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GOLF GRABS BULGARIA!

At the present time there are only three golf courses in the whole of Bulgaria: one at Elin Pelin, near the capital, Sofia, and two owned by Air Sofia. These are located at Ihtiman, opened in 2000, 40km from Sofia, and at Sliven, opened in 2004, 90km from the Black Sea.

Because of the increasingly rapid rise in foreign interest in Bulgaria recently, several more golf courses are proposed. One of these will be located at Razgrad, in the north-east, about 90km from the Black Sea. More are scheduled to open in the next few years: two at Kavarna and one at Primorsko, near Sozopol.

Mountain and ski areas will be represented by a golf course in the ski town of Bansko this year, and a very large golf complex between Kostenets and Borovets, the country's foremost ski resort. This is scheduled for 2007, the year of Bulgaria's entry into the European Union, and will be located at Dolna Banya, already near Bulgaria's first golf course at Ihtiman.

Bulgaria Properties Ltd has purchased almost 6 acres of prime development land adjacent to the proposed golf course at Dolna Banya. The plans are to construct about 220 apartments around a comprehensive sports complex, with access to the golf course by a short footpath. The amenities on site are to include tennis, volleyball, squash, badminton, lawn bowls, boules (boccia), shooting, archery, croquet, mountain biking, and fishing nearby. Indoor facilities will include a 140-seat main restaurant and cabaret stage, a huge main bar (perhaps the largest in Bulgaria), a sports bar with projection TV, snooker, pool, table football, table tennis, a Chinese restaurant, Indian restaurant, fast food cafeteria, pizzeria, gymnasium, sauna, massage parlour, clinic, chemist, sports shop and minimarket.

Steve Avery, a Director of Bulgaria Properties Ltd, said, It may sound like a clich, but we really were in the right place at the right time! After two years in this business, I just couldnt believe my luck to find such a gem. Anyone involved in this project should make a serious return on their investment.

GENERAL OBSERVATIONS ABOUT THE BULGARIAN PROPERTY MARKET

On Borovets and Bansko generally, Steve had this to say: Apart from having ski lifts and ski runs, these two towns are quite different from each other, and appeal to different groups of people. Bansko is an old, traditional residential town with lots of character and no fewer than 180 quaint taverns full of local people singing and dancing to a typical Bulgarian folk band. Borovets, by contrast, is purely a resort, with hotels, modern west European-style bars and night-clubs, cafs and restaurants. Residential property and holiday homes are therefore readily available in Bansko, but not in Borovets, where the closest you can get is usually in one of the surrounding villages.

As for property values, Bansko went mad for a period of three months at the end of 2003, with land prices doubling, and then calmed down. Many poor goatherders suddenly found that they were rich. Nothing wrong with that, I say. Since then values have been pretty steady there until now, when theyre starting to creep up again. The reason for this is that the sudden surge in foreign tourists to Bansko has left the supply of holiday accommodation woefully short of the demand. And this trend shows no sign of abating. To try to cope with it, there have sprung up many hotels and apartment projects, but it seems unlikely that even these will be able to satisfy the demand for accommodation for several years yet. As a result, the prices for such apartments range from 1,000 Euros per sq.m. for a ground-floor unit facing away from the mountains, to 1,350 Euros per sq.m. for a top-floor example with a mountain view. Yet, people buy them. I guess, because a 1 bedroom 60sq.m. apartment for 41,000 is still a far better deal than youd get in Spain. Ive heard developers claim that 90% of their apartments are sold within 3 weeks! I only hope that we have such luck when ours are released in June!

In this respect Borovets, again, is different. Although its Bulgarias first and best-known ski resort, it stagnated for years until now. The Super Borovets project, funded by EU, governmental, foreign and local business sources, is scheduled to run from 2005 to 2009, and will revitalise the whole region around the town to a radius of 10-12km. This has already started to affect property values in the surrounding areas. To give an example, in March 2004 we bought, unseen, a half-acre plot in a village 15km from Borovets. When I visited it, I discovered that it wasnt suitable for building apartments; so, I put it on the market in August. By November it was sold at an 80% profit after all costs were deducted!

I am personally of the opinion that the Bansko effect could strike around Borovets at any moment. Thats the reason why Bulgaria Properties Ltd is developing four projects here, and only two in Bansko. We can sell these apartments about 15% cheaper at the moment, anyway. Borovets must surely offer a better return on investment, regardless of the type of property bought: land, a shack, whatever. You wont find new apartments easily, though. As far as we know, Bulgaria Properties Ltd is the only developer building them. I dont, however, expect this monopoly to last for long.

