Business
First Belana closes, now the Borders Express store in Sierra Vista Mall is scheduled to close.
The closures come on the heels of this story about all the new shops and restaurants opening up in Fresno. It's a reminder that we're not quite out of this mess yet.
Belana may have faced the same problems attracting customers as other restaurants, despite famed local businessman Krikor "Kirk" Vartanian's involvement.
As for Borders Express, the company is closing mall-based stores in an effort to stay profitable. The Hanford Mall location will stay open.
This just in: An extension of the home-buyer tax credit passes House and heads to Obama's desk for signature.
http://www.house.gov/smbiz/democrats/PressReleases/2009/pr-11-5-09-homebuyers-credit.html
Fresno Historical Society home tour
Nov. 13-14
Tickets for Friday: $50.
Saturday tickets: $30 in advance; $35 day of
Information, tickets: 559-441-0862; www.ValleyHistory.org
Fresno's architectural heritage will be showcased Nov. 13 and 14th when five homes along historic Huntington Boulevard open for tours.
It is Fresno Historical Society's annual fund-raising home tour. Participants can gather on the front lawn of the A.G Wishon home, 3555 Huntington Boulevard (which is not open to visitors) from 6:30 to 9:30 p.m. Nov. 13 for a wine and harvest dinner. A candlelight tour will follow.
At 11 a.m. the next day, participants can gather in the Roosevelt High School library for an illustrated lecture by Karana Hattersley-Drayton, the city's historic preservation officer and a panel discussion on how to green up a historic home. A home tour will follow from noon to 4 p.m..
Huntington Boulevard is the heart of one of Fresno's most architecturally distinct neighborhoods. A variety of styles - from modest to grand - face a wide boulevard bisected by a grassy median. The boulevard was a streetcar route from 1907 to 1939.
This year's tour includes the following:
Continue reading "Huntington Blvd. home tour set" »
If you are facing foreclosure and about to lose your house, would you consider renting it back from the lender to stay there?
Now you might be able to. Both Fannie Mae and Freddie Mac have started programs that allow homeowners to stay in the house. Fannie's program, announced this week, allows qualifying homeowners to lease back the house for up to a year, with the possibility of month-to-month leases after that.
Freddie's program, unveiled in January, enables some families to rent the house on a month-to-month basis.
The objective is to ease the trauma of foreclosure and not force families to move. In many cases, the lease or rental agreement transfers to the new owner if the house is sold - although Fannie Mae says it won't list the house for sale during the one-year lease period.
Fannie's program is available to borrowers who don't qualify or haven't been able to sustain a loan modification.
Fannie didn't say how many people will qualify for the program, but roughly two-thirds of homeowners offered rental contracts under Freddie Mac have taken them, according to the Wall Street Journal.
My cell phone has many capabilities, most of which I can't figure out.
But people who aren't as technologically inept are now able to use cell phones to search for real estate as the industry starts to dial-up more sophisticated services.
Fresno-based Guarantee Real Estate, for example, contracted with Smarter Agent, an application that allows people to get details and photos of houses for sale.
Once the application is loaded onto a cell phone, it can be used to get information on homes for sale in any area of the country where Smarter Agent has access to listing data.
Now, if I can only figure out how to stop butt dialing my daughter at school.
 It's getting to the point where banks may be getting a little jumpy when Fridays roll around.
That's because Friday is the day of the week when banking regulators are moving in and closing financially weak institutions across the country. The recession claimed nine more banks last Friday afternoon, according to the Federal Deposit Insurance Corporation.
That brings to 115 the number of banks that have failed so far in 2009.
(Above right: a banking official posts a closure notice on the door of a County Bank branch in February -- Bee file photo)
FDIC insures bank depositors against the loss of their money in the event of a bank's collapse and serves as a clearinghouse to arrange for another bank to take over the failed institution's assets.
A story in Sunday's Bee reported on how the wave of failures is depleting the FDIC's insurance reserve, and the FDIC's plan to collect three years worth of insurance premiums, or assessments, from banks to build up a sufficient cushion to deal with even more failures expected this year and next.
It's the banks, not taxpayers or the government, that pay insurance premiums or assessments to make sure their deposits are insured. But banks are failing faster than the FDIC can collect the assessments.
Continue reading "Bank failures continue to pile up" »
Retailers are snapping up empty storefronts despite the recession. For a rundown of new stores in town, read this story.
Kwirkworld was scheduled to open today. Has anyone checked it out yet? (Are the bacon vs. tofu action figures as cool as they sound?)
I also find it absolutely fascinating that MAC Cosmetics is opening two doors down from Sephora in Fashion Fair mall. For those who don't know, MAC is an extremely popular cosmetics brand. The brand has a kiosk inside the mall and a counter in Macy's already, both of which will stay once the new store opens.
Retail consultant Jeff Green, however, says there's enough customers for all three them. He envisions that corner of the mall as a "beauty hub" in which shoppers hit up both Sephora and MAC.
