Kentucky Real Estate Business

Archive for October, 2009

Town Homes Come With Many Advantages
If you want to buy a home but aren’t looking forward to spending your time off from work mowing the lawn, shoveling snow, raking leaves, or painting your house, a town home may be exactly what you’re looking for. You can still own the home, but the community’s association fees will take care of various maintenance requirements. You will also not have to worry about loud neighbors above or below you, since town houses only have common side walls.
Simple to Luxury Designs are Available for Town Homes
No matter what type of town home you can afford, there is a designer that will work closely with you to decide on what type of house you need. Today, town houses are available with different amenities and views. Inner city townhouses allow people to live closer to where they work, without having to rent a smaller apartment. Some neighborhoods are constructing town houses along natural or manmade lakes for a glistening water view to give owners a relaxing atmosphere.
Custom town home designers allow you to create a home to match your personal style. The interior of a town house can often look small and dark when not designed properly. Since every wall doesn’t connect to the outside, making use of what you have is vital for those that want a home with natural sunlight. An architect will need to efficiently use the floor plan to create an easy flow from room to room. Different residential house styles can be used to design a town house to create the look you want.
One and two story town homes are available to give you more design options. Families within any age group can take advantage of living in a town house. No matter what type of town home you’re looking for, a custom designer can listen to what you want from your house and make it happen. Town homes can be made for families of different sizes. Whether you’re single, married, or going into retirement, a town house will have its benefits for you.
Town Homes Provide Homeowners with Less Work
Town houses are often found in communities that offer different amenities to property holders. Pools, tennis courts, and fitness centers are popular choices for town home communities. Since you’re going to be paying for the upkeep of these facilities, finding a community that offers amenities you will use is important. Of course, the fees you pay will also go toward the maintenance of the yards and exterior of each home. You won’t have to spend your Saturday mornings mowing the grass. Instead, you could go for a swim in the neighborhood’s pool or spa. Most town home communities are gated, which provides a secure area from the outside. Parents may be more comfortable letting their children play in the community playground.
Each town home community will attract certain types of buyers. If you want to live in an area where people share your interests, do some research to see what type of people are buying a town house. The amenities that are offered can usually tell you who will be more attracted to living there. Swimming pools and playgrounds may attract families with children, while fitness centers, sporting courts, and spas could interest more singles or those that enjoy healthy activities.

The condominium market in Asia is going through an extremely profitable phase. In the one hand, some property brokers go through hiccups in selling new condominium projects.
On the other hand, developers are not willing to break the development of new condominiums in Asia, at least for the next 1-2 years. The government allows foreigners the right to use land only, nothing more. In fact, their interest in the Asian property, particularly condominiums, is very strong, not to think about the prices that are fairly less than other countries.
Strong consumer purchasing power for condominiums has lead to surge in the national property loans. During the first semester of 2007 bank loans for the property sector progressed by 26.96%. Bank Indonesia reported that in June 2007 loans directed to the sector arrived at Rp130.9 trillion, compared to Rp103.1 trillion in June 2006.
The property loans as of June 2007 are split up into construction loans of Rp31 trillion, real estate loans of Rp17.4 trillion, as well as house and apartment ownership loans of Rp82.5 trillion. This has lead to the consumption loans during the first semester of 2007 rising by 18.4% to Rp249.4 trillion, compared to the first semester of 2006 of Rp208 trillion.
A reason behind the moderate response in the condominium market net take-up in Asia can be attributed to several factors, including the battle between condominiums and lavish houses in high-class locations with more competitive prices and privacy. On the other side, reduction in house ownership loan rates have urged customers to invest in landed houses, expecting large fixed capital gains.
Consumer purchasing power for condominiums is still strong. The trend of apartment ownership loan-directing in the first quarter of 2007 gives the signal that consumer purchasing power is solid. However, in general several factors such as supply and demand, huge fresh supply from delayed projects in 2006 have resulted in the condominium market reaching the alarming territory.
By 2007 end, fresh condominium supply is expected to reach 4,000 units, not to think about the alive and unsold 3,155 condominium units in the first and second quarters of 2007. Considering lower estimated sales rates of 20% in the third and fourth quarters of 2007, it is predicted that unsold supply of condominiums that are alive will increase rapidly in 2008 and 2009
This year’s drop of bank interest rates means 2007 is the year to buy property. Flooded supply in the market will result in the decrease in prices of new condominium. The trend of tenants moving from old-style condominiums to the new ones is expected to meet the wish of buyers who buy to lease. However, buyers aiming to lease condominiums should look at the trend of expatriates’ shrinking interest in renting condominiums.
Taking into account the alarming level, the condominium developers should rethink about their projects. Understanding market’s needs, including the supply and demand calculation for certain locations should be performed for the developers to sustain themselves in coming years. Too much attention in the momentum and constant development of new condominium projects without far sighted thinking will lead to the condominium market getting overheated.
Construction loans in the property sector reached Rp31 trillion in June 2007. Unnecessary fight in the property market will inevitably result in flourishing non-performing loans. The market data points to the fact that middle and upper-middle segments of condominiums are favored. It is important to understand that locations outside the central business districts or other high-class premises, where land prices are comparatively low, are prospects for the low-end condominium market. If you take care of state of the market and other related requirements you should be able to invest successfully in Asia.

