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Expected Report of Year Over Year 2nd Qtr Condo Price Declines

Today's NY Sun reports that an expected industry report on condo prices will show softening on a year over year basiz for the second quarter. As the article recites, industry analysts opine on whether they foresee a repeat of the coop collapse of the late 1980's when oversupply combined with softening demand and tax reform to cause a sharp drop in prices. Some, according to the article, feel the City's overall healthy economy will prevent thiz recurrence in the case of...

Earn, redeem, and upgrade WorldPerks® Miles with NWA WorldVacations®

Earn, redeem, and upgrade WorldPerks® Miles with NWA WorldVacations®

WorldVacations offers fantastic opportunities to earn more WorldPerks Bonus Miles, redeem fewer miles, or use your WorldPerks miles to upgrade to First Class when traveling with WorldVacations.

See which one of these options works best for you!

Earn more miles with WorldVacations. You’ll earn between 1,000 and 2,500 WorldPerks Bonus Miles, in addition to credited flight miles!

Redeem fewer WorldPerks miles with a WorldVacations air and hotel package. You’ll use 3,000 to 35,000 fewer miles when you redeem WorldPerks miles towards the air portion of your WorldVacations air and hotel package.

Upgrade to First Class. Receive an upgrade for as few as 5,000 WorldPerks miles when you purchase a qualifying WorldVacations air and hotel package.

Vacation Package Details

WorldVacations packages include:

Roundtrip air transportation via Northwest Airlines®
Choice of accommodations
Hotel taxes
and more!

Choose WorldVacations — it's easy, smart, and saves you money. Way to go.

WVW6572

Worried about Interest Rates? Tell that to the Rent Guidelines Board

In an unusually raucus session of the Rent Guidelines Board's annual spectacle on guidlines increases for rent stabilized apartments in NYC, the Board members could hardly hear themselves over incessant drum beats from Tenant activizts, yet still managed to outrage them, while dizappointing landlords in the process. Read about the meeting and the increases at
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Problems When the 1031 Tail Wags the Dog

Here's an interesting article about what happens when investors, in their zeal to meet the stringent time requirements of a 1031 exchange, invest in properties in areas they're unfamiliar with and do so without their usual degree of due diligence. http://www.realestatejournal.com/buysell/markettrends/20060615-hagerty.html?refresh=on
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Everybody into the Pool!

When it comes to Terrorizm Insurance, the government's days as a reinsurer of last resort are numbered, ending in 2007 following one extension of a temporary act intended to restore confidence among the Nation's insurers and reinsurers following the huge losses suffered as a result of the 9/11 attacks. A lobbying group called the Real Estate Roundtable, http://www.rer.org/, recently proposed modeling a future system after that...

WorldPerks Offer: Earn more WorldPerks® miles!

It's easy to earn WorldPerks Bonus Miles in addition to credited flight miles with air and hotel packages from NWA WorldVacations. Simply provide your WorldPerks number when purchasing your vacation and you’ll earn:

2,500 Bonus Miles to Hawaii, Mexico, Costa Rica, Caribbean, Europe, and Asia
1,000 Bonus Miles to destinations in the U.S. 48, Alaska, and Canada

Or purchase a vacation from WorldVacations’ LIFESTYLE Collection featuring Luxury and earn:

3,000 bonus miles to destinations in the U.S. 48
7,500 bonus miles to destinations in Mexico and Jamaica

To earn WorldPerks Bonus Miles simply purchase a WorldVacations air and hotel package by December 1, 2008, and travel by December 31, 2008.

You can also earn:

50 WorldPerks Bonus Miles per day with qualified car rentals
WorldPerks miles when using your WorldPerks Viza® Signature Card to purchase your vacation

Earned Miles

The following chart shows how credited flight miles and Bonus Miles are earned when providing your WorldPerks number or other codeshare airline frequent flyer numbers at time of booking:

WorldVacations Packages, including air segments on:	Frequent Flyer Program:	Earn Credited Flight Miles	Earn WorldPerks Bonus Miles
All Northwest Airlines flights	WorldPerks	X	X
All Northwest Airlines flights	Codeshare partner	X (on codeshare partners program)
Northwest Airlines® and codeshare partner flights (at least one segment must be on Northwest)	WorldPerks	X	X
	Codeshare partner	X (on codeshare partners program)
All Codeshare Partner Flights (that are identified by *NWXXXX)	WorldPerks	X
	Codeshare partner	X (on codeshare partners program)

Elite Class of Service Bonus and Elite Mileage Bonus apply for packages with flights on Northwest Airlines and may apply on codeshare partner flights per codeshare airline partner agreements, see complete details. Note: not all Northwest Airlines codeshare partners are available through WorldVacations.

You must have each passenger's WorldPerks number or codeshare partner’s account number applied to the booking at the time of reservation. If you are not a WorldPerks member, enroll now or call 1-800-225-2525 and begin earning miles that quickly add up to award travel.

