The Oklahoman Real Estate by OPUBCO Communications Group

LISTING OF THE WEEK

HOUSE PLAN

Two-story traditional

Estate size

The Listing of the Week is a large, traditional two-story home on a 0.36-acre corner lot in the Rose Creek addition of northwest Oklahoma City.

A rhapsody of shapes and textures makes the Barrett, an estate-size contemporary chalet, a treat for the eye.

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REAL ESTATE

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SATURDAY, JANUARY 8, 2011

REALTOR OF THE YEAR DISCOVERED HIS CALLING IN THE SUPERMARKET

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Decor refines dining When eating out, take note of not only the delicious food being served but the ambiance and decor of the establishment. Often, it’s the backdrop that adds to your dining experience. PAGE 3F

IN BRIEF HOMEBUILDERS PERSEVERING

Dennis Nevius, Oklahoma Realtor of the Year for 2010 and an associate of Keller Williams Realty in Edmond, walks through a house he has listed at 4885 Turtle Point in Guthrie. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN BY TIM FALL Special Correspondent trfall@gmail.com

EDMOND — In mid-1960s Covington — before “Halo” and “Call of Duty” and text messages and Xboxes and iPods — a 13-yearold boy might have collected coins, worked alongside his dad in the local grocery store and still had time left over to dream. Dennis Nevius, Oklahoma 2010 Realtor of the Year and a broker associate with Keller Williams Realty in Edmond, was one such kid. With the grocery business well under his skin by the time he left home for what was then Central State University in Edmond, he continued to work as an assistant manager at an Edmond store while earning his degree in business and finance. After graduating, though, his dream of managing his own store

was dashed, Nevius recalled, when “my district manager gave me some bad news.” Nevius wouldn’t be getting his own store for at least five years. It left him “extremely disappointed,” he said. It was time for Nevius to reassess his dreams. Banking popped up as a possibility, then an offer from Xerox, but it was a friend’s stories about real estate that captured Nevius’ fascination. So he made the leap. First-year agents don’t count on making a lot of money — Nevius admits he was no exception — but in his second year things took off. “I had a bet with a grocery store manager friend,” he recalled about his first year on his own as an agent, “that I’d do better in real estate sales. And I did. I won the bet.” Real estate was a natural fit

from the beginning for Nevius. “I just always thought it was fun to find the right house for somebody,” he said. Nevius, with his background in finance, said he has always loved “working the numbers.” Over the years, he said, “I’ve been able to give good advice that has really paid off for my customers.” Judy Nevius, his wife of 39 years, was always involved in his real estate career, but when sales mounted into the millions, her marketing and database expertise became invaluable to the family business, known as The Nevius Team at Keller Williams. Part three of the team is son Matt, who joined his parents as a Realtor just before the Sept. 11, 2001, terrorist attacks. “His first few weeks were the biggest lull the market has seen in my lifetime,” Dennis Nevius said, “but it was back up again when

everybody was sure the world wasn’t ending.” With father and son assisting customers and Mom creating marketing materials, the team sounds complete. But Nevius did add one more element about 10 years ago: a 22-foot moving truck, complete with ramps and pads. It’s a perk, free to any Nevius Team client who needs it. What does Nevius see on the horizon for buyers and sellers in the year ahead? Nevius said there are buyers, albeit cautious ones, for “the right properties” — homes that are in “the best condition” and “priced right for the current market.” Nevius mentioned a home he’s listed at 4885 Turtle Point, in Guthrie’s gated Sweetwater Springs addition, as an example. The traditional-style, three-bedSEE REALTOR, PAGE 2F

Bargain-hunting homebuyers get tips for search With three tours in Afghanistan under her belt, an Army officer in her late 20s wanted to buy her first home — a property with a fenced yard where her German shepherd and collie could run. Her home search ended recently when she took ownership of a contemporary, four-bedroom ranchstyle house with a large yard for her pets. It also has a family room with vaulted ceilings and a twocar garage. Best of all, she bought the home for well under its appraised value. “She was elated with the deal she got on the house of her dreams, where she plans to stay for at least three years,” said Mary T. McCall, the longtime real estate broker who represented the Army officer on her purchase. Despite recent data showing that property values remain soft in the nation as a whole, McCall

Ellen James Martin SMART MOVES

said she thinks that prices in a number of prime areas will soon start heading north. She’s bullish on “master planned” communities that offer their residents an array of amenities and strong long-term value. “Neighborhoods with excellent built-in features, like fitness centers, playgrounds and their own schools, give buyers a lot for their money. They should gradually appreciate over time, so long as you don’t plan to move too soon,” said McCall, first vice president of the Council of Residential Specialists, a professional

organization for agents (www.crs.com). In fact, the Army officer obtained her property in a popular master-planned community for $30,000 less than its original list price and well under what the first owners paid when the house was built five years ago. However, McCall said those trying to take advantage of the market may have to be prepared to slog through a longer mortgage processing period than was customary before the recession began — especially if, like the Army officer, they fall in love with a property that’s offered as a “short sale.” “Sometimes a short sale can take up to nine months or even longer to go through. Even when you’re doing a traditional real estate purchase, it can now take more time than you’d like to get your loan processing through,” she said.

Here are some pointers for homebuyers who are determined to realize their purchase plans in 2011: Move forward as early as possible if you’re sure you want to buy. Tom Early, a veteran real estate broker and former president of the National Association of Exclusive Buyer Agents (www.naeba.org), said first-time buyers are well positioned to benefit from potential discounts now available on housing. Unless you have a long-term lease on your rental unit, you can typically move quickly without having to sell a home before you commit to a purchase. Take note of how the math of moving up favors you in this market. Among the homeowners who are holding off on a trade-up purchase are those waiting for a pickup in the value of their present place.

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“Essentially, these people are boycotting the buyers’ market until they can maximize the sale of their current property,” Early said. But he said those who think it’s wise to wait often fail to take note of the numbers. Granted, they may not get as much as they’d hoped when they liquidate their present home. Yet they’re likely to get a proportionately larger discount on a more upscale place they purchase soon. Consider buying directly from a builder. “Look for builders who still have spec houses in their developments. They need to sell these homes to pay off the bank for their construction loans. Their urgency could result in a terrific deal for you,” Early said.

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To contact Ellen James Martin, e-mail her at ellenjamesmartin@gmail.com. UNIVERSAL UCLICK

Small homebuilders are the mainstay of the nation’s housing industry, including a sizable number of self-employed momand-pop operations, according to a new study by economists at the National Association of Home Builders. A much higher share of small businesses both enter and fail in the residential construction industry when compared to all U.S. firms, according to the report. “We are seeing market conditions returning to normal in many parts of the country after a long, hard downturn, and these companies have the agility to move quickly and start leading the economy forward,” said Bob Jones, association chairman and a builder from Bloomfield Hills, Mich.

DE-ICER HAS FRUITY SMELL Fruits & Passion, a company that makes products with fruit-based fragrances, has added de-icer to its offerings. It comes packaged in a metal pail with a wood scoop. A 35-ounce pail of de-icer is priced at $16.50 at www. fruits-passion.com. Shipping is extra.

GROUP INVESTS IN IFBYPHONE The National Association of Realtors has invested in Ifbyphone, provider of voice applications for customer interactions. Ifbyphone is developing enhanced voice interactions for its Realtor members. FROM WIRE REPORTS

INDEX Handy Stone Permits

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SATURDAY, JANUARY 8, 2011

REAL ESTATE

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Left: Dennis Nevius of Keller Williams Realty, Oklahoma Realtor of the Year for 2010, shows a house he has listed at 4885 Turtle Point in the Sweetwater Springs addition in Guthrie. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

Realtor: Better home sales expected FROM PAGE 1F

room, 1,800-square-foot home is on a ¾-acre lot and is for sale with the adjacent 1-acre lot for $167,700. “We’re seeing great interest rates,” Nevius pointed out, “and inflationary pressures like we saw in the late ’70s and early ’80s. Those factors make homeownership attractive.” The flip side of the coin, though, is tight underwriting. “Even buyers with 20 percent cash down need higher credit scores than a couple of years ago,” Nevius said. Nevius is “sure” the metro area will see improved sales for 2011, “just no big spikes in business” until concerns, both individual and institutional, subside. “I want to see long-term economic fundamentals addressed,” he said in the final days of 2010. “Because short-term fixes like the first-time buyer credit aren’t doing anybody any good.”

