Thursday, July 28, 2011

The Coolest Small Cities in America

The Coolest Small Cities in America

Eight reasons to downsize your next vacation.

By GQ Staff

Want a real break? Forget the hassle of getting in and out of America's metropolises—with their $400 hotel rooms and mobbed tourist attractions. Instead, hit these miniopolises, where top-notch food comes straight from the farm and your third round is on the house. Here are eight reasons to downsize your next vacation.

Charleston, South Carolina


Mind-blowing shrimp 'n' grits just minutes from an awesome southern surf scene. To wake up under the ornate fourteen-foot ceilings of the Wentworth Mansion is to wonder if some southern heiress took you home with her the night before. The stately digs were once the city's finest home, and they make you feel not like you live in Charleston but like you own it.

Plus, you're within walking distance of the Hominy Grill and its unparalleled shrimp 'n' grits—a dish that earns its place on breakfast, brunch, and lunch/dinner menus, and makes you want to stretch out on your daybed at the Mansion.

Instead, follow signs to Folly Beach and keep heading east along the water until you're past the cars parked under the palmetto trees. You can sleep off breakfast in the sun, but between the temperate climate and generally mellow swell, it's a good place to pick up surfing—or to shred if you can. Southern hospitality extends to the water: You won't find friendlier locals on the East Coast.

Portland, Maine


You can walk anywhere in this town — even in December. Here are your marching orders.

Fore Street is one of America's best restaurants, but skip the dining room for a dozen oysters at the bar—where the barmen greet you as if it were your private club—and wash them down with an iced Maine vodka or a microbrew. You're a three-minute walk from the happy-hour crowd at J's Oyster, which offers a harbor view, oysters for $7 per half dozen, and Christmas lights that never come down.

It's a forty-minute ferry ride to Diamond Cove—the kind of island where George H. W. Bush pulls up on his cigarette boat. The lobster roll from the Diamond Cove General Store involves an entire lobster, steamed to order. Crisscross the island on footpaths (no cars are allowed) and, at low tide, trek across a sandbar to Little Diamond Island to catch the ferry back.

Santa Fe, New Mexico


The air is thin in the country's highest state capital, but it's always perfect riding weather here. Mount up a dual-suspension Rocky Mountain 29er at Mellow Velo, because extra-large wheels carry momentum on swoopy high-desert terrain and city streets alike. It's a fifteen-minute pedal to Cerro Gordo Road, where a left turn after the pavement ends will dump you into the Dale Ball Trails, a well-marked thirty-mile network of single-track. If you're just in from sea level, don't feel bad when women jogging with their dogs zip past you.

The Anasazi Indians of New Mexico were cliff dwellers—pioneers of early civilization's precursor to the apartment building. Rosewood Inn of the Anasazi, with its sandstone walls, kiva fireplaces, and handwoven carpets, is a boutique tribute to their ingenuity, and the best hotel in town.

Providence, Rhode Island


For years, Providence has been heralded as the arts-and-culture center of New England—in large part by developers who dreamed of replacing the resident artists with Boston yuppies. Thankfully, that dream is dead. Because what Providence lacks in fratty Irish bars, it makes up for with a vibrant art scene and the renegade character of a bastard son.

Nights out begin at AS220, a downtown restaurant, gallery, and art studio—before moving across the highway to West Side bars like the pleasantly divey E&O Tap or Julian's, the epicenter of Providence's scene, where paintings by local artists deck the walls and everyone knows—and likely plays in a band with—everyone else.

The next day, you'll find the same crowd recovering down the street over brunch at Nick's. While you're waiting for a table, browse the shelves at Armageddon Shop, purveyor of Providence-made music and the city's iconic Technicolor silk-screened posters. The clerks may give you a funny look if you tell them you're "on vacation" in Providence; better to say you're just avoiding Boston.

Raleigh, North Carolina - Poole's Downtown Diner


Poole's serves late on Saturday night, and even though you're stuffed with macaroni au gratin and buttermilk fried chicken, you ask the hostess what time they start serving Sunday brunch. It's the triumph of logic over satiation: You will have to eat tomorrow, and this is clearly the best food in town. The polished retro space—once an honest-to-God diner—looks just as good in daylight. The crispy catfish entrée is re-imagined as a BLT; the wine list loses none of its appeal. You'd have to wait till Monday to catch another dinner, which seems like not a bad idea.

