Wednesday, 4 May 2011

Off the Charts: A Reversal for Real Estate After Some Mild Gains

Indexes of the two markets showed this week that the latest declines had almost wiped out the mild gains the two markets had shown after prices appeared to have hit bottom.

The Standard & Poor’s/Case-Shiller index of home prices ended February 3.3 percent below where it was a year earlier, and just 0.5 percent above the low reached in May 2009. The Moody’s/REAL Commercial Property Price Index was reported to be down 4.9 percent over the last 12 months, but still 0.8 percent above its low, reached last August.

In both cases, sales volumes are far below what they were when the markets were booming, and a large proportion of the properties that are being sold were in trouble before the sale. The National Association of Realtors estimates that about 40 percent of existing homes that changed hands in March were either in foreclosure or were so-called short sales in which the house was sold for less than was owed on the existing mortgage.

The commercial property index, which is based on data collected by Real Capital Analytics, shows that 29 percent of transactions in February involved distressed properties — including those already in foreclosure or default, as well as those whose owners had filed for bankruptcy.

“Only when the share of distressed sales meaningfully drops off will we be able to enter the recovery phase,” said Tad Philipp, Moody’s director of commercial real estate research.

As can be seen from the accompanying charts, home prices nationally peaked in 2006 but did not begin to plunge until 2007.

At first, that was widely viewed as a result of problems in the subprime mortgage market. Commercial real estate prices rose until early 2008, but then declined rapidly. The latest values for the indexes show national home prices down 31 percent from peak levels, while the commercial real estate index shows a fall of 45 percent.

The charts show the trend of prices since December 2000. Home prices are about 27 percent higher than they were then, but commercial real estate is up just 6 percent. Meanwhile, in a tortoise-versus-hare tale, home rental rates are higher than they ever were even though they failed to boom when real estate prices soared.

Both indexes are based on repeat sales of the same property, and the relative lack of commercial property transactions — the index counted only 107 in February for more than $2.5 million each — means that the figures are far from exact. But they do show trends.

According to data from Moody’s, hotels and apartments are in the most distress, with about 16 percent of loans in each category classified as delinquent. About 10 percent of loans on industrial property are in trouble, while the figures for offices and retail properties are lower, at around 7 percent.

Over all, the proportion of commercial loans in distress climbed from under 1 percent at the end of 2008 to over 9 percent now. But it has been stable in recent months, providing some hope that the market is no longer deteriorating.

On a regional basis, the same markets tend to have problems in both commercial and residential real estate. The three states with the highest proportion of commercial loans in distress, according to Moody’s, are Nevada, Arizona and Michigan. In Nevada, more than 30 percent of loans are classified as being in trouble, nearly double Arizona’s 16 percent figure.

Floyd Norris comments on finance and the economy on his blog at nytimes.com/norris.


View the original article here

Demolition contractor dumps debris on real estate company property

Police have arrested a Northwood, N.H., demolition contractor in connection with the illegal dumping of multiple truckloads of burned debris onto the driveway of a local real estate company.

Police charged the man with one count of felony criminal mischief for dumping the charred wood and debris in front of a local Keller Williams Real Estate office; a police representative didn't offer a reason for the deed, according to the Concord Monitor newspaper.

Got an item you'd like us to consider for Real Estate Roundabout? Send us an email.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.


View the original article here

East Cape New Zealand Manuka Honey UMF 15+

East Cape New Zealand Manuka Honey UMF 15+East Cape Manuka Honey 250 gr/8.82 oz. A honey gathered from manuka trees growing wild in the unpolluted hills of New Zealand's East Cape region. On tests conducted, this honey rated with a Unique Manuka Factor (UMF) of 15+, certified by New Zealand's Active Manuka Honey Association.

Price:


Click here to buy from Amazon

Off the Charts: A Reversal for Real Estate After Some Mild Gains

Indexes of the two markets showed this week that the latest declines had almost wiped out the mild gains the two markets had shown after prices appeared to have hit bottom.

