The Ticker

Romney, Peter Lynch sell local properties

Mitt and Ann Romney are pulling up roots in Belmont — and apparently turning a profit.

Massachusetts' former first couple sold their South Cottage Road condo earlier this month for $1.2 million, according to property records.

Romney, the former Bay State governor and 2012 presidential candidate, and his wife, Ann, had owned the condo at the Woodlands at Belmont Hill since June 2010, when they purchased it for $850,000, records show.

Meanwhile, legendary Fidelity money manager Peter Lynch and his wife, Carolyn, have sold their Beacon Hill home at 51 Chestnut St. in Boston at a loss, for 
$4.5 million, according to Registry of Deeds documents. The circa-1830, Federal-style townhouse had been on the market since 2010, when the asking price was $6.85 million. The Lynches bought it for 
$5.125 million in 2005.

Lincoln Property buys 40 Court St.

Dallas-based Lincoln Property Co. has purchased the 110,000-square-foot office building at 40 Court St. in Boston's Financial District for $31 million, according to Registry of Deeds documents. The seller, New York real estate private equity firm Brickman, bought the property for $37 million in 2007 at the height of the Boston real estate market.

Built in 1912, the United States Trust Co. or Scollay Building's tenants include the Oceanaire Seafood Room, Massachusetts League of Community Health Centers, the Anti-Defamation League of New England and Kearney, Donovan & McGee P.C.

States release zero-emissions auto plan

Eight states on the East and West coasts including Massachusetts released a plan yesterday to work together to put 3.3 million zero-emission vehicles on the nation's roads by 2025.

The so-called "action plan" follows last year's memorandum of understanding announced by the governors of the states, including California and New York. The other states in the pact are Maryland, Oregon, Connecticut, Rhode Island and Vermont. The states represent about 23 percent of the U.S. auto market.

Car manufacturers applauded the action plan but said a lot of work needs to be done to meet the
3.3 million goal with zero-emission vehicles making up less than 1 percent of nationwide new car sales.

Today

 Commerce Department releases personal income and spending for April.

THE SHUFFLE

The Parthenon Group has named Peter Gates as senior adviser. Gates joins the Global Healthcare Practice, where he will focus on strategy development and value creation in the health care industry. Gates has 25 years of experience as both an executive and a consultant for health care companies.

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Gap filled in downtown

Gap Inc. is seeking workers for a new Gap Outlet that will open in Downtown Crossing — the latest evidence of a looming revival for the Boston shopping district.

The Gap is in talks to open the outlet on Washington Street, across from the Millennium Tower site, in the space previously occupied by the F.Y.E music and video store.

Downtown Crossing has seen heightened interest from retailers and investors in the wake of Millennium Partners starting work on the $630 million Millennium Tower and Filene's building redevelopment — particularly since it announced Arnold Worldwide will relocate its advertising headquarters there in September, and a 30,000-square-foot Roche Bros. supermarket and four-floor Primark store will open in 2015.

"There's clearly more interest," said Ron Druker, a major Downtown Crossing property owner with buildings on Winter, Washington and Bromfield streets, including the Corner Mall. "We get inquiries from brokers and from tenants as to whether or not we have space. We get interest from national and international (companies). It has picked up."

And retail lease prices will only go one way, Druker said — up.

The F.Y.E store closed in January 2012. Next door, the building that once housed a Barnes & Noble has been vacant since the bookseller moved out in the summer of 2006.

"In general, I think there's more activity than we've seen in recent years," said Robert Posner of Commonwealth Holding LP, which owns the former Barnes & Noble space at 395 Washington St.

Since 2010, 35 Downtown Crossing properties have changed hands. In the past year and a half alone, 17 buildings have sold, according to the Downtown Boston Business Improvement District.

"The real estate market is hot, and I think it means people are looking at the district and seeing that it has great value and great potential," BID president Rosemarie Sansone said.

As for retail interest, "there's a lot of movement," according to Sansone. "We see many more people showing spaces every day than we ever have before," she said.

San Francisco-based Gap Inc. did not respond to Herald inquiries.

