General Mills investing $100M in Murfreesboro-Adding 80 Jobs!

Minneapolis-based General Mills announced today it is investing $100 million to expand its Murfreesboro production facility.

The expansion is expected to bring about 80 jobs to the new plant, which manufactures products for General Mills’ Yoplait brand.

Excerpts from a Rutherford County Chamber of Commerce news release:

Governor Phil Bredesen and Commissioner Matt Kisber, of the Tennessee Department of Economic and Community Development, today joined with Rutherford County elected and chamber officials in congratulating General Mills, Inc of Minneapolis, Minn. for the company’s decision to invest $100 million in the expansion of the company’s production facility in Murfreesboro. ...

“I’m very pleased to have one of the world’s most respected food companies growing and thriving in Tennessee,” said Governor Bredesen.

“This expansion is not just an endorsement of Tennessee’s business climate, but in the quality and productivity of the workforce in Murfreesboro.”

“We’ve worked hard to make Tennessee’s business climate one of the best in the U.S.,” said Commissioner Kisber. “When the sixth largest food company in the world chooses Tennessee to grow their business, it means our state is an integral part of a global brand.”

General Mills product brands are well known to consumers around the world and in addition to Yoplait, includes Pillsbury, Green Giant, Cheerios and Betty Crocker. The company has more than 30,000 employees worldwide and its products are marketed to more than 100 countries on six continents around the world.

“General Mills has been a wonderful corporate citizen of our community for many, many years,” said Murfreesboro Mayor Tommy Bragg. “The addition of 80 new jobs to our community will be a strong addition to the local economy.”

“Rutherford County is fortunate that we’ve had such strong partnerships which worked together to make this project a reality,” said Norman Brown, chairman, Rutherford County Chamber of Commerce. “The state of Tennessee, the city of Murfreesboro, Destination Rutherford, TVA and Murfreesboro Electric each brought important skills to the table and helped make this an easy decision for General Mills.”
“TVA was pleased to be a part of the team that helped put this project together,” said John Bradley, senior vice president of economic development for TVA. “Our strong working relationship with local distributors like Murfreesboro Electric demonstrates the importance of working together to create and retain jobs for our customers in the Tennessee Valley.”
The Yoplait line of products is a $1.5 billion business for General Mills and is America’s leading yogurt brand.



Read more: General Mills to invest $100M in Murfreesboro, add 80 jobs - Nashville Business Journal

The Icon

I am currently working with a client that is interested in The Icon. I found some great information and wanted to share. Enjoy :)


The Icon In Nashville is a luxury condominum development with outstanding views of downtown Nashville, and all popular ammenities for the urban lifestyle. Great views of the Gulch and walking distance to awesome restaurants!

Following are the sales of Icon condos so far in 2010. I was surprised to see that the development is almost sold out.

■ 136 Icon condos are sold so far in 2010
■ Average sales price of Icon condos has been $273,105
■ Average price per square ft has been $311
■ Average size of condos sold in the Icon has been 877 square ft
■ 9 Icon condos are currently pending
■ 24 Icon condos are currently listed in the Nashville MLS as available for purchase

To receive a list of available condo's in The Icon email me!

When to Invest in Your Mortgage Instead of Stocks

With rates at record lows, should you accelerate mortgage payments or invest in the market? And what's next for bond investors? Financial adviser Kurt Brouwer, editor of MarketWatch's Fundmastery blog, talks with Jonathan Burton.

10 Reasons to Buy a Home RIGHT NOW!

Enough with the doom and gloom about homeownership. Brett Arends explains why owning a home is a good thing.

Sure, maybe there's more pain to come in the housing market. But when Time magazine starts running covers that declare "Owning a home may no longer make economic sense," it's time to say: Enough is enough. This is what "capitulation" looks like. Everyone has given up.


The Sept. 6 cover of Time magazine: This is what capitulation looks like.
.After all, at the peak of the bubble five years ago, Time had a different take. "Home Sweet Home," declared its cover then, as it celebrated the boom and asked: "Will your house make your rich?"

