Belfast Condo Project Scrapped

As has recently happened with several condo projects in the greater Portland area, developers in Belfast have decided to withdraw from a potential project. Westport Capital Partners had been planning to build 40 condominiums and a restaurant on the site of the former Stinson Seafood building in the harbor area.

According to company’s representatives, for a suitable return on investment the condos would need to be sold in the $600,00 to $800,000 range and in the current economic climate did not believe that could be realized. Westport Capital’s project manager George Pray made the announcement at a special city council meeting Friday afternoon.

The company held an option to purchase the former Stinson Seafood property, which it will not exercise. Westport Capital took over the project from developer Tom Roberts, who labored for several years to bring a similar redevelopment to fruition.

Westport Capital, like Roberts before, was seeking a contract rezoning arrangement with the city. Current zoning does not permit the sort of development both Roberts and Westport Capital planned. As a result the developers, with input from the city, had to create plans that ultimately required approval by the council.

Roberts won such approval, but was unable to complete construction because of financial problems. Westport Capital was still working its way through the process as recently as last week.

Both development schemes included a marina and boat storage. The property is on the city’s inner harbor and is adjacent to the recently reconstructed footbridge. But it is also a very narrow piece of land and lies within a zone which requires residential areas be built above a potential flood area.

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Housing Market Attracts Media Feeding Frenzy

As with nearly every issue the media has a tendency to look at things from the most negative perspective – and the drop in the housing market is no different. Many home sellers in Maine and nationally are in a panic and without a doubt that desperation is working against them.

Recent stories in CNN Money, Bloomberg and The Financial Times have all decried the demise of the real estate market. As recently as last Friday Time Magazine prepared an expose on the falling housing market in Southern California.

I am not proposing that the market is not going through difficult times. Without question sales are down and properties are taking longer to sell. What is interesting, however, is how markets start to react. Initially there is denial that a problem is occurring. For example builders had their time and money invested in developments and even though the warning signs were there to slowdown, they continued to build. Now they are severely cutting back and simply trying to survive!

Wall Street is taking action and mortgage rates are beginning to show signs of retreating. The Federal Reserve will probably move to reinforce lower rates and keep the market from a complete meltdown, risking some mild inflation in the process.

People forget that the real estate market is cyclical in nature. Housing costs that hit record highs also priced out their intended buyers. Those buyers that made the leap to buy (when they really couldn’t afford to do so, obtained bad loans. Now these loans have to be flushed out, prices have to find their logical levels and the industry has to suffer to absorb the excesses. This is a natural market process.

Inventory that was purchased by speculators but not homeowners or renters needs to filter out of the system. When the speculators left, there was a significant part of the market that left with them and that needs time to sort out as well.

Perhaps the dip will be deeper and more prolonged than anticipated, but a recovery will occur. Housing is a product that is needed – by everyone! The market will not be destroyed.

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Olympia To Develop Maine State Pier

In an expected 5-3 vote, the newely elected Portland City Council on Monday named Olympia Companies to develop the Maine State Pier. The vote comes after repeated attempts to decide between Olympia and Ocean Properties of Portsmouth, NH. A number of previous votes had ended in ties.

According to councilors the decision for the $100 million project came down to Olympia’s design over Ocean Properties’ funding. The seven-acre development will include a mega-berth for cruise ships, a hotel and office and retail space.

Many are questioning the decision as Olympia has not presented a bona fide plan as to how the project will be financed and how state and federal permitting issues will be overcome. A strong benefit of working with Ocean Properties was that the company could internally finance the project, ensuring its completion.

Voters changed the balance on the City Council by electing an Olympia supporter to replace a councilor who backs its competitor. The council had been deadlocked 4-4 on whether to choose Olympia or Ocean Properties. John Anton’s victory over incumbent Jim Cloutier apparently gave Olympia the five council votes it needed to be selected the city’s partner for the project.

Cloutier had been a strong advocate for Ocean Properties. Prior to the council vote Anton reaffirmed his support for the Olympia Cos.

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Ideal Italian property investment opens in Puglia

(PRLEAP.COM) Overseas property investment specialists David Stanley Redfern Ltd are currently hosting the latest addition to their appealing portfolio of international properties. Their new focal point is the Italian region of Puglia, in particularly the alluring 2 bedroom apartments that are situated in a humble seaside village just a short walk away from one of the many stunning sun baked beaches in the vicinity. From as little as €112,000, any assertive investor can buy themselves a slice of Mediterranean magic in Taranto, a charming coastal city that hosts Bevagna, a popular attraction for many Italians and given its location, a common tourist destination that’s just an hour away from the local Brindisi airport.