I'd love to be in a Sephora worker's shoes and see how this effects customer habits at Sephora -- if it all.
 Disappointment seems to be the watchword as local motorcycle enthusiasts absorb the news that Harley-Davidson is discontinuing production of the Buell brand of motorcycles. (At right: Buell's XB12R "Firebolt")
"Enthusiasts who know and love the brand are disappointed and dismayed it's going away," said Peggy Day, sales manager at Harley-Davidson / Buell of Fresno, the only dealer selling Buell motorcycles in the Valley. "On the other hand, people who aren't familiar with it are excited about the discounts that are available now."
Day said she, too, was disappointed "and a little surprised."
"It's a great motorcycle to ride. It's along the lines of a Ducati, very quick and nimble," Day said.
Continue reading "Buell's demise disappoints Valley motorcyclists" »
Carroll Shelby is nothing short of a legend in sports-car racing. So it's no surprise that his name and that of the Shelby Cobra are synonymous with high performance.
In my reporting this week I was struck by two extremes on the "Shelby" scale -- a Shelby Cobra model of the Tomberlin E-Merge, a low-speed battery-powered car (below, left) getting ready to come onto the Fresno marketplace by way of trucking businessman Bruce Lackey, and a Dodge Viper Shelby Cobra (below, right) being shown at the Central California Auto Show by insurance broker and Internet car dealer Marvin Rose of Fresno.
  There's a family resemblance, I suppose, but I think it's safe to presume that any similarities are only skin deep.
 There's just something about a Ferrari, and I can't quite put my finger on it. Several are on display at this weekend's Central California Auto Show at the Fresno Convention Center, thanks to Fresno businessman Marvin Rose. Rose, an insurance agent who also sells exotic sports cars via the Internet, is providing a cadre of his inventory for car show visitors to drool over in Valdez Hall. Even though they're outnumbered by a range of hybrids and other fuel-sipping vehicles from the more mainstream manufacturers, Rose's exotics -- a seven-car lineup easily worth over $1 million -- are likely to be the stars of the show, especially given the absence of futuristic concept vehicles at this year's event.
Continue reading "Oooooooooo, shiny!" »
Home prices are headed back up and 12-month appreciation in the Fresno area will reach 4.39% by next August, according to First American CoreLogic, which tracks mortgage and real estate data.
First American made that projection based on its analysis of year-over-year declines in Fresno - which are getting smaller.
Between June 2008 and June 2009, prices of houses, including distressed properties, fell 21.35% in Fresno. The decline was 18.5% between July 2008 and July 2009 and 15.5% from August to August, the company reported.
Whether all that is a recipe for sustained gains remains to be seen. First American said that prices nationally could continue to fall through March 2010 if foreclosures increase and if the $8,000 first-time home buyers credit is eliminated.
Continue reading "Bottoms up?" »
The prospect of a dramatic increase in foreclosures prompted California Attorney General Edmund G. Brown Jr. today to demand detailed loan modification plans from major lenders, especially for those with pay option adjustable rate mortgages beginning to reset.
With 58% of these loans originated between 2004 and 2008, California will be hard hit, Brown said. He said systemic plans must be in place to preserve home ownership and avoid a more painful recession.
"Homeowners seeking loan modifications continually complain that their lenders and servicers fail to respond to their phone calls; that they are asked to resubmit the same paperwork over and over again; that they are told they will not be considered for a modification unless they are already in default; and that they receive no answer to their request for a loan modification and are left with no option but to short sell their home, go through foreclosure, or file for bankruptcy," Brown's office said.
A longtime vacant office building near Fulton and Amador streets in downtown Fresno is being ground into dust. Granville Homes is razing it to make way for the central core's newest apartment and retail project.
The three-story Fulton Village (gvurban.com) is the latest housing project in the city's central core by Granville or an affiliated entity. It is a few blocks away from the nearly complete Iron Bird Lofts, which the company also is involved with.
Fulton Village will feature 60 apartments, 4,000 square feet of retail space on the ground floor, a park, and open courtyard with common area and barbecues - all behind gates.
Will people want to live there?
Granville's Vice President Darius Assemi said the company supports the revitalization of downtown, and is putting its money where its mouth is.
And Reza Assemi, a member of the Granville family who has done several other apartment complexes downtown, has been fairly successful leasing them up to people who work in the area and to those who want a touch of urban living.
But, how deep is that market? Can the area support an additional 60 apartments, especially when low home prices are enticing renters to become buyers and when people are losing their jobs and moving out?
Continue reading "More living options headed to downtown Fresno" »
Macy's opened its doors for a soft opening last week. It will be open between now and Wednesday, when both the Fresno and Visalia stores celebrate their grand openings.
Read more about it here.
During a press tour last Thursday, the place looked great and ready to go (well, with the occasional behind-the-scenes tidbit like the worker spray painting mannequin legs black in the parking lot).
For those who did make it out, I'm curious: What did you think? Did it remind you of Gottschalks? How was the MAC counter?
