Stewart Penn - Los Angeles Condo Specialist

Royal Lofts aboard Oasis of the Seas - Royal Caribbean

Royal Caribbean has taken delivery of its newest addition to its fleet of cruise ships, "Oasis of the Seas".

At an estimated cost of $1.5 Billion this is the world's biggest and most expensive cruise ships ever to set sail. The gigantic ship that is five time bigger than the Titanic and can accommodate over 6000 passengers in 2700 staterooms and suites, began its maiden voyage this week from Finland to Florida.

What I found most interesting about this incredible floating resort are the modern lofts that have been incorporated into the design. The lofts look more like condos than state-rooms or cabins. According to press releases there are 25 Crown Loft Suites (737 sq ft), a number of corner Sky Loft Suites (722-770 sq ft), and the Royal Loft Suite (1524 sq ft) that features both indoor and outdoor dining areas.

Personally, the idea of being on a ship with over 6000 other guests doesn't appeal to me .... I prefer something a bit less crowded and intimate ..... but I think the Oasis of the Seas is an impressive and noteworthy achievement for the shipbuilders.

Perseverance Pays Off - Holmby Hills House Sells for $13,200,000

Originally listed at $27,500,000 this 12,000 sq ft 9-Bed 9-Bath has finally sold in Holmby Hills (in the Bel Air/Beverly Hills area of Los Angeles) for $13,200,000 - 50% of it's original Asking Price! The MLS describes the property as a "Grand 1930's Hollywood Georgian, completely remodeled." The house includes a hidden wine-cellar, screening room and sauna.

The property was originally listed in May 2008 and was on the market for 429 days before it finally sold ..... proving that Perseverance Pays Off, give or take a few million in the pricing.

(Listed by Stephen Resnick of Westside Estate Agency and Sold by Eric Hassan of Coldwell Banker Beverly Hills)

Is Mercedes really about to launch a Gullwing, hybrid SLK?

Several Auto Blogs (following the lead from Auto Express) are featuring articles about a new hybrid Mercedes.

Daimler Benz has a 10% investment in Tesla Motors, currently the only manufacturer of an all electric car prodcution car - so this may not be beyond the realm of reality!

As the dust settles after the near collapse of the world's financial system last year, it's back to the smoke-and-mirror tricks that helped cause the crisis in the first place.

I'm specifically referring to Re-Remics - "the resecuritization of real estate mortgage investment conduits".

Basically this involves repackaging existing collateralized debt obligations into new products.

Congressman Dennis Kucinich (D-OH) has asked Treasury Secretary Timothy Geithner to address the potential threat to the financial system posed by resecuritization of existing residential mortgage backed securities. (Read the full text of his letter).

According to Dennis Kucinich's website: "The Re-remic process takes previously issued residential mortgage backed securities and collateralized debt obligations whose value has deteriorated considerably, and repackages them into larger, more complex financial instruments in an attempt to create investment-grade products once again. Investors and analysts alike have stated concerns that re-remics could be used to hide toxic assets and manipulate capital requirements."

Kucinich claims that only $50 million of a $664 Billion market is overseen by the Securities and exchange Commission.

Needless to say, one of the usual suspects is actively creating these financial products: Goldman Sachs.

This is scary stuff ..... and make me wonder if Wall Street believes it will get away with this, again!