is somewhat limited, however, so the output of the price estimator is an average price for a standardized home (that is, one with a given set of features) across a broad Census region, not the price of a particular home in a specific neighborhood. House prices within a region may vary substantially. The price of a home in downtown Chicago, for example, may be quite different from an otherwise similar home in another Midwestern central city.

Also, no survey or statistical model can possibly capture all features that potentially affect house prices. Hence, there's always a chance that a particular feature in the model is acting partly as a proxy for others. If homes with fireplaces tend to have higher quality decorative hardwood trim (a feature not available in the data), for instance, the estimated impact of a fireplace could be picking up part of the effect of the hardwood trim, as well as the value of the fireplace itself. Keeping these restrictions in mind, the estimator has several uses.

What Can It Do For You?

Households interested in relocating or developers interested in expanding into other markets may use it to estimate the prices of a particular type of home in different parts of the country.

Prospective buyers unsure about whether to buy a new or existing home may use it to compare prices of otherwise similar homes that are of different vintages.

Buyers may also use it as a preliminary search tool, to get a rough idea of the cost of different size and amenity packages.

Builders may use it to help determine if the cost of providing a particular amenity is justified.

Developers may use it to help evaluate potential building sites, based on how site characteristics tend to impact house prices.

Home owners may use it to get a rough idea of how much it would cost to trade up from their existing homes to one that’s newer, larger, or has more amenities.

Owners may also use it to judge how remodeling jobs would tend to increase the value of their homes.

Home owners, community associations, and local governments may use it to estimate how certain public policies (such as providing public transportation, or finding a use for abandoned buildings) are likely to impact home values in their neighborhoods.

Click here for the NAHB Home Estimator

Free EBook Library and Other Collections at UVA's Etext Center

Access and view over the web, or download and view on your PC or PDA (using Microsoft, Palm or Adobe readers), over 2,100 publicly-available ebooks from the University of Virginia (UVA) Library's Etext Center, including classic British and American fiction, major authors, children's literature, American history, Shakespeare, African-American documents, the Bible and other religious books, the writings of George Washington from the original manuscript sources, and much more. Click here for UVA's Free eBook Library.

Electronic Text CenterThe Electronic Text Center's holdings include approximately 70,000 on- and off-line humanities texts in many languages (including online Chinese and Japanese literature) and hundreds of thousands of related images (book illustrations, covers, manuscripts, newspaper pages, page images of Special Collections books, museum objects, etc.)

Whenever legally possible, they provide public access to their browseable and searchable texts, and have thousands available in this form, including the following highlights:

African American, including Letters from Liberia; Native American; American Civil War; including the letters and diaries in the Valley of the Shadow, alongside the Booker and Nettleton collections; Thomas Jefferson; William Shakespeare; Samuel Taylor Coleridge; Women Writers; Young Readers.

Visit my web site for additional resources and services: http://LawrenceYerkes.com

and visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Monday, July 25, 2005

Existing Home-Sales in June Smash Record Again

WASHINGTON (July 25, 2005) – Existing-home sales surpassed market expectations and reached another record in June as low mortgage interest rates and favorable market conditions continued to attract buyers, according to the National Association of Realtors® (NAR).

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.7 percent in June to a seasonally adjusted annual rate* of 7.33 million from an upwardly revised pace of 7.14 million in May. Sales were 4.4 percent above the 7.02 million-unit level in June 2004; the previous record was 7.18 million in April of this year.

David Lereah, NAR’s chief economist, said home sales were expected to ease slightly from peaks reached over the last couple of months. “Just when you think sales activity is ready to settle into a more sustainable pace, the housing market continues to surprise,” he said. “We’ve been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.58 percent in June, down from 5.72 percent in May; the rate was 6.29 percent in June 2004. “Job growth and economic improvement also are boosting home sales,” Lereah said.

The national median existing-home price for all housing types was $219,000 in June, up 14.7 percent from June 2004 when the median price was $191,000; this is the strongest increase since November 1980 when annual appreciation was 15.6 percent. The median is a typical market price where half of the homes sold for more and half sold for less.

NAR President Al Mansell, of Salt Lake City, said home sales are expected to ease as the year progresses. “When the housing market eventually slows from red-hot levels, we should see some cooling in price gains,” he said. “Home prices continue to be bid-up in tight markets across the country. Eventually, appreciation rates will slow and come down to normal levels when the shortage of homes on the market improves and comes closer into balance, hopefully, by the second half of next year.”

