Charlotte Observer | 08/26/2007 | Shalt-nots that shape neighborhoods
I like this lead:
Your neighborhood is more likely to have this pairing than not: rules, enforced by a homeowners association.
Monday, August 27, 2007
The Enquirer - Problem ponds
Here's another issue to keep an eye on. Cities make developers deal with potential drainage issues at the time of initial construction, and if the developer has enough open space they do it by building detention ponds, which is cheaper than building more sewer capacity. These ponds turn into an expensive nuisance if not maintained, and guess who gets the responsibility and the bill? The HOA, of course. Like the man says, the bottom line is money, and solving a problem with a detention pond can run into seven figures.
But what happens when the retention pond doesn't function properly? Who's to blame when the ponds leak or sediment builds up? And who fixes the problem when algae blooms begin to stink? Homeowners in several local communities have learned the hard way that getting answers to such questions can take years - and can cost a lot of money...If the developer has enough open space, building a retention pond that controls the flow into existing storm sewers is cheaper than installing bigger storm sewers. "The bottom line is money," said Petty.
Here's another issue to keep an eye on. Cities make developers deal with potential drainage issues at the time of initial construction, and if the developer has enough open space they do it by building detention ponds, which is cheaper than building more sewer capacity. These ponds turn into an expensive nuisance if not maintained, and guess who gets the responsibility and the bill? The HOA, of course. Like the man says, the bottom line is money, and solving a problem with a detention pond can run into seven figures.
But what happens when the retention pond doesn't function properly? Who's to blame when the ponds leak or sediment builds up? And who fixes the problem when algae blooms begin to stink? Homeowners in several local communities have learned the hard way that getting answers to such questions can take years - and can cost a lot of money...If the developer has enough open space, building a retention pond that controls the flow into existing storm sewers is cheaper than installing bigger storm sewers. "The bottom line is money," said Petty.
Sunday, August 26, 2007
Drop Foreseen in Median Price of U.S. Homes - New York Times
Here is a milestone nobody wants to see. This is mainly the result of the overpricing that occurred during the housing bubble, but I can't help thinking that on some level the market is reflecting the fact that, apart from the investment expectations and the tax advantages, home ownership isn't worth as much as it once was. With today's new CID housing, you just don't get the dominion and control that was once considered a major part of the package. For example, if it comes to deciding whether or not to buy a condo unit, and the value isn't increasing, many people would just as soon rent. Home ownership can be a huge hassle, and the costs can offset the tax advantages. I know some people with substantial assets who have rented their entire lives, including at least one famous law professor. In some big cities it isn't all that unusual a thing to do.
Here is a milestone nobody wants to see. This is mainly the result of the overpricing that occurred during the housing bubble, but I can't help thinking that on some level the market is reflecting the fact that, apart from the investment expectations and the tax advantages, home ownership isn't worth as much as it once was. With today's new CID housing, you just don't get the dominion and control that was once considered a major part of the package. For example, if it comes to deciding whether or not to buy a condo unit, and the value isn't increasing, many people would just as soon rent. Home ownership can be a huge hassle, and the costs can offset the tax advantages. I know some people with substantial assets who have rented their entire lives, including at least one famous law professor. In some big cities it isn't all that unusual a thing to do.
Federal Reserve allows Citigroup to elude key banking rule - Aug. 24, 2007
From CNN Money:
In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates...The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible." So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle. Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn't give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America - $25 billion each - is a cause for unease.
From CNN Money:
In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates...The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible." So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle. Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn't give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America - $25 billion each - is a cause for unease.
Homeowners may face liens from city:
After homeowners association disbanded, city forced to mow common areas, out $1,600 - Clarksville, TN
This is the kind of thing I am expecting to see a lot more of in the years to come.
Homeowner associations, when working smoothly, can be the perfect tool to keep neighbors' yards mowed and chain-link fences at bay. One Clarksville neighborhood, however, is demonstrating what happens when those associations fall apart. In short, things get complicated...Riggins said the city's policy regarding inactive homeowner associations, which allows it to place liens on individual property owners when communal properties are no longer maintained, is a standard practice in other cities.
After homeowners association disbanded, city forced to mow common areas, out $1,600 - Clarksville, TN
This is the kind of thing I am expecting to see a lot more of in the years to come.
