LISTING OF THE WEEK
HOUSE PLAN
Up for bids
Good first home
The Listing of the Week is a large, two-story, French-Country-style home on the golf course at Gaillardia, to be auctioned by Louis Dakil Auctioneers.
The Mediterranean-style Navarro is well-suited to the needs and pocketbooks of first-time home buyers.
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REAL ESTATE
Kenneth Harney
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THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 13, 2011
Residents bring their lives to Spanish Cove apartments BY DYRINDA TYSON Special Correspondent dyrinda@gmail.com
Timely vacancies “It was just fate that these two apartments became available at almost the same time,” Birdwell said, perched on a chair in what was once one apartment’s bedroom. It’s her living room now,
If you give millions of seriously underwater homeowners a new equity position in their properties by reducing their principal, will they keep paying on their loans and avoid foreclosure? One company said it has found a way.
IN BRIEF
NO BEER FOR MUSHROOMS
Florence Birdwell talks about her large apartment, made by combining two units, at Spanish Cove Retirement Village in Yukon. PHOTO BY CHRIS LANDSBERGER, THE OJKLAHOMAN
the ceiling overhead raised to cathedral height with a dark wooden beam running through the center. The ceiling drops slightly at one end, where the baby grand sits gleaming in the early afternoon sun streaming through the window. “The man who lived in this apartment — I did not know him and I did not want to know his name,” she said. “I got that one (the apartment next door), but I didn’t want to know his name because I didn’t want to wish him anything but good everything.” Spanish Cove representatives tried to nudge things along by offering to set up the resident in a different apartment at no charge “so we could make her new home,” chimed in Jill Huff, Spanish Cove’s retirement counselor. Birdwell added, “And he said, ‘I would except for one thing. I don’t want to leave my tree.’ ” SEE COVE, PAGE 2F
The space created by combining two apartments made plenty of room for resident Florence Birdwell’s Steinway baby grand piano. PHOTO BY CHRIS LANDSBERGER, THE OKLAHOMAN
Housing questions different for older newlyweds A just-married couple in their 60s is currently hunting for the right Victorian-style house where they can live together. Once they find it, the husband, an electronics industry consultant, plans to sell his Colonial-style house and his wife, an elementary school teacher, will let go of her condo. “They’re extremely excited about putting roots down together,” said Ronald Phipps, the real estate broker representing the pair. At this point in the U.S. economic cycle, many baby boomers are more interested in buying a home than are people in their 20s and 30s, said Phipps, president of the National Association of Realtors. “Older people are often more strategic in their thinking about real estate. They’re perceptive about the buying opportunities now available. And they
Help for mortgages
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YUKON — Florence Bird-
well recalled visiting her longtime friend Pat Snyder after Snyder moved into an apartment at Spanish Cove Retirement Village in Yukon. Snyder ushered her into her home with its elegant mix of mahogany and crystal. “I walked in and said, ‘I could live here. I could live here,’ ” Birdwell recalled, her voice soft. She said she checked into vacancies with Spanish Cove the very next day. Birdwell is a professor of voice at Oklahoma City University’s Wanda L. Bass School of Music. She has trained some of the finest voices in the land, including Emmy and Tony Award winner Kristin Chenowith and Broadway star Kelli O’Hara. “That’s been my life, singing and teaching singing,” she said. But after her husband, attorney Robert Lee Birdwell, died in 2003, she mulled the idea of downsizing. Once the idea of Spanish Cove was firmly planted, she decided to follow Snyder’s lead, merging a pair of one-bedroom apartments to create a single, larger apartment. Merging space gave Snyder generous studio space. For Birdwell, it would allow room for her beloved baby grand Steinway. It meant a two-year wait. Earlier this year, though, things moved into motion.