But it's not enough just to be contrarian. So here are 10 reasons why it's good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer's market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We're four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor's Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it's mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You'll never catch the bottom. It doesn't really matter so much in the long haul.

Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.

Brett Arends discusses why he thinks now is a particularly good time to buy a home.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What's not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won't see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.

3. You'll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you'll get a tax break on capital gains–if any–when you sell. Sure, you'll need to do your math. You'll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.


The June 13, 2005 cover of Time.

4. It'll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You'll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. "You can tell the ones that have been bought," said my local guide. "They've painted the front door. It's the first thing people do when they buy." It was a small sign that said something big.

5. You'll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you're better off buying.

6. It offers some inflation protection. No, it's not perfect. But studies by Professor Karl "Chip" Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That's valuable inflation insurance, especially if you're young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

7. It's risk capital. No, your home isn't the stock market and you shouldn't view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities–for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.

8. It's forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won't. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn't a cost. You're just paying yourself by building equity. As a forced monthly saving, it's a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That's below last year's peak, but well above typical levels, and enough for about a year's worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed–either deliberately, or by inaction. This is already happening. Even two years ago, when I toured the housing slump in western Florida, I saw bankrupt condo developments that were fast becoming derelict. And, finally, a lot of the "glut" simply won't matter: It's concentrated in a few areas, like Florida and Nevada. Unless you live there, the glut won't have any long-term impact on housing supply in your town.

This Month In Real Estate: September 2010

It's Restaurant Week!!!

Get your bellies ready! Nashville Originals’ semiannual Restaurant Week is NOW, and they are stuck trying to figure out how they can eat at 41 establishments in just seven days. That’s right, 41 – September’s Restaurant Week is the biggest yet.

Restaurant Week is heaven for food lovers, with multiple course, fixed price meals at $20.10 or $30.10 (and the occasional latte at $2.10). Participating restaurants are Nashville’s cream of the crop, including 55 South, Acorn, Allium, Blind Pig No. 55, Bound’ry, Cabana, Caffe Nonna, Cha Chah, Cross Corner Bar & Grill, Crows Nest, DrinkHaus, Fido, Flyte, F. Scott’s, Germantown Café, Goten Japanese Steakhouse and Sushi Bar, Jackson’s, Jimmy Kelly’s Steakhouse, MafiaOza’s, Mambu, Midtown Café, Nero’s Grill, Noshville Midtown, Green Hills and Cool Springs, The Pineapple Room at Cheekwood, PM, Provence Hillsboro Village, Downtown and Green Hills, Puckett’s Gro. & Restaurant, Red Pony, Rumba, SOL, Sunset Grill, Suzy Wong’s House of Yum, tayst, Tin Angel, Watermark, Wild Iris and The Yellow Porch.

Check this link out to visit the menus and prices!!

Five Mistakes Homebuyers Make!

By SARAH MAX

Home buyers are an increasingly rare breed these days. Many who were eager to buy a house raced to take advantage of federal homebuyer tax credits. When those government perks expired in April, home sales essentially went into deep freeze, plummeting to levels not seen in more than a decade, according to the latest numbers from the National Association of Realtors.

Still, the Realtors project that nearly 4 million existing homes will sell in 2010. First-time buyers, without the burden of a home to sell, could benefit from the foul market–and the record low mortgage rates.

But woe to the overconfident buyer. Here are five common missteps that first-time home buyers make.

1. Snubbing the real estate agent

With so many websites offering a mass of data on listings, who needs an agent? Most people, actually. Finding a house and figuring out comps–the price of comparable homes on the market–is the easy part. Managing the nuances of offers, inspections, financing and all the other pivotal steps to buying a home is where many new buyers tend to get tripped up, says Shii Ann Huang, an associate broker with The Corcoran Group in New York.

When you hire an agent to act as your "buyer's representative," she's obligated to put your interests first, even if her commission is paid by the seller and based on the sale price. Skeptical? That's all the more reason to find an agent on your terms. Ask friends and acquaintances for referrals and interview two or three candidates before deciding.

