Rent Rises Lead to Shrinking Apartment Sizes

Rents nationwide are rising faster than home prices, leading several major cities to encourage developers to develop more apartment complexes. Some cities believe the answer is to shrink the minimum apartment size, to build 'micro-units' for singles and couples.

Good Magazine reports that San Francisco is currently considering a proposal that would allow living spaces as small as 150 square feet, plus kitchenette, bathroom, and closet -- basically the size of a parking space and a one-car garage. The immediate goal is to create more housing and lower rent prices, which in San Francisco climbed 15 percent in June.

(Condos aren't immune from this trend. The 175 sq. ft, studio pictured here recently sold in Manhattan for 195k.)

Boston is talking about shrinking the minimum unit size from 450 to 350 square feet, and New York recently introduced the adAPT challenge to design 275-300 square-foot apartments in Manhattan, addressing the fact that some 800,000 people are expected to move to the Big Apple over the next 20 years, and there's only room for about 100,000 of them.

Phelps Waterfront Condo For Sale

Since winning 19 Olympic medals this week, Michael Phelps is ready to move on.

The Olympic swimmer’s name is reportedly not mentioned in the actual listing, but Baltimore property records indicate the address is the condo Phelps bought in 2007 for $1.69 million. It was assessed for $1.5 million in 2010.  The 4,000-square-foot condo has three bedrooms, three and a half baths, floor-to-ceiling windows and a fireplace.

There are not only Real Estate sites that specialize in celebrity homes, but there are also sites that only track celebrity athletes' homes. One such site is professionalatheletehomes.com.

 Radar online has the pictures.

Rates Down Again As Prices Finally Turn Back Up

“After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values,” said Zillow Chief Economist Dr. Stan Humphries. “The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.” The chart(click to enlarge) shows recent price changes in major U.S. markets. More charts and predictions from Zillow.com.

Looking to Invest in Some Green Land?

For several days this month, Greenland's surface ice cover melted over a larger area than at any time in more than 30 years of satellite observations. Nearly the entire ice cover of Greenland, from its thin, low-lying coastal edges to its two-mile-thick center, experienced some degree of melting at its surface, according to measurements from three independent satellites analyzed by NASA and university scientists.

FHA Introduces New Distressed Sale Asset Program

On Monday, the Federal Housing Administration is announcing the expansion of the Distressed Asset Sale Program (DASP).

This program is not quite the same bulk sale program being offered by the Federal Housing Finance Agency (FHFA) and the government sponsored enterprises, Fannie Mae and Freddie Mac.

The DASP is a “paper sale” where FHA sells the loans, in bulk, to investors in a competitive bid process. The loans can only be sold after the borrower has gone through the entire FHA loss mitigation process.

Prior to the formal foreclosure proceeding the loans are sold to investors. The Foreclosure is delayed for at least six months while the investor attempts a work out with the borrower (short sale, loan modification, etc.). As many as half of the loans sold are retained by the investor -- if there is not a work out to avoid flooding local markets.

FHA initially hoped to sell 5,000 loans quarterly but decided to increase it's goal to 9,000 loans.

Teenager's Plan to Turn Plastic Waste Into Biofuel

Egyptian teenagers are on a roll lately – if they’re not proposing the next-generation of space propulsion systems, then they’re figuring out how to use the country’s plastic waste for fuel! Sixteen-year-old Azza Abdel Hamid Falad has found that an inexpensive catalyst could be used to create $78 million worth of biofuel each year. Egypt’s plastic consumption is estimated to total one million tons per year, so Azza’s proposal could transform the country’s economy, allowing it to make money from recycled plastic.

More from Inhabitat

Tax-Lien Foreclosures on the Rise

A report released this week by the National Consumer Law Center (NCLC), says the number of foreclosures tied to delinquent tax payments is climbing. The NCLC, an advocacy group, estimates that $15 billion of tax-lien foreclosures happened in 2010, the latest year for which data are available. Rising tax-lien problems stem from two overlapping trends associated with the weak economy: To close budget deficits, some local governments are increasing proxy taxes to raise additional revenue. But a growing number of homeowners, many unemployed or living on fixed incomes, are finding those tax bills—even before rate increases—a strain. When homeowners fail to pay, municipalities have the legal authority to foreclose or auction off the tax lien to debt collectors, who can charge interest rates as high as 50% on the outstanding balances. If the homeowner doesn't pay —- the deadlines to do so vary across the nation —- many states allow the tax-lien holders to take ownership of the properties and resell them.

