ACCREDITED VIRTUAL PUBLIC SCHOOLS COMING NEXT YEAR IN FLORIDA

Believed to be the most wide-ranging virtual mandate in the US, a new Florida state law requires districts to create full-time virtual schools, collaborate with other districts, or contract with providers approved by the state. Your children and grandchildren who live in Florida will be able to go to school entirely online from kindergarten through 12^th grade, never setting foot in a classroom, but about 20% of the curriculum may be taught online and parents must commit to walking their children through the rest of the lessons. School superintendents must be ready by August with details from how to provide the needed technology to how to engage kindergartners attention spans as they sit at the computer for many hours in a row. While this program may eliminate the need to build more schools, the districts still must pay teachers, revamp their curriculum appropriately, and purchase new technology. Districts can choose to pay a state-approved private company to do that . Two online schools are already funded, one for students from kindergarten through eighth grade, and the Florida Virtual School offering middle and high school courses. During last year’s school year, 57,000 students took at least one Florida Virtual School course, but very few committed to an all-online experience. The new Web-based education is expected to attract many students. This year the district will start with 12 students, kindergarten through 8^th grade, who are registered for online school through a state program. Students and parents will be asked for input. For accountability, virtual students must meet state standards and take the Florida Comprehensive Assessment Test. There is concern that the virtual experience cannot be provided to students whose families cannot afford home computers and internet access. Opening school computer labs is one alternative being considered. The North American Council for Online Learning will be watching, as will the rest of us, to see how it goes. For more details see http://www.flvs.net/. Online courses are available for adults too. Check it out!

COME AND SEE SPOTS BEFORE YOUR EYES…

On September 20^th, the Palm Beach Zoo in Dreher Park, 301 Summit Boulevard in West Palm Beach, will be celebrating “all things spotted,” in support of jaguar conservation. One of the resident jaguars, “Izel,” will be celebrating a third birthday! Learn about these beautiful creatures from keeper talks and enrichment sessions. Games, arts and crafts will be featured throughout the day for children.

FLAGLER’S PERSONAL RAIL CAR AT WHITEHALL MUSEUM

Henry Morrison Flagler’s personal rail car, built in 1886, is now on view, and you can walk through the new 8100 sq ft Pavilion at the Flagler Museum it to see it. The railway car has been restored to its original appearance, using records from the National Museum of American History, the Smithsonian, the Delaware State Archives and the Hagley Museum and Library in Delaware. See the salon, master bedroom and bath, guest quarters and kitchen. The car is called “A Palace on Wheels.” See the fine appointments, including the oak paneling and desk. Flagler traveled by this railcar in 1912 along the Overseas Railway to Key West to celebrate completion of the FEC Railyway, a phenomenal engineering feat. This is the first public Beaux-Arts style building built in the US in 60 years. Its design is consistent with Whitehall, which was completed in 1902. The Museum’s Pavilion Café is also in the building. Flagler owned much of the land along both sides of the hundreds of miles of track, and has been called “Florida’s Godfather.” For more information, go to http://www.flaglermuseum.us/ or call 561-655-2833.

MERGING TEMPLES MAY GET NEW HOME

Temple B’nai Araham which meets in the Wellington Mall is merging with Temple B’nai Jacob in West Palm Beach and seeks to purchase a Wellington Village owned 2.82-acre parcel on the south side of Lake Worth Road, bordered on the west by Wellington Shores Drive. The Wellington Village Counsel has reacted favorably to their request. An inventory of the village land, designated for civic uses, is being made. A temple building is envisioned of 8-10,000 sq ft for services, social events, classrooms and an office. Parking would comply with zoning requirements. Beginning with 8 members, then growing to 45 families, the Temple expects to gain 90 – 100 additional members through the merger. The sale of the Temple B’nai Jacob property in West Palm Beach will help fund the land purchase.

CLEMATIS BY NIGHT – WEST PALM BEACH’S HOT SPOT TO CHILL

The 2^nd Thursday evening of every month, from 5:30 to 9 pm, come to Clematis Street in West Palm Beach, to dine, hear great music, see performances. You will find music, ethnic foods and vendors presenting sidewalk shopping for trendy items on every block. Enjoy the Fountainside Concert Series featuring rock, r&b, reggae, blues, soul, swing and Latin music every Thursday evening in Centennial Square. These events are produced by the City of West Palm Beach Mayor’s Office, Division of Community Events.

