NEW Home Sales Jump From Record Low

clipped from www.npr.org Sales of new homes jumped last month, but it was the second-weakest month on record, the the Commerce Department said Monday. The lackluster economy has made potential buyers skittish about shopping for homes. New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May's number was revised downward to a rate of 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward. High unemployment, low job growth, and tight credit have kept people from buying homes. The industry received a boost this spring when the government offered tax credits to homebuyers. But since they expired in April, the number of people looking to buy has dropped, even with the lowest mortgage rates in decades available. "There's no question that this is a weak number, but it seems to be more stable," said Stuart Hoffman, chief economist at PNC Financial Services Group. "The bottom line to all of this is that we need more jobs." Sales are down 72 percent from their peak annual rate of 1.39 million in July 2005. More than 600,000 new homes sold per year from 1983 through 2007. After the housing bubble popped, sales plunged to 375,000 last year. That was the weakest yearly total on records dating back to 1963. New homes sales made up about 7 percent of the housing market last year. That's down from about 15 percent before the bust. Weak sales mean fewer jobs in the construction industry, which normally power economic recoveries. Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders. The impact is felt across multiple industries. Builders have sharply scaled back construction in the face of a severe housing market bust. The number of new homes up for sale in March fell 1.4 percent to 210,000, the lowest level in nearly 42 years. Due to the sluggish sales pace, it would still take eight months to exhaust that supply. That's above a healthy level of about six months. The median sales price in June was $213,400. That was down 0.6 percent from a year earlier and down 1.4 percent from May. New home sales rose by 46 percent in the Northeast, 33 percent in the South and 21 percent in the Midwest. The West posted a nearly 7 percent decline. "One month doesn't make a trend and the roadblocks to a healthy housing market are high, the most important one being the still-high jobless rate," wrote BMO Capital Markets economist Jennifer Lee in a note to clients. "But with borrowing costs at record lows, prices also remaining low, those with jobs who can afford a home may be enticed."

Columbus Food Adventures --Taco Truck Tour

Columbus Food Adventures - Taco Truck Tour from Mike Beaumont on Vimeo.

Great idea.....I want to get a group together.

clipped from vimeo.com by Mike Beaumont Taco trucks serve up far more than just tacos, and nobody knows Columbus’s expansive taco truck scene better than Columbus Food Adventures. This van tour will explore the taco trucks of west side, taking you to some of our favorites and providing you with the best of Mexican food in Columbus. Each stop includes a tasting, and the tour is structured with an emphasis on individual truck specialties as well as the diversity of regional cuisine found at these trucks.

Outcry by residents in Clintonville sinks COTA turnaround plan

clipped from www.dispatchpolitics.com Friday, July 23, 2010 02:51 AM By Collin Binkley THE COLUMBUS DISPATCH COTA buses on N. High Street will have to turn around somewhere else. Facing pressure from Clintonville residents, the board of the Central Ohio Transit Authority unanimously turned down a proposal last night to transform a fully occupied N. High Street strip mall into a turnaround for buses. "We are ecstatic," said D Searcy, chairwoman of the Clintonville Area Commission. "I'm so happy for the businesses that won't have to go." The decision came after an hour-long presentation by COTA President Bill Lhota, who read a list of residents' objections to the plan to purchase and develop the land at N. High Street and Kanawha Avenue for $2.3 million. The proposal failed primarily because COTA didn't involve residents enough in the decision, Lhota said after the meeting. The mall's neighbors said they learned about the proposal only weeks ago, but COTA officials have been seeking a new location for a turnaround for two years. "I will be the first to admit that, looking back, we did not manage the public-involvement process as well as we could have," Lhota told more than 60 neighbors who came to the meeting. "I have no excuses for that. We did not do a good job." Buses will continue turning around at Graceland Shopping Center, where they have for years, while officials search for a new location. But shopping center owner Casto has told COTA that as the center develops, it will not be able to accommodate buses, Lhota said. At any time, Casto could give the authority 30 days' notice to stop using its property. Before voting at last night's meeting, many board members noted that they had received a barrage of calls, e-mails and letters in recent weeks urging them to shoot down the proposal. "I just don't think that the purchase of this property at this point is the right plan for COTA," said Linda Mauger, chairwoman of the board. Still, Lhota defended much of the proposal and countered claims that it would be a noise nuisance and that it would clog the area's narrow roads. After the meeting, Lhota said officials likely would review other properties they've considered. The bottom line, Mauger said, is that the authority needs to find a new location. "We still need to be able to turn the buses around."

