Housing reports released during the month of March have brought strong indications that the real estate market has begun its recovery.

According to the National Association of Realtors, existing homes sales increased 5.1 percent in February 2009—which is the biggest percentage increase of existing homes sale in five years.

Chief economist at the National Association of Realtors, Lawrence Yun, told the Wall Street Journal, "The biggest complaint during the housing-market boom years was that middle-class home buyers were priced out. Now that prices are declining, it’s giving them a chance to enter the market."

Aiding in the increase of home sales is the affordability of real estate for first-time home buyers. The combination of low mortgage rates, which are roughly 5%, and an $8,000 tax credit given to first-time home buyers who purchase real estate before Dec. 1, 2009, are boosting the real estate market. According to a survey of Realtors, first-time home buyers accounted for half of February’s home sales. 

So far in 2009, housing reports have shown an increase in sales for single-family homes, resale homes and new homes. According to the Wall Street Journal, in January 2009 home prices rose for the first time in 10 months. In "Home Prices Rose in January," the WSJ reported on the Federal Housing Finance Agency’s findings that home prices increased 1.7 percent.

February 2009 also saw favorable numbers as single-family home sales in Miami, Fla., rose 68 percent and condominium sales increased by 71 percent from February 2008.

"The increase in sales in the Miami market over the last seven months shows a clear, strong upward trend indicative of a market recovery," said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches.

Resale home sales are also on the incline in Miami. The city, known for its magnificent beaches, great nightlife and top-rated restaurants, has seen its resale homes sales market increase 70 percent from February 2008 to February 2009. “We expect sales to continue to rise in the coming months, and once distressed properties are not a major force, prices will begin to rebound to normal levels,” said Burch.

According to the California Association of Realtors, single-family home sales in California rose 83 percent from February 2008 to 2009. Another positive sign the housing market is bouncing back is the length of time a home is listed on the market. In February 2008, a single-family resale home in California would spend a medium of 69.3 days on the market; just 12 months later California single-family resale homes are spending an average of 51.5 days on the market.

On a national level, new home sales rose 4.7 percent in February 2009 from the month prior. Though the new home market is seeing steep competition from the existing homes market—mainly because of lower listing prices—increases in sales is helping deplete inventories. As of February 2009 there are roughly 330,000 new homes for sale, which is the lowest number the new home market has seen in about seven years.

In "Jump in Home Construction Raises Hope," posted on March 18, the Wall Street Journal reports on government findings of a 22 percent increase in home construction in February 2009, compared to January 2009. The article indicates that new home construction is up in single-family and multi-family dwellings.

—Lauren Varga

For Darren K. Proulx, it all started with a newspaper ad. The 19-year-old was enticed by an offer to buy land in California: a low down payment and only $100 per month.

Proulx answered the ad and started making payments on his very own piece of land. The only problem: his parcel was two and a half acres of Kern County desert that “had zero chance of ever selling to a developer,” Proulx said. “I never made any money on that project.”

He decided to dedicate himself to making sure others don’t make the same mistake by co-founding Land Resource Investments, Inc., a land banking company celebrating its 10th anniversary this year. Proulx, the company’s CEO, is now recognized as an expert in the subject and is the author of the 2006 book, “Pay Dirt: How the Individual Investor Can Bank Land for Great Profit and Avoid Shams, Scams and Worthless Real Estate.”

Simply put, land banking is buying land and holding it for future use or development. In this case, it’s buying land with the hopes of selling it to someone else who wants to develop it. The concept is not new. But Proulx’s approach is.

Land Resource Investments does the research and due diligence needed to identify a parcel that is in the path of growth and development. Population projections and growth plans are studied. What is the land’s proximity to water, sewer and power? Can you see new construction from the property? In short, the company will do everything Proulx didn’t do before he bought that first piece of land.

Land Resource Investments generates revenue in three ways. It buys land for less than what it charges its buyers. It offers financing. And it keeps $6 of the $23 monthly association dues.

Proulx’s current land-bank project is in North Los Angeles County (the Antelope Valley). Individuals can purchase an undivided interest of a large parcel for $19,500—they are issued a grant deed documenting their ownership. To date, the company has helped about 1,800 people purchase land in the path of Los Angeles’ sprawl. “You want to be in the path of growth of a major metropolitan area,” he said.

