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Property shares are looking much better value than physical property and there is a need for consolidation in the sector with too many companies and liquidity only in the leading stocks.This is the sort of property analyst’s message that the industry has become used to in the 1990s. But the same message was being heard 50 years ago when Warburg (then known as Hurst-Brown, Buckmaster and Peter Hicks) began property research.Warburg’s first note, which came out in January 1949, was re-published this week to celebrate the broker’s 50 years of research and the retirement of head analyst Roger Moore after 25 years.Moore was arguably the doyen of property analysts and, until recently, was voted the best in the sector every year.Fifty years ago, there were 132 quoted property companies – roughly the same number as today.‘Very little changes over the cycles other than the names of companies and personalities,’ concludes Moore.‘Property will always be a sector prone to feast or famine and one in which fortunes can be made with little equity capital outlay won or lost. History shows that the shrewd investor cystallises or consolidates gains but those who become so intoxicated by their success that they begin to think they are infallible often lose their fortunes in cataclysmic fashion.’ read more
The multi-million dollar dredging project at the George B. Stevenson Dam in Sinnemahoning State Park has been completed, reports the park manager Lisa Bainey.According to Lisa Bainey, the project called for sediment removal/dredging to occur at the northern end of the reservoir and around the boat launch area.During the works, over 125,000 cubic yards of sediment was removed and spread on reclaimed strip mines in Sproul State Forest.Now with the dredging completed, the park will renovate the boat launch and mooring areas to enhance boating and fishing opportunities on the George B. Stevenson dam.Upgrade plans include paving of the parking lot and boat launch pad, installing a courtesy dock, and enhancing the mooring area to make launching easier for mooring patrons.Bainey also added that because of the wet weather, opening of the boat launch has been postponed for early August. read more
A famous Cape Town tourism hot spot has become somewhat of a sunken graveyard for ships as wrecks begin to pile in the busy harbour. Hout Bay Harbour is one of Cape Town’s tourism jewels and thousands come each year to soak up the seaside atmosphere or take a leisurely trip on a ferry. Its big attraction is seal island which is inhabited by thousands of cape fur seals and is a big hit with tourists but unfortunately Hout Bay has seen better days. Thats because the around 17 ships are wrecked inside the habour,some half submerged others fully,all though a potential dangerThe wrecks are clear to see and some are scattered around busy passage ways in the harbor,others seem to face the same fate in the near future. They been building up over the years,some even on top of each other,some have fallen victim to bad weather but most to crime“The wrecks are a bad thing because they are,apart from being unsightly they a navigation hazard,specifically a pollution hazard,they always leak various fluids into the sea and most of the tourists come here to see the wildlife and obviously if wildlife is affected,tourism will drop off.” Robert King, Skipper/Nauticat ChartersHout Bay harbor’s wrecks may be a sight for soar eyes but they could also harm the local economy,if the nearby seal pollution if affected.For now though,wildlife continues to make Hout Bay a big tourism draw card and with the peak holiday season fast approaching,the wrecks are for the time being seen,as just a minor inconvenience. read more