August 2023 - Hanover Mortgages

Apache is functioning normally

August 4, 2023 by Brett Tams

Special purpose acquisition companies (SPACs) are shell companies that go public with the intent of buying a private business. Also known as “blank check companies,” SPACs can be an alternative to the traditional initial public offering (IPO) route.

SPAC IPOs have drawn criticism from those who believe they benefit SPAC insiders over retail investors, and that the businesses that they ultimately take public lack solid business fundamentals.

Here’s a rundown of what investors should know about SPACs before investing in one.

Understanding What SPACs Are

It’s important to know that SPACs go public before they have any actual business operations, and before they have a target company to buy.

SPACs typically have a two-year horizon to find a private company with which they can merge. If they do not find a deal, the SPAC dissolves and returns any proceeds to investors.

While SPACs are less common today, interest in SPACs peaked during 2020 and 2021 as many private companies, particularly ones that had reached “unicorn company” status, looked to debut in public markets. In 2021, there were more than 600 SPACs, up from nearly 250 in 2020.

In 2022, by contrast, there were only 86 SPACs, according to data from SPACInsider.

Some SPACs have a checkered track record, having historically underperformed the broader market, a trend that has continued in the recent boom. SPACs may also offer more favorable terms to bigger, institutional investors versus retail ones, making it crucial that the latter do their research.

The IPO process and trading IPO shares is a risky one for most investors. Understanding the route a company chooses when going public can help investors better assess whether the stock falls within their risk tolerance.
💡 Quick Tip: Keen to invest in an initial public offering, or IPO? Be sure to check with your brokerage about what’s required. Typically IPO stock is available only to eligible investors.

How SPACs Work

Here’s a step-by-step guide to how a SPAC merger typically occurs:

1. A “sponsor” sets up a SPAC. Sponsors are typically industry experts or executives. They can pay $25,000 for a 20% stake — what’s known as the “promote” or “founder’s shares.”

2. The SPAC goes public, promising to buy one or more private companies with the proceeds from the IPO listing.

3. The newly public entity hunts for a private business to merge with.

4. When the SPAC finds a target, stockholders vote on the proposed merger. They have the option to vote against the deal.

5. If the SPAC needs more funding for the merger, stockholders who are institutional investors or private equity firms can provide the additional capital in what’s known as a “private investment in public equity” or PIPE.

6. The target company then merges with the SPAC in a “reverse merger” known as a deSPAC. The target company’s name and ticker symbol on the stock exchange, replacing the SPAC.

7. When SPACs go public, institutional investors have access to shares called “units.” Each “unit” includes a share priced at $10 and a warrant the holder can exercise when the shares reach $11.50.

So let’s say a SPAC’s shares rise to $15 each after the deal is announced, the institutional investor can exercise their warrants and net a profit from the difference between the $15 shares and $11.50 warrants that can be converted into shares.

Recommended: What Is the IPO Process?

History of SPACs

Investment banker David Nussbaum launched the first SPAC in 1993 and went on to cofound the SPAC-focused investment bank EarlyBird Capital. At the time, SPACs represented a new take on the “blank check companies” that had become embroiled in fraud and penny-stock schemes in the 1980s.

Over the next 25 years, SPACs remained a relatively obscure avenue for private companies to go public.

In 2009, only one company went public via a SPAC, and in the decade that followed, the numbers of SPACs per year ranged from just a handful to a high of 59 in 2019. The market saw an unprecedented boom in SPACs in 2020 and 2021, but with mixed results. Many SPACs that went public in 2021 have failed to find merger targets.

The number of SPAC deals since then has continued to dwindle, with traditional IPOs also decreasing.

Recommended: How to Buy IPO Stock

Get in on the IPO action at IPO prices.

SoFi Active Investing members can participate in IPO(s) before they trade on an exchange.

SPACs vs IPOs

The SPAC model emerged after years of dissatisfaction with the traditional IPO process. Some startups may believe that going the SPAC route will put them less at the mercy of the stock market’s mood when it comes to their valuation when listing. The SPAC negotiates the price for the private company behind closed doors, similar to deal making for a traditional merger.

This process may allow for more stability in determining the value of the stock, which is especially attractive when the stock market is volatile. In an IPO, the price is set the day before the listing and often relies on the judgment of investment bankers.

SPACs also may offer a speedier way for companies to enter public markets. A merger between a SPAC and target company can take a few months, while the conventional IPO model can take 12 to 18 months, and requires extensive investment in the documentation for regulators as well as the roadshow for investors.

The Securities and Exchange Commission (SEC) reviews merger terms between the SPAC and the target company, similar to how it reviews IPO prospectuses. However, because the SPAC is a merger, it’s more likely the deal can be marketed using forward-looking projections, which can be helpful for fast-growing companies that aren’t yet profitable.

For IPOs, regulatory rules require that only historical financial statements can be shared.

SPAC	IPO
Valuation negotiated behind closed doors like a traditional acquisition	Valuation determined the day before launch by underwriters
Process takes three to four months	Process takes 12 to 18 months
Merger terms reviewed by SEC	IPO prospectus reviewed by SEC

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SPAC Pros & Cons

There are benefits and drawbacks to investing in SPACs. Here’s a look at some of them.
💡 Quick Tip: If you’re opening a brokerage account for the first time, consider starting with an amount of money you’re prepared to lose. Investing always includes the risk of loss, and until you’ve gained some experience, it’s probably wise to start small.

Pros of SPACs

There are several reasons that SPACs appeal to some investors and founders as a method of taking companies public.

Seasoned Sponsors

Some recent SPACs have had sponsors who are more prominent figures. In essence, betting on a SPAC is trusting an experienced executive to suss out an underappreciated business in private markets and bring them to public markets.

IPO Alternative

Startups have increasingly shunned the traditional IPO model, calling it expensive, time-consuming, and onerous. SPACs have become an alternative for some to go public in an often cheaper, faster way.

Navigating Stock Volatility

SPACs are one way that private companies can manage choppy trading in the stock market, since they can privately negotiate valuations and deal terms.

SPAC 2.0

SPACs were once considered the “backwater of the stock market” and associated with penny-stock schemes. However, some of the more recent ones have featured seasoned executives, investor protections such as time-restricted warrants, and sponsors with more skin in the game.

Retail Participation

Retail investors can potentially get in on a deal at $10 a share. In a traditional IPO, they have to wait until the shares hit the public market after getting priced. Buying a company before it goes public does provide an opportunity for a potentially higher profit if the company eventually succeeds, but SPACs and IPOs are high-risk endeavors that offer no guarantees.

Cons of SPACs

While there are some potential advantages of investing in a SPAC, there are also important risks to understand.

No Deal

With SPACs, there’s always the risk that the SPAC cannot find a company to acquire. While in such cases investors do get their money back, plus interest, they may have preferred to put their money elsewhere during that time period. And because so many SPACs went public in the last two years, there’s now much greater competition for companies to buy, increasing the risk that they’ll overpay for targets or be unable to find one.

Underperformance

Many of the SPACs that have recently gone public have failed to live up to their projections. Short sellers — investors in the market who bet that a stock’s price will fall — have already started targeting SPACs.

Sponsor Payout

Some observers believe that the 20% stake paid to sponsor has been deemed by some observers as too lucrative.

Risk of Dilution

The warrants given to institutional investors who buy into SPACs can potentially dilute others when the warrants are exercised.

Potential Retail Disadvantage

When institutional investors participate in PIPE deals, they’re typically told the potential acquisition company. While this is legal, it’s potentially one way SPACs can favor bigger investors versus smaller ones, who are often left in the dark.

More Regulation

SEC Chairman Gary Gensler proposed new rules that would increase the oversight and accountability for SPACs so that investors would receive the same protections as they would vis a vis IPOs.