Kentucky horse racing can be traced back to 1783 when races were being held in the middle of Kentucky streets and on a number of private tracks located on farms throughout the area.

Several concerned citizens complained about safety issues, and eventually the first race track was built in Lexington in 1789.

Almost one hundred years later in 1872, a young entrepreneur named Col. M. Lewis Clark traveled in England and France visiting a number of prominent racing leaders. Upon his return, he devised a plan to create a Louisville Jockey Club to showcase the Kentucky breeding industry.

The track formally opened May 17, 1875 when over 10,000 excited fans witnessed four spectacular races. The winner of the first race was Bonaventure, however the winner of the day’s featured race, the Kentucky Derby, was a three-year-old chestnut colt named Aristides.

Eventually the track became known as “Churchill Downs-Home of the Kentucky Derby” because Clark leased the land from his uncles, John and Henry Churchill.

Over the years, several improvements have been made to the property, including the addition of the now famous spires on the top of the main building, making Churchill Downs the most well known horse racing venue in the United States.

This year, the 134th running of the Kentucky Derby will take place on May 3, 2008 at 11:00 a.m. Take this opportunity to officially welcome Spring and plan a Kentucky Derby party. I’ve given you a few of my favorite recipes to help get you started.

Appetizer–Warm Vidalia Onion Dip

Made with the sweetest onions and served warm with your favorite crackers, get ready to hand out this recipe. Our Aunt Diane first made this dip and since then it has become a family favorite.

1 cup mayonnaise

1 cup sweet onion, finely chopped

1 tablespoon grated Parmesan cheese

1/4 teaspoon garlic salt

1 cup shredded Swiss cheese

Assorted crackers

Preheat oven to 325 degrees.

In a bowl, combine the first four ingredients. Stir in cheese and spoon mixture into shallow baking dish.

Bake for 40 minutes or until dip is bubbly. Serve warm with crackers.

Main Course–Benedictine (Cucumber Sandwiches)

Served regularly at the Kentucky Derby, Benedictine is made with cucumber and cream cheese and is named after the restaurant that first created it. The most common way to eat it is to make finger sandwiches by spreading the mixture on cocktail bread. You can also thin it out with sour cream to make a dip for vegetables.

1 large cucumber

Grated 8 ounces cream cheese, softened

2 tablespoons onion

1/4 tsp salt

1 tablespoon mayonnaise

Dash green food coloring (optional)

Cocktail bread (pumpernickel is good) or vegetables

To make it, start by paring, grating and draining the cucumber. Combine with remaining ingredients in food processor and pulse until well combined.

Dessert–Kentucky Derby Pie

There are a million recipes for Kentucky Derby Pie but I like this one because it’s made with chocolate and walnuts. It’s rich and gooey.

1/2 cup butter, melted

3/4 cup sugar

1/2 cup flour

2 eggs

1 tablespoon bourbon

3/4 cup semisweet chocolate chips

1 cup chopped walnuts

1 prepared 8 inch pie crust

Preheat oven to 350 degrees.

Spread chocolate chips and nuts in bottom of prepared pie shell.

In a mixing bowl, cream butter and sugar together. Mix in flour. Beat the eggs slightly, and stir into the creamed mixture. Add bourbon.

