Pebblebrook Hotel Trust (NYSE: PEB) said Sept. 6 that it plans to pay approximately $5.2 billion to acquire LaSalle Hotel Properties (NYSE: LHO) – ending a series of revised offers that followed Pebblebrook’s first attempt to buy its fellow lodging REIT in March
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REIT returns slipped in September, with interest rate concerns undercutting gains made during the previous month.
The total returns of the FTSE Nareit All REITs Index fell 2.4 percent in September, while the S&P 500 rose 0.6 percent. In August, the FTSE Nareit All REITs Index rose 2.3 percent. The total returns of the FTSE Nareit Mortgage REIT Index fell 1.0 percent in September, while the yield on the 10-year Treasury note rose 0.2 percent. In August, the yield on the 10-year Treasury note was flat.
I am often asked about Section 8 and whether a landlord should consider renting to someone with a Section 8 certificate. They want to know if they should accept these tenants, what kind of rent they might get, and what are some of the pros and cons of this program. Quite often they initially start out with a negative view of Section 8, so I thought I would give some pros and cons and allow you to make better decision about this program.
What is Section 8
The PA Section 8 program, also known as the Housing Choice Voucher Program, provides rental assistance to low income families in the private rental sector. Funded by HUD (The United State Department of Housing and Urban Development) the Section 8 housing goals are to provide improved conditions for families while assisting them in obtaining low income housing, maintaining rental payments, and promoting a greater freedom of choice in housing conditions. This Federal program provides incentives to the owners of apartment complexes and private homes to ensure the continued availability of government subsidized homes. Locally, the Pennsylvania public housing authority (PHA) is responsible for qualifying applicants and disbursing the vouchers to eligible families.
Low income house rentals are listed by the PHA in each of the 67 counties in Pennsylvania, though each complex and home is privately managed. So, each county, Montgomery County, Chester County, even Philadelphia County manage their own Section 8 programs. Even within some counties there are individual towns that have Section 8 offices. For example, Chester, PA has its own Section 8 office.
Philadelphia County is a busy office and very difficult to work with. To be frank it is a struggle for Del Val and others to work with them. They are trying to improve their systems but are very bureaucratic. It is very difficult to reach them on the phone to get simple questions answered. The counties outside of Philadelphia are much easier to communicate with.
But it is a partnership between three people: the owner/landlord, the tenant and the Section 8 office. Traditionally there is a lease between a tenant and an owner/landlord. That is the contract that lays out how the lease is going to work. But with a Section 8 tenant there is a second contract, which is a payment contract that describes the payment amounts and when they will be made. That contract is signed by the Section 8 office, by the tenant and by the owner/landlord. So, this is an additional contract and in an exchange for them offering to pay the rent, the owner/landlord must agree to comply with their rules and regulations. One of those rules is that the owner/landlord will maintain the house in good shape and Section 8 inspections will occur on a regular basis to make sure that you’re doing just that.
What are some of the Pros of Section 8
One of the pros obviously is its federally funded guaranteed rent from HUD, so there is no credit risk involved. Traditionally, Section 8 will pay probably 90-100% of the rent. The tenant may pay a small portion from time to time but 90-100% of the rent typically is going to get paid by the Section 8 office. You will get a one year contract, sometimes a two year contract. The county of Philadelphia offers a two year contract. So obviously once you put that tenant in there for the next two years you know your property will be rented and you’ll be getting your rent.
Now, the question comes up about rent; Is my rent going to be higher or lower than it would be otherwise? In some cases, it’s going to be a little bit higher but I typically tell owners that it will be within 10% + or – than other rents. Again, it depends on the county, it depends on the city and the area so everything’s a little bit different in each case. Typically, five to 10 years ago the Section 8 rent would be probably 15% below a non-Section 8 person. But I think that gap has come down recently to no more than 10% that you will receive. In some cases, you might actually get more for Section 8 than you would get for a non-Section 8.
What are some of the Cons of Section 8
One of the negatives is they will perform regular inspections. So initially before the tenant moves in they do an inspection and you must comply with what they’re asking you to do. They’re not going to ask for you to do anything out of the ordinary. So you’re going to have to make sure that your outlets work, your smoke detectors work, you have fire extinguishers, stairwell banisters are tight and secure and outside that your walkways and things are all safe and secure with no tripping hazards.
