Real Estate

China’s Building Bubble Bout to Bust

Another building bubble?  Yes, but this time it’s not the US that has a building bubble, we are way past the bubble and on the path to recovery. This time it’s China, with banks making as many loans as possible to get the mortgage upfront fees. (Does this sounds familiar to you?)

Flipping properties, factory owners are more interested in buying and selling property then production. Get this, even manufacturing in China is going out of country because of high labor prices!

According to the Star.com:

“Frenzied developers with access to cheap money are creating a glut of premium office space and luxury apartments, priced at about 80 times the average income of the city’s residents. Prospective middle-class homeowners, in panic-buying mode, are snapping up two properties at once, hoping to flip the second one to finance the first. Civic officials are encouraging the building boom.

The sale of vacant lots bolster their municipal coffers.

Banks eager to reap upfront fees are granting mortgages to all comers. Even factory owners are in on the speculation, generating more profit from flipping property than from traditional manufacturing, which increasingly is moving offshore to Vietnam, Malaysia and other nations with lower labour costs.”

Read the full article at  TheStar.com

John J. O’Dell
Real Estate Broker
Your real estate specialist
Call today 530-262-1091

Real Estate

Home Price Reductions Level Off

By John J. O’Dell

Are we finally be nearing the bottom of the market? I understand in talking to some real estate agents that inventory in some areas of Placer County are starting to get thin. Accoridng to Trulia.com, price reductions of homes on the market declined 21 percent as of February 1.

This is a significant decrease compared to November 2009, when 26 percent of homes had at least one price reduction

The total dollar amount cut from home prices dropped to $22.6 billion as of Feb. 1, down from $28.1 billion in November, a 19 percent decrease.

The average discount for price-reduced homes is holding steady at 11 percent off the original listing price.

Here are the cities with the largest decrease in listings with price reductions between last November and this month, according to Trulia.
• San Francisco, -46
• Oakland, Calif., -43
• Sacramento, -42
• San Jose, -40
• Indianapolis, -39
• Seattle, -37
• San Diego, -33
• New York, -33

John J. O’Dell
Real Estate Broker
General Contractor
Civil Engineer
Here to help you buy or sell real estate
Contact me at e-mail jodell@nevadacounty.com

Business, Local Writers & Contributors

Toastmasters – Helping 235,000 People to Become Stronger Leaders

By Lisa J. Lehr

Would you like to have more communicative employees—or be one? Have a more effective sales force, or be a trainer with phenomenal presentation skills? Be a more confident, competent leader? Be persuasive, inspirational, and/or entertaining?

That’s what 235,000 people around the world are doing right now, and it’s called Toastmasters International.

This might sound like a shameless plug for Toastmasters…and perhaps it is, because I’ve been a member of Toastmasters for over 10 months now, and I love it, and so do my fellow Toastmasters, and we’d love to have more company!

Toastmasters is an international organization that provides training in speaking and leadership that is on a par with expensive and extensive professional training programs, yet at a fraction of the cost and time commitment.

Nevada County is lucky to have four different Toastmasters Clubs—unusual for a community of our size. Mother Lode Toastmasters meets Monday evenings; Early Risers Toastmasters, Tuesday mornings; Penn Valley Club, Wednesday evenings; and the club I belong to, Empire Toastmasters, meets every Friday at noon at Trolley Junction Restaurant (at the Northern Queen Hotel) in Nevada City.

We’re a small, friendly, supportive group dedicated to helping each other improve at a comfortable pace, wherever we each currently are with our speaking and leadership skills. Our meetings are open to anyone who is interested. Come as a guest; you’ll be invited (but not required!) to participate in Table Topics, in which participants each speak impromptu for about a minute on a given theme. It’s often the highlight of the meeting, and almost always provides the most laughs. Lunch is $14 and reservations are not required.

My fellow Toastmasters and I are available to do a presentation for your business or organization that will explain the program in much greater detail. My own personal and professional growth through Toastmasters has been nothing short of astonishing in less than a year, and my fellow club members have similar stories to tell about being “the shyest person who ever lived”—but no more, thanks to Toastmasters!

Visit this link for more information about the local clubs:

ToastMasters Nevada County

Lisa J. Lehr is a writer and copywriter living in Grass Valley. She can help you promote your business with a full range of online and offline marketing pieces. A member of Empire Toastmasters, she’s available to speak to your business or professional group. Visit her website www.justrightcopy.com for more information, opt in for a message series, and receive a free Marketing Guide.