Boulder, Colorado - Frasca


A frasca is an old-school farmers' hangout in Friuli, Italy, but Frasca the restaurant, in a posh piece of Boulder, is a happy cult of new-world Friulian obsessives. Led by chef Lachlan Mackinnon-Patterson, they're riffing on the culinary heritage of the Italian region using Colorado's finest produce. If you put Frasca in downtown Manhattan, it would compete with the best Italian restaurants in the city. If you put it in the middle of Friuli, the locals would likely recognize a reflection of their better culinary selves and travel to pay homage, just as we do.

Athens, Georgia


I'll be fine if I never see another rock show in New York City. The scrum for tickets starts two months ahead of time; the well drinks cost $8. To paraphrase Johnny Paycheck, you can take all that and shove it. Instead, I'll take the scene in Athens. The city's best venues, the 40 Watt Club and the Caledonia Lounge, both host bands that play big venues in big cities and hit all the right notes: cheap cover, good sound.

Louisville, Kentucky


Here's a pocket of our culture where where dirt-cheap field-level tickets are available at the walk-up counter, where kids can run the bases after the game without getting tased. Enjoy the slightly absurd undercurrent. Free gas-card giveaways! Win-or-lose fireworks! Appearances by semifamous local animals! We're fans of the Louisville Bats, a Triple A club that draws more than 8,000 fans per home game. That's just enough to summon a genuine crowd roar, but never enough to jam up the line for the bathroom trough.

Posted via email from Duane's Proposterous Posterous

Home Prices On The Rise Again

Prices are rising again after months of losses

http://money.cnn.com/" rel="nofollow" style="">cnnmoney

, On Tuesday July 26, 2011, 11:39 am EDT
May home prices in 20 major cities dipped 4.5% from one year ago, marking a continued decline in the already battered housing market.
The S&P/Case-Shiller report posted declines in both its 20-city composite and its 10-city index, which declined 3.6% year-over-year.
But housing did show some signs of life in May. Home prices ticked higher for the second consecutive month following an eight-month slide.
In May the 20-city index gained 1% compared with a month earlier, while the 10-city index rose 1.1% month-over-month.
David Blitzer, a spokesman for S&P, was cautious in detailing the index gains.
"While the monthly data were encouraging, most [metro areas] and both composites fared poorly in annual terms," he said.
Prices are also still off more than 32% from their highs, set in July, 2006 and hover at about the same level they were in mid-2003.
According to Mike Larson, a housing market analyst for Weiss Research, the market is going nowhere fast.
"I like to picture it as a sailing ship caught in the doldrums," he said. "You're no longer being swept away by a hurricane but you're not moving much either."
Blitzer attributed much of the home price increase for May to seasonal effects. Spring is the hottest time of year for home buying and the added demand usually drives prices higher.
Taking those seasonal factors into account, the 20-city index was flat and the 10-city showed a gain of just 0.1%.
Sixteen metro areas recorded non-seasonally adjusted month-over-month gains in May. The biggest winner was Boston, where prices jumped 2.7%, followed by Minneapolis at 2.6% and Washington at 2.4%. The nation's capital was the only place to record a gain over the past 12 months, up 1.3%.
Three cities declined month-over-month, led by Detroit with a 2.8% drop, Las Vegas, with a 0.9% decline, and Tampa, where prices fell 0.6%. The biggest loser over the past 12 months was Minneapolis, where prices fell 11.7%.
Case and Shiller's takes
The positive aspects of the report has caused Robert Shiller, the Yale economist who, with his colleague, Karl Case, devised the index, to soften -- a little -- what had been an alarmingly pessimistic prediction for the housing market.
He had warned back in February that home prices could drop another 10% to 25% over the next few years.
"The recent data lowers the probability of that scenario a little bit, but I still worry about it," he said.
His colleague, Karl Case, was more positive.
"There is a big difference between bouncing along a downward drift and bouncing along a rocky bottom," he said. "The fact that prices in a repeat sales index and using a three month moving average actually went up, seems to me, says something important."
Case, however, also mentioned several negative factors having impact on the housing market right now or that will in the near future.
"First, it is difficult for home buyers to qualify for a mortgage," he said.. "Second, Fannie Mae and Freddie Mac will lower the size of conforming mortgages on Oct. 1. Finally, consumer sentiment is still poor."
Shiller also brought up the weak labor market. An unemployment rate of 9.2% in June acts as a strong headwind for housing.

