BOSTON (Reuters) – Kevin Kaminski and Maureen Clarke rented their dream home last November: A pre-Victorian farmhouse in Hamilton, Massachusetts, with a sun-drenched southern exposure, fireplaces in every room, original hardwood floors and more than an acre of land adjacent to a wooded park.

The couple’s landlord, the state of Massachusetts, threw in irresistible rent terms on the 25-year lease: $0.

The hitch? Dodge House, as it is known, needed a total renovation. Boarded up for more than a decade, it had wasps in its walls, a decaying septic tank and rotting asbestos floor tiles. Over the last six months, Kaminski has worked full-time and spent some $25,000 to make the house habitable.

Kaminski and Clarke are “resident curators” in a unique public-private partnership program operating in a handful of East Coast states — Massachusetts, Maryland, Delaware, and Connecticut — and selected municipalities nationwide.

The programs lease publicly-owned historic properties to individuals or organizations that agree to pay for a rehabilitation and ongoing upkeep. Leases generally last at least 20 years, and rents are as little as $1 or nothing at all.

States, counties and cities nationwide have amassed hundreds of historic buildings, and many fall into disrepair, especially as government budgets shrink. More and more locales are considering curatorship programs.

“We have a number of wonderful historic properties, but lack the financial means to take care of them, so they sit vacant or underutilized,” says Patrice Kish, director of the state’s Office of Cultural Resources. “Many are incredibly threatened, so this is a real preservation tool.”

(The writer is a Reuters contributor. The opinions expressed are her own.)

By Kathleen Kingsbury

BOSTON, May 24(Reuters) – Kevin Kaminski and Maureen Clarke rented their dream home last November: A pre-Victorian farmhouse in Hamilton, Massachusetts, with a sun-drenched southern exposure, fireplaces in every room, original hardwood floors and more than an acre of land adjacent to a wooded park.

The couple’s landlord, the state of Massachusetts, threw in irresistible rent terms on the 25-year lease: $0.

The hitch? Dodge House, as it is known, needed a total renovation. Boarded up for more than a decade, it had wasps in its walls, a decaying septic tank and rotting asbestos floor tiles. Over the last six months, Kaminski has worked full-time and spent some $25,000 to make the house habitable.

Kaminski and Clarke are “resident curators” in a unique public-private partnership program operating in a handful of East Coast states – Massachusetts, Maryland, Delaware, and Connecticut – and selected municipalities nationwide.

The programs lease publicly-owned historic properties to individuals or organizations that agree to pay for a rehabilitation and ongoing upkeep. Leases generally last at least 20 years, and rents are as little as $1 or nothing at all.

BOSTON (Reuters) – If you thought four years at Princeton would leave you saddled with more debt than the University of Michigan, think again.

Where you attend college can significantly impact how much you owe when you leave school. Thanks to generous financial aid policies and large endowments, students may find that an Ivy League degree, for example, often requires less borrowing than a degree from many much less expensive state schools.

To demonstrate these differences, Reuters gathered research on the average student debt for the class of 2011 – the most recent data available – at 25 private and public universities and liberal arts colleges with top rankings from U.S. News and World Report’s annual survey.

These schools, among the most elite and expensive in the country, also have instituted in the last several years some of the most generous financial aid policies. On average, 53 percent of students at the surveyed schools received financial aid, and at least half of students at most of the institutions graduated debt-free. Yet University of Michigan graduates owed, on average, more than $27,000, compared with an average for Princeton University graduate of only $5,000.

And the much higher debt levels at Michigan come even though costs there for in-state students are less than half the cost of attending Princeton – an estimated $25,204 for incoming freshman at Michigan for tuition, room and board, compared with $54,780 at Princeton.

The average debt at Michigan is calculated to include both in-state and out-of-state graduates; for the latter group, costs for incoming freshman almost rival Princeton, at an estimated $50,352.

Seventy-four schools nationwide, both public and private, have eliminated loans from their financial aid packages for at least some students, according to FinAid.org. The California Institute of Technology, known as Caltech, North Carolina’s Davidson College and University of Washington are just a few examples.

