Lavish living in Lexington

With the price recently reduced by $100,000 to $1,999,000, activity is picking up for a farmhouse-inspired colonial in Lexington's sought-after Fiske Elementary School district.

The new 5,750-square-foot, 13-room home boasts five to six bedrooms, five and a half bathrooms, a kitchen equipped with professional-grade Thermador appliances, a "smart home" technology system, two gas fireplaces and a mahogany wraparound porch and deck. It sits on a three-quarter-acre lot with new and mature plantings on a quiet, dead-end road that leads to Lexington conservation land.

"It's an area where you can build a larger home because of the lot size," said Realtor Kristin Brown, of Coldwell Banker in Lexington. "There's a high rate of turnover in terms of new construction in this neighborhood."

The sun-filled home features red oak floors throughout. The herringbone-patterned foyer leads to a formal living room with chair rails, applied molding and a coffered ceiling, and a dining room with the same molding and a tray ceiling. Walnut floor inlays decorate both rooms.

The 22-by-17-foot kitchen's Thermador appliances include a 48-inch gas range with a pot-filler water spigot and a glass mosaic backsplash above it. The counters and large island are topped with quartzite.

The kitchen opens into a mudroom with a pantry and half-bath on one side, and a breakfast area and family room with a gas fireplace and wet bar on the other.

The first floor also includes a room with a separate entrance and a small full bath — perfect for an office, or for a bedroom for a multigenerational family who has a loved one who can't climb stairs.

"We tried to make it appealing to everyone," Brown said.

A "good morning" staircase from the kitchen meets the front-entrance stairs on a landing to the second floor, which includes a sitting area with shelving.

The massive master suite is the home's largest room at 1,000 square feet. With French doors and walnut floor inlays, it sports a gas fireplace and dual walk-in closets. A linen closet is located next to the Carrara marble and beadboard bathroom with his-and-her vanities, a freestanding soaker tub and separate shower with a rain shower head and body jets.

The second floor also includes two bedrooms with an adjoining bath with two sinks, and a fourth bedroom with another bath.

Another bedroom and bath occupy the third floor of the home, along with a playroom with two skylights and a room that could function as a media room.

The "smart home" technology allows the heating, central air conditioning, speaker system, lighting and alarm to be controlled from a smartphone.

"If you're traveling and it's 95 degrees out, you can turn on the air conditioning from your phone," Brown said.

The home also is equipped with a three-car garage, backyard paver patio and vacuum and lawn irrigation systems. The basement is unfinished.

Broker: Kristin Brown of Coldwell Banker, Lexington, 781-389-0893.

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Beetle convertible is fun to drive

High 80s, roof down and AC on max.

Ahh — automobiling bliss.

The 2013 VW Beetle convertible, with its powerful 2.0 L Turbo engine, continues a decades-long tradition by being one fun summer ride. We had the loaded $32,395 top of the line '60's edition that adds comfortable two-tone leather seats and denim blue paint.

The proven turbo cranks out 200 horsepower and really gets this Bug moving. With no lag on acceleration and instant response without getting bogged down by turbo lag, the Beetle demands its place on the road. VW employs a dual clutch automatic trans­mission that makes shifting seamless and smooth. The DSG technology picks the ideal shift points for the car, maximizing performance and good mileage. I averaged about 26 mpg in spirited driving, splitting the 21 city and 30 high­way ­estimates.

The car rides solidly and transmits some road bumps, more than its shared chassis-mate the Golf because of the larger antiroll bars on the suspension. The firmer ride doesn't diminish the fun factor at all, and thanks to the aggressive exterior remodel a couple of years ago, the car remains a head-turner.

Steering on the Beetle is sharp and precise. I liked how connected to the road you feel through the response — very European!

I also love how VW pays homage to its iconic predecessors by keeping the retro interior metal dash and small glove box (a larger one is under the dash) and easy-to-read gauges. Generous with tech features, the navigation and Fender stereo are well done and easy to use. Even the Bluetooth phone operated well in open air. Because it's a convertible you do pick up road noise with the top up, but the interior noise is relatively muted compared to other models I've driven recently.