View EHS Data

Historically, home prices rise at the general rate of inflation, plus one-to-two percentage points.

Total housing inventory levels rose 3.8 percent at the end of June to 2.65 million existing homes available for sale, which represents a 4.3-month supply at the current sales pace. “The irony is that housing inventory is tight enough to boost prices but not enough to curb overall sales,” Mansell said.

Existing condominium and cooperative housing sales hit a fourth consecutive monthly record in June, rising 4.5 percent to a seasonally adjusted annual rate of 960,000 units from a pace of 919,000 in May. Last month’s sales activity was 12.4 percent above the 854,000-unit level in June 2004. The median condo price was $223,500, up 14.8 percent from a year earlier. Condo/co-op sales accounted for a 13.1 percent market share.

Single-family home sales increased 2.4 percent to a record seasonally adjusted annual rate of 6.37 million in June from 6.22 million in May, and were 3.2 percent above the 6.17 million-unit pace in June 2004. The median single-family home price was $218,600 in June, up 14.5 percent from a year ago.

Regionally, total existing-home sales in the West increased 5.5 percent to a record annual pace of 1.73 million units in June, and were 3.6 percent above June 2004. The median existing-home price in the West was $317,000, up 17.4 percent from a year ago.

Existing-home sales in the Northeast rose 3.4 percent to a record annual level of 1.23 million in June, and were 7.9 percent above the same month a year ago. The median existing-home price in the Northeast was $250,000, up 13.6 percent from June 2004.

Total existing-home sales in the Midwest showed a 1.9 percent gain to an annual sales rate of 1.63 million in June, the second highest on record, and were unchanged from June 2004; the record was 1.64 million in April of this year. The median price in the Midwest was $177,000, up 12.7 percent from a year earlier.

The home resale pace in the South was up by 1.1 percent to a record level of 2.74 million units in June, and was 5.8 percent higher than a year ago. The median price of an existing home in the South was $193,000, which was 9.0 percent higher than June 2004.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

* The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Because there is a concentration of condos in high-cost metro areas, the national median condo price is higher than the median single-family. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for July will be released August 23. The next Pending Home Sales Index will be on August 1 and the forecast will be revised August 9.

HUD Study Shows People With Disabilities Face Discrimination In Up to Half of Rental Inquiries

New study the most comprehensive disability housing discrimination study conducted

WASHINGTON - Today, the U.S. Department of Housing and Urban Development (HUD) released a groundbreaking study, Discrimination Against Persons With Disabilities - Barriers at Every Step, that showed people with disabilities are often discriminated against when trying to rent apartments. The agency plans to use the comprehensive study to educate consumers and landlords on their rights as well as provide fair housing advocates with new guidelines and strategies that will allow them to investigate and detect discrimination against people with disabilities. In addition, the study will assist the agency in continuing to monitor the progress of discrimination against persons with disabilities in the Chicago area and nationwide.

In the Chicago-based study, hearing-impaired people were discriminated against approximately 50 percent of the time when using a telephone-operator relay to search for rentals. Mobility impaired people using wheelchairs faced discrimination about a third of the time when they visited rental properties.

The study, conducted for HUD by The Urban Institute, is the most comprehensive effort to date to measure the extent of housing discrimination in the United States against people with disabilities. It specifically provides statistically valid measures of the level of discrimination faced by two groups in the Chicago metropolitan area: deaf persons using a TTY (text-telephone) relay system to inquire about apartments advertised for rent and persons in wheelchairs visiting rental providers in person in response to an advertised rental unit.

Copies of the study are available as a free download on the HUDUSER.org website at http://www.huduser.org/publications/hsgspec/dds.html or in printed form for a nominal charge by calling 1 (800) 245-2691.

Reference: HUD No. 05-100

IRS Launches Study of S Corporation Reporting Compliance

IR-2005-76, July 25, 2005

WASHINGTON — Internal Revenue Service officials announced today the launch of a study to assess the reporting compliance of S corporations. The study, carried out under the National Research Program (NRP), will examine 5,000 randomly selected S corporation returns from tax years 2003 and 2004.

Click here for more details.

Remodeling Posts Biggest Gain In A Decade

Remodeling expenditures saw record growth in 2004, up 12.3 percent from 2003, and the National Association of Home Builders (NAHB) sees continued growth ahead. Americans spent $198.6 billion on remodeling projects last year according to the U.S. Census Bureau, up from $176.9 in 2003 and the largest increase in more than a decade.

