Living large for a million bucks

What will $1 million get you? An in-ground swimming pool, a first-floor master bedroom and an open floor plan, for starters. Here's a look at what's selling in the Bay State for a small fortune:

48 Douglas Road Needham

This recently renovated 3,649-square-foot garrison-style colonial sold in eight days and was listed for $1,049,000 by Martha M. McMahon of Coldwell Banker Residential Brokerage. Hardwood floors anchor the open floor plan on the first floor with an open cherry kitchen with granite counters. There is also a living room, formal dining room, den and full bath on the first level. The second floor has four bedrooms including a master suite with a separate reading area with a balcony overlooking the property's in-ground pool.

30 Raven Road 
Canton

Located in the desired Algonquin Estates area of Canton, this 4,407-square-foot custom-built home included four bedrooms, three-car garage parking and an in-ground pool. The floor plan included a large eat-in kitchen with granite countertops, stainless steel appliances, an oversized island and a desk area. Also included on the first floor of the home were a large formal dining room, living room and step down to a family room with a wet bar and stone fireplace. The master suite has three walk-in closets and his and hers private bathrooms. The property was originally listed for $1,025,000 and sold in 71 days by Renee Roberts of Success Real Estate.

323 Dodge St. Beverly

This four-bedroom spacious contemporary on close to 5 acres sold in nine days. The floor plan included a first- or second-floor master bedroom, a great room with fireplace, a chef's kitchen, and a first-floor laundry area. The property also boasted a patio in-ground pool and pool house complete with a shower and bath. The lower level of the home was finished to include an entertainment or game room with a custom bar and sauna. The home was originally listed for $1,150,000, by Fay Salt of Coldwell Banker Residential Brokerage.

16 Livermore Lane Unit 16, Weston

Originally listed for $999,000, this rarely available freestanding condo sold in seven days in the Dickenson Meadows complex. The 2,752-square-foot home has an open plan living room with high ceilings and a fireplace that opens to a kitchen with a separate pantry. There are three bedrooms including a first-floor master bedroom, with double closets as well as a den and two oversized second-floor bedrooms with abundant storage. The condo fee for the home is $889 per month and there are 18 separate units in the development. Sold by Denise Mosher of Hammond Residential.

360 Newbury St. 
Unit 508, Boston

This sophisticated 1,141-square-foot two-bedroom, two-bath condo home in Frank Gehry's award winning "360 Newbury" property sold in only three days. The home included a gourmet Arclinea kitchen that opened up to an open living/dining room with soaring ceilings and giant windows overlooking Newbury Street. The spacious master suite included a walk-in closet and luxurious Carrara marble bath. The second bedroom included custom built-ins. The condo fee is $838 per month, and there are 54 units in the complex. The seller included six months of rental parking with the property because there is no parking offered in the building. Sold by Judy Goldfarb of Coldwell Banker Residential Brokerage.

Jennifer Athas is a licensed real estate broker. Follow her on Twitter @Jenathas.

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Intel chips away 700 jobs

Intel Corp. said yesterday it will shutter its chip manufacturing plant in Hudson next year and lay off 700 workers.

"Fab 17" is Intel's last 200MM silicon wafer factory, and it relies on older, near-obsolete technology that the company will phase out, according to Chuck Mulloy, spokesman for the world's biggest chipmaker.

"We've concluded that that technology is no longer necessary in our manufacturing network," he said. "We plan to wrap up production at the end of 2014."

Santa Clara, Calif.-based Intel invested more than $4 billion in the former Digital Equipment Corp. plant since it acquired the 149-acre site from DEC in 1998 under a patent infringement lawsuit settlement.

It hopes to sell the plant, which will run at near-capacity until it closes.

After Intel committed to investing $800 million in the plant in 1999, the state granted it a 5 percent, 20-year investment tax credit contingent on 400 new jobs being added to the then 1,200-strong workforce.

Intel met that obligation within four years, according to Mulloy: "We did most of our hiring upfront."

The state Executive Office of Housing and Economic Development did not address Herald inquiries about the tax breaks.