WIDESPREAD US HOME PURCHASES BY INTERNATIONALS

National Association of Realtors has estimated that between 150,000 and 190,000 homes in the US were sold to foreign nationals between May 2007 and May 2008. Florida, California and Texas were the most popular states. With the US dollar weakened compared to foreign currencies, US real estate was recognized as a good investment right now.

PBIA FEATURING PALM BEACH COUNTY ARTISTS EXHIBIT

An Opening Reception will be held at Palm Beach International Airport on Wednesday, September 10^th , 5:30-7 pm in the Airport’s Concession Mall, Level 2 Main Terminal, across from Travelers Lounge for exhibits of local paintings, sculpture, photography and mixed-media works, sometimes depicting the flora, fauna and natural places in the County. To see a virtual tour of the art, go to http://www.pbcgov.com/fdo/art/artworks.htm. The artworks, created by residents of various Palm Beach County cities, are for sale. Parking available in Short Term levels 4-7. The exhibit will be on display through September 24^th, and is sponsored by Palm Beach County’s Art in Public Places through a grant from the Palm Beach County’s Cultural Council. Selected works with are presented for four months and each exhibition features changing cultural and travel themes. Contact information for artists interested in submitting their works is http://www.pbcgov.com/art/FDORegistry.aspx.

MORE ON WORLD’S MOST EXPENSIVE HOUSE… NOW REPORTED TO HAVE SOLD FOR $750,000,000

Now comes word that the anonymous Russian billionaire who bought the exquisite Villa Leopolda historic estate on the French Cote d’Azur paid a higher price than previously reported. This purchase overtakes the previous highest purchase of a London home by Laksmi Mittal for his son for $236,000,000. (WOW these are all a lot of zeros!). Villa Leopolda is between Monaco and Nice, overlooking Cap Ferrat near Villefranche-su-Mer. It is a cream-colored turreted mansion with two guest houses. King Leopold II of Belgium built the villa in 1902. In 1916, King Leopold’s nephew and heir, King Albert I, turned the villa into a hospital for wounded officers during WW1. The Agnelli family later owned the property (Fiat auto tycoons) and held legendary jet-set parties in the 1960’s, with guests including Frank Sinatra and Ronald Regan (in his acting days). Fifty full-time gardeners are employed to take care of 20 acres of gardens and terraces, with 1200 olive, orange, lemon and cypress trees. The grounds are considered among the most spectacular on the Cote d’Azur. Seller was Lily Safra, widow of murdered banking billionaire, Edmond Safra. A Russian oil oligarch is said to be the new owner. But not Roman, Abramovich, owner of the Chelsea Football Club, who owns a $100,000,000 mansion near Antibes. It is reported that 60 villas and mansions on Cap Ferrat are owned by wealthy Russians.

SOME OF THE “GOOD NEWS”

Affordable house prices combined with attractive exchange rates have resulted in our Canadian neighbors becoming the largest group of foreign buyers of homes in the United States, followed by buyers from the UK, Mexico, China, India and Germany. Since May 2007, foreign nationals have purchased between 150,000 and 190,000 homes in the United States. The most popular purchase was single-family vacation homes with an average price of $297,400. Florida led the way followed by California, Texas, New York, Washington and Nevada. Four out of Ten foreign buyers paid for their new homes with cash, compared to 7% of domestic buyers. Average stay for international buyers was 2.6 months during the year. 14% of purchases were $750,000 or more. This information is from the 2008 NAR Profile of International Home Buying Activity, a survey based on responses from about 4,000 Realtors who serve foreign buyers.

PLAN NOW: LOOK WHO'S COMING TO THE KRAVIS CENTER!

Carol Burnett (1/17/09)

Barbara Cook (12/16/2008)

Lily Tomlin (2-10-09)

Jackie Mason (2-2-09)

Steven Sondheim (2-4-09)

Marvin Hamlisch (3-8-09)

Patti LuPone and Mandy Patinkin, original EVITA stars (3-25-09)

Wynton Marsalis (1-28-09)

Dr. John and the Neville Brothers (3-3-09)

Led Zeppelin (1-13-09)

The Pink Floyd Experience (2-14-09)

Blue, a tribute to Joni Mitchell (1/2-4/09)

Kravis Membership is $75 and includes priority seating opportunities based on level of donation. Public tickets go on sale for 2008-2009 at 9 am on September 20^th. For more info call 561-832-7469 or go to http://www.kravis.org. Starting in October, for 11 sessions, “Movies by Moonlight” will be presented in the Gosman Amphitheatre including Grease, Sound of Music and Singin’ In The Rain.