Left: The master bath of the home at 4885 Turtle Point in Guthrie. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

The Guthrie home has an open floor plan, as seen in this view of the kitchen-dining and living area. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

Realtor of the Year Dennis Nevius has this house listed at 4885 Turtle Point in the Sweetwater Springs addition in Guthrie. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

REAL ESTATE

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Local eateries provide inspiration for design

When I’m sampling eateries in the Oklahoma City area, I always take note of not only the delicious food being served but the ambience and decor of the establishment. Oftentimes it’s the backdrop that adds to your dining experience. Two of my recent favorites are the Bayou Grill & Bakery in Edmond and the Cafe do Brasil in Oklahoma City. Cafe do Brasil, 440 NW 11, proved to be a memorable dining experience. The food was delicious and the servings were plentiful. The moment you stepped into the restaurant you felt as if you were truly in the heart of Brazil. The live music, the aroma of the Brazilian spices and the large mural of the Christ the Redeemer statue in Rio de Janeiro transport you to Brazil. The color of the walls represent the yellow and green found in the Brazilian flag.

Mi-Ling Stone Poole ASK MI-LING

It was a wonderful evening and I went away from the cafe thinking about how much the decor influenced my dining experience. Next on my list is Bayou Grill & Bakery, 1315 E Danforth Road in Edmond. My girlfriend Jeri and I stopped in for a bite to eat and the first thing I noticed was the colorful mural on the wall with the traditional light post and a jazz musician leaning on the post in the background. The bright colors of green, blue, orange and pink reminded me of my many visits to the French Quarter. And if you’ve been to New Orleans you know the down-home feeling you get when chatting with the cooks or

having a beer at the bar with the owner. And on any given night, local musicians grace the small stage situated in the corner for the full Cajun experience. I enjoyed the gumbo and the cornbread. But my favorite was the wonderful peach cobbler. It reminded me of my mother’s recipe, one that I make quite often. The cobbler was so good in fact that one evening after my husband and I ate at the Cafe do Brasil, I asked him to stop by the Bayou Grill so I could grab a few slices to take home for dessert. Whatever your taste buds, I’m sure you will enjoy eating at one of these eateries, and while taking in the cuisine you can find inspiration for your next decorating project. Now go out and create your own unique comfort zone! If you have a decorating dilemma, contact Mi-Ling Stone Poole through her website, www.mi-ling.com.

Clash looms over loan availability BY RONALD D. OROL MarketWatch

WASHINGTON — A behind-the-scenes battle is forming over a provision to the sweeping bank reform law that will affect mortgage availability. At issue is a provision in the Dodd-Frank Act that requires banks to have “skin in the game” by retaining some of the risk of loans they package and sell. The goal is to eliminate a problem leading to the financial crisis where lenders packaged and sold subprime mortgages they knew would fail. Lawmakers also included a measure that would exempt certain mortgages from the risk retention rule if their loans met certain high underwriting standards. But reaching an agreement on what the criteria will be for these highstandard loans dubbed “qualified residential mortgages” — QRM — is expected to be difficult and, depending on how regulators rule, a huge slice of the mortgage market could be exempted from risk retention, or only a small piece of the market. That could have a major impact on what kinds of mortgages are available, and for what price. Mortgage rates have remained near historic lows but mortgage activity is near decade depths. Reuters reported recently that a group of prominent investors and academics urged top U.S. officials to move quickly to enact the provision. Bank regulators and the Treasury Department are required to work together to draft rules under the watchful eye of a newly formed Financial Stability Oversight Council made up of the heads of bank and securities regulators. A soon-to-be-formed Consumer Financial Protec-

tion Bureau, which will write rules for mortgages and other consumercredit products, will want to be involved as well. Regulators are expected to introduce a proposal for this measure in January. Washington observers say that regulators, consumer groups and bankers generally already agree to prohibit more exotic or problematic loans from qualifying for the risk retention provision. Specifically, those with negative amortization loans, prepayment penalties or balloon payments — many of the problematic structures that helped drive the financial crisis — won’t be permitted. Strong credit scores will also be a must as well as effective verification of borrower income. However, squabbles already are taking place among banks, investors and consumer groups over whether the loans approved under the exemption should have down payments, and if so, how much money down is necessary. Other points of dispute: How many months of verification should be required for a borrower’s income and how much debt can a borrower handle. The Mortgage Bankers Association is seeking to include interest-only loans in the definition but consumer groups are opposed. Big banks are seeking some sort of significant down payment, perhaps as much as a 30 percent stake by borrowers, arguing that it means homeowners would be less likely to abandon the mortgage. Alternatively, consumer groups are either opposed to having any downpayment requirement or prefer a small downpayment condition. Finally, smaller banks would like to see a 5 percent or similarly small down-payment condition

if borrowers obtain private mortgage insurance and have high credit scores. Kathleen Day, spokeswoman at the Center for Responsible Lending in Washington, said having a high down-payment requirement for qualified residential mortgages would limit a lot of responsible lending. “Nonstandard, nontraditional and predatory products would become part of the universe of the common loan, and it would mean we have the status quo where bad loans are sold as legitimate products,” Day said. MCCLATCHY-TRIBUNE INFORMATION SERVICES

Churchill Brown adds sales associate

John Paul Buie

A mural of the French Quarter graces a wall at the Bayou Grill & Bakery in Edmond. PHOTO BY BY MILING STONE-POOLE, FOR THE OKLAHOMAN

SATURDAY, JANUARY 8, 2011

EDMOND — John Paul Buie has joined Churchill Brown & Associates Realtors as a residential real estate sales associate in the 201 N Bryant office. Buie has lived in the metro area 23 years. He has a bachelor’s degree in animal husbandry from Oklahoma State University and attended Abilene Chris-

tian College in Abilene, Texas. He worked for more than 30 years with Upjohn Pharmaceuticals’ animal health division. He is vice president of his family’s ranch corporation and is a member of the Texas & Southwestern Cattle Raisers Association and past member of the Oklahoma Cattlemen’s Association.

SATURDAY, JANUARY 8, 2011

REAL ESTATE

HOUSE PLAN

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LISTING OF THE WEEK

House has wine cellar plus outdoor amenities The Listing of the Week is a large, traditional twostory house on a third of an acre corner lot in the Rose Creek addition of northwest Oklahoma City. The 4,553-square-foot house at 17200 Fox Prowl has four bedrooms, 3½ baths, three living rooms, two dining areas and an attached three-car garage. The family room has a fireplace and built-in entertainment center. The living room has a cathedral ceiling. The upstairs game room has a wet bar and ceiling fan. The kitchen has a work island, breakfast bar and eating area. The home has extensive woodwork, a storm cellar, wine cellar, covered patio and outdoor eating area with built-in grill, fireplace and seating, a security system and under-

Contemporary chalet eye candy A rhapsody of shapes and textures makes this estate-size contemporary chalet a treat for the eye. King posts and gently curved struts highlight the Barrett’s four frontfacing gables, while shingles and stone veneer wrap around the entire exterior. Diamond-shaped and Craftsman windows add sparkle outside and admit abundant light inside. Arrays of slender posts flank the lofty entry portico. Sidelights and a wide transom wrap around the Craftsman door. Inside, closets line the vaulted entry that leads directly into an expansive hexagonal great room. Drop beams outline the six pie-shaped ceiling panels that meet at a

central peak. The three rear walls are loaded with glass, and the center section there is almost entirely glass. Its lower windows are crowned by two more levels of gridded glass that highlight the triangular apex. A fireplace graces the right rear section, designated as a living room; the dining area is in the left section. Both offer access to wide decks. A long conversation bar rims the work island in a kitchen that is partly open to the dining area. Its roomy pantry fills one corner. Bedroom suites fit neatly into wings on both sides of the central hexagon. A powder room along the hallway to the

guest suite is available for general use. The large utility room farther along that hallway also serves as a passthrough to the three-car garage. Luxury features abound in the spacious owners’ suite that fills the left wing. A bunk room and yet another bedroom are in the Barrett’s daylight basement below, to the left of a huge recreation room that accesses covered patios on three sides. The roomy workshop on this level also has double-door access to the exterior. For a review plan, including scaled floor plans, elevations, section and artist’s conception, send $25 to Associated Designs, 1100 Jacobs Drive, Eugene, OR, 97402. Specify the Barrett 30-773 and include a return address when ordering. For more information, call (800) 634-0123.