"The Gap is a well-known brand, and that's exciting," Sansone said. "They have a loyal following."

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Radian tries to make its mark in luxury market

Designed to resemble a boutique hotel and with condo-level finishes, the just-opened 240-unit Radian luxury complex is hoping to draw the city's well-heeled renters.

The 26-story, $130 million project developed by Forest City Enterprises and the Swampscott-based Hudson Group North America sits along the Greenway at the nexus of Chinatown, the Leather District and the Financial District.

And while it doesn't have a pool like the nearby Kensington or sports courts like The Arlington or The Victor, or even an outdoor roof deck, it's trying to differentiate itself in other ways.

"We don't have some of the bells and whistles other buildings do, but we do have two things that stand out — our location is better and our service is higher quality," said property manager Michael Cheek of Forest City Enterprises.

If you have your groceries delivered, the Radian staff will take them up to your unit and put the perishables away. When you come in from work, there are refresher towels waiting in the lobby and there are steam towels in the gym when you finish a workout.

Have visitors coming to stay? They can rent an apartment for $150-$200 a night and can use the building's amenities.

But all the high-end service comes at a price. The 563-square-foot studios rent for $2,960 to $3,555. One-bedroom apartments, ranging from 617 square feet to 911 square feet, cost $3,400 to $5,100. Two bedrooms, from 1,049 to 1,163 square feet, run from $4,160 to $6,235 a month. And that does not include utilities (everything's electric) or garage parking, which is $400 a month and up.

Only 13 of the 240 units have been rented so far, Cheek said. To spur leasing, Radian is offering concessions — a free month's rent for those signing 12-month leases, and letting tenants lock in rent with two-year leases.

"We think there's a lot of young professionals who have good jobs downtown who want to reward themselves by having a nice place to live," said Cheek.

The fifth floor has a fitness center and yoga studio, as well as a residents lounge overlooking the city. There's also a private conference room to conduct business.

The units have contemporary two-tone kitchen finishes and lots of natural light from oversized windows. Living area floors are "Plyboo," a mixture of plywood and bamboo. The bathrooms have porcelain tile floors, white quartz sinks and tiled walk-in showers. And every unit has a Bosch washer and dryer.

Cheek said the most popular floor plan so far has been the rear "bullnose" apartments that feature living/dining areas with curving glass walls of windows with great downtown views. We looked at a 911-square-foot one bedroom plus study "flex" unit on the 17th floor with an asking rent of about $4,400. It also features a kitchen with Silestone countertops and Whirlpool stainless-steel appliances.

The 4,500-square-foot ground-floor retail space will be leased by four-time James Beard nominee chef Matt Jennings for a restaurant called Townsman, which will open Oct. 1.

"The people who will live here have busy lives, and we want to make living here as easy, stress-free and convenient as possible," Cheek said.

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The Ticker

Apple aims for street cred with $3B Beats buy

Apple is striking a new chord with a $3 billion acquisition of Beats Electronics, a headphone and music streaming specialist that also brings the swagger of rapper Dr. Dre and recording impresario Jimmy Iovine.

Yesterday's announcement comes nearly three weeks after deal negotiations were leaked to the media. It's by far the most expensive acquisition in Apple's 38-year history, a price the company is paying to counter a threat posed to its iTunes store.

The price consists of $2.6 billion in cash and $400 million in Apple stock that will vest over an unspecified time period. The deal is expected to close before October.

World Cup lifts winning country's stocks

Winning the soccer World Cup can bring rewards to the winning nation's stock market investors. But they better be quick as the post-victory rally doesn't last long.

That's the conclusion of investment bank Goldman Sachs, which published a wide-ranging report on the World Cup and its economic impact.

Goldman Sachs analysts found "a clear pattern of outperformance by the winning team in the weeks after the World Cup final." On average, the victorious country's stocks outperform the global market by 3.5 percent in the first month, the investment bank's strategy team said.

Media execs top CEO pay lists

Once again, media company CEOs are among the highest paid executives in the nation, with six of the top 10 earning spots in an Associated Press/Equilar study.