SPAC Pros and Cons Summary

SPAC pros	SPAC cons
Seasoned sponsors lend legitimacy	SPAC could fail to acquire a company
Alternative route to IPO	Despac companies have underperformed
Ability to negotiate deal terms in private	Terms favor institutional over retail investors
Some investor protections	Risk of dilution through warrant execution
Some investor protections	Risk of dilution through warrant execution

The Takeaway

While often described as a simple reverse merger, SPACs can be more complex than they seem at first glance. A SPAC is a shell company that attracts investors, raises capital, and then finds a target company to acquire. Although SPACs went through a heyday of sorts in 2020 and 2021, their numbers have dwindled owing to regulatory concerns and some high-profile failures.

As with any investment, individuals can benefit from doing their due diligence on these types of shares, researching the sponsor’s incentives and understanding the terms for the warrants.

Whether you’re curious about exploring IPOs, or interested in traditional stocks and exchange-traded funds (ETFs), you can get started by opening an account on the SoFi Invest® brokerage platform. On SoFi Invest, eligible SoFi members have the opportunity to trade IPO shares, and there are no account minimums for those with an Active Investing account. As with any investment, it’s wise to consider your overall portfolio goals in order to assess whether IPO investing is right for you, given the risks of volatility and loss.

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

Are SPACs good investments?

You’ll need to evaluate each SPAC based on its specific characteristics. While many SPACs have underperformed the market, others have performed in line with expectations. Either way, SPACs and IPOs are considered high-risk investments.

How do SPACs work?

SPACs are shell companies, typically led by industry experts, that go public with the sole intention of acquiring a private company and listing it on an exchange. If investors in the SPAC approve the merger, the companies combine, taking the name and ticker symbol of the newly private company.

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Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement. IPOs offered through SoFi Securities are not a recommendation and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation.

New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For SoFi’s allocation procedures please refer to IPO Allocation Procedures.
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Source: sofi.com

Apache is functioning normally

August 4, 2023 by Brett Tams

Nestled in the heart of Western Maryland just East of the Appalachians, Hagerstown offers a blend of urban living and natural charm. With a rich historical legacy that stretches back to its founding in the 18th century, this city proudly showcases its heritage through preserved battlefields, museums, and historical landmarks.

But is Hagerstown, MD, a good place to live? Luckily, we’ve got you covered. If you’re looking at homes for sale in Hagerstown, apartments for rent, or are just curious about what the area has to offer, this Redfin guide is for you. To give you a taste, here are 10 pros and cons to consider before moving to Hagerstown, MD.

5 pros of living in Hagerstown, MD

There’s a lot to love about living in Hagerstown, from natural beauty to rich history. Here are five of the best reasons to make the move.

1. Affordable cost of living

A great reason to move to Hagerstown is its low cost of living compared to other US cities, especially large metropolises. The median sale price in Hagerstown is $262,000, well below the national average of $425,000. Apartments are also much cheaper than average, with the standard one-bedroom unit costing around $1,164.

The city offers a range of housing options, including apartments for rent throughout the area. Property taxes and utility costs are generally lower than the national average, making Hagerstown a great option for those looking to live comfortably without the high costs associated with larger cities. Interestingly, however, nearby Baltimore is generally cheaper in every category, especially housing.

2. Location

Hagerstown’s strategic location at the crossroads of major highways offers convenient access to larger cities like Baltimore and Washington, D.C. This location can be beneficial for government commuters, travelers, and those looking to enjoy the amenities of nearby metropolitan areas. Hagerstown is also near the Appalachians and numerous state forests, making for a perfect suburban retreat located near large cities.

3. Cultural attractions

Hagerstown is rich in arts and culture. The Washington County Museum of Fine Arts offers an impressive collection of art pieces from around the world. If you enjoy music, the historic Maryland Theatre hosts performances ranging from plays to concerts, while the Big Funky Blues Fest celebrates music with local and national artists. These venues and events create a vibrant cultural scene that adds to the quality of life in the city.

4. Outdoor recreation

Hagerstown is surrounded by gorgeous natural landscapes, offering numerous opportunities for all types of recreation. The nearby Maryland section of the Appalachian Trail provides opportunities for long-distance hiking and historical sightseeing, while nearby Greenbrier State Park has shorter, family-friendly trails.

Hagerstown is also known for its water-based recreation, offering opportunities for fishing, kayaking, canoeing, and boating in the many lakes and rivers nearby. And if you’re in the mood for camping, there are plenty of places for you to unwind in nature.

5. Historical significance

Established in 1762 by Jonathan Hager, Hagerstown has a rich history and played a role in many conflicts. There are dozens of historical sites in the area, the most famous being Antietam National Battlefield, the site of a major Civil War battle.

Other attractions include the Hager House, home of Jonathan Hager, and South Mountain State Battlefield, site of a Union victory in the Civil War. History enthusiasts can explore these sites, learning about the city’s role in shaping US history and experiencing the preserved architecture.

5 cons of living in Hagerstown, MD

While Hagerstown has many positives, there are notable downsides as well. Here are five to keep in mind before making the move.

1. Weather

The weather in Hagerstown can be challenging for some, with cold, snowy winters and hot, humid summers. It is truly a four-season climate, and sometimes experiences extremes, including a stretch of nine days above 100 degrees Fahrenheit. The coldest month is January, where temperatures rarely reach 40 degrees, while the warmest is July, with temperatures near 90. Those who prefer milder weather conditions might find the climate less than ideal.

2. Limited public transportation

Hagerstown does have a public transportation system maintained by Washington County, with 12 routes that serve a majority of the city. However, there are very few buses in their fleet and not enough routes to serve everyone’s needs, especially for those who travel frequently. This is exacerbated if you live just outside of the city center. Because of this, having a car is almost a necessity in Hagerstown.

3. Limited nightlife

For those seeking a bustling nightlife, Hagerstown might fall short. Although there are dining and entertainment options, the choices are limited compared to larger cities, especially in the later evening and night. However, there are still a few options, including Broad Axe, Benny’s Pub, and Third Base Tavern.

4. Limited shopping options

While Hagerstown offers basic shopping facilities, it may lack the variety and high-end retail options found in larger cities. Those looking for diverse shopping experiences might need to travel to neighboring cities, which could be an inconvenience for regular shoppers or those seeking specific brands and stores.

5. Urban sprawl

Because of its convenient location and quality of living, Hagerstown’s population has grown consistently for decades. This has led to an increase in urban sprawl, which can lead to a loss of green spaces, increased infrastructure demands, and a potential reduction in the quality of life for some residents. This may be a downside for some who prefer a smaller town with more character.

Source: redfin.com

Apache is functioning normally

August 4, 2023 by Brett Tams

With friendly Midwestern cities and beautiful rolling plains and prairies, Kansas has a fantastic blend of urban and rural living. Cities like Topeka, Wichita and Kansas City (which is split between Kansas and Missouri) are world-class hubs for everything from industries like aircraft manufacturing to melt-in-your-mouth barbecue. While it’s true that Kansas City is a great city with cool neighborhoods, dining and more, Kansas has much more to offer. Artsy small cities and towns have affordable, family-friendly living, and a refreshing lake or scenic wilderness preserve is never far away.

Overall, the cost of living in Kansas is also affordable. While bigger cities may have higher rents and housing prices, the diverse range of cities and towns guarantees you’ll find a place that fits your budget and lifestyle. Some are up-and-coming destinations for young professionals, while others focus on relaxed, family-centered towns. Covering everything from housing to utilities, here’s what you can expect in terms of the cost of living in different places around the Sunflower State.

Kansas housing prices

One of the biggest benefits of living in Kansas is its low housing costs. In most Kansas cities and towns, the cost of housing is below the national average. In most major cities, you’ll find reasonably-priced apartments and houses, with rents rarely surpassing $1,000 a month.

Here’s what the average rent and home prices are like in some of Kansas’ biggest and most popular cities.