The Listing of the Week is at 17200 Fox Prowl. PHOTO PROVIDED

ground sprinkler system. Built in 2003, it is listed for $699,000 with Laura Terlip of The Covington Co. For more information, call 840-4151. Nominations for Listing of the Week are welcome. Send information about single-family homes to The Oklahoman, Richard Mize, P.O. Box 25125, Oklahoma City, OK 73125. Nominations may be faxed to 475-3996.

REAL ESTATE

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SATURDAY, JANUARY 8, 2011

Mortgage tax break’s future in doubt BY DON LEE Tribune Washington Bureau

WASHINGTON — Fifteen years ago, Carol Nietmann and her husband bought a spacious house in Maryland near Chesapeake Bay. And thanks to the time-honored tax deduction for mortgage interest, she said, their new place was a little bigger and a little nicer than they would otherwise have thought they could afford. Much the same has been true for millions of Americans up and down the income scale. Perhaps the most sacred of all the sacred cows in the tax code, the home mortgage deduction has long been seen as crucial to a major element of the American dream — owning your own home. It also has been a boon to

homebuilders, construction workers, the financial services industry and local governments that benefited from fatter real estate tax revenue. But nearly a century after coming into existence, the mortgage deduction may face a day of reckoning. Although out of the spotlight while the lame-duck Congress thrashed to an end, the mortgage deduction issue is likely to resurface this as the new Congress — including a lot more deficithawk Republicans — takes over. In part, the hoary deduction has a target on its back as a result of policymakers rethinking the whole issue of homeownership. In the wake of the havoc that followed the latest housing bust — a calamity that still shadows the U.S. economy and will for

years to come — it’s no longer so clear that near-universal homeownership should be a paramount goal. The National Association of Realtors already is running ads warning that tampering with the deduction would hurt “hardworking American families.” The ads point out that 65 percent of the taxpayers who took the deduction made less than $100,000. What the group doesn’t say is that about 75 percent of the entire $85.5 billion that people saved in taxes from the mortgage interest deduction in 2008 went to individuals or couples making $100,000 or more, according to an analysis by the congressional Joint Committee on Taxation of the latest data available. Based on the committee’s

numbers, taxpayers who took the mortgage deduction saved, on average, $2,330 in 2008. But for those reporting incomes of $200,000 and more, the average savings nearly tripled. About half of all homeowners in the U.S. — and just a quarter of all taxpayers — benefit from the mortgage interest deduction at all. That’s because most people don’t have home loans or don’t pay enough in mortgage interest to take advantage of the benefit. Also left out are many homeowners in cheaper housing markets, though people with pricier homes and larger mortgages — many of them affluent younger Americans in coastal cities in California and on the East Coast — reap a disproportionately large share of the tax savings. Last year, couples filing joint

federal returns needed mortgage interest and other deductions exceeding $11,400 to make it worthwhile to file itemized tax returns and take advantage of this tax preference. The deficit commission’s plan would do away with itemized deductions altogether and allow every homeowner to get a tax credit equal to 12 percent of interest paid on mortgages up to $500,000. Replacing the mortgage deduction with a tax credit “would reduce the tax subsidy by a decent amount for a small fraction of the population and increase it by a small amount for a large number of lower-income households,” said Todd Sinai, a real estate and taxation specialist at University of Pennsylvania’s Wharton School. MCCLATCHY-TRIBUNE INFORMATION SERVICES

3-D model aids in remodeling project For most people, sometimes even experienced designers and contractors, the toughest part of a remodeling project is visualizing what the space is going to look like afterward. A set of plans is a great first step, of course, but they often don’t give you the three-dimensional perspective you need to really see the room and experience perspectives, traffic patterns, light, and all the rest. So, once the demolition is complete and the room is bare, do some simple experimenting. This should occur before anything goes back in, including wiring, plumbing and drywall, since this is your one opportunity to make changes in the original plans if you catch something you don’t like.

Get it on tape The easiest place to start is on the floor, with masking tape. Refer to your plans and tape out the major immovable components of the remodel, such as walls and cabinets. By doing this full-scale right on the floor, you’ll see firsthand how the room begins to close in certain areas and how traffic patterns begin to emerge. If you’re adding new windows or doors, use newspaper and tape to create them full size on the walls, in their exact locations. Again, this will give you a much better visualization of how they interact with the flow of the room.

Get some cardboard Now it’s time to get even more creative and do some three-dimensional

Contracts to buy homes increase BY THE ASSOCIATED PRESS

NEW YORK — The number of people who signed contracts to buy homes rose in November, the fourth increase since contract signings hit a low in June. The National Association of Realtors said its index of sales agreements for previously occupied homes increased 3.5 percent from a downwardly revised reading in October. Contract signings were up in the West and Northeast, but down in the South and Midwest. Signings were 22.1 percent above June’s index reading, which was the lowest level since the Realtors started tracking the data in 2001. Signings were 5 percent lower than November 2009 when buyers were scrambling to close purchases to qualify for the first federal tax credit. Still, 2010 is shaping up to be the worst for home sales since 1997.

building with cardboard. It’s an extra step, especially at a time when you’re anxious to get the real wood and nails flying, but a little time spent here can save you some critical mistakes. Using cardboard, tape, light wood such as 1-by-1inch or 2-by-2-inch, and a staple gun, build some full-scale models of some of the major components of the room. Large, used cardboard boxes are often available from appliance and furniture stores, and you can cut them up and piece them together as needed. They don’t need to be pretty, just the correct size. For example, for a kitchen remodel, you might want to lay out cardboard counters at the correct height, supported by cardboard legs, then build a three-dimensional cardboard island. This will really let you see firsthand if you have enough room for all that. On the floor, tape out the dimensions of the open dishwasher door, or the swing of the refrigerator door, and verify firsthand that you’re comfortable with all the clearances. Another good use of all this cardboard and newspaper is to help you see

what’s going to happen to the light in a room. When you first strip everything out, there’s nothing to block all the light streaming in from the windows. But what happens when those wall cabinets go up in the kitchen, or when that tall linen storage cabinet gets set in the bathroom? You can either build a cardboard cabinet of the proper size, or simply tape newspaper to some strings and then pin the strings to the ceiling in the proper locations — anything that will block the light from the windows in the same way the new cabinets will. Then you can assess how much of an impact they’ll have, and perhaps move them or alter them if needed.

Make fake furniture Furniture is another thing that dramatically impacts traffic flow, but often doesn’t get taken into consideration until after the remodeling is complete. Here’s your opportunity to do it beforehand, and perhaps make a critical change or two. With all that tape on the floor, you have a good layout of where all the walls, cabinets and other

main components are going to be located. Using some cardboard, make full-scale, twodimensional models of any large pieces of furniture, such as a couch, dining room table or bed. These don’t need to be three-dimensional, since you’re concerned only about how the footprint will affect traffic patterns, so just tape together several pieces of cardboard and then cut them to the

correct final dimension. Label your creation so you remember which piece of furniture it is, then you can move it into different locations to try different room layouts. Once again, this full-scale playroom will let you make any necessary changes to your original plan. Once you’re happy with everything, leave the tape in place on the floor for the time being. As long as you’ve placed it accurate-

Paul Bianchina HANDY @ HOME ly, it’s a great help to the electrician for taking measurements when placing can lights and ceiling boxes! Remodeling and repair questions? E-mail Paul at paulbianchina@ inman.com. All product reviews are based on the author’s actual testing of free review samples provided by the manufacturers. INMAN NEWS

