LED International brings MagicBulb to U.S.
LED International is promoting what it describes as the world’s first rechargeable light bulb.
Just introduced to U.S. vendors, MagicBulb was developed in Norway. With a lifespan of more than 20,000 hours, it saves up to 90% of energy compared with other bulbs, according to LED International. It can be used in any light fixture, and it’s also portable. Once battery-charged, it can shine up to three hours.
The price point of MagicBulbs ranges anywhere from $25 to $60.
“MagicBulb is an award-winning, patented LED light bulb that has taken off overseas and is now making its grand entrance into the United States market,” says Ron Yiu, marketing director for LED International U.S., a division of the Norway-based LED Electronics International AS that developed MagicBulb. “The response has been so overwhelming since we introduced the MagicBulb in Europe and Asia in late 2009.”
The product has garnered a number of awards, including a Gold Medal from The 19th China National Invention Exhibition, September 2010; and IWIS Medal at the International Warsaw Invention Show 2009.
In California: ‘Tale of two housing markets’
Following on the heels of a 10% decline in home sales this year, California should see improvement in its real estate market in 2011, according to the California Association of Realtors.
Sales in 2011 are projected to increase 2% to 502,000 units, compared with 492,000 units (projected) in 2010, according to the 2011 California Housing Market Forecast.
After two consecutive years of record-setting price declines, the median home price in California will climb 11.5% in 2010 to $306,500 and increase another 2% in 2011 to $312,500, according to the forecast.
“The minor improvement in the housing market next year will be driven by the slow pace of recovery in the economy and modest job growth,” said Steve Goddard, California Association of Realtors president. “Distressed properties will figure prominently in the market next year, but we also expect to see discretionary sellers play a larger role.”
“The situation in California … continues to be a tale of two housing markets,” Goddard said. The segment of the market under $500,000 has been driven by distressed sales, he explained, while higher-priced areas of the state have been constrained by restricted financing options and an increase in the number of distressed properties. Sales in the low end have been constrained by a lack of inventory, putting upward pressure on prices. Multiple offers on lower-end homes have been very common, according to Goddard.
The association’s chief economist, Leslie Appleton-Young, said: “A lean supply of available homes for sale will drive prices up at the low end, but larger inventories and limited, less attractive financing will cause continued softness at the high end. There’s some indication that lenders will accelerate the number of foreclosures coming on market, further adding to the housing supply, but we do not anticipate that lenders will flood the market with distressed properties.”
Obituary: Sacramento lumberman Kenneth Steving
Steving operated New Home, along with his younger brother Wayne, for the past 30 years. They took over the business from their father Alfred, who founded the lumberyard in 1949.
Steving was a Corvette enthusiast who once owned three of the sports cars. But he may be best remembered for the tree house he built for his grandchildren, which was outfitted with double-glazed windows, hardwood floors and a chandelier.