ACCREDITED VIRTUAL PUBLIC SCHOOLS COMING NEXT YEAR IN FLORIDA

Believed to be the most wide-ranging virtual mandate in the US, a new Florida state law requires districts to create full-time virtual schools, collaborate with other districts, or contract with providers approved by the state. Your children and grandchildren who live in Florida will be able to go to school entirely online from kindergarten through 12th grade, never setting foot in a classroom, but about 20% of the curriculum may be taught online and parents must commit to walking their children through the rest of the lessons. School superintendents must be ready by August with details from how to provide the needed technology to how to engage kindergartners attention spans as they sit at the computer for many hours in a row. While this program may eliminate the need to build more schools, the districts still must pay teachers, revamp their curriculum appropriately, and purchase new technology. Districts can choose to pay a state-approved private company to do that . Two online schools are already funded, one for students from kindergarten through eighth grade, and the Florida Virtual School offering middle and high school courses. During last year’s school year, 57,000 students took at least one Florida Virtual School course, but very few committed to an all-online experience. The new Web-based education is expected to attract many students. This year the district will start with 12 students, kindergarten through 8th grade, who are registered for online school through a state program. Students and parents will be asked for input. For accountability, virtual students must meet state standards and take the Florida Comprehensive Assessment Test. There is concern that the virtual experience cannot be provided to students whose families cannot afford home computers and internet access. Opening school computer labs is one alternative being considered. The North American Council for Online Learning will be watching, as will the rest of us, to see how it goes. For more details see http://www.flvs.net/. Online courses are available for adults too. Check it out!

SIGNS OF THE TIMES - LACK OF FINANCING AND BUDGET CUT PROBLEMS

DAYJET CEASES SERVICE to 60 regional destinations. Lack of growth capital was the reason for shutting down, according to the President of the firm. The company was unable to arrange financing. PALM TRAN HAS REDUCED its schedule and trimmed some routes in Boca Raton, Delray Beach and Boynton Beach. THE BOCA COMMUNITY HOSPITAL HAS PUT A HOLD ON plans to build a new facility on the FAU campus. Let’s remember that the economy WILL improve in due time, and perhaps then some of these plans will be revived.

COME AND SEE SPOTS BEFORE YOUR EYES…

On September 20^th, the Palm Beach Zoo in Dreher Park, 301 Summit Boulevard in West Palm Beach, will be celebrating “all things spotted,” in support of jaguar conservation. One of the resident jaguars, “Izel,” will be celebrating a third birthday! Learn about these beautiful creatures from keeper talks and enrichment sessions. Games, arts and crafts will be featured throughout the day for children.

FLAGER'S PERSONAL RAIL CAR ON DISPLAY IN PALM BEACH

Henry Morrison Flagler’s personal rail car, built in 1886, is now on view, and you can walk through the new 8100 sq ft Pavilion at the Flagler Museum in Palm Beach to see it. The railway car has been restored to its original appearance, using records from the National Museum of American History, the Smithsonian, the Delaware State Archives and the Hagley Museum and Library in Delaware. See the salon, master bedroom and bath, guest quarters and kitchen. The car is called “A Palace on Wheels.” See the fine appointments, including the oak paneling and desk. Flagler traveled by this railcar in 1912 along the Overseas Railway to Key West to celebrate completion of the FEC Railway, a phenomenal engineering feat. This is the first public Beaux-Arts style building built in the US in 60 years. Its design is consistent with Whitehall, which was completed in 1902. The Museum’s Pavilion Café is also in the building. Flagler owned much of the land along both sides of the hundreds of miles of track, and has been called “Florida’s Godfather.” For more information, go to http://www.flaglermuseum.us/ or call 561-655-2833.

NORTON MUSEUM PRESENTS PHOTOGRAPHY EXHIBIT

Featuring as many photographers as possible, the Norton continues its longstanding commitment to furthering the visitor’s understanding of photographic history. A recent donation of 162 photographs, The Hunter Gifts, is now on exhibit until September 7^th. The collection includes the work of some of the most important photographers of the 20^th century. Six international photographers are paired together for easy comparisons of their work. The Norton Museum of Art is located at 1451 S Olive Avenue in West Palm Beach. General admission is $8, ages 13-21 is $3, children under 13 and members are admitted with no charge.