7 Ways to Kill Weeds With Household Items

Here are 7 ways to murder weeds with household items. You’ll save money and show no mercy to your garden’s uninvited guests. Nothing ruins your garden or yard like weeds, those uninvited guests that rob your plants of space and nutrients. So murder those weeds most foul, but without harmful chemicals that can do you in, too. Who says you need standard weeding tools to kill weeds? Here are 7 ways to kill weeds with weapons you already have around your house. Details from Lisa Kaplan Gordon in HouseLogic: (REMINDER: You can find dozens of other House Logic articles at your convenience, by scrolling down the right hand column)

Christie Vetoes Foreclosure Relief Bill

Law 360 reports that Gov. Chris Christie, on Friday, vetoed legislation empowering the state to buy foreclosed properties from lenders and turn them into affordable housing along with other measures from the Democrat-controlled Legislature.

 The veto drew criticism from supporters of the bill, who contend it would have helped New Jersey address its affordable housing needs and revitalize communities impacted by a wave of foreclosures in the state.
 Said one supporter: “The governor took the side of sprawl and overdevelopment over good planning and environmental protection."

 Another commented:"This was a serious bill that attempted to solve the most serious problem still facing this state and this country. We need to stabalized our housing prices. This would have done more than any tax cut would ever do to stimulate our economy."

One Family's Independence Insurrection

This is a day for reflecting on our country's roots in the human need for "life, liberty, and the pursuit of happiness." For my extended family, I can't help reflecting on my ancestor's little known contribution to the revolutionary fervor that culminated in the events of 1776.  Doug Gove has submitted the following account of the man he calls "my grandfather":

ther":

     Traveling back in time out 308 years. The King has given Robert Tufton Mason the authority to take care of the affairs of the new province. He is a failure and appoints Unprincipled Governor Cranfield to become his tool. The governor disbands the January 1683 assembly. The people considered this an unreasonable act and an unwarrantable abuse of power. Most however, though indignant at Cranfield's conduct, considered themselves good citizens and remained passive. Not so for Gove and a few others under his leadership who, in the exuberance of patriotism, "determined to revolutionize the government or at least to effect a reform." Friday, January 26, 1688, Reuben Hull, a Portsmouth merchant, was in Dover to pick up. a load of barrel hoops when he met Gove who had his sword and boots on, and said to him, "How now Gove, where are you bound? What's the matter with you?"
"Matter?" said Gove, "matter enough. We at Hampton have had a town meeting and we resolved as one man that. things shall not be carried on as it is like to be, and we have all our guns ready to stand upon our guard. I have been at Exeter and they are resolved to do the same. I have my sword at my side, and brought my carbine also with me which I have left some where."
Gove undoubtedly expected that when his arrest was attempted, there would be resistance and then a general uprising. It didn't happen. He returned to Hampton Saturday,Jan.27,1683. He and 11 other rebels, all on horseback, moved in two lines into the tiny colonial village on the New Hampshire Seacoast, shouting, "Freemen, come out and stand for your liberties."
Led by Gove, they were nearly all from Hampton, with their leader waving his sword and the trumpeter sounding their arrival with a military medley. Gove, seeing no demonstration in his favor at his appearance, lay down his arms and gave himself up to the authorities of the town, as did the others.
They were taken into custody by the militia, except the trumpeter, who escaped. They were brought before the governor and his council, where Gove behaved himself very insolently. Each of the prisoners then defended himself and his activities. Edward Gove acknowledged that the testimony against him was true. He "railed" at Governor Cranfield, saying he was a traitor and acted under a pretended commission and demeaned himself with "insolence and impudence." Judge Richard Waldren pounded his mallet, then solemnly pronounced the sentence. (The followers of Gove were to be held for a later judgment, and most of them were pardoned).
"You, Edward Gove, be drawn on a hedge to the place of execution, and there you shall be hanged by ye neck, and when yet living, be cut down and cast on the ground, and your bowels shall be taken out of your belly, and your privy member cut off and burnt while you are yet alive, your head shall be cut off and your body divided in four parts, and your head and quarters shall be placed where our Sovereign Lord the King pleaseth to appoint. And the Lord have mercy on your soul."
After the trial in Portsmouth in Feb. 1683, Cranfield, fearing to execute the sentence on Gove, sent him to England for the King to deal with. Gove was on board the ship Richard of Boston when it left port March 29. The Tower of London is in the east end of the city, a group of stone buildings including an ancient fortress, a dark prison, and a royal residence surrounded by a shallow moat and a high stone wall. This was the destination of Edward Gove, where he was sadly to spend the next three years. Many letters were written by the prisoner and people on his behalf during this time. Finally, Gove, in his cell, took up his quill pen and sent a petition to the King which brought results. In it he stated, "want of rest for 18 days before my apprehension deprived your Petitioner of the use of his reason and the control of his tongue and was the cause of your Petitioner's indiscreet actions towards the said Mr. Cranfield." He was released on his own recognizance to plead his pardon April 9, 1686. After Gove's incarceration in the the spring of 1683, the rule under Cranfield continued in its arbitrary and cruel manner.
From the Gove Book, written by William Henry Gove and published at Salem, Mass., in 1922, most of the preceding information has been researched. The author wrote, "the people were horrified at the bloody sentence of Gove and cried aloud for vengeance. It was already whispered about that public meetings would be held to express the indignation at the baseness of the manner in which the conviction was obtained and the cruel barbarity of the sentence, which was intended to awe the people into submission. It had a directly contrary effect." Like returning from the dead, Gove came back to his home and renewed his life in Hampton. He had the respect of the people of the province. From the earliest days of the Province of New Hampshire, Gove was involved in its government. He was elected as a member of the assembly from Hampton. He must have known the widespread disaffection and determination of the people not to yield to the demands of the Cranfield regime, and his views were well known to them because of his outspoken sentiments. He was thought to be the right man for the assembly. Gove died in Hampton on July 29, 1691, at the age of 61. He always contended that a slow poison was administered to him while in prison.