THE NATION’S HOUSING
Ellen James Martin SMART MOVES
see how a fixed-rate mortgage can help stabilize their housing costs over time,” Phipps said. However, Eric Tyson, a personal finance expert, said many newly married older couples with sufficient resources to purchase a home still need to have a great deal of discussion before making a final property decision. “After a lifetime of experience, people often come from radically different perspectives on the right house to buy,” said Tyson, co-author of “Home Buying for Dummies.” For instance, one part-
ner might view the home purchase as a relatively short-term move, expecting to live there for just five years or so. But the other might perceive the place as one they’ll hold for life, or as long as their health holds up. Likewise, homebuyers can have widely divergent views on the ideal setting for their property and whether it should be in a city, suburban or rural place. Here are a few pointers for older couples seeking to buy a property together: I Factor retirement into your home-buying plans: Though already in their 60s, the consultant and the teacher are still working. But in choosing the home they plan to buy, they’re heavily focused on picking a relatively carefree retirement property. They’re seeking a smaller home with no more than 1,400 to 1,600 square feet
of living space and just two bedrooms, plus a library. Of course, not all latemarrying couples who are approaching retirement have the means to consider a wide range of lifestyle options. Indeed, many who expect to support themselves on Social Security and limited savings can’t even contemplate buying a different home. Instead, they’ll stay put in a property one of the spouses acquired before marriage. But older couples with ample funds for the purchase of a retirement place often have a wider array of choices than do younger people still in the workforce, Tyson said. I Include practical factors in your home purchase planning: Those over age 55 should be especially cautious about the financial implications of their housing decisions, Phipps said. That’s be-
cause once they retire, many people have limited financial resources. Are you and your spouse pre-retirees who’d like to have low housing costs when you retire, yet still want to purchase a different property for this period of your life? If so, Phipps suggested you seriously consider making a large down payment and also using a mortgage with a term shorter than 30 years. Phipps said that people trying to balance their home-buying desires with their retirement goals may wish to consult a financial planner for advice. He said it’s often wise to use a planner who’s compensated on a fee-only basis, rather than through commissions on the sale of securities or insurance products. To contact Ellen James Martin, e-mail her at ellenjamesmartin@gmail.com. UNIVERSAL UCLICK
Q: Is it true that beer will kill mushrooms in your yard but not the grass? A: David Hibbett, a professor of biology at Clark University in Worcester, Mass., has never heard that. He specializes in mycology, the study of mushrooms. He said the treatment doesn’t make sense to him. Alcohol kills microbes, but not in the concentration found in beer, he said. And the sugar in beer might cause the growth of molds and other undesirable things in the lawn. Hibbett said he wouldn’t bother trying to kill the fungi in a lawn that produce mushrooms. While some fungi are harmful to turf, many are beneficial, he said. Some break down organic matter and fertilize the soil, and others help plants take up water and nutrients.
GARDEN BEDS MADE EASY Online retailer Art of the Garden makes it easy for kids to build their own raised gardens with steel corner braces called M Brace Minis. The recycled-steel braces hold the boards that edge the garden without nails or other fasteners. You just put the braces on the ground and slide in the boards, and you’re ready to add soil. M Brace Minis come in designs with bunnies, butterflies, frogs, snails, dragonflies and daisies. They can be ordered at www.artofthegarden.net. A set of four costs $89.99 with powder coating or $69.99 with natural finish, plus $12 shipping. There are larger braces for adult gardens. MCCLATCHY-TRIBUNE INFORMATION SERVICES
INDEX Handy Permits
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REAL ESTATE
SATURDAY, AUGUST 13, 2011
THE OKLAHOMAN | NEWSOK.COM
Closed-off attic vents create air-flow problems Q: I just had my house sided and roofed and the contractor closed off the gable vents except for drilling six holes in the inside bottom of the decorative half-round louvers at the tops of my house. He left insulation and Tyvek on the rest of the vent. He also installed a solar fan in the attic. I am worried that the fan will burn out since there is not enough air to suck out of the attic because of the closing off of the vents. Plus, I thought the vents were needed for a good air flow. My contractor insists that what he did is correct. Please give me your opinion or someone to call for an unbiased opinion of this procedure. A: What your contractor did is certainly not correct. Just as you thought, proper attic ventilation is essential for several reasons. It flushes hot air out of the attic, which prolongs the life of the roofing. It removes any accumulated moisture, which helps prevent the possibility of mold as well as moisture-related structural damage to wood framing members. And, if you live
Paul Bianchina HANDY @ HOME
in a cold climate, the attic ventilation flushes out heat lost from the house during the winter months, which keeps the underside of the roof colder and helps to prevent ice damming. So for a number of reasons, proper ventilation is absolutely essential to your home. The basic formula for attic ventilation is that you need approximately 1 square foot of vent area for every 300 square feet of attic area. So if you have an 1,800-square-foot house, you would need about 6 square feet of total vent area. Those vents should be roughly divided between high and low vents to provide air flow, so that would mean about 3 square feet of vents placed low in the attic, usually in the soffits, and another 3 square feet placed high, either in the gable ends or along the ridge.
