GOOD NEWS ON THE PROPERTY SALE FRONT JUST IN...

"The upswing in April sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback" ahead,” says National Association of Realtors Chief Economist Lawrence Yun. He further states that  “Not only do consumers have growing confidence in the economy and their own incomes, but home buyers no longer fear further price declines -- and that's a crucial turning point in the cycle.”

WALL ST JOURNAL RE FAMILY MANAGERS and MANAGEMENT FIRMS

WALL ST JOURNAL RE FAMILY MANAGERS and MANAGEMENT FIRMS

Focusing on Oprah Winfrey’s starting a family office by hiring a Family Manager who is with a full investment organization, recommended by her law firm, for her estimated $2.4BB net worth holdings, the WSJ states that, “Wealthy investors typically hire mangers at banks and brokerage firms to handle their financial affairs.  A family office is considered a step up from such an arrangement, with a team of advisers working exclusively, and directly, for the client.” 

The article also mentions that Michael Dell, with more than $10BB worth of personal assets, has a team of 80 people working on Money Management for him at a Family Management Firm.  WSJ further states that, “the billionaire Bass brothers in Fort Worth TX created an operation that became a model for family-office investment vehicles around the US.”  

WEST PALM BEACH CITY COMMISSION DECIDES LESS IS MORE

Yesterday the city commission voted 4-1 to pass a cap on how large historic district homes can be built, after much discussion that seemed to pit owners of larger homes in those areas against owners of smaller homes in historic districts.  There are 14 historic districts in West Palm Beach.

Three years ago, during the real estate boom, a citizens committee was formed that wanted to curb large mansions springing up in historic neighborhoods.  The economic downturn came, “McMansions” stopped being built, but the committee wanted to be sure no mansions would be built in the future so that the historic districts could retain their character.  Others argued it restricted the opportunity to increase their property value by not being able to build larger homes or increase the size of their current homes in historic districts.

Many existing homes are larger than what would be permitted moving forward.  Now there is a maximum floor area ratio (ratio of floor area of home to area of the lot).  A waterfront home in El Cid, e.g., can have a 0.45 floor area ration for lots larger than 5000 sq ft.  In Northwood Hills, the same ratio applies with a 0.35 floor ratio.  In other words, divide the total sq ft of the home by the total sq ft of the lot. The Northwood Hills homes are usually smaller than those in El Cid with same size lots, and residents want uniformity. The lone dissenter on the  commission pointed out that “in gated communities you have houses that are the same size with the same colors…historic neighborhoods are more organic and part of the charm is their imperfections.” 

One historic district resident said that the new ordinance is restrictive to creativity and for residents to express themselves.  She could only add 250 sq ft to her home now, and she said that was the size of a closet.  One suggestion was made that instead of focusing on size, it was the look that should be regulated.  One fear is that the McMansions could encroach on their neighbors’ rights.

The city’s planning director will be giving the commission bi-annual updates to see if the new ordinance is working, or if it is infringing on property owners’ rights.

VOTE FOR THE 2010 COLLECTIBLE CAR OF THE YEAR

The New York Times offers pix of 30 finalists with classics from different eras and countries to vote for.   

Pictures and information on each car are available.  Voting ends May 17, 2010.  Winner to be announced July 24, 2010.   

Photos also available on the site for previous winners.