“A combination of increased home sales, more owner equity and low refinance rates all contributed to the tremendous growth last year,” said Remodelors Council Chairman Don Novak, CGR, CAPS, a remodeler from Cedar Rapids, Iowa.

In addition, the National Association of Home Builders (NAHB) Remodelors Council™ forecasts continued growth throughout 2005 to $209 billion, but at a less torrid increase of 6.3 percent.

Owner-occupied properties saw a major increase in remodeling spending, up to $143.4 billion in 2004 versus $119.9 billion in 2003. At the same time, spending on renter-occupied properties decreased slightly in 2004, down to $55.1 billion from $57 billion.

“Because of rising home prices, homeowners are more willing than ever to invest in their homes,” said NAHB Chief Economist Dave Seiders. “We see this as a continuing trend for several years to come.”

Source: http://www.nahb.org/news_details.aspx?sectionID=148&newsID=1547 (NABH News Release: July 19, 2005)

Folk Alley - Quality Folk Music via Internet Radio, 24-hours A Day

Folk Alley is produced by WKSU-FM (a service of Kent State University and an NPR affiliate) in Kent, OH. Broadcasiting a special mix of the best of acoustic, Celtic, singer/songwriter, bluegrass, world and traditional folk sounds -- 24 hours a day, seven days a week.

This listerner supported site was launched in September 2003 and is programmed by Jim Blum, veteran folk music host at WKSU-FM. He provides commentary that is minimal yet supplemental to the listening experience. The web site also offers a weblog with CD reviews, artist interviews, reflections on the folk music industry and more. (Registration required to use, but at no charge.)

For the lastest information and high quality audio broadcasts:
http://www.folkalley.com/

High quality MP3 streaming audio broadcast (128 kbps):
http://www.folkalley.com/folkalley.pls

Sunday, July 24, 2005

Factors that Determine Property Value - Part 3 of 3

Real estate transactions come down to a single number, a figure agreed on by both buyer and seller. Though they may seem arbitrary, asking and selling prices are based on a number of social and economic factors.

The is the third of a 3-part series taken from our May Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site. We are looking at three value-related topics:

Understanding appreciation (part 1)
Finding a Good Neighborhood (part2)
Four easy home improvements that add value

Four Easy Home Improvements That Add Value

Homeowners often make the mistake of pouring thousands of dollars into projects that don't increase their home's worth. Frequently it's the cheaper, simpler upgrades that yield the best results. The most popular:

New paint, inside and out.
New lighting.
New carpet or flooring.
Improved landscaping.

Saturday, July 23, 2005

Tips for Building A Wilderness First Aid Kit

The web site for the Wilderness Medical Training Center (WMTC), First Aid Supplies section, has a list of recommended items for first aid kits categorized by "Basic Life Support or Trauma", "Minor Trauma", "Environmental" and "Medical". You can also order these items if you don't have your own supply source.

Note: For Protection From Poison Ivy, Oak and Sumac, see my previous Article:

My Secrets for Avoiding the Effects of Poison Ivy, Oak and Sumac

Friday, July 22, 2005

Philadelphia Area Museums Serving South Jersey

Philadelphia and The Delaware Valley Area is blessed with a wide variety and depth of museums, educational centers and art galleries celebrating the area's long history and rich culture. All are easily accessible from South Jersey.

The Academy of Natural Sciences Museum
American Helicopter Museum & Education Center
Eastern State Penitentiary
The Franklin Institute Science Museum
Germantown Historical Society
National Liberty Museum
Philadelphia Museum of Art
Please Touch Museum
Woodmere Art Museum
African American Museum in Philadelphia (AAMP)
American Swedish Historical Museum
Arthur Ross Gallery
Atwater Kent Museum
Battleship New Jersey, BB-62
Independence Seaport Museum
Masonic Temple
Mummers Museum
Mutter Museum
National Museum of American Jewish History
Pennsylvania Academy of the Fine Arts
The Philadelphia INSECTARIUM
Philadelphia Zoo
Polish American Cultural Center
Rodin Museum
Rosenbach Museum and Library
The Balch Institute for Ethnic Studies

Census Bureau Analyzes Economic Status of Families With Disabilities

The U.S. Census Bureau today released a report on the demographic and economic characteristics of families with members who have a disability.

The report, Disability and American Families: 2000 [PDF], provides information on disability prevalence in families at the national, regional and state levels. It presents data on family income, employment status of the family householder and poverty status of the families with a member who has a disability. The report also has information on families who raise children with disabilities. Limited data by race and Hispanic origin also are included.