BOSTON, May 7 (Reuters) – When summer kicks off, members will find a fully updated Westwood Country Club with a redesigned golf course, new pool house with a better snack bar, and a teen center.

The nearly $7 million project temporarily closed the Vienna, Virginia, course but was seen as an investment in its viability, a way to retain members and attract new ones. With less than 30 days of construction left, the club will be a place “to be proud of for years and years to come,” General Manager Paul Flood says.

Senior members, however, were less convinced. As the vote to proceed neared back in 2010, they questioned whether, given the economic climate, the club could afford to take on new debt. They doubted the proposed $50 per month dues increase would be enough to help pay for the project while revenue was lost during construction. A few members threatened to quit.

Forget tee times – in recent years private clubs in the United States have dealt with budget battles, dwindling membership, and even lawsuits. In the last five years the economic downturn has forced scores of Americans to relinquish their memberships rather than pay average annual dues of $7,000 and initiation fees that can range from $5,000 to $500,000.

Dozens of clubs facing cash shortages or foreclosure have closed. Others, trying to avoid major cutbacks, have reduced fees and modified admission requirements.

With few exceptions, clubs that survived the recession have undertaken sweeping makeovers, often pitting long-held traditions against the need to attract the next generation of members. Enticements often include state-of-the-art fitness or business centers, children’s programs, gourmet dining and even relaxed rules.

“This debate is playing out at every single club,” says Steve Graves, founder of the consultancy Creative Golf Marketing. “More seasoned members inevitably resist change, but the clubs flourishing today are more casual, more family-friendly and more women-friendly.”

BOSTON (Reuters) – In recent weeks, Eva Chung’s family watched with pride as acceptance letters arrived from all seven of the colleges to which she applied.

But some of that initial euphoria has worn off as financial aid award letters followed.

“Reality set in on how much this is going to cost,” said Rosemarie Chung, Eva’s mother. “We did anticipate more help. And, of course, her first choice so far was the least generous.”

Getting into college can be tough. Getting a good aid package can be even tougher. Most families don’t pay the full sticker price, and there are strategies for getting the most generous aid package possible.

“April is the time to ask for more, and do it as soon as possible,” said Barry Sysler, a Pennsylvania-based college and financial aid consultant. “You lose leverage once you’ve accepted enrollment on May 1.”

UNDERSTAND YOUR AWARD

About 82 percent of all first-year students receive some type of financial aid, according to the latest statistics from the U.S. Department of Education. But too often, parents assume that all elements in a financial aid award letter are free money, which rarely, if ever, is the case.

BOSTON (Reuters) – In recent weeks, Eva Chung’s family watched with pride as acceptance letters arrived from all seven of the colleges to which she applied.

But some of that initial euphoria has worn off as financial aid award letters followed.

“Reality set in on how much this is going to cost,” said Rosemarie Chung, Eva’s mother. “We did anticipate more help. And, of course, her first choice so far was the least generous.”

Getting into college can be tough. Getting a good aid package can be even tougher. Most families don’t pay the full sticker price, and there are strategies for getting the most generous aid package possible.

“April is the time to ask for more, and do it as soon as possible,” said Barry Sysler, a Pennsylvania-based college and financial aid consultant. “You lose leverage once you’ve accepted enrollment on May 1.”

UNDERSTAND YOUR AWARD

About 82 percent of all first-year students receive some type of financial aid, according to the latest statistics from the U.S. Department of Education. But too often, parents assume that all elements in a financial aid award letter are free money, which rarely, if ever, is the case.

BOSTON, April 11 (Reuters) – In recent weeks, Eva Chung’s family watched with pride as acceptance letters arrived from all seven of the colleges to which she applied.

But some of that initial euphoria has worn off as financial aid award letters followed.

“Reality set in on how much this is going to cost,” said Rosemarie Chung, Eva’s mother. “We did anticipate more help. And, of course, her first choice so far was the least generous.”

Getting into college can be tough. Getting a good aid package can be even tougher. Most families don’t pay the full sticker price, and there are strategies for getting the most generous aid package possible.