I also completely agree with you about the solar fan. If you have enough vents and they’re installed in the proper places, your attic will have a sufficient amount of passive ventilation, and any type of mechanical fan isn’t necessary. That way you’ll never have to worry about it burning out, or lacking power from extended periods without sufficient sunlight. And solar vents typically don’t have sufficient power to compensate for a lack of other ventilation anyway. Your local building department can confirm the ventilation requirements, and can also tell you whether the contractor should have gotten a permit for all this work. Some jurisdictions require permits for reroofing or residing jobs, while others don’t. Attic ventilation is a fairly straightforward issue, so I’d start with your local building department, get some independent confirmation from them, and then have a talk with the contractor about correcting the problems. Q: I have a deck over a patio area. We are look-
ing at closing (the patio) in and making it a threeseason room. I am looking at putting a new floor on the deck that would drain all the water away so it would be dry below. I looked at some different drain systems. Which would be the best? A: What you need to do is treat the upper deck as though it were a roof. There are several very good flat-roof coatings that are laid down in overlapping sheets and then sealed together. They form a tough, waterproof coating that will definitely keep the room below dry. Most of these coatings are tough enough to walk on if you intend to use the upper deck only occasionally. If you plan to use the upper deck on a regular basis, especially if there is a table or other furniture on it, then you will need to install a wooden walking surface on top of the roofing membrane. Membranes of this type need to be professionally installed, especially if it will also incorporate a deck on top. You will want to talk with at least two licensed roofing contractors who are specifically expe-
Cove: Construction took six months FROM PAGE 1F
She gestured toward the window overlooking her piano. “That was his bedroom, and that was his tree,” she said. “And from that moment on, I adored him, whoever he was. And I look up at that tree and think of him, and I shall always, because he didn’t want to leave his tree.”
Two into one Turning two separate apartments into one “Santa Fe Loft,” as Birdwell has dubbed her new home, entailed six months of construction, knocking down walls, raising the living room ceiling and installing This view shows the living area of Florence Birdwell’s apartment. PHOTO BY CHRIS LANDSBERGER, THE OKLAHOMAN wooden flooring and shelves to accommodate decades worth of art and memories. It was an extensive project for Spanish Cove’s teams of craftsmen and decorators. Was it the most extensive project they’ve tackled? Huff smiled. “One of them,” she said. Spanish Cove, on the east side of Cornwell Street, south of Vandament Avenue, was built in 1971 as a regular apartment complex. The Oklahoma County Retired Teachers Association acquired the property in 1974 and converted it to a retirement facility. It’s no longer associ- Florence Birdwell’s apartment at Spanish Cove Retirement Village has a kitchen ated with the educator with plenty of cabinets and storage space. PHOTO BY CHRIS LANDSBERGER, THE OKLAHOMAN group, but it remains a nonprofit trust. It has evolved and expanded over the years, but its focus remains on its residents and their well-being. Crews just installed new fiber-optic systems, Huff said, and exterior renovations will result in new entryways and a courtyard. The facility is made up of a collection of separate buildings, all split into neighborhoods, but residents mix and mingle in a bevy of activities ranging from art to exercise to a friendly game of pool. Home health care and nursing care are provided, and Huff said Spanish A living area in Florence Birdwell’s apartment. PHOTO BY CHRIS LANDSBERGER, THE OKLAHOMAN Cove has just launched its hospice service. The spoils of their trav- fectly on top of the shelf. “What they’re buying is based interior decorator “Look at that,” she marlife care,” she said. “They whose resume was crowd- els mingle with mementos prepay in advance for un- ed with prominent clients and art from a life fully veled, looking up at them. limited assisted living and around the country. Bird- lived. Art and photos line “It was just like it was nursing care for the rest of well remembered him the walls, including shots planned.” throwing his hands up in of Birdwell herself in acCraftsmen did measure their lives.” despair over her plans to tion. Her husband’s desk several pieces of furniture ‘Bring your lifestyle’ paint her walls white. sits in the study, a framed to ensure they would fit. Renovating apartments Wilks died July 30, but portrait of him on one cor- And they peeled back a to suit incoming residents’ he was a mainstay of Bird- ner. Pottery animals flank wall to ensure the early weathered morning eastern sunlight tastes is all part of the mis- well’s life. Together with enormous, Snyder and other friends, planters atop shelves would make it from the sion. “We find it easier to they made regular junkets dominating a living room living room windows to make the move if you bring to Taos and Santa Fe — wall. The planters sat in her favorite spot in the Birdwell grew up in Santa her backyard, Florence study. “They were wonyour lifestyle,” Huff said. For Birdwell, this meant Fe — where they reveled in Birdwell said, and she derful to me,” Birdwell six months of construction the local arts culture. loved their rough appear- said. “They did all these and renovating, as well as “The minute I cross the ance. Even though no wonderful things that consulting with her friend border to New Mexico, I feel measurements were made work so well together and Norman Wilks, a Norman- like I come alive,” she said. beforehand, both fit per- I’m so grateful.”