Homeowner associations, when working smoothly, can be the perfect tool to keep neighbors' yards mowed and chain-link fences at bay. One Clarksville neighborhood, however, is demonstrating what happens when those associations fall apart. In short, things get complicated...Riggins said the city's policy regarding inactive homeowner associations, which allows it to place liens on individual property owners when communal properties are no longer maintained, is a standard practice in other cities.
Chapelwood residents debating pros and cons of homeowners association - Dothan, Alabama
Nice that the city set up a forum for the owners to make up their own minds about this. The normal route is the developer bundles a mandatory association with the choice to buy the home. Then you have to listen to all this nonsense about how "you voluntarily joined the association," as if you had signed up to be a member of the Moose Lodge or something.
They can be the bane of a homeowner’s existence or a protective force against obnoxious house colors and unsightly yard art.
Nice that the city set up a forum for the owners to make up their own minds about this. The normal route is the developer bundles a mandatory association with the choice to buy the home. Then you have to listen to all this nonsense about how "you voluntarily joined the association," as if you had signed up to be a member of the Moose Lodge or something.
They can be the bane of a homeowner’s existence or a protective force against obnoxious house colors and unsightly yard art.
Saturday, August 25, 2007
Police losing fight against blade culture as stabbings escalate - Australia
Someone in New South Wales is threatened or attacked with a knife, sword, machete, pair of scissors or other sharpened weapon every two hours and nine minutes.
And he must be getting pretty tired of it, too.
Seriously--another result of gun control?
Someone in New South Wales is threatened or attacked with a knife, sword, machete, pair of scissors or other sharpened weapon every two hours and nine minutes.
And he must be getting pretty tired of it, too.
Seriously--another result of gun control?
Las Vegas SUN: Chicago Suburbs Fight Flooding Threat
We had so much rain over the last couple of weeks that the Fox River looks like the Mississippi. The Des Plaines River, likewise. Our house is on high ground, so we are just dealing with a saturated lawn, but when I drove to Geneva for a court appearance last week I was next to the Fox River and it was looking pretty grim for people with waterfront homes. Then we had three more days of heavy rain...
We had so much rain over the last couple of weeks that the Fox River looks like the Mississippi. The Des Plaines River, likewise. Our house is on high ground, so we are just dealing with a saturated lawn, but when I drove to Geneva for a court appearance last week I was next to the Fox River and it was looking pretty grim for people with waterfront homes. Then we had three more days of heavy rain...
Brits ban handguns, gun crimes double - Times Online
Another government intervention in human conduct goes awry...
Despite a ban on handguns introduced in 1997 after 16 children and their teacher were shot dead in the Dunblane massacre the previous year, their use in crimes has almost doubled to reach 4,671 in 2005-06. Official figures show that although Britain has some of the toughest anti-gun laws in the world, firearm use in crime has risen steadily.
Another government intervention in human conduct goes awry...
Despite a ban on handguns introduced in 1997 after 16 children and their teacher were shot dead in the Dunblane massacre the previous year, their use in crimes has almost doubled to reach 4,671 in 2005-06. Official figures show that although Britain has some of the toughest anti-gun laws in the world, firearm use in crime has risen steadily.
Mesa HOA vote to build $8.5M luxury center tossed out by judge | www.azstarnet.com ®
Wow. Why not build a pyramid while you're at it?
A Superior Court judge has ruled against a homeowners association in east Mesa, halting its plans to force residents to pay for the construction of an $8.5 million luxury community center.
Many residents said the project was rammed down their throats and that they couldn't afford the mandatory fees.
Wow. Why not build a pyramid while you're at it?
A Superior Court judge has ruled against a homeowners association in east Mesa, halting its plans to force residents to pay for the construction of an $8.5 million luxury community center.
Many residents said the project was rammed down their throats and that they couldn't afford the mandatory fees.
Friday, August 24, 2007
S.African mayor wants embarrassing municipality name neutered - Yahoo! News
Here's another advantage of HOA living: no developer will name your subdivision "Bull Testicle Villas." But a city? Well, a city can end up being named "Ethikwini."
Red-faced at explaining the name to visitors, a South African mayor is now pushing for a fresh title for one of country's main municipalities which translates as a pair of bull's testicles.
Here's another advantage of HOA living: no developer will name your subdivision "Bull Testicle Villas." But a city? Well, a city can end up being named "Ethikwini."