Compensation experts say a variety of factors are at play, including the gain in media stocks, the intangible value of talent in a hit-or-miss business, the control of shareholder power in very few hands and the decline of the financial sector.

TODAY

• Labor Department releases weekly jobless claims.
• Commerce Department releases first-quarter gross domestic product.
• Freddie Mac, the mortgage company, releases weekly mortgage rates.
• National Association of Realtors releases pending home sales index for April.

TOMORROW

• Commerce Department releases personal income and spending for April.
• Harvard Pilgrim Health Care has named Mary Ann Tocio, left, as chairwoman of its board of directors. Tocio is president and chief operating officer of Bright Horizons Family Solutions, a provider of employer-sponsored childcare, early education and work/life solutions.
• TheLocker, a social media community and e-commerce platform, announced three additions to its employee roster with marketing director Jesse Morgan, marketing manager Kristin Robinson and social media director Melanie Thompson.

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Target tests same-day delivery

Target Corp. will pilot same-day delivery in Boston next month as the latest retailer to enter the online shipping fray.

The retailer's test of "rush delivery" in select parts of Boston, its hometown of Minneapolis and Miami will allow customers to order eligible items online by 1:30 p.m. and receive them between 6 and 9 p.m. that same day for an extra $10 charge.

A Target spokesman declined to reveal the pilot's start date, which parts of Boston will be able to get the deliveries, or how deliveries would be made. "This is all about delivering products and services more flexibly — and serving­ guests on their terms by providing more options," Jason­ Goldberger, senior vice president of Target.com and mobile, said in a Target blog post.

But Norwell retail analyst Michael Tesler said he believes same-day delivery makes more sense for a luxury retailer such as Neiman Marcus than discounter Target, where many customers shop just for the basics.

"Ten dollars additional on a Neiman Marcus item isn't very significant," Tesler said. "And that cus­tomer, for an important event or an important meeting or their lifestyle, expects every­thing exactly when they want it, and they're willing to pay for that."

Same-day delivery likely will be practical for Target only in urban centers, where customers have money, but no cars, he said.

Target also plans to add standard shipping from 135 stores in 38 markets later this year, a move that would allow for faster, one- to two-day delivery and give online shoppers access to store-only merchandise that can't be found on its 
e-commerce site.

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Google gets ready to rev up driverless cars

Google announced its latest "moonshot" yesterday — a fully autonomous, driverless car — saying it hopes to have hundreds of prototypes on the roads a year from now.

The cars have no steering wheels, gas pedals or brake pedals, Google said. Instead, the cars will rely on a combination of sensors, cameras and software to start, stop and navigate traffic.

"We'll have two seats (with seat belts), a space of passengers' belongings, buttons to start and stop, and a screen that shows the route — and that's about it," the company wrote in a blog post. The cars' speed is capped at 25 mph, and drivers will start testing prototypes that do have manual controls later this summer.

Still, MIT professor John Leonard, who works on autonomous vehicles, said driver­less cars weaving in and out of traffic across the country are probably decades away.

"The technical challenges are pretty big in terms of what remains," Leonard said. "There's a lot of questions, but what they've done is amazing."

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Vote set for Boston Convention & Exhibition Center expansion

State lawmakers are set to vote today on the 
$1.1 billion expansion of the Boston Convention & Exhibition Center, already the largest building ever constructed in New England.

The plan to add
1.3 million square feet of space, including meeting rooms, exhibition areas and ballrooms, would still need to be passed by the state Senate if approved by the House today. The project would need to be signed by Gov. Deval Patrick by July 31. But both House Speaker Robert A. DeLeo and Senate President Therese Murray have publicly backed the expansion.

The Herald first reported earlier this year on a slew of unusual provisions in the bill. The Massachusetts Convention Center Authority can keep secret any document that contains "financial information" on its private contractors — language that never appeared in the original 1997 bill to construct the mega-hall.

The project is also exempt from the city's zoning code, but would still need BRA approval. And officials could use the statewide hotel tax fund as collateral to secure the bonds for the expansion.