FORECLOSURE SEMINAR

EMPOWER YOURSELF! Attend FORECLOSURE SEMINAR, 7-9 pm, Tuesday 8/26 and Thursday 8/28 at the Deerfield Hilton, I-95 and Hillsborough Blvd. FREE pre-registration (561-338-2122 or www.iberiamortgagecorp.com.) or $10 at the door. Who should attend: First Time Buyers, Bargain Shoppers, Investors, Realtors. What you will learn: No credit or Challenged Credit, How to Profit from the Real Estate Mess, How to buy and repair a home with one loan; How the new House Bill benefits you.

DELRAY CULTURAL CENTER OFFERINGS COMING UP – GET OUT YOUR CALENDAR NOW

Songs, lectures and a variety of other special events are planned at Cornell’s Old School Square Crest Theatre, including big and small names with varied talents. “Altar Boyz”, a musical comedy, will open The Crest Theatre Main Stage Series November 14-16. The theatre’s season will conclude with “Romanza, the Art of the Tenor, April 3-5. From December 5-7, Spencer’s Theatre of Illusion will be appearing – maybe disappearing - featuring interesting theatrical elements. December 19-21 the Ballroom World Champion Tour will be held for dance enthusiasts. The latest incarnation of The Kingston Trio will present folk music January 16-18. The American Soul & Rock and Roll Choir will bring us cheer February 6-8. “Footloose,” based on the film, will present their national tour March 6-8. A new Celtic inspired dance production featuring Irish, Ottawa Valley and modern tap dancers, The Stepcrew, will appear March 20-22. The 2009 Lecture Series, held Thursdays at 2 pm, will include Secret Service Director Brian Stafford February 19, Author Michael Gates Gill March 12^th and author/photographer Lorraine Salem Tufts April 2^nd. Other presentations coming up include Tony Award winners Hal Linden, Tommy Tune, and Christine Ebersole with Grammy winner Billy Stritch, For tickets and more information call 561-243-7922, extension 1. The Crest Theater is located at 51 North Swinton Avenue, just north of Atlantic Avenue near the Delray Beach Tennis Center, in Old School Square. Individual tickets prices for Main Stage and Cabaret Series are $40 for matinee and $42 for evening. Individual lecture tickets are $25 for open seating (balcony) and $40 for reserved seating, which includes valet parking and post-lecture reception. Crest Theatre was voted BEST LIVE THEATRE by Forum Publishing Groups, The Best of Delray Beach Magazine, 2007. For seating chart, and more information on performances, see http://www.oldschool.org/crest.asp.

MERGING TEMPLES MAY GET NEW HOME

Temple B’nai Araham which meets in the Wellington Mall is merging with Temple B’nai Jacob in West Palm Beach and seeks to purchase a Wellington Village owned 2.82-acre parcel on the south side of Lake Worth Road, bordered on the west by Wellington Shores Drive. The Wellington Village Counsel has reacted favorably to their request. An inventory of the village land, designated for civic uses, is being made. A temple building is envisioned of 8-10,000 sq ft for services, social events, classrooms and an office. Parking would comply with zoning requirements. Beginning with 8 members, then growing to 45 families, the Temple expects to gain 90 – 100 additional members through the merger. The sale of the Temple B’nai Jacob property in West Palm Beach will help fund the land purchase.

WIDESPREAD US HOME PURCHASES BY INTERNATIONALS

National Association of Realtors has estimated that between 150,000 and 190,000 homes in the US were sold to foreign nationals between May 2007 and May 2008. Florida, California and Texas were the most popular states. With the US dollar weakened compared to foreign currencies, US real estate was recognized as a good investment right now.