Another of the cons is the fact that the tenant may call Section 8 from time to time and say something’s not working. And if Section 8 comes out and determines that is correct, it’s not working, then they could stop paying your rent for a period of time. That is called an “abatement of the rent”, meaning for that period you won’t get any rent.
Why should you consider Section 8 tenants?
In some areas, Section 8 may be your only choice. There are certain areas where Section 8 is very prevalent and because of that there’s not a lot of options and you may have to go with Section 8. There are certain areas of Philadelphia, Norristown, Pottstown, and Reading that have high concentrations of Section 8. So, it may be your only option in those areas.
Tenants tend to stay longer. If a tenant has a Section 8 certificate and they like your house, you’re keeping it up and repairs are being made, for the most part they’re not going to want to leave. For one reason, because there’s not a lot of other Section 8 housing out there. Also, it is very difficult to move and there’s a lot of paperwork involved and a lot of risk on their part. If they notify you they’re going to move out and they can’t find another house within a 60 or 90-day period, they are potentially going to lose their Section 8 certificate. Second, moving from one county to another county is very difficult. So, if they want to move from Philadelphia to Montgomery County there’s a lot of paperwork involved, and the red tape is not easy. So, for the most part Section 8 tenants do stay a long time.
Section 8 requires you to keep your house in good shape, they inspect it and that’s a good thing ultimately for you as the owner of the property. You want to keep your property in good shape.
There is also lots of demand for Section 8 tenants. When we put “Section 8 Welcome” in our ads they get a lot of attention and so that’s obviously a great reason to use Section 8.
There are many factors which should be considered when purchasing a home, especially if it's a first home. One of those considerations should be the resale value. Many home-buyers anticipate moving on to a larger or better house in the future. The resale value of a home could make a great impact on how quickly it sells when it comes time to move out and move on. While there are no guarantees that a home will grow in value, there are steps which can be taken to maximizeize its resale value when it is time to move on.
One feature which can have the greatest effect on the resale value of a home can be summed up by the popular real estate phrase, "Location, Location, Location." This expression has been tossed around a lot, but what's the big deal, really? Location is extremely important if there is any intention to resell a home later. The idea is to purchase a house that will attract to other home-buyers in the future. Taking the time to carefully choose the best place can minimize losses in a down market, and maximize potential profits. Location is more than a place on a map, however. Here are some things to think about when choosing where to buy a home.
The City or Town. Before a home can be chosen, the city or town needs to be picked. Recognize that some locations are more desirable than others and for different reasons. Cities with abundant employment options or public transportation appeal to a wide range of people. Homes in upscale places are nice but tend to a specific group of possible home buyers. Homes in small towns, unless they are within reasonable driving distance of larger cities, have a smaller pool of potential home buyers. Carefully choosing the area in which a home is purchased can be a huge step in maximizing potential future resale value.
Economic Stability. Big city or smaller town, when choosing a community, it makes sense to buy in at a location with a viable and stable economy. In addition to having residential neighborhoods, there should be a healthy mixture of commercial and business districts either within the town or nearby. This not only ensures that there are plenty of jobs available, but also adds a source of income for the city to upgrade and maintain roads and city services. The long and short of it is, when it is time to sell the home in five, ten, or even fifteen years in the future, the area should be a desirable place to live.
The Community. What truly makes up a community is a variety of factors. Concrete things like highways, parks, and sidewalks can be the building blocks of a city. Additionally, organizations, restaurants, services, gas stations, and other places run by citizens help to create the community, too. If being close to conveniences like mass transit, local shopping centers, and easy highway access are important, make sure to look in places where these features are present. Any one or more of these amenities are popular with a majority of buyers and may have an effect on the resale value of a home.
Local Government Services. The services provided by the local government can have a huge impact on the sale of a home. Local governments are responsible for fire protection, police protection, road maintenance, and often sanitation and sewer services. They can also be responsible for more fun stuff like parks services, public libraries, and city sports teams. Smaller towns will have few amenities like these and will tend to have some services privatized. In particular, privatized fire protection services or no local police force presence can be a turn-off to potential home buyers.
Schools. Even home buyers that do not have school-age children or do not intend to have children must pay attention to the local school system. When it is time to sell the home, many potential buyers will have kids or plans for kids. One of the best resale factors in regards to education is school choice: either multiple available public and charter schools or private school options. Overcrowded schools could be a detriment. Plans for new school construction can be a boon. Additionally, schools with good scores on standardized tests will be preferred.