Keep viewing for some pics of the River Park store by Bee photographer Mark Crosse that didn't make it in to the paper.
Continue reading "Anyone visit the new Macy's?" »
Home builders in California, worried that sluggish construction numbers will deteriorate even more, cited fewer permits in September as evidence for continuing tax-credit incentives.
"Since the discontinuation of the popular ($10,000) home buyer tax credit, we have seen a significant drop in traffic these past few months," said Liz Snow, president of the California Building Industry Association.
The Senate has passed a proposed extension of the tax credit, which applied to buyers of new houses in California. "We hope the Assembly follows suit," she said.
Statewide, permits for single-family houses were off 2% from August and down 12% from September 2008. In Fresno County, they declined 21.6% month-to-month and were off 5% from a year earlier.
In Tulare County, permits fell 24.1% for the month and 28.4% for the year.
Continue reading "Builders clamor for tax-credit extension" »
The sun is partially responsible for all the activity at the Clovis home of Dennis and Marlene Hancock this weekend.
Fourteen solar panels are being installed at their house on Fourth Street, courtesy of a state program; a non-profit organization, GRID Alternatives; the city of Clovis; and Pelco.
The retirees met income and other requirements for the Single-Family Solar Affordable Housing Program created by the California Solar Initiative, which is funded by the three big utilities in the state.
GRID Alternatives, started in the San Francisco Bay area, was awarded the contract to administer the residential program.
The group opened an office in July in Fresno, and the Hancock project is the first by that office (although GRID Alternatives in San Francisco has worked on a Habitat for Humanity project in Fresno), said Tom M. Esquedacq, regional director.
The panels are expected to cut the Hancocks' utility bill up to 75%. As a corporate sponsor of the program, Pelco is sending 30 volunteers to help install the panels.
The developers of the successful Sierra Gateway senior housing complex at San Jose and Marty avenues in northwest in Fresno in 2007 are preparing for a second phase.
Southern California Presbyterian Homes wants to build a 68-unit companion adjacent to the 79-unit original. As part of the process to apply for federal funding, the developer will solicit comments from the community at a public input session from 10 a.m. to 11:30 a.m. Friday at the Deaf and Hard of Hearing Service Center, 5340 N. Fresno St., near Fresno Street and Barstow Avenue.
Southern California Presbyterian is applying for a federal grant to finance about 90% of the $12 million project, but funding is not assured, said Sally Little, vice president of affordable housing at the Burbank-based developer.
"There is less HUD (Housing and Urban Development) funding available, which makes the competition stiffer," she said.
Continue reading "Another Gateway to affordable housing" »
Some analysts see short selling as a more gentle and cheaper alternative to foreclosure, and the government apparently agrees.
John Burns Real Estate Consulting in Irvine reports that Treasury officials will soon announce a $2,500 subsidy to encourage short sales, which is where lenders agree to sell a house at or near market rate to avoid a costly foreclosure.
More short sales could help stem a projected tsunami of foreclosures that some experts say will hit in 2010.
Burns also projects a "W"-shaped recovery, with the length of the second downward leg dependent upon the amount of government intervention. Without aid, he says, "Home prices will plummet, banks and the GSEs (Government Sponsored Enterprise, such as Fannie Mae) will continue to lose money and the economy has virtually no chance of increasing overall employment in 2010."
Finally, Burns has high marks for Fresno's affordability. Prices have tumbled so far that our housing costs-to-income ratio is 27% - well below the 33% that financial experts say homeowners should not exceed.
Merced's ratio is even better: 22%.
Sales at Sur La Table are going strong, which is why the retailer says it's hiring more workers for the holidays in today's Bee story. The store's spokeswoman, Susanna Linse, told me that sales are boosted by people cooking more at home.
People are "nesting," staying in for dinner and entertaining more at home, she said. They're cutting costs, even if that means investing in a $279 stove top espresso maker. More people are expected to give homemade goodies for the holidays this year. And the cupcake trend is still going strong.
And then I read this. Adweek says the image of frugal cooks slaving over the stove top to create beautiful dinners from scratch is a farce. Americans are "microwaving their way through the recession," said the head of the research firm the NPD group.
Use of the stove has fallen and use of the microwave is surging as people buy more pre-packaged frozen foods. They're not going out for pizza, but buying frozen ones to warm up at home, he said.
So what do you think? Are you actually cooking at home? Or just warming up something frozen and wrapped in plastic?
Many retailers are already in the thick of hiring seasonal help for the holidays. It's early, sure, but they like to have workers hired and trained before Thanksgiving.
It's not clear yet how many workers they'll hire, given the recession. What is clear: There's going to be plenty of competition.
I'm working on a story about the holiday hiring outlook in the Fresno area. Are there any job seekers out there who care to share their holiday job hunting experiences with a reporter for possible inclusion in the story? I'm curious to find out just how hard it is out there. If so, please drop me an e-mail at bclough@fresnobee.com. And good hunting to you.
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