SATURDAY, JANUARY 8, 2011

REAL ESTATE

Sellers, buyers should have separate inspectors DEAR BARRY: I read an article in which you recommend pre-sale home inspections. You explained that sellers can hire their own inspector before they put their property on the market, rather than waiting for a report from the buyers’ inspector. The advantages you listed make sense for sellers, but I think buyers would be better served by hiring their own inspector, someone who would serve their interests exclusively. What are your thoughts on this? Wayne DEAR WAYNE: Your point is an important one. Sellers benefit from a

pre-sale home inspection in three essential ways: They earn the trust of buyers by demonstrating that they have nothing to hide in the transaction. They reduce their chances of liability for undisclosed defects after the sale. A presale inspection report affords them a position from which to negotiate an “as-is” sale. The sellers’ inspection report, however, should not be the buyers’ final source of disclosure. Buyers, in fact, would be foolish to rely on a pre-sale report as their sole avenue of information. Homebuyers should have a direct relationship

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with their own home inspector for reasons of accountability and to gain a clearer understanding of the property’s condition from someone who is paid to represent their exclusive interests. When buyers hire their own inspector, they can attend the inspection. They can walk and talk with the inspector, ask questions, express concerns, see the conditions that will appear in their report, and build a rapport with the inspector they hire to familiarize them with their new home. Besides this, home inspectors are not equally qualified or uniformly

THE OKLAHOMAN | NEWSOK.COM

Barry Stone

Paradigm AdvantEdge adds two sales associates Susan Forsythe

INSPECTOR’S IN THE HOUSE

thorough in their professional duties. The sellers’ inspection may or may not have been done in a detailed and competent manner. To rely on a report from an unknown inspector, without a one-on-one, face-to-face relationship could be described as a pig-in-a-poke reliance. Sellers and buyers benefit in important and individual ways when they hire their own home inspectors. Both types of inspections are recommended. To write to Barry Stone, please visit him on the web at www.house detective.com.

Susan Forsythe has joined Paradigm AdvantEdge Real Estate’s south office, 1530 SW 119, as a residential real estate sales associate. She grew up in the Santa Clarita Valley in California and studied accounting and business management at the College of the Canyons in Valencia, Calif. The military moved her family several times, and the last move was to Oklahoma City 13 years ago. Previously, she worked in retail sales and retail sales management.

Jeremy Barton Jeremy Barton has joined Paradigm AdvantEdge’s south office, 1530 SW 119, as a residential real estate sales associate. The Yukon native, after graduating from Yukon High School, moved to Daytona Beach, Fla., and opened a beach accessory business. When he returned to Oklahoma, he worked as an account manager for a national food company.

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Foreclosures rise in third quarter as fewer people get help BY THE ASSOCIATED PRESS

WASHINGTON — The number of foreclosed homes rose over the summer after fewer people at risk received assistance lowering their monthly mortgage payments, a new report shows. About 470,000 homeowners received help either directly from banks or through government programs in the July to September quarter, according to a report by the Office of the Comptroller of the Currency and Office of Thrift Supervision. That’s a 17 percent drop from the previous quarter and a decline of 32 percent from the same period last year. At the same time, the number of completed foreclosures rose to nearly 245,000 in the third quarter, an 11.2 percent increase from the previous three months, the report said. The report only covers the 64 percent of mortgages that are held by national banks and thrifts. Mark Zandi, chief economist at Moody’s Analytics, estimates that there will have been 1.8 million foreclosed homes in the United States in 2010 and that the numbers will be

even higher this year. Moody’s estimates that foreclosures should peak in 2011 at 2.1 million, Zandi said. A spike in foreclosures is a major reason why home prices fell in 20 of the largest U.S. metropolitan areas in October from September — the first time that has happened since February 2009. Banks already have sorted through most delinquent borrowers and decided whether to modify their mortgages, federal officials say. “The universe of eligible borrowers who have not already been evaluated is being exhausted,” said Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency. Many troubled borrowers owe more on their homes than the mortgages are worth, a situation known as being “underwater.” Many banks don’t want to modify those mortgages, analysts said, because that would require them to write off a portion of the loan. The Obama administration’s central effort to prevent foreclosures, the

Home Affordable Modification Program, saw an even steeper drop in the third quarter. Only 59,000 loans were modified under the program, down nearly 46 percent from the previous quarter. Another 44,000 loans are in a three-month trial period. If borrowers make pay-

ments for three months under the trial period, the modification becomes permanent. The modified loans usually have lower interest rates or longer payment terms. The federal program has fallen far short of its goals. Administration officials initially said it would help

3 million to 4 million people avoid foreclosure. But a congressional panel estimated earlier this month that it would likely end up modifying only about 700,000 to 800,000 mortgages. Zandi said the majority of those at risk of foreclosure are already in the

pipeline. As the economy slowly improves and job losses decline, fewer homeowners are falling seriously behind on their loans, he said. That should reduce the number of newly initiated foreclosures going forward.

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REAL ESTATE

SATURDAY, JANUARY 8, 2011

Unfinished homes tarnish neighborhoods of Chicago BY BECKY SCHLIKERMAN, ROBERT MCCOPPIN, AND LISA BLACK Chicago Tribune

CHICAGO — Every night before he goes to sleep, Ted Bachrach sets out four rat traps along a construction site next to his well-tended yard. In the morning, he gets up, makes coffee and removes the traps — usually finding one rat — before he goes on with his day. The 36-year-old investment manager’s charming wood-frame home sits next to two unfinished single-family homes on a quiet residential street in Chicago’s Lincoln Park. For a while, he said, three homeless people were living in one house. The construction project started two years ago, but just months into the work, the bank cut off funding, property owner Robert Chavin said. So now a boarded-up, two-story concrete block building has sat untouched for more than a year. Construction on the other home was begun too, but didn’t even make it that far. Half-built homes have popped up all over Chicago and its suburbs, a jarring leftover from the real estate market meltdown and ongoing foreclosures. Many were teardowns of existing homes, replaced by skeletal structures that neighbors fear will lower their property values. The languishing construction site on the city’s North Side is a glaring case study of the difficulties that frustrated residents, communities and lenders face in grappling with abandoned, half-finished homes. Though numbers are hard to measure — no one seems to

A letter carrier walks past the unfinished house that neighbors complain about at 510 N Clay St., which has stood fenced in and abandoned for about three years, in Hinsdale, Ill. PHOTO BY MCCLATCHY-TRIBUNE

track them — experts say there are plenty of examples. And there is little, they say, that can be done to remedy the dilemma other than put pressure on the owners, which often are banks. “It is a national problem, especially in the Midwest and particularly in Chicago and the suburbs,” said Eli Lehrer, senior fellow at The Heartland Institute, a nonprofit research organization in Chicago.

Solutions are elusive Unfinished houses pose a new challenge for many communities because they have few options for how to best deal with them. “There is a well-developed program within the city to tear down houses that are abandoned,” Lehrer said of Chica-

go. “There is very little public policy for houses that have not been completed.” The lack of a clear-cut action plan frustrates suburban residents as well. On a cozy tree-lined street in Skokie, Ill., Eddie D’Avis spent nights awake in bed, listening to loose insulation whip in the wind on the unfinished house next door. Many a time he thought about going out and ripping it down himself. Instead, he waited for the owner to do something. He’s been waiting three years since construction was halted. The two-story house still sits empty, with plywood walls and exposed eaves. Children wander onto the property, and squirrels and raccoons have climbed inside the shell. Lenders can maintain a

property, Zenkevicius said, but can’t improve it until they get ownership. Banks could sell such properties sooner if owners would deed the property to them rather than just walking away, he said. Even when such houses are on the market, they are difficult to sell because they often require full cash payment and face a host of construction issues that only certain builders and lenders are willing to tackle, brokers said. Some owners and banks are letting unfinished properties sit until prices improve, said John Wozniak, incoming president of the Homebuilders Association of Greater Chicago. And financing is very difficult to get for such projects. MCCLATCHY-TRIBUNE INFORMATION SERVICES

Ex-title closer to serve 6 years in fraud scheme BY MCCLATCHY-TRIBUNE INFORMATION SERVICES