MCCA Executive Director James Rooney has argued the center is too small to attract large conventions and that the expansion won't require taxes or fees to be raised.

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The Ticker

Jobless rate in N.E. falls to 6.1 percent

The unemployment rate in New England fell to 
6.1 percent in April, which is slightly below the U.S. average.

The New England information office of the U.S. Bureau of Labor Statistics announced the rate for the six-state region yesterday. It ticked down from 
6.3 percent in March. A year ago, it was 7 percent.

The U.S. unemployment rate for the month was 
6.3 percent.

Rhode Island had the worst jobless rate in New England, at 8.3 percent. That's also the highest rate in the nation.

Connecticut's rate was 6.9 percent, Massachusetts' was 6 percent, Maine's was 5.7 percent, New Hampshire's was 4.4 percent and Vermont's was 
3.3 percent.

S&P scores another record close

U.S. stocks rose yesterday as the S&P 500 scored a second straight record close, buoyed by the latest round of merger activity and as expectations for rate cuts by the European Central Bank stoked investors' appetite for equities.

ECB chief Mario Draghi said the bank must be "particularly watchful" for any negative price spiral in the euro zone. His comments increased bets that the bank was ready to cut rates next week to counter low inflation and weak lending in the euro zone, keeping asset purchases as an option.

The S&P 500 advanced 11.38 points or 0.60 percent, to 1,911.91, a record. The Dow Jones industrial average gained 69.23 points or 0.42 percent, to end at 16,675.50. The Nasdaq Composite added 51.26 points or 1.22 percent, to 4,237.07.

TOMORROW

 Labor Department releases weekly jobless claims.

 Commerce Department releases first-quarter gross domestic product.

 Freddie Mac, the mortgage company, releases weekly mortgage rates.

 National Association of Realtors releases pending home sales index for April.

THE SHUFFLE

Waltham-based GMZ Energy, a provider of advanced high-temperature thermoelectric generation power solutions that convert waste heat to power to increase efficiency in internal combustion engines, has announced the appointment of Cheryl Diuguid as CEO. With more than 20 years of international business experience, Diuguid has held senior executive positions in the power and energy industries, including lighting/LED, sapphire, fuel cells and industrial batteries.

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Google: We're building car with no steering wheel

LOS ANGELES — Google will build a car without a steering wheel.

It doesn't need one because it drives itself.

The two-seater won't be sold publicly, but Google said Tuesday it hopes by this time next year, 100 prototypes will be on public roads. Though not driving very quickly — the top speed would be 25 mph.

The cars are a natural next step for Google, which already has driven hundreds of thousands of miles in California with Lexus SUVs and Toyota Priuses outfitted with a combination of sensors and computers.

Those cars have Google-employed "safety drivers" behind the wheel in case of emergency. The new cars would eliminate the driver from the task of driving.

No steering wheel, no brake and gas pedals. Instead, buttons for go and stop.

"It reminded me of catching a chairlift by yourself, a bit of solitude I found really enjoyable," Sergey Brin, co-founder of Google, told a Southern California tech conference Tuesday evening of his first ride, according to a transcript.

The electric-powered car is compact and bubble-shaped — something that might move people around a corporate campus or congested downtown.

Google is unlikely to go deeply into auto manufacturing. In unveiling the prototype, the company emphasized partnering with other firms.

The biggest obstacle could be the law.

Test versions will have a wheel and pedals, because they must under California regulations.

Google hopes to build the 100 prototypes late this year or early next and use them in a to-be-determined "pilot program," spokeswoman Courtney Hohne said. Meanwhile, by the end of this year, California's Department of Motor Vehicles must write regulations for the "operational" use of truly driverless cars.

The DMV had thought that reality was several years away, so it would have time to perfect the rules.

That clock just sped up, said the head of the DMV's driverless car program, Bernard Soriano.

"Because of what is potentially out there soon, we need to make sure that the regulations are in place that would keep the public safe but would not impede progress," Soriano said.

