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'Adult Legos' Build a Following
Homes built with insulated concrete form (ICF) systems are stronger, more energy efficient and quieter than wood-framed dwellings, not to mention that they are fire-proof, termite-proof, bullet-proof and wind-resistant. ICF systems, which are comprised of concrete-filled foam blocks or panels that are linked together and strengthened with steel to form floors and walls, are found in fewer than 5% of homes in the United States. Sometimes called "adult Legos," they have failed to catch on because the necessary ventilation systems make them 5% more costly than conventional dwellings, and many builders are resistant to the extensive training that is involved. However, ICF homes are becoming more popular in the Washington, D.C.-area as well as in the extreme climates of the West and Midwest. (www.washingtonpost.com)
Washington Post (08/14/03) P. T14; Williamson, Elizabeth
To the Beach — or Bust?
While overall home-price appreciation currently stands at 7%, prices along the coasts have posted double-digit growth. The average sales price has surged 78% to $457,000 over the last three years in North Carolina's Outer Banks, for instance; and prices have risen rapidly in San Diego, Cape Cod, South Florida and South Carolina's Hilton Head as well. Many experts are expecting a major correction in prices now that lenders are imposing stricter underwriting standards, the shift from stocks to real estate has slowed and interest rates have started to climb. While one camp warns that the vacation property market will not escape the cool-down, others predict that appreciation in beach markets will remain robust in the long term due to demand among retiring baby boomers as well as environmental and anti-growth restrictions. (www.usatoday.com)
USA Today (08/14/03) P. 1B; Fogarty, Thomas A.
Cities Consider Housing Deal
Officials in Southwest Ranches, FL, must balance the state's affordable housing requirements with the fact that many of the town's residents are opposed to low-income shelter near their mini-ranches. Earlier in the year, they reserved 30 acres for low-cost dwellings in an attempt to prevent the state from controlling the parcel's development. Now the city is looking to pay nearby North Lauderdale $25,000 annually to build 100 of the 178 affordable units required by the state. However, Southwest Ranches, which had a median home value of $320,000 in 2000, must show that its property values are too high to accommodate low-cost development. In contrast, North Lauderdale's median home value was just $82,000 three years ago. The state Department of Community Affairs must review the proposal; but regardless of the outcome, Southwest Ranches Mayor Mecca Fink has declared that apartments will never be built in the town. (www.sun-sentinel.com)
South Florida Sun-Sentinel Online (08/12/03) Heist, Lauren
Design Centers Give Builders New Insight
A number of builders have created design centers to give home buyers a larger selection of options and upgrades and learn more about buyer preferences. Low interest rates and the desire to stay closer to home since the Sept. 11 terrorist attacks have boosted spending on options and the momentum has not slowed even as interest rates began to move north. According to the NAHB, most buyers shell out $5,000 to $7,000 on upgrades, with wealthier move-up buyers spending more than budget-conscious first-timers. Design centers have allowed builders and manufacturers to monitor trends, with stainless-steel appliances, natural woods, refrigerator-ranges, closet valets and laundry rooms now in high demand. Meanwhile, lofty ceilings, taller cabinets and fireplaces have become standard offerings in the last 10 or so years in response to overwhelming consumer demand. (www.philly.com)
Philadelphia Inquirer (08/10/03) P. J1; Heavens, Alan J.
Traditional Companies Get Help Establishing Online Presence
Like many traditional firms, Bellamy & Sons Construction Co. Inc. of Scotia, N.Y., was slow to enter the Internet sphere but now has two domain names www.belamyandsons.com and www.bellamyconstruction.com and plans to roll out a Web site in the fall. Another traditional company in the area, Newberry Knitting Co., has been online for four years and reports $30,000 to $50,000 in annual revenue from its Web site. Marc DeNofio of the Chamber of Schenectady County, NY, says the chamber is focusing on getting older firms like these in touch with the potential benefits of a Web presence. The chamber is allowing members to use its designer, TreeTop Solutions, at a lower-than-average price for Web site development of $300. "Virtually every industry and every sector can benefit from an effective Web presence," says Howie Diamond of WebStores of America in Troy, NY. Diamon says, "Most people, whether for business for personal reasons, turn to the Internet for their primary source of information and research." The Consumer Internet Barometer finds that 17% of households report utilizing the Internet for research. (albany.bizjournals.com/albany)
Albany Business Review (08/11/03) D'Errico, Richard A.
Home Buyers Take a Shine to Energy Star
Homes with the Energy Star designation, now totaling 100,000 nationwide, are 30% more efficient than other dwellings and save home owners a combined $26 million annually. These models feature efficient heating and cooling systems, water-saving appliances, high-performance windows and tighter ducts to control air flow, block sunlight and reduce the use of both water and energy. Energy-efficient efforts shaved over $7 billion from utility bills last year, conserving enough power for 15 million homes and lowering greenhouse gas emissions at a rate equal to removing 14 million cars from U.S. roadways. (www.orlandosentinel.com)
Orlando Sentinel (08/10/03) P. J26; Sheinkopf, Ken
The Powder Room Gains Respect
Powder rooms are no longer cramped spaces with nothing more than a basic sink and toilet. Modern home buyers want bigger versions with large vanities and storage space. In fact, some builders now are offering 6-foot-by-6-foot models instead of the 5-foot-by-3-foot norm. Residents also want finishes to match the master bedroom or kitchen, since powder rooms are now showing up in the foyer or along a corridor leading to the kitchen — instead of in the tiny space beneath the stairs or other crowded quarters. As a result, granite countertops, high-end flooring, glass sinks and showy faucets are becoming more popular. Home owners also are installing specialized lighting and sconces to create an elegant atmosphere and draw attention to the sink and other accessories. (www.chicagotribune.com)
Chicago Tribune (08/09/03) P. 3; Beatty, Allison E.