FORT WORTH, Texas — A former title closer has been sentenced to six years in prison for her role in an elaborate mortgage fraud scheme involving loans worth $13 million, many in Tarrant County. Deborah Fernie, one of 10 participants indicted in the scheme, pleaded guilty to two charges of making a false or misleading written statement with the intent of obtaining property or money for herself or other participants. State District Judge George Gallagher sentenced Fernie, 49, to six years on a first-degree felony that involved more than $200,000. He sentenced her to two years on a state jail felony involving less than $200,000. Under terms of her plea bargain, Fernie, who worked in Mansfield, Texas, about 20 miles southeast of Fort Worth, will serve those sentences concurrently with a 78month federal mortgage fraud scheme sentence. She has been ordered to report to federal prison in February to begin serving all three sentences. Fernie is the eighth of 10 defendants sentenced in the scheme that spanned about six years. It came to light about three years ago when prosecutors received an anonymous letter asking why so many houses in Mansfield’s Twin Creek subdivision were vacant, for sale or in foreclosure. An investigation uncovered a scheme to use false information from “straw buyers” to buy homes at inflated prices and pocket the proceeds. Five of those “straw buyers” received probation in September after admitting that they allowed their personal information to be used in the scheme. Of the five principals, two have received 10 years’ probation and 180 days in jail for their roles. One admitted that he used his real estate company to file fake mechanic’s liens on homes. The other admitted that he inflated his income and provided other false information to buy a $408,000 home. Fernie pleaded guilty to paying herself $5,000 from one fraudulent sale and closing a sale that she knew involved a fraudulent loan. Two defendants have not been tried.

REAL ESTATE

SATURDAY, JANUARY 8, 2011

THE OKLAHOMAN | NEWSOK.COM

Big score may elude Dallas-area homeowners MARKET | AS SUPER BOWL APPROACHES, RESIDENTS HOPE TO CASH IN BY RENTING HOMES TO FOOTBALL FANS COMING FOR GAME BY JEFF MOSIER The Dallas Morning News

DALLAS — Roadside ads offering the possibility of a $10,000-per-night payday were among the earliest and most plentiful signs that the Super Bowl was approaching. Hundreds of garage sale-style signs — many placed illegally in medians and rights-of-way — have people intrigued by the profit potential in renting their homes for the Super Bowl on Feb. 6 in Arlington, Texas. But with just weeks left before kickoff, it’s still not clear what kind of market there is for home rentals. One vacation rental website shows a three-bedroom house about seven miles from Cowboys Stadium for $250 per night. Another website, specializing in Super Bowl rentals, offered comparable houses for $3,500 per night. Mark Kreditor, a Dallas resident and

past president of the National Association of Residential Property Managers, said it’s tough to figure out what properties are worth for that brief time. “When you see that kind of disparity in price, obviously there is no market that’s been established by the demand,” said Kreditor, who owns Get There First Realty. “There are just a lot of people with supply.” Super Bowl XLV host committee officials have said there are plenty of hotel rooms in this region and that home rentals aren’t crucial to housing fans. The area’s top luxury hotels are sold out, but rooms still are available in budget motels charging less than $100 to midrange hotels with rooms for $300 to $400 a night. But that hasn’t stopped people from offering everything from one-bedroom apartments to mansions to football fans with enough money. Donnie Payne has had her aunt’s house

in Dallas rented for Super Bowl weekend since March. But at $300 per day, it’s nowhere near the windfall many expect. “I don’t know why people would fall for it,” she said about the promise of huge payouts. “There are still enough hotels in Dallas. I don’t know why someone would think that’s even real.” For many who live in the home they intend to rent, the Super Bowl is a one-time bonus. Payne looks at the rental market long-term since her aunt’s house is vacant and always available for lease. She said it mostly goes to business people in town for extended stays, but there have been some people here for Cowboys games. Keith Johnson, who owns Phoenixbased Majoreventrentalz.com, said a couple of properties listed on his site have been rented for Super Bowl XLV at a price of $250 and $750 per day. The $750-perday home was originally listed for $3,500 per day, but the price was negotiated

down. Johnson said many customers find bargains by renting a house rather than two or three hotel rooms. He said he’s had a total of a dozen listings this year, far fewer than at previous Super Bowls. In Arlington, Denise Langley has a house on the market just a couple of miles from Cowboys Stadium but has also had no luck yet on a Super Bowl week rental. That’s despite a price of $2,500 per week, less than what some homeowners are asking per night for similar houses. Langley said she tried to make the asking price competitive with the combined cost of a couple of hotel rooms since the three-bedroom house could sleep eight people. She said she’d like to have it rented for Super Bowl week, but she’s not necessarily counting on that income. “It’s extra money. It’s not needed money,” she said. MCCLATCHY-TRIBUNE INFORMATION SERVICES

‘Active adult’ developments drop age restrictions BY KENNETH R. GOSSELIN The Hartford Courant

HARTFORD, Conn. — In the 1990s, towns across Connecticut enthusiastically approved plans to build housing developments restricted to adults 55 and older, attracted by the idea of solid buyers who would pay their taxes and be active in civic affairs but not add children to school systems. For retirees, it was a chance to stay in the same towns where they had lived for years. The number of these “active adult” communities in the state mushroomed — now at 200, by one estimate, representing thousands of single-family houses and condomini-

ums. It worked well for many: Developments flourished and sold out. But as the housing recession deepened, a growing number of the developments were left unfinished. Some developers have fallen into bankruptcy; others are struggling and looking for a way out. Now, they’ve found one. Following a trend that has unfolded in the past year elsewhere in the country, at least three partly completed “active adult” projects in Greater Hartford — two in Ellington and one in Tolland — have won local approval to drop the age restriction. In Tolland, Belvedere Ridge provides the most striking example of the slowdown: Envisioned as a community of 66 homes,

just two have sold since 2006. Each of the three developers, including a bank that aims to sell the property to a new builder, are hoping the change will spur sales in a still-weak housing market. While the conversions are likely to ease financial pressures on developers, they have the potential to spark controversy because the homes were specially approved under the condition that they be only for people older than 55. So far, there hasn’t been any organized opposition to the change, but some people are raising concerns about what the conversions mean for the future of housing for a fast-growing segment of the population. Colin Milner, founder of

the International Council on Active Aging, said a spate of conversions could reduce the backlog of housing for 55 and older — making it tougher for people that age to find housing in the future. It also could push up the prices buyers may have to pay, he said. “Will older adults have the adequate number of communities that they will need?” asked Milner, who has been consulted by the White House on issues involving aging. “It’s still up in the air.” Among the three developments in Tolland and Ellington, 243 housing units — a mix of singlefamily houses and townhouses — were envisioned. So far, just 17 have been sold. There are early signs,

however, that the conversions are likely to jumpstart stalled projects. At Windermere Village in Ellington, the developer, who broke ground in early 2008, went 18 months without a single offer. At most there might be three people a week coming to take a peek at a development, where eight units have been sold out of 123 that were planned. “I felt like I was one of those stores in New York and people were just window shopping,” said William H. Coons Jr., the project’s developer. Since the age restriction was dropped, as of Sept. 1, two buyers — a couple in their 40s and one in their 20s with a young child — have placed deposits on single-family houses,

Coons said. Coons and other developers say the nature of the developments, while now allowing children, won’t change radically because the homes remain modest, typically under 2,500 square feet with two or three bedrooms and small yards. Nevertheless, the conversions are ruffling some neighbors who thought the developments would remain age-restricted. MCCLATCHY-TRIBUNE INFORMATION SERVICES

REAL ESTATE

THE OKLAHOMAN | NEWSOK.COM

SATURDAY, JANUARY 8, 2011

Homeowners are caught in foreclosure problems

Credit bubble is cited in foreclosure woes BY MICHELLE CONLIN The Associated Press

To understand banks’ back-office dysfunction, you have to travel back to the credit bubble of the early 2000s. Rising home prices were turning real estate into the new national casino. Lending standards evaporated. No job or down payment necessary! Banks, meanwhile, stopped holding on to mortgage loans and pooled them into securities that were sold to investors. The banks charged fees for servicing the mortgages — tasks such as collecting monthly payments. The banks slap on the biggest fees when a borrower can’t make payments and the bank forecloses. Now it’s becoming clear just how chaotic the whole system became. Depositions from employees working for the banks or their law firms depict a foreclosure process in which it was standard practice for employees with virtually no training to masquerade as vice presidents, sometimes signing documents on behalf of as many as 15 different banks. Together, the banks and their law firms created a quick-and-dirty foreclosure machine that was designed to rush through foreclosures as fast as possible. Former employees at banks and foreclosure law firms have testified that they also knowingly pushed through foreclosures on the wrong people. The banks say they are reviewing their mortgage