AUGUST ADMISSION FREE FOR PALM BEACH ZOO

Want to find something for the kids to do? Grandkids coming for a visit? Palm Beach Zoo admission fees are waived in August and unlimited carousel rides are offered for kids age 12 and younger. There are over 100 shows a week and 1600 animals to visit. The Zoo is located at Dreher Park in West Palm Beach. Mission of the zoo is to provide an outdoor classroom of living creatures to foster awareness, appreciation and respect for the natural world. More info at www.palmbeachzoo.org.

FOR THE GOURMETS AND THE GAWKERS… WELL, REALLY FOR ALL OF US…

Palm Beach Restaurant Week will be held October 20-26, so mark your calendars NOW. Styled after the famous New York Restaurant Weeks, for $20.08, three-course lunches will be offered at restaurants that are said to include Café Boulud, Café L’Europe, Charley’s Crab, Flager Steakhouse (at the Breakers), Michael R. McCarty’s, Ocean Bistro at the Four Seasons, Renato’s and the Ritz Carlton. The Palm Beach County Convention Center and Palm Beach Chamber of Commerce are involved in the planning.

NORTON MUSEUM PRESENTS PHOTOGRAPHY EXHIBIT

Featuring as many photographers as possible, the Norton continues its longstanding commitment to furthering the visitor’s understanding of photographic history. A recent donation of 162 photographs, The Hunter Gifts, is now on exhibit until September 7^th. The collection includes the work of some of the most important photographers of the 20^th century. Six international photographers are paired together for easy comparisons of their work. The Norton Museum of Art is located at 1451 S Olive Avenue in West Palm Beach. General admission is $8, ages 13-21 is $3, children under 13 and members are admitted with no charge.

SPANISH MARTINSA-FADESA GOES BELLY UP FOR $8-BB

As if it weren’t enough for us to hear about the loss of local builders during this market downswing, now we learn other countries are experiencing the same conditions. The subject company failed to secure new financing to remain operational. Sharper interest rates and tighter lending conditions are prevalent. The company is one of the largest construction companies in Spain with $17.4-BB in assets, the first major Spanish victim of the real estate recession and crisis. It is currently selling off its assets to raise money for debt obligations. In cities like Madrid and Barcelona residential home sales are down 30% this year.

PENINSULA BOYNTON BEACH DEVELOPER IN BANKRUPTCY

Waterbrook Peninsula LLC has filed for bankruptcy. Your editor recently visited the project and took these photos. The property is on a small peninsula with water on three sides, on Federal Highway and the intracoastal waterway. It was planned to have 40 luxury condos, 20 town homes and 10 large single family homes. Construction is almost complete on the condos and single family homes but town homes have been delayed. This bankruptcy, where National City Bank foreclosed on a $26-MM mortgage, highlights the down market conditions.

WORLD’S MOST EXPENSIVE HOUSE? $500,000,000!

Once owned by Bill Gates, La Leopolda, 10 acres, said to have the best views in Southern France, reportedly built by Belgium’s King Leopold for his mistresses, has been purchased by Russian billionaire Abramovich, reportedly for CASH. A regular 80% mortgage would have monthly payments of over $3,000,000!

MOST EXPENSIVE WEST PALM BEACH HOUSE SOLD IN 2008 TO JULY 1ST

From January 1 to July 1, 2008, there were 24 homes sold in West Palm Beach for over $1,000,000, 2 houses sold for over $3,000,000. A 5 bedroom, 4 1/2 bath 2-story home, south of Southern on Flagler Drive, was sold in March 2008 for $4,000,000. The property was listed for $4,495,000. The home was on the market for 81 days. The property features a 333 Living sq ft guest house, T-shaped 30’x50’ boat dock, pool, full house generator, gazebo by the water, impact glass windows, loggias, and kitchen with stainless steel and granite. The house was built in 1972.

GAS FOR LIFE ???

The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000.

GO FOR IT!

