England's St Mellion Resort Debuts New Golf Homes

St. Mellion International Golf Resort, England

Unlike America, finding a home on a golf course is not as commonplace in England. Or the rest of Great Britain for that matter.

Fans of St Mellion International Golf Resort, however, now have a rare opportunity to purchase residential overlooking the resort's Jack Nicklaus Signature Golf Course. According to the developer's of this new "Esprit" enclave of homes in the heart of St Mellion, the development comes with an "investment guarantee scheme" offering an 8 percent return for three years to investors.

St Mellion, located near Plymouth in Cornwall, is noted for playing host to 12 PGA European Tour events. The attractive "investment guarantee" offer is available only to purchasers of the first 27 of the 66 proposed properties. The homes situated in the heart of the St. Mellion overlooking both the Nicklaus golf course and Kernow Golf Course.

The first properties are planned for completion by Easter 2013. The properties range in size from 2-bedroom, 2-bathroom apartments (641 square feet) and go up to 4-bedroom detached homes (1,410 square feet). Prices are $328,000 to $720,000.

Built with an energy efficient timber frame the homes feature high quality fixtures and fittings, under floor heating throughout, bespoke modern kitchens, bathrooms and oak staircases. All rooms on the upper floors are characterized with high vaulted ceilings.

The built-in rental revenue scheme runs for three years from the date of purchase, according to the developers.  During this period the developer will cover all other running and servicing costs with no other costs payable by the purchaser. Owners can utilize their property for three weeks within any one year, in low and medium seasons, with the option to have a reduced rental payment if using it for longer periods.

St Mellion home

Though England overhauled its tax code on rental properties, the developer says there are still favorable tax breaks for savvy purchasers looking to make an investment in a furnished holiday rental property. For example when the property is sold, the rate of capital gains tax charged on any rise in the value of the property is less than half the usual 28% rate at just 10%.

Early purchasers will benefit from free membership for three years to the resort's two golf courses and other leisure facilities on site such as their health club and spa with three separate indoor swimming pools, a large gymnasium, an Elemis spa, crèche, kids club, tennis courts and bowling greens.

The resort also has its own four-star 80-room hotel featuring an onsite brasserie, fine dining restaurant, bars, and golf clubhouse. All early purchasers will receive discounts on food and beverages within the Resort.

The developer are anticipating the properties will be popular with investors looking to rent them out as holiday lets and the golfing and leisure facilities onsite will give owners a much longer rental or "letting" season.

The demand for self catering holiday lets has soared by 20% since before the financial crisis, according to a recent Knight Frank report on second homes. The trend is expected to continue with Deloitte and Oxford economic forecasting that spending by Britons holidaying at home will rise by a cumulative 30% by 2020. The southwest region dominates the domestic tourism market accounting for one in every five trips taken by holiday makers last year

U.S. Foreclosure Activity Dips to 5-Year Lows in September, Says RealtyTrac

Foreclosure starts reverse upward trend



First-time foreclosure starts, either default notices or scheduled foreclosure auctions depending on the state's foreclosure process, were filed on 284,720 U.S. properties during the third quarter, an 8 percent decrease from the second quarter and also an 8 percent decrease from the third quarter of 2011.

Nationwide foreclosure starts decreased on an annual basis for the second straight month in September following three straight months of annual increases. Foreclosures were started on 87,066 U.S. properties during the month, down 12 percent from August and down 15 percent from September 2011.

September foreclosure starts decreased on an annual basis in 31 states, including California (45 percent decrease), Arizona (34 percent decrease), Michigan (22 percent decrease), Georgia (21 percent decrease) and Texas (19 percent decrease).

States with the biggest annual increases in foreclosure starts in September included New Jersey (424 percent increase), Pennsylvania (134 percent increase), New York (95 percent increase), Washington (60 percent increase) and Florida (24 percent increase).