BY MICHELLE CONLIN The Associated Press

Christopher Marconi was in the shower when he heard a loud banging on his door. By the time he grabbed a towel and hustled to his front step, a U.S. marshal’s sedan was peeling out of his driveway. Nailed to Marconi’s front door was a foreclosure summons from Wells Fargo, naming him as a defendant. But the notice was for a house Marconi had never seen — on a mortgage he never had. Tom Williams was in his kitchen thumbing through the mail when he opened a letter from GMAC. It informed him that the bank would confiscate his house unless he immediately paid off his mortgage balance of $276,000. But Williams had never missed a mortgage payment. And his loan wasn’t due to mature until 2032. By now, you may have heard the stories of bank robo-signers powering through hundreds of foreclosure affidavits a day without verifying a single fact. But most of those involved homeowners who had stopped paying their mortgage. They were genuine defaulters. Now a new species of homeowner is getting pushed into foreclosure hell. People have always loved to complain about their banks. The pushbutton circus that passes for customer service. The larding on of fees. But the false foreclosure cases are hardly the usual complaints. These homeowners paid their mortgages — or loan modifications — on time. Some even paid off their loans. Many have to resort to paying a lawyer, even after presenting documentation. They say they have to sue not only to stop the wrongful foreclosure but also to attempt to win back their costs. There are no official statistics for

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311

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302

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Del City

313

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Moore

318

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Norman

322

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Piedmont

327

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Yukon

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Christopher Marconi stands outside his home in Garrison, N.Y. Marconi was in the shower when he heard a loud banging on his door. Nailed to his front door was a foreclosure summons from Wells Fargo, naming him as a defendant. AP PHOTO

these homeowners, but lawyers, real estate agents and consumer advocates say their ranks are growing. In November, during foreclosure hearings on Capitol Hill, senator after senator scolded the banks about wrongful foreclosures. “This is the worst I’ve ever seen it,” said Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates. Homeowners in Florida, Nevada, Texas and Pennsylvania have filed lawsuits alleging that they were victims of mistaken foreclosure. In many of those cases, the bank went so far as to haul away belongings and change the locks on the wrong homes. One such suit was filed in March by Pennsylvania homeowner Angela Iannelli. She was up to date on her payments when, she said, she arrived home in October 2009 to find that Bank of America had ransacked

330

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Real Estate Auctions

342

3 BDR BRICK HOME W/SHOP on 2.39 +/ACRES - JONES, OK ESTATE AUCTION Friday, Jan. 14th, 10 AM 14270 Teresa Dr. Jones, OK Additional info: LippardAuctions.com 580-237-7174

Real Estate Notices

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Open Houses 334.2

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Industrial Property

336

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Real Estate Wanted

Established Shoe Store Woodward, OK. - 50 yrold business. Great location with an established customer base. Shoe lines include Ecco, Born, Ugg, Merrell, Naot, Redwing and more. $215,000. Contact Jeff at 580-216-4929 Shipping Store For Sale Established shipping/ packaging store located in high traffic Oklahoma City area. Serious inquiries only. Please call Carol (405)204-6449

her belongings, cut off her utilities, poured antifreeze down her drains, padlocked her doors and confiscated Luke, her pet parrot of 10 years. It took her six weeks to get the bank to clean up the house. Iannelli’s lawyer said the parties are in the process of “mutually resolving the issues,” and the lawsuit is “in the process of being discontinued.” Bank of America did not immediately respond to a request for comment on her case. In Kentucky and California, classaction lawsuits have been filed against major lenders on behalf of homeowners. “It is mind-boggling that these large banks accepted billions and billions of TARP money from the government, and they are just committing a fraud on the American people,” said Jack Gaitlin, who filed the Kentucky suit Oct. 4. He was referring to the 2008 government bailout of the banks, the Troubled Asset Relief Program.

OKC Northwest

431

NOW LEASING

1 & 2 BEDROOMS Furnished & Unfurnished NEWLY REMODELED GATED COMMUNITY

CAVE CREEK ON ROCKWELL 3037 North Rockwell

495-2000

$200.00 off

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Williamsburg 7301 NW 23rd

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OKC Northwest

431

Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818 Putnam Heights Plaza 1 bed, ch/a, Dishwasher 1830 NW 39th 524-5907 800 N. Meridian: 1bd, all bills paid & weekly rates available. 946-9506 1417 NW 17th 2bd 1ba, 1000sf, $500 rent, $300 dep 409-7989 MAYFAIR 1 & 2 bds, shops secure nghbrhd livg. wash dryr hrdwd flrs 947-5665 ’ $300 Deposit & 1st Month FREE - 1 & 2bds Sunrise Cove 943-0907 » MOVE IN SPECIAL » LARGE 1, 2 & 3 BEDS Rockwell Arms, 787-1423

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Investment Property For Sale 355

8100 N. MacArthur Blvd. »»» 721-5455 »»»

•ABC• Affordable, Bug free, Clean » 787-7212»

Florence Apts-Midtown1bd 1 ba Studio 600sf, Granite Counter tops, wood floors, CH/A, All Elect, Free laundry $600650 mo, Downtown view, $400 dep. 409-7989

OKC Southwest

Bank owned 18 units $350K, 4 plex near OCU $169K - 6 units hrdwd flr $225K, Income Property $200K 12% CAP, $1 MM earns $10,000 per month, Seabrooke Rlty 409-7779

Business Property For Rent 360 4205 NW 23RD. 8400SF $2800mo Kitty. 405- 532-2340 OFFICE SPACE for lease, 1300 sq ft., high traffic frontage area 209-7273

Office Space For Rent

363

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PARKLANE

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345

GUTHRIE 1700sf 3bd on 5Acres. 30x40 barn. $180,000 405-306-4805

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Established Business For Sale

Quiet Casady!

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751-8088

433

1 & 2 beds, D&S Apts, 6101 S Klein Ave. ch&a, No Sec 8. No Pets. 631-2383 $99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $325 mo. 632-9849 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818 $99 Move In Special!!! Lg 1 and 2 Bdr, $325 to $395 mo. 632-9849 $285&up Furnished Efficiency 2820 S Robinson 232-1549

Yukon

438

»»»»»»»»»»»»» » Yukon All Bills Paid » » 1 bd From $495 Move» » 2 bd From $595 In» » 3 bd From $695 Today» » Open7days/wk354-5855 » »»»»»»»»»»»»

Condominiums, Townhouses For Rent 441

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446

OLDETOWNE 2 bed, 2 bath, 2 miles to Tinker, 769-7177.

Edmond

422

VERY, VERY QUIET Near mall, schls, hosp, Try Plaza East 341-4813

MWC

424

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Moore

425

$99 move in special Lg 1bd quiet, clean, coin lndry on site, pool $365mo 794-5595

MWC

453

Model Open 10-4 New Luxury Duplex 13516 Brandon Place 3/2/2, fp, Deer Creek Schls, near Mercy842-7300 1808 N Robinson, upstairs 2bd 1ba 1car, 1200sf, washer, dryer, $725 rent, $400 dep 409-7989 K Off Special 2317 Woodward, 1bd 1ba 1car 1000sf, $550 mo, $400 dep, 409-7989

1514 NW 17th Colonial Home 4bd 2ba 2car 2000sf wood floors large kitch, mature trees $1150/mo $1000dp 409-7989 no sec8

500 sf, 10th & Midwest Blvd. no yard, no garage, $350 dep. $500 mo all bills paid. 550-2970 214 W Michael. Sharp 2bd brick home ch/a, fenced, clean, $550 Fidelity RE 410-4200, 692-1661 1002 Bell Dr. Immac 2/1/1, no pets/smoker $650 + dep. 705 Holoway Dr. updated sale. 3/1.5/1 787-8099 3504 Woodside 3bd $500 3709Woodsde3bd sec8$600 FLESHMANS INC 235-5473 or 314-3551 321 Ercoupe Drive, 2 bd, 1 ba, ch&a, fenced, $599 rent, $500 dep, 413-4252.

