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European Central Bank policy makers, and those that follow their actions, should be paying closer attention to whats happening in furniture or home-appliance stores across the eurozone.

At least, that appears to be the conclusion one could draw from reading a small contribution to the ECBs monthly bulletin, which was published Thursday. The article (here, pp. 65-67) notes that there is a particularly strong link between prices of a small number of goods and services and the output gap, which is the difference between an economys actual level of production and what it could make if it were firing on all cylinders.

The issue is important because the pace of underlying inflationin other words, price changes when volatile items such as food and energy are excludedis an important indicator for the ECB when it tracks inflation. While the headline, annual rate of inflation in the eurozone fell to the alarmingly low level of 0.3% in August, core inflationwhich excludes energy, food as well as alcohol and tobacco productsincreased to 0.9% from 0.8%. The ECB aims to keep headline inflation at just below 2% over the medium term.

Economists say that there is a correlation between the output gap and consumer-price inflation, though with a lag of about one year. When the economy is producing much less than it could, inflation is low, and when it is running closer to capacity, inflation is higher. But the bulletin says that only a few items have a statistically significant and positive link with the output gap. In fact, only about one-third of the items in the core inflation basket showed a link.

Some notable examples for non-energy industrial goods include furniture, carpets and household appliances, and for services items, package holidays, restaurant and caf services, and repair services for dwellings, the report said.

The article concludes that if one assumes that a turning point in the output gap took place late last year, then there should also be a turnaround in underlying inflation later this year. This should be discernible earlier in the sub-index ofitems that are responsive to the output gap.

Such a turnaround would be consistent with the inflation profile in the latest ECB staff projections, which envisage a gradual increase during the latter part of the year, says the report.

So if you are in a furniture store near Frankfurtor Madrid, Paris and Romein coming weeks, dont be surprised to find a hopeful-looking central banker checking out the price tags.

Link:
Eurozone Furniture Stores May Show First Signs of Inflation Pickup

NEW YORK - A New York property developer is offering the uber-wealthy the opportunity to buy a condo parking spot for a cool $1 million - merely six times the value of a typical American home.

The 10 parking spaces are for sale at 42 Crosby Street, the luxury apartment building under construction in the SoHo neighborhood in Lower Manhattan.

Based on the $1 million price tag, the spots are probably the most expensive residential car spaces in the country, said the broker marketing the seven-story building.

"Anyone who lives in Manhattan and has a car knows that parking is a premium in the city," said Shaun Osher, chief executive of the brokerage CORE. "There's definitely a large demand and a short supply."

Prices for the spots compare with the US median single-family home value of $174,800, according to real estate website Zillow. For that price, however, there are few if any residences for sale in trendy SoHo, known for its high-end fashion shops and art galleries

Osher said he expected residents of the 10-unit building to snap up the parking spots when the underground spaces, which were approved for construction this week, hit the market.

The building, designed by German-born architect Annabelle Selldorf, will include 10 luxury condominiums priced at a minimum of about $8 million, each with private elevator access.

The 150-to-200-square-foot (14-19 square-metre) parking spaces will be offered under a 99-year license to tenants, who will have the right to transfer or sell their spaces to other building residents.

The pricey spaces will not lack for amenities. Osher said they would come with storage space and electric car charges.

More:
A cool million will buy a parking space in trendy SoHo

By - Associated Press - Wednesday, September 10, 2014

CHICAGO (AP) - A lawsuit has been filed against the owner of a Chicago apartment building where a fire killed four children this week, attorneys announced Wednesday.

It was filed late Tuesday on behalf of the mother of a man who jumped from a third-floor window and was critically injured while escaping the blaze.

The lawsuit contends the 18-unit building was unsafe and accuses owner Tahir Sheikh of suburban Oak Brook and J & J Management and Construction, Inc., of failing to adequately equip the third-floor apartment with fire escape routes and working smoke detectors.

There were no working smoke detectors in that third-floor unit or the one on the second floor where the blaze started, according to Fire Department spokesman Larry Langford.

Sheikh said earlier this week that the management company informed him last month that all tenants had signed statements acknowledging they had working smoke detectors, the Chicago Sun-Times reported (http://bit.ly/1rGYPQJ ). Debra Jenkins, an agent for the company, told the newspaper all tenants had detectors as of Sept. 4.