One drawback with the top up is the limited vision out the small rear window.

I ran across a vintage 1960s Beetle convertible during my test and the difference in the vehicles was stunning. A wider, longer, front-mounted and more powerful engine, far more aggressive body styling and a roomier interior all demonstrate how far the VW convertible has evolved since its introduction in 1949. The oldster looks downright petite parked next to our test model. What they do share is a relative lack of storage space, but the rear seat roominess is a good trade-off.

There are eight price points for the convertible, starting at $24,995 and maxing out with our model. There are a few other convertibles in this price range to compare against: the Fiat 500, Chrysler 200, VW EOS and the Mini Cooper. I think the Beetle offers the driver a high degree of spirit and fun driving.

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Obama: Time to turn the page on housing woes

WASHINGTON — President Barack Obama says the housing market is healing, but it's time to turn the page on the "bubble-and-bust mentality" that led to the market's collapse.

In his weekly radio and Internet address, Obama calls on Congress to let all Americans refinance at current low rates. He wants more help for first-time homebuyers and expanded affordable rental housing. He's proposing to phase out mortgage giants Fannie Mae and Freddie Mac so private capital can play a bigger role in mortgages.

At the same time, Obama says the U.S. must preserve access to popular 30-year mortgages.

In the Republican address, Sen. Tim Scott of South Carolina says Obama's energy policies have failed. He says Republicans want government to get out of the way, including by approving the Keystone XL pipeline.

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Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/gopweeklyaddress

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Woods Hole farm focuses on fiery peppers

FALMOUTH, Mass. — Just their menacing names alone may be enough to get some folks all hot and bothered: the devil's tongue, the ghost pepper and the Trinidad Moruga scorpion.

Try taking a raw bite into one of these bad boys and that would lead to some serious tastebud trauma. Especially the Trinidad Moruga scorpion, which is the world's hottest chili pepper and one of Rooster Fricke's favorite crops.

"If you ate one of these — whether it is fresh or dried — you would be in extreme discomfort and you'll wish you hadn't done it for a long time," he said.

Fricke owns and tends what is likely the Cape's spiciest farm.

More than 20 varieties of some of the most sweat-generating, tear-inducing chili peppers on the planet (and the not as hot ones, too) are grown here at Nobska Farms in Woods Hole.

The Moruga scorpion sets mouths on fire and has registered 2 million units on the Scoville scale, which measures the hotness of peppers. For comparison, the more palatable yet still spicy and popular jalapeno tops about 6,000 Scoville units, Fricke said.

Though most people can't consume these super hots without steam coming out of their ears, the peppers produce all kinds of different flavors that many spicy foodies adore. "These Trinidad Moruga scorpions are actually very fruity flavored. Others in the patch have a more citrusy flavor, and some have a more smoky flavor,"

Fricke infuses his peppers into all kinds of products for sale at the farm, from jams and literally hot chocolates to his signature sauce called "Rooster's Rocket Fuel." Restaurants and chefs seeking specialty chiles they can't get at the typical grocery store are some of the farm's main customers.

And the wicked hot wares from Nobska Farms have been helping set the bar scene on fire this year in the hip Brooklyn, N.Y., neighborhood of Williamsburg. There, Chaim Dauermann, the beverage director for the restaurant Desnuda Cevicheria, has created two high-end cocktails using Nobska Farms peppers.

He combined Rooster's Moruga scorpion and pasilla chiles into a syrup and mixed it with other spirits and ingredients to come up with "The Reformer" ($14), a cocktail he said has the heat of a spicy salsa.

"Rooster's peppers are enabling me to do things a lot of others aren't able to do," Dauermann said in a phone interview. "It's definitely a trend right now. People want spicy drinks. I'm seeing a lot of places incorporating chiles into their drinks more creatively than they had years ago."