Proulx said about 80 percent of the people who have bought land through his company have used money from their IRAs. “Most people, including a CPA I recently met, don’t know you can put real estate in an IRA.”

He thinks more people should consider using 401K rollovers and IRAs to diversify their retirement account holdings, especially in light of the losses these accounts have sustained recently in the stock market. “They are just getting hammered by the market,” he said. “Most people’s best investment they make in their life is their home. And it’s not the house, it’s the land that goes up in value.”

Although Proulx is confident that land banking holds more promise than betting on the stock market, he is up-front about the risks involved. “We make no promises, projections or estimations,” he stresses. “We just help people buy land that they would not be able to buy without us.”

For more, visit www.LandBankNation.com.
 

Losing oneself in a secluded, peaceful rainforest on the island of Costa Rica never sounded so luxurious.

Tranquilo, a luxury quarter-ownership development in the gated enclave of Punta Leona along the central coast of Costa Rica, spans 15 acres of jungle, beaches and natural surroundings. Punta Leona lives up to any resident’s expectations with three Blue-Flag-rated (or as the natives say Bandera Azul) beaches, jungle hiking, mountain bike trails and a zip-line tour of the jungle canopy and butterfly farm.

After a day of relaxing on the beach, or hiking through the jungle, come home and be pampered within your Tranquilo residence, which can range from a 750-square-foot studio to a 4,500-square-foot penthouse and start at $70,000. Gently settled into the topography of Costa Rica, Tranquilo looks out over the canopy to capture views of the Pacific Ocean.

The seamless exteriors are a complement to Tranquilo’s open and contemporary interiors, which are flanked with floor-to-ceiling windows that bring the tropical oasis indoors. Finishes and details are incorporated from around the globe and will pleasure all of the senses.

With 90 percent of Tranquilo’s property undeveloped, there is a quiet nook waiting. Sink into a lounge chair by the infinity-edge pool, find your inner peace on the meditation deck, or grab a book and head to Playa Blanca or Playa Mantas.

Tranquilo is a 45-minute drive from San Jose, via a highway, which is scheduled for completion in 2010. Whether you arrive via automobile or helicopter, the homecoming is all the same. Each residence is equipped with a stocked refrigerator and owner requests; owners may even opt to have a chef prepare a private, culinary delight.

—Lauren Varga

ASID and Hospitality Design Magazine Contest Extended to March 15, 2009

The American Society of Interior Designers (ASID) and Hospitality Design magazine invite interior designers, architects and manufacturers to enter the second annual Earth-Minded Awards (EMAs). Created by ASID and Hospitality Design to recognize exceptional sustainable design, this year’s EMAs include a new category for interior design and architectural students: The Earth-Minded Award for Tomorrow.
 
“With the new Tomorrow award, we will recognize students and their earth-minded design solutions, getting a glimpse into the future of sustainable hospitality design,” said Michael Alin, Hon. FASID, ASID Executive Director. “There was an explosion of sustainable designs and products in 2008, as well as an increased interest in creating built environments with a reduced carbon footprint. We look forward to recognizing the best of the best ‘earth-minded’ designs, products and ideas of 2008.”
 
Projects and products should be environmentally innovative, aesthetically pleasing, promote sustainability, gone through a careful materials selection process, integrate efficiency and incorporate recycling and waste management. Only completed projects and manufactured products will be considered.
 
"There continues to be an intense dedication to sustainability in hospitality design. Its practices are embedded in almost every project we see, and last year’s entries were a heartening testimony to its growing influence, “said Michael Adams, Editor in Chief of Hospitality Design. “I look forward with great enthusiasm to this year’s submissions."
 
For complete eligibility guidelines and to download the entry form, visit www.hdmag.com <http://www.hdmag.com> . Send the completed form, project or product description (not to exceed 1000 words), and entry fee made payable to Hospitality Design, with project photos and floor plan or product samples (print and electronic materials will be accepted) by March 15, 2009 to:
 
Hospitality Design
Attn: Jana Schiowitz 
770 Broadway
7th Floor
New York, NY 10003
 
Please send electronic submissions to kcline@asid.org <http://kcline@asid.org>
 
The Earth-Minded Awards will be presented at Hospitality Design’s Green Day in Las Vegas on May 13, 2009.
 