"Our first priority is working closely with the company and affected employees to ensure all impacted workers have what they need to make successful transitions to new jobs here in Massachusetts," Secretary Greg Bialecki said in a statement. "While we are obviously disappointed by today's news, we know that our manufacturing industry is on the rise in Massachusetts, and will continue to play a significant role in the success of our economy."

Intel will continue to employ about 850 workers at its separate microprocessor and technical design facility on the Hudson campus.

In the next few months, 100 of the 700 plant workers will have to choose between leaving right away with a separation package, or staying for up to two months while looking for another Intel job outside of Massachusetts and continuing to be paid. If they don't find another Intel job, their separation package will include less cash.

The company will employ the remaining workers until the plant closes.

Intel, which posted sales of $53.3 billion and net income of $11 billion last year, reported its fourth consecutive quarterly revenue decline in July. A slump in the personal-computer market continues to erode its largest business.

Herald wire services contributed to this report.

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Oil edges down toward $108 as Syria talks continue

BANGKOK — Oil prices fell slightly Friday as the U.S. and Russia held discussions in Geneva aimed at getting Syria to give up its chemical weapons.

Talks between U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov didn't appear to yield an immediate solution Thursday but were a sign that the Obama administration is willing to give diplomacy a chance. Talks were to resume Friday.

President Barack Obama says the U.S. has hard evidence that the Syrian government, embroiled in a civil war against rebels, used deadly chemical weapons against civilians last month. In doing that, President Bashar Assad crossed a "red line" that Obama insists calls for a heavy-duty response.

Syria is not a major oil producer, but oil traders say the possibility of a wider conflict could interrupt production and shipping routes in the Middle East and cause prices to rise. In recent days, oil prices have risen and receded in accordance with the perceived likelihood of a U.S. military attack.

On Friday, benchmark oil for October delivery fell 4 cents to $108.56 per barrel at midday Bangkok time. The contract gained $1.04 to close $108.60 a barrel on the New York Mercantile Exchange. Oil rose as high as $109.16.

The easing tensions over Syria came amid figures showing Europe's industrial sector sliding into reverse during July. Eurostat reported Thursday that industrial output slumped 1.5 percent in July from the previous month. Slumping growth in the 17-nation eurozone points toward reduced demand for energy in the future.

"Eurozone is technically out of recession. But growth momentum is expected to remain anaemic as the structural weakness in the region is unlikely to be resolved in the near term," analysts at DBS Bank Ltd. in Singapore said in a research note.

Brent, the benchmark for international crudes, was up 22 cents to $111.75 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.4 cents to $2.7579 per gallon.

— Natural gas fell 0.1 cent to $3.637 per 1,000 cubic feet.

— Heating oil added 0.7 cents to $3.1234 per gallon.

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Plainridge wins town race, but Hard Rock falls

A proposed Plainville slots parlor approved by town voters passed by a wide margin yesterday, but West Springfield voters dashed Hard Rock's hopes for a casino in their city.

Meanwhile, a State House committee cleared the way for the full Legislature to vote on a gaming compact between Gov. Deval Patrick and the Mashpee Wampanoag tribe.

West Springfield residents by 55 percent rejected Hard Rock's $800 million plan for a casino at the Eastern States Exposition, a proposal that promised 3,000 full-time equivalent jobs and would have paid the city $40 million up front and at least $18 million a year.

"We had hoped for a different result, but the people of West Springfield have clearly spoken, and we respect that," said Tim Maland, president of Hard Rock Hotel and Casino New England. "We will continue to look for other opportunities in Massachusetts and New England," Maland added, although he said there was "nothing definitive." MGM, which was approved by Springfield voters, and Mohegan Sun, awaiting a Palmer vote, are competing for the western Massachusetts casino license.

Plainville residents approved by 76 percent Penn National Gaming's plan for a slots parlor at the Plainridge Racecourse, which would pay the town $1.5 million in property taxes annually, as well as $2.7 million annually for the first five years, with 400 full-time jobs.