Property Taxes. If resale value is important, property taxes must be taken into consideration when choosing the location of a home. Property taxes may be higher in one town than another nearby city. This can sometimes affect whether potential homebuyers view a community as a desirable place to live. There are two sides of the coin to consider, however. Lower property taxes could mean a lot of savings, but often at the cost of the government services described earlier. On the other hand, higher property taxes obviously mean a resident will shell out more money, but they also often have the benefits of newer schools, well-maintained roads, and access to community services.
The Neighborhood Sweetspot. Most homes are located in residential areas, with the exception of places like lofts and condos in large cities. Within these residential areas, some lots are more desirable than others. For example, a house in the center of a neighborhood tends to be more attractive than a home on the edge of a neighborhood because that's where busier streets are inclined to be found. Busy streets are not kid, pet, or pedestrian friendly. Another thing to avoid is purchasing a home along a street that is used as a shortcut between two busier streets. Corner lots, likewise, tend to attract more street traffic. The middle of the block or on a cul de sac are popular locations.
The location of a home can have an incredible impact on its future resale value. Although its place on a map may be one factor, there are many more aspects of a home's location which should be taken into account. Before purchasing a house that will ever be resold, take the time determine if it is in a location that will appeal to future home buyers.
If you are selling your home, or perhaps are thinking of selling your home, your realtor will most likely conduct a Fair Market Assessment, or FMA, of your property. This is a comprehensive report of your property from an outside perspective, and accounts for the features and updates of your house. But the main point of it is to give you an analysis, given the current market conditions and neighborhood, of how much you can expect to receive from the sale of your home.
What can you expect?
If you are serious about selling your home (or are even remotely curious about the selling price) a realtor will want to walk through your home to assess its current condition. They will ask you to point out areas of your home that are newer or remodeled (within the last 5-7 years). What they're really looking for are hot selling points. If appliances stay or are included in the price, obviously, it looks better in a listing. If there is new carpeting, new doors and windows, new furnace or central A / C, then those are great points an agent can go with. Another biggie is roof. If it is a newer roof, this typically increases home value and will command a more solid selling price. A realtor can give you a better idea of what helps a home's value increase, but these are a start.
So the realtor will walk around and make notes. They may or may not ask for room measurements. The idea at this point is to gain a rough idea of the home's condition and features – something the tax record or real estate listing system can not provide.
Do not be hurt by the realtor's frank assessment of your property – it is nothing against you personally. You may feel illuminated that someone is not as excited as you walk through your home. They are professionals that are trained to look past asthetics towards selling points.
After the walkthrough, the realtor or professional will plug some numbers and features into their system, and it will return a few things to them
First, the system will look for other homes in the area that are for sale and currently available. It will look for similar features, lot size, home square footage, and proximate to your property.
Next, the system will pull up the asking price of these homes.
Third, the system will present homes that have sold in the last 12 months, and will show their selling price (what was paid for the home) as well as any features the home may have had along with square footage, etc.
The report will then lay out these properties, side by side, so features can be asily distinguished. They are separated sold houses from current unsold properties.
Your home's price will then be determined based on current asking price in the neighborhood, average home sales and features. Expect your home to be a rough average of them, possibly inched a little higher or lower depending on the features of your home.
Then, deductions are taken. Deductions are negative selling points of your house. Another way to look at them is they detract from the value of your home. For example, fuse boxes take away from the value of your home, whereas circuit breakers may actually add value. Updated electric versus old electric have the same effect. The reason for such deductions is typically insurance related. Insurance rates are higher for non breaker homes with old electrical wiring because the risk of fire is greater.
After all this, you get an idea of what your home is worth, as of that day, in the current market. This is the projected sale price.
The assessment will also give you an approximation of fees, commissions, taxes, and more that go into selling your home. This figure is based on the sale price. Usually, the largest two here are real estate contracts (which vary by area) and sales or real estate transfer taxes.
Subtract that number from the sales price, and you receive your net price. This is how much the FMA predicts, or the amount you can expect to actually receive from the sale of your home.
How do you use the assessment?
The FMA can help you and your realtor determine the asking price for your home or property. Almost always the asking price will be higher than the projected sales price. This is done to provide room for negotiation between the buyer and seller. For example, if the FMA predicts a sales price of $ 100,000, the sales price may be set at $ 110,000 or higher. This is done because almost no one walks in and bids the asking price – there is negotiation. Someone may walk in and bid $ 102,000 or even less.