PBIA FEATURING PALM BEACH COUNTY ARTISTS EXHIBIT

An Opening Reception will be held at Palm Beach International Airport on Wednesday, September 10^th , 5:30-7 pm in the Airport’s Concession Mall, Level 2 Main Terminal, across from Travelers Lounge for exhibits of local paintings, sculpture, photography and mixed-media works, sometimes depicting the flora, fauna and natural places in the County. To see a virtual tour of the art, go to http://www.pbcgov.com/fdo/art/artworks.htm. The artworks, created by residents of various Palm Beach County cities, are for sale. Parking available in Short Term levels 4-7. The exhibit will be on display through September 24^th, and is sponsored by Palm Beach County’s Art in Public Places through a grant from the Palm Beach County’s Cultural Council. Selected works with are presented for four months and each exhibition features changing cultural and travel themes. Contact information for artists interested in submitting their works is http://www.pbcgov.com/art/FDORegistry.aspx.

BOYNTON BEACH REDEVELOPMENT PROJECTS SLOWED

With redevelopment in the city’s heart moving slowly, Community Redevelopment Agency commissioners recommended zoning changes be explored by city staff to allow construction of the first phase of 160 affordable rental apartments for seniors. They have been negotiating with developers over the 26 acres along Martin Luther King Boulevard, and one agreement is being worked on now for construction of about 700 townhouses, apartments and condos between Seacrest Blvd and Federal Highway. Funding is not forthcoming from the states Community Workforce Housing Initiatives Program for the Ocean Breeze affordable housing program on Seacrest. This was for 84 for-sale town-homes and 56 income-restricted rental apartments on 8 acres of CRA-owned land. These builders are now planning 32 single-family homes in place of the town homes, and have asked the CRA to charge them a nominal free for the land, valued at $1.6MM. This developer is also counting on state, county, city and other CRA subsidies, but none of these funds have been promised.

MORE ON WORLD’S MOST EXPENSIVE HOUSE… NOW REPORTED TO HAVE SOLD FOR $750,000,000

Now comes word that the anonymous Russian billionaire who bought the exquisite Villa Leopolda historic estate on the French Cote d’Azur paid a higher price than previously reported. This purchase overtakes the previous highest purchase of a London home by Laksmi Mittal for his son for $236,000,000. (WOW these are all a lot of zeros!). Villa Leopolda is between Monaco and Nice, overlooking Cap Ferrat near Villefranche-su-Mer. It is a cream-colored turreted mansion with two guest houses. King Leopold II of Belgium built the villa in 1902. In 1916, King Leopold’s nephew and heir, King Albert I, turned the villa into a hospital for wounded officers during WW1. The Agnelli family later owned the property (Fiat auto tycoons) and held legendary jet-set parties in the 1960’s, with guests including Frank Sinatra and Ronald Regan (in his acting days). Fifty full-time gardeners are employed to take care of 20 acres of gardens and terraces, with 1200 olive, orange, lemon and cypress trees. The grounds are considered among the most spectacular on the Cote d’Azur. Seller was Lily Safra, widow of murdered banking billionaire, Edmond Safra. A Russian oil oligarch is said to be the new owner. But not Roman, Abramovich, owner of the Chelsea Football Club, who owns a $100,000,000 mansion near Antibes. It is reported that 60 villas and mansions on Cap Ferrat are owned by wealthy Russians.

SOME OF THE “GOOD NEWS”

Affordable house prices combined with attractive exchange rates have resulted in our Canadian neighbors becoming the largest group of foreign buyers of homes in the United States, followed by buyers from the UK, Mexico, China, India and Germany. Since May 2007, foreign nationals have purchased between 150,000 and 190,000 homes in the United States. The most popular purchase was single-family vacation homes with an average price of $297,400. Florida led the way followed by California, Texas, New York, Washington and Nevada. Four out of Ten foreign buyers paid for their new homes with cash, compared to 7% of domestic buyers. Average stay for international buyers was 2.6 months during the year. 14% of purchases were $750,000 or more. This information is from the 2008 NAR Profile of International Home Buying Activity, a survey based on responses from about 4,000 Realtors who serve foreign buyers.

PLAN NOW: LOOK WHO'S COMING TO THE KRAVIS CENTER!

