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There was just one problem. Though prices rose by as much as 400% during the boom years, few people wanted the finished properties they had purchased - usually off plan, and often well before the first spadeful of earth had been turned. The market was driven by speculators, interested only in trading - or "flipping" - incomplete units, which often sold for more than completed buildings, and might get flipped 10 times before construction finished. "You can't believe how crazy this was," says Robert McKinnon, head of real estate research at Al Mal Capital, a local investment firm. "Everyone knew...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

When the bottom finally fell out, many investors found themselves holding properties they didn't want or couldn't afford. Others found themselves with nothing at all. Only 70% of the off-plan projects will end up being built, according to McKinnon. More than half of all developers have simply shut up shop or been delisted by real estate regulators; more reputable developers are consolidating projects and offering investors in canceled developments ownership in different locations...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

Noah's autism has been marked by "three identified high priority maladaptive behaviors that interfere with his adaptive programming. These include banging his head against solid surfaces, pinching himself and grabbing others," according to his 2004 California Department of Developmental Services individual program plan (IPP). Remarkably, that clinical language actually portrays Noah more favorably than the impression one would get from a face-to-face meeting. (See six tips for traveling with an autistic child...

Author: /time Magazine | Title: Growing Old with Autism | 5/25/2009 | See Source »

...Iraq Saying No to Kurdish Oil The Kurdistan Regional Government in northern Iraq says it will start exporting crude oil for the first time on June 1, despite a statement by the Iraq Oil Ministry calling the plan illegal. The Kurds, who control some of the country's largest reserves, claim that the Iraqi constitution allows them to broker deals with foreign companies; the ministry maintains that it controls all oil contracts and that any firm that signs without its approval will be blacklisted...

Author: /time Magazine | Title: The World | 5/25/2009 | See Source »

...recently announced a pilot project in Atlanta and Philadelphia that lets netbook users log on anywhere they can get a 3G cellular signal, which will greatly expand coverage beyond the usual islands of wi-fi. In exchange for commitment to a two-year data-service plan, AT&T is subsidizing a range of mini-laptops, which start as low as $49.99. The data plan costs from $40 per month (for 200 MB, which is good for business users), to $60 per month (for 5 GB, enough to move around music and video...

Author: /time Magazine | Title: Netbooks | 5/25/2009 | See Source »

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