But don't let the agent find you. When Viviane Ugalde and her husband, both physicians, bought their first home in Sacramento nearly two decades ago they made this mistake. "We stumbled onto an agent when she saw us peeking in the windows of an empty house for sale," Ms. Ugalde recalls. The agent, who happened to live on the same block, came out of her house (wearing pajamas), offered to show the couple around the neighborhood, and ultimately helped them find a house. Then the agent, who was new to real estate, neglected to show up for the closing. "It was scary and confusing signing what seemed like a thousand pages," says Ms. Ugalde.

2. Guesstimating how much you can afford

Many buyers mistakenly take a do-it-yourself approach to financing. They use online calculators to estimate how much house they can afford, dive into the house hunt and then get a dose of cold water when lenders refuse to qualify them for that amount. "The process is so different than it was four or five years ago," says Diann Patton, a broker with Coldwell Banker in Grass Valley, Calif. Not only are lenders reading loan applications closely, she says, they're verifying employment and running credit checks multiple times during the process.

Make a date with a mortgage broker or banker before you get serious about your search, says Ms. Patton. Remember, too, that the costs of buying and owning a home go well beyond the sticker price. While online calculators do take into account property tax and insurance, it's up to you to account for maintenance costs, moving fees and association dues.

3. Letting charm cloud your judgment

No one will fault you for falling hard for a charming older home. But, unless the house has been painstakingly remodeled or you're prepared to pay for repairs and upgrades, an old house can quickly lose its allure. Last year Alison Koop, a public relations manager for the University of Washington, came dangerously close to saying "I do" to a seemingly fabulous mid-century home in northeastern Seattle. Ms. Koop was so smitten with the big windows and vaulted ceilings in the living room that she neglected to notice the exposed wires, shoddy roof and other structural problems. Any delusions Ms. Koop had were laid to rest in the guest bathroom. "When the inspector turned the faucet on," she says, "the spigot fell off, hitting the floor of the tub with an exclamatory thunk."

If you're considering an old home, don't let the inspection be your last line of defense, says Jay Papasan, vice president of publishing at Keller Williams Realty. "Negotiate a long due diligence period," he says. That gives you time to get real estimates from contractors and back out if need be.


Of course, new homes aren't without their drawbacks. Recently, many newly built homes experienced serious problems with Chinese-made drywall, for example. Proceed with care whatever the home's age.

4. Focusing on the house, not the hood

In hindsight, many buyers say they wish they'd taken their due diligence a few steps further to really get to know all the perks, quirks and hassles of living in a particular place. You can always fix up the house, but there's no easy remedy for annoying neighbors, oppressive homeowner association rules and marathon commutes. When Laurie Tarkan and her husband bought their first home in 2001 they were so infatuated with the circa-1924 three-bedroom cottage that–in addition to brushing over some of the headaches of an old house –they didn't give a whole lot of thought to its somewhat out-of-the-way location about a mile from downtown Maplewood, N.J., a popular New York suburb. "As a first-time buyer you're not aware of all the things you should think about that aren't about the house," says Ms. Tarkan, who after living in New York City for 17 years, still hasn't gotten used to driving everywhere.

Spend as much time as you can in your future neighborhood, ideally on different days and times. Eat in the restaurants, drop in a yoga class, test drive your commute.

5. Making arbitrary offers

With housing inventory running high and sales at record lows, in most markets, there's no shortage of houses for sale and sellers desperate to get out from under them–all the more reason to hold out for the right house and the right price. But when you find that perfect house, don't assume you can lob a lowball offer or make unreasonable demands. Even in hard-hit markets, nice houses in desirable neighborhoods are fetching multiple bids.

If the house has been on the market for months, you probably don't need to worry about other buyers lining up behind you. Make an offer based on recent sales for comparable homes, foreclosure activity and market trends, and don't be afraid to start the bidding low. If the house is fresh on the market (or recently foreclosed) and other buyers are circling the block, put your best foot forward but don't get suckered into a bidding war.

Homebuyer tax credits totaled $391M in Tennessee!