Posted via email from Duane's Proposterous Posterous

A House Carved for Skateboarding

A House Carved for Skateboarding

By Erik Pisor, Inman News
July 18, 2011

Carving a turn in a large-scale prototype of a skateboarder's dream home.
Photo: Sole Technology


Imagine a skateboarder’s dream home: one that features curved walls for carving, along with cabinets, tables, and lounge benches that serve as ledges for grinding.
This dream is becoming reality, as Pierre-Andre Senizergues, a 48-year-old former pro skater who founded the popular Etnies skatewear brand, is developing the first home optimized for skateboarding while also serving as a traditional dwelling.
“It’s about imagining a city of the future where skateboards are used as the primary form of transportation and recreation – in and out of your home,” Senizergues said.
See article: A Skateboarder's Dream Home
Slideshow: Imitation Homes
Each space of the home is designed to be skateable, as the ground becomes the wall then the ceiling in a continuous surface forming a 10-ft diameter tube. All furniture is skateable, whether it is integrated in the curve like the kitchen or the bathroom, or is a standing object like the dining table, kitchen island, or bed.
A model of the dwelling (named the PAS House after Senizergues's initials), and a full-scale, $50,000 prototype of the living area was recently on display in Paris at the new Gaite Lyrique museum.
“When La Gaite approached us, we thought bringing a prototype to the museum was a great way to inspire people on what’s possible,” Senizergues said, adding while on display the house has been skated by hundreds of skaters who have “enjoyed skating in such an unexpected environment.”

Catching air indoors is what you do in a skate house.
Photo: Sole Technology


The prototype features built in cabinets with working appliances and a lounge bench that acts as a couch, both of which provide perfect metal rail ledges for skating. In addition sofas, a bed, and furniture are present and completely skateable. The small scale home has no sharp angles, or corners between the ceiling and the floor, as it's all curved for riding.
The full scale, 2,200-square-foot PAS house will be built in Malibu, Calif. Currently no exact timeline exists for when construction will begin, as Senizergues and Los Angeles-based architect Francois Perrin are in the process of obtaining the necessary approvals and permits from the Malibu Coastal Commission – a process that’s lasted two years and counting.
The house will be constructed using traditional skateboard ramp building methods, and will be divided into three separate spaces: the living room, dining area and kitchen; the bedroom and bathroom; and a skateboard practice area.

Will anyone stop skateboarding long enough to sit down and eat?
Photo: Sole Technology


The project will make the most of sun exposure and natural ventilation to avoid the use of air conditioning or heating, Perrin said, adding the rest of the home’s energy will come from solar and wind power. Rain water will be stored and recycled on site for landscaping, and the concrete slabs will act as thermal mass. Additionally most of the home’s materials, especially the wood, will come from a local source.
The concept of a skateable house is not entirely new, as in 2007 Archivirus Architecture and Design completed Ramp House, an existing home in Greece that was retrofitted with a curved ramp form interior similar to the PAS House. However, that home didn’t feature skateable furniture and fixtures.
“A few people have built ramps in their homes, but this is the first 100 percent skateable house from concept, design to build,” Senizergues said.

Posted via email from Duane's Proposterous Posterous

Famous Homes Inspire Copycats

Famous Homes Inspire Copycats

By Colleen Kane, CNBC.com
July 11, 2011

Some builders have a specific vision in mind when designing a home. Whether they are recreating the home of someone powerful or replicating a house from TV or in the movies, some people take their inspiration seriously and make it into their everyday reality.
In the following photos, including numerous examples suggested by Realtor.com, you’ll see homes inspired by people, politics, and pop culture—and because most of them are for sale, you’ll also get the stats such as price and square footage.

Slideshow: Imitation Homes
Slideshow: Imitation Homes
Check out these inspired imitation homes:
Inspired by the movie "Up"

Home inspired by Pixar's movie, "Up".
Photo: bangerterhomes.com | Inset: Pixar Animation Studios

Location: Herriman, Utah
Year Built: 2011
Price: not for sale
Square footage: 2,800
Bedrooms / baths: 4 / 3.5
Third generation homebuilder Blair Bangerter’s claim-to-fame inspiration came while watching the Pixar film Up, when he realized the starring house was so well planned out, it could be built in real life. After getting permission from Disney/Pixar, he set about building the fictional turn-of-the-century style house, and the results will be featured in the 65th Salt Lake Parade of Homes—with many balloons attached to the roof.
The house is being replicated down to details like furniture and wall murals. “Many dedicated sub-contractors and suppliers who worked on this one-of-a-kind home have enthusiastically added their expertise to get the details right,” said Bangerter. “More than once you could catch them using portable DVD players on the site to review how some detail looked in the movie and how it could be replicated.”