Lisa J. Lehr
I write words that make you money–just ask me how.
Visit my website and sign up for my fr~ee marketing tips.
New! No~cost Marketing Guide now available at my website.

nevada county fair

Nevada County Fairgrounds Receives 25 Awards for Outstanding Work in Social Media, Fair Competitions

: Members of the Nevada County Fairgrounds team accept their awards at the Western Fairs Association (WFA) Conference. The awards were part of WFA's Annual Achievement Awards Program, which recognizes excellence in Fairs and successful Fair ideas.

The Nevada County Fairgrounds received 25 awards at the 47th Annual Western Fairs Association’s (WFA) Achievement Awards held in Reno, Nevada, at the end of last month. The Nevada County Fairgrounds took home first-place honors for the Fair video created by Gold in the Foothills; its 2009 Draft Horse Classic event and several of its promotional pieces; and its “Ugliest Dang Cake” exhibit competition. It also received first place in the Fair featured program, Social Media Madness, for its work in social media.

View the winning video httpv://www.youtube.com/watch?v=MxwDKn6260k

During this year’s WFA Achievement Awards Program, offered to recognize excellence and to share fair ideas and programs, the Nevada County Fairgrounds competed against more than 50 Fairs with similar attendance numbers within the Western United States and Canada.  At the WFA Achievement Awards Ceremony, the Nevada County Fairgrounds collected a total of seven 1st place awards, 11 2nd places, and seven third places. The Fairgrounds also received nine Honorable Mention awards.

Among the many awards received, the Fairgrounds received second place for the Fair’s “Name the Rabbit” contest; third place for its community outreach program with the Fairgrounds’ Job Fair; second place for its overall marketing program; third place for the Fair’s Kids Corner; and second place for its work with nursery schools and pre-schools in decorating theme-related cut-outs.

The Western Fairs Association is a non-profit trade association serving the Fair industry throughout the Western United States and Canada.

Source Wendy Oaks Nevada County Fairgrounds Publicist

Bits & Pieces

“FBI” Informs Me I won the Lotto In Nigeria!

According to an e-mail from the “FBI” and the Anti-Terrorist and Monitory Crimes Division I have won $10,000,000 in Nigeria.   The Central Bank is holding this money for me.  The e-mail goes on to say that the FBI and the Anti-Terrorist and Monitory Crimes Division fully checked into my winnings and all I have to do is send someone in Nigeria $550 and I’ll get my money.

But, wait a minute, if they know that I’m really the winner, how come they don’t know my name, address and my telephone contact number?

Oh, I’m also advised by the “FBI” that I should be careful and not fall into a scam!  Wow, the crook is telling me to watch out for the crook!   The sad part is that these people make millions of dollars every year from Americans.  So remember if it’s to good to be true, it’s not true.   Anyhow here is the le-mail, it’s funny indeed.

“Anti-Terrorist and Monitory Crimes Division.

Edward John(FBI SPECIAL AGENT)
Chief Information Officer:Zalmai Azmi
FEDERAL BUREAU OF INVESTIGATION FBI.WASHINGTON DC.

Email: (Deleted)

FBI SEEKING TO WIRETAP INTERNET

READ CAREFULLY,

We the Federal bureau of investigation (FBI) Washington, DC in conjunction with some other relevant security Agencies here in the United states of America have recently been informed through our Global intelligence monitoring network that you presently have a transaction going on with the Central Bank of Nigeria(CBN), as regards to your lotto winning payment award which was fully endorsed in your favor accordingly by the government of Nigeria.It might interest you to know that we have taken our time in screening through this lotto winning payment notification as stipulated on our protocol of operation,and have finally confirmed that your lotto award payment is 100% genuine and legal with due process of law, and it is as well free from all illegal activities,which you have the lawful right to claim your fund without any further delay.Having said all this, we will further advise, that you should go ahead in dealing with the Central Bank payment officials as FBI will be monitoring all their services accordingly

Continue reading “FBI” Informs Me I won the Lotto In Nigeria! →

Real Estate

FBI Cracks Down On Mortgage Fraud

By John J. O’Dell

The FBI is spending a lot of time investigating real estate fraud cases. In the hay day of the housing boom, with loose standards and banks wanting to make as many loans as possible, supposedly sophisticated people got greedy and tried to get rich quick. Now the boom is coming down on these people as in this case successfully brought to trial in San Francisco by the FBI.