___

Contact Justin Pritchard at https://twitter.com/lalanewsman.

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Regulations mulled for bitcoin

State regulators in Massachusetts and others around the country are taking a close look at virtual currencies as bitcoin continues to grow in popularity.

"We will be trying to come up with a model law or regulations states can use," said David Cotney, commissioner of the Massachusetts Division of Banks and chairman of the Emerging Payments Task Force. "This has gotten a lot of attention, and we want to make sure when we act, we get it right."

The task force is made up of nine state regulators from around the country, and will look at everything from bitcoin to mobile payments.

Last week though, the task force held a hearing on bitcoin and other virtual currencies, hearing testimony from bitcoin companies and regulators, include Barbara Anthony, undersecretary of the Massachusetts Office of Consumer Affairs and Business Regulation.

Anthony said one of the key issues is that average consumers may be interested in bitcoin, but are not aware of some of the risks.

"Consumers and average consumers need to know that there are certain drawbacks to trading in a virtual currency," Anthony said. "The kinds of consumer protections that we're used to, people have to understand they are not available to virtual currencies."

Things consumers should be aware of about bitcoin, Anthony said, include volatile worth and the fact there is no central authority that guarantees bitcoin's worth.

"You could buy $100 worth of bitcoin right now and over a period of time that value is not going to be $100," Anthony said.

Cotney said he is not planning on implementing any regulations on bitcoin immediately, but could down the road.

"We will certainly be looking at the efforts of this task force to help guide us," Cotney said.

Kyle Powers, co-founder of Liberty Teller, a company that makes bitcoin ATMs, said proper regulation will help carve out a place for the currency.

"Updated and streamlined regulations would help us grow our small business and would help Massachusetts maintain its leadership role in bitcoin," Powers said. "Bitcoin's biggest hurdle is educational, not technical. We work tirelessly everyday to increase access to and awareness of bitcoin, so we are on the same team when it comes to educating consumers."

Bitcoin had a busy week in the Boston area. Liberty Teller became one of the finalists for startup accelerator MassChallenge. And Circle Internet Financial, also based in Boston, announced its product, which aims to make bitcoin more accessible to consumers.

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These cars great for ‘staycations’

The family-vacation-turned-disaster is a meme that has spawned countless horror stories, from "National Lampoon's Vacation" trips to Walley World to several sorry sequels to Baby being put in a corner to Mitt Romney's dog.

What happened to this idyllic American rite of summer?

Well … we got busy. Busy with a career, a family. With life.

But the urge to jump into the Wagon Queen Family Truckster and hit the highway remains. Since we're all pinched for time, we typically truncate our summer vacations these days. The most likely choices are "day trips" — consisting of an overnight visit, or at most, a weekend away — or so-called "staycations," where we don't venture very far from home.

No time? No worries. Automotive Editor Mark Takahashi of Edmunds.com says there are good vehicular choices for whatever summer fun one has in mind.

Boston's career-minded dual income, no kids' population has the wherewithal, but not the time to get on a plane and get away for multiple days. These people need a vehicle that suits a life in the fast lane — even if only for a short time.

Audi A4

Audis are popular sellers here, and the attractive, drivable and fuel-efficient A4 tops the list. It has a luxurious feel and a smaller footprint ideal for city living. Buyers find this versatile car great for daily driving, but also ideal for quickie road trips. (Starting MSRP: $33,800)

Porsche 911

Of course, if you're really looking for style and panache, turn to what Takahashi calls "the classic sports car." Its iconic shape still turns heads, and maintains its legendary perform attributes. Unapologetically built for two, this car is the pick for a night out on the town. (MSRP: $84,300)

Tesla Model S

A game changer. A car Takahashi calls "sleek, sophisticated and utterly futuristic," the all-electric Tesla Model S redefines the green car. The P85 model ($93,400) provides up to 265 miles of travel on a single charge, along with jaw-dropping acceleration. People fearful of electric vehicles worry that they'll get stranded without a recharging station nearby. Chargepoint.com shows well more than 1,000 stations scattered throughout New England. (MSRP: $69,900)

Another major draw for New England travelers, said Mary Maguire, the director of public and government affairs for AAA Southern New England, is, "We have so many terrific vacation spots in close proximity. They're an easy drive and an easy proposition financially, because you can get there and back on a half a tank of gas. It makes the idea of day trip or weekend more appealing."