Mondays fire began shortly after 3 a.m. and raced up a stairwell, trapping four children in their bedrooms and forcing their mother and her boyfriend, Nate Johnson, to leap from a third-story window.

Lawyers representing Johnsons mother released a statement Wednesday saying he suffered burns and smoke inhalation in addition to injuries from leaping from the window.

Sheikh did not immediately return a message seeking comment on the lawsuit.

He told reporters Tuesday that he was heartbroken over the childrens deaths.

Read more:
Lawsuit filed over Chicago fire that killed 4 kids

A woman walks past the construction site at 42 Crosby Street, which is being developed into a luxury apartment building with 10 subterranean parking spaces priced at $1 million per parking space, on September 10, 2014 in the SoHo neighborhood of New York City. (Andrew Burton / Getty Images / September 10, 2014)

5:50 p.m. EDT, September 10, 2014

NEW YORK

The 10 parking spaces are for sale at 42 Crosby Street, the luxury apartment building under construction in the SoHo neighborhood in Lower Manhattan.

Based on the $1 million price tag, the spots are probably the most expensive residential car spaces in the country, said the broker marketing the seven-story building.

"Anyone who lives in Manhattan and has a car knows that parking is a premium in the city," said Shaun Osher, chief executive of the brokerage CORE. "There's definitely a large demand and a short supply."

Prices for the spots compare with the U.S. median single-family home value of $174,800, according to real estate website Zillow. For that price, however, there are few if any residences for sale in trendy SoHo, known for its high-end fashion shops and art galleries

Osher said he expected residents of the 10-unit building to snap up the parking spots when the underground spaces, which were approved for construction this week, hit the market.

The building, designed by German-born architect Annabelle Selldorf, will include 10 luxury condominiums priced at a minimum of about $8 million, each with private elevator access.

The 150-to-200-square-foot parking spaces will be offered under a 99-year license to tenants, who will have the right to transfer or sell their spaces to other building residents.

Read more here:
Where $1 million will buy you a parking space

A New York property developer is offering the uber-wealthy the opportunity to buy a condo parking spot for a cool $1 million - merely six times the value of a typical American home.

The 10 parking spaces are for sale at 42 Crosby Street, the luxury apartment building under construction in the SoHo neighborhood in Lower Manhattan.

Based on the $1 million price tag, the spots are probably the most expensive residential car spaces in the country, said the broker marketing the seven-story building.

"Anyone who lives in Manhattan and has a car knows that parking is a premium in the city," said Shaun Osher, chief executive of the brokerage CORE. "There's definitely a large demand and a short supply."

Prices for the spots compare with the U.S. median single-family home value of $174,800, according to real estate website Zillow. For that price, however, there are few if any residences for sale in trendy SoHo, known for its high-end fashion shops and art galleries

Osher said he expected residents of the 10-unit building to snap up the parking spots when the underground spaces, which were approved for construction this week, hit the market.

The building, designed by German-born architect Annabelle Selldorf, will include 10 luxury condominiums priced at a minimum of about $8 million, each with private elevator access.

The 150-to-200-square-foot (14-19 square-metre) parking spaces will be offered under a 99-year license to tenants, who will have the right to transfer or sell their spaces to other building residents.

The pricey spaces will not lack for amenities. Osher said they would come with storage space and electric car charges.

Read this article:
For $1 million you can buy a parking spot in New York City

A broad alliance of major German housing-related associations, the Verbndebndnis Wohnungsbau (VBWB), presented a "German Plan for Affordable Housing" on Wednesday (10.9.2014) in Berlin.

"Having a place to live is a basic need," said Hartmut Goldboom, a representative of the German construction materials supply industry, speaking on behalf of the alliance. "It should be affordable."

The VBWB claimed that the monthly rent of a typical medium-quality new apartment in Germany's major cities could be reduced by as much as 40 percent compared to current prices, if the government adopted a set of policies making it cheaper to build new apartments.

That could represent a great benefit to millions of renters over coming years - if it turned out to be both accurate and achievable. Moreover, despite its focus on Germany, the twin reports underlying the VBWB report could prove thought-provoking for policymakers in other countries faced with housing affordability challenges.