Census 2000 results show nearly 20.9 million families with at least one member who has a disability and these families differed in important ways from other families.

The estimates in the report are special tabulations based on responses from the sample of households (about 1-in-6 nationally) who received the Census 2000 long form. The data are subject to sampling and nonsampling error.

Reference: CB05-105

Thursday, July 21, 2005

Encouraging Home Ownership Helps Apartment Renters and Owners

A SatisFacts Research, LLC white paper that was commissioned by RE/MAX Heading Home and recently released (6/5) looks at the multifamily and rental housing sector to determine the benefits of incorporating a rent-to-buy program.

They conclude that since the American dream is to own a home (NOT to rent), a rent-to-buy program, such as RE/MAX's Heading Home, provides significant benefits to renters and encourages home buying. In additional, since buying a home is the major cause of rental turnover, such as program also benefits the property owners and managers.

Click here for more details and the official report.

Click here for more information about the RE/MAX Heading Home program.

Click here for my previous article about the "RE/MAX Heading Home" program.

Consumer's Inspection Kit From Freddie Mac

Freddie Mac is offering a "Consumer's Inspection Kit" booklet in PDF format as a free download from it's web site.

Click here to download the "Consumer's Inspection Kit".

Wednesday, July 20, 2005

Performance Arts and Entertainment in the Delaware Valley Serving South Jersey

We, in South Jersey and as part of the Delaware Valley, have access to a wide variety of world class artists, entertainment and performance venues, such as the Philadelphia Orchestra and the Kimmel Center For The Performing Arts.

Here are some, but not all of the theaters and associated organizations that are easily accessible from South Jersey for an afternoon or evening out to enjoy a great performance:

Annenberg Center,
Philadelphia Orchestra,
Philly Pops,
Chamber Orchestra of Philadelphia,
Philadelphia Chamber Music Society,
Choral Arts Society of Philadelphia,
Forrest Theatre,
Group Motion Dance Company,
Kimmel Center for the Performing Arts,
Mann Center for the Performing Arts,
Tweeter Center at the Waterfront
The Keswick Theater
Electric Factory Concerts

Tuesday, July 19, 2005

Real Estate Matters - News & Issues for the Mature Market - 3rd Quarter 2005

Make the Dreaded Home Inspection an Opportunity to Protect Your Investment.

When you are buying, home inspection information helps you know what to look for. When selling, it helps you prepare for the sale. Information is power. During both events, you want the power to protect your investment.

For buyers, the Better Business Bureau recommends that you have the home you are about to purchase inspected to prevent unanticipated repairs in the future-for both old and brand new homes. Interview several inspectors and have two lined up before you start hunting; you may not have the luxury of a thorough search once you find your dream house in a competitive market. An inspection impacts your buying decision and the price you are willing to pay. It also leaves you free to worry about other things such as the mortgage payment, decorating, and landscaping. In areas where homes can sell in less than 24 hours, make the sale contingent upon an inspection. It isn't your dream house if $60,000 worth of repairs awaits you as a housewarming gift. Some typical costs: new roofs range from $6,000-$40,000; new furnaces average $7,000; chimney linings nearly $1,750; septic tanks $2,000; removing and replacing concrete foundation walls $10,000; and upgrading electric service $1,000+.

When selling, a home inspection before you put your property on the market gives you the information of what needs to be fixed. With that knowledge, you can then decide what you are willing to invest in, what are the deal breakers, and what repairs you want to hand over to the buyer. A pre-inspection empowers you during the sales process, reduces contingencies, and minimizes closing delays due to repairs. Pre-inspection can also prevent failure-to-disclose lawsuits. Nowadays, ignorance is rarely accepted as a viable argument, while "should have known" is becoming the prevalent opinion.

Home inspections are a relatively recent phenomenon. In the last fifteen years, it is a cottage industry that has mushroomed. If you have not bought or sold a home in the last 15 years, it might be a new experience for you.

The home inspection process involves visual and system checks of the home to insure it is structurally sound and in good condition. It should be conducted in daylight.

For the seller during the inspection:
-Many pets see new visitors as intruders. Keep the pets at your children's or a neighbor's home or locked away. Perhaps a neighbor can watch your animals for you. Put moving boxes in the center of the room, not against the walls that need to be inspected.