COME TO CENTENNIAL SQUARE FOR THE WEEKLY CLEMATIS BY NIGHT

Mark your calendars! Here is THE PLACE TO BE for great music from rock, R&B, Reggae, and Blues to Soul and Swing. Eat up amidst a feast of ethnic foods. Bring money for the sidewalk shopping. “Rev Up Clematis By Night” starts in July, the 2^nd Thursday of each month, 5:30 to 9 pm, from Centennial Square to the 500 block of Clematis Street with action on every block.

NOTE: YOU MUST MOVE OVER FOR STOPPED EMERGENCY VEHICLES ON HIGHWAY

With the primary objective to save lives of law enforcement officers conducting traffic stops, a statute passed during the 2002 session of the Florida legislature requires that motorists traveling on I-95 and other Florida highways with two or more lanes traveling in the direction fo the emergency vehicle “slow down” or “move over” and out of the lane closest to the vehicle as soon as its safe to do so, when approaching an authorized emergency vehicle stopped on the highway. Drivers are required to slow to 20 miles per hour less than the posted speed limit if 25 miles per hour or greater or travel at 5 miles per hour when posted speed limit is 20 miles per hour or less.

CHILDREN'S MUSEUM HOLDS TOWNE PICNIC SATURDAY 6-21

From 11 am to 2 pm The Children’s Museum will hold what it hopes will be its first nnual picnic on the museum grounds at 498 Crawford Boulevard. There will be Dixieland Entertainment, children’s crafts, horseshoe and lawn croquet tournaments, a 3-legged sack race and free museum admission. For more information call 561-368-6875.

RESTORED HISTORIC COUNTY COURTHOUSE OPEN

Undergoing renovations for the past three years, the building houses the Richard and Pat Johnson Palm Beach County History museum and is filled with exhibits (some interactive) relating to the history of Palm Beach County. The restoration project, begun in January 2004, reused original materials including limestone, granite, exterior windows, marble wainscot, mosaic floor tiles, wood flooring, doors, trim and hardware. 67% of the original exterior bricks were used. 76 original windows were used and 37 impact windows were custom designed to match. All original columns & capitals were used; column weight including plinth block is 30,600 lbs and support the portico roof above them. Base is granite. 95% of mosaic floor tiling is original and 215 sq ft of matching mosaic tiles were salvaged and used. 28 sets of original doorknob hardware were salvaged and installed on original and new doors of courtroom and main restored corridors. 1000+ sq ft of original maple wood flooring was found In the courtroom, removed and reinstalled in the east end of the courtroom and refinished. Matching maple wood flooring was installed to complete restoration of the courtroom floor. Designated as a Palm Beach County historic site on September 27, 2005, the building is located at 300 North Dixie in West Palm Beach. In 1916, one year after Palm Beach County was formed from Dade County, its population was 5,577 and Broward County did not yet exist. A land sale boom period was in effect and real estate was sold at roadside offices and tents from Boca Raton to Ft. Pierce. Property values back then doubled and then tripled. Railroads and ships could not keep pace with the demand for building materials. Hotels began going up on the west side of the intracoastal waterway and the Palm Beach County market opened to middle income families who could not afford to stay in hotels on the island. The Grand Opening for the Restored Courthouse was held on March 15, 2008.

PANDAS ARRIVE IN BEIJING FOR OLYMPICS

Eight merry pandas arrived safely in Beijing after a long journey from their damaged reserve near the epicenter of the deadly earthquake in China. The pandas arrived Saturday to spend the next six months at the Beijing Zoo on a special Olympics visit that had been planned long before the quake. If we built a West Palm Beach Zoo, would they come?

TURNPIKE MAY GET MORE LANES, MORE EXITS

A year-long study is in the process by the Florida Turnpike Enterprise for possible changes to the 9-mile section between the Sawgrass Expressway exit and the Atlantic Avenue interchange in Delray Beach. Public input will be maximized with neighborhood meetings, newsletters and press releases. Considerations are widening the road from 6 to 8 lanes, and adding full or partial interchanges at either Clint Moore Road, Yamato Road or Palmetto Park Rod (all in Boca Raton) or Linton Boulevard (in Delray Beach). Nearby neighborhoods expressed concern about more noise, increased traffic and more dirt, while expressing a wish to relieve traffic on Glades Road. Some areas requested sound-deadening walls.