"When you're at 8.4 percent unemployment, that's a huge shot in the arm," Town Administrator Joseph Fernandes said. Penn National is competing with Raynham Park for the state's sole slots license.

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Court boosts WCVB’s suit vs. streaming co.

A court decision ordering FilmOn X to stop streaming local TV broadcast signals over the Internet could have drastic implications for rival Aereo, which is being sued by Hearst-owned WCVB-TV for copyright infringement, and it could also set the stage for a Supreme Court case pitting established industry giants against innovators, one expert said.

A federal judge in Washington, D.C., last week issued an injunction blocking FilmOn X from operating, prompting WCVB-TV to ask a judge to rule the injunction should also apply to New York City-based Aereo, which has an office in Boston and launched its service here last year.

Rutgers University law professor Michael Carrier said there is no difference between Aereo and FilmOn. Both use over-the-air antennae to capture TV broadcasts, and relay the signals over the Internet. The services have been gaining traction as a cheaper alternative to cable TV.

"It's similar in just about every relevant way," said Carrier.

Aereo has already won one legal battle against broadcasters, and unless FilmOn's appeal is successful, Carrier predicts the issue will end up before the Supreme Court because of the contradictory rulings — setting the stage for a showdown between traditional companies and industry innovators.

The most recent ruling also could mean a change in Aereo's plan to expand to 22 cities, including Washington, D.C., he said.

Aereo declined to comment other than to say it has no plans to modify its expansion plans. A Hearst spokesman deferred comment to the court filing.

"I think D.C. would be the one place Aereo would be most likely to cut back on," Carrier said.

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Chinese developer declared new richest tycoon

BEIJING — A billionaire Chinese real estate developer who bought one of the biggest U.S. cinema chains last year has emerged as the country's new richest tycoon.

The Hurun Report, which follows China's wealthy, said Wednesday a surge in stock prices helped to boost the number of Chinese worth at least $1 billion by 64 to 315 this year, compared with none a decade ago. The top five saw their wealth double.

Wang Jianlin, whose Dalian Wanda Group Co. operates hotels, cinemas and department stores, was ranked No. 1 for the first time on Hurun's annual list of Chinese tycoons with a fortune of $22 billion. Last year's No. 1, beverage entrepreneur Zong Qinghou, was second with $18.7 billion.

Wang's company bought AMC cinemas last year for $2.6 billion in the biggest Chinese acquisition of a U.S. company to date.

The latest rankings reflected the rapid changes in China's economy and shifts in wealth from one industry to the next.

One in four of the 1,021 people on the Hurun Rich List made their money from real estate, which passed manufacturing to become this year's top source of wealth. Hurun said 559 of those on the list saw their wealth grow while 252 saw their fortunes shrink.

Real estate prices in China have soared, driven partly by a flood of government spending and bank lending in response to the 2008 global crisis. That is despite government curbs imposed on lending and purchases to cool housing costs.

The surge in asset prices has helped to widen a gulf between China's wealthy elite and the poor majority, fueling social tensions. China has more dollar billionaires than any other country except the United States.

No. 3 on the Hurun list was Ma Huateng, also known as Pony Ma, founder of Tencent Inc., a popular provider of online games and entertainment, at $10.1 billion. He was followed by Wei Jianjun, chairman of Great Wall Motor Co., which has emerged as China's fastest-growing automaker on the strength of its popular SUVs, at $8.4 billion.

China's richest woman was Yang Huiyan at No. 5 with $8.3 billion. Yang, daughter of the founder of real estate developer Country Gardens, was ranked No. 1 in 2007 when she took over her father's stock holdings.

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Breast milk pump born from desire for privacy

Necessity is the mother of invention, they say. So when Susan Thompson found she needed time to pump breast milk when she returned to work five months after her son Keegan was born, she just reinvented the breast pump.

Thompson headed back to the lab at Johns Hopkins University in late 2011 to finish her Ph.D. thesis on cellular interactions in the heart. But she struggled to incorporate pumping milk several times a day into her work schedule.

"You need complete privacy, and it takes a long time, so I was very unhappy with the whole process," Thompson said.