Hutchinson

Surrounded by the beautiful Kansas prairie in the center of the state, Hutchinson is a compact city with a population of around 39,712. Due to its location, some of its biggest industries are wheat farming and working in the local oil industry. In addition to being the site of the Kansas State Fair, city parks and nearby state parks make this a lovely place for outdoor recreation. It also has a zoo and the famous Cosmosphere, a space museum and STEM education center.

At 45.6 percent below the national average, Hutchinson’s total housing costs are the lowest beneath the national average of our highlighted cities. The average monthly rent for a one-bedroom apartment is $719, up 6 percent from last year. The monthly rent for a two-bedroom apartment is up 14 percent to $829.

Hutchinson’s housing market has also grown over the past year. The median sale price to purchase a home here is up 2.6 percent to $143,450.

Kansas City

Straddling the border of Kansas and Missouri, Kansas City, KS’s population of 154,545 makes it the third-largest city in the state. This dynamic metro area is best known for its jazz, barbecue and culture. Live sports are also a big deal here, thanks to both professional and collegiate teams, courtesy of local universities. The combination of a vibrant cultural scene, affordable cost of living and a diverse job market make it a popular Midwestern metropolis to call home.

Kansas City’s cost of housing is 0.4 percent below the national average. The average rent for a one-bedroom apartment is $915 and a two-bedroom unit is $1,034. These rates are up 5 and 2 percent from the previous year.

If you want to buy a home in Kansas City, KS, you’ll be looking at a median sale price of $205,000, which is up 10.8 percent from last year.

Manhattan

Located at the confluence of the Big Blue and Kansas Rivers in northeastern Kansas, Manhattan is one of Kansas’ top college towns. It’s the home of Kansas State University, which is one of the top higher learning institutions in the state. As a college town, Manhattan has great dining, a lively cultural scene and fun activities. Nearby Turtle Lake is a regional destination for boating, hiking and other outdoor recreation.

As a college town, housing costs here are affordable, falling 19.9 percent below the national average. You can rent a one-bedroom apartment for $805 and a two-bedroom apartment for $952. These rates are both up 10 percent from last year.

With no significant growth or decline over the past year, houses in Manhattan go for a median sale price of $178,000.

Topeka

Apart from being the state capital, Topeka in northeastern Kansas has many other claims to fame. For one, the landmark Supreme Court case Brown v. Board of Education of Topeka, which ruled that racial segregation in schools was unconstitutional, originated here. Along with the rest of its rich history, an abundance of parks, family activity centers and laidback neighborhoods make Topeka a very family-friendly city.

Extremely affordable housing is another benefit of living here, with housing costs being 20.4 percent below the national average. You can rent a one-bedroom apartment for $790 or a two-bedroom apartment for $857. However, rent prices have been going up slightly over the past year. The cost for a one-bedroom unit is up 1 percent and two-bedroom unit prices are up 12 percent.

Topeka offers potential homeowners a refreshing low median sale price of $140,000. This rate is up a whopping 64.7 percent from last year. With national median sale prices currently at $428,006, buying a home in Topeka is quite the deal.

Wichita

Located in south-central Kansas, Wichita is the most populous city in the state. In addition to being known as the “Air Capital of the World” due to its many airline manufacturing facilities, numerous airports and Air Force base, it’s a regional hub for art, culture, healthcare and the restaurant industry (Pizza Hut and White Castle originated here). Residents can enjoy the great outdoors in both the heart of the city at parks like Botanica, the Wichita Gardens and out of town at nearby wilderness and recreation areas like Cheney Reservoir.

Even though both average rent and home prices have increased over the past year, Wichita’s housing costs are 34.3 percent below the national average. One-bedroom apartments are up 15 percent to $800 and two-bedroom apartments are up 12 percent to $964.

Wichita also has one of the most expensive housing markets in the state. The median sale price for a house here is up 16.2 percent from the previous year to $215,000.

Kansas food prices

From access to fresh, local meat and produce to delicious state specialties like barbecue and chicken-fried steak, the cuisine in Kansas is some of the best in the Midwest. Agriculture is a major industry in Kansas, with wheat being its biggest cash crop. Corn and soybeans are also top crops. Along with Texas and Nebraska, it’s one of the biggest suppliers of cattle in America. Cities like Kansas City, Topeka and Wichita have fantastic dining scenes, with nationally-renowned barbecue joints.

With so much great food to enjoy, luckily, locals pay below the national average for the cost of living in Kansas for food costs. Total grocery costs here are 7.4 percent below the national average. The average Kansas resident pays between $233 and $266 a month on food, which comes out to between $2,801 and $3,200 annually.

Although overall food costs here are lower-than-average, some cities have even more affordable food prices:

Topeka is 22.9 percent below the national average
Manhattan is 8.1 percent below the national average
Kansas City is 7.8 percent below the national average
Hutchinson is 7.7 percent below the national average
Wichita is 2 percent below the national average

Topeka has some of the lowest food prices in the state. A dozen eggs cost $1.09 in Topeka compared to $1.60 in Manhattan and $1.70 in Kansas City. The price tag for a half-gallon of milk in Topeka is $1.55. In Manhattan, it will set you back $2.11 and $2.26 in Kansas City. Steak costs $15.09 in Wichita but $9.49 in Topeka and $13.28 in Kansas City. As you’ll see, even though Wichita is the closest to the national average, food prices are sometimes higher in other cities.

Kansas utility prices

In most cities, you’ll pay less than the national average for the cost of living in Kansas for utilities like electricity, water and internet.

Kansas boasts a diverse energy profile. The state gets its electricity from a mix of nuclear power and traditional natural gas and petroleum, as well as renewables like solar power and hydroelectric power. The majority of the state’s water comes courtesy of the Missouri River.

Here’s how total utility costs in these different cities stack up to the national average:

Topeka is 4.1 percent below the national average
Hutchinson is 2.5 percent below the national average
Wichita is 2.1 percent below the national average
Manhattan is 0.9 percent below the national average
Kansas City is 2.6 percent above the national average

Of our highlighted cities, Kansas City has the most expensive utilities. As an example, the average monthly energy bill is around $178.88. In Topeka, the least expensive city, your monthly energy bill will likely skew closer to $154.60.

The average water bill in Kansas is $26.

Kansas transportation prices

From gas prices to the cost of mass transit, transportation is a key part of any monthly budget to figure out the cost of living in Kansas. Overall, transportation costs in Kansas are below the national average. Along with personal vehicles, most cities and counties in Kansas offer some form of public transportation. These largely consist of bus routes. The Kansas Department of Transportation helps support 145 transit programs that cover most Kansas cities. In some cases, these services are focusing on aiding senior citizens, those with disabilities and other eligible riders with getting around easily and affordably.

Not only does using mass transit help residents save money on gas and other vehicle expenses, but using public transportation has a host of other benefits. In bigger cities, it can reduce commuting times and traffic congestion. It’s also more environmentally friendly, reducing the number of vehicles on the road and, therefore, emissions.

Here’s how transportation costs vary between these different Kansas cities:

Kansas City is 13.4 percent below the national average
Hutchinson is 10.2 percent below the national average
Topeka is 9.1 percent below the national average
Wichita is 8 percent below the national average
Manhattan is 6 percent below the national average

While each of these cities has some kind of mass transit, options are more limited in smaller cities. In Hutchinson, the Reno County Area Transit provides several fixed bus routes around the city and Reno County. It also has an on-demand service for rural routes. Fares for in-town service start at $4 and rural service at $8, with discounts for eligible citizens like the elderly.

Manhattan residents have the ATA bus system, with routes around Manhattan and surrounding counties and cities like Ogden and Junction City. There are five different routes in town, as well as dedicated routes to and around Kansas State University. All students, staff and faculty of K-State get to ride these routes for free. Bus fares within Manhattan start at $1 for a one-way ride and you can also get day, week and monthly passes.As two of the state’s biggest cities, Topeka and Wichita have some of the most extensive public transportation systems in Kansas.