HISTORIC DEAL IN PALM BEACH MAY BREAK RECORD

Donald Trumps’ 6-acre oceanfront Palm Beach 62,500 sq ft mansion at 515 North Country Road is under contract for a reported $100-MM, purchased by a family from abroad, said to be from Russia. This is the former Gozman residence. Trump paid $41.35MM in 2004 at a bankruptcy auction and spent $25MM renovating the property. There are 9 bedrooms, ballroom, art gallery, conservatory, wine room and media room as well as 2 guest houses and a 50 car garage. Trump says that if for some reason the sale does not close, he has two back up offers for more than $100MM as, “It’s one of the best sites in Florida and one of the best in the world.” It is said that the new buyers have not yet decided whether to keep the property as is, or demolish and start over.

FOR BEST GAS PRICES

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

WHILE INTEREST RATES REMAIN ON THE LOW SIDE...

There is a fixation on what rates will be in the future and what rates were in the past. I’ve heard potential home buyers say, “I’m not sure I want to buy now because rates are ¼ percent higher now and I think I’ll wait.” I ask, “Wait for what?” I say, “Let’s not look at the rate but instead concentrate on what that rate actually represents … your monthly payment. Let’s look at what an interest rate move of ¼ percent really does to a $200,000 mortgage. Say a 30-year interest rate at 6.00 percent “jumps” to 6 ¼ percent. Shall we sit on the sidelines, thinking such a move is suddenly unaffordable?” No! The payment on a $200,000 loan “jumps” by about $32 a month! Now let’s look at a ½ percent increase and the monthly payment increases by $64, which is about the price now of a tank of gas. While not insignificant, it’s hardly a reason to stay on the sidelines of home ownership. Right now, buyers should feel more urgency than ever. Home prices have declined enough to make buying more affordable than it's been in recent memory and interest rates (whether at 6 percent or 6 1/4 percent) are historically low. Can you see now that it's time to buy while interest rates remain on the low side?

MIZNER’s LOUWANA LANDMARKED HOME UP FOR SALE IN PALM BEACH

Dubbed “the most original and earliest remaining residential work of Palm Beach’s signature architect” by Historian Augustus C. Mayhew, this well-preserved 1919 Addison Mizner oceanfront Mediterranean villa on the island’s North End, recently came on the market for $30-MM. The multi-story 13,500 sq ft residence sits on a 1.5 acre tract with 150 feet of beach frontage. There are 10 bedrooms, 5 full and two half-baths, four fireplaces, a guest house, cabana, swimming pool, tennis court and three-car garage along with extensive gardens. Stairs and windows frame new spaces at each corner and there are beautiful ocean views. There are pecky cypress ceilings, original blue octagonal tile floors and walls in the upstairs master bedroom, and a “Scheherazade” stairway. Smaller in scale than some built during the mid-1920’s, it was landmarked in 1980, it is one of the less than 30 Mizner houses still standing on the island. The house has been owned for more than 50 years by descendants of Marie Louise Wanamaker Munn.

MORTGAGE CRISIS AFFECTS 2 MILLION AMERICAN CHILDREN

SOMETHING TO THINK ABOUT: Analysis shows a negative impact on the health, education, and well-being of children A new report released today reveals that an estimated 2 million children will be directly impacted by the sub-prime mortgage crisis as their families lose their homes due to foreclosures. As the first comprehensive analysis of how the crisis will impact kids, the report explains that this number will rise even higher when accounting for other populations, such as children being evicted from rental units that are going into default and those children whose parents default on conventional loans. These foreclosures will happen primarily during 2008 and 2009. The report, which includes state-by-state estimates of the number of children that are directly impacted by this crisis, indicates that foreclosures often result in disruptions to a child's education, as well as issues relating to their physical and mental health. Moreover, behavioral problems are more likely to arise in children who lose their homes, as positive peer relationships disintegrate when children are forced from their neighborhoods. The report, entitled "The Impact of the Mortgage Crisis on Children" can be found at http://www.firstfocus.net/pages/3401/. In addition, the report finds that the physical and mental health of displaced children can be severely compromised, as families losing their homes are less likely to have money available for items such as health care and health insurance. Children impacted by the mortgage crisis are likely to experience excessive mobility and as a result are only half as likely to be proficient in reading as their peers. And, they are much more likely to be held back and eventually drop out of school. Children forced from their homes experience behavioral problems, such as increases in violence. Due to the increasing number of foreclosures, school districts across the country are experiencing increases in the number of homeless children entering their classrooms, many of which can be attributed to the mortgage crisis.