Inspired by the movie "Halloween"

Home inspired by the movie "Halloween".
Photo: myershousenc.com | Inset: Compass International

Location: Hillsborough, North Carolina
Year Built: 2009
Price: undisclosed
Square footage: 1,900
Bedrooms / baths: 3 / 2.5
The Myers House - North Carolina is the home of Kenny Caperton and Emily Currier. Caperton is a lifelong horror fan whose favorite slasher is Halloween (as you’ve probably guessed). He got the idea to build this replica after seeing the real house where the movie was filmed in Pasadena, Calif., while he was house-hunting. They drew up a plan to recreate the house without the aid of the original blueprints. However, they didn’t duplicate the 1970s décor and appliances of the original film, instead opting for a rustic / Victorian interior style with vintage Halloween items and memorabilia as accent pieces. Oh, and the Mike Myers mask on the Newell post.

Inspired by the White House

Home inspired by The White House.
Photo: realtor.com |Inset: wikipedia.org

Location: McLean, Virginia
Year Built: 1995
Price: $4,650,000
Square footage: 12,020
Bedrooms / baths: 6 / 8
Numerous replicas exist of the nation’s First Home. The statistics above are for another White House replica home currently on the market in McLean, Virginia. The seller is an unnamed engineer from Vietnam, who wanted to pay tribute to the country that took him in, according to a blog on the Washington Post website. This replica was built to the specs in the original White House blueprints but on a one-fifth scale. The private home moonlighted as a stand-in for the White House in the filming of the movie Independence Day. For the homebuyer seeking a presidential home of color, a robin’s-egg blue version is on the Chicago market as well.

Inspired by the TV show "The Simpsons"

Home inspired by "The Simpsons".
Photo: Scott Jones |Inset: Fox Broadcasting Company

Location: Henderson, Nevada
Year Built: 1997
Price when new: $120,000
Square footage: 2,182
Bedrooms / baths: 4 / 2
The real-life version of The Simpsons’ fictional home at 742 Evergreen Terrace was built as a contest prize. Although the look has since been toned down to conform to the regulations of the housing tract’s homeowners association, at the time the exterior and interiors were done in the cartoon’s bright colors, and it contained 1,500 props. The winner chose to take the alternate prize of $75,000 cash instead of moving in to the house, so after it opened to the public for a month and a half as some 30,000 lookie-Lous including Simpsons creator Matt Groening toured it, the house was de-Simpsonized and sold.

Inspired by Monticello

Home inspired by Thomas Jefferson's Monticello.
Photo: realtor.com | Inset: monticello.org

Location: Alpharetta, Georgia
Year Built: 2002
Price: $9,250,000
Square footage: 13,043
Bedrooms / baths: 9 / 10
The design of this lakeside mansion, situated on 60 acres in Georgia, is inspired by Thomas Jefferson’s Monticello. The third U.S. President designed Monticello himself, and it drew from the neoclassical principles of the Italian Renaissance architect Andrea Palladio. Okay, so there’s no dome in this new version, but it shows some of the same careful symmetry, scale and proportion of Jefferson’s design. And the new one includes more than a few extras that Jefferson’s Monticello probably didn’t have, like a media room, walk-in closets, or the his-and-hers master baths.

By Colleen Kane, CNBC.com
July 11, 2011
Some builders have a specific vision in mind when designing a home. Whether they are recreating the home of someone powerful or replicating a house from TV or in the movies, some people take their inspiration seriously and make it into their everyday reality.
In the following photos, including numerous examples suggested by Realtor.com, you’ll see homes inspired by people, politics, and pop culture—and because most of them are for sale, you’ll also get the stats such as price and square footage.

Slideshow: Imitation Homes
Slideshow: Imitation Homes
Check out these inspired imitation homes:
Inspired by the movie "Up"

Home inspired by Pixar's movie, "Up".
Photo: bangerterhomes.com | Inset: Pixar Animation Studios

Location: Herriman, Utah
Year Built: 2011
Price: not for sale
Square footage: 2,800
Bedrooms / baths: 4 / 3.5
Third generation homebuilder Blair Bangerter’s claim-to-fame inspiration came while watching the Pixar film Up, when he realized the starring house was so well planned out, it could be built in real life. After getting permission from Disney/Pixar, he set about building the fictional turn-of-the-century style house, and the results will be featured in the 65th Salt Lake Parade of Homes—with many balloons attached to the roof.
The house is being replicated down to details like furniture and wall murals. “Many dedicated sub-contractors and suppliers who worked on this one-of-a-kind home have enthusiastically added their expertise to get the details right,” said Bangerter. “More than once you could catch them using portable DVD players on the site to review how some detail looked in the movie and how it could be replicated.”