30-year mortgage rates hit 4.56%, another record low.

clipped from www.usatoday.com NEW YORK (AP) — Mortgage rates fell to a record low for the fourth time in five weeks. But low rates haven't been enough to lift a struggling housing market. The average rate for 30-year fixed loans this week was 4.56%, down from 4.57% last week, mortgage company Freddie Mac said Thursday. That's the lowest since Freddie Mac began tracking rates in 1971. MORTGAGE RATES National overnight averages Today +/- 30 yr fixed mtg 4.62% 15 yr fixed mtg 4.09% 5/1 ARM 3.64% $30K home equity loan 7.54% $30K HELOC 5.05% About these rates To compare rates in your area: Enter zip code The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years. The rate on the 15-year fixed loan dropped to 4.03%, down from 4.06% last week and the lowest on records dating back to 1991. Rates have fallen since the spring. Investors worried about the European debt crisis have shifted money into the safety of Treasury bonds. That has forced those yields down. Mortgage rates tend to track yields on Treasury debt. However, low rates have yet to spark home sales and refinancing activity remains moderate. Sales of previously occupied homes fell in June and are expected to keep sinking. The National Association of Realtors said Thursday that last month's sales fell 5.1% to a seasonally adjusted annual rate of 5.37 million. The housing market stalled after federal tax credits for home buyers expired at the end of April. Home sales have dropped off, homebuilder confidence has waned and consumer sentiment is in the dumps. It's unlikely low mortgage rates will bolster housing. Rates have hovered near historic lows for more than a year, so many people have already taken advantage of them to buy or refinance a home. And many of those who haven't wouldn't qualify for a loan. They either owe more than their homes are worth, have shaky credit or have lost their jobs. To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day. Rates on five-year adjustable-rate mortgages averaged 3.79%, down from 3.85% a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.70% from 3.74%. The rates do not include add-on fees known as points. One point is equal to 1% of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year, 15-year and 1-year loans. The average fee for 5-year loans was 0.6 of a point. Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Columbus Home Sellers Making Steep Reductions, report says

clipped from www.bizjournals.com Homeowners trying to sell their residences in Columbus chopped away at their asking prices, lopping off a combined $20.4 million of value, a report from real estate researcher Trulia Inc. says. Nearly a third of homeowners within the city had reduced their listing prices over the 12 months ended July 1, according to the report. The average reduction from the original list price: 8 percent. The data does not take foreclosures into account, the San Francisco-based Trulia reported. The national average in price cutting was 24 percent of houses on the market at the start of the month. The price cutting put Columbus 10th in the nation for the percentage of houses on the market at the start of the month that have seen at least one reduction in listing price since July 1, 2009. Atop the list was Minneapolis, where Trulia said 40 percent of houses on the market July 1 had their prices reduced at least once. It was followed by Milwaukee (39 percent), Dallas (38 percent) Boston and Baltimore (34 percent), Phoenix and Memphis, Tenn. (33 percent) and five other cities tied with Columbus at 32 percent. The steepest average reduction in price for July was in Virginia Beach, Va., at 32 percent, Trulia’s report said. The report can be found here. “Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” Trulia CEO Pete Flint said in a release. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.” Read more: Home price cutting steep in Columbus, report says - Business First of Columbus

Investor steps in to rescue Ibiza as project switches to apartments

In case you missed this.

clipped from columbus.bizjournals.com Core Properties LLC may take over development of the troubled Ibiza housing high-rise in Columbus’ Short North. Partner Jeff Coopersmith confirmed the real estate investment firm, best known for hotels and medical office buildings, wants to revive the project at 830 N. High St., creating 155 apartments rather than the condominiums envisioned for the 11-story building. File photo by Janet Adams | Business First The 11-story Ibiza tower at North High Street and East Hubbard Avenue is the subject of five lawsuits against developer Apex Realty filed by buyers who made deposits but never saw the building erected. View Larger “It’s a project that is phenomenally unique with its amenities and its great location that could make it a defining project for the Short North,” Coopersmith said. “We think it will do well as long as we make sure the numbers work.” Apex Realty Enterprises LLC, an affiliate of developer Arms Properties, unveiled the project, then dubbed Urban Oasis, in 2006. It bought the bulk of the site at North High Street and East Hubbard Avenue for $4.7 million in March 2007. Read more: Investor steps in to rescue Ibiza as project switches to apartments - Business First of Columbus