Topeka Metro in Topeka

Residents of Topeka can get around their city with the help of Topeka Metro. Consisting of a fleet of buses and paratransit vehicles, it operates 12 different bus routes. In a more sustainable move, the fleet will soon acquire three all-electric vehicles.

Single ride fares cost $2, with day passes available for $4 and monthly passes for $50. Senior citizens, those with disabilities and youth between the ages of 5 and 18 are eligible for discounted rates.

However, with a low transit score of 25, having a car might be a necessity in Topeka. Car drivers may need to plan for tolls on the Kansas Turnpike. This 236-mile-long freeway starts in Kansas City and runs through several major Kansas cities, including Topeka. Toll fees vary depending on the length of your trip. You can use this toll calculator to estimate toll fees for your drive. Traveling the entire length of the turnpike would cost $11.15 with a K-tag and $15 without.

Topeka is also not the most bike- or pedestrian-friendly city, with a walk score of 41 and a bike score of 56.

Wichita Transit in Wichita

The Wichita Transit system in Wichita operates 18 different bus routes around the city. It also has paratransit services. The organization dedicates itself to making local mass transit more sustainable and eco-friendly, being the first city in Kansas to include zero-emission, 100-percent electric buses in its fleet. A single ride costs $1.75. Pass options include an unlimited day pass for $5 and a monthly pass for $55.

With a low walk score of 43 and a decent bike score of 50, it’s still necessary to own a personal vehicle to get around Wichita. The Kansas Turnpike also passes through Wichita, so you’ll need to know of tolls, as well.

RideKC in Kansas City

Consisting of buses, bus rapid transit and streetcars, RideKC provides mass transit throughout the interstate Kansas City metro area. It has 78 bus routes, three bus rapid transit lines and a downtown streetcar. Through 2023, all RideKC buses and streetcars are zero-fare.

With a transit score of 28, a walk score of 40 and a bike score of 32, having your own vehicle is likely a necessity in Kansas City. If you do plan to use a car in Kansas City, the Turnpike ends in Kansas City so you may need to pay tolls if you use it.

Kansas healthcare prices

Depending on where you live in Kansas, you may pay more or less than the national average for healthcare. While the location is a factor in healthcare prices, so is your personal health. In general, the cost of living in Kansas for healthcare is a difficult category to quantify and get accurate averages since healthcare costs vary by person. Some people may need to pay more for their healthcare due to pre-existing conditions or the need for specialized care. So, the prices below are not set in stone and are subject to change due to your individual healthcare needs.

But to give you a rough overview of how healthcare costs vary between Kansas cities, here’s the average cost to go to the doctor’s office in these different cities:

Topeka: $129
Hutchinson: $142.50
Wichita: $104.40
Manhattan: $137.50
Kansas City: $89.77

Although Hutchinson has the highest price for doctor’s visits, it’s one of the least expensive cities to go to the dentist. A dental check-up costs $92 in Hutchinson. In Manhattan, you’ll pay high prices for both general and dental health, as a dental check-up there costs $109.50.

Now, let’s see how overall healthcare costs in these cities compare to the national average:

Manhattan is 10.4 percent above the national average
Kansas City is 9.7 percent below the national average
Wichita is 2.9 percent below the national average
Topeka is 0.7 percent below the national average
Hutchinson is 6 percent above the national average

Looking at the overall average and individual costs, Topeka and Wichita have lower healthcare costs. But, prices do fluctuate between cities, so it’s something to know.

Another important factor to know is the quality of Kansas’ healthcare system. The state ranks 41st in the nation for healthcare, with especially low marks for quality. It also doesn’t score well for access to healthcare services and for overall public health. So, higher prices may not always correlate to the best care.

Kansas goods and services prices

Living in Kansas, you’ll pay below the national average for miscellaneous goods and services. These include routine activities like going to the movies or getting your hair cut or regular purchases like toothpaste and ibuprofen.

Overall, Kansas cities boast lower-than-average prices for goods and services:

Topeka is 23.4 percent below the national average
Kansas City is 8.7 percent below the national average
Manhattan is 5.5 percent below the national average
Hutchinson is 2.4 percent below the national average
Wichita is 0.1 percent below the national average

Wichita is the closest to the national average. Getting your hair cut in Wichita costs $19 compared to $14.25 in Hutchinson, which is the cheapest rate in our highlighted cities. But, prices in Wichita won’t always rank higher. In many cases, costs are higher in smaller cities like Manhattan or Hutchinson. For example, movie tickets in Manhattan cost $14 but $10.12 in Wichita. Taking your clothes to the dry cleaners in Manhattan costs $17.99, the most expensive rate in the state. You can find the cheapest dry cleaning bill in Topeka at $12.20. In other instances, prices in Kansas City are higher, with haircuts costing $19.70 and a trip to the dry cleaners costing $14.63.

Taxes in Kansas

Taxes are another cost of living in Kansas factor that can vary widely between states and even between cities within that state. If you live in a city with high sales tax, those added expenses will have an impact on activities like grocery shopping.

Kansas has a statewide sales tax of 6.5 percent. If you spend $1,000 on a delicious Kansas barbecue spread, you’ll be paying $65 extra in sales tax. But, many counties or cities also levy their own sales tax on top of the statewide rate. This can significantly hike up the amount you’ll pay in sales tax:

Topeka has a combined tax of 9.15 percent
Hutchinson has a combined tax of 8.6 percent
Wichita has a combined tax of 7.5 percent
Manhattan has a combined tax of 8.95 percent (with an increase to 9.45 percent in 2023)
Kansas City has a combined tax of 9.12 percent

This makes Wichita the most affordable city for sales tax. Instead of paying $65 in sales tax for every $1,000 spent, you’ll spend $75 in sales tax. Currently, Topeka has the highest sales tax, adding $91.50 to every $1,000 spent. But, Manhattan will claim the top spot next year when the sales tax within city limits increases to 9.45 percent. The sales tax for Riley County will stay the same. You can see exactly how much you’d pay in sales tax in different Kansas cities and counties with this tax rate locator from the Kansas Department of Revenue.

For income taxes, the tax rate in Kansas ranges between 3.10 percent and 5.70 percent depending on your income level.

How much do I need to earn to live in Kansas?

Overall, the cost of living in Kansas is below the national average. Living here has affordable rates on everything from housing to food. But, how much do you actually need to make to afford the cost of living here?

Since experts recommend you only spend 30 percent of your gross monthly income on rent, you’d need to make $3,380 a month or $40,560 annually to afford Kansas’ average rent of $1,014. Average salaries here range from $22,063 to $101,222, and a single person paying for only their expenses needs to make a minimum gross annual income of $34,073. If you work in a lower-paying field, you may need to spend more than 30 percent of your monthly income on rent. But, with a median household income of $61,091, family households or renters with roommates are better able to make things work.

If you’re unsure what you can comfortably afford to pay in rent, use our rent calculator.

Living in Kansas

Whether you want a vibrant city or a laidback small town, Kansas has a diverse range of places and price points to choose from when deciding where to live. Overall, though, the cost of living in Kansas is accessible for many different people and budgets. And, no matter where you live in Kansas, you can enjoy access to its delectable local cuisine and natural beauty.

Related Articles:

The Cost of Living Index comes from coli.org.

The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.

Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

August 4, 2023 by Brett Tams

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

Are you one of the 16% of Americans with a low credit score? Low scores can stick around from poor financial habits when you were younger or if you’re still working up your credit score.

If you’re in that 16%, you’ve probably wondered how to get a car loan with bad credit. Your options might differ from your peers, but there are still ways to buy a car with low or no credit. Read our guide for what you should know before heading to the dealership so you can secure your new wheels, even if you’re still working on your finances.

1. Check Your Credit Score

Before you start researching car loans in earnest, conduct a soft credit score check to see what you’re working with. This check won’t impact your score like a hard check will.