rienced in this type of work. Q: Could you recommend a good battery timer for the hose? The egg-style timers do not work that well. A: Orbit makes a couple of different styles of mechanical and digital hose timers that should do the
trick for you. Their website is www.orbit-irrigation.com if you’d like to check them out. 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
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 13, 2011
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Airparks let amateur pilots live a short taxi away BY SERENA MARIA DANIELS Chicago Tribune
CHICAGO — With street signs carrying names like “Cessna Lane” — and “attached” referring to an airplane hangar instead of a car garage — it’s a safe bet that Brookeridge Aero Estates isn’t a typical subdivision. For Arnie Zimmerman and other residents of this unusual community in unincorporated Downers Grove, Ill., the days when a trip to the airport could easily chew up a day are largely gone, along with security checks. Give Zimmerman 30 minutes, and he can taxi his twin-engine Piper-Aztec from a hangar that looks more like an oversized garage and take off from a private runway. “I can pull my plane out and fly to (nearby city) Schaumburg just for lunch if I want to,” said Zimmer-
man, 74, who owns two other planes he also keeps near his home at Brookeridge Aero Estates. Also known as air parks, or, as in the case of Zimmerman’s community, aero estates, these runway communities can range from two modest-sized farm houses connected to a dirt landing strip to large exclusive, resort-style properties. Nationally, there are about 625 of them. Popular for nearly six decades, they have enjoyed a modest growth rate, even though skyrocketing gas prices and a recession have hampered the ability of some residents to fly as often as they might like, said Ben Sclair, publisher of Washington state-based General Aviation News. At least 10 new airparks are at various stages of development throughout the country, said Sclair, who also runs the website www.livingwithyourpla-
Arnie Zimmerman, 74, takes off in his homemade Breezy experimental aircraft for an appointment at a nearby aero community in Downers Grove, Ill. MCCLATCHY TRIBUNE PHOTO
ne.com, which carries a directory of airparks. “It’s a very appealing lifestyle,” he said. “These communities might not be robust, but the ones that are there are doing pretty well for the most part.” Once located mainly in rural areas, they were popular with airline pilots who wanted to save money on
HOUSE PLAN
Screened Porch 20' x 8'
Bedroom/ Study 10' x11'8''
Vaulted Great Room 19'10'' x13'8''
Owners’ Suite 12'6'' x16'
Navarro
www.AssociatedDesigns .com
Kitchen Bedroom 10' x12'4''
U ti l i ty
Living Area 1352 sq.ft. Garage 400 sq.ft. Dimensions 44'x 58' 1000 SERIES
Vaulted Entry
PLAN 11-061
Dining 10'10'' x 7'6''
Garage 19' x19'6''
© 2011 Associated Designs, Inc.