She and her husband, an engineer, were on their way to a ski resort when they began discussing ways to mimic using her hand to pump milk. The best way, they decided, was to consider the way a blood-pressure cuff compresses when inflated. What emerged was the Gala Pump, a doughnut-sized device that can be worn inside the bra, allowing a woman to discreetly pump milk anytime, anywhere.

"We wanted to keep the technology as easy and cost-efficient as possible," Thompson said. "Instead of a vacuum-powered suction pump, we created a massaging-based compression pump."

Using $20,000 from competitions and grants, the couple developed a prototype and entered MassChallenge, the $1.3-million startup competition. In May, they learned their newly incorporated company, DS Labs, was among 128 finalists in a field of more than 1,200 applicants.

"It was challenging to leave Johns Hopkins and all the resources there," Thompson said. "But MassChallenge has helped connect me with mentors who have a wealth of knowledge."

Recently, Thompson received permission to test the patent-pending Gala on other nursing mothers. If all goes well, she hopes to get Food and Drug Administration clearance to sell it on the market for about $250 as the nation's only wearable breast pump.

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Options favor driver near end of leased low-mileage car

I leased a new Scion xD for 36 months, and the lease ends in November. The value of the vehicle at the beginning of the lease was listed as $16,700. The purchase option at the end of the lease is $10,296. My problem is that I currently have just 10,840 miles on the car and don't see any big trips in the future. Is there such a thing as a rebate on unused mileage? What are my options?

How about a round-trip vacation? Alaska to California to Florida to Maine and home. A nice long drive would use up some of those miles, but you'd still have miles to spare on the lease.

I'm not aware of any mileage rebates on unused lease miles for passenger cars, but you do have several viable options. My son Ryan, who sells cars for a Chrysler dealership, suggests that you call the leasing company to confirm the precise purchase option price. Then stop by a new-car dealership and ask them to appraise the vehicle to determine how much equity you have at this point. If you have positive equity in the vehicle — meaning it's worth more than the lease purchase price because of the low mileage — you could either sell or trade it to a new car dealer.

So, your options are to turn the vehicle in at the end of the lease, purchase the vehicle from the leasing company and keep it or sell it to a private party, or sell or trade the vehicle at a dealership. Compare your options and then make your decision. Buying and keeping the car would be the simplest answer, but the selling or trading at a dealership might make the most economic sense.

My boyfriend needs help with electrical issues on his 2006 Cadillac CTS.

When he turned on the wipers he lost the turn signals, hazards, headlight control and trunk release. Sometimes there is a "hood open" warning as well as a "door open" warning — but they are not open.

Electrical gremlins can be very difficult to pinpoint. In this case, start with a scan tool to identify any fault codes and then focus on the connections and grounds for those components, systems and modules involved. "Fretting" is a form of corrosion that appears like dark smudges or spots on the individual pins, and it can cause intermittent connections in connectors and terminals. Disassemble suspect connectors to clean and treat with dielectric grease to reseal the connection.

I have a 1991 Pontiac Sunbird LE with a 3.1-liter V6 engine and 62,000 miles in excellent condition. However, when I'm driving, the oil pressure gauge registers way above the high mark, which is shown as 80. When it's idling, it's about halfway back down. It uses no oil and appears to run well. Should I be concerned about the erroneous oil pressure reading? What's causing it?

Assuming you've driven the vehicle in this condition for a number of miles and nothing catastrophic has occurred, I suspect you're seeing an electrical issue with the oil pressure sending unit or possibly the oil pressure gauge itself. A quick test with the engine off is to find and disconnect the connector to the oil pressure sending unit on the front side of the engine. Turn the ignition switch on and watch the oil pressure gauge. It should move all the way in one direction.

Then ground the connection — the gauge should move all the way in the other direction. If the oil pressure gauge is the only instrument giving a false reading, chances are it's the sending unit.

The only mechanical issue that could generate extreme oil pressure would be a restriction on oil flow due to plugged oil passages for the cam bearings or valve gear. If it were a mechanical issue, I'd think you'd know by now.