Carol Burnett (1/17/09)

Barbara Cook (12/16/2008)

Lily Tomlin (2-10-09)

Jackie Mason (2-2-09)

Steven Sondheim (2-4-09)

Marvin Hamlisch (3-8-09)

Patti LuPone and Mandy Patinkin, original EVITA stars (3-25-09)

Wynton Marsalis (1-28-09)

Dr. John and the Neville Brothers (3-3-09)

Led Zeppelin (1-13-09)

The Pink Floyd Experience (2-14-09)

Blue, a tribute to Joni Mitchell (1/2-4/09)

Kravis Membership is $75 and includes priority seating opportunities based on level of donation. Public tickets go on sale for 2008-2009 at 9 am on September 20^th. For more info call 561-832-7469 or go to http://www.kravis.org. Starting in October, for 11 sessions, “Movies by Moonlight” will be presented in the Gosman Amphitheatre including Grease, Sound of Music and Singin’ In The Rain.

AUGUST ADMISSION FREE FOR PALM BEACH ZOO

Want to find something for the kids to do? Grandkids coming for a visit? Palm Beach Zoo admission fees are waived in August and unlimited carousel rides are offered for kids age 12 and younger. There are over 100 shows a week and 1600 animals to visit. The Zoo is located at Dreher Park in West Palm Beach. Mission of the zoo is to provide an outdoor classroom of living creatures to foster awareness, appreciation and respect for the natural world. More info at www.palmbeachzoo.org.

FOR THE GOURMETS AND THE GAWKERS… WELL, REALLY FOR ALL OF US…

Palm Beach Restaurant Week will be held October 20-26, so mark your calendars NOW. Styled after the famous New York Restaurant Weeks, for $20.08, three-course lunches will be offered at restaurants that are said to include Café Boulud, Café L’Europe, Charley’s Crab, Flager Steakhouse (at the Breakers), Michael R. McCarty’s, Ocean Bistro at the Four Seasons, Renato’s and the Ritz Carlton. The Palm Beach County Convention Center and Palm Beach Chamber of Commerce are involved in the planning.

FLAVOR PICT & LYONS ROAD TO CONNECT

Flavor Pict, a few blocks north of Atlantic Avenue, will be connected, after forthcoming construction, from State Road 7 (441) to Lyons Road from north of Atlantic Avenue to south of Boynton Beach Boulevard as a two-lane road.

NEW SUITOR FOR BRINY BREEZES?

Will Briny Breezes succeed at turning their 488-unit mobile-home park into a mega-urban high rise resort development and in the process become millionaires themselves? The $500MM deal to do so fell through about a year ago. But residents have not “sat on their hands,” and have been out looking for new suitors. Now the Board of Directors has informed residents in a letter that they hope to have a bid to buy the park by the end of summer. A few months ago Briny Breezes asked neighboring Boynton Beach to increase its water allocation 7-fold for the next decade to help develop the town, but commissioners declined, saying now that when a project is on the table they will reconsider. Briny Breezes residents own shares in a corporation which are weighted by the location and lot size.

SPANISH MARTINSA-FADESA GOES BELLY UP FOR $8-BB

As if it weren’t enough for us to hear about the loss of local builders during this market downswing, now we learn other countries are experiencing the same conditions. The subject company failed to secure new financing to remain operational. Sharper interest rates and tighter lending conditions are prevalent. The company is one of the largest construction companies in Spain with $17.4-BB in assets, the first major Spanish victim of the real estate recession and crisis. It is currently selling off its assets to raise money for debt obligations. In cities like Madrid and Barcelona residential home sales are down 30% this year.

PENINSULA BOYNTON BEACH DEVELOPER IN BANKRUPTCY

Waterbrook Peninsula LLC has filed for bankruptcy. Your editor recently visited the project and took these photos. The property is on a small peninsula with water on three sides, on Federal Highway and the intracoastal waterway. It was planned to have 40 luxury condos, 20 town homes and 10 large single family homes. Construction is almost complete on the condos and single family homes but town homes have been delayed. This bankruptcy, where National City Bank foreclosed on a $26-MM mortgage, highlights the down market conditions.