Inspired by the movie "Halloween"

Home inspired by the movie "Halloween".
Photo: myershousenc.com | Inset: Compass International

Location: Hillsborough, North Carolina
Year Built: 2009
Price: undisclosed
Square footage: 1,900
Bedrooms / baths: 3 / 2.5
The Myers House - North Carolina is the home of Kenny Caperton and Emily Currier. Caperton is a lifelong horror fan whose favorite slasher is Halloween (as you’ve probably guessed). He got the idea to build this replica after seeing the real house where the movie was filmed in Pasadena, Calif., while he was house-hunting. They drew up a plan to recreate the house without the aid of the original blueprints. However, they didn’t duplicate the 1970s décor and appliances of the original film, instead opting for a rustic / Victorian interior style with vintage Halloween items and memorabilia as accent pieces. Oh, and the Mike Myers mask on the Newell post.

Inspired by the White House

Home inspired by The White House.
Photo: realtor.com |Inset: wikipedia.org

Location: McLean, Virginia
Year Built: 1995
Price: $4,650,000
Square footage: 12,020
Bedrooms / baths: 6 / 8
Numerous replicas exist of the nation’s First Home. The statistics above are for another White House replica home currently on the market in McLean, Virginia. The seller is an unnamed engineer from Vietnam, who wanted to pay tribute to the country that took him in, according to a blog on the Washington Post website. This replica was built to the specs in the original White House blueprints but on a one-fifth scale. The private home moonlighted as a stand-in for the White House in the filming of the movie Independence Day. For the homebuyer seeking a presidential home of color, a robin’s-egg blue version is on the Chicago market as well.

Inspired by the TV show "The Simpsons"

Home inspired by "The Simpsons".
Photo: Scott Jones |Inset: Fox Broadcasting Company

Location: Henderson, Nevada
Year Built: 1997
Price when new: $120,000
Square footage: 2,182
Bedrooms / baths: 4 / 2
The real-life version of The Simpsons’ fictional home at 742 Evergreen Terrace was built as a contest prize. Although the look has since been toned down to conform to the regulations of the housing tract’s homeowners association, at the time the exterior and interiors were done in the cartoon’s bright colors, and it contained 1,500 props. The winner chose to take the alternate prize of $75,000 cash instead of moving in to the house, so after it opened to the public for a month and a half as some 30,000 lookie-Lous including Simpsons creator Matt Groening toured it, the house was de-Simpsonized and sold.

Inspired by Monticello

Home inspired by Thomas Jefferson's Monticello.
Photo: realtor.com | Inset: monticello.org

Location: Alpharetta, Georgia
Year Built: 2002
Price: $9,250,000
Square footage: 13,043
Bedrooms / baths: 9 / 10
The design of this lakeside mansion, situated on 60 acres in Georgia, is inspired by Thomas Jefferson’s Monticello. The third U.S. President designed Monticello himself, and it drew from the neoclassical principles of the Italian Renaissance architect Andrea Palladio. Okay, so there’s no dome in this new version, but it shows some of the same careful symmetry, scale and proportion of Jefferson’s design. And the new one includes more than a few extras that Jefferson’s Monticello probably didn’t have, like a media room, walk-in closets, or the his-and-hers master baths.

Posted via email from Duane's Proposterous Posterous

Own your own town for $800k

Own your own town for $800k

By Mike Krumboltz | The Upshot – 16 hrs ago

Had it with life in the big city? The traffic, crowds, and high rent got you down? Then may we suggest you consider investing in the town of Scenic, South Dakota? And by "invest" we mean "buy the whole darn town for $800,000."
That's right. The small town, which admittedly has seen better days, can be yours for just a bit more than an average home in San Francisco. So, what exactly do you get for your $800k? Quite a lot, actually. You'll get a dance hall, a saloon, two jails, a train depot, two stores, and some more empty buildings.
According to ABC News, the town is for sale because the current owner, Twila Merrill, has been diagnosed with cancer. Merrill's daughter, Lee Ann Keester, remarked, "I have to take care of my mom. Family always comes first... But it's just time, everything comes with time... [My mom] would love to do it until she's 100, but her health won't permit her."

