Seventh annual Sugar Plum holiday home tour set for Dec. 7

Historic and contemporary homes to be lavishly decorated for the holidays

            AKRON, OH (Nov. 5, 2008) - Five of the area's finest historic and contemporary homes will open their doors Sun., Dec. 7 from 2 to 6 p.m. for the seventh annual Sugar Plum Tour,

Sugar Plum tour-goers will experience Akron's period of boom or bust, circa 1928, a period of architectural and economic importance. They will visit two of these period homes on Merriman Road and two in Fairlawn Heights, with a 1983 home thrown in for good measure.

Each home revives design elements from an earlier period, such as Tudor, Georgian and Arts and Crafts. Each homeowner has a handsomely different sense of decorating, unique art collections, and festive holiday décor.

This exciting holiday event draws sell-out crowds each year, so residents are encouraged to mark their calendars and order tickets early. General admission tickets are $25 and include a five-home, self-guided tour. They can be purchased online at www.sugarplumtour.org or by calling 330-761-6426. Cash-only general admission tickets are available at Angel Falls Coffee Co., 792 West Market Street in Akron.

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A very limited number $100 patron and $150 grand patron tickets will gain tour-goers entrance into an exclusive private party at a fabulous sixth home. Due to the high demand, all previous tour-goers were given the first opportunity to purchase these patron tickets. To inquire about current availability, call 330-761-6426.

Major sponsors of the 2008 Sugar Plum Tour are Bricco, Gerald K. Larson, Pilot Property Management, Angel Falls Coffee Company and other individual donors. 

All proceeds from the event will support the philanthropic efforts of the Gay Community Endowment Fund of Akron Community Foundation.

About the Gay Community Endowment Fund

Founded in 2001, the Gay Community Endowment Fund is a permanent philanthropic endowment of Akron Community Foundation. It facilitates and perpetuates philanthropy by supporting programs and services that benefit and promote the gay, lesbian, bisexual and transgender (GLBT) community specifically, as well as the entire greater Akron community. By promoting philanthropy within the GLBT and allied communities, the fund acts as a catalyst for the full participation of GLBT people in society.

About Akron Community Foundation

 For more information or to contribute to Akron Community Foundation, call 330-376-8522 or visit www.akroncommunityfdn.org.

The topics were good and presented well. The speaker on LEED applications was very interesting. Our speaker informed us that the #1 source of emissions into the atmosphere are buildings. The emphasis to us was that builders today should be more conscience about how they build, waste from the project (ie: How much garbage hits the landfill), and why LEED certification status (or a designation like it) are so important. The speaker reassured everyone that going "green" was more than a fad and is here to stay. What does this means long term and short term. Are the costs to become LEED certified necessary vs just a "green building?"

Lets start at the beginning: (USGBC: US Green Building Council)

What does LEED mean? The Leadership in Energy and Environmental Design (LEED)

What is LEED? The Leadership in Energy and Environmental Design (LEED) Green Building Rating System™ encourages and accelerates global adoption of sustainable green building and development practices through the creation and implementation of universally understood and accepted tools and performance criteria. LEED is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings. LEED gives building owners and operators the tools they need to have an immediate and measurable impact on their buildings’ performance. LEED promotes a whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.

How is LEED Developed? LEED Rating Systems are developed through an open, consensus-based process led by LEED committees. Each volunteer committee is composed of a diverse group of practitioners and experts representing a cross-section of the building and construction industry. The key elements of USGBC's consensus process include a balanced and transparent committee structure, technical advisory groups that ensure scientific consistency and rigor, opportunities for stakeholder comment and review, member ballot of new rating systems, and a fair and open appeals process.

Who uses LEED? Architects, real estate professionals, facility managers, engineers, interior designers, landscape architects, construction managers, lenders and government officials all use LEED to help transform the built environment to sustainability. State and local governments across the country are adopting LEED for public-owned and public-funded buildings; there are LEED initiatives in federal agencies, including the Departments of Defense, Agriculture, Energy, and State; and LEED projects are in progress in 41 different countries, including Canada, Brazil, Mexico and India.

There are different rating systems for different forms of real estate; new construction, retail, and commercial interiors. (Those are just a few) Attached find an example of the rating system for new construction.