About ASID: The American Society of Interior Designers (ASID) is a community of people—designers, industry representatives, educators and students—committed to interior design. Through education, knowledge sharing, advocacy, community building and outreach, the Society strives to advance the interior design profession and, in the process, to demonstrate and celebrate the power of design to positively change people’s lives. Its more than 40,000 members engage in a variety of professional programs and activities through a network of 48 chapters throughout the United States and Canada. www.asid.org <http:// www.asid.org>  ASID is the Founding Sponsor of InformeDesign (www.informedesign.umn.edu <http://www.informedesign.umn.edu> ), a searchable database that enables designers to engage in evidence-based design by using Research Summaries focused on design and human behavior, created and operated by the University of Minnesota.

From sleek yachts, to private jets, to customized sports cars, high-end collectibles never cease to amaze. Perhaps it’s time to add one more to the list of high-tech luxury toys.

With more than 10 years in the business of constructing underwater craft, Hawkes Ocean Technologies has built vehicles for researchers and moviemakers. It only seems fitting that they go one step further.

For those interested in a deep sea adventure, Hawkes Ocean Technologies may offer the perfect solution to tour the depths with its Deep Flight Super Falcon. The sleek craft, with its thin body, two seats, two sets of wings and two tail fins, is said to be extremely agile, allowing barrel-rolls with dolphins while traveling at speeds faster than other private submarines. The craft can also stay underwater for up to 5 hours, travel up to 6 knots and can dive as deep as 1,500 feet below the water’s surface

Pricing varies depending on model of submersible—anywhere from $350,000 to $1 million plus.

Check out the CNN Technology page for the full story. For more on other unique underwater craft, check out Hawkes Ocean Technologies Deep Flight Submersibles site.

—Robert Burke

MIAMI – The World is the first and only private residential community at sea.  This extraordinary 12-deck, 644-foot vessel first set sail in 2002, and officially sold out four years later.  As is the case with any private community, select apartments become available for resale from time to time.  One such apartment that is now available is Apartment 1110 & 1108, whose more than 4,000 square feet make this the largest apartment onboard, with five double en suite bedrooms, one double en suite study bedroom, two living areas, two dining areas, two kitchens, both with laundry facilities, and 150 square feet of verandah space.  The apartment is priced at $17.5 million, and can comfortably fit up to 12 people.  More information on the apartment can be found at www.theworldsuite.com

Apartment 1110 and 1108 is custom-designed, ideal for large families or groups of friends visiting the ship together, as its connected living spaces have internal dividing doors and private entrances for assured space, privacy and flexibility.  The apartment is one of only a few to offer both bow and port views with two heated whirlpool spas on the 150-foot verandah.  The en suite study bedroom offers a quiet place to use the internet or a convenient extra sixth bedroom for children or an Au Pair. 

The ship’s overwhelming success and the increased demand for bigger, more luxurious apartments led to 1110 and 1108 as a multi-suite living option for the well-traveled, discerning guest.  These combined apartments have been cleverly configured with internal doors (some disguised as book cases) allowing for a variety of rental options with either two, three or five en suite bedrooms. 

The World’s continuous worldwide itinerary allows for the only home ownership with views of more than 470 of the world’s finest cities, beaches and ports including Hong Kong, New York, Sydney, London, Antarctica, Venice, St. Petersburg and the Seychelles.  In addition, The World is offering three unique Expeditions in 2009 – a voyage through the Sea of Cortez in May, a journey along the Bering Sea in August, and a trek through Papua New Guinea in late-November.  The World will also make a maiden call in Seoul, South Korea in October 2009.  

Each suite within the apartment is outfitted with a range of amenities including sophisticated home entertainment centers in the living rooms with a comprehensive supply of the latest movies and music; space for private, catered meals; dining areas with wet bar facilities; fully equipped kitchen and laundry areas; stunning views from floor to ceiling windows; Internet, fax and phone services; cable television, and more.  Other onboard offerings such as daily housekeeping, private chef services, dry cleaning, concierge and 24-hour room service allow those onboard to be free to explore and enjoy the ship.  The World offers four high-quality restaurants, an expansive fitness center and The World Spa by Banyan Tree, a golf simulator, onboard theatre and art gallery, marina for water sports, and much more.