Florida, Arizona, California post top state foreclosure rates in third quarter
Florida foreclosure activity in the third quarter increased 14 percent from a year ago, the third consecutive quarter with an annual increase and boosting the state's foreclosure rate to highest in the nation. One in every 117 Florida housing units had a foreclosure filing in the third quarter, more than twice the national average.

Florida's foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot. Florida foreclosure starts in September increased 24 percent from a year ago -- the 11th straight month with an annual increase -- and Florida bank repossessions (REO) increased 23 percent year over year -- the ninth straight month with an annual increase.

Arizona REOs in September increased 2 percent from a year ago, the first year-over-year increase in Arizona REOs since November 2011, but the state's overall foreclosure activity was down on an annual basis both in September and the third quarter thanks to big drops in foreclosure starts. Despite those decreases, one in every 125 Arizona housing units had a foreclosure filing during the third quarter -- the nation's second highest state foreclosure rate.

California also posted a foreclosure rate of one in every 125 housing units with a foreclosure filing in the third quarter, but the state's foreclosure rate was slightly lower than that of Arizona, ranking No. 3 among all states for the quarter. A total of 109,369 California properties had foreclosure filings during the quarter, the highest of any state but still down from the previous quarter and a year ago.

California foreclosure auctions and REOs in the third quarter both increased from the previous quarter, but foreclosure starts (NODs) dropped 19 percent from the previous quarter. California foreclosure starts in September dropped to their lowest level since December 2006 -- a 69-month low.

Other states with foreclosure rates ranking among the top 10 in the third quarter were Illinois (one in 126 housing units with a foreclosure filing), Georgia (one in 151), Nevada (one in 158), Ohio (one in 197), Michigan (one in 201), South Carolina (one in 215), and Colorado (one in 216).

Days to foreclose at record 382 days, legislation extends process in some states
U.S. properties foreclosed in the third quarter took an average of 382 days to complete the foreclosure process, up from 378 days in the previous quarter and up from 336 days in the third quarter of 2011. It was the highest average number of days to foreclose going back to the first quarter of 2007.

The average time to complete a foreclosure increased substantially from a year ago in several states where recent legislation and court rulings have extended the foreclosure process. These states included Oregon (up 62 percent to 193 days), Hawaii (up 62 percent to 662 days), Washington (up 62 percent to 248 days) and Nevada (up 42 percent to 520 days).

The average time to foreclose decreased from a year ago in 15 states, including Arkansas (down 49 percent to 199 days), Michigan (down 15 percent to 226 days), Maryland (down 9 percent to 541 days), California (down 8 percent to 335 days), and New Jersey (down 4 percent to 931 days).

New Jersey documented the second longest state foreclosure timeline in the third quarter behind New York, where the average time to complete a foreclosure was 1,072 days for properties foreclosed during the quarter. Florida registered the third highest state foreclosure timeline, 858 days -- down slightly from 861 days in the previous quarter -- and Illinois registered the fourth highest state foreclosure timeline, 673 days.
 

Realogy Riding High as Today's IPO Raises $1 Billion in New Cash

Seeking to reduce its debt to about $4.5 billion, Realogy Holdings Corp. (NYSE: RLGY) announced it has raised $1.08 billion in an initial public offering. The Parsippany, NJ-based company sold 40 million share at $27 each. The shares will be listed on the New York Stock Exchange under the RLGY symbol.

The company had offered the shares initially in the $23 to $27 range. Realogy owns Coldwell Banker and Century 21, major players in the U.S. residential real estate brokerage industry. Realogy is controlled by New York City-based Apollo Global Management LLC (NYSE: APO), headed by Leon Black.

Bloomberg reports Apollo, which was set to maintain a 50.2 percent stake in Realogy after the IPO, sought to take the company public almost six years after buying it as U.S. home prices headed for their worst collapse since the 1930s.

Based on filings at the Securities and Exchange Commission, at the midpoint of the IPO price range, Apollo's stake would be valued at $1.63 billion. New York City-based Paulson & Co., the hedge fund run by former Treasury Secretary John Paulson, was set to own a 10 percent stake in the company following the IPO. Realogy's ownership stake would be about 31 percent.