“April is the time to ask for more, and do it as soon as possible,” said Barry Sysler, a Pennsylvania-based college and financial aid consultant. “You lose leverage once you’ve accepted enrollment on May 1.”

UNDERSTAND YOUR AWARD

About 82 percent of all first-year students receive some type of financial aid, according to the latest statistics from the U.S. Department of Education. But too often, parents assume that all elements in a financial aid award letter are free money, which rarely, if ever, is the case.

BOSTON (Reuters) – Here’s a list of some of the most popular and promising places for vacation-home shopping in the U.S., with recent median list prices from real estate shopping site Zillow.com.

Aspen, Colorado

Median list price: $1,725,000

Sales were brisk in winter playground Aspen during the last year as motivated sellers accepted prices 25 percent off their 2007 peak, says local real estate agent Steven Shane.

The Hamptons, New York

Median list price: $2,100,000

Bidding wars these days aren’t uncommon for well-priced homes in this group of upscale enclaves on eastern Long Island, says Cia Comnas of brokerage Brown Harris Stevens, especially for properties close to the water. Home prices surged 22 percent in the third quarter of 2011, but smaller Wall Street bonuses could slow sales in 2012.

BOSTON (Reuters) – Splurging on a vacation home shortly after the housing market meltdown was not an easy decision for Kathy and Dan Nikolai.

The couple, who live in California’s San Fernando Valley, wanted a nearby escape that would accommodate their teenage son’s busy schedule and allow the family to ski in the winter and to enjoy water sports in the summer.

But even after they found what they wanted – an upscale lakefront property about two hours’ drive away – they spent a lot of time revisiting the Big Bear Lake home online and in person before they took the plunge. The timing finally seemed right.

“We believe the market for prime real estate has settled enough that the house would retain its value,” Kathy Nikolai said. And with the overall economy improving, “We felt like we were in a financial position to do so.”

Buyers like the Nikolais are returning to the U.S. vacation home market in large numbers. Second-home sales soared in 2011 to their highest level since 2005, to 1.72 million homes sold, according to a survey done in March by National Association of Realtors (NAR). Investment-home sales surged 64.5 percent over 2010 levels, while vacation-home sales rose 7 percent. Half of investment-home buyers plan to make another purchase within two years, while one-third of vacation-home buyers do.

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Graphic-U.S. investment and vacation home market

BOSTON, April 4 (Reuters) – Splurging on a vacation home shortly after the housing market meltdown was not an easy decision for Kathy and Dan Nikolai.

The couple, who live in California’s San Fernando Valley, wanted a nearby escape that would accommodate their teenage son’s busy schedule and allow the family to ski in the winter and to enjoy water sports in the summer.

But even after they found what they wanted – an upscale lakefront property about two hours’ drive away – they spent a lot of time revisiting the Big Bear Lake home online and in person before they took the plunge. The timing finally seemed right.

“We believe the market for prime real estate has settled enough that the house would retain its value,” Kathy Nikolai said. And with the overall economy improving, “We felt like we were in a financial position to do so.”

Buyers like the Nikolais are returning to the U.S. vacation home market in large numbers. Second-home sales soared in 2011 to their highest level since 2005, to 1.72 million homes sold, according to a survey done in March by National Association of Realtors (NAR). Investment-home sales surged 64.5 percent over 2010 levels, while vacation-home sales rose 7 percent. Half of investment-home buyers plan to make another purchase within two years, while one-third of vacation-home buyers do.

Miami’s red-hot luxury sector saw prices rise 19 percent year-over-year in December, according to real-estate consultancy Knight Frank. Transactions in posh ski resort Aspen climbed 25 percent last year. Even in Phoenix, where the real estate bubble burst dramatically with price declines of 70 percent over the last six years, inventories have begun to tighten.

Anecdotally, brokers report more traffic than they have seen in years. “There’s a confidence now that we’ve been through the worst,” said Paul Suding, president of the Santa Barbara Association of Realtors. “People are ready to buy again.”