You also use the FMA to determine how much you need the house to sell for to either make a profit or break even. Unless you are in a rare circumstance, you probably do not want to take a loss on the house and receive less than you owe on it. So, you use the planned sale price and your amount still owed on the house as baselines.
For example, if the FMA says that you can expect to sell the house for $ 100,000 but you still owe $ 104,000 on the house, you know that your asking price has to be set much higher than $ 104,000 initially – and you must sell the home for at least this amount (or more if you count selling costs) if you do not want to take a loss.
You can also use the assessment as a general tool to see what houses in your neighborhood are selling for, and how long they have been on the market. When listing current houses, the FMA shows the length, in days, the house has bene available. This can be an indicator that either the houses are priced too high, or the market in the area is not moving. Either way, you can adjust your asking price accordingly.
Keep in mind the FMA is not intended to be an accurate tool – it is meant to give you an idea, or estimations, about how your home would perform on the open market. That said, it is a powerful tool that you usually receive for free from a realtor. And if you decide not to sell your home, you can still keep the assessment.
The real estate market is the economic sector that involves the buying and selling of infrastructure such as buildings either for residential purposes, business premises, and the industry segment. Like any business sector it is susceptible to the economic forces of supply and demand. The main people involved in this field include the owner, renter, developers, renovators, and the facilitators.
This sector has a number of characteristics that are specific to it. Real estate is durable since the buildings can last for many years while the land it stands on is indestructible. As a result the supply is composed of a large share of already pre-existing stock and a tiny percentage of new development. Thus the stock varies in price only according the deterioration, renovation, and the new development coming up.
Stock in this sector could be referred as heterogeneous since every piece is unique. All buildings are different in terms of the location they are situated in, their structure and design as well as how they are financed. Change in this field takes quite a long time. This is as a result of the long duration involved in financing and construction of new property.
The real estate has the very unique feature in terms of the buyers in this market. The property can be purchased either as an investment with the expectation of earning returns or as a consumption good with the thought of using it. Individuals could also invest in the market for both reasons whereby they use the property for a while before selling it at a profit. As a direct result of its dual nature, there is a high demand since individuals tend to over-invest in this sector.
Immobility is yet another characteristic unique to this sector. The properties as well as the land it lies on are both immobile. As a result there is no physical market place meaning one has to go to where the property is situated. Therefore this issue makes location a prime factor before investment.
The main factor in demand for property is demographic, that is the population size and growth. The demographic composition plays a huge role in determining the demand and as a result the price. The performance of the economy also affects the performance of the sector since it plays a role in the ability of investors to take loans and mortgages for financing their business ventures. Naturally, the pricing determines the level of demand in the sector.
There are a number of ways to finance investment in the real estate market from government and commercial institutions. Financial aid can be obtained from commercial banks, savings banks, mortgage brokers, life insurance companies and other financial institutions. However, the best practice still remains getting funding from your own savings.
In view of the recent real estate market crash it is best to follow some guidelines. As a buyer ensure that the price you pay for the property matters a lot as well as the ability to dispose of the purchase later down the road. If not it is advisable to downsize your mortgage to be on the safe side. As a seller, identify when it is the right time to put your property on the market in order to avoid low offers.
This is a difficult time in Real Estate, I am not going to debate that. Many real estate investors have tight margins, many homeowners can not afford to pay their mortgage and taxes, and worst of all many people can not buy or sell a home to move to the next step in their life.
I am suggesting we take a moment to look at the GOOD in today's Real Estate Markets. The whole markets is not bad, there are segments (rentals, luxury, starter, commercial and so on). It is important to look at how you can benefit from certain segments in today in Real Estate. I mean, let's face it, the stock market is too volatile and Real Estate is still the best long-term investment. The Real Estate market is something physical (you can see it, improve it, maintain it), it is something that helps you gain tax advantages and it is something that will help you increase your standard of living.
So allow me to share with you what I see as great if not at least good:
o The State of CT and Town of Manchester have put together a No Money Down / Low Interest Rate program for starter / move up homes in town.
o Mortgage rates being issued by the FHA are at the high-time lows.
o Home prices are low, making it a great opportunity to buy. This gives homebuyers more home for their dollar.
o There is a first time homebuyer $ 7500 tax credit in place by the federal government.
o Bank and corporate owned properties are at an all time high. They do not want to own small properties making many of them a great bargain.
o There is a rehabilitation tax credit issued by the federal government in place.
o Many banks are putting a halt on home foreclosure seizures until the housing finance crisis is resolved.
o Buyers in today's market will experience HUGE appreciation over the next few years if they decide to sell.
o Real Estate is localized and the Northeast is still strong.
o There is a HUGE selection of homes on the market, why not buy when you have the most amount of power for negotiation? Sellers are ready to work with many buyers on creative transactions.