Tennessee benefited from $391 million in homebuyer tax credits, a Government Accountability Office report said.

The watchdog spending group sent a letter to Rep. John Lewis, chairman of the subcommittee on oversight and committee of ways and means, in the report, which states more than $20 billion was claimed in homebuyer tax credits nationally.

Tennessee ranked 13th nationally in total tax credits received. California claimed nearly $2 billion in tax credits, the report said.

Neighboring states Kentucky, Georgia, Alabama and Mississippi brought in a respective $219 million, $538 million, $231 million and $139 million.

Tennessee also ranked 13th nationally in tax credit dollars claimed per resident based on 2009 population figures at $62.16. Nevada’s residents saw the greatest dollar per resident figure at $89.74 in homebuyer tax credits



Read more: Homebuyer tax credits totaled $391M in Tennessee - Nashville Business Journal

Benefits of Homeownership.

by Carla Hill

Homeownership can bring with it many blessings. Yet, the idea of caring for and maintaining a home, as well as affording a mortgage can seem daunting, but let's review some of the many reasons that homeownership can be beneficial.

The most obvious benefit is building wealth. The U.S. Department of Housing and Urban Development (HUD) notes that "home equity is the largest single source of household wealth for most Americans."

What is home equity? Home equity is the difference between the home's fair market value and the outstanding balance of all liens on the property. Let's say you have a balance of $100,000 left on your home's mortgage, but the property appraises for $150,000. You now have $50,000 worth of home equity.

And let's not forget about appreciation. While there is no set year-to-year rate that is considered normal, reports indicate that you can expect around a 6.5 percent average value increase in your home each year.

The National Homeownership Strategy cites that “through homeownership, a family ... invests in an asset that can grow in value and ... generate financial security." This is what sets homeowners apart from renters.

Other wealth builders to consider are tax breaks and tax credits, such as the deductibility of property taxes and mortgage interest and the exclusion of capital gains, and the $8,000 first time home buyer and $6,500 home buyer tax credits.

But beyond the numbers and the long term investment benefits, studies have shown that owning a home can actually make you healthier, and make your children happier.

Homeownership allows people to have greater control and inspires responsibility over their living environment. It helps stabilize and strengthen communities. And it helps generate jobs and stimulate the economy (National Homeownership Strategy)

The U.S. Department of Housing and Urban Development (HUD) reports: “Homeowners accumulate wealth as the investment in their homes grows, enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime. Communities benefit from real estate taxes homeowners pay, and from stable neighborhoods homeowners create”

And according to NAR’s Social Benefits of Homeownership and Stable Housing, homeownership brings with it:


•Higher educational performance and better behavior of children

•Lower community crime rates

•Lessened welfare dependency among households

•More household participation in civic affairs

•Better household health

These wonderful benefits only graze the surface of the world of benefits that awaits you in homeownership. Be sure to talk to your real estate agent about what other good things come your way when you buy a home.

Published: March 22, 2010

Paying Off the House in 15 Years...

By AMY HOAK

A growing number of homeowners are choosing to pay down their mortgages at a faster rate--even if it means a substantial jump in their monthly payments.

Between January and June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information. During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term.


What's prompting the shift to shorter loans? Historically low interest rates for fixed-rate mortgages.

Homeowners are doing the math and realizing that rates have fallen enough so the increase in payment between a new 15-year mortgage and their current loan is no longer unbearable for their budgets, says Bob Walters, chief economist at online lender Quicken Loans.

The average rate on a 15-year fixed-rate mortgage was 3.86% for the week ending Aug. 26, according to Freddie Mac's weekly survey of conforming mortgage rates.

A Change in Thinking

The financial situation of those capable of refinancing today is a factor in the shift, Mr. Walters says. These people typically are homeowners with the best credit and the most equity -- and, therefore, most suited for a shorter-term loan.

But there might be some other psychology at work. "We're seeing a different view on debt than maybe we've seen in the past," he says. Today, homeowners are saying, "I really want to pay this off. I'm going to bite the bullet and take the payment and work toward paying this down."