The average credit score in America was 714 in 2022, and you can generally categorize your score based on these ranges:

300-579: Poor
580-669: Fair
670-739: Good
740-799: Very good
800+: Excellent

Once you know which category your score falls into, you’ll have a better idea how to strategize to secure your car loan.

Get matched with a personal
loan that’s right for you today.

Learn
more

2. Decide on a Budget

Your credit usage impacts your credit score, so it’s important to maintain a solid debt-to-income ratio (DTI). Every lender will have different DTI requirements, but it’s generally recommended to stay below 36%.

Use our DTI calculator to see where your current payments bring you, and you can use that to estimate your ideal car payment budget. Remember that you’ll need to consider costs like the insurance, down payment, and repairs too. So, give yourself some room instead of maxing out your monthly payment.

3. Save Up Your Down Payment

As with any loan, a car loan typically requires a down payment. This ranges anywhere from 10–20%. If you have a lower credit score, you can expect to pay closer to 20% for your down payment.

Start saving up for your down payment as soon as you can. If you can save up for a larger down payment, this can help you secure a car loan even with a lower credit score.

Some common saving strategies include:

Zero-based budget: Create a very detailed budget with a plan for each dollar you earn in a month.
Pay yourself first: Plan to pay your bills as soon as you get paid, then put a predetermined amount aside for savings. The rest of your paycheck goes toward leisure.
50/30/20 budget: Allocate 50% of your take home money to necessities, 30% to any leisure expenses, and 20% to savings.

A high-yield savings account can help you reach your financial goals faster. Double-check your account minimum to ensure you don’t face fees when you withdraw for your down payment. Regardless, saving up a little extra to account for surprise costs is a good idea.

4. Gather Proof of Income

Potential lenders want to see you have a reliable source of income, especially if your credit score needs some work. Your lender might ask for multiple documents demonstrating proof of income including:

Form W-2
Recent pay stubs
Schedule C
Tax returns
Form 1099-R
Social Security statements

Gather these key documents ahead of time to streamline your application process. Consider keeping a folder with copies of anything you might need so everything’s in one place and ready to go.

5. Explore Your Options

We wish financing a car was as easy as checking out one lender, but you should always shop around to find the best deal. Each lender will offer different loan terms. When you’re looking over a multi-page contract, you might not know what to look for.

Here’s what you should ask about before you agree to borrow from a lender:

Down payment amount
Interest rate
Length of loan
Extra costs and fees
Product add-ons
Late payment policy
Prepayment policy

Each state has different rules for taxes and fees on car loans. Check out this state-by-state resource from Edmunds to ensure your lender isn’t tacking on extra fees.

6. Get Pre Approved

The final step before you start shopping for your car is to secure a preapproval from a lender. A pre-approval letter doesn’t guarantee that a lender will give you a loan. However, it’s the closest you can get to one without performing a hard credit check, which typically lowers your credit score.

Compared to a prequalification, a pre-approval is a stronger sign that you can get a loan. Pre-approval is key to negotiating financing with a dealership. So, you’ll want to have one before you find your car.

7. Find Your Car

Finding a car loan with a lower credit score doesn’t have to be stressful. When in doubt, follow these tips to streamline the process and find a car and loan provider that works for your budget:

Follow your gut: If your lender feels shady, don’t ignore that instance. When in doubt, stick with a well-known lender to avoid subprime or predatory lending.

Avoid unnecessary fees: Many dealerships will try to sell you dealership-based insurance or extra warranties. These are generally much more expensive. Therefore, hold off on making these extra purchases until you have time to find a better deal.

Get an insurance estimate: Ask your rep how your insurance may change based on the car model you’re looking at. A less expensive model might bump up your rate more than it saves you in the long run.

Do your research: Most people walk into a dealer unprepared to negotiate. Research the true value of the car you’d like and practice negotiating if it makes you nervous. This will help you get the best deal for your car.

Tips for Buying a Car with Bad Credit

If you’re buying a car with a lower credit score, you might be worried about people taking advantage of you at the dealership or lender. Use these tips to educate yourself along your car-buying journey.

Don’t Neglect Loan Terms

While low monthly payments are a priority for most car buyers, a low monthly payment isn’t always the best deal. Carefully review your loan terms to know what you’re getting into to find the best loan for you.

Many people with lower credit scores choose the longest loan terms because it means lower monthly payments. If you need a very long loan term, consider lowering your car budget so you’re not saddled with more interest.

Research Your Lender

Unfortunately, scammers often target people with low credit. Especially if you’re using a nontraditional lender, research to ensure your offer is legitimate.

Some red flags to look out for in a potential lender include:

Not being registered with the Federal Trade Commission (FTC)
Guaranteeing approval with little information
Charging a large application fee
Requesting a nonconventional form of payment (e.g., gift card)

Take Time To Build Credit

Sometimes, it’s unavoidable that you need to take some time to rebuild your credit before buying a car. When you have a low credit score, can’t afford a down payment, or can’t afford to pay cash, you might want to work on your credit score and revisit purchasing a car later.

In the meantime, you can do the following to improve your score:

Pay down your debts
Set bills to auto pay to reduce late payments
Double check credit reports and dispute errors
Use a credit care service, such as ExtraCredit

Offer Cash

Some people are relatively high earners who have a lingering low credit score from the past. In this case, you can offer to pay part or all of the car off in cash. While securing a loan can be tricky with a low credit score, purchasing a car with cash is relatively easy, especially if it’s used.

Explore Options at Your Bank

If you have bad credit, check if your primary bank offers car loans. Many times, banks will lower some requirements for a loan if you have a relationship with that bank. You have the best chance of securing a car loan from your bank if you’ve used them for a while and have a reliable past making payments.

FAQ

Do you have some questions about getting a car loan with bad credit? You’re not alone. Check out answers to people’s most common questions when trying to secure an auto loan.

What Credit Score Is Too Low for a Car Loan?

There’s no minimum credit score to get a car loan, but with a lower score, you might have a harder time finding a lender. To improve your chances of getting preapproved with a low credit score, save up for a down payment or take steps to improve your credit score.

Will I Get Denied a Car Loan with Bad Credit?

With any credit score, it’s possible to be denied a car loan. Many factors go into whether a lender will offer you a loan, including:

Payment history
Outstanding debts
Credit score
Employment status

Improving Your Credit Score

Building better financial habits takes time—it’s hard to be patient if your credit score gets in the way of big purchases like car loans or mortgages.

At Credit.com, we work hard to help everyday Americans secure financing and feel empowered to improve their credit score for financial success. Sign up for ExtraCredit today to work on your credit and build a better tomorrow.

Source: credit.com

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August 4, 2023 by Brett Tams

Rent your home. Own your future.

Essentially, rent-to-own homes offer an alternative pathway to homeownership for individuals who might not otherwise be in a position to buy a house outright. It’s a strategy that represents the quintessential entrepreneurial mindset — seeing opportunities where others see only obstacles.

What is a rent-to-own home?

A rent-to-own property arrangement, sometimes also called a lease option or a lease-to-own agreement, is a deal in which a person rents a home for a specific period of time, typically between one to three years, with the option to purchase the home at the end of that period.

It’s a plan designed to facilitate homeownership for people who need time to save for a down payment, improve their credit or get their financial house in order. A portion of the monthly rent payment is typically set aside and used as a contribution toward the future purchase of the house.

Why are rent-to-own homes popular? What are some pros of this setup?

Rent-to-own homes continue to gain popularity, and there are a few compelling reasons why. At their core, these arrangements offer a unique blend of flexibility and opportunity that resonates with many potential homeowners.

Flexibility

One key reason is the financial flexibility rent-to-own homes offer. Not everyone has the resources to dive straight into homeownership, and traditional mortgage arrangements might be out of reach. Rent-to-own homes present a viable solution, allowing individuals to move into their dream home right away, while also providing a structured plan to eventually buy that home. It’s about breaking down a seemingly insurmountable financial leap into manageable steps.

