In markets where home values have declined (almost every where on paper - see earlier blog entries about the falsity of comparable market appraisals), lenders are being encouraged by The Feds to agressively modify their primary home loan portfolios. This does not generally apply to second home loans.

Lenders are renegotiating terms like rate and loan balance in order to keep the payments affordable for the borrower to keep paying and stay in the home. You need to prove hardship, and ability to pay at the lower level and there is a whole process to follow. Many mortgage companies are re-tooling to offer the service, our sister company Americor Financial Services has an effective program as well and I believe it is worthwhile for many home owners to explore the options. www.H4Hnow.com

Any student of history sees one of two scenarios in today’s real estate markets: 1.) the opportunity of a lifetime to buy, 2.) an abyss. The abyss by all accounts is highly unlikely, but again history teaches us to prepare for the worst, cheer for the best.

Realistically, the fear I hear today in the media, from my freinds, and around the water cooler reminds me of the stories my Grand Dad told about the 1930’s. But the world I see - new cars, lines at the movie theater, full restaruants and people in shopping malls (with bags), and plenty of Government $$ injected feverously remind me more of the panic before a recovery.

Maybe it’s just my hopeful nature? Maybe I’m just contarian to the core? Maybe I’m right. Maybe there is a wave of inflation about to hit the US economy, that will increase the cost of borrowing - and real estate values. Maybe it’s time to borrow all you can at today’s fixed rates (generally below 6.0%) and get your cash ready to buy hard assets that are about to appreciate or inflate again.

ORLANDO, Fla. (November 11, 2008) - Vacation rental property managers and vendor partners nationwide are represented by new leadership following last week’s Vacation Rental Managers Association (VRMA) conference, including the appointment of long-standing advocate for category awareness, Steve Trover, as Vice President. In his new role, Trover’s first initiatives will include completion and launch of a new website for the organization, as well as reshaping the future of the association with the support of 11 additional board members.

Trover is well-known in the industry as President and founding member of Discover Vacation Homes, the national awareness voice for the vacation home rental industry, whose efforts are driven by the need to raise visibility of this niche lodging category to travelers nationwide.

“The success of VRMA is vital to the success of our entire industry,” explains Trover. “VRMA now shares a tremendous vision for the future with industry partners and colleagues, beginning with a great push to raise the awareness of professionally managed vacation rental properties. The progress, unity and development to come will be very important to our collective cause - One that Discover Vacation Homes supports whole-heartedly.”

For details about both VRMA and Discover Vacation Homes, visit http://www.VRMA.com and http://www.DiscoverVacationHomes.com, respectively.

From The Telegraph

Developers were forced to shift the location of the waterside property 984 ft (300m) away to a new location after the discovery of the Epipactis phyllanthes, or Green-flowered Helleborine.
The house is one of 58 glass and timber properties being built on a private 650 acre estate in the Cotswold Water Park, near Cirencester, Gloucestershire.

Aimed at those in the market for a second home, The Lakes by Yoo - a firm co-founded by Philippe Starck - are intended to help make the Cotswolds to London what the Hamptons are to New York.
Their interiors are designed by Jade Jagger with prices starting from £775,000.
Careful to uphold its eco-credentials, Yoo suspended its plans when it made the orchid discovery.
The Green-flowered Helleborine, which can grow up to a foot high, was discovered by Lake Longdoles, near Fairford, in the spot intended for the holiday home.
It is believed to be the first example of the species found at the Cotswold Water Park.

Ben Pollard, landscape and ecology manager at The Lakes, said: “It’s a recorded ‘nationally scarce’ orchid which is a really exciting find. There were 20 plants in a small spot in wet, shady grass at the corner of one of the lakes.
“They’re mostly green and not much taller than the surrounding vegetation so they’re inconspicuous and probably easily overlooked.”
He said the building team initially investigated moving the orchids to a safer spot.
“We agreed with Cotswold District Council planners that it would be too much of a risk so we moved the house instead,” he said. “The orchid was the winner.”
It is not the first time nature has dictated terms at The Lakes. Nesting birds forced tree clearance to be postponed for months and a mature tree facing the axe was given special protection after being identified as a probable bat roost.

The trip will begin in Detroit-NYC-Dublin-Wales-London-Bahrain-Dubai-Mumbai-Bangkok-Hong Kong-NYC-Detroit. The itinery is exciting, and the meetings I have set up with resort operators & developers, bankers, and other new friends is even more exciting.

I intend to ask everyone I meet a couple questions:

“What do you think of America’s new President?”