And then there's the "staycation" — one of the most affordable vacation options available. People take time off, but don't stand still. For family outings, perhaps a trip to Fenway, a Little League tournament, or a trek to an amusement park, consider these conveyances:

Honda Accord Hybrid

"This is one of the rare cases where we prefer a hybrid adaptation over its gasoline-only origins," said Takahashi. "It drives just like a traditional Accord, but returns astounding fuel economy figures of 47 mpg in combined driving. AAA pegs gas prices this weekend at an average of $3.65 per gallon in Massachusetts, and those prices typically spike in summer, so 47 mpg equals a win. (MSRP: $29,155)

Lexus GS 350

Another fine choice for tooling about town is the Lexus GS 350. It has the luxury and comfort of its German competitors while keeping a couple thousand in your bank account — money you can spend on having fun. "It's capable, comfortable, and inside it showcases quality and cutting-edge technology," Takahashi said. (MSRP: $47,700)

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Newspaper’s ‘Innovation Report’ is underwhelming, unrealistic

As a chorus of sycophants throws its collective back out to deem the leaked New York Times' Innovation Report a seminal work of genius, allow me to tell you why the 96-page document needs to be shelved like every other blue-ribbon commission production in history.

(It's only fitting that we do this as a Buzzfeed listicle, since the report made so much of trying to turn the Grey Lady into a cross between Upworthy and Flipboard.)

Top five reasons The New York Times cannot be serious about the Innovation Report, even if it was the work of a team led by publisher Arthur "Punch" Sulzberger's son:

5) It suggests having journalists take the time to build and repackage an archive of their own work. Have these people ever been in a newsroom? Although the idea of unearthing archives and reusing them in new and different ways isn't entirely laughable, the notion that reporters themselves should spend time on this is.

4) The authors fail to correctly define industry "disruptors" — the innovators who supplant the old with the new, like Buzzfeed and Huffington Post. According to the report, one of the "hallmarks of disruptive innovators" is that the new product is "initially inferior to existing products." Like Uber was initially inferior to taxicab dispatchers? Or how Amazon paled in comparison to Borders? How bizarre … and false.

3) The report suggests that more personalization will draw readers, even suggesting that when a reader walks by a restaurant recently given a positive review by the Times, their phone should tell them. Memo to the authors: There's this new website called Yelp, and it's … well … never mind.

2) The entire report is about growing the Times' digital audience, but there's no talk of figuring out a way to make money from that audience. True, home page visits have plunged by half in two years. (That whole having a paywall thing, perhaps?) But even before the traffic downturn, talk of layoffs and financial peril persisted. The fact is that digital advertising and subscription models alike are inherently flawed — even with a large audience. Which brings me to the final item of this listicle:

1) There are nearly no new ideas, because the report was generated from interviews with folks who are already doing the stuff they're suggesting. Repackaging and re-purposing content, promotion via social media, connecting with audiences and envisioning the digital newsroom of the future are all themes within this puzzling document.

It's like a bunch of people got together to envision 2010 from 2005. And the resources to implement all these supposed innovations will be at the expense of real journalism.

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Chips still on web gambling

Online gaming proponents are vowing to push ahead despite a leading casino industry lobbying group's withdrawal of support for expanded Internet gambling, which has proved to be a divisive issue among Las Vegas gaming titans.

State Treasurer and gubernatorial candidate Steven Grossman said the reversal by the American Gaming Association does not chill his interest in exploring online gaming to boost the state Lottery.

"They can have their squabbles out there all they want," Grossman said. "We'll continue to move forward … to study this issue and how it can potentially affect us, one way or another. Any smart business of any kind, public or private, would study that. You have to change to survive and flourish."