clipped from www.dispatch.com The developer of the failed Ibiza housing project in the Short North says it has signed an agreement with a "large Columbus developer" to build apartments instead of condos on the site. "The goal is the exact same building," said Scot Dewhirst, an attorney representing the developer, Apex Realty Enterprises. "I think it's still going to be an exciting project for the Short North." While Apex tries to revive the project, lawsuits mount against the company from investors seeking to get their condo deposits back. "I've lost faith in the developers," said Joanne Strasser, 31, who is suing for the return of $15,000 she deposited on a $275,000 condominium in 2008. "I think it's really unfortunate because I believe the project would have been a great one." Strasser is among more than 60 buyers who deposited an estimated $1 million on condos in Ibiza, which was designed to be the neighborhood's largest condo project, featuring 135 homes in two 11-story towers. Dewhirst said Apex has reached an agreement with an unnamed developer that would allow all the deposits to be returned with interest. "Our goal is to resolve those disputes," said Dewhirst, a partner with the Columbus firm Artz, Dewhirst & Wheeler. "We want to pay that money back as soon as possible." Dewhirst said Apex is also working with the U.S. Department of Housing and Urban Development on the revised project. In a May 13 e-mail included in court filings, Apex partner Michael Council told investors: "We are also moving down the path with HUD to get the project financed as an apartment project." Tom Leach, the director of HUD's Columbus field office, said Apex approached HUD about a year ago to discuss the project, but HUD has seen no plan since. "There's no current proposal submitted, and the previous discussions were preliminary," Leach said. "There's no action pending by HUD." Dewhirst said the Columbus developer will be identified as soon as due diligence is completed. He said he could not say when construction will begin or deposit money will be returned. Apex has told depositors that they can sign a note that would provide a judgment against Apex if the money is not returned by Dec. 6. Strasser said she declined to sign the note because she thnks Apex already has violated its contract. "I hope everybody gets their money back," said Strasser, who bought a home in Victorian Village after giving up on Ibiza. "I just don't feel comfortable putting my signature to another agreement with Apex." At least five investors have filed suits accusing Apex of systematically misrepresenting the project and of failing to build the condos as agreed to in contracts. In addition to Strasser, a suit was recently filed by Mark McGuire and Timothy O'Neill, who deposited $16,500 on a $325,000 unit. The suits are similar to others filed this year: Michael Saucedo and Reena Buddhdev sued for the return of $11,500 they deposited on a $230,000 condo; the Simon Group sued for the return of $74,750 deposited on a $1.5 million condo; and Roy and Debra Walters sued for the return of $17,250 deposited on a $345,000 condo.

Reminder: Goodale Park Music Series Begins This Sunday at 12:30pm

clipped from www.columbusunderground.com The second annual Goodale Park Music Series will present six free outdoor concerts at the park’s gazebo this summer. All shows run from 12:30 to 2:00 p.m. rain or shine. The lineup features these Columbus performing acts: July 11: Colin Gawel & The Lonely Bones July 18: The Mooncussers August 1: Yumbambé August 8: The Spikedrivers August 15: fo/mo/deep August 22: Flypaper Wholly Craft will sell a variety of craft items made by Columbus artists and designers at each show. Every performance will also feature a potluck hosted by one of six prominent local food bloggers: CMH Gourmand, Columbus Foodie, Hounds In The Kitchen, Hungrywoolf, Restaurant Widow, and Taco Trucks Columbus. Community personalities Jill Moorhead and Lauren Wilson will orchestrate and promote the potlucks, which will be themed according to the types of music being performed. The goal of these concerts is to celebrate community and support local musicians from multiple musical genres. Children and well-behaved pets are more than welcome. Camaraderie and bare feet in the grass are highly encouraged. The series is funded by the Short North Foundation, Short North Civic Association, Friends of Goodale Park, Italian Village Society, Harrison West Society, and ComFest. Visit goodaleparkmusicseries.com and facebook.com/goodaleparkmusicseries for more information.