Read the Original Article: JW Marriott Desert Springs Resort gets $1M deal

Written by Blake Herzog, The Desert Sun

PALM DESERT — The Palm Desert City Council voted 3-2 Thursday to approve the city’s first tax rebate deal, which is worth $1 million to the J.W. Marriott Desert Springs Resort.

The rebate will help the hotel finance the construction of a water park.

Mayor Bob Spiegel and Mayor Pro Tem Bill Kroonen supported the proposal, as did Councilwoman Jan Harnik.

“I think it’s these kinds of measures that are going to be the salvation of our budget in the future,” Kroonen said, referring to the city’s impending loss of its redevelopment agency.

Councilwomen Cindy Finerty and Jean Benson dissented, saying such a plan would set a precedent and the city couldn’t afford to share hotel taxes with private developers.

“I think putting a water park out there is tremendous,” Benson said. “I’d be in favor of maybe reducing some of the fees to get that done, but I can’t see ever starting to give back our TOT (transient occupancy tax).”

How it would work is, after the water park opens the hotel would keep whatever transient occupancy tax it earns above what it would be expected to if the park had not been built, until that figure reaches $1 million.

Marriott General Manager Ken Schwartz said this should take about five years.

“I’m not looking at it as giving you any less than we ever gave you” in hotel tax, Schwartz said.

He predicts a 3-percent increase in overall annual occupancy rates with the water park, and that it would be of particular help during the valley’s off-season, drawing vacationing young families interested in trying out new amenities.

Schwartz said the park will include a “giant tower with two to three slides,” play areas for toddlers and older children, the desert’s first simulated surfing pool, and indoor game and arts and crafts areas.

It would be built around the Springs Pool, which is southeast of the hotel’s main lobby, and be open to hotel guests only.

The Rancho Las Palmas Resort in Rancho Mirage opened a family oriented water park, Splashtopia, in 2007, the same year the La Quinta Resort was approved for a similar “signature pool” concept. But after winning a court battle with neighbors over the plan, new owners dropped the idea.

Spiegel said the water park would help the Marriott compete with Rancho Las Palmas, and other cities that have entered into tax rebate agreements — such as Palm Springs — and are seeing experiencing faster growth as a result of the revitalization of their tourist sectors.

“We can’t sit back and lose money and that’s what’s happening in our hotel occupancy right now,” he said.

No members of the public spoke against the proposal during the meeting, though the city received four emails opposing it before the meeting.

“Why would we spend money to undercut our new Aquatic Center?” asked resident Joan Beasley, referring to the $7.7 million complex opened near City Hall last summer.

Schwartz said the city contribution would be a major selling point with the investment committee of the resort’s Washington D.C.- based owner, Host Hotels.

In an interview after the meeting, he said he would know next week when the project would be submitted to that committee for approval.

He added that he was “very excited” about the council vote.

Blake Herzog covers Palm Desert and Rancho Mirage for The Desert Sun, and can be reached at (760) 778-4757 or blake.herzog@thedesertsun.com .

The investment Fannie Mae is making into their foreclosed assets gets their assets into move in condition is really important to help Fannie Mae sell faster and brings a higher price for the property.

Fannie Mae offers several programs to assist new buyers in purchasing Fannie Mae owned Foreclosure properties. These incentives include Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.

Here’s a video from cnn.com about how Fannie Mae is investing into repairing and sprucing up foreclosed properties:

AUGUSTA DWYER

Special to Globe and Mail Update

Published Friday, Nov. 18, 2011 5:00AM EST

Last updated Friday, Nov. 18, 2011 11:48AM EST

As wealthy foreign buyers snap up more and more luxury homes in Canada, high-net-worth Canadians are similarly showing strong interest in purchasing multimillion-dollar residences abroad. But while their sights were once set on a French château, perhaps, or a Tuscan villa, the trend now is towards buying in the United States.

“We’ve really seen a fall-off in buying in Europe because of all the confusion over the past 12 months or so,” says Don Campbell, president of Abbotsford, B.C.-based Cutting Edge Research Inc. and the author of five best-selling books on real estate investing.

