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Tuesday, August 21, 2007

The Lowdown On New Orleans Travel

The beautiful city cuddled around the curve of the Mississippi River, known for its cuisine, music and culture, is the metropolis New Orleans. This vibrant city summons many a visitors every year. Its more than a few attractions are cherished by tons of people across the globe.

Getting Acquainted With the Place

New Orleans is quite an old city that has a profound sense of art and architecture, culture and people. Certain historic buildings like the U.S Mint Building and the Lousiana History Museum have always accepted attention of the visitors.

The French Quarter is an eminent area in New Orleans. The Quarter speaks about the marvelous European architecture, history, legends and the like. The Bourbon St. bars is an all time entertainment bar or club for the adults. Once you step out of French Quarter, a horde of hotels and restaurants welcome you. The IMAX theatre, Riverwalk shops and Harrahs casino are particularly very famous here.

The Storyland at the City Park of New Orleans is believed to be a wonderland park. The Six Flags amusement park, the Audubon Park and the Zoological Gardens that have more than a thousand animals are amongst the magnets of New Orleans.

The Jackson Square area of New Orleans is teeming with artists, musicians, mimes and fortune tellers, needs no introduction. People from all over the world visit this place on their vacation to New Orleans. The French Quarter is brimming with shopping malls and shops. From glittering jewelry to exclusive souvenir, everything is readily available. There are also antique shops for those who have a taste of antiques. The French Market at New Orleans is known for the bargain. The market is basically devoted to the farmers as well as to flea.

Once you are tired of running around to shop, enjoy a wonderful coffee at the Caf Du Monde. The caf is considered to be the home of beignet and chicory coffee. The shotgun houses at New Orleans are meant to admire the exclusive and peculiar architecture. The rooms in these houses are lined one behind the other such that a single shot fired from outside the front door would go out from the back door without hitting anything. The D- Day Museum at New Orleans that exhibits the history of World War II, has its own glory and charm.

There are different tours to explore New Orleans to the fullest. Thses tours are quite informative and adventurous. For instance on a swamp tour you get to know the concept behind the above ground cemeteries in the city. You also get an opportunity to feed the alligators, see the grand homes and gardens in the Garden District and many such things.

A ghost tour, relished especially by the kids will take you to the haunted St. Philip Street. While on a Southern Comfort Cocktail Tour you will enjoy the restaurants, bars and hotels of the city along with the fables attached to them. The Honey Island Swamp tour is specifically meant for the kids to enjoy this nature preserve and eerie houses like Gris-Gris.

The distinguished pulls of New Orleans are incomplete without the festivals celebrated here. The principal festival of the year is the Mardi Gras in February. This is followed by the crawfish festival in March, the Jazz Heritage festival and the French Quarter Festival in April or May. The July visitors can enjoy the fireworks that happen to be on the 4th of July, Satchmo festival in August subsequent to which are the festivals for tomatoes, catfish, plants etc. in September. Finally there is the grand Christmas celebration that draws everyones thought and concentration. Almost all the festivals are festooned at least with fireworks and parades.

New Orleans has earned a significant name in the area of sports. The city is a host to many sports concerts all round the year. These festivals make New Orleans a destination worth vacationing all round the year.

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Real Estate Appraisal - Rental Properties

Real estate appraisal for rental properties isn't the same as for single family homes. If you were looking at a 24-unit building, it would be difficult to find similar ones nearby that have recently sold. Therefore, a market analysis using comparable sales isn't normally used.

It is also not ideal to use replacement costs either. How do you figure replacement cost if there is no land for sale nearby with proper zoning? This is used as a secondary method, though, and can tell you if maybe you should be building instead of buying.

Real Estate Appraisal Using Capitalization

Investors buy rental properties for the income. Therefore it is the income that is used to determine value. The rate of return expected by investors in a given area gives you the capitalization rate, and this is what you use to accurately appraise an income property.

Start with the gross income. Subtract all expenses, but not including loan payments. If a building's gross income is $82,000 per year, and the expenses $30,000, you have a net before debt-service of $52,000. Now apply the capitalization rate to this figure.

If the common capitalization rate is .10, for example (ask a real estate agent), divide the income of $52,000 by .10, and you get $520,000. This is the value of the building. If the usual rate is .08, meaning investors in the area expect an 8% return, the value would be $650,000.

Easy Real Estate Appraisal?

Net income before debt-service, divided by the "cap rate:" It really is a simple formula. The tough part getting accurate income figures. Is the seller showing you ALL the normal expenses, and not exagerating income? If he stopped repairs for a year, and is showing "projected" rents, the income figure could be $15,000 too high. This would mean the building is worth $187,000 less (.08 cap rate) than your appraisal shows.

Another thing smart investors do when buying, is to separate out income from vending machines and laundry machines. If these provide $6,000 of the income, that would add $75,000 to the appraised value (.08 cap rate). Do the appraisal without this income included, then add back the replacement cost of the machines (probably much less than $75,000).

Be careful when using any real estate appraisal method. No formula is perfect, and all are only as good as the figures you plug into them. Used wisely, though, real estate appraisal using capitalization rates is one of the most accurate methods.

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Injuries & Defense

Before we look ahead to this weekend's NFL conference championship games, let's take a look backward. What was all the talk in the NFL over the last month? Should the Colts sit their starters to have them rested for the playoffs or not? There were many people that split on the answer, but I think we'd all agree what the correct answer is: Play 'em! Or at least, rest any injured players, but don't bench the majority of starters the last two weeks of the regular season, even if everything is sewed up.

That was the position the Colts found themselves in after that 13-0 start. They had clinched everything: The division title, the bye week, home field for the postseason, the No. 1 spot. However, anyone who watched Sunday's loss to the Steelers saw an Indy team that was rusty for most of the game. Very rusty.

The Colts were out of sync most of the way in their 21-18 loss to the Steelers. Overall, having a bye week gives a team enough time, two weeks, to rest and prepare. It takes time and practice to get a team in sync because there are so many players that need to work together in unison: Blocking patterns, running backs hitting the proper holes, lineman pulling, receivers running patterns, quarterbacks getting the football to them on timing routes, etc.

Think back to the final regular season game for the Denver Broncos. Denver was a 12-point dog at San Diego in a meaningless game for the Broncos. They had everything sewed up and needed only to stay healthy. Instead, Mike Shanahan had several starters play significant first half minutes. They also played inspired football, dominating the Chargers in an impressive performance. I think back to the regular season finale a year ago when the Patriots hosted the terrible 49ers at home in a meaningless game, yet Bill Belichick played the starters for three quarters. The reason was a little different, as the Patriots played a sluggish first half, tied 3-3, as a big favorite. Belichick didn't like the performance and sent the starters back out for the second half, injuries be damned! They followed the next few weeks with dominating performances on the way to winning another Super Bowl title.

With the four remaining teams, does anything stand out? Yes, defense! Carolina and Pittsburgh are ranked No. 3 and 4 in the NFL in total defense, with the Broncos and Seahawks at No. 15 and 16. More important is run defense, and notice that all the remaining teams are in the Top 5 in the NFL at stopping the run! It goes Denver (2nd), Pittsburgh (3rd), Carolina (4th) and Seattle (5th). One of those will win the Super Bowl, so again, stuffing the run is a huge key to building a championship defense.

That hasn't translated into a significant amount of unders for those teams, but keep in mind that 6 of the 8 playoff games thus far have gone under the total. Yes, it should come as no shock that defense wins championships in all sports, once again!

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