1 bd brick, ch&a, W/D hkup, appls $450/$250dep 4714 N Harvard 943-4303

3 bed, 1 bath, W/D hookup, dishwasher, 405-246-9378

1 bed, appliances, 1310 NW 15th, $350 mo plus deposit. 812-3348

1916 Turner, 3 bd, 1 ba, ch&a, W/D hkup $700mo $525dep. 701-1722

Village/ Nichols Hills 459.5

3 bed, 1 bath 2 car garage, sec 8 only, no pets, 672-0877

K Off Special 6527K Avondale 2/1/1 1100sf $950mo $800dep or 6523Avondale 3bd 3.5ba 2car 2300sf $1200/mo $1200dp 409-7989 no sec8

Nice 1bed 1bath on large lot. washer & dryer incl. $475mo 837-2223

Yukon

460

Duplexes, 3 bed, 2 bath, 2 car, some new, some gated, call Rick, 405-830-3789.

Garage Apartments

461

Gated NANTUCKET Condos All appliances, 2bd, 2ba, $700 mo » 488-4951

Ht Pd Nice Efficiency $350 1608 NW 16th 232-9101

1 bed, 1 bath Nantucket Cottage, no pets/smoking, $675, 405-850-7777

Hotels/Motels 462 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818

465.5

2-4 Bed Houses • 4216 SE 25, $700 • 3912 SE 11, $495 hoppishomes.com 677-9116, broker 1321 Beachwood Drive 3/1.5/2 $675 681-7272

Edmond

466

Park Lane Estates 912 Blue Ridge Drive Great location, great school, and ready for you to move in! Small pets allowed. 3bed, 2ba, 2 Car Garage, 1FP, Ranch Home, $1100 per month Connie at 405-826-2226 Coffee Creek! 3 bed, 2 bath + office, community pool/club house, $1295. 245-3166

475

3bd 2ba 2c all new appls. 327 Campbell Dr $700mo $800dep sec 8 ok Rent to own option 550-1342

408 Babb, 1 bed, 1ba, central heat/air, ceiling fans, fenced back yard, $475/mo., 405-413-1830.

OKC Northwest

ABSOLUTELY GORGEOUS 3bd 2ba wood floors, slate tile. Too much to list! 6008 SMITH BLVD $1175mo ¡¡¡ 401-9146

2 bed, sec 8 ok, $500 mo $25 Move In Special. 704 NE 25th, 204-4308 2 bed, ch&a, $500 mo sec 8 ok, $25 Move in Special 1537 NE 42nd, 204-4308

and foreclosure procedures, and most of the people involved in foreclosure deals were behind on their payments. As for people wrongly caught in the foreclosure net, they say they are reviewing those cases, too. But what emerges from court filings, depositions and interviews is that once the bank places you on its foreclosure assembly line, it becomes nearly impossible to get off. The minute Christopher Marconi ripped the foreclosure notice from the door of his house in Garrison, N.Y., on Oct. 20, he saw he was named as a defendant along with a woman who had run a red light and smashed into Marconi’s car four years earlier. Marconi had received a payment from her insurance company. It was her house, in Rye, N.Y., that Wells Fargo was foreclosing on. Marconi explained the bizarre mix-up to Wells Fargo’s customer service department, its ethics complaint department, its law firm and the office of the chief executive officer, John Stumpf. Marconi said they all told him that they could not help him and that he needed to get a lawyer. Wells Fargo spokeswoman Vickee J. Adams said Marconi was named in the foreclosure suit because he filed a judgment against the woman in the car accident. It is common for lien holders to be mentioned in foreclosure documents. But Marconi said the judgment against the woman was satisfied in 2009.

468

452

OKC Northeast

RE for rent

Apartments

466

3 BR, 1.5 BA, 2 car gar, NW 164th and Western area. 550-4287

3 bed, 1K bath, family room, fp, large kitchen, large storage, $695 mo + dep, 621 Royal, 412-7013

Del City 346

Edmond

Duplexes

MWC

933CrabtreeCove3/1/1 $595 1041SycamoreDr3/1/1 $475 681-7272 3 bedroom 1.5 ba, 2 car garage, nice! Section 8 ok! $650 » 476-5011

Moore

469

13125 Moccassin 3bd 2ba 2car Eastlake Estates, fireplace, ch/a, large yard, Westmoore Schls $995 mo. Fidelity RE 410-4200, 692-1661 3 bed, 1 bath, no garage, ch&a, fenced bkyd, rent or lease purchase; $650 mo, $500 dep; $2000 down on lease purchase, owner carries note; 326-6081. Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com Nice 3 BR, 1.5BA, 2 car gar, aprx 1150sf $800mo, $800 deposit. 833-5510

Mustang

470

535 Hillcrest Lane, 3 bed, 2 bath, 2 car, ch&a, Mustang Schools, $1050 month, $900 deposit, 405-262-0179. 3 bed, 1.5 bath, gar, new ch&a, 522 Carson, $735. Available Now. 376-5846

OKC Northeast

474

Several houses for rent, OKC area, 2, 3 & 4 bed, sec 8 welcome, 412-8083 1236 NE 48th 3bed 1bath 2 living 2car $725 681-7272

1513 NW 47th 2bd $450 312 NW 90 3bd Sec8 $475 220 NW 90th 3bd $600 FLESHMANS INC 235-5473 or 314-3551 K Off First Month Rent 2100 NW 114th Amazing 3bd 2ba 2 car plus study $1095mo $1095dp 1600sf 409-7989 no sec 8

OKC Southwest

477

1616 SW 68th 3/1/1$695 600 SW 49th 2/1/1 $575 1217 SW 50 2/1/1 $550 1100 SW 38 2/1/1 $475 3133 SW 28th 3/1 $450 3009 SW 20th 2/1 $450 2401 SW 43rd #7 1bd apt, total elect, water paid $325 681-7272 New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5100/mo Openhouseok.com 605K SW 34th 1bd home, ch/a, fridge, stove, washer/dryer hkp, water & garbage paid $375 mo. Fidelity RE 410-4200, 692-1661

Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com

1160 SW 77th Terrace sharp 2bd duplex, ch/a, fireplace, fenced yard, only $695 Fidelity RE 410-4200, 692-1661

2 bedroom, 1 car attached garage, appliances, large yard, Mayfair area, $500, 810-2951

Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com

2 story 3bed 2.5 bath 2 car garage. PCN schools. Large fenced back yard $1000mo 414-2358 Elegant 3BR Executive Home. Marble, granite. Rare, never rented, 2300sf $1645 255-4300 2141 W. Eubanks, 4 bed 2 bath, fenced yard, pets ok, no sec. 8, $600+$400 dep 525-4374

K Off Special 5215 S Land 3bd ba 1car 1000sf $725/mo $400/dp 409-7989 no sec 8 3 bed, 1 bath, 1 car 541 SW 61st Terr. No pets. $600/mo $300 dep. No section 8. 799-4229 4bed, 1 bath, $695 mo, $550 deposit, 2530 SW 51st. sec. 8 ok, 314-8541

Nice 1 & 2 bed homes available, ready for immediate move in, Please Call 405-831-4183

2bd, 1ba, stove, fncd back yard $425mo + dep. no pets. 410-7025

2 bed, 314 N McKinley, fenced yard, $375 mo, $150 dep, 639-0556.

517 SW 47th, nice 3 bed, 1 bath, ch&a, $675 mo, $350 dep, 408-9258.

Very nice 3 bed, 1 bath, den, fenced, ch&a, sec 8 ok, no pets, 680-9299 1609 NW 15th 3bd 1ba wood flrs, 1400sf, ch/a $700mo $500dp 409-7989 231 NW 81st St. $775. 4 bed, 2 bath, 229-7437 For 3bd or 4bd homes & apartments, go to katpropertiesllc.com 1033 Hoyt 3/1/1 3232 NW 28th 2/1 681-7272

$575 $475

7409 NW 30th Terrace 3/2/2 $1200 mo TMS Prop 348-0720

OKC Southeast

476

343 SE 49th spacious 2bd home, ch/a, large corner lot, completely fenced $550 mo Fidelity RE 410-4200, 692-1661 Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 529 SE 72nd 3/1.5 $550 2525 SE 45th 3bd 1ba gar converted to liv $550 681-7272 2414 SE 45th 3bd 2ba 2car, brick, ch/a, Sec 8 ok, corner lot $695 mo Fidelity 410-4200 692-1661 701 SE 61st, 3/1/1, nice, must see, ch&a, w/d hookups, 405-436-4648.