So what makes folks want to take the potentially painful plunge into pepper-based food and drink? Fricke said some are addicted to the buzz.

"The active ingredient capsaicin stimulates your brain to think that you're actually physically burned, but you're not," Fricke said. "It dumps endorphins into your body to help your body deal with that burn and that endorphin causes a rush; it gives you somewhat of a high."

Fricke's near-future farming plans include implementing sustainable agriculture practices like aquaponics for his chili pepper and other gardening operations. He's always thinking about new ways to introduce his super-hot peppers to a broader audience.

"I like the challenge of how to make it accessible to people who like the flavor but only enjoy a little heat," Fricke said.

-JASON KOLNOS,Cape Cod Times

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Markets drift despite more positive China news

LONDON — Another round of largely better than expected Chinese economic data failed to lift the lackluster mood in financial markets on Friday amid the traditional summer lull in trading activity.

Figures showed inflation in July steady at an annual rate of 2.7 percent. That was below market expectations for a modest increase to 2.8 percent. Meanwhile, industrial production rose 9.7 percent in the year to June, ahead of expectations for a 9 percent increase. The only modest disappointment was the news that retail sales grew 13.2 percent in July from a year earlier, slightly slower than June's growth rate.

Overall, analysts said the figures added weight to the argument that the recent soft patch in the world's second-largest economy may have come to an end. However, market reaction was fairly muted, as stocks had rallied already on Thursday after strong Chinese trade numbers.

"While we didn't get the reaction to the data that we saw yesterday, following the trade balance figure, I'd say the data out of China over night was actually quite positive," said Craig Erlam, market analyst at Alpari.

In Europe, the FTSE 100 index of leading British shares was up 0.2 percent at 6,544 while Germany's DAX fell 0.2 percent to 8,303. The CAC-40 in France was 0.1 percent lower at 4,059.

Wall Street was poised for a subdued opening, with both Dow futures and the broader S&P 500 futures 0.4 percent lower.

With the scheduled economic news on the light side, analysts think U.S. markets may drift in the run-up to the weekend. Trading levels in the U.S. in particular often dry up in the latter part of August and only pick up again once traders return to their desk following the Labor Day holiday in early September.

"Bereft of economic news, U.S. markets may struggle," said Chris Beauchamp, market analyst at IG.

Currency markets were fairly subdued, too, with the euro 0.1 percent higher at $1.3376 and the dollar down 0.1 percent at 96.47 yen.

Earlier in Asia, Japan's Nikkei 225 index ended 0.1 percent higher at 13,615.19 while South Korea's Kospi closed 0.2 percent lower at 1,880.71.

The mood in China was a bit more positive after the figures. The Shanghai Composite Index gained 0.4 percent to 2,052.24 and the Shenzhen Composite Index for China's second, smaller stock market gained 0.2 percent to 996.42. Hong Kong's Hang Seng gained 0.7 percent to 21,807.56.

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South End renovation a Royal jewel

Considering the overall need for more housing in the city of Boston, it's no surprise that the new "Royal" building under development in the city's South End neighborhood at 407-409 Shawmut Ave. is already at 50 percent under agreement in just the first six weeks of going to market.

The Royal project is composed of two adjacent buildings — an 1892 insurance company building and a mid-1800s brownstone — combined into a single structure. The new development will have 12 units in total, most with two or 
three bedrooms.

Nine of the units have floor-through layouts with 1,600 to 2,500 square feet of living­ space. There are also two garden duplex units, each with 1,600 square feet, and one one-bedroom condo with about 900 square feet.

All of the units will have beautiful high ceilings throughout. One of the structures is a corner building, and the units located there will include 18 windows and 10-foot-high ceilings.

Bringing the buildings back to their original detail will be the architectural firm of Finegold Alexander & Associates, which is known for its historical renovations. In addition, the interiors will be designed by Terrat/Elms Interior Design.