Bulgarias third ski region is at Pamporovo, which, like Borovets, is purely a resort. Funding is starting to come in, but full development, if it happens at all, is likely to follow several years behind Borovets. Its distance from Sofia (a days drive) makes it less attractive to visitors from north and west Europe. It is, however, popular with Greeks, because of its proximity to the frontier. One of Bulgarias major motorway routes to Greece will pass very close to Pamporovo, and this should boost its popularity, as well as making the Mediterranean Sea more accessible.

Property values are lower here than in Bansko and Borovets, but are creeping up gradually. I reckon that Pamporovo is a good long-term prospect; say five to ten years. The only reason why Bulgaria Properties Ltd has no developments here is because Ill probably have retired before the boom happens.

How does a mountain area investment compare with coastal properties?

Significant differences yet again. Until recently, most of the investment was flooding into the northern Black Sea coast resorts, from Varna down to Sunny Beach. The area became very popular as a result of the Bulgarian governments Bulgaria the Beautiful TV campaign back in the 80s, and the subsequent interest of package tour operators. Now that the north is saturated with developments, the interest has begun to creep down the coast. This is causing a steep rise in property values. They are still lower than those in the north, but the gap is closing. An investment in the south should therefore offer a better ROI.

Dont expect, though, the ambience of the south to become like that of the north. When I discussed the subject with the Chairman of the Bulgarian Foreign Investment Agency last year an extremely intelligent and able young man, I must add he told me in no uncertain terms that he did not want the south to become like the north. His very words were: We dont want another Benidorm. So, prospective property purchasers need to bear this in mind, and balance their desire for more capital growth, or their willingness to accept less, with the different rental market appeal of the two regions, along with their own taste in holidays.

There is one highly significant factor, however, which very often goes unnoticed until it is too late; and it applies to the whole coast. Most people dont know that it freezes on the coast in winter. When they see the coastal resorts basking in the hot summer sunshine, its difficult to imagine snow on the ground. The entire coast simply shuts down in the winter, and nothing happens. Its as dead as a doornail. Therefore, rental income can be fairly assured for 15 weeks, possibly 20, plus some odd bits in the shoulder seasons of April and October. The coast has a five-month season from May to September, compared to nine months in the ski areas. Those people buying only for rental income, therefore, would find the mountains far more lucrative.

The Times recently published an article, saying: Rental yields tend to be better for ski properties than those on the coast because of the longer ski season. You could expect about 12 per cent gross yield for a good ski apartment and about half that on the coast.

Rents vary greatly, and depend on many factors, most of which should be obvious: location, size, view, amenities. The standard of finish and the condition of the property can also determine your market quite radically. To appeal to west Europeans, and to command the highest rents, your property must be well finished and appointed, and be in tip-top condition. If it is not, you still have a market for east Europeans, who tolerate less salubrious surroundings because they pay much less, usually about half of the west European rates.

Generally, summer rental rates on the coast equate to winter rates in the ski resorts, both seasons being about five months. Remember that you also have about four months additional rent, though at lower rates, during the summer in the mountains. These rates should increase gradually, as the Government programmes to make the ski towns more popular for summer holidays make their mark.

There are several Bulgarian agencies willing to manage your rental properties for you. Expect to pay about 20% of the rent as a fee.

What about properties in the countryside?

Not a serious contender in the ROI stakes, I think. Not if you consider the effort involved. You can pick up property very cheaply indeed in the inland areas, away from the resorts. Almost always itll need some kind of work; anything from a face-lift to demolition. Theres often no inner staircase to the bedrooms, no bathroom, and the toilet is in a shed in the garden. This kind of property is great for buyers who want to get away from their homeland, and disappear in the beauty of nature permanently. As a business, it could appeal to self-builders or DIY enthusiasts, prepared to do it for fun, and accept a low return on their financial and physical investment. As for rental income, forget it!

And the cities?

Again, there are differences, even between cities. The prime city is, of course, Sofia, the capital. Buy the right apartment here, in the right area, and you can expect a guaranteed rental return of about 12% per annum. The flavour of the month is gated communities, particularly in the south of the city. The diplomatic residential district of Vitosha is one of the best bets. There is a ready demand for luxury accommodation from diplomatic staff and executives seconded by foreign companies, usually on a long-term basis, and this demand should increase as 2007, the year of Bulgarias accession to the European Union, approaches. Although you should expect to pay high for such properties by Bulgarian standards, its still only the price of a tarted-up Victorian terraced flat in a UK provincial town.

Theres virtually no market for tourist rentals in Sofia, as its probably the least interesting European capital city. Its also very polluted, although they are trying to clean up their act, ready for EU entry in 2007.

Plovdiv, the countrys second city, is much more pleasant. It has a quaint old town, as well as modern business districts. It therefore bridges the gap between business and tourism, as far as rentals are concerned. Plovdiv is connected to Sofia by an excellent motorway, on which you can keep the pedal to the metal, if youre prepared to risk an on-the-spot fine of 50 Leva (about 18).