The shimmering Adriatic and Ionian Seas perfectly accentuate the serenity of South Eastern Puglia, the distinct boot heel of Italy and home to this investment opportunity of a lifetime. In the beautiful little communal town of Bevagna, amidst its many bars and restaurants, supermarkets, banks and abundance of sun baked sands, an incomparable, roof terraced holiday home and its unrivalled views of the enviable environment awaits your arrival. The many surrounding sightseeing opportunities that are known for drawing the aforementioned regular crowd of keen visitors are seemingly trapped in another time and each resplendent one is individual from the next. With most things from farmhouses to castles and caverns to cathedrals, Bevagna in Taranto, Puglia, is truly a warm and culturally significant refuge in a glorious region of the world that’s abounding with delightfully quaint attractions.

Italian communal resort properties are highly sought after; particularly those idyllically situated like this one. They offer great returns in a market place that’s practically crying out for accommodation and more often than not, these apartments will at least, actually pay for themselves, let alone make a rewarding profit. Depending on your personal input, requirements and motivation, Italy can be yours to enjoy and yours to share with tenants. With English speaking representatives on site and inspection trips available to view one of the diminishing total of 56 apartments offered with this overseas property investment opportunity, anyone looking for that certain special something should contact David Stanley Redfern Ltd today for an obligation-free chat about the services they offer, including anything from initial financial solutions to considerate after sales care, both of which are said to be second to none.

Find out about San Pietro property and our other Italian investment properties at http://www.davidstanleyredfern.com/Italy.aspx

About David Stanley Redfern Ltd

David Stanley Redfern Ltd is an overseas property specialist, working directly with developers in more than forty countries. Most properties are exclusive to David Stanley Redfern Ltd, giving an unparalleled selection of resale and new builds. David Stanley Redfern Ltd is AIPP accredited.

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Nancy Domer Joins Cameron Pond Sales Team

(PRLEAP.COM) CARY, N.C. – Kim Agnolutto, director of marketing for Coldwell Banker Howard Perry and Walston Builder Services, has announced that Nancy Domer joined the sales team for Cameron Pond. Domer, who was a sales agent with the firm before entering into on site sales, has nine years of real estate brokerage experience and worked as a sales associate with two real estate firms, both of which are located in Yorba Linda, Calif. A graduate of California State University in Northridge, Calif., Domer has a Quality Service Certified (QSC) designation.

Located in northwest Cary, the Cameron Pond community offers over 300 home sites situated around the nine-acre Cameron Pond with extensive natural areas, streams, wooded buffers, greenways and quiet cul-de-sacs. The neighborhood features a recreation center with a junior Olympic pool, cabana, toddlers’ playground and playfield. The Shires has lower-maintenance cluster homes priced form the high $300,000-$500,000 and ranging in size from 2,200-3,200 square feet with up-to-the-minute amenities, extensive landscaping, downstairs master bedrooms, screened porches and courtyard or patio areas. The Manors has homes ranging in size from 2,700-4,500 square feet and priced from $500,000-$900,000 with innovative and unique floor plans and providing exceptional custom features. For more information, visit www.cameronpond.com.

Related Links:
www.hpwnewhomes.com
www.cameronpond.com
www.mmimarketing.com
www.relocatetriangle.com

News Facts:

• Nancy Domer joined the sales team for Cameron Pond.
• Domer, who was a sales agent with the firm before entering into on site sales, has nine years of real estate brokerage experience and worked as a sales associate with two real estate firms, both of which are located in Yorba Linda, Calif. A graduate of California State University in Northridge, Calif., Domer has a Quality Service Certified (QSC) designation.
• Located in northwest Cary, the Cameron Pond community offers over 300 home sites situated around the nine-acre Cameron Pond with extensive natural areas, streams, wooded buffers, greenways and quiet cul-de-sacs.
• For more information, visit www.cameronpond.com.

Quotes:
“We are pleased to name Nancy as the builder services representative for Cameron Pond,” said Agnolutto. “Nancy has over nine years of experience has a real estate agent, which will serve her well in her new position.”

About Coldwell Banker Howard Perry And Walston Builder Services:
Coldwell Banker Howard Perry and Walston Builder Services is a full-service sales and marketing division specializing in new home developments and construction. Established in 1979, Coldwell Banker Howard Perry and Walston Builder Services has represented both local custom builders and national corporate builders in over 500 new home communities throughout the area. Coldwell Banker Howard Perry and Walston Builder Services provides comprehensive sales and marketing that includes buyer profile development, market research, target marketing, advertising, promotion and public relations. Also provided are professionally-trained sales managers, professionally-trained and dedicated on-site sales associates, a marketing department to develop and implement targeted marketing strategies and access to top relocation representatives and more than 700 Coldwell Banker Howard Perry and Walston sales associates through out the Triangle. For more information about Coldwell Banker Howard Perry and Walston Builder Services visit their Web site at www.hpwnewhomes.com.

Keywords:
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