WHY IT's TIME TO BUY!

There is a fixation on what rates will be in the future and what rates were in the past. I’ve heard potential home buyers say, “I’m not sure I want to buy now because rates are ¼ percent higher now and I think I’ll wait.” I ask, “Wait for what?” I say, “Let’s not look at the rate but instead concentrate on what that rate actually represents … your monthly payment. Let’s look at what an interest rate move of ¼ percent really does to a $200,000 mortgage. Say a 30-year interest rate at 6.00 percent “jumps” to 6 ¼ percent. Shall we sit on the sidelines, thinking such a move is suddenly unaffordable?” No! The payment on a $200,000 loan “jumps” by about $32 a month! Now let’s look at a ½ percent increase and the monthly payment increases by $64, which is about the price now of a tank of gas. While not insignificant, it’s hardly a reason to stay on the sidelines of home ownership. Right now, buyers should feel more urgency than ever. Home prices have declined enough to make buying more affordable than it's been in recent memory and interest rates (whether at 6 percent or 6 1/4 percent) are historically low. Can you see now that it's time to buy?

HOUSING PRICES PREDICTED TO GO UP 20-30% IN 5 YEARS

Association of Realtors Chief Economist Lawrence Yun recently said of an area that was hard hit by the housing downturn, that “the worst conditions in the Tampa market may have already passed… I think the second half of 2008 will be better. But if I look at the long-term perspective, five years from now, comfortably, one can say home prices in this region will be 20-30% higher.” He also said that while sub prime mortgages made up only 9% of all mortgages in the US, they made up 53% of US housing foreclosures, dragging down the housing market. Yun noted, “There’s a change in the mood over the last couple of weeks,” and that mortgage rates are at near historic lows, business spending is strong and corporate profits are up, all good economic signs. No doubt this is good news for Florida’s east coast too. According to an article in Realty Times, Palm Beach County buyers have purchased 30 percent more single-family homes from February to March.

MORE GOOD NEWS (and some bad) ON THE HOME FRONT…

The National Association of Realtors sees a flat pattern in home sales which will improve over the summer. NAR Chief Economist Lawrence Yun says the recovery hinges on better access to affordable loans….(which is)… uneven around the country and sometimes within metropolitan areas. In many areas, buyers are looking at homes, but are slow to sign contracts, sometimes waiting for more affordable credit or turned off by unnecessarily restrictive lending practices. Real estate news is “local” with some areas showing sales increases and others not. Yun says, “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.” The St. Joe Co., Florida’s biggest landowner, points to stabilization in residential inventory indicating the housing market may have reached bottom. CEO Peter Rummell says rather than “expect that prices are going to be lower tomorrow than today if they just wait,” buyers “must be “retrained” to recognize the importance of making home purchases now.” At Tuesday’s congressional hearing, it appears that mortgage lenders are pursuing unjustified foreclosures against struggling homeowners, piling on questionable fees and misstating amounts due. A law professor who analyzed the system testified that “bankruptcy gives mortgage services new opportunities to engage in abusive practices,” rather than offering families one last chance to save their homes from foreclosure. University of Iowa’s law professor, Katherine Porter’s review of 1700 recent Chapter 13 bankruptcy cases found that lenders regularly disobey laws and rules as they try to collect thousands of dollars more than homeowners feel is owed. Countrywide is cited for abuses, and in one case asked a bankruptcy judge to foreclose on a home though they were current on mortgage payments, and claimed the final mortgage amount was nearly $15,000 more than what the company claimed in bankruptcy court. Proof of payments closed the case. Senator Charles Schumer, D-NY, the subcommittee chairman, said that Countrywide “is at the top of the list” of firms responsible for the national mortgage crisis,” and that Bank of America “should think even harder” about whether to complete the purchase of Countrywide.

ROYAL PALM POLO SPORTS CLUB TO CLOSE

After 49 years of polo play, Royal Palm Polo, the last polo facility in south Palm Beach County, will close on May 15^th. Located on Jog Road in Boca Raton, it was one of the first polo clubs in the country to build a stadium, drawing players from the best in the world to weekend warriors. Equestrian followers can migrate to Wellington for horseshows et al.