- "Normal operating controls" need to be functioning. Which means that the gas, electricity, and water are on, pilot lights lit. The entire home, inside and out, should be accessible, such as crawlspaces under the house, hot water heater closets, air conditioning units, and attics.

- If there are any grey areas of an inspection opinion, an irritated or frustrated inspector, while trying to be fair, may not be pre-disposed to give you the benefit of the doubt.

The typical inspection lasts two-three hours and the cost averages from $300 -$500.

What do they inspect?
While it may seem like everything, inspectors most frequently check the roof, attic, insulation, walls, ceilings, floors, basements, foundations, windows, systems for air conditioning and heating, plumbing (indoor and if applicable, outdoor), electrical systems, and appliances.

There are also specialty inspections focused on very specific areas, such as insects, water table, structures, or radon testing. And what is radon? In the 100+page glossary provided by the National Association of Home Inspectors, www.nachi.org/glossary , radon is defined as: a naturally-occurring, radioactive gas which is heavier than air and is common in many parts of the country. Radon gas exposure is associated with lung cancer. Mitigation measures may involve crawl space and basement venting and various forms of vapor barriers.

Asking satisfied friends, relatives, and neighbors who have gone through an inspection within the last two years is a good way to start compiling your list of inspectors to interview.

Questions to ask a potential home inspector:
- How long has the inspector been in this business? How many residential home inspections has he or she conducted personally in this community? Quantity counts here-it is indication of experience. Any sub-areas of expertise?
- How seasoned is the inspector with homes like yours? A forty-year old home is very different than a two-year home. And beach front property has issues that mountain homes do not.
- Can the inspector give you a report immediately following the inspection (same day)?
- Will the inspector work around your schedule to insure that you are there during the inspection? Attendance is critical for both buyers and sellers so each party hears the same information and can ask questions right then and there.
- Are questions welcomed? Is the inspector willing to educate, not pontificate?
- Did the inspector offer to make the repairs? (If yes, stop at that point- not a candidate for you. If the offer is made during the inspection, call and report the inspector and insist on a second inspector or go to another company on your list).
- Is the inspector certified? If yes, by what reputable organization? Is he/she with your state inspection association?
- The National Association of Home Inspectors?
(www.nahi.org , phone 800-448-3942)
- The American Society of Home Inspectors?
(www.ashi.org, phone 800-743-2744)
- The National Association of Certified Home Inspectors?
(www.nachi.org fax(650) 429-2057?

Many reputable inspection companies, such as US Inspect and HomeTech Property Inspections, belong to more than one above
- Will the report include pictures?
- Does the inspector carry Professional Errors and Omissions Insurance?
- Does the inspector have previous home purchaser/buyer references? Are these people accessible? Will they call this inspector the next time they move? Any significant post-escrow problems not mentioned by the inspector?

Freddie Mac recommends a consumer home inspection, to be followed by the professional inspection. Freddie Mac has put together a free, 52 page, download-able booklet, available at their website in English and Spanish. Go to www.freddiemac.com, and then enter in the search box at the top right corner, "A Consumer Home Inspection Kit".

Source: Senior Advantage Real Estate Council®

Sunday, July 17, 2005

History of New Jersey Area: The Lenape Native American Tribe

The Lenape (len-AH-pay) or Lenni Lenape, later called Delaware Indians by European settlers, lived in an area they called "Lenapehoking", which meant "Land of the Lenape." Their land included all of what is now New Jersey, eastern Pennsylvania, southeastern New York State, Northern Delaware and a small part of Connecticut.

Below are some links to learn more about their history as well as current information:

http://www.native-languages.org/lenape_culture.htm
http://www.state.nj.us/nj/about/history/
http://www.lenapeprograms.info/lenni_lenape.htm
http://www.palsplus.org/wanaque/archive/lenape.htm
http://www.lenapelifeways.org/lenape1.htm
http://www.oceancountyhistory.org/Links/Lenape%20Links.htm
http://www.accessgenealogy.com/native/newjersey/index.htm
http://www.lenapenation.org/txt/lenapehistory.html
http://www.manataka.org/page246.html
http://en.wikipedia.org/wiki/Lenape
http://lenapedelawarehistory.net/mirror/index.html
http://www.lenapeindians.com/
http://www.aboutnj.com/AboutNewJersey/index.htm

Factors that Determine Property Value - Part 2 of 3

Finding a good neighborhood

Anyone will tell you that buying a home in a good neighborhood is essential. But what things go into making one neighborhood more desirable than another? Aside from an intangible feeling about a place, there are a number of qualities that set some neighborhoods apart, such as:

Good public schools nearby.
Well-maintained homes and clean public areas.
Close proximity to good shopping.
Public facilities like parks and community centers.