Paul Brand is on vacation; this column was originally published on June 15, 2012. Paul Brand 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.

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For home short-sellers, finally comes some good news

WASHINGTON — Policy changes by two of the biggest mortgage market players could open doors to home buys this fall by thousands hard-hit by the housing bust and who thought they'd have to wait for years before owning again.

Fannie Mae, the federally controlled mortgage investor, has come up with a "fix" designed to help the many consumers whose short sales were misidentified as foreclosures by credit bureaus. Under previous rules, short-sellers would have to wait for up to seven years before becoming eligible for a new mortgage. Under the revised plan, they may be able to qualify for a mortgage in as little as two years. 
Homeowners who are foreclosed upon often must still wait for up to seven years before becoming eligible again to finance a house through Fannie. Industry estimates suggest that more than 2 million short-sellers might be affected by inaccurate descriptions of their transactions.

Meanwhile, the Federal Housing Administration (FHA) has announced a new program allowing borrowers whose previous mortgage troubles were caused by "extenuating circumstances" beyond their control to obtain new mortgages in as little as a year after losing their homes instead of the current three years. They will need to show that their delinquency problem was caused by a 
20 percent or greater drop in income that continued for at least six months, and that they are now back to work, paying bills on time and earning enough to qualify for a new FHA-insured mortgage.

Fannie's policy change came after months of prodding by the federal Consumer Financial Protection Bureau, U.S. Sen. Bill Nelson (D-Fla), the National Consumer Reporting Association, the National Association of Realtors and Pam Marron, an outspoken Florida consumer advocate. They all sought fairer treatment of borrowers who had participated in short sales in recent years.

In a short sale, the lender approves the sale of a house to a new buyer but typically receives less than the balance owed. In a foreclosure, the bank takes title to the property and seeks to recover whatever it can through a resale. Though the two types of transactions are distinct and involve significantly different losses for banks, with foreclosures usually far more costly, credit bureaus have no special reporting code to ID short sales. As a result, say critics, millions of people who have undertaken short sales in recent years may have their transactions coded as foreclosures on their credit bureau reports.

That matters — a lot — because Fannie Mae and other major financing sources have mandated different waiting periods for new loans to borrowers who have completed short sales compared with borrowers who were foreclosed upon — in this case, two years versus seven. Under the new policy in effect Nov. 16, short-sellers who find that their transactions were miscoded on credit reports and are able to put 
20 percent down, should alert their loan officers and provide transaction documentation. The loan officer should advise Fannie about the coding error. Fannie will then run the loan application through its revised automated underwriting system.

Freddie Mac, the other government-administered mortgage investor, continues to require a four-year waiting period for short-sellers who cannot demonstrate "extenuating circumstances" as having caused their problems. If they can do so — documenting income reductions beyond their control that wrecked their credit — they may be able to qualify for a new Freddie Mac loan in two years.

FHA's policy change may prove to be an even more generous deal for some previous homeowners. Like Freddie Mac, FHA wants to see hard evidence of what economic events beyond the borrowers' control — loss of a job, serious illness or death of a wage earner, for example — led to the delinquency or loss of the house. Applicants must be able to show 12 months of solid credit behavior, participate in a housing counseling program and get through the agency's underwriting hoops. But unlike either Fannie or Freddie, if you qualify under FHA's revised rules, which are now in effect, and your lender approves, you might be able to buy a house with a new, low-down-payment mortgage in as little as a year.

It's worth checking out.

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Review: 'Mega' phone is huge, with limited appeal

LOS ANGELES — Please turn off all electronic devices, the flight crew instructs as we approach Los Angeles. With a small phone, I might have gotten away with ignoring safety regulations. Samsung's new Galaxy Mega phone was too conspicuous for that.

The Mega shouldn't even be called a phone, if it weren't for the fact that it makes phone calls. With a screen measuring 6.3 inches diagonally, the Mega is more like a small Android tablet computer. It shares the tablet's advantages in showing more detail in photos and video. Text is larger and easier to read, too.