A 15-year mortgage also acts as somewhat of a forced savings account for homeowners, says Leif Thomsen, chief executive of Mortgage Master, a privately owned lender, given that the higher payments help a borrower pay down the principal at a quicker clip.

This is a huge shift in borrower thinking. "There was a drive a couple of years ago to take out the biggest mortgage that you could and use all of the money you would have otherwise had in the house and put it into stocks and bonds--to think of your house and mortgage as part of your entire investment portfolio," says Amy Crews Cutts, deputy chief economist for Freddie Mac.

"That worked for people who do investment finance for a living and are good at managing accounts," she says. "But for the average person, debt is a drag on their psyche as well as their overall budget." Many Americans have reverted to the goal of paying off their house and getting rid of their mortgage, Ms. Cutts adds.

Doing the Math

Refinancing into a shorter-term mortgage isn't a strategy for everyone, however.

Choosing a shorter term usually means you'll get a better rate--and you'll pay much less interest over the life of the loan--but a shorter time frame ramps up monthly mortgage payments.

For example, with a 4.5% interest rate on a 30-year fixed-rate mortgage of $200,000, you would have a monthly payment of $1,015, including principal and interest, Ms. Cutts says. The monthly payment jumps to about $1,480 with a 4% interest rate on a 15-year fixed-rate loan.

Of course, if the refinancing borrower's current 30-year loan has a higher rate, the difference between the monthly payments could be lower. Still, you should count on some increase in monthly payments.

In general, Mr. Walters says, those who choose 15-year fixed-rate mortgages are older and have more equity and less debt than other folks. They also earn higher incomes and don't have some of the added expenses that younger homeowners typically do.

"People who are taking these loans are financially stable and can afford the payments, but at the same time are planning on staying in their home for an extended period of time," Mr. Thomsen says.

Mr. Walters says you shouldn't take on a 15-year fixed-rate mortgage unless you have substantial savings, including at least a year's worth of living expenses in liquid accounts.

Also, he recommends having a debt-to-income ratio below 35%. So if you have a gross salary of $5,700 per month, for instance, your monthly debt--including any mortgage payments, taxes, insurance, homeowners-association dues as well as auto and student loans and credit-card debt--would have to be a max of $1,995 to get a 35% ratio.

Make That Extra Payment

Borrowers who don't meet those standards, or are worried about future loss of income, might be better served taking a longer-term mortgage but making extra payments on the principal to pay off the loan faster, says Mr. Walters.

For instance, if you refinance a $200,000 mortgage into a 30-year loan with a 4.5% rate, and then apply $100 of the savings to the principal payment each month, you'd save $31,700 in interest over the life of the loan, Ms. Cutts says. And you would pay off the mortgage in 25 years, instead of 30, she adds.

What's more, you would have the flexibility of not paying that $100 in months when money gets tight. "Maybe today you're feeling flush with money. Maybe you're worried in the future that income might change," Ms. Cutts says. With a 30-year mortgage, you have more flexibility. "Shortening to 15 years is a pretty big bump in payment."

—Read more at marketwatch.com.

Would you live in this TINY house??

WOULD YOU LIVE IN THIS TINY HOUSE??

Squeezed next to a centuries-old shrine in this historical city stands a slight, two-story abode that looks modern, but is meant to embody the spirit of Kyoto's homes of the past.

The all-white structure with a dramatic glass façade is long and thin, curving slightly to the right, and is comprised of a main living area just over 6½ feet wide, with two wings on each side. In one wing is a little alcove that serves as the children's play area; in the other is the bathroom. The back of the home holds the kitchen, while a spiral staircase leads to a second room and a loft, measuring about 6½ feet by 7½ feet at its narrowest, that serves as the shared sleeping room for the family of four.

Info gathered from:

http://online.wsj.com/article/SB10001424052748704901104575423800962191046.html?mod=WSJ_RealEstate_LeftTopNews#project%3DSLIDESHOW08%26s%3DSB10001424052748704476104575439733893090418%26articleTabs%3Darticle
Original article written by:
By YUKARI IWATANI KANE
KYOTO, Japan

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