Doing thorough neigborhood research is critical if you truly want your home to fit your needs. Here are some basic strategies:

Call City Hall

You may like an area now, but you could feel differently if a football stadium or six-lane highway will be your future neighbor. Check with local officials on the zoning of neighborhoods and the likelihood of any substantial public projects. Large projects such as major road construction are planned years in advance.

Resale Potential

Though appreciation can be an impossible thing to predict, it's good to at least try to determine a home's resale potential. Slow selling homes may just be a function of the current market, but they could also indicate problems (or perceived problems) with the neighborhood that could affect resale. Check for any information on new industries or companies moving to the area in the future that could lead to housing demand later.

Do the Footwork

Probably the most important step in researching neighborhoods is to get a first-hand look. Talk to residents, visit local schools, businesses, and parks, and get to know your way around. If you plan on using public transportation, see what options are available. Be sure to visit the neighborhood at several different times of day. Three quick ways to scope out a neighborhood:

Eat at local restaurants (non-chains) to get a feel for the people.
Attend a community meeting.
Read the community newspaper for at least a week.

Saturday, July 16, 2005

Field Guide To Private Property Rights - NAR

The National Association of Realtors (NAR) have an online "Field Guide To Private Property Rights".

As stated by the NAR, "The right to own property is the cornerstone of the real estate industry. Kelo vs. New London, a Supreme Court case, concerns eminent domain, takings, and whether a city has the right to force owners out of their homes. On June 23, the Supreme Court ruled that local city governments can seize homes for private development. These articles and books examine property rights in America and government regulations that restrict property rights. Find out the basics, NAR information, the takings issue, along with much more."

Visit the NAR Field Guide To Personal Property Rights.

Visit my previous blog entry about the Supreme Court decision for more information.

Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Friday, July 15, 2005

South Jersey Attractions

For an extensive list of South Jersey Attractions, with links to websites and other information, check out out the SouthJersey.com's South Jersey Attractions page.

http://www.southjersey.com/linkengine/index.cfm?linkcategoryid=12

Thursday, July 14, 2005

HUD: Resources For The Homeowner

HUD's web site has a wealth of homeowner recources for maintaining a home and maximizing the value of a home as an investment.

Topics include: "Maintaining and Improving Your Home", "Energy and Your Home Environment", "Paying Your Mortgage", "Refinancing", "Reverse Mortgages", "Refinancing", "Manufactured Homes", "Disaster Relief" and more.

Check it out at: http://www.hud.gov/owning/

By Some Measures, Houses Are Still Cheap

Boomers demand bigger homes, more amenities — and builders deliver

With the cost of a new house seeming to defy gravity, many would-be home buyers suffering from sticker shock are baffled by the relentless run-up in prices. The explanation may, however, be simple — houses have gotten bigger.
Twenty-five years ago, the average price of a new home in the U.S. was $76,400, according to the National Association of Home Builders. By last year, the price had shot up to $274,500.

July 13, 2005

http://www.msnbc.msn.com/id/8544466

Visit my web site for additional resources and services: http://www.LawrenceYerkes.com

or visit http://www.BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Wednesday, July 13, 2005

Housing Boom to Continue - MBA Releases Long-Term Economic Forecast

"If you are concerned that the housing market may experience a downturn, don't be. Economic experts are predicting that the boom will continue through the end of 2006 and beyond.

Douglas Duncan, chief economist for the Mortgage Bankers Association, attributes the robust market in part to demographics, specifically the baby boom generation. National Association of Realtors Chief Economist, Dr. David Lereah concurs. As baby boomers enter their peak earning years, more and more are upgrading their primary residences as well as purchasing vacation homes and investment properties. In 2004, 36% of home sales were for non-primary residences.

Other demographic factors are also coming into play. Retirees are living longer and staying in their homes, which decreases the supply of homes available for purchase. In addition, the volume of home buyers has grown over the past three decades in part due to record immigration to the U.S. The children of baby boomers, many of whom are in their twenties, are also entering the housing market as first time home buyers. All of these demographic factors are helping to fuel a thriving housing market with no immediate end in sight."