Pour filling into pie shell (over chips and nuts) and bake at 350 degrees for 30 to 40 minutes.

Cocktail–Limoncello Mint Lemonade

Limoncello Mint Lemonade is a new wave cocktail made with fresh mint leaves.

1/2 cup lemonade concentrate

1/4 cup fresh mint leaves

1 tbsp. fresh lemon juice

Ice cubes

1/4 cup Limoncello (lemon liqueur)

1/2 cup club soda

In a small pitcher, “muddle” mint leaves together with lemonade concentrate and lemon juice. Muddle means to bruise the leaves so they release their flavor. I use the end of a wooden spoon.

Stir in ice cubes, Limoncello and club soda and pour into 4 glasses. Top them off with a lemon slice and a sprig of fresh mint.

Makes 4-10 oz. drinks.

Invite some friends over, make some great food and watch the Kentucky Derby together. Hopefully I’ve given you some recipes to start with.

In the construction of town houses, the topography is critically assessed. In flat sites, the house is set out and the construction commences. In the design of the building, the topography of the land is considered. If the land is level, the entrance to the house remains on the ground floor. Since town houses have three levels of floors the entrance can be moved from the ground floor. The house plan should have ample lighting on the lower floors. When commencing to build the town house on a sloppy terrain, mass excavations have to be undertaken. The procedure is to cut the ground at least one floor level below the natural ground level. The cutting of the soil should be done wider than the area of the house. The house design should have the main entrance facing the slope upwards. It is then bridged from the natural ground. A covered walk way is done joining the staircase at the first floor level. The town house plan is then drawn on the new cut surface. The distance from the building to the soil embankment is at least ten feet. This will allow light into the windows and give access of walking round the house. The soil wall is retained and landscaped to give good aesthetics. On the opposite side the soil is filled and compacted to allow a garden in front of the lounge or veranda. This will allow the building and yards to be placed on a flat ground. The town house design is set out and construction starts. The landscaper should provide stepped levels to create a benched terrain. This can be done using short retaining walls. The entrance door way should be large enough to allow movement upwards or downwards. In the design the entrance on first floor should be into a family room. The kitchen, dinning, lounge and guest wing are put on the ground floor. Bedrooms are put on first and attic floors.

Thai condominium market – developers need to consider the law

 

There is some confusion over the law for foreign purchase in Thailand. Most developers and government officials agree that foreigners can buy up to 49% of the units in any one particular condominium building. However, the law used to limit foreign ownership at 40%, and this was increased to 49% on a 5 year basis. This 5 year period has now expired and so legally the limit should revert back to 40%. However, most people are still working on the 49% rule, meaning that many new condominium units perhaps are being sold to foreigners illegally.

 

For the rest of this article, let’s assume that the law is actually  49% (as is the common belief). I recently visited a very nice, luxury condominium in the Sukhumvit area. It is a low rise 8 story building, which is the maximum height that the law allows for given the width of the access road into the premises. Each unit in this deluxe new condominium project has 4 bedrooms and measures 300 sq.m. All I can say is that it is a stunning building, very classy. However, it also commands a very high price tag, with each unit being sold at over 40,000,000 Baht.

 

The developer had this concept of a deluxe condominium, where all owners are affluent and wealthy individuals. However, the developer has now hit a problem. They have sold 49%, the full foreign quota, to foreign buyers, but they have sold only about 10% of the remaining 51% to Thai Nationals, some of which were associates of the developer. The problem the developer faces now is that they cannot find enough wealthy Thai nationals to buy the remaining units, meaning that they are stuck with them. As a developer, this represents a very large percentage of the profits of this development.

 

Thai law prohibits non-Thai nationals from owning land, so condominiums are the obvious alternative for foreign investors. However, if you are a Thai National, then you could buy a very large house for 40,000,000 Baht, so why would you spend that much on a 300 sq.m. condominium unit?

 

Because of this, there are a number of new condominium buildings in Bangkok targeting the high end market, that have sold-out the foreign quota and now are struggling to sell large and expensive units to Thais.

 

There aren’t that many Thais in Bangkok that could or would choose to buy a 40,000,000 + Baht condominium unit. If you did some research, you would discover that new condominium projects offering small studio, 1 and 2 bedroom units are selling like hot cakes and most of the buyers are Thai Nationals.