Reducing the landlord's claim on renters' monthly income

One of the studies underpinning the report was produced by the Hanover-based Pestel Institute, which specializes in regional development and urban planning studies.

There's no shortage of luxury apartments being built, like these in Frankfurt

"In pre-unification West Germany, we had around four million social housing units. But a wave of privatization policies post-unification has led to a situation where there are only a million and a half in the whole of unified Germany today," said Pestel Institute director Matthias Gnther.

"There's a shortage of affordable housing in the bigger cities - not in most small towns, or in the countryside, but in big cities it's getting worse. We need another 250,000 to 300,000 new apartments in the cities - affordable ones, for low- and middle-income people."

The study's focus was on new build, not on renovations. The latter may make life better for residents, but they don't increase the building stock - or its affordability.

Go here to read the rest:
German building industry proposes affordable housing push

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Raleigh, N.C. In the last few years, Sept. 11 has transitioned from a day of mourning to a national day of service. This year, a husband and wife served their community one day early in the hopes of motivating others to do the same.

Robin and Bruce Foster, owners of Mr. Handyman of western Wake County, and three of their technicians visited the Garner Road Community Center in Raleigh on Wednesday to volunteer their construction and maintenance services, including power-washing the facility, fixing plumbing, drywall repairs and more.

The center, at 2235 Garner Road, provides social, cultural, educational and sports programs for Wake County children, families and adults. About 300 children and more than 20 organizations use the center throughout the year. Outreach programs also operate out of the facility.

We realized how much contribution there was by the first responders, and this gives the everyday person the opportunity to give back and kind of recognize the sacrifice they made, said Bruce Foster.

Mo Johnson, director of the center, says the wear and tear on the center was obvious and he is grateful for the help. The center does not have the financial resources to make building repairs regularly, he said.

View original post here:
Business owners volunteer at Raleigh community center in remembrance of 9/11

When preparing to sell your home, you probably spend a lot of time and energy getting it in its best showing condition. But can improvements to your neighbors property help sell your home?

Imagine that youve spent time and energy weeding the front yard, painting the front door, power-washing your siding and planting flowers. Youve updated the kitchen and bathrooms and de-cluttered the home. Youre ready to go to market.

And then, when you step across the street to look at your home, all that stands out are the beat-up cars in your neighbors driveway, not to mention the torn-up lawn, barking dogs and overall negative curb appeal (or in this case, curb unappealing).

If you find the neighbors home unappealing, imagine what a potential buyer may think. The fact is, your neighbors unsightly property can rub off on your own houses curb appeal, no matter how much youve done to improve it. But you have options.

Even if you dont have a plan to sell now, its good practice to maintain a friendly relationship with the neighbors. You never know when youll need them.

Aside from possible curb appeal issues, its not uncommon for issues to come up during a sale. Problems regarding fence repair, retaining walls or easements can often bring a neighbor into your home sale process. Having a good relationship with your neighbor from the beginning will help to ensure their cooperation when you need them at a critical time in the home sale.

If you plan to sell your home in the near future, its a good idea to give the neighbors a heads-up well in advance. Aside from the occasional nosey neighbor, people simply like to be in the know. If you think youll need assistance from a neighbor for whatever reason, it will be easier to approach them if youve given them notice. Knocking on their door telling them youre selling and then requesting their cooperation under the gun wont help.

It will be difficult to ask your neighbors to reseed their lawn, pull their weeds, change their fence or paint their door to help your sale. Ask them to pay for it, and you can expect resistance.

If you need your neighbor to do some curb appeal work to help your sale, the money should come out of your pocket. On top of that, you cant force the neighbor to use your landscaper, painter or contractor, even if youre paying for it. Dont forget: Its their home, not yours, and you need to tread lightly. Though many neighbors will appreciate the offer to spruce up their home on your dime, others may be hesitant. Bullying them to work on your timeframe or with your rules wont help.

With luck, a home sale can proceed smoothly without the need to involve neighbors. But if you hope to sell in the future, understand that your neighbors cooperation may be necessary. If you plan in advance, open the doors of communication and offer to make things easy, youre more likely to get what you want.

Read more here:
How Your Neighbors Can Help (or Hurt) Your Home's Sale