Navarro is well-suited for first-time buyers The Navarro isn’t a large home, which some people find quite attractive. This Mediterranean-style plan is well-suited to the needs and pocketbooks of firsttime homebuyers. Empty nesters looking to downsize their maintenance responsibilities might also find what they’re looking for here. Gathering spaces fill the center, bedrooms are on the outer edges, and the kitchen is at the heart of everything. Standing in the kitchen, you can gaze through the dining room to the front yard, or through the great room to the backyard. This feature is particularly useful for the parents of small children, but it also illustrates the essential openness of the floor plan. Two huge windows bathe the airy, vaulted great room in natural light. One of the windows is actually a sliding-glass door that opens onto a wide screened porch at the rear. Sink and dishwasher are built into a long counter that doubles as an eating bar. Utilities are just a few steps away, tucked in a pass-through space that opens into the garage. A coat closet is just inside the front door.
The Navarro’s owners’ suite is more luxurious than you might expect to find in a home this size. It has a huge walk-in closet and a large tuband-shower combination tucked into an alcove illuminated by an arched opening filled with glass blocks.
On the opposite side of the house, the two secondary bedrooms share a bathroom. A large linen closet is in the hall. 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. Please specify the Navarro 11-061 and include a return address when ordering. For more information, call (800) 634-0123.
maintaining their private planes. Now they are often encircled by suburban sprawl, frequently bumping up against new subdivisions. And perhaps surprisingly, these airparks also attract people who don’t fly at all but enjoy being near planes. At most airparks, the homeowners pay fees and
share ownership of the runway. Like residents of other so-called lifestyle communities, fees often pay for the maintenance of common areas — in this case a small airport and landing strip. The benefits for plane owners who live in these communities are many, Sclair said. Shareholders have direct access to the airport. They can save on monthly expenses by not having to store their aircraft elsewhere. Planes are safer in private hangars, as opposed to being tied down outside, he said. With its drive-thru streets, upscale homes and neatly trimmed lawns set on mostly half-acre lots, Brookeridge Aero Estates feels something like a golf course or country club community. About 360 homes are in the subdivision. But take a closer look and you notice those un-
usual street signs and taxiways where alleys normally would be. The paved roadways lead to an 800-yard-long air strip. About 100 properties have direct access to the airport. Airparks must follow state regulations regarding the length of runway, clearances and setback requirements. The owners also have to get approval from the Federal Aviation Administration. The subdivisions in more rural surroundings often are in unrestricted airspace, which theoretically means they can fly out at any time, though many are bound by concerns of neighborliness, Sclair said. People who like living right by a runway tend to be current and retired commercial airline pilots, engineers, mechanics and small business owners. MCCLATCHY-TRIBUNE INFORMATION SERVICES
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REAL ESTATE
SATURDAY, AUGUST 13, 2011
Permits Oklahoma City Flintco LLC, 3300 Northwest Expressway, hospital, remodel, $850,000. Central Precast, 3947 W Reno Ave., retail sales, erect, $750,000. Ward Construction, 900 S MacArthur Blvd., retail sales, erect, $500,000. Ward Construction, 900 S MacArthur Blvd., retail sales, erect, $500,000. Silvercliff Construction, 4050 W Interstate 40 Service Road, warehouse, addon, $500,000. Harbolt Custom Homes LLC, 16816 Little Leaf Lane, residence, erect, $484,000. Real Property Construction, 6301 NE 105, residence, erect, $475,000. Smith & Pickel Construction, 3817 Northwest Expressway, office, remodel, $400,000. Daklan