While LEED is not the only "green" rating system out there - it seems to be the most marketed. There are effective ways to creating a green building without having to become LEED Certified.

Long term effects of "green":

1. We are going to see green status as something people will soon expect
2. Certain tenants will pay more for "green" space but the little guys will have a tough time justifying the cost.
3. Government will give further tax breaks for those who build "green".
4. Builders/ Developers will be more creative in what they build and the buildings will be distinctly different.

Today's story is sad as well as personal.  My best friend lives overseas and recently lost one of her family members.  She came home for the funeral and when she went back, she realized that she had brought more than her luggage with her.  My friend has lived abroad for well over a year without incident, but since the loss of her loved one, she now seems to have a houseguest she didn't invite.  Let's dive in!

1. What year was your house built? 1982.

2. What historical significance/ if any does your house have? It is on property that is adjacent to a park which was the site of one of the last and fiercest battles of the Second World War, fought by the Malay Regiment against the invading Japanese army, the Battle of Bukit Chandu (also known as the Battle of Pasir Panjang), 12-14 February 1942.

3. What initially interested you in purchasing this house - feeling or look? I rented the property because of its convenient location.

4. What signs of the paranormal have you seen?

Duke

• Shortly after the death of one of my family members my dog, an Airedale terrier, started behaving strangely. He began reacting to things I cannot see - for instance he will be sitting on the sofa and suddenly jump off and then stare at where he was sitting as if something pushed him off and took his place.

• He has also become very leery of walking into my office. He stands at the threshold and whines staring at one particular spot on the floor as if something is blocking his way. He looks at me and then at the floor and then at me again. After I coax him he will walk in the room however he does so making sure to stay as far away from the spot as possible and runs once he gets past it.

• Also, a tennis ball, which coincidentally bears the name of my deceased family member, keeps finding its way to my living room rug. The ball has been in my dog's toy basket for years although it has remained untouched in favor of an oversized rubber ball. I put the ball away each night before I go to bed only to find it out again in the morning when I wake up. It is a game I like to play with my ghost. It is a pleasant reminder of its presence.

5. Has anyone been murdered or died in your house? No.

6. Do you feel your ghost is friendly or evil? Friendly yet playful.

7. Have you ever seen your ghost(s)? No.

8. How many do you have? Is it a male, female, both? I think I only have one ghost, a male.

9. Has anyone else ever seen your ghost(s)? My dog - Duke.

10. Does your ghost freak you out? No, it feels nice - like having a silent friend standing beside you.

Duke in the Office

This bears the question: What do ghosts really cling to?  Is it property, something that they loved, or the living?   Happy Friday……….

I have been teased before for writing about and quoting celebrity blogs but I love them SO since this is a real estate blog and Ms Hilton did purchase some real estate…..I found it news worthy! 

Here is the scoop according to "The Hollywood Rag"; 

The 27-year-old hotel heiress is thrilled with her £850,000($1.4 million) investment located in the city's famous East End district and has no qualms about the illicit history of the building, which was also a haven for drug users and pirates.

Paris said: It's just beautiful. It doesn't have regular rooms but is more like a maze.

It used to be an opium den and still has iron joists where pirates and thieves were shackled to the wall.

The socialite's new home was apparently used by vagabonds and sailors who wanted to indulge in sinful pleasures after months at sea.

A source added to Britain's Daily Star newspaper: Paris really appreciated the quirkiness of the place" and the knockdown price for such a unique building" and immediately put in an offer.

Good luck Paris with your new purchase and with the renovations!!!  That would definitely be an interesting project to follow!

Not that long ago, I use to think the appropriate time to shop/ think about the holidays were as follows;  Halloween was the beginning of October, Thanksgiving was the beginning of November, and Christmas should follow after Thanksgiving  - until I was in Target Saturday.  There was a christmas decoration that showed the countdown until Christmas, there are only 60 some days until we have sugar plums dancing in our heads.  In retail time - that's not that much.  I bring it up today because I received a call for one of our plaza's - its time to hang the little white lights.  I was shocked and then not.  So - give me your feedback.  