According to Thaindian.com

“A mortgage broker and real estate developer on Friday were charged in San Francisco, California with conspiracy to commit a $19.6 million bank fraud, fraud, and money laundering, prosecutors said.
According to the indictment, Michael Ohayon, 41, and David Papera, 47, allegedly recruited thirteen straw buyers who used their good credit scores to nab $19.6 million in fraudulent mortgage loans from Washington Mutual Bank, with no intention of making either down payments or mortgage payments on the properties.

The indictment further alleges that Ohayon, with Papera’s knowledge, told the straw buyers that an entity controlled by Ohayon and Papera would use the loan proceeds to make the down payments and mortgage payments. Ohayon and Papera created and submitted to Washington Mutual Bank loan applications with numerous misstatements as to the straw buyers’ income and assets.
The maximum penalty for each count of conspiracy to commit bank fraud and bank fraud is 30 years in prison, a $1,000,000.00 fine, and restitution. The maximum penalty for each count of money laundering is 10 years in prison, a $250,000 fine, and restitution.”

I seem to read a case like this almost every day. It’ll be interesting to see when this if finally over. What do you think?

John J. O’Dell
Real Estate Broker
General Contractor
Civil Engineer
Here to help you with buying or selling real estate
Contact me!

Environment

My Prius At 107,000 Miles, Still Going Strong

By John J. O’Dell

I bought my Prius in 2005.  Since then, I’ve racked up 107,000 miles and the car is still going strong. Am I happy with it?  Yes, and although I’ve had a couple of small problems with it, the small problems were expensive.

The first major problem was that my driver’s side headlight went out. No problem, right? No, it’s a major problem. Although one brochure put out by Toyota stated that the headlights should last 15 years, it went out after 3 years. My model Prius has the optional xenon high-intensity discharge (HID) headlights.  Replacing the one headlight cost, are you ready for this, the Toyota dealer charged $443.75. Yes, the light bulb is over $300 and the rest is labor.

The second problem was the small battery in the Prius gave out and had to be replaced. That’s not the $3,000 plus big battery, but the small auxiliary 12 volt battery. How could I tell it was going, well, the car just started running funny, since the battery was only putting out about 6-8 volts and things just started getting weird. A couple of times I had to get the car jumped to start and the electronics were acting up.

Of course, the 12 volt battery is hidden under the trunk in back of the car. This means that it’s a special battery with special venting built into the battery. This is because there is no air coming into the battery space unlike most cars were the battery is under the hood. That replacement by my Toyota dealer cost $374.91.

Toyota is getting a bad rap on their recall situation. I can certainly understand the frustration on that point.  About six months ago I received a notice from Toyota that my floor mat might create a problem with a stuck accelerator pedal. The notice said that I should remove the mat and Toyota would notify me when they have a replacement mat.  Yep, here we go with the accelerator pedal sticking. I called a Toyota dealer yesterday and asked if they had a replacement mat that would not create an acceleration problem. The service manager told me that Toyota was working on it, and they still don’t have a solution. Six months later, no floor mat, no solution, way to go Toyota!

The good part is that I have not had to replace the brakes yet. I don’t know how long the brakes are going to hold up, but I just had the tires rotated and the tire dealer said my brakes were fine. That’s because when you slow down to brake, the wheels are powering a generator to recharge the main battery on the car, which in turn does most of the braking for the car.

Another positive about owning my Prius is the gas mileage. My other vehicle is a 2002 four wheel drive Chevy truck.  It gets an average of around 10-12 miles to the gallon compared to my 42-44 miles to the gallon when I’m driving in Nevada County. I get better mileage in the flat lands, but let’s stick with 42 miles per gallon.

So let’s do the math.  At 107,000 miles divided by 12 miles per gallon, that’s 8,917 gallons of gas burned if I had used my truck.. At 107,000 miles divided by 42 miles per gallon that’s  2,547 gallons of gas using my Prius.  The difference is  6,370 gallons of gas. If you use $3 as the price of a gallon of gas, that’s a savings of $19,110. If you use an average gas price of $3.50 in the last 5 years that’s $22,225 saved in the last 5 years, either way, it’s a great savings.

So in general, I’m happy with my Prius and I’m keeping it for another 50,000 miles or more. Maybe by that time I’ll get a new floor mat. What do you think?

By the way, the Auburn Toyota dealer might have got to me on my bulb replacement. Read the following article if you have a Prius and need a  new headlight bulb All About Prius

John J. O’Dell
Real Estate Broker
General Contractor
Civil Engineer
Here to help you in buying or selling real estate. E-mail me at jodell@nevadacounty.com