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ECONOMIC DEVELOPMENT

A major biotech firm, Burnham Institute, announced yesterday that it
will set up shop in south Orlando, a move that will impact land values,
home prices and commercial development in the area.

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NEW HOME SALES

The Commerce Department reports that new home sales fell by
4.3 percent last month, the largest slowdown since February, and
the nation's inventory of unsold homes climbed to a record high.


CONDO INSURANCE

As the cost of condo association insurance skyrockets, owners worry
about higher expenses. But industry experts have another fear -- trouble
in the housing industry if a significant number of condos go up for sale
because sellers can't afford to stay.

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HURRICANE FUNDS

Nonprofit organizations may now apply for grants to help low-income
Floridians in eight counties strengthen their homes against hurricanes.
It's part of the My Safe Florida free inspection program now operated
by the Florida Hurricane Relief Fund. These low-income recipients
won't have to match state funds.


HOUSING MARKET

July home sales report were weaker than David Lereah, NAR's
chief economist, anticipated because "sellers are more stubborn
than I expected." He predicts that home prices will fall 5 percent
nationally with a harder landing in selected Florida and California
cities.


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HOT TUB TIP

This suggestion gets you into hot water: Hot tubs make second
homes more rentable. Anyone who plans to rent out a second home
to vacationers should consider adding a hot tub, says Bill May, owner
of Sunspots Ins, Resorts and Rentals, which maintains more than 100
properties in Hawaii and other vacation spots. May estimates that
vacation rental condos with hot tubs bring in an average of $14,000
more annually than rentals without hot tubs. "It's a four-season amenity
and something people really like to have available, even though they
might not use it," he says. "It would probably pay for itself three times
over in less than a year." Beyond a hot tub, "What people want and will
remember is that the home is pristinely clean," says Penny Taylor,
May's wife and business partner. "Renters remember crisp linens and
sparkling floors and are after a spot where all they need to bring is
clothes and food."