1. When is the right time?
2. Is there a right time!!!  (HA)
3. How overrated is all this - does the marketing of all this stuff make you want to stick a pen in your eye - or shop?

Picture it (think of Sophia Petrillo as you read this): October 2008, a steely cold afternoon, me in my patently leather Manolos walking towards the SP Mansion.  The crisp leaves are crunching below me and my heart is beating, I feel the cold air blow through me and think, "What have I gotten myself into!!!"   As I approach the home - I look up at the grey sky and catch the eye of a man looking back at me.  It was a roofer - a hot one I might add - BUT - his eyes look at me almost as if to say - are you sure you want to do this, I immediately look away.  As I ring the bell and wait, the buzzer goes off and I am escorted into the carriage house.   Executive Director, Paula Moran, arrives almost immediately and smiles, easing some of my fears and just as I get comfortable, we are whisked away to the main house.  

Simon Perkins Mansion

As we walk into the "modern kitchen" (modern because it is indoors - not typical at the time) I feel a blast of black cold energy.   I chalk it up to normal fears and follow Paula from the "modern kitchen" to what we would all consider a normal kitchen. (The Perkins Mansion does catering on the side)  We sit at the table and Paula starts the conversation with, "I am terrified of this house."   As I am ready to turn and run, she smiles and I stay seated.   This smiles tells me this is worth it and I should be patient and listen.  SO - our interview goes as follows.  

Question for Houses:

1. What year was your house built? It was completed in 1837 and occupied until 1947 when one of the grandchildren deeded the museum to the Summit Historical Society.
2. What historical significance/ if any does your house have? Col. Simon Perkins, son of Akron founder Gen. Simon Perkins, built this Greek revival mansion in 1837. The mansion is furnished in period. Across the street is the house where abolitionist John Brown lived for two years and it is also open to the public.
3. What signs of the paranormal have you seen?  A. In 2006, The Junior League did their fundraiser at the Perkins Mansion. One of the designers captured a photo of a female ghost descending the stairs. (I saw this photo with my own eyes and would not have believed it had I not seen it - it was real and unintentionally taken!) B. During that time, various designers say/ heard different things in the house. One designer refused to go into the Perkin's bedroom because of what they saw, Mr Perkins. Another designer saw children playing in the servant's quarters with a ball. As they described their sighting, it turned out that he was describing a ball in the museums collection that he had not been out on display. C. The Alexander bedroom has many stories and what seems to be the most activity. There has been a woman, Martha, who seems to live in this room. There are indentations found, most mornings, from someone sitting on the bed. At Christmas, there is mannequin placed in the room as part of the display, every morning the head is laying on the floor. The stories for this room are endless! D. The ghosts latest trick is to take down the curtains in the dining room. E.  Footsteps are heard running throughout the house and it will be empty. As well as other unexplained noises.  
4. Do you feel your ghost is friendly or evil? It depends on which ghost. 
5. How many ghosts do you have? Are they male, female, or both - approximate ages? There are 4 women who haunt the house and Mr Perkins. One of the women is named Martha - she has no previous record of being at the house but could have been a servant/ housekeeper. (This is the ghost that spends time in the Alexander Room.)  There is Mr Perkins who haunts his room, he is said not to cross the threshold.  (Maybe it is because 9 of the 11 children were born in this room but he sticks to this room.)

Then our tour began.  I have to admit, as we walked around, the house did not seem evil or scary.  It seemed lived in and like we were in someone's home.  Paula and her staff clearly do a wonderful job!  I saw some of the nooks and crannies of the house and as we walked around,  we did hear funny noises but assumed it was the roofers.  The furniture, fabrics, and smell all helped create the perfect environment.   As our time concluded I was sorry to go, the tour was amazing and I knew this experience was a once in a lifetime thing. I hugged Paula and left.  As I walked towards my car, I looked back towards the house, specifically the roof, I noticed the roofers were nowhere to be found and it seemed that the curtains were moving in an upstairs room…….I got in my car and locked the door!

