Smaller IBS Still Orlando's Biggest Show
January 11, 2011Jan. 11, 2011--When the International Builders Show opens this week on International Drive in the Orange County Convention Center, it'll be a bit like old friends who barely recognize each other when they meet at a class reunion. In the three years since the National Association of Home Builders' annual trade show and convention was last in Orlando, both the event and the destination have changed dramatically. The builders show, which once filled most of the convention center and packed I-Drive to the breaking point, has slimmed down significantly because of the still-struggling housing market -- though it's still the largest single event on Orlando's convention calendar this year.
Mo. City May Loosen Rules to Spur Growth
Jan. 10--WENTZVILLE -- When Debbie and John Maneke stand in front of their home in the Albany subdivision, they see three houses a few blocks west -- the rest is vacant land. Albany, with 99 lots, is just one of many newer Wentzville neighborhoods with large swaths of empty space as a growth spurt that quadrupled the city's population over the last decade slowed dramatically during the recession. To jump-start sales at more than 3,600 vacant sites in partly built subdivisions, city aldermen are considering changing development rules at the request of home builders.
January 10, 2011Court KOs Banks in Mortgage Case
The highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. Friday in a pivotal mortgage foreclosure case that could spark more turmoil and uncertainty in a housing market already mired in depression.The Supreme Judicial Court affirmed a lower court judge's ruling invalidating two mortgage foreclosure sales because the banks, in their capacity as trustees for mortgage securities, did not prove that they actually owned the mortgages at the time of foreclosure."There are now thousands of these homes that have been purchased through foreclosures handled in a very similar fashion where the titles are defective," said Ward P. Graham, a Massachusetts title attorney who co-authored a friend-of-the-court brief in the case on behalf of the Real Estate Bar Association for Massachusetts, Inc.
BUILDERS NEWS
Here’s a bit of good news for builders and suppliers heading to this year’s International Builders’ Show in Orlando: This year’s “New American Home” is already sold.
That will undoubtedly earn a sigh of relief from the struggling industry. The organization was disappointed last year when the “New American Home,” which is supposed to be the conference highlight what the industry can do, fell into foreclosure after the builder ran out of funds. For the first time since 1984, soirees couldn’t be held at the industry showpiece. A computer model had to do.
This year, the parties are back, offering conference attendees - some 50,000 - about the same as last year, but well below the 104,000 who attended in 2007- some solace as the industry’s downturn drags into its fourth year and the usual suspects continue hindering recovery. Unemployment remains elevated, the foreclosure crisis hasn’t ended and housing values continue eroding.
But, at least they can enjoy the Greek-Revival home that brings back some of the boom-era grandness. It offers about 8,500 square feet of living space and it even comes with a guest cottage. There are classical elements - pool, fireplaces, wooden floors and library/wine room - and some whimsical additions, such as a secret garden. Many of the products are donated by vendors eager to show off their wares, which kept construction costs down, said builder Keith Clarke of Continental Homes in Orlando. (Kate Clarke, his wife, handled interior design.)
The buyer paid $1.5 million for the Lake Davis Drive address and has already turned down an offer for $3.5 million.
Given last year’s saga - and that many builders continue to have trouble accessing funding for construction - not every builder approached was interested. In better times, they would have jumped at the career-making opportunity, given that tens of thousands of people tour the home and it receives plenty of press attention. (The builder receives a nominal fee.)
But the Clarkes, who say they’ve made great industry contacts, would do it again. “It really did work out very well,” Keith Clarke said. “I’m quite excited to really see how it’s received.”
Orlando builder Alex Hannigan, who helped select the Clarkes for the project, considers himself a fan. “I am so delighted with the home,” he said. “It’s just a real showpiece as it’s supposed to be.”
