ArchWeek Residential 2009.0708

Wed Jul 8 14:09:38 PDT 2009

Dear Designers, Builders, and Dwellers,

ArchWeek Residential brings you housing news and analysis weekly from the editors of ArchitectureWeek.

The most popular business story in the New York Times right now takes a look at summer in Nantucket, and one big house going to auction.  It's an interesting read...

	On a winding road, down a white shell driveway, sits a rambling
	gray-shingled home with a view of the harbor, where beige lounge
	chairs ring an amoeba-shaped swimming pool and the living room is
	filled with pristinely white sofas, plumped, pillowed -- ready for
	the next owners.

	The 7,500-square-foot house has been on the market for a year
	with no takers. "We had some good offers," said the owner, Paul
	C. Steinfurth, who runs a Miami real estate business and bought
	the house for $5.4 million in 2004. "Then Lehman happened and
	they put their hands in their pockets."

	So Mr. Steinfurth is resorting to a risky tactic new to the real
	estate market here: next Tuesday he'll offer the house at an
	"absolute auction." The highest bidder wins, no matter how low
	the bid.

In a Summer Hideaway for the Rich, the Slump Is Visiting, Too
http://www.nytimes.com/2009/07/08/business/08nantucket.html

Meanwhile, Reuters reports on IMF findings that the world economy is stabilizing...

	The global economy is slowly starting to pull out of its deepest
	recession since World War Two but recovery will be sluggish and
	policies need to remain supportive, the International Monetary
	Fund said on Wednesday.

	In an update of its World Economic Outlook, the IMF said the
	global economy is likely to contract 1.4 percent this year, a
	touch steeper than the 1.3 percent decline it projected in April.

World Recession Easing, Recovery Fragile, IMF Says - Reuters, 2009.0708
http://www.reuters.com/article/ousivMolt/idUSTRE5673K120090708

My own perspective is colored by the need to meet payroll, book revenue, and stay in business.  So I prefer to hew to the line of the statistics, and leave off the rose-colored glasses.

Much of the recent economic news shows continuing declining numbers, with the declines slowing. To me, this suggests a recession which is still deepening, not a recession that is easing.  

It's true that the rate of decline seems to be easing, which suggests we are approaching the bottom.  But there's little if anything, besides hope, to suggest economic trends actually starting to rise up from that bottom.  There's not much basis for predicting when that rise will occur, and survivors are likely to plan accordingly.

I have hope for the economic future, and I can add that to the stats myself.  Indeed, in the reduced economy, a huge amount of business is being done every day, every week.  We see that, and we're grateful to be part of it.  In fact, more people in the economy overall are employed than unemployed.  In most industries, while bankruptcies are prominent, most businesses are finding ways to adapt, and remain intensely engaged in their markets.

Hopefulness of attitude notwithstanding, this ongoing business depends on sharp attention to challenging cash flows and every other financial reality.  And focused aid to world economies from capable governments is probably also a necessity for timely recovery.  That aid turns on informed electorates.

For reporting organizations to constantly add their own positive spin to the actual stats may look good on paper, but it is neither helpful, nor hopeful.

Discuss online:
http://www.designcommunity.com/forums/viewtopic.php?t=29097

Residential Design and Building News
------------------------------------
Past Its Prime: 127-Year-Old Home on Eastwood Street Slated to Be Razed - Marshall Democrat-News, 2009.0707
http://www.marshallnews.com/story/1552789.html

For Sale in ... Florence - New York Times, 2009.0707
http://www.nytimes.com/2009/07/08/greathomesanddestinations/08gh-sale.html?hpw

Home Builder Renaissance Files Reorganization Plan - Portland Business Journal, 2009.0707
http://www.bizjournals.com/portland/stories/2009/07/06/daily20.html

Second Thoughts on How Low Mortgage Rates Will Go - Philadelphia Inquirer, 2009.0707
http://www.philly.com/inquirer/business/20090707_Second_thoughts_on_how_low_mortage_rates_will_go.html

Australian Building Industry Contracted at Faster Pace in June - Bloomberg, 2009.0707
http://www.bloomberg.com/apps/news?pid=20601081&sid=aM3JusOcBJ30

Deadline Passes for California's New-Home Tax Credit - Sacramento Bee, 2009.0707
http://www.sacbee.com/topstories/story/1997310.html

Province to Offer Rebate on New Home Construction - Chronicle Herald, 2009.0707
http://thechronicleherald.ca/Front/9012496.html

Home Again: After Two-and-a-Half Years, Columnist's Teardown Is Complete - Wall Street Journal, 2009.0707
http://online.wsj.com/article/SB124594256571354323.html?mod=googlenews_wsj

Best of Rally in US REIT Bonds Likely Past - Reuters, 2009.0707
http://www.reuters.com/article/GCA-Housing/idUSTRE5664NU20090707

For Sale in ... Florence - New York Times, 2009.0707
http://www.nytimes.com/2009/07/08/greathomesanddestinations/08gh-sale.html?hpw

France, Unlike U.S., Is Deep into Stimulus Projects - New York Times, 2009.0707
http://www.nytimes.com/2009/07/07/business/global/07stimulus.html

Home Again: After Two-and-a-Half Years, Columnist's Teardown Is Complete - Wall Street Journal, 2009.0707
http://online.wsj.com/article/SB124594256571354323.html?mod=googlenews_wsj

Under Gavel, Where Loss Transforms into Gain - New York Times, 2009.0706
http://www.nytimes.com/2009/07/06/us/06land.html

New Home Builders Keeping Busy - Coffs Coast Advocate, 2009.0706
http://www.coffscoastadvocate.com.au/story/2009/07/06/new-home-builders-still-going-hammer-and-tongs/

The $18 Million Fixer-Upper - New York Times, 2009.0705
http://www.nytimes.com/2009/07/05/realestate/05deal2.html?ref=realestate

Builders Pan Tougher Runoff Rules - Daily Press, 2009.0705
http://www.dailypress.com/news/dp-local_runoff_0705jul05,0,6882389.story

Economy Putting Dallas Spec Homes in Check - Dallas Morning News, 2009.0703
http://www.dallasnews.com/sharedcontent/dws/bus/stories/070309dnbusbuilders.3a520f9.html

U.S. Foreclosures to Peak in Late 2010, Meyer Says (Update1) - Bloomberg, 2009.0702
http://www.bloomberg.com/apps/news?pid=20601103&sid=aAsDvrWg4aJI

Beazer to Settle Fraud Case for Up to $53 Million - Bloomberg, 2009.0701
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_F56fgl7kk8

Pending Sales of Existing Homes in U.S. Increased 0.1% in May - Bloomberg, 2009.0701
http://www.bloomberg.com/apps/news?pid=20601068&sid=azoz62A6P434

May's New-Home Sales in U.S. Drop 33% from a Year Earlier - Los Angeles Times, 2009.0625
http://www.latimes.com/business/la-fi-newhome-sales25-2009jun25,0,7568937.story
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Cyberattacks Hit U.S. And South Korean Web Sites - New York Times, 2009.0709
http://www.nytimes.com/2009/07/09/technology/09cyber.html?_r=1

With the Chrome OS, Google's Software Stack Is Revealed; Shrapnel Everywhere - ZDNet, 2009.0708
http://blogs.zdnet.com/BTL/?p=20827

Review: The 15-In. MacBook Pro Soars to New Heights - Computer World, 2009.0707
http://www.computerworld.com/s/article/9135253/Review_The_15_in._MacBook_Pro_soars_to_new_heights?taxonomyId=12&pageNumber=1
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