“What are you afraid of?”

It seems to me that their is a lot economic fear and uncertainty in Detroit today, I want to know if this is a Global state of mind. Join me?

Second home sales have set new records every year for the last 5 years, up until 2007-08, when the market has been slowing dramatically with the rest of the housing market. Is that a sign that I was in the ether and crazy?

Honestly, as I have observed the faultering of the second home (and entire) real estate markets for new sales in the last 90 days, I have begun to second guess my theories. So for the last few days I have been drilling for facts not hunches. Interviewing potential second home buyers, not just trying to read minds.

I’m happy to report the ‘dream of Besting’ is far from dead. It is a being pent-up, people want to move to the mountains, beach, sunshine and walk able lifestyle communities. They are migrating from surburban McMansions and inter-state commutes.

As you read about layoffs, down-sizing, and shifts in job base. Consider that these home owners are likely to move from where they used to work, to where they want to live - and find a new job. The migration to better nests is accelerating. The idea of Besting is not more expensive homes, it is homes that fit lifestyle ‘better’. This does mean multiple residences, fractional ownership, and even more cost efficient second homes - yes, Condo Hotels.

When nerves calm, and money begins flowing again, real estate bargains will be snapped up and likely in rare-air second home markets first.

Viva la Besting!

MIAMI BEACH, Fla. - Whether it’s the snowy slopes of Colorado, the blue waters of Miami Beach, or the picturesque golf courses of Hilton Head Island, finding a quality vacation rental is becoming easier every day.

That’s especially true now as the economy sinks into recession. Vacation home owners who once refused to open their prized retreats to renters are now reconsidering, seeking more cash for their pockets.

Homeowners interested in becoming temporary landlords can benefit from some advice to help them along in a process that can be both time consuming and mined with expensive pitfalls.

About 25 percent of vacation home buyers last year said they planned to rent out the property, up from 18 percent in 2006, according to the National Association of Realtors. And real estate agents in vacation hot spots say that trend is continuing because more owners are watching their retirement savings slump with the stock markets.

“People who have second homes have found the price of operating and maintaining their home have gone up,” Justin Halloran, vice president of HomeAway.com, which operates a series of Web sites that lists vacation homes for rent. “Other expenses in their lives have also gone up, so they have less money to spend on their second home.”

Vacation rentals are homes or condos that can be rented for several days, weeks or even months at a time. They have a more homey feel than a hotel room, and often extra features like flat-screen TVs, swimming pools, and fully equipped kitchens.

And while they can be pricey compared to a budget hotel, they’re often more affordable for groups who can share one home instead of renting several small hotel rooms.

“It’s just a different feeling,” said Tom Ridgway, owner of Hilton Head Rentals & Golf in Hilton Head, S.C., which provides listing, property management and rental services for homeowners and travelers. “In a hotel, you can’t go down to the lobby in your pajamas with a cup of coffee and talk to your sister who you haven’t seen in two years.”

While mansions in the Hamptons, N.Y., and Palm Beach, Fla., attract the most affluent buyers, an eager investor doesn’t need to spend millions. Consider affordable areas like Gatlinburg, Tenn., central Florida, Colorado skiing destinations like Winter Park and Keystone, and even exotic locales like Costa Rica and the Bahamas.

Dennis Johnson, a real estate agent with Paffrath & Thomas in Breckenridge, Colo., said it varies by resort, but buyers can snare a one-bedroom condo with “ski-in, ski-out access” for about $300,000. Properties with two or more bedrooms start at $650,000 and top $1 million. Vacation rental rates range from about $125 to $1,000 a night.

“There’s always going to be that demand for people to come to ski areas because our society is so stressful and we want to get away,” Johnson said.

In Miami Beach, Fla., Jayson Wingfield rents out his $600,000 studio-style condominium with a water view. Located in the upscale Setai condo-hotel, his condo produces an average of about $3,000 per month on vacation rentals. Bookings and maintenance are handled by the condo-hotel, though cheaper third-party managers are available, Wingfield said. His condo is rented about 65 percent of the year.

“It’s perfect for the absentee owner that doesn’t want any responsibilities, who wants to use it part-time and maximize the investment,” said Wingfield, 31.

Industry professionals cite several steps for homeowners to follow in the vacation rental process.

First, owners should investigate the rental laws, and what, if any, licenses are required for owners of rental properties. They should build a rental agreement that includes policies on pets, smoking, security deposits and minimum stays. Determine check-in and check-out procedures. Some vacation rental companies mail keys to travelers ahead of time to streamline check-ins.