NEGLECTED JOHN VOLK HOME IN PALM BEACH RESTORED

Built in British Colonial style in 1938, this elegant Pelican Lane home fell into disrepair when found by Drs. Daniel and Judith Doctor back in 2000. Judith Doctor appreciated the repeated arched doorways with views of the ICW, louvered shutters, fanlight above the front door, and stepped chimney, all typical of Volk’s work. Working with builder John Mitchell, the house became what Judith calls, “a graceful beauty.” Volk had designed the house for Chester Kroger on a lakefront site a few blocks south of Worth Avenue. Judith added metal openwork gates to the courtyard and a fountain. She reinterpreted the bricks behind the fountain with the art deco influence that Volk incorporated into the chimney. Faux painting in a creamy color decorates the foyer walls. Original random-width oak planks are throughout, on the floors. The fanlight repeats above the living room door. French doors abound, some are arched on top. There are dentil moldings in the living room and columns separating formal living space from the loggia. Floors are limestone. Judith designed a recessed mahogany china cabinet for the dining room. The kitchen features wood wainscoting, white oak floors, oak cabinetry and a central island with black-granite countertops. The kitchen has a cathedral wood ceiling which Judith says, “reminds me of a boat.” There is a large rectangular pool over looking the intracoastal waterway. There are 5 bedrooms and 5 baths, 5685 sq ft. The house is currently listed for sale for $17.95MM.

DOWN MARKET SEEN AS “OPPORTUNITY” BY WEALTHIEST CONSUMERS

Of those who earn more than $100,000 annually, 79% believe the US is in a recession, but 88% believe that property values will rebound. Those earning $500,000 and more see real estate as a “real opportunity” right now, and 40% say they plan to purchase a home in the next 12 months, according to “The Annual Survey of Affluence and Wealth in America,” produced bgy The Harrison Group for American Express. Merrill Lynch and CapGemini’s research show the world’s very wealthy have been shifting money into residential real estate. The 2007 “World Wealth Report” said that those will $1-MM+ in invested assets had 12% of their investment portfolios in residential real estate, both a portfolio strategy and a recreation/lifestyle decision.

MORE GOOD NEWS ON THE HOME SALE SCENE (Keep it comin’!)…

The Institute for Economic Competitiveness, University of Central Florida predicts that in 2008, there will be sales and rentals of over 150,000 properties. They also predict 175,000 new jobs will be available, strongly outperforming the national averages. Significant numbers of the 80-MM domestic and national visitors will consider buying second homes. Favorable exchange rates between the dollar and pound make homes in Florida cheaper than anywhere in Europe and are attracting particularly British purchasers. The Conference Board’s “Index of Leading Indicators,” reports that positive growth is indicated underway in the 2^nd half of 2008 or sooner. Doing in depth broad surveys of industry data, this report is taken as “the gold standard” for all forward indicators for the US economy. The National Bureau of Economic Research reports that US industrial production showed an upwards turn in March. The Mortgage Bankers Association of America reports from their national survey that applications for mortgages for houses were up by 2.1%; FHA loan applications up by 3.5%. The federal government reports that nationwide, prices of homes stopped slipping in January and February, increasing by 6/10ths of 1% (better up than down, ehh?). The Federal Reserve is predicted to lower the short term rates next week by another quarter percent. Interest rates remain low for 30-year fixed mortgages. Plans were announced by Freddie Mac to pump $15-BB+ into the jumbo conforming loan market especially for high cost areas needing stimulus NOW. Nevertheless a lot of home inventory remains before seeing a true end to the down cycle and some consumers have a lack of confidence in today’s prices, thinking they may go farther down. THIS MIGHT BE THE “LOW” IN THE MARKET… PERHAPS LOW ENOUGH TO MAKE THIS AN EXCELLENT TIME TO BUY. ARE YOU READY?

WILL THE FHA OWN PART OF YOUR/YOUR NEIGHBOR’S HOME?

