Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Thursday, June 30, 2005

E-mail scams

I implore you to take 10 minutes and read the correspondence between these two. About halfway in I was struggling to breathe I was laughing so hard. Great pick-me-up for the afternoon.

Gone surfing,

Pure Data - Nothing but the facts maam

Ahhh, the picture above looks sooooo refreshing. Anyhow, I hope everyone has a great thursday. Please enjoy the article I have linked above. I will post one or two others today, but any good articles that you find would be welcomed warmly.

Gone surfing,

Wednesday, June 29, 2005

Another ride on the ferry-go-round?

The biggest news item in our area yesterday was Mr. Danny Ferry and the Cleveland Cavaliers Draft. Albeit, we had no picks, we still managed to get, Martynas Andriuskevicius, yes that lovable russian who no one in cleveland & akron has ever heard of. I respond with, who cares if we have heard of him, he is 7 feet 3 inches and can shoot, or so they tell us. Well see what happens. Maybe he will become best buds with Dsagna Diop (however its spelled).

Onto other brief news and bytes....

U.S. Supreme Court: Cities Can Seize Homes for Private Economic Developmentby Kenneth R. Harney
The U.S. Supreme Court's 5-4 decision last Thursday upholding local governments' eminent domain rights to seize property for private economic development purposes should be an alarm bell for homeowners, Realtors and builders around the country.

Supreme Court Justice Sandra Day O'Connor, writing for the four dissenters, summed up the potential ramifications of the decision this way: "The specter of condemnation (now) hangs over all property. Nothing is to prevent (governments) from replacing any Motel 6 with a Ritz Carlton, any home with a shopping mall or any farm with a factory."

"The government now has license to transfer property from those with fewer resources to those with more. The founders cannot have intended this perverse result."

The majority decision in the case, written by Justice John Paul Stevens, held that eminent domain property seizures by local governments need not be limited to "public uses," such as roadways, schools or public buildings. Eminent domain seizures now can also include a "public purpose," whereby a government takes real estate from one private owner and gives it to another private owner who will develop it in ways that benefit the local tax base and encourage creation of jobs.

"Promoting economic development is a traditional and long-accepted function of government," wrote Justice Stevens. "Clearly there is no basis for exempting economic development from our traditionally broad understanding of public purposes."

The case, Kelo vs. City of New London, involved 15 homeowners in the Fort Trumbull neighborhood of New London, Conn., who refused to accept the city's condemnation of their property to make way for a redevelopment consisting of privately owned office buildings, a hotel and conference center. Susette Kelo, a registered nurse who purchased her home in the waterfront neighborhood eight years ago, appealed the city's action in state courts, arguing that private economic development did not qualify as a "public use" under the Fifth Amendment of the U.S. Constitution. That amendment requires governments to provide "just compensation" when they use their eminent domain powers to acquire private property. Kelo and the 14 other plaintiffs ultimately lost their case before the Connecticut Supreme Court, then appealed it to the highest federal court.

Kelo said Thursday, "I was in this battle to save my home and, in the process, protect the rights of working class homeowners throughout the country. I am very disappointed that the court sided with powerful government and business interests."

Justice O'Connor's comment about the "specter of condemnation" arose from a dialogue the court had with New London's attorney during oral argument. Asked whether a city could seize a Motel 6 and hand the property over to developers of a Ritz-Carlton hotel solely because the new hotel would yield higher tax revenues to the city, New London's attorney replied that yes, the city could.

Reduced to that harsh legal possibility -- that a local government needs nothing more than the prospect of higher revenues to justify the seizure of any private property -- there would appear to be virtually no federal legal constraints on what municipalities can do, provided they claim a "public purpose."

Dana Berliner, a senior attorney with the Institute for Justice, a public interest law firm in Washington D.C. that represented the New London homeowners, said Friday: "It is a sad day for American homeowners. Whereas most court decisions affect a small number of people, this decision undermines the rights of every American, except the most politically connected."
Scott Bullock of the Institute for Justice said his group now intends to fight "eminent domain abuse" at the state legislative and judicial levels, where some state courts already have put restraints on municipalities' eminent domain powers.

Published: June 27, 2005

Have a good day.

Gone Surfing,

Tuesday, June 28, 2005

When will the bubble burst?

I have been all over the place today working on broker class work, so I leave you with an article sent to me from a good friend and confidant. Interesting article as it discusses the potential for stabilization in America and some of the hotter markets, such as Florida, California and Arizona to name a few. Enjoy the post.

Gone Surfing,


Monday, June 27, 2005

Another monday scribbling

While My time today has come to an end, always remember what the great Jimmy Valvano said, "Never give up, Never give up!"

Have a wonderful monday evening and I'll see you tomorrow.


Ahhh, Monday Again.


This weekend in Akron was a beautiful one at that. Sunshine, 90 degree temps. I got out and rode my bike around town. I missed the Lebron Bike-a-thon....anyone get to ride in that?
As far as real estate happenings, I did not hear much, but then again, please refer to sentence 1.

One thing I have noticed while driving/biking around town is the amount of homes on the market for sale. Seems like there is an overwhelming amount of sellers out there. Does anyone have any input on that, I would love to hear from some sellers.

Anyhow, I am studying for my brokers license currently, so back to the online classes for now, but feel free to leave a post or e-mail me at

Gone Surfing,

Friday, June 24, 2005

Goodnight Akron & Hello World

Ahhem. Is this thing on? Whew, I am like a gradeschooler asking my crush to the prom. Seriously, I welcome myself to the World web, by posting what I hope to be an informative and often visited blog.

I look forward to speaking further and having spirited discussions.

Pappas Realty Co.

Sean Dreznin


Ladies & Gentlemen,

It is now 8:23 PM, and the drecom investments blog has officially hit the web. "Don't have a cow man".

I hope to offer comments & opinions of our community through articles, trends & research, and of course discussions.

I look forward to hearing from others and hopefully having a boisterous audience one day.

Take care, and have a great weekend. For some of you I may see you tomorrow.

Pappas Realty Co.

Sean Dreznin