2bd/1ba, ch&a, fncd, w/d hkup, 4508 S. Robinson, $450, no sec. 8, 503-5742 1427 Rancho, 3 bd, 1 ba, ch&a, W/D hkup $600mo $450/dep. 701-1722

Village/ Nichols Hills 481.5 3/2/2 Totally remodeled, 1200 sf. $850+ $700dep. NO PETS 2529 Manchester Dr. 340-3058

Norman

473

Elegant 3BR Exec Home Park-like yard on creek, cul-de-sac, never rented, 1900sf, $1375 255-4300

Mobile Home Rentals 483 For sale or lease, 3 bed, 2 bath, ch&a 5907 S. Bill. Please call if interested, 948-6388. Russell's Mobile Home Park 405-677-5219 2or3bd Special 1st mo K price + dep. Or 6 mo lease, get 7th mo Free 3B2B 16x80 SW OKC $695 includes Lot Rent $300 Deposit 388-2882 For rent or sale in Norman, nice 3 bed, 2 bath, all appliances, call for information, 408-9258.

LG 2 bd, 1 ba, $400+$300 dep. SW Lg. 1bd 1 bath $350+$300 dep, 631-8220

$ FREE RENT 1ST MO $ 2BR $350+, 3BR $450+, MWC NO PETS 427-0627

5209 Bodine, Nice 3bd 1ba 1 car $550 • 732-3411

Rent to Own: Nice 2&3bd $350 & up. 390-9777

10F

REAL ESTATE

SATURDAY, JANUARY 8, 2011

Oklahoma City building permits Oklahoma City Royal Oaks Development, 6509 W Reno Ave., office-warehouse, erect, $3,500,000. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,329,600. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,329,600. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,329,600. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,260,000. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,260,000. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,260,000. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $1,027,200. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $946,800. Case Development Corp., 501 Pointe Parkway

Blvd., apartment, erect, $946,800. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $946,800. Dell Inc., 3501 SW 15, business, remodel, $920,000. Don Chesser Homes Inc., 8101 E Memorial Road, residence, erect, $345,000. Willco Homes LLC, 16716 Little Leaf Lane, residence, erect, $320,000. Don Chesser Homes Inc., 19804 Crest Ridge Drive, residence, erect, $300,000. Don Chesser Homes Inc., 19800 Crest Ridge Drive, residence, erect, $290,000. Seagull Fine Homes Inc., 5604 NW 130, residence, erect, $275,000. Seagull Homes, 5608 NW 130, residence, erect, $250,000. Baer Hall Homes, 15001 Bay Ridge Drive, residence, erect, $230,000. Jason Powers Homes, 8604 NW 113 Court, residence, erect, $230,000. Timothy Sikes, 4800 Cedar Mill Road, residence, erect, $225,000. Dell Inc., 3501 SW 15,

business, remodel, $220,000. 308 Design Build LLC, 1133 NW 56, residence, erect, $220,000. 308 Design Build LLC, 1133 NW 56, residence, erect, $220,000. 308 Design Build LLC, 1131 NW 56, residence, erect, $220,000. Olde Towne Homes LLC, 1037 SW 108 Terrace, residence, erect, $220,000. 308 Design Build LLC, 1131 NW 56, residence, erect, $220,000. Olde Towne Homes LLC, 1033 SW 108 Terrace, residence, erect, $215,000. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect,

Board of Realtors installs new officers FROM STAFF REPORTS

EDMOND — Joe Pryor, sales associate with Redbud Realty & Associates, was installed as 2011 president of the Edmond Board of Realtors. Other officers installed are: Ryan Litz of Keller Williams Realty, president-elect; Toni Cox Schuster of RE/MAX Associates, vice president; Chip Chipman, Century 21 Goodyear Green, treasurer; and Karen Blevins of Churchill Brown & Associates, secretary. Newly elected directors installed are: Victoria Caldwell of RE/MAX Associates; and Phil Kalivoda of Keller Williams Realty. They will serve with continuing directors Patricia Ayling of Keller Williams

Joe Pryor

Jerry Payne

Northwest; Connie Hamilton of RE/MAX Associates; Robin Harris of Keller Williams Realty; Kathy Sparger of Century 21 Goodyear Green; and Carol Stephens of Prudential Alliance. Jerry Payne of Keller Williams Realty was named Realtor of the Year for 2010. Joseph “Chip” Chipman of Century 21 Goodyear Green was

Chip Chipman

named Most Cooperative Realtor of the Year. Helen Syler of with AHS/Prestige Home Warranty was named 2010 Affiliate of the Year. Lifetime Achievement Awards were presented to Robin Harris of Keller Williams Realty; Jerry Payne of Keller Williams Realty; and Joe Pryor of Redbud Realty & Associates.

$207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. Case Development Corp., 501 Pointe Parkway Blvd., apartment, erect, $207,100. R&R Homes LLC, 3201 Sahoma Trail, residence, erect, $189,500. MHU LLC, 4811 Gaillardia Parkway, office, remodel, $178,000. Vesta Homes Inc., 5009 SW 124, residence, erect, $171,000. Mashburn Faires Homes LLC, 3137 SW 139, residence, erect, $165,920. Tom Vonderlandwehr, 9104 Scarlet Blvd., residence, erect, $147,000. Sooner Traditions LLC, 2412 NW 194 Terrace, residence, erect, $100,000. Central Oklahoma Habitat For Humanity, 8516 N Phillips Ave., residence, erect, $80,000. Central Oklahoma Habitat For Humanity, 633 NE 85, residence, erect, $80,000. Central Oklahoma Habitat For Humanity, 528 SE 26, residence, erect, $80,000. Central Oklahoma Hab-

THE OKLAHOMAN | NEWSOK.COM itat For Humanity, 2921 NW 13, residence, erect, $80,000. Cornerstone Group LLC, 10612 SW 32, residence, erect, $70,000. Cornerstone Group LLC, 10709 SW 31 Court, residence, erect, $60,000. Case Development Corp., 501 Pointe Parkway Blvd., clubhouse, erect, $57,900. No name provided, 2728 W Reno Ave., manufacturing, remodel, $40,000. No name provided, 2732 W Reno Ave., office, remodel, $40,000. Morrison, 4400 S Shields Blvd., parking, install, $40,000. Florida Construction, 3216 Sahoma Trail, residence, erect, $40,000. Florida Construction, 10721 SW 31 Court, residence, erect, $40,000. Florida Construction, 3236 Tenkiller Court, residence, erect, $40,000. Jose Guzman, 3028 SW 25, residence, fire restoration, $28,000. Jim Bowers, 17409 Hawks View Court, residence, add-on, $25,000. Morton Buildings Inc., 13800 N Richland Road, storage, erect, $25,000.

No name provided, 4045 NW 64, office, remodel, $20,000. Callahan Steel Buildings (Curt), 12525 N Morgan Road, storage, erect, $20,000. Keith Darrow, 11800 SW 119, manufactured home, move-on, $18,000. Harper Construction, 12341 Spring Meadows Road, storage, erect, $17,500. Emmanuela Guerrero, 5421S McKinley Ave., residence, remodel, $15,000. A&L Royalty Holdings LLC, 3916 NW 25, residence, add-on, $5,000. Architects Collective, 501 Pointe Parkway Blvd., apartment, erect, $3,900. Al Bruning, 1205 NW 34, canopy-carport, add-on, $3,750. Renato Puentes, 40 SW 55, accessory, add-on, $3,500. Biggs Backhoe & Trucking, 12301 S Peebly Road, storm shelter, installstorm shelter, $2,500.

Demolitions Crosby Construction, 17117 SE 59, house. Crosby Construction, 5600 Sunset Ridge Road, house.