The Standard & Poor’s/Case-Shiller index of home prices ended February 3.3 percent below where it was a year earlier, and just 0.5 percent above the low reached in May 2009. The Moody’s/REAL Commercial Property Price Index was reported to be down 4.9 percent over the last 12 months, but still 0.8 percent above its low, reached last August.

In both cases, sales volumes are far below what they were when the markets were booming, and a large proportion of the properties that are being sold were in trouble before the sale. The National Association of Realtors estimates that about 40 percent of existing homes that changed hands in March were either in foreclosure or were so-called short sales in which the house was sold for less than was owed on the existing mortgage.

The commercial property index, which is based on data collected by Real Capital Analytics, shows that 29 percent of transactions in February involved distressed properties — including those already in foreclosure or default, as well as those whose owners had filed for bankruptcy.

“Only when the share of distressed sales meaningfully drops off will we be able to enter the recovery phase,” said Tad Philipp, Moody’s director of commercial real estate research.

As can be seen from the accompanying charts, home prices nationally peaked in 2006 but did not begin to plunge until 2007.

At first, that was widely viewed as a result of problems in the subprime mortgage market. Commercial real estate prices rose until early 2008, but then declined rapidly. The latest values for the indexes show national home prices down 31 percent from peak levels, while the commercial real estate index shows a fall of 45 percent.

The charts show the trend of prices since December 2000. Home prices are about 27 percent higher than they were then, but commercial real estate is up just 6 percent. Meanwhile, in a tortoise-versus-hare tale, home rental rates are higher than they ever were even though they failed to boom when real estate prices soared.

Both indexes are based on repeat sales of the same property, and the relative lack of commercial property transactions — the index counted only 107 in February for more than $2.5 million each — means that the figures are far from exact. But they do show trends.

According to data from Moody’s, hotels and apartments are in the most distress, with about 16 percent of loans in each category classified as delinquent. About 10 percent of loans on industrial property are in trouble, while the figures for offices and retail properties are lower, at around 7 percent.

Over all, the proportion of commercial loans in distress climbed from under 1 percent at the end of 2008 to over 9 percent now. But it has been stable in recent months, providing some hope that the market is no longer deteriorating.

On a regional basis, the same markets tend to have problems in both commercial and residential real estate. The three states with the highest proportion of commercial loans in distress, according to Moody’s, are Nevada, Arizona and Michigan. In Nevada, more than 30 percent of loans are classified as being in trouble, nearly double Arizona’s 16 percent figure.

Floyd Norris comments on finance and the economy on his blog at nytimes.com/norris.


View the original article here

SilverStone 140mm Fan Filter with Magnet for Case Fan/Power Supply Fan and Panel Air Vent FF141B (Black)

SilverStone 140mm Fan Filter with Magnet for Case Fan/Power Supply Fan and Panel Air Vent FF141B (Black)Dust can be a computer systemâ??s worst enemy as it has the potential to lower cooling performance or cause damage when left overly accumulated. But most fan filters are a hassle to install so SilverStone created an easy to use FF141 fan filter.The FF141 has embedded magnet in its frame so it can be effortlessly attached to any steel chassis without tools. Its 140mm size is also compatible with most 120mm fan vents so it can be used in many places that require filtering. In addition to filtering dust, the FF141â??s grille can reduce noise associated with air turbulence. So for those looking for dust reduction for component longevity with increased cooling efficiency, the FF141 is an excellent buy.

Price: $24.00


Click here to buy from Amazon

Dusting Off the Maid’s Room

The Laureate, a new 20-story building at the corner of Broadway and 76th Street, has four such apartments — each has four or more bedrooms and is priced at about $11 million. The maid’s room is listed simply as another bedroom, but it is away from the others, closer to the front door and living areas. Two of the building’s penthouse units even have separate entrances that lead directly to the servant’s rooms.

“When we designed this building,” said Shlomi Reuveni, a broker at Brown Harris Stevens Select, which is handling sales, “we felt that the traditional layout with a full dining room, an entry gallery and separate quarters for live-in help was missing from the market. Combining that in a building with modern amenities was even harder to find.”

