The rich get richer as the market gets bullish. But when the market slumps, even the wealthy have to pay a price. Since the recent recession hit the world, several billionaires have decided to give up their lavish mansions or yachts. Not too long ago, Russian billionaire Sergei Polonsky sold his hotel Sungate Port Royal, yachts and the house on the Côte d’Azur to put all the proceeds into further construction of his projects. With the market’s ups and downs, the economic downturn is still hurting some of the rich and famous. (For related reading, also take a look at 6 Outrageous Billionaire Purchases.)

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David Siegel’s $75 Million Mansion
In an effort to save money, chief executive officer of Orlando-based Westgate Resorts, David Siegel announced the sale of his unfurnished 90,000 square-feet mansion in July last year. The property in Windermere, Fla. has been listed for $75 million. Continue reading…

Posted: February 15, 2011 9:21AM by Riya Anandwala

Remember your recent electronic purchase when the salesperson said, “we highly recommend protecting your item with our store’s extended warrantypackage that will cover all repair costs incurred within three years”? More often than not you get sucked into buying the package, as the investment in the electronic item is huge. But will you get the best returns? Chances are little to none. A recent Consumer Reports article released in December 2010 labeled extended warranties as bad deals in general and suggested buyers avoid them. (For more, see Extended Warranties: Should You Take The Bait?)

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Manufacturer Warranty vs. Extended Warranty
It seems as though almost every electronic item comes with an extended warranty plan that acts like an insurance policy, promising to cover all your repair and damage costs for a particular period of time after your purchase. How can that be a bad deal? In most cases the appliances you buy come with a manufacturer warranty that will cover your repair cost for a year. In that case, your retail warranty plan will more or less be a waste at least for the first year. Read More…

Harsh weather in Florida hurt crop, resulting in bare shelves and higher prices for consumers

Story on the Journal Star Web site

By RIYA V. ANANDWALA
OF THE JOURNAL STAR
Posted Mar 08, 2010 @ 07:53 PM
Last update Mar 08, 2010 @ 09:16 PM
PEORIA — Don’t be surprised to see fewer slices of tomatoes on a six-inch sub at the local Subway.

The loss of 70 percent of crops in Florida because of harsh weather has left the country dealing with a shortage of tomatoes. Local grocery stores and delis are bearing the brunt, too.

Haddad’s, a grocery store in West Peoria, would normally sell a pound of tomatoes for $1.50 but has increased the price to $1.99.

“The price went up last week,” said Jim Hoyle, produce manager for the store.

“Some of the supply was lost (last week). Our cost price more than doubled.”

Haddad’s buys a case of tomatoes for $25, Hoyle said, but has been spending $50 a case since a couple of weeks ago.

Hoyle expects the price to go up again. The shortage in Florida has strained the distribution network, with more businesses lining up for the same suppliers.

Regular tomatoes are the not the only high-priced tomatoes in the market. Rates of grape tomatoes have doubled, too. Though you won’t see a dearth of tomatoes in stores, the prices will be high.

“There are less tomatoes out there. Consumers will see higher retail,” said Schnuck’s spokesman Paul Simon.

Schnuck’s, which normally gets its primary produce from Mexico and Canada, also is getting supplies from New Zealand and Holland.

“They (tomatoes) are out of sight,” said Bob Ritt, 69, of Peoria, who was comparing prices of canned tomatoes with fresh ones at Kroger on Sterling Avenue.

Ritt said that he uses tomatoes every day and expected the prices to go up this year considering the weather last year.

Another customer shopping at Kroger said she is paying a dollar more for four tomatoes. She believes paying $3 for tomatoes is outrageous.

“I can grow tomatoes in my backyard,” said Ashley Irons, 23, of Peoria.

Delis, too, are paying more for the vegetable.

“We got worried a week ago,” said Angela Alexandar, a local Subway store manager.

She said the company decided to put four slices of tomatoes on a foot-long sub, and two on six-inch sandwiches.

But if the customer asks for more, they don’t refuse them or charge extra.

Schlotzsky’s Deli is struggling with finding cheaper tomatoes, too.

“It is too expensive, but I need it in food,” said store manager Peter Patel.

Patel fears losing a lot of business if they don’t provide customers with extra tomatoes.

“They won’t come back,” he said.

Story on the Journal Star Web site

By RIYA V. ANANDWALA
OF THE JOURNAL STAR
Posted Mar 09, 2010 @ 09:17 PM
Last update Mar 09, 2010 @ 09:20 PM
PEORIA — The latest in electronic innovation has hit the Peoria area, but no one seems to care – yet.

Samsung and Panasonic will start selling 3-D TVs in U.S. stores this week, inaugurating what manufacturers hope is the era of 3-D viewing in the living room.

A handful of stores in the Peoria area, including Best Buy in the Glen Hollow Shopping Center, have stocked the newly launched 3-D TVs. Samsung’s 55-inch 3-D TV, priced at $3,300, has been on display at Best Buy since Friday. Todd Murphy, the store’s assistant manager, has not received a lot of inquiries about the product.

Murphy believes customers who are into electronics and have read about the sets in magazines or on the Internet will inquire about it. The usual customers would learn about it when they see the demo in one of the stores.

American Appliances, Electronics and Furniture on War Memorial Drive is scheduled to receive a few models of 3-D sets in two weeks.

A salesperson at the store said that “LEDs have been attracting a lot of customers.” But as far as 3-D TVs are concerned, “It is expensive and might turn people off.”

Other stores are either skeptical of the product, or want to sit back and watch how sales go.

Sound of Peoria is one of the stores that is not expecting to stock the 3-D TVs for a while.

The target audience for such TVs, said owner Byron Yang, is mainly people without glasses and with decent disposable income.

One challenge will be that the 3-D effect requires viewers to wear relatively bulky battery-operated glasses that need to be recharged occasionally. They are not like the cheap throwaways that have been used in theaters since the 1950s.

When you’re wearing these 3-D TV glasses, room lights and computer screens may look like they’re flickering, making it difficult to combine 3-D viewing with other household activities. Anyone who’s not wearing the glasses when the set is in 3-D mode will see a blurry screen. (The sets can be used in 2-D mode as well, with no glasses required.)

“Peoria is usually behind in cutting-edge things,” said Yang.

Though most customers may be out of touch with the 3-D TVs, some are clued in and are willing to spend the thousands of dollars for the sets.

Aaron Lewis of Canton, a shopper at Best Buy, bought a 46-inch LCD TV for $1,500. If he likes the new 3-D TV, he will buy it, he said.

“I would really spend $3,000 on a 3-D TV,” Lewis said.

For Lewis, investing in a 3-D TV is cost-effective, as he often goes to the movie theater with his three children.

On the other hand, Arthur Lindsey of Bartonville said, “I don’t think people are interested in wearing glasses and watching TV all the time.”