Studying the Real Estate market is a practice that separates the SMART from the FLOATERS. Take another look, try to look at it with an open mind and focus on how you can benefit from today's market.
I am here if you have an opportunity you would like to discuss or need to run an idea by someone.
I hope you are having a great day and want you to know I am here to help you or a friend with their real estate and mortgage needs.
We Sussex Countians are fortunate in many ways as we have a wonderful quality of life here.
Climate:
Our climate for one thing is the best in the region. The United States Department of Agriculture has a map that shows the temperature zones for plants (and people). This map http://www.growit.com/ZONES/ shows Delaware in the same climate band as mid-Texas, northern Georgia, and the Carolinas. Delaware is by far the northern most place for this climate. Southern Delaware, although not delineated on this map is shown as one zone more southerly in the more detailed maps you get for planting flowers and vegetables as shown in gardening texts.
Sussex County Delaware has a winter climate and temperature that equals the Carolinas, Georgia and northern Florida. It has a summer climate and temperature that is more like New York and Massachusetts. The reason for this is the tempering effects of the large bodies of water that surround Sussex County have more local effect on keeping us cool in Summer and Warm in winter than the land does. The closer you get to the water the more this is true. The Eastern Sussex area is almost identical to Boston temperatures in the summer and Tampa temperatures in the winter.
Driving and Commuting Distance:
In Sussex County we feel we are far enough from everything and close enough to all that’s important. While we enjoy and idyllic rural and resort lifestyle here, we are a couple of hours to the cities. When I lived in L.A. most of us drove two or more hours each way to work. Southern Californians spend 4 to 8 hours a day in their cars – no wonder the car culture is so strong there. In two hours we can be past Wilmington to Philadelphia and beyond; past Baltimore and into Washington D.C. and beyond and to the south we can reach Norfolk in just over two hours. The slowest part of each of these trips is the first 45 minutes which are on our picturesque Colonial roads, but then we hit the open roads and the miles click on by. We are about 90 minutes to any of four International Airports – take your pick: Dulles, Reagan, Baltimore Washington or Philadelphia. We have air commuter service 45 minutes away in Salisbury or Newcastle. Charter service is available in Georgetown right here in the middle of Sussex County.
Telecommuting and Teleworking:
Sussex County, especially just west of the beach areas is a rapidly growing area for telecommuting. The ultra-high-speed cable access to the Internet is available anywhere that Comcast Cable television service is. This cable modem service is about 10-30 times faster than dial-up service and makes all the difference if you are on line all day like Kate and I are. Although the cable modem costs about $50 a month, you can split it and without a drop in speed have two or three people in your home on the same hookup – that makes it very cost effective. I specialize in helping those who do, or want, to telecommute or as they say in Europe and the Federal Government, to telework. We have helped numerous people move in and work from home. The various government agencies are now pressing more and more people to telework at least a few days a week. If you go to the various federal web sites most if not all of them have criteria and jobs for teleworkers – check it out. And don’t forget your favorite jobs anywhere – you may be able to work here and have a job in any other place on earth or at least any other place in America.
Crime:
Our crime, what there is of it, is mostly out of state speeders on the highways. Some of our visitors are of the opinion (right or wrong) that our major source of state income in Delaware is fines from speeding tickets. That is the primary function of our police on a daily basis. We are certainly not crime free but we are safer than most places. In fact of our serious crimes, most are DUI, Driving Under the Influence and still our statistics are that of a very peaceful and laid back rural area.
Size and Density:
Sussex County is the largest county east of the Mississippi River with 938 square miles! Sussex has almost the exact same size as the other two counties of Delaware combined; yet we have only about 15% of the state population with our 120,000 people. That relates to only 128 people per square mile, compared to almost 1100 people per square mile in our northern county, New Castle.
Financial and Economic Vitality:
Southern Delaware is uniquely a haven for the self employed. The economic vitality of Sussex County, especially eastern Sussex County, is primarily that of self employment in addition to jobs in education, law enforcement, lodging, health care, Real Estate of course, Real Estate law, residential and commercial building and construction, which is related, and retail management. Part of the reason for our overall economic health is that our owner operated businesses are so diverse. There are no huge corporations employing thousands of people in high paying jobs that can crash or affect our economy in any way. We also have a growing and vibrant arts community of fine artists, writers, and musicians who live here and gain income from a wide national and international area. As the teleworking era grows here this self-employed base will grow and diversify even more.
