Word On The Street: Housing Market Grim

Instead of number rows, pie charts and bar graphs, another way to look at the real estate market is to get down to earth and put your ear to the ground. Read the Beige Book.

by Broderick Perkins
© 2008 DeadlineNews.Com

Deadline Newsroom - Want to know what the experts on the street are saying about the housing market?

Log onto the Federal Reserve's Beige Book and you'll get a one-of-a-kind, down-to-earth examination of the real estate market and its place in the greater economy.

Don't expect another statistically slanted state of the housing market. You won't get another mind-numbing numerical rendition of realty market conditions.

Instead, eight times a year, the Beige Book asks those with boots on the ground to scope out the real estate landscape and tell it like it is.

The feds gather anecdotal evidence from federal district bank and branch directors, economic and business contacts, economists, real estate market experts and others to compile what's perhaps the federal government's most digestible economic report.

The latest report is no exception. Concise and to the point, the sources say pretty much what you probably already know.

Manhattan's condo and co-op market is still hot with home price appreciation up 5 percent in the past year, but that's about it.

From the first district in Boston to the twelfth district in San Francisco, residential real estate markets in the New Year have been slow, slower and sluggish.

Market sources from Chicago, Cleveland and Richmond, Virginia report some growing interest in new home traffic, but that hasn't translated into greater sales.

Housing sales thus far this year were hit hardest in Boston, Minneapolis, Richmond, and St. Louis, according to the report.

Sources from Chicago, Kansas City, and Philadelphia reported particularly tight credit conditions as the primary reason for slow sales -- especially in the low and mid-price ranges.

High inventories made matters worse just about everywhere as residential construction declined or remained low.

It may be a lot easier to get what the Beige Book is saying, but the word on the street sounds pretty much like numbers on the spreadsheet.

• More housing trends.
• More from the Beige Book.

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© 2008 DeadlineNews.Com

Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews.Com, a real estate news and consulting service, and the new Deadline Newsroom, DeadlineNews.Com's new backshop. In both cases, it's where all the news really hits home.

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Spiffing Up Your Vacation Rental

From the Second Home Front: Competition could be stiff for vacation rentals this year. Here's how to keep guests coming back for more convenient, money-saving, home-away-from-home accommodations.

by Broderick Perkins

© 2008 DeadlineNews.Com
Deadline Newsroom - For vacation rental owners, or those who plan to buy one this year, the planets are aligned in your favor.

Crowds are coming from home and they are coming from abroad.

And they are looking for bargains.

If you want to compete, you'd better have the best vacation depot in town.

The Travel Industry Association forecasts foreign and domestic travel expenditures in the U.S. will be up about 6 percent in 2008, compared to last year.

Destination Hotels & Resorts says travel bargain hunters typically look to vacation homes for extra value.

And travel guru Ed Perkins agrees.

"Vacation rentals -- especially budget locations -- will continue to offer the best antidote to steadily climbing hotel rates. Fortunately, the Internet makes finding good rentals extremely easy, anywhere in the world," Perkins says.

Christine Karpinski, director of Owner Advocacy for HomeAway.com, says when you sign on the dotted line for your vacation rental, it's likely already furnished and decorated, but that doesn't mean it's quite ready to go.

You'll have to remove some items but add others to strike a balance between personal convenience and guest comfort, she says.

Begin by touring your vacation home and removing valuables. Turn a lockable closet into a vault for safekeeping valuables, personal items and extra supplies. Clear the rest of the vacation rental of personal affects and clutter.

Then add items travelers expect to find in a vacation home, items that will give your guests the memories of convenience that will keep them coming back for more.

The Kitchen

In the kitchen, convenience is king. Equip it with enough plates, glasses, and flatware for double the number of people that you sleep (consider adding disposable plates, drinking cups and utensils for guests on the go), a coffee pot, microwave, adequate cooking gear, and a dining room table that will seat the number your rental sleeps. If you sleep large numbers, have a fold-up table and chairs readily available for the kids.

Bedrooms

You shouldn't buy a vacation rental if you can't afford to stock it with enough quality bedding. Your linen closet should include at least two sets of high-quality sheets for each bed, pillows with pillow protectors, extra blankets, and mattress pads. An alarm clock, alarm clock/radio and reading lamp is standard equipment on a bedside table in each bedroom.

Living Areas

Your living area should have comfortable seating for at least the number of people that you sleep, a TV large enough for guests to watch from across the room (27 inches or larger) with at least basic cable, a DVD player or at the very least a VCR, and movies, a couple decks of cards, board games, puzzles, best sellers, toys for the kids and other rainy day accouterments.

Bathrooms

Renters expect the bathrooms to be spotless. They also demand quality towels. Provide at least 2 bath towels, 2 hand towels, and 4 washcloths per guest.

Extras

Karpinski says don't forget those extra touches.

Remember why renters choose to stay at a vacation home instead of a motel or some hotels. A washer and a dryer. High-speed Internet. An iron and ironing board. A hair dryer. Video game machine. When equipping your vacation rental property add extras guests typically don't get elsewhere and spruce the place up with flowers in vases, non-perishable food staples in the cupboards and a nice bottle of wine or sparkling water in the fridge.

• More from the "Second Home Front."
• Also, "Seconds Anyone?"

Advertise on DeadlineNews.Com
© 2008 DeadlineNews.Com

Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews.Com, a real estate news and consulting service, and the new Deadline Newsroom, DeadlineNews.Com's new backshop. In both cases, it's where all the news really hits home.

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