Rep. Barney Frank (D-MA) has a proposal (H.R. 5830) introduced in the House of Representatives suggesting that the FHA refinance mortgages and be part owners with profit sharing. The bill proposes a declining percentage fee on profits to discourage short-term speculators, and the program would not apply to 2^nd home owners, equal to 100% of all profits in year one, 80% in year 2, and so on for the first 5 years. Then there would be an “exit” fee equal to 3% of the sale price. This means lenders would accept losses and would later receive a portion of future profits from the home seller. To the besieged homeowner/seller, getting 97% of a profit after 5+ years is a big relief from total equity loss from a foreclosure.

WANT A FREE VEHICLE CARE CHECKUP?

From 9 am to 6 pm on Thursdays in April, motorists can come to the Lincoln College of Technology at 1126 53^rd Court, West Palm Beach. Technicians will look over the vehicle and make recommendations to help save money and curtail air pollution. Call 561-355-3136, ext 1182 for more information.

MILD HOUSING RECOVERY ON THE WAY BEFORE 2008 YEAR-END???

YES says a report from SMR Research Corp, who specialize in mortgage and home equity loan industry research. Being the first to report in 2004 that “a perfect storm” in credit quality would cause a blast in foreclosures within 2 years, they say, “Our prior forecasts were accurate but widely disbelieved when issued.” They expect skeptical reactions now too, but say “the numbers are what they are… homes are now affordable again… consumer psychology is the biggest remaining hurdle to recovery.”

FLORIDA #1 DESTINATION FOR INTERNATIONAL HOME BUYERS

A mid-2007 National Association of Realtors survey found that Florida was the leader in foreign home buying at 26% of all international purchases. California was next at 16%, Texas third at 10%. This includes purchase of mid-priced primary residences, luxury vacation homes, investments to rent out, and commercial properties. Being a convenient point of entry to the US from Europe and South American along with warm weather and recreational and cultural offerings were cited as reason for a preference for Florida properties. With the dollar weakness against the euro and British pound, foreign buyers have more purchasing power compared to home prices in other countries, e.g. the UK, Span and Ireland. Florida has 31 major airports and 14 deepwater seaports. According to the US census bureau, Florida gets more than 4-MM Visitors from 100+ countries in a year. In a 2005 FAR survey, 15% of total home sales in Florida were by international buyers. One-third of foreign buyers were from Latin America.

TIPS FOR BUYING A HOME IN A DOWN MARKET

The subprime mortgage problem has scared a lot of people away from the housing market. However, the news isn’t all bad. The current market decline has dropped prices and made housing affordable to many fiscally responsible renters who never considered home ownership to be an option. Here are recommended steps for buyers to take advantage of this market downturn. Be aware of extraneous expenses including property taxes, homeowner’s insurance, standard maintenance, cost of utilities, and HOA fees or equity dues. Ask about current and upcoming special assessments. Decide how much you have left to spend on a mortgage, all closing costs, a down payment amount, paying down existing debts, and check on your credit records before applying in case there are errors to correct. Remember too that if you are selling and buying, while you may get a lower price than you want for your home, you will also get a low price for the home you buy. As a Realtor and a Mortgage Broker, your blog manager, Marilyn Farber Jacobs can assist you with all of these issues, and find you “the home of your dreams,” according to your criteria. Call 561-988-0070 or email marilynfjacobs@gmail.com. If you wish to receive all new properties that become available, go to http://www.FLWaterfrontCondos.com, register and list criteria for a condo, house or townhouse. Join the many buyers who regularly receive listings now. Perhaps your NEXT home will appear before your eyes, and Marilyn will be most happy to show you that home.

HEADS UP: OKEECHOBEE BOULEVARD TO BE WIDENED

Over the next two years, Okeechobee Boulevard will be widened from Royal Palm Beach High School to east of the turnpike. The Florida DOT will fund $17-MM of the $30-MM cost and West Palm Beach is contributing $134,640.

SUBMIT YOUR WORKS OF ART INSPIRED BY FLORA, FAUNA AND NATURAL PLACES IN THE COUNTY

"Local Treasures” is the theme for the 2008 summer/fall exhibit being shown from May 7^th to September 24^th with works of art being featured in public buildings, parks and plazas. IF you have talent, submit your works, reflecting the theme. For details – click on “Calls to Artists” or mail a self-addressed stamped envelope to Palm Beach County Art in Public Places, 2633 Vista Parkway, West Palm Beach FL 33422. Deadline for submission of photo of item is April 18^th.