Veliko Tarnovo is probably Bulgarias most touristic city, with its citadel and mediaeval ramparts. Most people who buy property here do so to make it their main home. The city itself is beautiful, and it has everything a townie needs. Drive a short distance, and youre in some wonderful countryside. You couldnt really make a good living from rentals, but its the perfect place to retire to.

Theres one more thing which is important enough to mention: Mineral baths. These exist all over Bulgaria, the most significant being at Narechen, south of Plovdiv, and Momin Prohod, near Kostenets. Scientific studies rank Bulgaria among the foremost in Europe for hydrothermal, bioclimatic and mud treatments, sea cures and other health resources. Bulgaria is a world leader with its exceptional diversity of medicinal herbs and the excellent curative properties of its apian products. Any property near a spa should attract a premium to its sales or rental value.

Full details about the Super Borovets project, price madness in Bansko, golf developments in Bulgaria, and new apartments in Bansko and Borovets can be seen at the Bulgaria Properties Ltd web site www.BulgariaProperties.net. Or you can e-mail advice@BulgariaProperties.net, or call the company at +44 (0)871 226 2296 to order a free 28-page hand-out, or just for a chat, if you prefer. They always have time for you.

Every year over one million parents have to talk to their kids about divorce. For each parent, the discussions differ, but the goals of the discussions are universal: to openly and honestly reassure your child of your love.

Divorce is painful and traumatic for all involved spouses and children alike. We all happily begin our lives together full of shared hopes and dreams and committed to a lasting and loving relationship. Yet almost 50 % of todays marriages end in divorce. How parents handle divorce, however, makes the difference in their children's healthy adjustment or potential maladjustment.

Heres an example of how to begin talking to your child about your divorce.

Lets meet Brad: Brad is 9 years old and an only child. Hes the apple of his mothers eye and dads best buddy. Brad is at the top of his class in school and participates in the school band and in the spelling bee. Hes also an active athlete playing intramural hockey and soccer, and running competitively. Both of his parents attend all of his sports and school activities.

One day to his surprise Dad takes him out after a soccer game and tells him "I have something sad to tell you. Mom and I are having a hard time, and you may have noticed something wasn't right between us, and you are right. Were going to live in different houses and youll be spending some of the week with me and some with your Mom. I know this will be difficult for all of us. So we should talk about it openly together and about what we're both feeling."Discussing divorce with your children is never easy. Here are some tips to help ease this transition.

1. Communicate with your spouse (partner): Although things have not worked out in the marriage, the two of you still have children to raise together. Be sure you both are in agreement as to the timeline of the change and give your children clear dates and details. The more solid the plan, the less anxiety your child will experience.

2. Use age appropriate language and details: A five-year-old and ten-year-old understand very different things and have different levels of maturity. Follow their questioning before offering details. Be honest, but remember what is appropriate for the age of the child or they will not comprehend the situation.

3. Reassurance: Reassure them that they will continue to be loved and cared for by the two of you. Let your children know that your love for one another has changed, but that your love for them remains strong and constant. Reiterate that the divorce is not their fault.

4. Discretion: Make an agreement with your spouse to not speak badly about the other spouse to the children. Refrain from arguing in front of the children and do your best to keep them out of your conflict!

5. Know yourself: Be aware of your own feelings of hurt or anger. Do not make a child a confidant for the pain the divorce is causing you. Seek a support group to help you through this period. Share your feelings with friends and professionals. Children are not therapists!

Always remember: Strive to be communicative and honest during and after the divorce process because there will be different degrees of feelings over the event as time goes on. If you're communicating honestly, however, you can never hurt your child.

Florida real estate is definitely worth a look if sun and fun is your ticket. Florida real estate, even close to the beach, is a very good deal.

Florida

Florida is a well-known haven for people living through winter storms in the northeast. Sun and warm water are an obviously attraction, but there is much more to Florida. Orlando seems to be one giant theme park with Disney World, while Miami offers entertainment of a distinct adult variety with a legendary nightlife. Throw in the Florida Keys, tons of college and professional sports teams, the Kennedy Space Center and you have a state with a lot to do besides loaf on the beach. Then again, loafing on the beach should never be denigrated!

Miami

Miami is a city that really needs no introduction. With Cuban influences, the city is an explosion of styles, colors and fun loving people. Palm trees are plentiful as are beaches, bars, outdoor cafes and walking streets. When you need a break from the beach, Miami hosts professional sports teams in baseball, basketball, hockey and football. The real key to the area, however, is simply the festive atmosphere and people. Nearly half of the population is Hispanic with a heavy influence appearing throughout the city. Every day is a party in Miami.

Orlando

If Orlando isnt the capital of theme parks, I feel sorry for the place that is. Orlando is home to no less than Disney World, Universal Studios and Sea World. The theme parks are actually located on the edge of the city, which makes Orlando proper a bit bland. Humidity can be a bit of a bear during the summers, but the winter is incredibly nice.