Red-faced at explaining the name to visitors, a South African mayor is now pushing for a fresh title for one of country's main municipalities which translates as a pair of bull's testicles.
Careful, developers - Treasures may be hiding in sheltered bays - 24/08/2007
I guess "treasure" is in the eye of the beholder. When I saw the headline I was thinking more along the lines of a pirate flotilla full of Spanish doubloons.
Underwater caves in sheltered bays could house a wealth of untapped pre-European archaeological treasures, say Australian researchers. And people involved in coastal developments need to be more aware of the potential for disturbing this underwater heritage, they say.
I guess "treasure" is in the eye of the beholder. When I saw the headline I was thinking more along the lines of a pirate flotilla full of Spanish doubloons.
Underwater caves in sheltered bays could house a wealth of untapped pre-European archaeological treasures, say Australian researchers. And people involved in coastal developments need to be more aware of the potential for disturbing this underwater heritage, they say.
Growing Associations, Growing Controversy - The County Line - Connection Newspapers
Shu Bartholomew sent me this link:
As the investigation of Koger Management Group, Inc. continues, there is a growing question among home and condominium owners if there isn’t a better way to get action on problems with homeowners and condominium associations or real estate management companies.
Shu Bartholomew sent me this link:
As the investigation of Koger Management Group, Inc. continues, there is a growing question among home and condominium owners if there isn’t a better way to get action on problems with homeowners and condominium associations or real estate management companies.
Condo association president arrested
Fred Pilot pointed me to this story at the Cyber Citizens for Justice website.
Fred Pilot pointed me to this story at the Cyber Citizens for Justice website.
Beat The Press | The American Prospect
Mystery Reader sent along this piece by Dean Baker on "The Unreported Wall Street Bailout." Well worth reading.
Mystery Reader sent along this piece by Dean Baker on "The Unreported Wall Street Bailout." Well worth reading.
The Star Beacon; Ashtabula, Ohio - 4 years, 3 months sentence for property manager
Fred Pilot found this link about the Multivest scandal.
Kathleen DeSalvo, co-owner of the firm that once managed Mariner’s Point Condominium Association in Saybrook Township, was sentenced Tuesday in U.S. District Court in Cleveland to 51 months in prison for mail fraud...DeSalvo, who co-owned Willoughby-based MultiVest Management Inc. with her husband, James DeSalvo, pleaded guilty to one count of mail fraud back in April. She admitted to having transferred funds from clients’ bank accounts and depositing the funds into MultiVest’s accounts since 2000. She also admitted to having created false bank statements, which reflected inflated balances in client accounts and providing the false statements to the accounting department, which unknowingly created false financial statements, which then were mailed to MultiVest’s clients every month.
Fred Pilot found this link about the Multivest scandal.
Kathleen DeSalvo, co-owner of the firm that once managed Mariner’s Point Condominium Association in Saybrook Township, was sentenced Tuesday in U.S. District Court in Cleveland to 51 months in prison for mail fraud...DeSalvo, who co-owned Willoughby-based MultiVest Management Inc. with her husband, James DeSalvo, pleaded guilty to one count of mail fraud back in April. She admitted to having transferred funds from clients’ bank accounts and depositing the funds into MultiVest’s accounts since 2000. She also admitted to having created false bank statements, which reflected inflated balances in client accounts and providing the false statements to the accounting department, which unknowingly created false financial statements, which then were mailed to MultiVest’s clients every month.
Home Sales Rise, Factory Orders Up: Financial News - Yahoo! Finance
At last, a bit of good news about the housing market.
At last, a bit of good news about the housing market.
Thursday, August 23, 2007
Proposed amendment would pull up sagging pants in Atlanta
I guess the whole baggy and saggy pants thing has sort of bottomed out in Atlanta.
I guess the whole baggy and saggy pants thing has sort of bottomed out in Atlanta.
'Thought police' to target drinkers | Metro.co.uk
Great example of officials who don't understand that we have a 400 year Anglo-American tradition of limited government.
People who even think about going for a drink face being banned from their town centre for up to two days under wideranging new police powers. Potential trouble-makers can be asked to move on and stay away – even if they have not touched a drop of alcohol.
Great example of officials who don't understand that we have a 400 year Anglo-American tradition of limited government.
People who even think about going for a drink face being banned from their town centre for up to two days under wideranging new police powers. Potential trouble-makers can be asked to move on and stay away – even if they have not touched a drop of alcohol.
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