 

Here’s a thought, perhaps a developer who wanted to build a luxury Grade A condominium with only large and expensive units should consider building another condominium in an adjacent land plot, with small units, and register both areas as 1 condominium (like Tower 1 and Tower 2, but branded as two separate entities). That way, they could attract more Thais to purchase smaller units and the luxury units sell to wealthy foreign investors. Perhaps they could separate both buildings with a wall and have separate access points too, just a thought.

 

Or perhaps the Government could reconsider the 49% foreign ownership limit. The law has in the past allowed up to 100% foreign ownership of units in any one condominium building, but this was back when the economy was crashing and extra stimulation in the economy was required.

 

So, why 49% now? Well, technically as the owner of a condominium unit, you also own part of the voting rights of the building and part of the land. So, in theory if there was more than 50% foreign ownership in a condominium, there would be more than 50% ownership of the land. So what does this mean, that the foreign owners could collaborate together, outvote the Thai owners and sell the Land? Well no, the Condominium Act 2522 requires unanimous voting of all 100% of co-owners to demolish a condominium building. It also requires 75% co-owner approval to sell common area land of the condominium. So the real question is, should the government reconsider this 49% rule, after all it is really hurting some developers.

 

Author: Neil Simmons, a Director of Ideal Homes Real Estate Co. Ltd. Tel: (02) 714 3832-3 www.property-bangkok.net

 

Kentucky horse racing can be traced back to 1783 when races were being held in the middle of Kentucky streets and on a number of private tracks located on farms throughout the area.

Several concerned citizens complained about safety issues, and eventually the first race track was built in Lexington in 1789.

Almost one hundred years later in 1872, a young entrepreneur named Col. M. Lewis Clark traveled in England and France visiting a number of prominent racing leaders. Upon his return, he devised a plan to create a Louisville Jockey Club to showcase the Kentucky breeding industry.

The track formally opened May 17, 1875 when over 10,000 excited fans witnessed four spectacular races. The winner of the first race was Bonaventure, however the winner of the day’s featured race, the Kentucky Derby, was a three-year-old chestnut colt named Aristides.

Eventually the track became known as “Churchill Downs-Home of the Kentucky Derby” because Clark leased the land from his uncles, John and Henry Churchill.

Over the years, several improvements have been made to the property, including the addition of the now famous spires on the top of the main building, making Churchill Downs the most well known horse racing venue in the United States.This year, the 134th running of the Kentucky Derby will take place on May 3, 2008 at 11:00 a.m. Take this opportunity to officially welcome Spring and plan a Kentucky Derby party. I’ve given you a few of my favorite recipes to help get you started.Appetizer–Warm Vidalia Onion Dip

Made with the sweetest onions and served warm with your favorite crackers, get ready to hand out this recipe. Our Aunt Diane first made this dip and since then it has become a family favorite.

1 cup mayonnaise

1 cup sweet onion, finely chopped

1 tablespoon grated Parmesan cheese

1/4 teaspoon garlic salt

1 cup shredded Swiss cheese Assorted crackers

Preheat oven to 325 degrees.

In a bowl, combine the first four ingredients. Stir in cheese and spoon mixture into shallow baking dish.

Bake for 40 minutes or until dip is bubbly. Serve warm with crackers.Main Course–Benedictine (Cucumber Sandwiches)

Served regularly at the Kentucky Derby, Benedictine is made with cucumber and cream cheese and is named after the restaurant that first created it. The most common way to eat it is to make finger sandwiches by spreading the mixture on cocktail bread. You can also thin it out with sour cream to make a dip for vegetables.

1 large cucumber Grated

8 ounces cream cheese, softened

2 tablespoons onion

1/4 tsp salt

1 tablespoon mayonnaise

Dash green food coloring (optional)

Cocktail bread (pumpernickel is good) or vegetables

To make it, start by paring, grating and draining the cucumber. Combine with remaining ingredients in food processor and pulse until well combined.Dessert–Kentucky Derby Pie

There are a million recipes for Kentucky Derby Pie but I like this one because it’s made with chocolate and walnuts. It’s rich and gooey.