Deciding on a daily or weekly rental rate is key to make the most profit while not overpricing the property. Homeowners should consider accepting credit cards or PayPal charges to make payment easy for both sides.

Next, homeowners should prepare the house based on the type of renter they’re targeting. Properties with video game systems, for example, and kiddie pools can attract families.

To protect your property from damage and theft, always list the inventory of property in the home.

If a homeowner has the time and energy, and lives close enough to their rental property, there are rent by owner services and Web sites available. It can be more affordable for a homeowner to handle everything without a property manager, but unless the homeowner is ultra handy, at the least they will likely have to hire a professional cleaning service or someone to handle difficult repairs like plumbing or air conditioning.

The other options is to choose a reliable vacation property manager, who can handle maintenance, cleaning and repair services and help keep the property presentable for renters and owners.

Individual companies also offer these services. Many vacation managers also book renters and keep the house ready for when the homeowner wants to visit, charging a percentage of the rent that can range up to 30 percent or above if booking fees are included.

Homeowners want an attentive property manager who is not too busy to care for their investment and respond to emergencies. Check references and talk at length with mangers to determine their reliability. Experts stress a close study of the contract to avoid hidden charges added to booking fees, which can be 20 percent or more.

After finding a vacation manager, seek out a way to list the home, whether it’s through a real estate agent or the Internet, an essential research option. In addition to HomeAway’s sites, others that offer listing services include Vamoose.com, Beachhouse.com, and myriad sites that highlight a specific region.

A well-marketed vacation home is more likely to find renters. By using listing Web sites, owners can give details of the property and show photos to prospective renters.

“Take a whole lot of them,” says HomeAway’s Halloran. “Make sure you have pictures of both the interior and exterior, nice pictures of the kitchen … Take pictures of the view.”

Americor’s Mortgage Rescue Program (MRP/H4H Now) was introduced to help homeowners who are in need of help with their current mortgage.
If you are experiencing:
•    Difficulty making your mortgage payments
•    Inability to refinance your property
•    Owe more on your home than it is worth
•    Stuck in a negative amortizing mortgage or other type of adjustable loan
•    Financial hardship due to loss of income or other situations
We can help! What We Do:
Depending on your particular situation, Americor Financial Services will create a solution that meets your needs.  This may include – Renegotiating the terms of your loan with your existing lender to:
•    Reduce your loan balance to match current home market value.
•    Modify your adjustable loan into a fixed rate.
•    Have past due payments waived.
•    Reduce your monthly payment.
•    Obtain a short term break from payments.
Short-Pay Refinance
A Short-Pay refinance is where we obtain an approval for your home with a mortgage based on the current value of your home.  We present this approval to your current mortgage lender and negotiate terms where they will accept a payoff for less than the amount than you currently owe. Reverse Mortgage — For those of you age 62 and over, a reverse mortgage can eliminate a mortgage payment completely. What’s the catch? Unlike other companies that offers similar services with substantial upfront fees regardless if they help you or not, we charge nothing for an initial conversation with you and your lenders.  We put together a written proposal based on your needs, and you pay if we are able to achieve results for you.  Our fee varies depending on each situation, but the initial plan for consultation is free. This way you have nothing to lose!
How to get started: Getting started is simple!

Call us at 248-816-7142 or email us at H4Hnow@gmail.com
You will talk to a live person who will listen to your needs and work with you directly throughout the entire process.

From Globe St.

SAN FRANCISCO-Turnberry Ltd. of Miami has sold a 50% stake in a planned 40-story luxury condo tower in San Francisco’s Rincon Hill neighborhood to Group 24 LLC, a new equity investment vehicle of Mike Zoi, a Miami-based entrepreneur and investor. Slated for 45 Lansing St., near First and Harrison, the $275-million endeavor is the first in California for Turnberry, which is known for its luxury residential developments in Florida and Las Vegas.
While the financial details of the partnership were not immediately available, GlobeSt.com has learned that the $275-million represents the total development cost of the project, versus a gross sell-out value of approximately $350 million. Turnberry president Bruce Weiner tells GlobeSt.com that all the necessary entitlements and approvals have been finalized, permits have been pulled and impact fees paid and that excavation for the subterranean garage should begin in the first quarter of 2009 and that the entire project should take 30 months to complete.

Now there is a new implode o’ meter - www.DeveloperImplode.com,

If you’re not on it, celebrate!