True, the town won't be mistaken for New York or even Green Acres. However, based on the pictures, it does have a certain Old West charm. One can almost picture John Wayne ambling down the street. It does look like a ghost town--and with fewer than 10 residents, it's mighty close to becoming one.
This isn't the first time an entire town has gone up for sale. Some may remember actress Kim Basinger's ill-fated purchase of Braselton, Georgia for $20 million. Basinger planned to turn the town into a tourist draw, complete with film festival. But things didn't quite work out as she planned. She was later forced to sell the town at a huge loss due to financial problems of her own.
And Basinger isn't alone. As an article from MSN points out, many have purchased towns only to see that the dream of "owning their own zip code" turn into a nightmare. It's one thing to be a landlord and have to fix a renter's leaky faucet. It's another to be responsible for an entire town of faucets (and toilets, and electricity, and crime prevention, and, and, and...)

Posted via email from Duane's Proposterous Posterous

Check Out the Skinniest House in the World

Check Out the Skinniest House in the World

by Suzanne Labarre
Tuesday, July 26, 2011
provided by
Fastcompany.com
There are skinny houses. And then there is Jakub Szczęsny's Keret House, which could make Calista Flockhart look like a fatty. At its most generous, the proposed place, in Warsaw, Poland, will clock in at 4 feet wide. At its narrowest, it'll be just 28 inches wide -- thinner than the average doorway. And we complain about our sardine can in New York...

More from Fast Company:

The Best Strategy for Big Innovation: Knowing Your Limits

Why Can't All TV Remotes Be This Good?

Redesigning Cubicles

The house (officially an "art installation," because it doesn't meet Polish building code) is slated to fill a crack between a pair of buildings in Warsaw's Wola district. When construction's finished in December, it'll be the thinnest house in Warsaw and possibly the whole world. We did a quick Google search and couldn't find anything leaner.
Szczęsny designed the house to be a work space and home for Israeli writer Etgar Keret. It'll also be a "studio for invited guests -- young creators and intellectualists from all over the world." If, that is, they're willing to drop half their body weight to fit inside.


ArchDaily.com

Kidding, kidding. In all seriousness, though, the house is a pretty remarkable feat of architecture. If everything goes according to plan, Szczęsny will manage to squeeze in designated rooms for sleeping, eating, and working. The place will have off-grid plumbing inspired by boat sewage technology and electricity lifted from a neighbor. To save space, the entry stairs will fold up at the press of a button and become part of the first floor.
Aesthetically, the Keret House isn't gonna win any beauty contests. It's been compared to everything from a pregnancy test to a sanitary napkin. (Our vote is for "pregnancy test.") Our biggest concern, though, is that it's hardly got any windows. How's it going to "produce creative work conditions," as ArchDaily reports, and "become a significant platform for world intellectual exchange," if it feels like a sensory deprivation chamber? Won't Keret go insane? But maybe that's the point. It's not like he'd be the first artist to benefit from going crazy.