MOST EXPENSIVE BOYNTON BEACH HOUSE SOLD IN 2008 TO JULY 1ST

From January 1 to July 1, 2008, there were 4 homes sold in Boynton Beach for over $1,000,000. A 5 bedroom, 7 1/2 bath .68 acre 2-story home in the luxury equestrian 280-acre community of Equus, with 6179 living sq feet, built in 2007 was sold in March 2008 for $1,275,000. Originally listed for $2,099,000, the price had been lowered to $1,600,000. The home was on the market for 394 days. The property features horse trails, and a 30’x15’ pool. The 7000 sq ft Clubhouse has tennis courts and billiards. Typical Equus homes are European Country Manor estates with part stone facades and soaring ceilings. There is a 30-acre Equestrian Center abutting the community which offers upkeep, boarding and training of horses, Grand Prix Ring, Dressage Ring, Lunge Ring, Working Rings, Riding School and over 5 ½ miles of scenic riding trails.

GAS FOR LIFE ???

The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000.

GO FOR IT!

RESIDENTS GET “BOON” FROM PALM TRAN’S NEW BUS LINE DOWN A1A

Bus service returns in early July. Every Wednesday beginning July 9^th the Coral Link will make hourly trips up and down State Road A1A from 9:05 am to 5:35 pm. The route encompasses a north and south run between Lake Worth Road and Ocean Avenue and goes as far west as the Lake Worth Tri-Rail station and the Winn-Dixie and Kmart stores in Lantana, Walgreen’s, Lake Worth and Lantana libraries and post office branches in Lake Worth and Lantana. Connection points will be provided to larger, major routes. The bus will pull into condominium parking lots for easier access for residents and upon request, will deviate from its route by up to ¾ of a mile to access stores and medical centers. Riders can call up to 3 days in advance to schedule a route deviation, or inform the driver upon boarding. The drivers have been instructed to pick up riders anywhere along State Road A1A and stops will be posted along the way. Cost is fifty cents for all riders, and they must have the correct fare. No passes will be accepted, and drivers will not carry change. This FLORIDA DOT is funding this pilot program for its first year, and will continue it if successful. For information call 877-870-9849.

NOTE: YOU MUST MOVE OVER FOR STOPPED EMERGENCY VEHICLES ON HIGHWAY

With the primary objective to save lives of law enforcement officers conducting traffic stops, a statute passed during the 2002 session of the Florida legislature requires that motorists traveling on I-95 and other Florida highways with two or more lanes traveling in the direction fo the emergency vehicle “slow down” or “move over” and out of the lane closest to the vehicle as soon as its safe to do so, when approaching an authorized emergency vehicle stopped on the highway. Drivers are required to slow to 20 miles per hour less than the posted speed limit if 25 miles per hour or greater or travel at 5 miles per hour when posted speed limit is 20 miles per hour or less.

KEEP IN MIND WHEN GETTING A MORTGAGE, THAT YOU GET MORE PROPERTY FOR THE MONEY WITH A LOWER RATE.

FLORIDA ASSOCIATION OF REALTORS

Rates on 30-Year Mortgages Jump

Washington, June 13,2008 – Rates on 30-year mortgages jumped to the highest level in nearly eight months, reflecting increased concerns about what the Federal Reserve might do to battle inflation.

Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.32 percent this week. That was sharply up from 6.09 percent last week.

It was the highest level for 30-year mortgages since they averaged 6.33 percent for the week of Oct. 25.

Analysts attributed the big jump to increased concerns in financial markets that the Federal Reserve might be preparing to start raising interest rates in order to make sure that inflation does not get out of control.

MORTGAGE RATE TREND INDEX

Most experts (71 percent) polled by Bankrate.com generally expect mortgage rates to continue rising over the next 30 to 45 days. However, 21 percent expect rates to go down while only 8 percent predict no change over the same time span.

Perhaps NOW is the time to buy… more and more listings are showing price RISES, not DROPS. These are indications that there is an uptrend RIGHT NOW.