Cultural Values:
We have so many cultural events in the so called off-season that we are developing another season which some are calling the aesthetics season to complement the beach tourism season. The arts are a measure of the richness of our lives, our community and our economy. The arts are a multi-million dollar industry here when our aesthetics season visitors rent rooms, rent homes for the several day events, eat at our restaurants, shop at our hundreds of outlet stores and otherwise spend time and money in our various establishments. We have a couple of local pre-university schools which feature art and music education which studies show enhance problem solving and abstract thinking abilities of students in whatever field they may end up in; arts or not.
Many of us are working to further enhance the emphasis on the arts here. There are many ways we can individually work to increase our cultural assets. One business could support art in public places. An individual can contribute time, money, or expertise to cultural organizations. All these efforts will help stimulate an on-going cycle of learning, investment, and growth in our region. And, of course the most important thing we can do is attend and invite friends in from out of town to attend as many of these events and functions as possible.
Tourism:
For many decades, tourism has been the backbone of our local, eastern Sussex County economy. We are well known, in Rehoboth Beach, as The Nation’s Summer Capital. Our other beaches are regionally favored above all others: Dewey Beach for the skim board surfing and parties; Bethany Beach for the bedroom community family oriented beachy place and Fenwick Island for the fine homes and fine beaches that are revered by those who relish home life without adjacent commercial activities. Of course Fenwick Island is very close to thousands of commercial enterprises in Ocean City Maryland.
Visitors bring money into our local economy, support local businesses, which provide jobs, and they pay for gas, rooms, home rentals and room sales taxes. We increasingly enjoy higher returns from our visitors thus maximizing on our investments. Bringing millions and millions of visitors to our Delaware Beach area affects not only our economy but also our transportation system, our water system and our natural environment. Studies show that different types of visitors have different impacts. For example, visitors who attend an arts event typically stay longer and spend more money.
Tourism is evolving. Our Bed and Breakfast establishments for instance are a major factor in bicycle tourism, bird watching and corporate and executive think-tank retreats. We are developing different types of visitors to our area while maintaining our lifestyle, economic vitality, and environmental quality. Emphasizing outdoor recreation, clean air, wide-open spaces and beautiful scenery, we can attract “eco-friendly” visitors. Camping, for instance, is a large and growing eco-tourism feature where thousands of our campsites host those who enjoy the area and often stay right at the camp most of the time. Canoeing and kayaking, sea kayaking, the kite festival, jet skis and other personal watercraft as well as boating, fishing, sailing and that most usual of all eco-tourism pursuits; beach walking, are all growing by several percent each year.
Historic Appreciation and Preservation:
Lewes, Milton and Georgetown all have (in that order) substantial historic preservation districts. Purchasing and restoring as well as maintaining these historic homes and shops is a major and growing contributing factor to our economy and local aesthetic beauty. There are hundreds of homes in Lewes and Milton with extensive restoration work done. Some of these are now Bed and Breakfast Inns. Many of these Historic sites are listed in the national or state register of historic places because of their importance to community, their place in state history or prehistory, or due to significance in architecture, archeology, or culture. Many of these places are not suitably listed by beautiful never the less and important to all of us. Sussex County has listed several buildings in the National/State Register in recent years. Retaining our existing stock and extending the longevity of historic resources keeps the past vivid in our daily lives. Travelers tend to plan longer trips around historic sites.
Education:
Education is a critical element in our community’s quality of life. Our vision for the future creates a world-class education system that is challenging and diverse enough to encourage the highest levels of student and faulty achievement, works in partnership with families and the community, and provides life-long learning opportunities. Sussex Technical & Community College, Wilmington College, Goldey Beacon Business Schools, University of Delaware and more are active campuses here in Salt Water Sussex County. A thriving economy is essential to the education system. Healthy families ensure that students are ready to learn. A vibrant arts community and our unique natural environment provide opportunities for hands-on learning. We have numerous work study programs particularly in education, the arts, health care, law enforcement, oceanography, environmentalism and commercial boating. Our region will continue to enhance the strength, depth and diversity of our region’s education system. Educational excellence is fundamental to our competitive economy, a healthy environment, self-sufficient families, and an outstanding community. Our elementary schools, middle schools and high schools in the Cape Henlopen School District and nearby areas are usually at or near the top of the Delaware education system success gradients.