That doesn't make the Mega practical, though.

As a phone, it's huge. It doesn't fully fit in the pocket of my jeans, and it sometimes pokes at my stomach when sitting. It doesn't feel comfortable in my hands. I'm unable to grip it tightly because it's so wide, so I feel as if it's going to slip out of my hands. Without that grip, I also feel that it'll be easy for a thief to snatch it away.

A friend jokingly said that it was bigger than her head as she held it up to her ear. A cousin called it ridiculous. A co-worker pointed out that cellphones used to be big, too — in the 1970s.

It could have been worse, though.

Samsung's Galaxy Note 8.0 tablet has an 8-inch screen, its diagonal length just a quarter larger than the Mega's. But the tablet is about twice the size of the Mega, in part because it has a thick frame. With the Mega, the screen stretches close to the edge, keeping the overall device relatively slim. Held on its side like a movie screen, the Mega is about as wide as a dollar bill, but slightly taller.

AT&T Inc. is selling the Mega for $150 with a two-year service contract, or $480 without one. By contrast, smaller phones such as Apple's 4-inch iPhone 5 and Samsung's 5-inch Galaxy S4 typically go for $200 with a contract and more than $600 without.

The Mega also costs just half of AT&T's contract price for Samsung's 5.5-inch Galaxy Note 2. It's like getting a bigger screen for less. The Mega is only a tad heavier — at 7 ounces, compared with 6.4 ounces for the Note 2. (Samsung is expected to announce the Note 3 in Berlin on Wednesday evening.)

The Mega is also coming to Sprint and U.S. Cellular. Dates and prices haven't been announced.

Although I don't see myself using the Mega, I can see its appeal to those who are willing to carry along a tablet computer but don't want to carry a second device — the phone.

The Mega gives you many of the benefits of tablets. With the larger screen, I can read small print on websites without zooming in, and I make fewer mistakes when trying to click on buttons and links. For e-books, I get a screen size that feels closer to a paperback. I see slightly more content when checking email or Facebook. I don't see a whole lot more, though. Typically, text and images simply get larger to fill out the additional screen space.

Some Android apps have been adapted to take advantage of the tablet's larger screen, but for the ones I checked, apps appear on the Mega as they would on other phones. With the Foursquare social network, for instance, a map showing nearby friends and venues is squeezed into a rectangular banner at the top when held vertically. On tablets, the map is allowed to fill out the entire right half of the display.

It's a shame that the display isn't sharper. The resolution is 233 pixels per inch, compared with 441 for the S4 and 326 for the iPhone 5. Video looks dull on the Mega by comparison.

And fans of the Note might be disappointed with the Mega. Although the Mega has a larger screen, it doesn't come with a stylus, something the Note is known for.

I am impressed by the Mega's battery life. Despite the larger screen, which uses more energy, the Mega outlasted the Samsung's flagship phone, the S4, in streaming video on Netflix. I got nearly six hours on the Mega, compared with nearly five hours on the S4. The Mega is packed with a larger, higher-capacity battery — something the S4 couldn't have because of its size.

As with other Samsung phones, the Mega comes with an array of Samsung apps, including ones for translating text, taking notes and controlling a TV by turning the phone into a remote control. There's also an easy mode with limited options for first-time smartphone users, plus ways to perform tasks without actually touching the phone. Some of these features can be useful. Others are gimmicky or duplicate what comes standard with other phones running Google's Android system.

I decided to use the Mega to finish reading the e-book "Up in the Air" near the end of my flight to Los Angeles. I figured it was fitting given that its main character spends his life racking up frequent flier miles on planes. But a flight attendant spotted it on my lap and said, "You can turn that off now, please."

Busted.

About 20 minutes later, we landed. I called my brother to pick me up at the airport. For that, I used the smaller iPhone 5.

The Mega remains a novelty that will appeal to people who primarily want a tablet and make few calls. For everyone else, small is the way to go.

___

Anick Jesdanun, deputy technology editor for The Associated Press, can be reached at njesdanun@ap.org.

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