Other new developments with maid’s rooms in some of their units include condominium conversions of prewar buildings at 845 West End Avenue and 905 West End Avenue, as well as the Sheffield, a postwar tower at 322 West 57th Street.

Demand for family-sized apartments with separate quarters for live-in help has been so marked at the Laureate that the Stahl Organization, the developer, has decided to combine some smaller apartments to create more units that fit the bill, Mr. Reuveni said. Many of the interested buyers are coming from abroad, but others, he said, already live on the Upper West Side and are looking for homes that mirror the classic apartments in nearby prewar buildings. While the rooms could also be used as guest rooms or offices, most prospective buyers have said they will use theirs either for a live-in nanny or a housekeeper.

The Sheffield has four large apartments that come with a dining room, a playroom/family room, a library, and a fourth bedroom that has been labeled a maid’s room. “We were trying to play off the vernacular of the Classic 7,” said Jacqueline Urgo, the president of the Marketing Directors, which is handling sales at the Sheffield.

The apartments, listed for about $7.5 million each, are designed to feel like “a single-family home in the sky,” Ms. Urgo said. “More and more parents are choosing to raise their children in Manhattan, and we have seen a need for these very large spaces.” Many potential buyers have live-in nannies, “because people have full lifestyles and maybe you have two working parents,” she added. “This type of apartment does fit a need.”

Maid’s rooms built in the 1910s and 1920s tended to be barely six to seven feet wide. Apartments that came equipped with them have three or more family bedrooms and might originally have had more than one maid’s room. At 905 West End, the developer Samson Management took a Classic 8 — which had three bedrooms, a living room, a dining room, a kitchen and two maid’s rooms off of the kitchen — and shifted and expanded the bathroom that had been shared by the maid’s rooms, combining the remaining space to create one larger room.

“This way, for people who can have live-in help, they don’t need to fit them in a tiny box; they can have a proper bedroom,” said Louise Phillips Forbes, an executive vice president at Halstead Property who is heading up sales for the building. Listed as four-bedroom apartments, they range from $2.74 million to $2.925 million.

“People like it for the long-term play,” she said. “They can use it for an au pair or live-in nanny while their kids are young, and when a child gets old enough, he or she can have that space, or it can become an office.”

Traditional maid’s rooms get no light, said Iva Spitzer, an executive vice president the Corcoran Group, who has helped convert many prewar buildings and is helping to sell 845 West End. “They have a closet that you could fit a pair of sneakers and jacket in, and they have a sliver of a bathroom that is so small they couldn’t fit the sink in the space, so the sink is in the bedroom.”


View the original article here

Design Notebook: Kips Bay Decorated, and Curated

This week, one of his pieces — a cascade of rectangles tumbling down the sky blue walls of a swoopy circular staircase — can be seen in an unlikely place, the rotund front hall of a double-wide town house on East 63rd Street in Manhattan, the site of the Kips Bay Decorator Show House, now in its 39th year.

That a young conceptual artist like Mr. Nihalani would be on view at this show house, which has traditionally been better known for its designers’ pelmet art or their collections of 19th-century botanical prints, is an acknowledgement that designers are increasingly flexing their curatorial muscles to animate clients’ spaces with contemporary art. It also suggests that Kips Bay organizers are reaching for a younger audience.

“It’s more about curating a room than decorating it” is how Wayne Nathan describes his job. Mr. Nathan, who brought in Mr. Nihalani, is one of 21 designers participating in this year’s show house. You could call him an art fair veteran (Art Basel Miami Beach and Frieze, in London, are his habitual shopping grounds). Nonetheless, on this room he collaborated with Helen Varola, an art adviser and curator, though the slick pink disk that looks like a giant Skittles at the foot of the stairs here — a Mattia Bonetti coffee table — is his own.