Home prices

Another driving factor is the prospect of locked-in purchase prices. Given the volatility of real estate markets, the ability to set a future purchase price at the start of the lease agreement can be an enticing prospect. It offers a form of financial predictability, a rare commodity in an ever-fluctuating housing market.

Furthermore, rent-to-own homes also serve as a testing ground. They’re an option that allows potential homeowners to experience living in the home and neighborhood before making a long-term commitment. This ‘try before you buy’ aspect is a significant draw, reducing the risks of buyer’s remorse.

Building equity

Lastly, the concept of building equity from day one is attractive. Instead of paying rent with no long-term benefits, individuals in a rent-to-own agreement have the satisfaction of knowing that part of their monthly payment is going toward their future home ownership. This empowers people to invest in their future, even if they aren’t quite ready to fully commit to a mortgage.

However, it’s essential to understand that, while rent-to-own homes offer certain advantages, they aren’t a magic bullet solution. Like any financial arrangement, they come with their own risks and potential pitfalls. But for those who are clear about their financial capabilities and long-term plans, rent-to-own homes can be a strategic stepping stone on the path to homeownership.

Potential drawbacks of rent-to-own properties

However, renting to own is not for everyone. Here are some cons to consider when looking at this rent arrangement that might be non-starters for you.

Non-refundable payments

If the renter decides not to purchase the house at the end of the lease, they forfeit the extra money they have been paying towards the purchase. This can be a considerable loss, as these payments are typically non-refundable.

Maintenance responsibility

In many rent-to-own agreements, the renter is responsible for maintenance and repairs. This can be costly and differs from most traditional rental agreements where the landlord is typically responsible for these costs.

Risk of forfeiture

If the renter fails to abide by the terms of the agreement, they may lose their right to purchase the property and forfeit all payments made towards the purchase price.

The history of the rent-to-own contract

Rent-to-own homes, as a concept, trace back to the 1950s and 1960s, a period of significant changes in the housing market. During this time, returning World War II veterans and the resulting baby boom led to an increased demand for housing. However, many individuals found themselves unable to secure a mortgage due to strict lending standards. Rent-to-own homes emerged as a viable rental agreement solution to bridge this gap, allowing regular people to gradually work towards homeownership.

The approach gained even more traction during the late 1970s and early 1980s when the United States experienced a surge in interest rates, which made traditional mortgages less affordable for many prospective homeowners. The rent-to-own model gave people the chance to lock in a future purchase price and bypass the high-interest rates of their time.

The 2008 financial crisis and the ensuing tightening of mortgage lending standards again brought the rent-to-own option into the limelight. With many people’s credit scores damaged and banks more cautious about lending, rent-to-own homes became an alternative path to homeownership for those who might otherwise be left out in the cold.

The future of the rent-to-own housing market

As we look towards the future of the rent-to-own housing market, there are several factors at play. The aftermath of the COVID-19 pandemic and the subsequent economic volatility has left many people in challenging financial situations, possibly making the rent-to-own model more attractive to a larger audience.

Additionally, technology is playing a more significant role in the real estate market. Online platforms can connect renters and property owners, making the process of finding, inspecting and signing rent-to-own agreements more accessible and transparent than ever before. This technological shift could democratize the rent-to-own process, making it a more prevalent choice in the housing market.

It’s also important to keep in mind that the rent-to-own market’s growth will also depend on various factors like changes in real estate laws, fluctuations in the economy and shifts in societal attitudes toward homeownership.

Lastly, there’s an increased call for consumer protection in the rent-to-own sector. As the market grows, so too does the need for regulations to protect consumers from unscrupulous practices. The future might see more standardized contracts, more transparent disclosures and enhanced protections for those who choose this route to homeownership.

Is this rental agreement right for you?

Rent-to-own homes offer a unique blend of renting and buying, giving people a fresh shot at the dream of homeownership. As with any financial strategy, it’s critical to fully understand the implications and potential risks, making the most out of this innovative approach to securing a home.

It’s a market that has evolved throughout history, adapted to the changing times, and is likely to continue evolving in the future. There’s no better place to start your search for that perfect rent-to-own home than right here, right now.

Source: rent.com

Apache is functioning normally

August 4, 2023 by Brett Tams

Plainfield, IL, is a small suburb southwest of Chicago known for its strong community, abundant nature, and rich history. From its picturesque parks and historic downtown area to its vibrant community events and diverse culinary scene, Plainfield embodies a lifestyle that appeals to many. But what’s it like living here?

If you’re looking at homes for sale in Plainfield, apartments for rent, or are just curious about what the city has to offer, this Redfin guide is for you. To give you a taste of what you can expect, read on for 7 reasons to move to Plainfield, IL.

1. Affordable cost of living

Plainfield has a pretty affordable cost of living compared to other cities in the United States. Housing costs, in particular, are affordable and just below par with the national average. For example, the median sale price of a house in Plainfield is $415,000, $10,000 below the national average. This makes Plainfield an attractive option for those looking for an affordable place to live near Chicago.

Renting is also more affordable than a majority of the country; the average one-bedroom apartment costs $1,750, which is $250 below the national median.

2. Outdoor activities

With nearly 100 parks and trails, outdoor enthusiasts will never run out of options in Plainfield. The DuPage River provides a scenic backdrop for fishing and kayaking, while the Lake Renwick Preserve offers great bird-watching opportunities. And if you’re looking for a day trip, consider heading out to the Baker County Forest Preserve or the Midewin National Tallgrass Prairie. No matter what you choose, the area’s outdoor spaces provide everyone with plenty of ways to enjoy nature and stay active.

3. Historic downtown

Officially the Village of Plainfield, this city is full of history. The downtown area of Plainfield is especially filled with charm, characterized by historical buildings housing local businesses, unique shops, and restaurants. It’s a great spot for a leisurely stroll, a delicious meal, or some retail therapy. The city also hosts regular events, like Cruise Night, which add to the lively atmosphere.

4. Convenient location

Conveniently situated near Naperville and just 35 miles from Chicago, Plainfield residents can easily access the larger city amenities and job opportunities. Excellent road connections and frequent buses to nearby cities make commuting a breeze, whether you’re headed to the office or planning a day out in the city. However, public transportation within Plainfield is very limited.

5. Community events

A great reason to move to Plainfield is its calendar full of community events throughout the year. From markets in the spring and summer to holiday festivals in the winter, there’s something for everyone.

Consider visiting Settlers’ Park for concerts and movies during the summer, or strolling through the local farmers’ market on Sundays. During the winter, there are plenty of holiday events, including the Plainfield Holiday Artisan Market, parades, light festivals, and more. These events bring the community together and are a big part of what makes Plainfield a great place to live.

6. Diverse culinary scene

Plainfield’s culinary scene is growing, diverse, and exciting. From local American comfort food to authentic international cuisines, the city’s restaurants have something to offer every palate. If you’re in the mood for great food, consider visiting Sovereign, Imperial Kitchen, or Station One Smokehouse. This diversity not only means you’ll never run out of new dishes to try, but it also enriches the overall living experience in Plainfield.

However, the city lacks late-night options that many cities offer. This means you may have to commute for a fun night out.

7. Growth and development

Over the past two decades, Plainfield has been experiencing a significant increase in population. From 1990 to 2021, the city’s population increased from 4,557 to over 44,000, turning from a small town into a thriving suburban city.

Additionally, the city’s economic growth has been consistent over the years, reflecting a healthy local economy. This growth provides a variety of job opportunities and supports a robust local business scene. Whether you’re seeking employment or considering starting a business, Plainfield’s economic landscape is conducive.