TEMPLE BETH SHIRA TO JOIN UNION FOR REFORM JUDIASM

Four years ago, five families formed Temple Beth Shira, West Boca’s Reform Synagogue, as a supportive congregation. Today more than 130 families are members of this multi-generational congregation, devoted to Torah, Jewish values, social action and community outreach. Members come from Boynton Beach to Coral Springs. On Friday, June 13^th the temple, in West Boca, will be officially welcomed into the Union for Reform Judiasm, the only West Boca Temple to be so affiliated. Attendance at the event is free. For more information call 561-912-1453 or go to www.TempleBethShira.org. The Temple offers a comprehensive religious school, bar and bat mitzvah training and small classes. There is an active sisterhood and brotherhood. Cantor Ellen Stettner is the spiritual leader. She served as Cantor of the historic Stephen Wise Free Synagogue, New York City, NY, from 1981 through 2002, and was the first person to have occupied that position. She also served Temple Israel in Melbourne, Florida, as interim Spiritual Leader, before accepting the position of Spiritual Leader of Temple Beth Shira in West Boca Raton. Services are held every other Friday at 7:30 pm at West Boca High School. For more information call 561-912-1453 or go to www.templebethshira.org.

$232-MM – NEW WORLD RECORD FOR RESIDENTIAL PROPERTY?

It is widely reported, but not yet confirmed that Lakshmi Mittal is ready to spend USD $232-MM on a home for his son, Aditva Mittal (pictured here), in London’s Kensington Palace Gardens neighborhood. According to Forbes Magazine, Lakshmi Mittal is the 4^th richest person in the world with an estimated personal net worth of $45-BB. Current property owner is Noam Gottesman, hedge fund manager.

BOYNTON BEACH “GOING GREEN”?

Incentives are being proposed to allow developers to build at higher densities and offer fast-track permitting and reduced permitting, impact and other fees. Two non-profit groups dedicate to environmentally conscious building would offer LEED (Leadership in Energy & Environmental Design) certification. They are the Florida Green Building Coalition and the U.S. Green Building Council. The developers would construct energy-efficient buildings, saving on water use, and incorporate other “green” features including using Earth-friendly materials. Developers are concerned that “building green” is costlier, perhaps 10% additional, and that cost would be passed on to the buyers. It may be that buyers find a “green” building more desirable despite a higher cost.

GREEN CAY NATURE CENTER ACTIVITES FOR THE CHILDREN

TERRIFIC TURTLES
Saturday, May 24, 2:00 pm, All ages, $3 per person (Children 4 & under free)
Meet some of our shelled friends, and learn about the different varieties of turtles and their lifestyles! Reservations required.

STORY and CRAFT TIME
Saturday, May 31, 10:00 am, Ages 3-5, $1 per child
Join us monthly as we read stories, have learning time, and make crafts about animals and other nature-related themes! Topics will vary each month. Reservations required.

All participants are required to sign a Program Participation Form for every program or tour.

Green Cay Nature Center is operated by the Palm Beach County Parks and Recreation Department and is located at 12800 Hagen Ranch Road in Boynton Beach.

FOR BEST GAS PRICES

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

DELRAY BEACH SELLS 4.85 ACRES IN LAKE IDA PARK AREA

Development plans of the new owner, a site plan for which has been submitted to the City of Boynton Beach propose a single-family residential community. Owner National Land Company (NLC) owns an adjacent property, currently part of Lake Ida Park, with a canal separating the two properties. NCL was the only bidder for the property, “as is” with no contingencies, which sold for $1.6-MM. NCL must however maintain shoreline enhancement and the “littoral zone” (the area of land between the high and low water marks). The county retains mineral and petroleum rights, but does not retain rights of entry and exploration.