The AGA announced this past week it would no longer push to expand online gaming into new states, an issue that has pitted opponents such as Sands chief Sheldon Adelson and Wynn Resorts head Steve Wynn against supporters such as MGM and Caesars Entertainment.

Grossman said the near $5 billion state Lottery still wants to explore if online gaming can help preserve its market share, so long as credit cards can't be used to play and if it doesn't increase gambling addiction or hurt Lottery retailers.

"I hear the differences of opinion out there," Grossman said. "We're not going to get dragged one way or another into that debate. We'll simply study and be very careful with any approach to online gaming that doesn't protect the people of this commonwealth appropriately."

A bill is pending in the Legisla-

ture that would clear the path for the Lottery to experiment with online gaming.

Adam Krejcik, managing director at Eilers Research, which tracks online gambling, said the AGA's move dampened the prospects for new states jumping into the arena, particularly in the wake of poor returns in New Jersey.

"I think a state would much rather have the AGA support … someone needs to be leading the charge," Krejcik said. "It's hard to put a positive spin on it."

Krejcik said online gaming revenue this year in New Jersey, where casinos run gambling sites, "will come in below the most conservative estimates out there," about $140 million. Projections were as high as $1.2 billion, he said.

The state Gaming Commission — whose chairman, Stephen Crosby, called a forum in March to discuss online gambling, saying "the time is now" to discuss legalizing it — said the AGA decision does not change its posture.

"The AGA's decision to withdraw from discussions regarding online gaming reinforces the commission's position on this topic," the commission said in a statement. "The commission believes that a slow and deliberate approach to this issue is the most responsible way to move forward given the significant varying opinions on this matter."

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Starting 2012 Chrysler van gives driver a jolting jump

Recently I purchased a 2012 Chrysler Town & Country SXT V6 van with 39,000 miles. It is a one-owner vehicle with no Carfax issues. When starting out anytime, the accelerator pedal moves about an inch down before the vehicle responds from idle. When it does it jumps forward rather than a smooth reaction. This makes me let up on the pedal and then it jumps again when I reapply the throttle. This may be an inherent characteristic. I can describe the issue like this: If it is idling at 800 rpm at a stop, it jumps to 2500 rpm to get going, then adjusts to the pedal position. I called the dealership and they want to do a diagnostic and test drive for more than $100.

You are correct that some of the transmission's characteristics may be inherent. The software that controls the transmission is programmed to maximize fuel economy by tailoring shifts to specific driving conditions. The "ECO" button, for example, will cause the transmission to shift directly from first to third gear, softening acceleration to improve fuel economy.

Chrysler has issued two software updates that address shift quality from the 6-speed automatic transmission in this vehicle. One of these is called the "enhanced pedal" update which, according to the bulletin, "will make the vehicle more responsive with less pedal input and take less effort to maintain a constant cruising speed."

You didn't mention where you purchased the vehicle, but it's worth asking the dealer if your vehicle is affected by the bulletin, and if the update was done at no cost to the original owner. If not, even though the vehicle is just a few thousand miles out of warranty, this may be covered as a goodwill adjustment.

I have a 2007 Ford Focus with a trunk release issue. When I push the trunk release button on the dash and when I push the trunk release button on the remote, it sounds like a loud machine gun firing and always causes heads to turn in the parking lot. This occurs about 90 percent of the time. Usually the trunk does release, but occasionally it doesn't work and I have to repeat the process or unlock it with the key. Also, the dash light appears, indicating that the trunk isn't locked after I close it even though usually it is locked.

The most likely cause is a poor electrical connection or ground in the trunk release solenoid circuit. Ford issued service bulletin #10-5-9 in March 2010 outlining a diagnostic procedure for the trunk release. The bulletin deals with an inoperative solenoid and identifies the possibility of a poor connection between the trunk release harness connector and the solenoid. Even though your symptom is a bit different, this is the place to start.