ArchDaily.com

___

Posted via email from Duane's Proposterous Posterous

Wednesday, July 27, 2011

Most & Least Indebted States

Most & Least Indebted States
 
at CBS MoneyWatch
Residents of California and Hawaii are the most indebted individuals in America, but they're also among a group that are making the most progress in paying down the amount they owe, according to a MoneyWatch analysis of state-by-state debt statistics.
Overall, debt — and particularly credit card debt — is dropping appreciably as the country is swept by two complimentary trends: a new commitment to fiscal responsibility and lending restrictions that are generally keeping credit out of the hands of people who aren't committed to using debt responsibly.
"There is clearly a segment of the population that can't borrow," says Kenneth Lin, president of Credit Karma, which provided the data. "But there is also a segment of the population that is just cutting back, paying down their debts and pulling out the credit cards less often."
Credit Karma's debt data, based on the actual debt obligations held by some 200,000 consumers who use the company's site, breaks down the average amounts that residents in each state borrow via credit cards, mortgages, auto and student loans.
Over the past year, the American consumer's propensity to pay down debts has been relatively remarkable, with residents of 44 states cutting the total amount owed on credit cards, auto loans and mortgages. The only type of debt that's increased more or less universally over the past year is student loans, Lin notes. He considers that a troubling sign, potentially signalling a student debt bubble that could be far more difficult to pop than the housing debt bubble of 2008. (Related Debt in America story: Students Buried in Education Loans, coming soon.)
Student loans aside, there are only six states where residents have either increased or made no progress in paying down their debts. Those states — Montana, Wisconsin, Iowa and Louisiana, North Dakota and Minnesota, — didn't suffer as much from declining home prices, Lin says. (Of course, they didn't participate in as much of the upside of real estate's boom years, either.)
On the other hand, in states where housing prices have suffered with double-digit declines are also where consumers are making the biggest dent in what they owe.
"When you're in a market where housing prices have fallen 30 or 40%, you feel poorer and you're going pull out your credit card a lot less," Lin explains. Besides, you're less likely to have enough home equity to secure a big loan with real estate.
Where are America's most and least indebted consumers, according to Credit Karma's data? And how much progress (if any) have they made in paying off debts during the past year?
10 Most Indebted States (averages exclude student loans)
State...........................Average debt............% change
1. California...............$336,169.....................-4%
2. Hawaii....................$321,258....................-7%
3. Maryland................$263,524.....................-0%
4. New Jersey.............$257,462.....................-1%
5. Washington...........$243,758.....................-2%
6. Massachusetts......$242,111.....................-0%
7. Virginia.................$239,186....................-1%
8. Connecticut..........$229,684.....................-3%
9. Colorado...............$219,899....................-1%
10. Nevada................$218,010....................-7%
10 Least Indebted States (averages, excluding student debt)
1. Oklahoma............$126,027...................-3%
2. West Virginia.......$127,535...................-1%
3. Arkansas.............$128,460...................-0%
4. Mississippi..........$129,792..................-2%
5. Indiana................$132,618..................-3%
6. Kansas................$133,606..................-2%
7. North Dakota......$133,823..................+0%
8. Kentucky.............$136,441.................-1%
9. Iowa....................$139,415.................+0%
10. Nebraska..........$139,527..................-1%
(States that show a 0% registered at less than one percent change. The positive and negative signs show the direction the incremental change, however. For instance, overall debt dropped in Arkansas by $79 from July 2010 to July 2011, going from $128,539 to $128,460, according to Credit Karma. On the other hand, North Dakotan's added $406 to their debt burdens, with the amount they owe on credit cards, mortgages and auto loans rising to $133,823 from $133,417.)
States with the biggest debt declines
1. Hawaii...............$321,258..............-7%
2. Nevada..............$218,010.............-7%
3. Florida...............$185,518.............-6%
4. Utah..................$200,878.............-5%
5. California..........$336,169.............-4%
6. Alaska..............$211,970.............-4%
7. New York.........$201,838............-4%
8. Michigan..........$144,143............-4%
9. Missouri...........$142,174............-4%
10. Connecticut....$229,684...........-3%

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Tuesday, July 26, 2011

America's Most Expensive Home is for Cowboys

America's Most Expensive Home is for Cowboys

By Morgan Brennan, Forbes.com
July 25, 2011

This $175 million luxury cutting horse and cattle ranch is in a valley next to the town of Jackson, WY.
Photo: Forbes Images

Even as so many Americans struggle under the weight of their underwater mortgage loans, in the high-rolling world of billionaire real estate, 2011 has been a year of record-breaking uber expensive properties. In March billionaire investor Yuri Milner plunked down $100 million for a Silicon Valley estate, breaking previous purchase price records in the U.S. Just last week, billionaire heiress Petra Ecclestone became the new owner of the Spelling Manor — an estate whose $150 million asking price had garnered it the title of America’s most expensive home for sale. Just days later, a new property is taking over that “most expensive” title: the $175 million Jackson Land & Cattle ranch.
Jackson Land & Cattle hit the sale block this week, listed with John C. Pierce of Hall & Hall, a ranch real estate firm. The property’s owner is Richard Fields, chief executive of Coastal Development, LLC, a gaming and resort development company. Fields’ $175 million compound encompasses more than 1,750 acres of rolling, green land just outside of Jackson Hole, Wyoming, in Teton County. The expansive ranch hosts cattle and horses. Aspen, evergreen and timber trees stud the hills interspersed with large hay meadows. There are three fishing ponds, a spring creek and over 800 acres of irrigated meadows. The Teton Range of the Rocky Mountains rise up in the distance.
In Pictures: America's Most Expensive Home for Sale
In Pictures: America's Most Expensive Home for Sale
The ranch’s biggest draw is certainly not the residence. The home itself is an old barn that’s been converted into a quaint three bedroom residence. There’s also a four bedroom guest house and two employee apartments. No, the real draw is the world -class 52-stall equestrian center.