Source: Mike von Hohenstein at CFIC Home Mortgage, http://www.challengehomemortgage.com

NAR Boosts Home Sales Forecast - Record for Housing Sector Expected This Year

(July 13, 2005) -- The National Association of Realtors® (NAR) has again raised its forecast for the housing sector, with both existing- and new-home sales on pace to set an even bigger all-time record in 2005.

Existing-home sales are expected to rise 2.8 percent to 6.97 million this year; last month, the association was expecting 6.89 million sales—the record was 6.78 million in 2004.

New-home sales should increase 3.2 percent to 1.24 million in 2005, also a record. Total housing starts—single-family and multifamily—are forecast to grow by 5 percent to 2.05 million units, the second highest on record; the peak was 2.36 million in 1972. This year is seen to be a record for single-family construction, with 1.68 million homes started.

David Lereah, NAR’s chief economist, says that in each month of 2005 the forecast has been looking stronger than in previous projections.

“The housing expansion is continuing as more Americans take advantage of favorable conditions to achieve the dream of homeownership,” he says. “Earlier this year, we expected 2005 home sales to be the second-highest on record, but monthly sales have been at or close to record levels. Although we should come off of sales peaks in the months ahead, mortgage interest rates have remained lower than expected, and job gains are providing additional stimulus, meaning unprecedented sales totals this year.”

Lereah says the most notable problem in the housing market is the shortage of homes available for sale, as well as some shortages of building materials. “These shortages are proving to be a challenge for home buyers, builders and remodelers, and are continuing to put pressure on home prices,” he says.

He expects the national median existing-home price for all housing types to rise 9.4 percent this year to $202,600, with the typical new-home price increasing 5.8 percent to $233,900. NAR President Al Mansell, of Salt Lake City, says low interest rates are keeping housing affordable in most of the country.

“We have to go back to the mid-1960s to see a period of comparably low mortgage interest rates,” Mansell says. “A big difference now is a decline in mortgage origination costs, plus a mushrooming in the availability of low- and no-downpayment loans. These are particularly helpful to first-time buyers in high-cost markets, but buyers need to shop loans and be aware of long-term consequences, and they may need to stay in their home longer to build enough equity to trade-up to a larger home in the future.”

The 30-year fixed-rate mortgage should rise slowly to 6.1 percent in the fourth quarter, and reach only 6.5 percent by the end of 2006. The 30-year fixed rate currently stands at 5.62 percent, according to Freddie Mac.

The U.S. gross domestic product is forecast to grow 3.6 percent in 2005, with the unemployment rate is seen averaging 5.1 percent. Inflation is expected to stay modest, with the Consumer Price Index rising 3.1 percent in 2005. Inflation-adjusted disposable personal income should grow 3.2 percent this year, while the consumer confidence index is forecast to average 104.

—NAR

For more on NAR's housing outlook and other market statistics, visit REALTOR.org's Research page.

HUD Q&A for Reservists, Guardsmen and Other Military Personnel - Civil Relief Act

Here is a link to HUD's questions and answers for reservists, guardsmen and other military personnel regarding mortgage payment relief and protection from foreclosure provided by the Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940):

http://www.hud.gov/offices/hsg/sfh/nsc/qasscra1.cfm

My Top 16 Local Public Radio Programs

Here are my picks for the top 16 Local Radio Programs in the Delaware Valley Area serving South Jersey.

16. The Blues Show
http://www.xpn.org/blues.php (WXPN)
The Blues Show, with host Johnny Meister, covers the entire history of the blues from 1920 to the present, from the best-known to the most obscure blues, with an eye both on the rich history of this music and its current vitality.

15. Acoustic Cafe
http://www.acafe.com (WHYY)
The Acoustic Cafe showcases new acoustic music. Each week, they air two hours featuring the best singer-songwriters in the business, including rare acoustic cuts, classic tracks, plus exclusive, live in-studio interviews and performances each week.

14. Speaking Of Faith
http://speakingoffaith.publicradio.org (WHYY)
Public radio's national conversation about belief, meaning, ethics, and ideas.

13. A Chef's Table
http://www.whyy.org/91FM/chef/ (WHYY)
Every week, Chef Jim Coleman invites you into his kitchen for great conversations with nationally-known chefs and food experts. Together, they cook up mouthwatering recipes and explain cuisines and techniques. Chef Coleman takes you on culinary adventures across the country - he'll visit fine restaurants as well as hidden roadside cafes and diners. The program also offers sound nutritional advice, cookbook reviews, and the latest trends in the world of food.