Ms. Varola noted a long tradition of artists playing with domestic objects or, as she put it, of “artists exploring how design functions as a subversive tool and expanding their practice into domestic settings.” She ticked off examples, from Surrealists like Méret Oppenheim (who made that furry teacup) and Warhol (who made wallpaper) to, say, contemporary artists like Andrea Zittel (who makes entire rooms). So it seemed intuitive to Ms. Varola, who was asked by Kips Bay organizers to lead an art tour of the rooms next Tuesday, that decorators would be overtly acknowledging that tradition with interactive pieces like Mr. Nihalani’s or with video art.

“It’s all about reinvigorating space,” she said. “Transforming décor into a matrix of associations.”

Playing in Campion Platt’s terse library upstairs was a video piece by Alex Prager, a young self-taught photographer of staged narratives (Cindy Sherman meets Gregory Crewdson) who was included in a show at the Museum of Modern Art last fall. The short film, of spectators at a horse race, was Mr. Platt’s nod to John Hay Whitney, the clubby, horsey and progressive philanthropist and newspaper publisher who was once an owner of this house. (The house was lent to Kips Bay by the family of Disque Deane, a real estate developer and financial adviser who died last year.) Also on view was a painted drama of ’60s-era womanhood by the time-traveling artists McDermott and McGough, called “You Said Your Lips Were Mine Alone to Kiss.” Tubular wall sconces designed by Mr. Platt looked like sex aids; the Venetian plaster walls, done by Ricardo Brizola, looked like ancient porcelain.

In a small study by Aurélien Gallet, a 30-year-old art appraiser, furniture designer and decorator showing at Kips Bay for the first time, a neon-and-mirror wall sculpture by Iván Navarro, a Chilean artist, invited you to peer into infinity.

As the designer Richard Mishaan put it: “My job is to give context to people’s collections, to find the commonality in disparity.”

Mr. Mishaan had drawn the prize, the 40-foot living room once decorated by Sister Parish for Mr. Whitney. Or was it a booby prize?

Nodding at the florid gilded mirrors at one end, he said, “At first I thought, ‘Oh, no!’ But you know what? Everyone has stuff. Everyone I work with has their collections. It doesn’t matter what it is; giving it context is my task.”

Furthermore, he said, pointing out the dark blue Leleu dining table, the vintage Moroccan rug, the mercury glass mushrooms sprouting on a sideboard and the blown-glass tears sliding down grass cloth walls (both pieces by Rob Wynne), “All good things go together.”

Mr. Mishaan had done some of his art shopping at Other Criteria, the Gagosian emporium, with a quartet of Damien Hirst butterfly prints. He had also made his own artwork, printing photographs he had taken of significant architectural ceilings — one by Tiepolo, for instance — on canvas and mounting them in ornate gilded frames.

“I call those Guilty Pleasures,” he said.

On another wall were two rather stunning Abstract Expressionist paintings. It took him two weekends to paint those, he said: “Nobody can understand what they are. They’re like, ‘Clifford Sills? Helen Frankenthaler?’ I’m like, ‘Whatever you want them to be.’ It’s more about the vibe it gives your room.”

Amanda Nisbet, a gregarious Upper East Side decorator with a taste for baroque minimalism, had also made her own artwork, superimposing her face on a copy of a voluptuous nude by Boucher.

“My daughter would just die,” said Ms. Nisbet, the mother of two teenagers.

There was a Marilyn Minter photograph over a gold-flecked bed; on the walls, Ms. Nisbet’s own fabric, called Pink Lemonade, looked like a child’s finger painting.

The house has a complicated layout and a layered architectural history — style overlaid upon style, like the cities of Troy. Built in brownstone in 1870, it was enlarged into a second lot and refaced in painted stucco in 1919. In 1955, when Mr. Whitney bought the place, the architect Ellery Husted gave it a brick front, and Mr. Whitney imported and installed a paneled library from England. He also hired Philip Johnson to design a fourth story. As it happened, however, Johnson’s modern glass room was too stark and modern for the Whitneys, who asked Sister Parish to mediate. Needlepoint pillows and throws were involved, according to a Kips Bay press release.