With so much volatility in Europe, especially in Spain, Portugal and Italy, “people don’t know in which direction the market is heading, or the direction of the potential tax implications,” he says. France has just added a new tax on foreign property owners, and the market in Dubai “is getting hammered,” he explains.

Currency fluctuations can cause real estate values to plummet in real terms, while economic woes often leave European governments with little choice but to raise taxes on properties belonging to the super rich.

As a result, says Mr. Campbell, there’s a lot of confusion about where high-net-worth individuals should buy that second property. Hence the popularity of buying in the U.S., where as Mr. Campbell says “you know what you’re getting”.

Other destinations of choice right now are stable tropical nations, such as Costa Rica and Panama. But, he says, “No.1 is the U.S. There’s no question about that.”

The financial incentives for buying luxury residences south of the border are obvious. “They’re at a historic low in terms of pricing,” said Chris Potter, a partner in the Toronto PricewaterhouseCoopers real estate practice.

Lawyer David Altro, author of Owning U.S. Property: The Canadian Way, also finds high-net-worth Canadians are increasingly attracted to real estate prospects south of the border. He says his clients in the eastern part of the country tend to buy in south Florida, while those in the West are eyeing properties in exclusive California cities such as Palm Springs, Desert Palms and Rancho Mirage, or in Hawaii.

The main reasoning behind such preferences is ease of access. Direct and relatively short flights mean less stress and hassle in travelling back and forth between Canadian and U.S. homes.

“They are also liking those areas because they have health care there, too,” he says. “But the bottom line is, we like to go south in the winter to get out of the Canadian weather and play golf and go to the beach. So no matter what the U.S. real estate market is like, it’s always going to be busy.”

Mr. Altro says many boomers and high-net-worth Canadians are taking up permanent residence in the U.S. With a much lighter tax regime “on a regular annual income basis,” he points out, “we have a steady stream of high-net-worth Canadians who are moving to the States. I have a client in Vancouver, worth about $50-million, and all that invested money in Canada is being taxed at such a high rate. Move to the U.S. and it’s like they have a new annual revenue.”

Hunter Milborne, a partner at Sotheby’s International Real Estate, explains why buying a property needs to be planned correctly. If a Canadian owns a property personally, “they have a fairly onerous estate tax [on inheritances], whereas if you own something corporately or through a trust, then that’s not the case.”

For Mr. Campbell, another issue implicit in owning foreign property is having sound insurance advice. “Being such a litigious country, you better have an incredibly good insurance agent for liability, fire and all the things you need to protect yourself for down there,” he says.

“If you’re buying into a gated community or a high-end condo, check to make sure how many of those properties are actually in use, as opposed to being in arrears, foreclosure or owned by a bank,” he says.

“Because the community still needs money to run … a lot of people who buy into those semi-deserted gated communities because it’s relatively inexpensive, find that their fees and operating costs can start to really go through the roof.”

There are, however, many Canadian multimillionaires opting to simply stay put, keeping the Canadian market in luxury real estate buoyant.

“The real favourite right now is keeping money in your hands and in your own country,” says Mr. Campbell, “especially with the global confusion that’s going on, and economic and political confusion in the U.S.”

While there are some very effective ways to spark interest in homes, there are also, of course, very effective ways to send someone fleeing from them. Such was the case with Nicolas Cage, who recently acknowledged that the reason he sold his Newport Harbor mansion was because a disturbed naked man broke into his house and confronted him wearing only one of Cage’s leather jackets. According to the Orange County Register, the house, which Cage sold in 2008 for $35 million, is back on the market for $28.5 million.

In another possible case of egregious harassment, one Brooklyn woman is alleging that she and her daughter are being evicted from their apartment because she turned down her landlord’s sexual advances, The Real Deal reports. The harassment started immediately when she moved in, she claims, and included the super requesting sex in exchange for a break on the rent. Now it’s payback time: the woman is suing the landlord for $15 million.

Whether or not she wins the suit, she’ll likely seek shelter from the storm elsewhere. In that she’s not alone: According to CNN, storm shelter sales are through the roof, owing to the unusually high number of tornadoes this year. The severe weather has traumatized so many in the Midwest — an estimated 550 people this year have been killed, which is 10 times the average annual rate — that the “laissez-faire attitude” of prior storm seasons has given way to a strong desire among Midwesterners to be prepared for the next twister headed their way.

