Homepage / Currency / Strength in numbers could help California in massive rebuilding effort after wildfire disaster
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Currency

Strength in numbers could help California in massive rebuilding effort after wildfire disaster

Thousands of homes lost to last month’s devastating wildfires in Northern California could be rebuilt faster and more efficiently using production-scale techniques, according to industry experts.

Indeed, a proposal is being floated to pull together construction and crew resources to rebuild whole communities or streets lost in the wine country wildfire disaster. This mass-building approach could become particularly important as contractors say they are already being inundated with calls for rebuilding requests and some worry about shortages in skilled labor and materials.

“Because we have such a large situation, we have to think beyond our own property lines,” said Julia Donoho, an architect and attorney in the Santa Rosa area.

Backers of the approach say pooling together resources could allow for strength in numbers and increase overall efficiencies in the use of skilled crews, site supervisors, equipment as well as the purchase of construction materials. It also might be a way to get fire victims back into their homes faster.

Overall, last month’s wildfires damaged or destroyed more than 14,700 homes across several counties in Northern California. Sonoma County bore the brunt of the disaster but there also was destruction in Napa, Mendocino, Lake and a few other countries.

Sonoma County lost about 5,000 homes, and Santa Rosa — the largest city in the county — had 3,000 homes destroyed and entire neighborhoods wiped out. The homes lost in Santa Rosa represent roughly 5 percent of its housing stock.

In addition to the property losses, there also were at least 43 fatalities linked to the Northern California fires, with 23 in Sonoma County.

Donoho said she’s working on a project to rebuild all of Santa Rosa’s Coffey Park neighborhood and talking to homeowners about what they’d like to see in the rebuilt community.

About 1,300 homes were lost in Coffey Park, a middle-class neighborhood. There also were higher-end neighborhoods lost that might not lend themselves to production-style rebuilding since there may be too many customized features, industry executives say.

In any event, some believe the rebuilding process could take 3 to 5 years to complete and note that the current priority is a government-led hazardous and toxic waste cleanup at burned homesites. State officials have said they expect the rebuilding to start in earnest in the springtime.

“Some of the homeowners want to be back in so quickly that we should just rebuild with the plans with modern standards that they already had, and that would give them the fastest permit,” said Donoho. “Other people have ideas about redesign. So we need to find the right balance.”

Added Donoho, “We don’t just want a few houses back, we want our whole neighborhood back. If you get your house back, but you don’t have a neighborhood of houses around you and you’re surrounded by 10 years of construction.”

Jeff Okrepkie, an insurance agent in Santa Rosa who lost his home in the wildfires, said grouping together homes to rebuild sounds “great but it’s hard to get this whole process figured out right now.”

In fact, there is still an ongoing process of fire victims going over losses with insurance adjusters to see how much in proceeds they will get. Some also are dealing with banks who hold the mortgages to homes.

“It’s a bleak and scary future that we’re looking into, and we have to find a way to wade through those murky waters,” he said.

Okrepkie said even before the wildfires there was a “massive labor shortage and a lot of that has to do with the rental and home market up here. Pretty much everybody who could swing a hammer who was reliable already had a job. It will get worse because we just lost that many residential structures.”

In Sonoma County, there’s also believed to be fewer than six major homebuilders that can construct multiple homes or residential developments.

“When you start looking at the numbers, we’re going to need people from somewhere else to help do it,” said Okrepkie.

At the same time, there are concerns the new construction crews coming to the area will only exacerbate the region’s housing shortage.

Even so, pooling together resources might attract more interest from established builders and contractors from outside the Northern California region.

A large production-scale rebuilding approach was utilized previously in California wildfires, including in 2003, 2007 and 2008. The biggest of those was in San Diego’s Scripps Ranch community after the 2003 Cedar fire, a deadly blaze that destroyed a total of more than 2,300 residential properties in the region.

A handful of builders were responsible for rebuilding hundreds of the homes lost in Scripps Ranch. That effort took several years and some of those same firms already have shown an interest in participating in the rebuilding.

“With 6,000 homes and the devastation that we’re seeing, we think we could offer a helping hand,” said Jeff Pack, an executive with Stonefield Companies, a San Diego-area homebuilder that helped rebuild homes after the Cedar fire and wildfires in Southern California.

Added Pack, “They are going to need a lot of help up there in rebuilding. It’s going to be a massive effort with the amount of homes that have been lost.”

Stonefield already has made inquiries to see about the availability of its subcontractor pool to assist in Northern California. The company could use its playbook from the Scripps Ranch fires to keep the costs down.

“Our blueprint down there allowed the homeowners to team up together and that allowed the cost spreading to occur from architectural plans to contractor superintendent onsite to site supplies to different tractors that the subcontractors needed to use,” said Pack.

Residential insured losses from the recent wildfires totaled more than $3 billion, with the claims total expected to go up, California’s insurance commissioner announced Tuesday. The insured losses in Sonoma County exceeded $2.6 billion.

“Doing a group rebuild is a way to lower price so people can afford to rebuild,” said Kenneth Klein, a California Western School of Law professor and expert on natural disasters. He said past mass-loss events have shown some 20 percent of the homeowners in communities are under-insured, meaning they do not have enough insurance proceeds to replace their homes to the state it was prior to the destructive incident.

Klein, who lost his Scripps Ranch home to the Cedar fire, said almost all of his neighbors decided to do a group rebuild after the 2003 disaster “because it was the obvious way to deal with the gap in insurance proceeds and rebuilding your home.” That said, Klein notes he had “full insurance” to cover all his home’s losses but still ended up building in tandem with a neighbor.

Source: cnbc economy
Strength in numbers could help California in massive rebuilding effort after wildfire disaster

Comments are closed.