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Hotels Are Hurting, We’re In A Deep Recession, But Thank God We’re In Texas

The Four Seasons San Francisco is in default on it’s loans to LNR Property Corp., and the Renaissance Stanford Court Hotel on Knob Hill (across from the Fairmont) is in default on it’s loans to the tune of $89 million. California’s a real financial mess, I know, so why do we care in Dallas? Well, things usually start getting bad on the coasts and then roll our way, like this thing called the housing crisis. Supposedly this is posturing to renegotiate debt, but note this quote:

“”We’re in a deep recession and hotels are suffering the most of any real estate class right now.”

A report by Atlas Hospitality estimates that room revenues in California are down 21.5 percent in 2009 and that values are 50 to 80 percent lower than they were at the market’s peak from 2005 to 2007.”

Over at Victory Park, home to the W Hotel, the financing has also made a major change, and I cannot help but wonder, if hotels are a sort of real estate barometer, how are we doing in Dallas?.

D Sale Of The Week: Perfection On Pebblebrook

Calling all honeymooners, Mark Sanford would not have been crying in Argentina had he owned this home. Master-tub a must-see in this week’s listing, just reduced to $995,000 seconds before I hit publish. Dallas ranch homes really do make sense, and are making a huge resurgence. Not only does this home have it all — 4400 square feet, five bedrooms, four and a half baths, formals, three car back-entry garage, it is located in Russwood Acres, one of North Dallas hottest neighborhoods off Inwood and Royal. (Click here to see another hot North Dallas ‘hood.) Russwood (where President and Mrs. Bush also searched) boasts large lots like this half-acre honey loaded with leafy trees and beautiful lawns. 5340 Pebblebrook has been completely (and beautifully) remodeled with a state of the art kitchen, open spaces, granite slab counters, sauna in the tricked-out master bath, and a patio/pool area that screams “let me entertain you”.

Indeed!

Honduran Home Owners/Investors Not Pleased With Obama Administration’s Apparent Support For Manuel Zelaya?

Just received this email from a local Realtor who invests in Honduras and wanted to share. Honduras has been a hotbed for vacation home construction, well-dotted with second homes of the locally flush. Ditto neighboring Costa Rica. According to this observer, who is boots on the ground in the country, the U.S. should support the new “illegal” government of Honduras over Manuel Zelaya. Latest news reports indicate baby steps to end the standoff but make no mention of 40 million in cash MIA : 

“Hi, I hope everyone is well.

This is what has been happening now:

All T.V. and radio stations have been connected to a government broadcast,
they have been doing this throughout the afternoon.  It appears that they
found out that Mel Zelaya’s ex-presidency minister, Enrique Flores Lanza
with a presidential order withdrew in his name, sometime between June 20th
and 28th, Lps. 40,000,000.00 in cash from Honduras’Central Bank’s vault.

The government broadcast is calling for anyone that has received this money
to return it to the public ministry office, and no questions will be asked.
If the money is not returned, they warn that they know the serial numbers on
the notes, and so they will be able to confiscate and detain anyone with it.

It is believed that this money is being used to buy support for the ousted
president.  There are several witnesses, they say that the money was taken
in bags in a wheelbarrow.

My comment here is that it is very evident that all of these followers are
in this for something.  They are not democratic, they all wear red (comunist
color), and are walking around with sticks, pipes and rocks.  Some even
cover their faces.  -These people do not represent the people of honduras
that Mel Zelaya talks about over and over.  He makes it sound like everyone
here is suffering because he is gone, and that the military is oppresing the
people.  That is a true lie.  The only reason why the military have to be
called is because Mel’s band of thugs is walking around the streets with
sticks, pipes, and rocks dressed in comunist colors.

I compare Mel’s pals to Hitler’s buddies, they are tight friends that are
still around here causing trouble, and added to this, the fact that Chavez
and his boys are also coaching the operation. 

I think that the U.S. intervention or non-intervention will be the
determining factor.  I do not know if they want to get involved.  So far
they keep insisting that they will not listen to an illegal government, they
do not see (or do not want to see) that this “illegal government” is
stopping comunism and setting an example. They are even helping Zelaya’s
family.

Please remember that as the U.S. stays quiet, Chavez, his buddies, and Mel
and his friends the crooks, are working hard to make this heroic effort
fail, and it is a shame.

I will keep you all posted of everything I can.  Good night, and I am sorry
if I wrote anything that is not in accordance to your belief on the subject.”

Should You Really Shop On-Line Like Kate Middleton and Prince William For A House In Dallas, Texas?

Everyone’s doing it — even Kate and Will.Funny that I was thinking about shopping on line for homes while at Tuesday’s foreclosure auction. What spurred my thoughts? The heat, perhaps, but also the blind-ness of it all. As I perused the foreclosure lists in other people’s hands (one of these days I’ll pony up for a list of my own) I thought gee, sounds like a good zip code but what if this house backs up to power lines or Walnut Hill Lane? Then the “aha” moment: this is almost like shopping for a house on-line. Sure, we see glossy photos and drool over the house porn, but clever folks doctor those photos and spin the copy. (I even offer you tips to do so!) Face it: even when you kick the tires with the toes of your stilettos, you miss a lot. Like the time I bought a home and thought I had scrutinized every inch. Oh no. I am cleaning the floor in a closet one day and guess what I find? A hole right down to the crawl space, an open underground tunnel for rats and other critters.

Was that the home where a snake greeted me one morning?

Ilyce Glink has a great overall take on this, but here’s what I suggest you look out for in Texas: (more…)