Expect to see finish work that is very high-end. Master bathrooms will be all white with marble and glass tile, free-standing tubs and large showers. The guest bathrooms will be grey and silver in glass and ceramic tile with "dropped-in" tubs. The kitchens will have a combination of flat-front espresso-stained cabinetry along with Shaker-style light taupe painted cabinets. The appliance package includes Thermador wall-mounted ovens and integrated refrigerators and dishwashers. In addition to hardwood flooring throughout, all units will have high-velocity cooling and heating systems as well as tankless hot-water heaters.

Scheduled to be completed in the summer of 2014, the remaining six available units range in price from $1.2 million to $1.9 million with the exception of the one-bedroom space at $575,000.

As this development is still months away from viewing, all showings are scheduled 
through the Coldwell Banker office located at 137 Newbury Street, where finish boards and floor plans may be reviewed.

The project is being offered exclusively by Ricardo Rodriguez and Brian Kelley of Coldwell Banker Residential Brokerage. For more information or to schedule an appointment, 
Mr. Rodriguez may be reached at Ricardo.Rodriguez@NEMoves.com

Charlie Abrahams is a licensed real estate agent in Boston who works with buyers and sellers and can be reached for any additional information at Bostonreal­estate@charlie­ abrahams.com.

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Tumblr founder to get $81M to remain at Yahoo

SAN FRANCISCO — Yahoo's recently completed acquisition of Internet blogging service Tumblr includes an $81 million payment to Tumblr founder David Karp as long as he remains on the job for the next four years.

The retention payment disclosed in a regulatory filing Thursday is part of the windfall that Karp and Tumblr investors realized by agreeing to sell the service for $1.1 billion in May.

Karp turned 27 last month. He started Tumblr in 2007, a few years after he dropped out of high school in New York to concentrate on computer programming.

Yahoo Inc. CEO Marissa Mayer has pledged not to make any dramatic changes at Tumblr in hopes that the acquisition won't alienate the blogging service's existing users, which includes a substantial number of teenagers and young adults.

As part of her promise "to not screw it up," Mayer is allowing Karp to run Tumblr independently in New York. Yahoo is based in Sunnyvale, Calif.

Karp is believed to own a 20 to 25 percent stake in Tumblr, which means he probably has already received a windfall, which hasn't been disclosed, from the sale to Yahoo. But he must stay at Tumblr until June 2017 under the provision disclosed Thursday to get the $81 million retention payment.

The payment will consist of $41 million in stock and $40 million in cash, according to Yahoo's filing. Another $29 million in stock options and restricted stock is being doled out to other unnamed Tumblr employees over four years.

The documents also disclosed that Yahoo paid a total of $44 million to buy six other companies during the three months ending in June. All told, Yahoo paid about $1.15 billion to buy 10 companies, including Tumblr, during the first half of the year.

Yahoo has bought several other startups since the end of June. The prices for those deals are likely to be disclosed in another regulatory filing in October and November.

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Obama to sign student loan deal

WASHINGTON — Students heading back to college this fall will save thousands in interest charges on their loans after they graduate once President Barack Obama signs into law a rare bipartisan compromise.

The president was scheduled to sign the deal Friday at the White House, ending a frenzied summer of negotiations to restore lower interest rates before millions of college students moved back into the dorms. About 11 million students this year are expected to have lower interest rates, saving the average undergraduate $1,500 on interest charges on this year's loans.

The legislation links student loan interest rates to the financial markets. It offers lower rates this fall because the government can borrow money cheaply at this time. If the economy improves in the coming years as expected, it will become more costly for the government to borrow money and that cost would be passed on to students.

Rates on new subsidized Stafford loans doubled to 6.8 percent July 1 because Congress could not agree on a way to keep them at the previous 3.4 percent rate. Without congressional and presidential action, rates would have stayed at 6.8 percent — a reality most lawmakers called unacceptable.

The compromise that came together is a good deal for all students through the 2015 academic year. After that, interest rates are expected to climb above where they were when students left campus in the spring, if congressional estimates prove correct for 10-year Treasury notes.