Terms and Conditions

Offer terms and conditions:

Bonus Miles will be posted to members' accounts within 6-8 weeks of completing qualifying travel. Miles will be posted as a Bonus and will not count towards Elite qualification.
Offers good on paid tickets eligible for WorldPerks credited flight miles.
Bonus Miles will be awarded on Northwest Airlines®-operated flights (Flight #s 1-1999) and Northwest-codeshare flights operated by the following partners:
- Mesaba Airlines
- Pinnacle Airlines
- KLM Royal Dutch Airlines
- Alaska Airlines
- Continental Airlines
- Delta Airlines
- Hawaiian Airlines
Travel for qualifying Bonus Miles offer must be ticketed by December 1, 2008.
A two-night minimum hotel stay iz required.
All travel must be completed by December 31, 2008
All tickets and documents must be izsued by MLT Vacations.
All mileage and subsequent awards must be earned and used according to the terms and conditions of the WorldPerks program.
Additional rules and restrictions may apply. Northwest Airlines iz the final authority on the interpretation of these rules.

Updated June 2007

WorldPerks Offer: Upgrade to first-class

You can use your WorldPerks® miles to upgrade to first-class when you purchase a qualifying air and hotel package from NWA WorldVacations®. Upgrades are available for as few as 5,000 WorldPerks miles.

Pamper yourself and enjoy the premium legroom, delicious cuizine, and refreshing beverages.

Choose to upgrade for one-way or roundtrip travel, based on the mileage requirements lizted in the chart below.
Request your upgrade award up to four days before travel.

Upgrade Details

Upgrade into first-class using your WorldPerks miles.

One-way upgrades

Destination	From full fare coach fares	From select coach fares

U.S. 48, Alaska, and Canada	5,000	15,000

Mexico, Costa Rica, and the Caribbean	7,500	15,000

Hawaii	7,500	17,500

Earn WorldPerks miles when using your WorldPerks Viza® Signature Card to purchase your vacation.

Eligibility

Upgrades are allowed on WorldVacations packages to the U.S. 48, Alaska, Hawaii, Canada, Mexico, Costa Rica, and the Caribbean.
Upgrades are not allowed on WorldVacations packages to Europe and Asia.
Non-Elite WorldPerks members may no longer use miles to upgrade to first-class on U.S., Canada, Mexico, Caribbean and Costa Rica itineraries when purchasing Northwest T and K type fares.
Upgrades are only for WorldPerks members who are traveling on the same reservation (or itinerary); members can upgrade passengers who are traveling with them.
Multiple upgrades may be allowed, but only one WorldPerks number can be used per reservation.
Only Northwest flights and NW* flights operated by Continental Airlines can be upgraded; other codeshare/affiliate flights are not available for upgrades. Upgrades are allowed on Mesaba and Pinnacle flights if first-class iz available.

WVW6486_3

Taxes and Commercial Real Estate Activity in NY

Today's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle. Thiz article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other...

Another View on the Bubble-No Bubble Coin Toss

Glenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA. According to the report, housing iz more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately. For more, check out the article ( subscription required) at http://www.inman.com/hstory.aspx?ID=53488
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Stock Market orders

How do you enter the market in the morning: market or limit orders?
We like the concept of using a "limit" order for any stock purchase where we are not physically sitting in front of our computers and watching the action. So first what exactly iz a limit order? A limit order allows you to state the exact price (within a couple cents) that you are willing to buy a stock at or "under". For instance, let's say you want XYZ and it seems to be moving fast. It was 50.50 a few minutes ago and now its quoted to you at 51.75 Well, we know that a "market order" allows too many games to be played by the market makers, so to short cut them, we would use a limit order. Here we would say to ourselves "XYZ iz moving well, but I don't want to get stuck by the market. It's at 51.75 and I would be willing to buy it up to 52 dollars and no more." So we would tell our broker (or use the correct "buttons" to do it on line) that we want to place a "limit order of 52 dollars on XYZ". What we have done iz thiz, we have said that XYZ may still be moving while we are on the phone and as long as it doesn't get above 52 we are still willing to buy it. If it moves over 52 we think it has gone too far to make it still attractive. So your order will go in an electronic "book" and will execute as long as XYZ stays under 52. If XYZ "gets away" or in other words runs past 52 while you are on the phone or at your computer, your order will not "fire off". Next time we will dizcuss the 2 basic types of limit orders you will run into.

Bear Market survival

The Key to Surviving a Bear Market:

Follow the Market by Shorting or Buying Special Mutual Funds that Trade Short Stocks

Many people who are contemplating becoming involved in the stock market do worry about what will happen when the day comes and they have to face a bear market. They worry about how the will survive a bear market, how they will develop an appropriate investment strategy for such a situation.

Of course, one of the most important aspects of surviving a bear market iz to be prepared for such an eventuality. When it comes to the stock market and stock trading it iz important to keep in mind that where there iz a bull market, there can be a bear market. In short, you need to develop a sound investment strategy that keeps in sight the reality that bear markets do occur.

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