View of the Tetons from the stable grounds.
Photo: Forbes Images

The equestrian center started life as an English-style riding center. Fields had it retrofitted for cutting horse training, a Western style of riding in which a rider and his horse separate an animal out from a herd (think of the horseback maneuvers ranchers in western movies do). The center is designed by renowned western architect Jonathan Foote, perhaps most famous for his use of distressed woods, glass and Montana moss rock. Fields convinced the architect to come out of retirement and re-skin the center with rough-cut stone and barnwood. There’s an outdoor riding rink and an indoor one from which you can gaze out windows onto the mountains.

The 52-stall equestrian center was designed by Jonathan Foote.
Photo: Forbes Images

“You can fish and ride and hunt and you’re still only three minutes from downtown Jackson Hole,” says Jonathan Pierce, the property’s listing agent. And for billionaires — the prospective buyers of this pricey piece of nature — the locale comes with benefits. Most notably on taxes. Wyoming doesn’t have a state income tax or an estate tax; even property taxes are low. Jackson and its neighboring areas host a plethora of secondary homes since taxes also don’t have to be paid on out-of-state retirement income. In response, the area draws a substantial number of ultra wealthy residents like Walmart billionaire Christy Walton, the world’s richest woman. Indeed Teton County is one of America’s wealthiest counties per capita.
A notable factor contributing to Jackson Land & Cattle’s price is the fact that it carries entitlements for up to 35 homesites. In other words, if a buyer doesn’t want all that land for himself, he can subdivide and sell parcels of it. Even so, there are hopes that the estate’s buyer won’t find it necessary to do that. “We are dealing with a very capable seller who is hoping for a conservation outcome on the property, although certainly not dictating that,” explains Pierce. “It’s a signature property that the entire community would love to see someone come along that shares Mr. Fields’ appreciation for the open space.”

More than 800 acres of irrigated meadows add to the unrivaled views.
Photo: Forbes Images

That aspiration aside, Pierce acknowledges that that subdivision opportunity definitely contributes to the hefty price tag. Though he chooses not to compare the two properties, neighboring 1,840-acre Walton Ranch is asking a mere $100 million. Despite the two ranches’ comparable sizes, the Walton Ranch’s land is much more heavily protected and only two or three additional homesites would ever be allowed on its acreage.
As for who exactly will want to cough over $175 million to buy this huge western compound? “People wanting the absolute finest property in the absolute finest resort community in the country can give me a call!” chuckles Pierce. Go get him, billionaires.
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Thursday, July 21, 2011

Short Sale Soundoff: Victory for short sale sellers

 
Thursday, July 21, 2011
Last Friday, Gov. Jerry Brown signed SB 458 (Corbett) into law.  SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders.

SB 458 extends the protections of SB 931 to junior liens. SB 458 contains an urgency clause making it effective upon signing.

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Monday, July 18, 2011

Making Outdoor Spaces Great - 7/15 Money Pit e-Newsletter

The Money Pit Home Improvement E-Newsletter
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•The Welcome Mat

Summer is all about the great outdoors, and enjoying that outdoor space that you’ve worked so hard to make feel like a getaway right in your own backyard. In this issue, learn how outdoor lighting can enhance that outdoor space. Find out how to keep your lawn lush and green. Get tips on keep your yard bug free and more. You can do-it-yourself, but you don’t have to do it alone.

•This Issue

Outdoor Lighting Ideas

This summer many will be spending more vacation time at home instead of traveling to a distant location. According to the American Lighting Association (ALA), with a few updates to your outdoor lighting, you can enjoy a mini vacation at home. With a few simple home improvements, it’s easier – and less expensive – than you might imagine to transform your existing patio, deck, or pool area into a retreat that you can love well into the evening hours. read more

Mosquito Proof Your Yard

Mosquito bites can quickly ruin a backyard barbeque, and place your family and friends at risk of diseases like the West Nile Virus. The good news that there are many things you can do to make your back yard less inviting for a mosquito infestation. read more

How to Refinish a Wood Deck or Fence

A little regular maintenance goes a long way with your outdoor wood surfaces. A good cleaning every season does the trick. But after a few years, you’ll want to refinish your wood deck or fence. If you want to know how to best refinish your wood deck or fence, the most critical step is proper surface prep read more

Create a Lush Lawn

Learn how to create a lush lawn with tips from This Old House landscaping expert, Roger Cook. Get tips on how to care for a wood deck, especially after taking a beating from the hot summer sun for the last few weeks. Get advice on mosquito proofing your yard so you can enjoy your outdoor spaces. Plus get answers to your home improvement questions about, GO heating & cooling, sump pump noise, eliminating woodpeckers, underlayment for new laminate flooring, installing a generator, how to fill in a pool, roof paints, finishing a basement. read more

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