You too can come experience the mansion and come to your own conclusion about the house's apparitions! The Simon Perkins Mansion has some haunted events coming up.    (Bring a flashlight and a camera)

See the list as follows:

Ghost Hunt Tour

Friday, October 31 $15 per person 6:30 p.m. - 9:30 p.m. Take a guided tour through the Perkins Stone Mansion at night and hear all about the spooky tales and ghost experiences. (Limited reservations)

Dinner to Die For

Thursday, October 30, 2008 $80 per person 6:30 p.m. Dinner 7:30 p.m. Tour High-end dinner in the Perkins Stone Mansion dining room and parlor for up to twenty (20) people, followed by a tour led by a clairvoyant as you search for earthbound spirits.

Paranormal Pizza Party

Saturday, October 25, 2008 $40 per person 7:30 p.m. - 11:30 p.m. Using state-of-the-art technology, participants will spend four hours with a ghost buster enthusiast to search for the other-worldly residents in the 1837 home of Col. Simon and Grace Perkins. (limited reservations)

Host Your Own Cocktail or Your Costume Dinner Party

In the 1937 Perkins Stone Mansion Day or Evening during the month of October Cocktail event (minimum 35 - maximum 75 guests) Sit-down dinner (minimum 10 - maximum 32 guests) Price varies depending on menu choice

All events are strictly by reservation.

Also - please note that the content of this report is for informational purposes only and should not be viewed as investment advice or an offer or solicitation. Any opinions are solely those of the Research staff of CBRE Investors and are subject to change without notice, and may not be consistent with market trends or future events. This research is based on current public information that we consider reliable, but I do not represent it is accurate, updated or complete, and it should not be relied on as such.  (I am married to an attorney - what do you expect- happy reading!)

NAIOP VITAL SIGNS 

2008 SURVEY OBSERVATIONS 

By 

Doug Herzbrun and Ray Wong 

CB Richard Ellis Investors and CB Richard Ellis Research 

The prognosis by NAIOP members in last year’s Vital Signs Survey was 

correct – both the economy and market fundamentals have lost steam, 

will continue to weaken and will take some time to recover.  Sentiment 

about current economic and business conditions, and the trajectory of all 

industrial and office rents, is the lowest it’s been since the 2001/2002 U.S. 

economic downturn.  Capital availability is at its lowest point since the 

Survey’s inception as the current lack of financing has jumped to be a 

paramount concern.  And all this from a survey taken prior to most of the 

market turbulence of the past few weeks!  The overall consensus of the 

2008 Survey is somber, but there’s hope that most indicators will at least 

stabilize in 2009.   

The economy has at best stalled.  About 47 percent of members pointed 

out the U.S. is in a recession while the same proportion sees the economy 

as flat.  Few sense any growth.  Only 12 percent of the members think that 

the national economy will be in a recession in 2009 while two-thirds 

believe it will be flat and the remaining 22 percent growing.  With the level 

of uncertainty in the financial markets over the past few weeks, consumer 

and business confidence will likely further erode affecting economic 

growth in the short and medium term. 

The credit crisis has become a huge factor.  Ninety-two percent of 

respondents felt that borrowing was tougher in 2008 compared to 2007.  

Thirty percent felt that borrowing will be even more difficult in 2009, while 

20 percent think it will be easier.  The lack of financing is perceived as the 

second greatest threat to the health of the nation’s industrial and office 

markets, by 63 percent and 71 percent of members, respectively.  Only 

the economy and demand ranked as more threatening.  Recent 

aggressive moves by the Federal Reserve and central banks worldwide to 

jumpstart credit availability and lower interest rates will hopefully ease the 

credit crunch in 2009, but most members aren’t sanguine at this point. 

Industrial markets weakened sharply in 2008, with limited optimism for 

2009.  The majority of respondents felt that industrial rents were flat in 2008, 

while 29 percent felt that their local market’s rents had dropped.   This is 

consistent with the increase in industrial availability rates from 10.2 percent 

at the end of 2007 to 11.4 percent in third quarter 2008.  The feeling for 

2009 is stable for the most part, with only 21 percent feel rents will 

deteriorate.  Only 15 percent feel that rents will increase in 2009 while two- 

thirds think they will remain the same.  New supply has been for the most 

part kept in check in 2008 and is expected to be limited in 2009.  Most 

pessimistic are the respondents from the Mountain region and the 

Southeast/Florida where 42 percent and 25 percent believe rents will 

worsen.   The economy/demand has surged as the greatest threat to the 

health of the industrial market, followed by the lack of financing and 

construction materials costs.  It is expected that manufacturing will be 

negatively affected by the global economic slowdown, further 

weakening demand already hurt by weak U.S.  imports. 