Tampa

Tampa is an underrated city in my opinion. The chief criticisms seem to be it is overly modern and a bit boring. In fact, it is just the opposite. Tampa has a funky cultural feel, particularly in Ybor City where multiple cultures clash in free wheeling fun and you can get a Cuban cigar hand-rolled by a Cuban artist. Museums, art galleries and theme parks abound. The beaches of Clearwater are white, clean and a good place to roast in the sun.

Florida Real Estate

Florida real estate is very reasonably priced considering much of it is so close to an ocean or lake. The average home price in Orlando will run you just above $300,000, roughly the same amount as Tampa. In Miami, prices vary wildly depending on the part of the city you are looking in, but you can expect price ranges from $250,000 to $800,000.

If you want to get in on Florida real estate, now may be an ideal time. For 2005, property in Florida appreciated at a rate of nearly 25 percent!

What's missing from Las Vegas newspapers, TV and radio this week?

The answer is easy for Sin City denizens: casino Super Bowl party ads.

That's because there aren't any big bashes planned, at least the kind where you pay a C-note, watch the game on widescreens, stuff yourself with all-you-can-eat "stadium fare" and get intoxicated with friends at open bars ... a big part of the Vegas mystique.

The Goliath NFL wiped them out last year, holding potential lawsuits over resorts that didn't kowtow to demands they cease and desist from airing the game at events people pay to get in.

The league cited broadcasting rights.

Oh, the gleaming alabaster palaces still will roll out red carpets for the rich, famous and media types, cook up fancy food (medallions of veal anyone?) and throw open the liquor cabinet, top shelf and all, but casinos don't like to discuss these "private" affairs.

Someone might be left out, inadvertently or otherwise.

Besides, letting the public know how the other half lives isn't real Strip smart.

Many resorts will show the big Pittsburgh-Seattle game throughout their casinos, offering food and drink specials.

Vegans and tourists also have the option of watching Super Bowl XL in sports books throughout Nevada; just come early, stake your claim (some bet shops feature more comfortable chairs than others), make your wagers and start searching for those specials.

Harrah's will give patrons Super Bowl t-shirts with $50 parlay wagers and showing the game at its Piano, Carnaval, Winning Streaks and other bars, while Fiesta Rancho will give away a 2006 Dodge Ram during festivities.

Many former NFL stars will spend Super Bowl weekend in Sin City, but most will maintain low profiles to escape media glare.

They'll limit public appearances to things like "tributes" and charity auctions, then mix and mingle "privately."

John Elway, for one, should thank the Steelers for creaming Denver in the AFC title game, as he already was committed here. So's Dan Marino, who never really had a reason to believe he'd be anywhere else on Super Bowl Sunday.

Philadelphia bad boy Terrell Owens will paint the town red, starting at 10 p.m. Friday at Caesars Palace's upscale PURE Nightclub; a deejay will focus on rock and rap music.

Like all free Americans, Vegans also can watch Matt Hasselback and Ben Roethlesberger duel in the friendly confines of their favorite pub, or tavern; they're on many neighborhood corners, like anywhere else.

The Steelers have several fan bars in Vegas while the Seahawks have one.

Bob Taylor's Ranch House and Supper Club in the far northwest valley has catered to Las Vegans since 1955.

The current owner hails from Pittsburgh and has turned the classy steak house saloon into a Steelers bastion.

"We'll have food specials, beer specials, shots and everyone will be dressed in yellow and black," a restaurant spokeswoman said.

"Everything we cook is mesquite grilled, you know.

"We're having a big Super Bowl party."

So is Rascals, another Steelers stronghold on Vegas' East Side.

"We have a free Super Bowl buffet -- actually, it's pretty nice and I'd be here myself (even) if I didn't have to work -- for anyone who buys a $25 square on our board," said a lady who answered the phone.

"But we only have two squares left, so we'll think up another gimmick by Friday so those who didn't get down on this one get another chance for free buffets.

"We'll have free well drinks too and 50-cent drink tickets that let you uprade on brands.

"And there's no cover charge."

Seahawks fans also have a haven, at Smoke Ranch Junction on the city's West Side.

"Sure, we're having a big Super Bowl party," said a voice at the other end.

"We'll have a free buffet and drink specials."

Bars rely on regulars for most Super Sunday business, but emphasize their shindigs are open to the public, which, in fact, they ardently pursue.

Those seeking something truly spectacular might give the Red Rooster a whirl; it's a swinging joint.

The Seattle-Pittsburgh match-up will be shown on big-screen TVs and a buffet will be served.

BYOB.

Cost is $40 for couples and single men; single women are free. No tickets will be sold in advance.

A dress code will be in effect: Men, boxers only; women, just panties.