This week, the ghost of Philip Johnson would seem to have won out, or so it appeared to a reporter who stumbled up into the sunshine on the fourth floor, after climbing another swirling staircase, this one cocooned in shiny black paint and a giant yellow Ikat-print wallpaper put there by Janet and Carolina Rauber, a designing sister act who had assembled a collection of man-high gold finials at the base of the staircase, reminiscent of “Alice Through the Looking Glass” chess pieces.

David Bowie’s “Young Americans” roiled the fourth-floor room, which had been divided in two by a raw-edged wood bookcase, and decorated by Brad Ford and Robert Stilin. Mr. Ford told Kips Bay organizers he would agree to decorate his side of the room only if Mr. Stilin took on the other, and indeed the two halves were much of a piece: Amagansett beach house meets TriBeCa loft, a nod to the appetites of the young money manager or entertainment lawyer who would appreciate Mr. Stilin’s taste in art — Richard Prince, Gregory Crewdson, Alec Soth and Damien Hirst, all plucked from the Gagosian Gallery — and Mr. Ford’s deceptively post-collegiate taste in furniture.

After pointing out his Gagosian finds, Mr. Stilin wondered aloud about the provenance of Mr. Mishaan’s Abstract Expressionist paintings downstairs. Then, in a bit of the art one-upsmanship, he noted proudly that his Damien Hirst butterfly was an original, not a print.

But back to the furniture: That massive slab of wood under the four-foot Noguchi shade on Mr. Ford’s side of the room is also a turntable — yup, a record player — and one of an edition of five custom-made pieces, lent to Mr. Ford by BDDW, beloved outfitters of deep-pocketed TriBeCa residents (you can have the table for $45,000). He had arranged his vinyl collection (Patsy Cline, Michael Jackson) on the raw wood shelves. “I love a live edge,” said Mr. Ford, a soft-spoken, Arkansas native, running his finger along a shelf.

Downstairs, another young American was finishing up her room. The manly paneled library Mr. Whitney had brought over whole from England had been re-gendered by Celerie Kemble, a Harvard-educated 37-year-old decorator with an appetite for education reform and other progressive causes, whose clientele is largely drawn from the world she inhabits — a Palm Beach/East Hampton/Manhattan axis.

“We kicked off the Belgian loafers” is how Ms. Kemble put it. Like Mr. Gallet, this was her first Kips Bay show house, and the lead time, just six weeks, had been punishing. Still, she had corralled an impressive collection of custom-made and antique objects, like an 18th-century leather chair designed, she said, so its owner might keep his sword on. Or her sword, she corrected, explaining that this was now a lady’s library. Bookshelves were lined with cream-colored faux leather, and fitted with Lucite shelves (a decorating tip, she said, is to switch out wooden shelves in dark rooms with Lucite ones). Ms. Kemble had lined the shelves with titles from Assouline, the fashion and art book publisher, and with old copies of The Paris Review. “Nobody makes a better colored spine,” she said of the magazine. “It’s stuff you should read, in colors you can use.”

Above her, a tentacular midcentury Italian chandelier erupted from a ceiling painted with tree branches against a swirling, smoky sky (it was done by Miriam Ellner in verre églomisé, a technique of painting glass with layers of gold leaf and other precious metals).

“We fiddled this into a room for repose and probably some drinking,” Ms. Kemble said, to reflect the library’s new status as a lady’s study. Ms. Kemble, who has three children under the age of 5 and a multistate design business and who, the other morning, was on her way to a school interview for her 4-year-old son, was at that moment crouched in front of a custom-made tufted sofa, braiding its double fringe into a neat twist.

What kind of lady?

Ms. Kemble grinned. “A beleaguered decorator who needs someplace to drink,” she said.

The Kips Bay Decorator Show House, to benefit the Kips Bay Boys & Girls Club, is open through May 26. Admission, $30: (718) 893-8600, extension 245, or kipsbay.org.

This article has been revised to reflect the following correction:

Correction: April 29, 2011

An earlier version of this article misspelled Mattia Bonetti as Matteo Bonetti.


View the original article here