Undergraduates this fall would borrow at a 3.9 percent interest rate for subsidized and unsubsidized loans. Graduate students would have access to loans at 5.4 percent, and parents would borrow at 6.4 percent. The rates would be locked in for that year's loan, but each year's loan could be more expensive than the last.

Interest rates would not top 8.25 percent for undergraduates. Graduate students would not pay rates higher than 9.5 percent, and parents' rates would top out at 10.5 percent. Using Congressional Budget Office estimates, rates would not reach those limits in the next 10 years.

Even as they passed the bill, officials were already talking about a broader approach to curbing fast-climbing costs and perhaps scrap the deal when they take up a rewrite of the Higher Education Act this fall. As a condition of his support, Sen. Tom Harkin, D-Iowa, chairman of the Senate Health, Education, Labor and Pensions Committee, won a Government Accountability Office report on the costs of colleges. That document was expected to come in December.

"Even with this important bill signed into law, much work remains to ensure college stays within reach for middle-class families and those striving to get into the middle class," White House spokesman Jay Carney said Thursday.

But for now, interest payments for tuition, housing and books would be less expensive.

In all, some 18 million loans will be covered by the legislation, totaling about $106 billion this fall.

The Congressional Budget Office estimated the bill would reduce the deficit by $715 million over the next decade. During that same time, federal loans would be a $1.4 trillion program.

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Follow Philip Elliott on Twitter: http://www.twitter.com/philip_elliott

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Judge’s ruling may mean lower utility bills

Major electric companies may be forced to slash their rates by millions after a judge ruled the utility companies' rates too high, Attorney General Martha Coakley's office said yesterday.

The decision, handed down by an administrative law judge, could cut the rates Massachusetts bill-payers face by at least $50 million annually, with savings increasing to more than $70 million by 2017.

The decision would reduce the "return on equity" that utilities in New England — including Nstar and National Grid — can claim from ratepayers from 11.14 percent to 9.7 percent. ROE caps the percentage of profits utility companies can make, and allows rates to be adjusted to hit that target.

"This groundbreaking decision is a significant step toward bringing millions of dollars in relief to New England ratepayers who have been overcharged for years," Coakley said in a statement. In the original complaint, Coakley's office, along with utility regulators throughout New England, said the current ROE was unjust and unreasonable considering the current economic climate.

"National Grid continues to believe the existing ROE is just and reasonable," spokesman Fred Kuebler said. "By lowering ROE significantly, it could have an effect on how we invest in the infrastructure." He added National Grid will remain committed to providing the best service possible, regardless of the ultimate decision.

The decision would also retroactively lower that rate to 10.6 percent from October 2011 to December 31, 2012, although how this will be handled has not been determined.

The decision requires Federal Energy Regulatory Commission approval before it can take effect.

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Health insurer clarifies compounded drug policy

Harvard Pilgrim Healthcare is trying to clarify its controversial policy to no longer cover compounded drugs in response to multiple pending lawsuits and conversations with state regulators, the insurance company said.

In a series of letters sent out yesterday to policyholders, employers and prescribers, Harvard Pilgrim is affirming that medically necessary compounded medications will be covered, a spokesperson said.

"Harvard's position has always been that it would cover medically necessary compounded drugs," Joan Fallon said. "We're making decisions based on medical necessity rather than excluding benefits."

"The revised letter comes out pretty plainly and clearly," said Bill Graham, Harvard Pilgrim's senior vice president for policy and government affairs. "We're not changing our policy."

Still, the change seems exactly what at least one of the lawsuits is asking for. "It appears that Harvard Pilgrim is changing course consistent with what we're seeking in the lawsuit," said Patrick Sheehan, one of the lawyers seeking a change on behalf of patients.

The original letter stated that "compounded drugs will no longer be covered under your prescription drug benefit." The last paragraph of the letter said doctors may request exemptions if there are no other available treatment options.

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