SOURCE:  Teke Wiggin, AOL Real Estate

Spectacular views combined with delectable food provide the perfect dining experience. There are two dining options at the top of the Palm Springs Aerial Tramway. Peaks, a fine dining experience with a breathtaking view of the Coachella Valley and Pines Café, a cafeteria-style restaurant. Both restaurants are open for lunch and dinner.

Peaks Restaurant

A Culinary Experience Above the Clouds. The chefs have created a menu featuring a variety of fresh vegetables and greens from the Coachella Valley, dry aged meats and poultry along with fresh breads from local bakeries. Additional selections will include market fresh seafood and pastas. Children’s menu available.

Peaks Thanksgiving Day

Peaks Restaurant will serve an all you can eat buffet from 11am to 7:30pm. Cost of dinner is $50 adults and seniors and $25 children ages 3-12. Tram admission, gratuity and tax are not included.

Reservations are required please call 760.325.4537.

Click here to view the Thanksgiving Day Peaks Menu

Pines Café

A cafeteria-style restaurant, offers a variety of menu selections. Menus are subject to change but a sample menu is available. The Palm Springs Aerial Tramway offers a special Ride ‘N’ Dinner combination ticket for the Pines Café.

Pines Café Thanksgiving Day

Ride ‘n’ Dine combination tickets, which include Tram admission and dinner at the Pines Café, a cafeteria-style restaurant, will be available for purchase beginning at 8am. Dinner will be served from 11am until 8:30pm. Tickets for the combination are $36 adults and seniors and $23.50 children ages 3-12. To view menu please click on Thanksgiving Day Pines Menu

Click here to view the Thanksgiving Day Pines Menu

The Lookout Lounge

A full cocktail bar offering a variety of alcoholic beverages and appetizers and is located on the same level as the restaurants.

The International Association of Golf Tour Operators on Thursday named the Palm Springs area the “Top North American Golf Destination” for 2012.

The distinction was made at the IAGTO annual golf travel awards ceremony in Belek, Turkey, tourism officials of Palm Springs Desert Resort Communities Convention and Visitors Authority said Friday.

“We are honored to receive this award,” said Scott White, chief executive of the valley’s largest tourism marketing organization.

The Palm Springs destination has more than 100 golf courses, many designed by athletes such as Arnold Palmer, Pete Dye and Greg Norman.

It hosts several notable tournaments, among them, the Humana Challenge — formerly the Bob Hope Classic — in partnership with the President Bill Clinton Foundation; the Frank Sinatra Starkey Hearing Foundation Celebrity Invitational; and Kraft Nabisco Championship, the first LPGA major of the year.

Votes for winners in each of five regions around the world were cast by more than 380 golf tour operators from 55 countries.

The golf destination with the most votes receives the 2012 Golf Destination of the Year accolade.

Written by

Debra Gruszecki

The Desert Sun

The city’s Finance Department’s September 2011 Hotel Tax Report showed what the city called an “unprecedented” year-over-year increase — 24.56 percent — compared with September 2010 figures.

“This success is due in part to new convention business at several hotels throughout Palm Springs and mild temperatures in the desert, which helped make our Labor Day weekend extremely busy thanks to the drive market,” said Aftab Dada, general manager of the Hilton Palm Springs.

Dada said the September wedding party of a Facebook executive also drove hundreds of hotel bookings and increased business in downtown Palm Springs.

September’s transient occupancy tax haul was $1,040,536 and collection was $835,392 in September 2010, according to the city’s report. Collection increased 23.96 percent in August and 21.05 percent in July, compared with the same months last year.

Dada said he expects greater growth from October, due to two conventions that booked thousands of hotel rooms in Palm Springs.

“It’s incredibly heartening to see that, despite an economic downturn, Palm Springs remains the premiere resort destination in Southern California for visitors,” Mayor Steve Pougnet said.

Article Source – Written by City News Service – Mydesert.com