The unique ship offers 165 homes aboard, and pricing for residences starts at approximately $1.4 million.  Additionally, many private residences are available for rent, with a minimum six-night stay required.  For further information on Apartment 1110 and 1108 pricing, and for a full listing of the 2009 itinerary, please visit www.aboardtheworld.com

About The World:
The World® is the only residential community at sea, allowing its Residents and Guests to travel the world without leaving the comforts of a private home.  There is an average of 150 adventurous and like-minded explorers onboard at once, traveling to intriguing destinations all over the globe.  The ship offers an elegant and intimate travel lifestyle with impeccable service and amenities that deliver a personalized and bespoke experience.  Discerning travelers can travel in one of the 165 private residences aboard The World or elect to own one of the select homes available for resale. For more information about residential purchase options or vacation experiences, please call ResidenSea Management, Ltd. at 1-800-970-6601 in the U.S. or Canada or + 1-954-538-8400 outside the U.S.; or visit www.aboardtheworld.com

Buyer incentives such as memberships, furnishings and custom accents are a luxury of the past; today, motivated sellers are offering material items and unheard of discounts. 

Snag a 2009 Bentley Continental GT (MSRP: $179,200-$203,600) with the purchase of one of two listings marketed by George Hajjar of The Hajjar Group with Realty Executives. The listings are priced at $4.995 and $3.995 million.

LoveThoseMountains Realty is listing a log home on 7.86 acres with more than 500 feet of Ellijay River frontage. And if waterfront  property, vast acreage and unique architecture isn’t enough to captivate buyers, this listing is complete with a new Jeep Wrangler!

In Bali—an Indonesian Island—developer mc2 is offering a "50-50" deal. An international client can buy a unit for half price, so long as the residence remains in a rental pool for 10 years.

Buyers aren’t the only party getting a stimulus; agents are cashing in for their hard work. Hajjar gives his word that the Realtor who sells either of his $4.995 or $3.995 listings will receive a Breitling Bentley GT chronograph steel watch ($7,695) or a Cartier Pasha watch ($5,150).

—Lauren Varga

Miami, FL—Miami sales of single-family homes rose 47 percent in January 2009 compared to January 2008. The sales of condominiums increased by 27 percent compared to January 2008. The number of sales in Miami has increased significantly in each of the last six months, a trend that points to the beginning of the real estate market recovery in South Florida.

In Miami there was a 36-percent increase in existing home sales—including single-family, townhomes, condominiums and co-ops—in January 2009 compared to January 2008, while existing home sales dropped 5.3 percent nationally. Sales of existing homes in many Florida markets also declined in January.

"South Florida is a unique marketplace. Despite the current economy and the fact that real estate sales nationally and in many markets throughout Florida are declining, the Miami market appears to be making a comeback," said Rick Burch, 2009 Chairman of the Realtor Assocation of Greater Miami and the Beaches.

"Buyers who were sitting on the fence are realizing the opportunities and affordability currently available. South Florida also remains an important option for European buyers who get additional discounts resulting from the weak U.S. dollar and for other foreign buyers looking to invest in a safe haven."

The sales of single-family homes have shown gains since August 2008. Condominium sales increased in June and have increased every five out of the last six months. The number of days a property stays on the market and inventory levels have also decreased.

Mainly due to an increased number of foreclosures and short sales, median sales prices continue to drop. The median sales price reported in Miami in January 2008 was $208,100, a 38-percent drop from January 2008. The median sales price for condominiums was $149,100, a 48-percent decrease from January 2008. It is important that these foreclosures and short sales are cleared from the local inventory in order for the market to recover.

As housing is the backbone of the economy, President Obama’s broadened focus on the nation’s economic recovery stresses housing stability, increased lending and foreclosure prevention.

"The passing of the new stimulus bill will benefit many current and prospective buyers in South Florida and in turn help rebuild our local economy and housing market," said Burch.

In an effort to bolster sales in its New York City condominiums, Toll Brothers is offering a safety net during uncertain mortgage times.

If a buyer loses his or her job, The Horsham, Pa.-based developer is offering to make mortgage payments for up to a year at all three of its New York City luxury condos—Northside, 5SL in Long Island City, Queens, and 303 East 33rd in Kips Bay, Manhattan.

To spark buyer interest, developers are introducing a number of incentives and perks to buyers. The new borrower’s protection program will be free of charge for the buyer for the first year. The annual fee for the borrower after the first year is about 3% of the monthly mortgage payment. a buyer is laid-off, gets injured or is hospitalized, the insurer will pay up to 12 monthly installments on mortgage during a 10-year period.  Check out  more details here!

—Robert Burke

The story was also found on InmanNews.com and the Curbed.com blog.