Health Care:
Health and wellness are fundamental to community prosperity. A healthy community embraces all aspects of health. Our vision of a healthy future focuses on healthy behavior and prevention which allows people to celebrate and live life to its fullest and ensures accessible care to encourage the best health outcomes. State of the art technology will allow people with critical needs to get care in their own community. Dedicated and caring doctors, nurses and caregivers are at the heart of our health care system. A thriving economy and good jobs ensure that families have access to health care. A clean environment offering rich recreational choices supports healthy families. Affordable, accessible health care is essential to our vision of families that can support our economy and schools as well. Beebe Hospital headquartered in Lewes has developed (to a great degree under the auspices of my father, Joe Hudson) a large number of clinics and satellite health care facilities spread frequently around the area.
Healthy communities focus on wellness, prevention and access to quality medical care. When health care is hard to find or expensive, people may delay treatment, often making their health problems worse. Timely access to appropriate health care benefits everyone.
Beebe Hospital is certainly the fastest growing and largest employer in the beach resort area and growing fast to support our retirement communities as more and more people retire here at earlier and earlier ages and remain more and more active in life, business and recreation. We have a wonderful school of nursing attached to the hospital as well: The Beebe Hospital School of Nursing.
Beach and Natural Environment Areas:
And this, our beach area, is of course what we are nationally famous for. The natural environment is the very foundation of community well-being. We are in late transition from a farming community to a resort and arts community. Our best and most optimum future relies on a clean environment that attracts tourists as well as high quality residents and entrepreneurs. A world-class educational presence here supports environmental protection. Our highly educated tourists and residents are another factor ensuring our increasingly strong accent on an ever improving environment. A strong economy is essential to restoration projects. Well-planned land uses and infrastructure investments can protect and enhance the environment. Environmental vitality is essential to our vision of a sustainable economy. An unmatched environment also supports year-round recreation to attract a more diverse mix of tourists and our favorite and more diverse mix of teleworkers and retirees.
The National Parks & Recreation Association recommends 7 acres of community parks and 20 acres of regional parks per 1,000 population. We are far, far, beyond that ratio. Our beach area is one of our largest park assets and boasts a variety of recreational facilities including ball fields, golf courses, and a variety of water sports and enjoyment opportunities. Keeping up with parks maintenance is a constant area concern which we do quite well.
Parks offer a place to relax, recreate, and visit with friends. A combination of developed parks and natural areas provides a mixture of activities like playing sports and walking a quiet trail. Trees, grass and other vegetation clean our air. Relocating individuals often cite parks and schools as deciding factors for moving to our region. Trails can connect neighborhoods and contribute to healthy active lives. Trails enhance mobility and access to public lands. The hundreds of miles of trails and bike paths have increased constantly in our beach region. Funding issues make development of trails challenging.
The natural environment, our beach and wetland areas as well as our farm land, is what most people list first when talking about our region’s quality of life. This is an area that clearly shows what a positive impact people can have with relatively small individual contributions. Our region’s water quality and air quality are wonderful and have improved tremendously over the last 50 years. Regional investment in the natural environment can ensure that we continue to enjoy the natural benefits we can not easily replace: reducing pollution, processing waste, improving water and air quality, and moderating the damage of flooding. Investments in our community’s “green infrastructure” are critical to the health of our families as well as to our tourist-based economy and those investments are being made by our various governmental divisions and by our individuals. Our largest park style land owner in fact, is Delaware Wild Lands a private organization devoted to securing the quality of life for all Delawareans and doing it well.
Land Use and Zoning:
The land use choices we make are the blueprint for our community’s design. Our vision of the future provides effective infrastructure that enables us to work, raise our families, and educate our children. Our land use supports our quality of life while protecting the environment. Community infrastructures attract tourists as well as high quality visitors, retirees and entrepreneurs. Our region will foster sustainable development that meets the needs of present generations without impairing future generations’ ability to meet their own needs. A strong economy is essential to good land use planning and infrastructure provision. A respect for the environment helps maximize the use of land and infrastructure.
Involved neighborhoods are essential for a thriving community. Smart land use and high quality infrastructure are essential if we are to achieve our vision of a robust economy, world-class education, and a safe community. We are expanding rapidly as more and more people arrive here for short, medium or permanent residential and business life. As our Quality of Life is what most people come here to enjoy; part time or full time. ENJOY!