12. American Routes
http://www.americanroutes.org (WHYY)
Each week, Nick Spitzer covers vast musical and cultural ground on American Routes, a public radio program based in New Orleans, Louisiana. Hear blues and jazz, roots rock and soul, Cajun and country, zydeco and Tejano... and beyond. Plus stories and conversations with musicians and everyday people, known and unknown. Explore the roots of popular music and popular roots music... on

11. Wait Wait... Don't Tell Me!
http://www.npr.org/programs/waitwait/ (WHYY)
NPR's weekly hour-long quiz program. Each week on the radio you can test your knowledge against some of the best and brightest in the news and entertainment world while figuring out what's real news and what's made up.

Click here to see my top 10 Local Public Radio Programs

Mars Spectacular In August - Fact or Fiction?

I've been getting emails from people I know telling me about the Mars Spectacular that will be occurring in August. It looks something like...

"The Red Planet is about to be spectacular!

This month and next, Earth is catching up with Mars in an encounter that will culminate in the closest approach between the two planets in recorded history. The encounter will culminate on August 27th when Mars comes to within 34,649,589 miles of Earth and will be (next to the moon) the brightest object in the night sky. Mars will look as large as the full moon to the naked eye. Mars will be easy to spot. At the beginning of August it will rise in the east at 10p.m. and reach its azimuth at about 3 a.m.By the end of August when the two planets are closest, Mars will rise at nightfall and reach its highest point in the sky at 12:30a.m.! That's pretty convenient to see something that no human being has seen in recorded history. So, mark your calendar at the beginning of August to see Mars grow progressively brighter and brighter throughout the month.

NO ONE ALIVE TODAY WILL EVER SEE THIS AGAIN"

I've seen where some people have posted the above message on their blogs.

There IS a Mars spectacular. However, the actual event can't live up to the hype. For the facts, check out the following links:

http://www.earthsky.org/skywatching/marsbrightest.php

http://science.nasa.gov/headlines/y2005/07jul_marshoax.htm

Tuesday, July 12, 2005

IRS to Accept Facsimile Signatures on Employment Tax Returns

IR-2005-73, July 12, 2005

WASHINGTON—The Internal Revenue Service (IRS) has issued new rules allowing corporate officers or duly authorized agents to sign employment tax forms by facsimile, including alternative signature methods such as computer software programs or mechanical devices.

The rules, outlined in Revenue Procedure 2005-39, will reduce burden on business taxpayers by simplifying employment tax filing and lowering the number of returns rejected by the IRS because of signature issues.

“The IRS is committed to reducing burden on taxpayers whenever we can,” said IRS Commissioner Mark W. Everson. “Providing companies with new ways to sign official documents will help reduce administrative burden and free up resources for other purposes.”

Rev. Proc. 2005-39 applies to the following forms:

Any form in the 940 series, including Form 940, Employer’s Annual Federal Unemployment Tax Return (FUTA); Form 941, Employer’s Quarterly Federal Tax Return; Form 943, Employers Annual Federal Tax Return for Agricultural Employees; and Form 945, Annual Return of Withholding Federal Income Tax;
Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons;
Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips;
Form CT-1, Employer’s Annual Railroad Retirement Tax Return; and
Any variant of these forms, such as Form 941c, Statement to Correct Information; Form 941-SS, Employer’s Quarterly Federal Tax Return.

Sing Out: A Concert Celebration of Pete Seeger

Folk Legend Pete Seeger looks back in an onlive National Public Radio (NPR) inteview and a 2-hour concert produced by "Sing Out!" magazine.

Pete Seeger, who is now 86 and living in upstate New York with his wife Toshi, has written some of the best-known ballads of the 20th century: "If I Had a Hammer," "Where Have All the Flowers Gone" and "Turn, Turn, Turn" among them.

Link to NPR's Pete Seeger page: http://www.npr.org/templates/story/story.php?storyId=4726633

Best Place to Live in USA: Moorestown, Burlington County, New Jersey!

Money magazine has proclaimed that Moorestown, NJ (in Burlington County) is the Best Place To Live in the USA for 2005.

According to Money: "MONEY magazine and CNN/Money spent months looking for Great American Towns -- where you would want to raise your children and celebrate life's milestones. Starting with more than 1,300 cities, we settled on 10 winners."

Click here for more details

Click here for local online article

NOTE: New Jersey received two of the top ten Best Place To Live spots with Chatham, NJ coming in at #9; and three of the top fifteen with Princeton, NJ at #15!

Update: ABC Good Morning America To Do Local Feature