High-End Homes a Hard Sell
Prudential Carolina Real Estate estimates that a third of the homes priced at more than $1 million in downtown Charleston, SC, have been languishing on the market for over a year, forcing some sellers to slash their asking prices. The Charleston Trident Association of Realtors®, meanwhile, reports that 91 high-end homes are currently up for sale, with more than half boasting $1.5 million-plus price tags. Many of these are historic homes; and their prices are based on their historic significance, renovations and the condition of neighboring properties. Because a number of these dwellings are more than a century old and require a great deal of maintenance, only the wealthiest buyers can afford to purchase and maintain them. However, the economic downturn, stock market losses and rising interest rates have weakened demand among affluent buyers. Still, the downtown market is holding up well, with a total of 65 sales from January through July; an average sales price of $1.03 million; and a drop in the time spent on the market from 214 days last year to about 165 days. (www.charleston.net)
Charleston Post and Courier (SC) (08/13/03) P. 1A; McDermott, John P.
The Easier Efficient Mortgage
Fannie Mae hopes to make energy-efficient mortgages (EEM), which allow borrowers to take on larger loans because they will save money on their utility bills, more attractive to lenders. Traditional EEMs, which have been offered for a couple of decades, finance as much as 100% of the cost of energy-efficient home improvements with just 3% down. Fannie has now extended automated underwriting and other scaled-back paperwork requirements to EEMs. The company has also launched MyCommunityMortgage so that low- and moderate-income buyers can purchase energy-efficient homes with only a 1% downpayment. To qualify for MyCommunityMortgage, home buyers may not earn more than 100% of the median income in their area. Income limits vary in high-cost markets, however, based on HUD definitions; and there are no income requirements at all if the borrower is purchasing a home in an area labeled by HUD as underserved; in low- to moderate-income or minority census tracts; or in central cities. (www.homeenergy.org)
Home Energy (08/03) Vol. 20.4, P. 6; Desiderio, Michelle
Got You Covered
SmartWrap, a high-tech building envelope designed by the Philadelphia-based architectural firm Kieran Timberlake, was recently unveiled at the Cooper-Hewitt, National Design Museum in New York City. The innovation combines electrical, heating and cooling, and insulating systems on a customizable film that resembles a large circuit board. The film comes in a wide array of colors and patterns, which will allow home owners to frequently and inexpensively change the look of their interior walls. SmartWrap features polyester film, an interior air layer and aerogel pockets to provide shelter and insulation; flexible solar cells and tiny film batteries to trap and store energy; micro-capsules to regulate temperature; and organic light-emitting diodes so computer and TV images can be viewed on the wall. Moreover, the patterns can be altered to allow more privacy or light or to provide better views of the outdoors. The technology should be available within five years. (www.philly.com)
Philadelphia Inquirer (08/08/03) P. E1; Goldsmith, Diane
Reclaimed Treasures — Latest Trend in Building Materials
The amount of reclaimed redwood, rosewood, teak and Douglas fir sold to home owners, architects, builders and designers has skyrocketed from about 8 million board feet per year a decade ago to more than 40 million today. TerraMai is just one company that specializes in reclaimed wood, most recently crafting 100,000 board feet of lumber, decking, siding and paneling from redwood wine tanks purchased from the Sonoma, CA-based Sebastiani Vineyard. Says TerraMai co-founder Erika Carpenter, "Humans have now harvested 95% of the world's old-growth, and it is time to recycle what we have already harvested — that's what our company is all about." (www.prnewswire.com)
PRNewswire (08/13/03)
Handheld Organizers Becoming More Helpful Every Day
Personal digital assistants (PDAs) are becoming increasingly sophisticated, allowing users to edit PowerPoint presentations, complete word processing tasks, create voice memos and enter data into Excel spreadsheets. These capabilities have made the PDA key to increased productivity and effectiveness. Palm's new $399 Tungsten T2, for instance, is essentially a mini computer with sufficient memory, a voice recorder, the ability to work in both sunlight and low light conditions and Bluetooth technology to facilitate wireless connections between devices. (www.wirelessnewsfactor.com)
Wireless Newsfactor Online (08/06/03) Cummings, James
Wireless World a Realty Reality
Real estate companies across the country are spending more money on high-tech solutions that improve agent productivity in the field. Many agents have hand-held devices with cell phone, e-mail, messaging and Internet capabilities; and some firms are installing wireless Ethernet networks so that agents can connect to the Web and access company file servers, printers and computers when away from the office. Other companies are implementing systems that send new listings to brokers as soon as they hit the Multiple Listing Service. Web-based transaction management systems that track the entire sales process and make documents available to everyone involved are popular also, as are unified messaging systems that combine e-mail, fax and voicemail. (www.inman.com)
Inman News Features (08/12/03) Swesey, Jessica
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