The financial crisis has played a significant role in the office sector.  About 

a third of the respondents saw their local market’s rents deteriorate in 

2008, and 28 percent expect further declines in 2009.  This is reflective of 

the increase in office vacancy rates from 12.6 percent at year-end 2007 

to 14.1 percent in third quarter 2008.  Most of the increase in vacancy 

rates has been in regions that have been decimated by the housing and 

construction sectors.  The next markets that will be most affected are 

those that are heavily dependent on financial services such as New York, 

Charlotte, Boston, and San Francisco.  Sublet space as a percentage of 

vacant space has increased modestly to 11.2 percent from the previous 

quarter’s 10.9 percent.  This will likely increase in the months to come as 

firms continue to rationalize their space requirements.  The biggest 

concerns were from the Mountain states where nearly half the 

respondents felt that rents will decline further, followed by the 

Pacific/California at 39 percent.  Similar to the industrial sector, demand 

and financing were the two biggest concerns for office owners.   

Economic and financing issues were still the primary concerns in the 

investment outlook.   Overall acquisition activity is down by 60 percent 

compared to 2007 due to the lack of available credit in the market and 

many investors’ concerns that prices haven’t hit bottom.  According to 

Real Capital Analytics, overall cap rates are up between 100 to 200 basis 

points in 2008 and many market players anticipate further expansion.   

Nearly all sectors lost their luster in 2008, but the shift was towards 

specialized products – with biotech/lifescience facilities and medical 

office.  Medical office led the way with 53 percent seeing this as a 

favorable investment choice followed by warehouse/distribution at 47 

percent. 

Development potential saw large drops in 2008.  This falls in line with the 

concern of weak demand.  The proportion of members viewing CBD 

office development positively declined from 28 percent to 9 percent and 

suburban office declined from 33 percent to 4 percent.  

Warehouse/distribution took an equal fall from 43 percent to 15 percent.  

Mixed-use development potential fell from 42 percent to 12 percent.  But 

biotech/lifescience and medical office were relatively healthy at 21 

percent and 32 percent respectively.  This is indicative of the shortage of 

real estate product in health care and research, and that aging 

demographics are becoming a more paramount demand driver in the 

U.S.

1. What year was your house built? 1932
2. What historical significance/ if any does your house have? It is our family home - My Aunt and Uncle built this house in 1932 and it has been a part of our family since.
3. What initially interested you in purchasing this house –feeling or look? The house just spoke to me. It was the neighborhood and the warm feeling when I was in the home. I had many fond memories growing up here and it just felt right.
4. What signs of the paranormal have you seen? A Face – there was a face that looked at me when I was a teenager. I have not seen it since but my sister and I witnessed it together so we knew we were not hallucinating!
5. Has anyone been murdered or died in your house? No – we are not sure of the origins of this ghost.
6. Do you feel your ghost is friendly or evil? Friendly – I am always happy to come home – it gives me a sense of protection and I never feel alone.
7. Have you ever seen your ghost (s): Yes – I will save the story for question number 11
8. How many do you have? Is it a male, female, both –approximate ages? Female, I am not sure of the age. The face was just gaunt with soft eyes and a pageboy haircut.
9. Has anyone else ever seen your ghosts: Yes – my sister
10. Does your ghost freak your out? No - We saw it once and nothing since but the feeling still lingers.
11. What is the most interesting “story” about your ghosts? The story starts with a funeral. In the 1940s – when people died – the meal after the funeral was celebrated at the family’s home. We were at my Aunts house and had just finished the meal, my sister and I were taking care of the dishes dishes. I had been washing and she had been drying / returning them to the hutch they were stored in. As we did this for what seemed like forever, I was noticed my sister had “disappeared” – she had not returned for the next batch of dishes for a while. I turned around to see where she went and behind me was a face; it was looking at me from around a corner. I was scared and froze for a second. I talked to it – talked to it like it was my sister. I demanded it come help me finish the dishes and stop stalling the process – then I turned around quickly and took a deep breath. A second later my sister walked in, I turned around again and the face was gone, I yelled at her – I asked where she had been!! She said that face had been looking at me for 5 min and she was scared to walk into the kitchen. We ran to tell my Aunt but no one believed us. I ended up buying the house from her in 1960 - I have never seen it since nor have I felt threatened by it.