Copyright 2000-2005 by www.JodyHudson.com
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Known as the Keystone State, Pennsylvania is a hard working state. Depending on where you live, Pennsylvania real estate can be reasonable or pricey.
Pennsylvania
Pennsylvania is a state with an incredible amount of history battling with modern tendencies. Historically, the state is the home of such notable locations as Gettysburg and Valley Forge. For scenery, you can experience mountainous areas hosting elegant resort areas and wide open rural areas. In contract, the state is also home to Pittsburgh and Philadelphia, two of the hardest working cities in the country.
Philadelphia
Philadelphia is a microcosm of the clash of old and new in Pennsylvania. The first capital of the United States, Philadelphia is a big city with old world charm. The city was the location of the signing of both the Declaration of Independence and the Constitution and is preferred of history buffs. At the same time, the "City of Brotherly Love" has seen a development and economic resurgence since the 1980s and can be described as an economic powerhouse. As with many big cities, the town has top end attractions with fans being passionate about the Flyers, Eagles, Phillies and 76ers as well as college basketball.
Pittsburgh
Once considered the gateway to the West, Pittsburgh sits at the meeting of three large rivers. Considered an industrial city because of a long history of steel manufacturing, the city is actually very pleasant and has even been voted the best city to live in by one publication. Today, the steel industry has less and the city is vibrant with college students, park areas and an active nightlife.
Erie
Often maligned, Eire is the hidden gem of Pennsylvania. A smallish town on Lake Erie, the town has a relaxed atmosphere, plenty of landscaping and nice beaches. Stretching from the town is huge park, which makes for excellent outdoor activities.
Pennsylvania Real Estate
As you might imagine, Pennsylvania real estate prices are both cheap and expensive depending on the location. A single-family home in Erie will average less than $ 200,000, while downtown Philadelphia is going to run close to $ 600,000. Surprisingly, the same home in Pittsburgh will cost a very reasonable $ 250,000.
Pennsylvania real estate looks to mirror the national average for appreciation rates. In 2005, property appreciated at just over 13 percent.
Real estate lawyers help people who are buying or selling property. Aside from a real estate lawyer, you also need a realtor, who will assist you in finding the right property, or an ideal buyer for the property you are selling. Your attorney's presence in transactions is crucial because he will review the offers made to make sure your rights are preserved and that you are going through the correct process.
People buying or selling properties are advised to see a lawyer before making arrangements on paper. Errors could have made if the aid of a legal expert in buying and selling property is not thought. These errors could result in costly consequences. In addition to that, many real estate companies, mortgage firms, and insurance companies require the presence of lawyers during transactions. Legal representatives will ensure that the procedure is within authorized limits and, most especially, that there is no claim on the property. The job of the attorney in this case can vary, depending on the circumstances. The nature of the lawyer's involvement in the transaction affects the cost of his services. Then again, you must understand the role of a real estate attorney when you are buying or selling a house.
For Home Buyers
If you are purchasing a property, your lawyer should explain the buying contract to you. He should also make sure that the property becomes legally yours right after the purchase is made. It is important for a real estate attorney to have reliable experience in handling real estate transactions. He has to be able to check that there are no claims on the property. Legal problems with the property should be settled before a purchase is made.
The lawyer should also prepare and register the required documents. Buying property taxes taxes and other costs. Mortgage terms must be clarified with the bank. All documents should be reviewed before affirming your signature. You also need to obtain title insurance protection. The liabilities you incur upon purchase of the property should be well laid out.
For Home Sellers
A lawyer can help a seller in reviewing the binder. He also has an important role in examining and preparing the purchase and sale agreement. The real estate attorney would also have to prepare the deed and power of attorney. Moreover, he has to tackle and fix problems with the title. Just as in any real estate transaction, the lawyer should be present during the closing of the purchase deal to ensure that the seller understands the deal before affixing signatures. The lawyer may also facilitate in the transfer of security deposits and issuance of insurance certificates.
Lawyer Fees
Service fees of the attorney should be clear from the start. Normally, they charge higher fees for buyers than for sellers, because they do more tasks for a buyer. Lawyers may charge flat or hourly rates. Ask your attorney how he charges his services. Also, do not hesitate to ask the service cost estimate. Experienced lawyers should be able to draft an estimate within a short period of time.
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