1/2 cup butter, melted

3/4 cup sugar

1/2 cup flour

2 eggs

1 tablespoon bourbon

3/4 cup semisweet chocolate chips

1 cup chopped walnuts

1 prepared 8 inch pie crust

Preheat oven to 350 degrees.

Spread chocolate chips and nuts in bottom of prepared pie shell.

In a mixing bowl, cream butter and sugar together. Mix in flour. Beat the eggs slightly, and stir into the creamed mixture. Add bourbon.

Pour filling into pie shell (over chips and nuts) and bake at 350 degrees for 30 to 40 minutes.Cocktail–Limoncello Mint Lemonade

Limoncello Mint Lemonade is a new wave cocktail made with fresh mint leaves.

1/2 cup lemonade concentrate

1/4 cup fresh mint leaves

1 tbsp. fresh lemon juice

Ice cubes

1/4 cup Limoncello (lemon liqueur)

1/2 cup club soda

In a small pitcher, “muddle” mint leaves together with lemonade concentrate and lemon juice. Muddle means to bruise the leaves so they release their flavor. I use the end of a wooden spoon.

Stir in ice cubes, Limoncello and club soda and pour into 4 glasses. Top them off with a lemon slice and a sprig of fresh mint.

Makes 4-10 oz. drinks.

Invite some friends over, make some great food and watch the Kentucky Derby together. Hopefully I’ve given you some recipes to start with.

One species of grass that is native to Northern Asia, the mountains of Algeria and Morocco, and most of Europe is Kentucky bluegrass. This kind of grass has become more popular and common in some areas of the United States that are humid and cool. Kentucky bluegrass was transplanted to the United States by the European colonists, who brought along mixtures of grass seed. This type of grass flourished in the area of New England where it was introduced and now you can find it in the other areas of the United States.
In the United States, Kentucky bluegrass is very recognizable due to its boat shaped blade tips. The normal growth of Kentucky blue grass is one and one-half to two feet high, but it varies with the season. The growth of this type of grass is triggered by how long the days are, rather than the temperature.
Before you begin planting Kentucky bluegrass, you need to know that it will take about two to three pounds of seed for each 1,000 square feet of land. You can sow this seed any time during the year, but it will grow better if it is planted in the fall or spring. After you plant the seeds, you need to water it a least twice daily for the first two weeks and if it is extremely warm, then you may need to water it three times a day until it takes root. Once you begin seeing sprouts, you can cut back on the watering regimen.
When you compare Kentucky blue grass to other types of grass, you will learn that Kentucky bluegrass needs as much as two inches of water each week to stay healthy. By watering the Kentucky bluegrass abundantly, you will find that the grass will stay bright and green even during the summer. It is important, however, to water the grass no less than an inch to help make the roots grow deeper and stronger. If you are having a drought, and your grass does dormant, then it will only need about an inch of water every two weeks or so. This amount of watering will help keep the grass crowns alive so that when it rains, the grass will liven up quicker.
Another thing that you need to know about Kentucky bluegrass is that it requires a large amount of Nitrogen. During the first year of the trees life, it will need five or six pounds for the tree to grow strong and tall. You can probably cut back the amount of Nitrogen needed by half after the first year. It is best to use some kind of slow release nitrogen source so that you do not burn the tree and so it is more convenient for you. You will find that it can be applied very liberally in this way and not as frequently, which can save you time and effort.
One of the down sides of Kentucky bluegrass is that it is very susceptible to pests, both crawling and growing. You may also encounter a large weed problem with this type of grass, too. The weeds most common to Kentucky bluegrass include crabgrass, clover, and dandelions. These weeds are usually easily controlled with herbicides that work before the weeds appear. There are also several insects who love to nibble on Kentucky bluegrass. These include white grubs, billbugs, and sod webworms. You need to watch for the insects becoming a problem and apply pesticides when needed. You may also find that the Bluegrass is susceptible to disease. You can prevent disease by adding a strain of Bluegrass that has resistance to disease. If you have alkaline soil, then you can find that your Kentucky bluegrass develops iron chlorosis, which is seen by yellowing in the veins of the grass.
You will find that Kentucky bluegrass is one of the most popular and common types of grass in the whole United States. It is easily recognizable and, if a few simple rules are followed, it is easy to plant and maintain. If you follow the tips above, you will be enjoying your beautiful Kentucky bluegrass in no time.