The Realogy IPO arrived at the same time that Apollo prepares to raise a new fund of $10 billion to $12 billion, according to informed sources.

Berry Plastics Group Inc. (NYSE: BERY), also owned by Apollo, completed an IPO last week, pricing the shares at the low end of the marketed range.  Apollo-owned companies CKE Inc. (CK) and Momentive Performance Materials Holdings LLC shelved offerings this year.

Apollo invested $1.05 billion in Realogy in the buyout, which was valued at $6.8 billion and completed in 2007, according to data compiled by Bloomberg. The firm announced the acquisition in December 2006, five months after home prices peaked, according to the S&P/Case-Shiller index.

Bloomberg reports that after the IPO and related transactions that convert debt to equity, the midpoint price would give Realogy net debt of $4.5 billion as of June 30. It would have an enterprise value of $7.77 billion, or about 16 times earnings before interest, taxes, depreciation and amortization of $500 million in the 12 months through June 30.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. were hired to manage Realogy's IPO.

A Mountain Camp in Africa

Nature has carved out a rugged, beautiful land

Hidden away in its own private corner of Africa, away from the glamour spots and the business centers, the country of Namibia is filled with natural wonders quite different from most of the rest of the continent. It remains pretty much undiscovered by the travelers who've been everywhere else and done everything else...so you can enjoy the memorable scenery and wildlife without a hundred other people snapping photos right next to you. (Indeed, there won't be a whole lot of Namibians next to you, either - there are only about two million of them, in a territory four times the size of the United Kingdom.)

Those two million spread-out souls (only six per square mile) inhabit a land of stark landscapes and sweeping vistas carved out by nature over the ages. In the past, much of the interior was inaccessible to foreigners. But not so much anymore. And one of the best places to see it is from the vantage point of a real mountain camp.

Etendeka Mountain Camp sits in the foothills of the dramatic Grootberg massif, amidst the ancient volcanic soil of northern Damaraland. The mountains here are flat-topped, and lava flows from the past couple of million years have left them strewn with boulders.

How many bars have views like this?

There are ten well-equipped tents at Etendeka, all scattered around (and connected by pathway to) the main dining tent. Each tent has recently been upgraded, with luxury mattresses and high-quality cotton linens, and re-done bathrooms. However, one thing hasn't changed - when you want to wash off the grime after a day of exploration, you'll be doing it in a traditional bucket shower.

The food is simple and wholesome, and based on local products and crops. It's cooked either on solar or open fires, and many guests enjoy it outside, under a star-filled sky. Dining is family-style buffet.

This is no jungle, but, rather, a collage of basalt mountains; undulating, desert-like sand dunes; and riverbeds shaded by the ubiquitous Mopane tree. The overwhelming impression, to the naked eye, is of a dry, unforgiving landscape. But you'll quickly discover that this landscape is very much alive, and host to a diverse collection of wildlife and vegetation.  Desert elephant and black rhino wander the boulder-strewn valleys along with cheetah and huge herds of oryx, who shake the ground when they run. Your guides will lead you out on exploratory hikes, as well as in open vehicles which afford up-close views of the wildlife. They'll point out the hoof prints of the mountain zebra...and the lions that are on their trail. Scorpions prowl behind volcanic rock shards, and snake eagles drift overhead, hunting for their evening meals.

A room with a view

Etendeka Mountain Camp is not for everyone. It's for the traveler who wants an off-the-beaten-path experience in the middle of nature at its most primeval. It's definitely rustic. It's a traditional tent camp, with the emphasis not on luxurious amenities, but on the natural surroundings - which look exactly as they must have looked thousands of years ago. And it's won numerous awards for its conservation ethic (such as using solar energy).

Dennis Liebenberg, co-owner of Etendeka, has been running the property for the past 20 years. He knows every inch of this rugged land. And his wonderful nighttime stories will remind you of scenes from the famous movie, "Out of Africa." 

Afterwards, you'll fall asleep to the sounds of authentic Africa.