House in 1953

" Just so you know…

We bid on a bank owned home over a over last summer. They rejected us a few times. Then we finally came up past where we were comfortable, it took them so long to get back to us….over two weeks! That we pulled our offer. The house sold 3 months later for $40,000 less than our final offer.

In our case it was the best thing that ever happened! We purchased another home and couldn't be happier. But the bank missed out.

The thing with the bank is nothing they do makes any sense. If they would get some people that know what they are doing and sell some of these houses they wouldn't be going under. I think right now the have so many homes they are really looking at the information that they should. Like the comparables and they fact they could sell that house for a fair price. They need to get some real estate people working for the bank and really looking at some of these offers.more

I feel like this is really widespread problem. The banks are making it unbearable for "regular" buyers to deal with them. Once the "good" buyers give up. The only people that can hang in there at all is investors….and they are the ones that low ball and are totally unemotional.

What do you think? Why does the bank play all these games? Why don't they just really access the house appraisal, condition, comparable. And come up with a more fair and aggressive price….below market value if they have to. To ensure that this house will be out of their inventory. It would create urgency and they might get some bids above asking. Maybe you should start that company." - Is it Friday Yet!

I thought this was great!! SO - To answer the last paragraph and give my thoughts in general….

What do I think: In a past life, I represented the bank on properties that had been foreclosed on or worked with the bank appointed trustee, it is never easy and always complicated. Commercial properties are a little different because some of these loans are guaranteed by the SBA at a percentage of the properties appraised value. So - the bank can't sell these properties for less than what it is guaranteed to appraise for or its insured value - they are in the business of getting their money back. I assume the same goes for houses. (minus the SBA guarantee) They will write properties off eventually but will make every effort in the meantime to maximize their invested value.

Why does the bank play games: They suck - JUST KIDDING!!! I know that once the bank has an offer - unless it is amazing - they will typically shop it to see if they can get a better offer. (thus the time lag with all bank held transactions) There is also an entire organization to muddle through which adds to the time in which they respond. (Lots of red tape) No one wants to put their A$$ on the line because when something goes wrong - guess who gets axed - the person who approved the transaction. So - all "i's" and t's" are dotted and crossed. It is also why initially the bank tends to be uber conservative.

Why not use market appraisals, conditions, comps (thus better pricing/ more aggressive): This is (in part) part of the problem we are seeing with the current state of the economy. The appraisers were valuing properties too high. The Realtors were agreeing to list properties too high. And finally - buyers bought too high. SO - all of this has led to skewed appraisals and comps. The numbers from 2006 are not relevant to today's numbers and different areas (ie: Bath vs Copley) are not the same - even though they seem close. So they think they ARE being aggressive but they're not. The bank (sometimes) will not have a local presence, so they have no idea how to price out that market. Banks do like to get inventory off their books - they are retardo though!

I am not sure what is going on with our offer but I loved the question (s)!! Hopefully my answers helped?! As for the new business/ company idea - everything is a possibility!

I am mostly confused because they had approached us about resubmitting an offer. To reject it without a counteroffer seems almost irresponsible. Our Realtor asked the listing agent what it would take to get the property sold and the response she was give was "about $35,000 more." But, this was the opinion of the Realtor working for the bank and trustee vs actual thoughts from the "owners." SO - we are going to sit and wait. At this point I am angry - WHICH I KNOW is too much emotion and I know better BUT STILL!!! Why ask us to resubmit an offer if you had no intention of working with it - they knew where we stood, the comparables, and that the listed square footage of the house was off. (we reviewed the drawings and the house was approx 200 SF smaller than they originally stated)

That is my update. I swear there will be positive news from me this week. There is always a silver lining - we shall see what this one is.

Happy Monday!