MORTGAGE CRISIS AFFECTS 2 MILLION AMERICAN CHILDREN

SOMETHING TO THINK ABOUT: Analysis shows a negative impact on the health, education, and well-being of children A new report released today reveals that an estimated 2 million children will be directly impacted by the sub-prime mortgage crisis as their families lose their homes due to foreclosures. As the first comprehensive analysis of how the crisis will impact kids, the report explains that this number will rise even higher when accounting for other populations, such as children being evicted from rental units that are going into default and those children whose parents default on conventional loans. These foreclosures will happen primarily during 2008 and 2009. The report, which includes state-by-state estimates of the number of children that are directly impacted by this crisis, indicates that foreclosures often result in disruptions to a child's education, as well as issues relating to their physical and mental health. Moreover, behavioral problems are more likely to arise in children who lose their homes, as positive peer relationships disintegrate when children are forced from their neighborhoods. The report, entitled "The Impact of the Mortgage Crisis on Children" can be found at http://www.firstfocus.net/pages/3401/. In addition, the report finds that the physical and mental health of displaced children can be severely compromised, as families losing their homes are less likely to have money available for items such as health care and health insurance. Children impacted by the mortgage crisis are likely to experience excessive mobility and as a result are only half as likely to be proficient in reading as their peers. And, they are much more likely to be held back and eventually drop out of school. Children forced from their homes experience behavioral problems, such as increases in violence. Due to the increasing number of foreclosures, school districts across the country are experiencing increases in the number of homeless children entering their classrooms, many of which can be attributed to the mortgage crisis.

HOUSING PRICES PREDICTED TO GO UP 20-30% IN 5 YEARS

Association of Realtors Chief Economist Lawrence Yun recently said of an area that was hard hit by the housing downturn, that “the worst conditions in the Tampa market may have already passed… I think the second half of 2008 will be better. But if I look at the long-term perspective, five years from now, comfortably, one can say home prices in this region will be 20-30% higher.” He also said that while sub prime mortgages made up only 9% of all mortgages in the US, they made up 53% of US housing foreclosures, dragging down the housing market. Yun noted, “There’s a change in the mood over the last couple of weeks,” and that mortgage rates are at near historic lows, business spending is strong and corporate profits are up, all good economic signs. No doubt this is good news for Florida’s east coast too. According to an article in Realty Times, Palm Beach County buyers have purchased 30 percent more single-family homes from February to March.

WILL THE FHA OWN PART OF YOUR/YOUR NEIGHBOR’S HOME?

Rep. Barney Frank (D-MA) has a proposal (H.R. 5830) introduced in the House of Representatives suggesting that the FHA refinance mortgages and be part owners with profit sharing. The bill proposes a declining percentage fee on profits to discourage short-term speculators, and the program would not apply to 2^nd home owners, equal to 100% of all profits in year one, 80% in year 2, and so on for the first 5 years. Then there would be an “exit” fee equal to 3% of the sale price. This means lenders would accept losses and would later receive a portion of future profits from the home seller. To the besieged homeowner/seller, getting 97% of a profit after 5+ years is a big relief from total equity loss from a foreclosure.

FLORIDA #1 DESTINATION FOR INTERNATIONAL HOME BUYERS

A mid-2007 National Association of Realtors survey found that Florida was the leader in foreign home buying at 26% of all international purchases. California was next at 16%, Texas third at 10%. This includes purchase of mid-priced primary residences, luxury vacation homes, investments to rent out, and commercial properties. Being a convenient point of entry to the US from Europe and South American along with warm weather and recreational and cultural offerings were cited as reason for a preference for Florida properties. With the dollar weakness against the euro and British pound, foreign buyers have more purchasing power compared to home prices in other countries, e.g. the UK, Span and Ireland. Florida has 31 major airports and 14 deepwater seaports. According to the US census bureau, Florida gets more than 4-MM Visitors from 100+ countries in a year. In a 2005 FAR survey, 15% of total home sales in Florida were by international buyers. One-third of foreign buyers were from Latin America.

MILD HOUSING RECOVERY ON THE WAY BEFORE 2008 YEAR-END???

YES says a report from SMR Research Corp, who specialize in mortgage and home equity loan industry research. Being the first to report in 2004 that “a perfect storm” in credit quality would cause a blast in foreclosures within 2 years, they say, “Our prior forecasts were accurate but widely disbelieved when issued.” They expect skeptical reactions now too, but say “the numbers are what they are… homes are now affordable again… consumer psychology is the biggest remaining hurdle to recovery.”