Source: redfin.com

Apache is functioning normally

August 4, 2023 by Brett Tams

The luxury real estate horizon looks bright for a few counties in Florida despite a slowing sales forecast for the state overall. Interest from prospective home buyers from America’s Northeast is aimed at both Collier and Sarasota, two of the nation’s fastest-growing luxury housing price markets. These areas, along with interest in Jacksonville and a new projects across the state, are bright spots in a sagging Florida luxury market.

Rooftop pool conceptual BLVD Sarasota

According to the May 2018 Luxury Home Index from realtor.com®,
interest from buyers in New York, Boston, and Chicago boosted Sarasota (North
Port) and Collier (East Naples) price growth of 19 and 14 percent respectively.
In that report, even Fort Lauderdale, which ranked 19th on the national list,
showed a 9% uptick in sales prices. Javier Vivas, director of economic research
for realtor.com® offered this comment in a press release:

“Luxury prices in the Sunshine State are rising quickly as buyers from places like New York, Boston, and Chicago get wind that there is a better bang for their buck available down South. Meanwhile, we are seeing signs of a luxury market glut in many established markets, which is in some cases leading to spillover demand for their less pricey neighbors.”

Luxury properties in the news in Sarasota have helped peak interest in the area. An instance that comes to mind was the recent announcement that the one of America’s most talked about restaurants, the Beach Bistro opening at the luxurious BLVD Sarasota (feature image) beginning of 2020 put an exclamation point on one of the city’s most exciting new developments. Remaining BLVD residences range from 3,550 to 5,500 square feet and are listed starting at $1.9 million.

Aerial view of Naples Beach Florida

The boost to Collier County sales prices was helped by big home sales in Naples where one
sale came in at a record $48.8 million. Naples’ 34102 ZIP code ranked is the
15th richest in America according to a recent report by Bloomberg. The recent
sale of a Port Royal beachfront mansion of 9,394 square feet that originally
listed for $60.9 million dollars, obviously did nothing to lower the areas
ranking.

The Waterfall Condominiums Courtesy Jacksonville Luxury Portfolio

Amazing new luxury developments dot the state and draw attention from high net worth investors, even as the market trends toward oversupply. One that comes to mind is the Waterfall Condominiums going up at Jax Beach. This eight-floor complex of 42 residences will have two fantastic penthouses on the top level, and range in size from 2,721 to 3,077 square feet. Expansive terraces will offer unmatched beach views listed by the Hanley Home Team at about $1.3 million on average.

An interesting aspect for these luxury residences is the fact new height restrictions have now limited beachside properties to no more than three stories tall. But, the beach property on which the condos will be built, at 14th Avenue South and 1st Street South, was grandfathered in, allowing for a high-rise residential structure. This brings up another important variable for all Florida luxury properties. Once the growth in new development sinks (and this is inevitable), the exclusivity of these properties will rise accordingly. Short story, prices will probably skyrocket.

Courtesy Donna Miller Coldwell Banker

Finally, “one of” luxury properties all across the Sunshine State help prop up high-end property prices. An example here is the so-called “Victory House” (above) that sits on 200 fabulous bayfront acres overlooking St. Petersburg and downtown Tampa Bay. This amazing property has its own private beach and has hurricane-proof doors and windows throughout. The six-bedroom, six-bath house is on a 13-acre parcel that includes about seven acres of uplands and the canals, a place where the owner will never have neighbors. Listed at $18 million, the mansion named for Nasr “Vic” Abuoleim is but one example of hundreds of similarly “exclusive” properties in the state.

A wonderful friend
of my father’s who was a land developer, he had this saying that has never
failed me. “Always buy land, they don’t
make any more of it,” he’d say. In
the case of Florida property, the more expansive the market gets, the more
“land” becomes a luxury. My bet is on prices rising in the mid-term to long.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Apache is functioning normally

August 4, 2023 by Brett Tams

Nestled along the picturesque coastline of Southern California, Malibu is a idyllic city that captivates with its breathtaking beauty and vibrant community. This charming city not only allures those seeking a luxurious beachfront living experience with exquisite homes for sale, but also welcomes those searching for apartments for rent in Malibu.

While the cost of living in Malibu is high, the city offers a wealth of natural wonders and fun activities you can enjoy without breaking the bank. This Redfin article will explore seven free things to do in Malibu to keep you and your wallet happy. Let’s get started!

1. Malibu beaches

Malibu is renowned for its stunning beaches that attract millions of people year-round. From the expansive shores of Zuma Beach to the rugged beauty of Point Dume State Beach, there’s something for everyone. Living in Malibu, CA, comes with strolls along the sandy coastline, opportunities to soak up the sun, and moments of serendipitous sounds of crashing waves. Whether you’re looking to catch some waves, have a beach picnic, or relax with a good book, Malibu beaches offer a slice of paradise that’s free for all to enjoy.

2. Malibu Creek State Park

Nature enthusiasts and hikers will solace in Malibu Creek State Park’s breathtaking landscape. This beautiful park features diverse hiking trails, from easy walks to challenging treks. Explore the picturesque Rock Pool, where you can cool off in the refreshing waters or have a peaceful picnic by the stream. The park’s rugged terrain, oak woodlands, and rich wildlife make it a haven for outdoor exploration and a perfect spot to connect with nature without spending a dime.

3. Getty Villa Museum

Nestled in the hills overlooking the Pacific Ocean, the Getty Villa Museum is a must-visit destination for art and history enthusiasts. Showcasing an extensive collection of ancient Greek, Roman, and Etruscan artifacts, the museum offers a glimpse into the classical world. Wander through the meticulously designed gardens, admire the architecture inspired by ancient Roman villas, and enjoy the educational exhibits. Although admission is free, reserve your tickets in advance to experience this cultural gem.

4. Solstice Canyon

Embark on a scenic hike through Solstice Canyon, a lush oasis filled with oak groves, sycamore trees, and vibrant wildflowers. The Solstice Canyon Loop Trail takes you on a journey to the historic Roberts Ranch House ruins and culminates at the flowing Solstice Canyon waterfall.

5. Leo Carrillo State Park

Leo Carrillo State Park offers a coastal wonderland with sandy beaches, rocky tide pools, and picturesque sea caves. This park is perfect for beachcombing, exploring marine life, and enjoying a peaceful day by the ocean. The beautiful coastal views, tide pool discoveries, and opportunities for beach activities make Leo Carrillo State Park an ideal destination for those seeking free outdoor adventures in Malibu.

6. Malibu Pier

The historic Malibu Pier stands as an iconic landmark along the coastline. Stroll along the wooden pier and bask in the panoramic views of the Pacific Ocean. It’s an excellent spot for watching local surfers ride the waves, spotting marine life, and capturing stunning sunset photos. With its free access and inviting atmosphere, the Malibu Pier is a popular gathering spot for locals and tourists.

7. Pepperdine University

If you’re planning where to attend university, take a leisurely walk around the beautiful Pepperdine University campus. The expansive campus is perched atop a hill overlooking the ocean. Enjoy the stunning vistas and serene environment as you explore the well-maintained grounds. The university’s impressive Payson Library and the terrace with sweeping ocean views are open to the public, offering a peaceful retreat to read, study, relax, and appreciate the campus’s natural beauty.

Source: redfin.com

Apache is functioning normally

August 4, 2023 by Brett Tams

Last year I was closely involved with a hotel project on Crete which proved ultimately profitable even though the Greek economy tends to stifle profits. Located at a seaside fishing village turned favored tourist spot is where an entrepreneur named Dimitris Markakis spent sleepless nights to bring a stunning hospitality venture to life. SeaScape Luxury Residences are expanding this year because of a combination of impeccable design, efficient marketing and sales, and an age-old equation that involves geographical fate.