I have a 2005 Mercury Mariner that I purchased new. The vehicle is in showroom condition with 47,000 miles on it. Here's the issue. The tachometer on the left has a little window that displays information such as direction, door open, oil change needed, etc. This has dulled to the point of being barely visible. The dealer states that the whole section of the dash must be replaced at a cost of around $700. Is there not a less expensive way? I like everything to be just right!

The dashboard on your vehicle is back-lit with a number of small light bulbs. The individual bulbs are replaceable by removing the dashboard to gain access. The real question is whether the "dulled" display is due to a burned-out bulb or failed module supplying the info to the display. If you can read the specific information displayed, even when dulled, I suspect the lamp behind it is burned out.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paulbrand@startribune.com. Please explain the problem in detail and include a daytime phone number.

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New FHA rules making condos no-lending zones

WASHINGTON — For young first-time buyers, people with modest down payment cash, or seniors who want to tap their equity using a reverse mortgage, it's a growing problem: They cannot use Federal Housing Administration financing in condominiums.

It's not that these buyers and unit owners can't qualify on credit and income grounds for a loan personally — they often can. Instead, it's because the entire condominium development is ineligible. As the result of policy changes at the federal level and decisions by condominium boards of directors, thousands of communities have essentially become prohibited lending zones for FHA in the past several years.

The agency has banned so-called "spot" loans and will only insure mortgages on units in condo projects that have passed a certification process that examines budgets, reserves, insurance coverage, percentage of renters compared with owners in the development and delinquencies on payment of condo fees.

FHA says that its revised procedures weed out fiscally weak, poorly managed developments and reduce taxpayer exposure to future losses. Condominium boards, on the other hand, argue that some of FHA's evaluation criteria are too strict and that the certification process is bureaucratic and costs them money they'd prefer not to spend.

Since toughening its financing rules and requiring certification of entire projects four years ago, the number of condo developments approved for FHA financing has plunged by more than half. As of mid-month, it stood at just 10,020 communities, according to an FHA spokesman. Industry sources estimate the total number of condo projects nationwide is around 144,000.

FHA financing is important because of the special niches it fills. Among the three major federal lending intermediaries — Fannie Mae and Freddie Mac are the other two — FHA is the most flexible on credit issues. It is also lenient on debt ratios and allows down payments as small as 3.5 percent.

As a result, FHA for decades has been the go-to mortgage option for moderate-income purchasers and has been a key resource for African-American and Latino buyers, many of whom have made their first purchase in a condominium development.

FHA also plays an outsized role in the reverse mortgage market for seniors 62 and older. Its insured reverse mortgage product accounts for more than 90 percent of all borrowing in that field, allowing seniors to extract needed cash from their home equity to support their retirement expenses.

But with the sharp decline in FHA-approved condominium projects, many buyers and unit owners are finding themselves financially frozen out. Equally troubling, unit owners who want to sell find the pool of potential buyers reduced — along with the market value of their property — because FHA mortgages are banned.

Seth Task of Berkshire Hathaway HomeServices Professional Realty in Solon, Ohio, said a condo unit client his firm represented recently was forced to sell for $10,000 below what she had been offered by a buyer who was pre-qualified for an FHA loan — a loss solely attributable to the condominium's non-certified status. Situations like this are becoming more frequent, housing industry experts say, and the lack of FHA financing eligibility for entry-level-priced condo units is partially responsible for the decline in first-time buyer participation in the real estate market.

But now a movement is getting underway to reverse this shrinkage. At this month's spring legislative conference of the National Association of Realtors here in Washington, California brokers and agents unveiled a campaign to convince condo boards to re-think their objections to FHA certification — for their unit owners' sakes.

The primary focus, said Mike DeLeon, president of the Orange County Association of Realtors, which debuted an educational video at the Washington conference, is to show reluctant condo boards of directors "the positive benefits" of certifying with FHA. The video stresses "keeping condo unit values at their highest" by widening the pool of potential purchasers; helping existing unit owners tap their equities for retirement; and the relatively low risk of default presented by today's FHA buyers.

For most condo developments the message is this: Give some thought to the issue. FHA certification has its complications and costs, but it could be more than worth the effort for your current residents and future business.

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