TIPS FOR BUYING A HOME IN A DOWN MARKET

The subprime mortgage problem has scared a lot of people away from the housing market. However, the news isn’t all bad. The current market decline has dropped prices and made housing affordable to many fiscally responsible renters who never considered home ownership to be an option. Here are recommended steps for buyers to take advantage of this market downturn. Be aware of extraneous expenses including property taxes, homeowner’s insurance, standard maintenance, cost of utilities, and HOA fees or equity dues. Ask about current and upcoming special assessments. Decide how much you have left to spend on a mortgage, all closing costs, a down payment amount, paying down existing debts, and check on your credit records before applying in case there are errors to correct. Remember too that if you are selling and buying, while you may get a lower price than you want for your home, you will also get a low price for the home you buy. As a Realtor and a Mortgage Broker, your blog manager, Marilyn Farber Jacobs can assist you with all of these issues, and find you “the home of your dreams,” according to your criteria. Call 561-988-0070 or email marilynfjacobs@gmail.com. If you wish to receive all new properties that become available, go to http://www.FLWaterfrontCondos.com, register and list criteria for a condo, house or townhouse. Join the many buyers who regularly receive listings now. Perhaps your NEXT home will appear before your eyes, and Marilyn will be most happy to show you that home.

SUNDY HOUSE, DELRAY BEACH HISTORIC BOUTIQUE INN

Located in the heart of historic downtown Delray Beach, and one mile from the fabulous beach at the end of Atlantic Avenue, the Sundy House is a boutique inn listed on the National Register of Historic Places. This secluded retreat is nestled within an acre of stunning tropical gardens. The Victorian inn’s 11 luxurious guest accommodations feature sumptuous décor and modern amenities. Sundy House hides within an acre overflowing with 500 tropical plant species. In every corner, you'll discover unique details: a bed suspended in air, a sunset painted on the ceiling, red-cork wallpaper, and blue suede walls. Swim with turtles and angelfish in the naturally filtered swimming pond. Venturing away from this self-contained wonderland only brings more pleasures, like snorkeling or windsurfing in the southern Atlantic, minutes away. Stay for Sundy's Sunday brunch, a lavish affair with everything from eggs Benedict made with Florida lobster to raspberry ham with mango cole slaw. Doubles from $175; 561-272-5678 Experience the award-winning Sundy House Restaurant, the elegant Roux Bamboux Lounge. Just 20 minutes from Palm Beach International Airport and one hour north of Miami, our superb location is easy to reach whether for business or pleasure. The Sundy House is mere steps from shopping, dining and cultural events, in a serene setting in which art, history and culture merge. Complimentary transportation to beach/downtown where life is GOOD and ACTIVE. Other awards include: The New York Post – “Florida’s Top 50 Hotels and Resorts;” Travel + Leisure – “Top 30 Inns in the U.S;” Palm Beach Post – “Best Brunch and Most Romantic Restaurant;” South Florida Parenting – “Best Romantic Getaway.”

SUBMIT YOUR WORKS OF ART INSPIRED BY FLORA, FAUNA AND NATURAL PLACES IN THE COUNTY

“Local Treasures” is the theme for the 2008 summer/fall exhibit being shown from May 7^th to September 24^th with works of art being featured in public buildings, parks and plazas. IF you have talent, submit your works, reflecting the theme. For details – click on “Calls to Artists” or mail a self-addressed stamped envelope to Palm Beach County Art in Public Places, 2633 Vista Parkway, West Palm Beach FL 33422. Deadline for submission of photo of item is April 18^th.

$200-MM AFFORDABLE HOMES PROJECT GOING FORWARD

697 new homes, including senior rentals and for-sale townhouses, apartments and condos, will be going up in a revitalized neighborhood along a 27-acre stretch between Seacrest Boulevard and Federal Highway from 9^th to 11^th avenues. 10% would be subsidized with taxpayer money. Construction will begin in the spring of 2010; it may take up to six years to complete the project. First a 6500 sq ft senior center and 160 senior rentals will be built. There will be 7-story condo buildings for 300 units built along Federal Highway. There will be 32,600 sq ft of retail space. A development has been proposed for a mix of 84 for-sale town homes and 56 income-restricted rental apartments on the east and west side of Seacrest Boulevard between 7^th and 8^th Avenues.