Agia Pelagia one of Cretes most amazing seaside villages Author image

“In Tune” Development

Not so many years ago Agia Pelagia was a tiny fishing harbor where goats and sheep were as likely to be seen on the stunning beach as sunburned tourists are today. Once a majestic port for the Bronze Age Minoan civilization, today the town offers delectable Cretan cuisine straight in front of one of Crete’s most stunning swimming, snorkeling, and watersports spots. But when Dimitris Markakis described for me how the good fortune played a role in Crete development, I was reminded how timing is everything. As it turns out, property on the seaside in places like Agia Pelagia was once deemed worthless by the patriarchs of agrarian families.

When these properties were passed down, the favored sons and daughters were given farmlands, olive groves, and orchards – the youngest or those in disfavor, they got beachfront. Talk about a “twist” of fate. As luck so often has it, those less favored siblings mostly sold their property for pennies rather than drachmas. Smart entrepreneurs and those seeking lots by the seaside were the beneficiaries. Today, however, the problem for property developers and entrepreneurs is the economy, taxes, and plummeting prices, not to mention the dire need to build sustainably. With the touristic corporations bearing down on Crete, local entrepreneurs are under increased pressure to conform. SeaScape is a truly non-conformist idea when compared to the big seaside developments.

Bucking the trend to build, Markakis’ and his brothers’ not only had the challenge of creating a luxury self-catered vacation abode, they were also building a brand new development into an already crowded village geography. Agia Pelagia, like other Cretan seaside villages, is struggling to preserve its Cretan traditions and identity, so the SeaScape development came with myriad difficulties above and beyond potential profit and loss. Ultimately, the property designed by the gifted architect, Lefteris Tsikandilakis got built despite a couple of hundred logistical and bureaucratic hurdles.

SeaScape Phases I II from above Courtesy Lefteris Tsikandilakis

Last year I interviewed Lefteris Tsikandilakis, the gifted architect who designed SeaScape Phase One to find out more about the overall vision of this amazing self-catering boutique resort. I got from the designer the developmental philisophy behind this new development:

“It is obvious that every residence is unique, but that wasn’t necessarily the principal design purpose. In this particular project, we had to deal with 2 challenging plots with sharp slopes, their integration in an already developed building, and the need for these plots to be configured in the best possible way. The sea view, the orientation and the scope for the internality of the plot, were principal elements that defined the spatial design.”

The Recipe

SeaScape Luxury Residences became a success in its first year of operation, despite all the hurdles, because of the cohesive efforts for design, efficiency, sensitivity to the local environment, marketing, sales, and creating the perfect guest experience. On the latter, Dimitris Markakis offered this:

”Seascape Luxury Residences” redefines the meaning of “Cretan hospitality” with the addition of 15 new residences with differentiated comfort and innovative design. Every guest here will experience luxury and truly relaxing vacations in the heart of the cosmopolitan village of “Agia Pelagia”. The additional residences feature a unique architectural design that combines simplicity with stylish luxury. The modern decoration aesthetics accentuate out themes of ultimate tranquility and relaxation that every guest needs and expects during summer vacations.”

SeaScape is a stunning property, in the perfect location, and the development actually adds to the aesthetic of Agia Pelagia, rather than detracting from it. This brings me to location, and how complex the job was for Markakis and his team. Choosing to put a hotel in the wide open spaces is one thing, but designing with a vision smack in the middle of a thriving small village is another. The developers of SeaScape had to take into consideration the streets, thoroughfares, zoning, touristic and service traffic, neighboring houses, stores, villas, and so forth. Knowing the value of being in Agia Pelagia may have been a given, but displaying everything in the town for a spell brought looks of concern from the community. I know Dimitris spent many sleepless nights worried over civic outrage over huge cement trucks and etc. I’m sure he wondered many times whether or not he’d selected the right location – ultimately he was proven right. The beautiful people lounging (as in the Instagram share below) at SeaScape last summer must have been a rewarding experience for the owner.

https://www.instagram.com/p/BpVBpSzg8Xy/?utm_source=ig_web_options_share_sheet

Building a brand new vacation residence is hard enough. No matter how compelling any development is on paper, the team that designs, builds, organizes, and promotes must work as harmoniously as possible with the same goals in mind. And once the luxury residences were up, the twin swimming pools filled, the chic pool bar stocked and pillows fluffed, then came the branding and the rush to bookings. I was on the site two weeks before the first guests were slated to arrive, and I can tell you SeaScape looked about half complete. Miraculously, the team opened on schedule and the world of the sales and marketing team came into play. I spoke briefly about SeaScape Phase One, and the new expansion with Giorgos Ergazakis, who’s the Director of Sales at Plarino – Hotel Management Services, the company that handles SeaScape sales strategy. Here’s what he had to say about SeaScape’s initial success:

“The SeaScape Luxury Residences case is interesting for several reasons. Given the end product and the clearly demonstrated vacationer value at the end, most sales execs would consider the property and easy sell. But SeaScape sits in the middle of the amazing competition. We are very prou ofd our marketing and pricing competitiveness helped make the property profitable in such a short time.”

Vision, location, a clear strategy, creating an effective team, and presenting the destination and the accommodation value to the public effectively, all this and more led to SeaScape’s initial successes. And now SeaScape Phase Two is slated to open in the Spring at Agia Pelagia.

Design projections SeaScape One and Two Courtesy Lefteris Tsikandilakis

Expanding On Success

SeaScape Phase One was built upon vacant lots alongside an existing apartment complex at Agia Pelagia. Markakis’ vision had always been to expand the new property to integrate with these existing apartments. Design wise, the trick is to shape the facades and the surrounding environment so that Phase One and Two are combined aesthetically and functionally. My texts from Lefteris Tsikandilakis’ offices speak of key materials usage to make this integration perfect, but the architect’s job is not only about congruent materials. Tsikandilakis will have to create the same sense of casual luxury in this second phase, that guest experienced and talked about from SeaScape Phase One. As the architect told me, SeaScape exists as a perfect balance of interiors and exteriors which create an overall sense.

The second part of the SeaScape story will be completed when more visitors to Agia Pelagia go home to express the special experience of place that many believe can only be achieved here on Crete. Marketing and sales for SeaScape Luxury Residences will be challenged to meet or exceed last year’s successes. The staff will certainly be expanded, guests will expect their luxury holiday, and if my guess is right, many more holiday seekers will become purist fans of one of the world’s most fabulous island getaways, in no small part due to the efforts of Dimitris Markakis, a smart Crete businessman bold enough to be different.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Apache is functioning normally

August 4, 2023 by Brett Tams

@properties announced the promotion of Branden Lopez to the position of General Counsel. This move comes as @properties aims to expand its business and enhance legal support across its portfolio of enterprises.

Lopez, who joined @properties in November 2022 as Director of Legal, has proven herself as a key member of the leadership team for @properties and Christie’s International Real Estate. In her new role, she will be responsible for overseeing various legal aspects of @properties’ fast-growing business.

Branden Lopez

As the second-largest privately held brokerage firm in the United States, @properties boasts an impressive array of businesses under its umbrella, including the renowned Christie’s International Real Estate global luxury brand, the @properties franchise brand, multi-state title company Proper Title, and other real estate ventures.

@properties was ranked No. 8 by both transaction sides and sales volume in the 2023 RealTrends 500 brokerage rankings.

Among her core duties, Lopez will handle legal matters related to affiliate agreements in the U.S. and internationally for both @properties and Christie’s International Real Estate. Additionally, she will ensure compliance with local licensing laws and General Data Protection Regulation (GDPR) laws concerning marketing in Europe. The management of outside counsel and the protection of @properties’ intellectual property portfolio will also fall under her purview.

Lopez brings extensive expertise to her new role, with more than 17 years of experience as a corporate attorney, including 15 years in the real estate industry. She is a member of esteemed professional organizations such as the Florida Bar Association, the D.C. Bar Association, the Commercial Real Estate Women Network (CREW), and the International Council of Shopping Centers (ICSC). Lopez holds an undergraduate degree from Florida State University and a J.D. from the Stetson University College of Law.

Source: housingwire.com