Global Burning Predictions Become Reality

Nearly two years ago, President Obama's science adviser, Dr. John Holdren, gave a presentation on the causes and effects of global warming. One of his slides indicated the areas in the west that were most susceptible to fires for each additional degree of average annual temperature. Since 16 of the past 17 years have broken all historic records, this summer's fire outbreaks should come as no surprise.

Building Permit Extension Expected to Become Law Despite Eco-Opposition

Despite strong opposition from NJ Environmental groups, a bill extending expiring building permits to 2014 to help developers in a sluggish economy has passed both houses of the state legislature. The NJ Sierra Club's Jeff Tittel has strongly criticized the measure: “This bill targets environmentally sensitive areas throughout New Jersey especially the Highlands, Pinelands, and Barnegat Bay. This legislation takes the side of developers interests over public interest. It takes the side of sprawl and over development over protecting water supply and natural resources.

Pending Home Sales Bounce Back

Showing more evidence of a receding "buyers market," pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels, according to the National Association of Realtors. Both monthly and annual gains were seen in every region. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.9 percent to 101.1 in May from 95.5 in April and is 13.3 percent above May 2011 when it was 89.2. The data reflect contracts but not closings. The index also reached 101.1 in March, which is the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit.

Lawrence Yun, NAR chief economist, said longer term comparisons are more relevant. “The housing market is clearly superior this year compared with the past four years. The latest increase in home contract signings marks 13 consecutive months of year-over-year gains,” he said. “Actual closings for existing-home sales have been notably higher since the beginning of the year and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.” The national median existing-home price is expected to rise 3.0 percent this year and another 5.7 percent in 2013. “If housing starts do not rise in a meaningful way over the next two years due to the difficulty in getting construction loans, and barring an unexpected shift in the economy, the steady shedding of inventory could lead to shortages where home prices could get bid up close to 10 percent in 2013,” Yun said.

Slicing the NNJ Job Pie

New Jersey's economy is growing, but decelerated from last month's 1.22% change and lags the rest of the nation.
(Click on graphic to enlarge)

Housing Trends eNewsletter is filled with U.S. Census Bureau key market indicators, consumer videos, blogs, a real estate glossary, mortgage rates and calculators, consumer articles, real estate radio, REALTOR.com local community reports and local and national real estate sales and price activity provided by local MLSs and the National Association of REALTORS®. At right is a small sample tof the charts and stats included in my monthly Housing Trends eNewsletter. You can find this month's NNJ area newsletter here. To join my mailing list for future newsletters, drop me email at geoffgove@gmail.com

MegaDeveloper Pays EPA Mega Fines for Pollution in 23 States

The Times of Trenton reports that Toll Brothers Inc., one of the nation's largest homebuilders, will pay a $741,000 civil penalty for violating the Clean Water Act at 600 developments in 23 states, including dozens in New Jersey.

The consent agreement — negotiated by the U.S. Environmental Protection Agency, U.S. Justice Department and authorities in Maryland and Virginia — includes hundreds of water pollution violations. Toll Brothers also will invest in a company-wide stormwater compliance program to improve employee training and increase management oversight at all current and future residential construction sites across the nation. The company is required to inspect its current and future construction sites routinely to minimize stormwater runoff.

The company allegedly failed to comply with permits issued under the Clean Water Act that resulted in the discharge of pollutants from construction through stormwater runoff, settlement documents said. New Jersey had 43 sites that violated the federal law, the second largest number out of the 23 states.

The company allegedly failed to comply with permits issued under the Clean Water Act that resulted in the discharge of pollutants from construction through stormwater runoff, settlement documents said. Toll Brothers will pay a civil penalty of $741,000 to resolve the alleged violation of the Clean Water Act. About $702,000 will go to the federal government, with smaller amounts going to Maryland and Virginia. Toll Bros. Inc. have, so far, declined any comment on the settlement.

New Jersey will not receive any of the settlement money since it did not report any of the violations to the EPA or participate in the settlement. (Readers of this blog may recall our post on NJDEP's new LSRP policy and how it is letting the DEP skirt it;s responsibility for oversight of pollution violations. Is the DEP intentionally ignoring it's own regulations? Many environmental groups are coming to this conclusion.  NJ Spotlight has published an  interactive map of the NJ sites for which the Toll Bros. have made setttlemrent agreements.
(Photo by Geoff Gove)
http://www.nj.com/mercer/index.ssf/2012/06/toll_brothers_violate_clean_wa.html

Steal of an Island Deal in NYC

Who would have thought that you can still find waterfront property in New York City for less than a standard 50 x 100 foot lot in suburban NNJ?

Alex Schibli was thrilled to learn, last fall, that he made the winning bid of $176,000 for a 2.6 acre "fixer upper" island off the South Bronx. The 72 year old retired Port Authority worker who lives on nearby City Island is planning to build his dream home on the stone foundation of the previous house.

That structure was flattened by a hurricane in 1938. Schibli and his 61 year old girl friend are planning to build an eco-friendly solar powered home out of reclaimed wood, which would be off the grid.

 The last house on Rat Island, once used as an artists’ hangout, was destroyed by a hurricane in 1938, but the stone foundations remain.

Echo Boomer Generation Replacing Baby Boomers

The legendary Baby Boomers have finally reached retirement age and have led the trend towards downsizing and/or looking for retirement communities to spend their "Golden Years."  Replacing them are their "Echo Boomer" children. 

An estimated 84.7 million young adults in the Echo Boomer generation, the oldest of whom turned 25 in 2010, are expected to enter the housing market within the next 20 years. A recent Harvard study states that, as housing markets improve, more fence-sitting young adults will convert from renters into first-time home buyers. If the Harvard study is right, by next year, home values -- and mortgage rates -- will be higher. 

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  5 Easy DIY Weekend Projects Under $300

  Just another weekend? Not if you take advantage with one or more of these 5 great projects you can easily pull off for under $300. Read

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"Art-ification" of an Abandoned Detroit Neighborhood

The Heidelberg Project is an art environment that spans two Detroit city blocks. Tyree Guyton began the project almost twenty years ago in 1986, in response to the deterioration of his neighborhood, which was being consumed by drugs, poverty, and violence. He began by cleaning up vacant lots, working alongside his grandfather and local children.
He reused the detritus they collected from the lots to build what has become both a piece of art and vision of his community. Attaching found items on the walls of deserted homes, he transformed the structures into art sculptures. Empty lots became public art gardens. Soon the neighborhood had polka-dotted streets. Shopping carts peeked out of trees and stuffed animals hang from houses. Guyton, who began with a devastated city space, has slowly converted Heidelberg Street into a colorful, imaginative artscape that inspires play, dialogue, and new ideas about how to rebuild a community. More from www.architizer.com with photos (c)K.Scott Kreider:

NJDEP Makes LSRP Key to SRRA

Anyone remember LSMFT?  LSRP may share an association with a pollution issue, but not much else.

Although New Jersey may be approaching the tipping point in acronym overload, LSRPs are here to stay and a major factor in monitoring the cleanup of toxins from contaminated sites. As of May 7, 2012, the newly implemented Site Remediation Reform Act (SRRA) is requiring all remediations in the state of New Jersey to proceed under the supervision of a Licensed Site Remediation Professional (LSRP).

Only LSRPs will be authorized to sign and certify reports through the site investigation and cleanup process.

In many situations, DEP will no longer be required or authorized to review and approve investigation and cleanup plans in advance, or to issue No Further Action letters and Covenants Not To Sue at the conclusion of cleanups. Instead, the LSRPs will determine the propriety and conclusion of investigations and cleanups, and will issue the final sign-off document, to be known as a Response Action Outcome (RAO). The goal is to increase the pace of remediation and help decrease the threat of contamination to public health and safety and of the environment, and to quickly return underutilized properties to productive use.

The new regulations have spawned a cottage industry of freelance LSRP consultants shopping themselves out to developers as well as towns affected by planned developments on contaminated sites.