Services, 13801 Wireless Way, office, remodel, $350,000. Renaissance Custom Homes LLC, 3209 SW 140, residence, erect, $290,000. Aspen Boat & RV Storage LLC, 10701 NW 23, storage, erect, $286,005. Brown & Co. Homes LLC, 15608 Kestral Park Court, residence, erect, $285,000. Dodson Custom Homes LLC, 6509 NE 105, residence, erect, $257,376. Romie Brown, 2908 S Central Ave., warehouse, erect, $240,000. Tara Co., 801 N Mustang Road, office, remodel, $230,000. Rice Custom Homes LLC, 19409 Fieldshire Drive, residence, erect, $230,000. SWM & Sons Inc., 16804 Conifer Lane, residence, erect, $210,805. Ripple Creek Homes LLC, 19609 Meadow Bend Ave., residence, erect, $200,000. Elliott Architects, 4501 S Interstate 35 Service Road, church, remodel, $200,000. W.R. Moore Brokerage Inc., 12509 Heathfield Lane, residence, erect, $200,000. W.R. Moore Brokerage Inc., 12405 Heathfield Lane, residence, erect, $200,000. W.R. Moore Brokerage Inc., 12505 Heathfield Lane, residence, erect, $200,000. Johnston Builders LLC, 5605 NW 125 Court, residence, erect, $200,000. Johnston Builders LLC, 5608 NW 125 Court, residence, erect, $198,000. Brass Brick III LLC, 3040 NW 191 Terrace, residence, erect, $193,000. Brass Brick III LLC, 19101 Summer Grove Ave., residence, erect, $191,000. Gary Owens Carpet & Construction Inc., 11909 SW 18, residence, erect, $180,000. Jeff Click Homes LLC, 17408 White Hawk Drive, residence, erect, $180,000. Prime Development, 2132 NW 158, residence, erect, $170,000. Taber Built Homes LLC, 4900 NW 155, residence, erect, $170,000. Mashburn Faires Homes LLC, 704 Prairie Hill Lane, residence, erect, $167,000. D. Wylie, 6209 S Sooner Road, parking, install, $165,000. Foster Design & Construction LLC, 11216 Arbor Lake Drive, residence, erect, $160,000. Seagull Homes, 5525 NW 130, residence, erect, $160,000. Seagull Homes, 5521 NW 130, residence, erect, $160,000. Tranquility Homes LLC, 17333 Ridgewood Drive, residence, erect, $155,000. Benzo Inc., 10600 S Pennsylvania Ave., restaurant, remodel, $150,000. J.E. Dunn Construction Co., 4300 W Memorial
Road, hospital, remodel, $150,000. King’s Crown Homes Inc., 12 SE 88, residence, erect, $140,000. R&R Homes LLC, 10724 SW 33 Terrace, residence, erect, $135,000. R&R Homes LLC, 10720 SW 33 Terrace, residence, erect, $135,000. D.R. Horton, 19445 Currant Drive, residence, erect, $114,800. Ideal Homes of Norman LP, 513 Christian Lane, residence, erect, $111,000. Harbor Homes, 400 SW 173, residence, erect, $110,000. Rausch Coleman Homes LLC, 11444 SW 24, residence, erect, $109,000. Precision Style Homes, 1928 Alexander Way, residence, erect, $106,000. Ideal Homes of Norman LP, 2425 SW 137, residence, erect, $98,000. BNJ Builders, 8400 N MacArthur Blvd., school, remodel, $90,000. Aspen Boat & RV Storage LLC, 10701 NW 23, storage, erect, $85,680. Home Creations, 11132 NW 6 Terrace, residence, erect, $85,200. Rausch Coleman Homes LLC, 2505 Demotte Drive, residence, erect, $80,000. Home Creations, 1112 Laurel Creek Drive, residence, erect, $79,800. Ideal Homes of Norman LP, 1100 SW 154, residence, erect, $78,000. Rodney Poole & Associates, 15641 Bald Cypress Cove, residence, add-on, $75,000. Ideal Homes of Norman LP, 15420 Calm Wind Drive, residence, erect, $73,000. Alloy Building Co., 3801S Post Road, business, erect, $68,000. Rickey Coffman, 13601SE 71, manufactured home, move-on, $67,342. Ideal Homes of Norman LP, 14505 Moon Daisy Drive, residence, erect, $67,000. No name provided, 4100 Noma Road, residence, erect, $65,000. Curtis Keller, 11016 NW 105 Terrace, residence, addon, $61,000. Patio Rooms & More of OKC Inc., doing business as Better Living Patio, 7201 Aurelia Road, residence, add-on, $58,610. David Harrison, 1133 SW 50, church, move-on, $50,000. BCI, 3332 Oak Hollow Road, residence, add-on, $50,000. Troy Childers, 19501Rock Spring Drive, manufactured home, move-on, $45,000. City of Oklahoma City, 1515 N Bryant Ave., recreation center, install, $37,500. Canterra, 1301N Meridian Ave., office, add-on, $30,000. Sawatzky Construction, 1008 SE 29, warehouse, erect, $30,000. Gallup Architects, 9011 S Pennsylvania Ave., retail sales, remodel, $25,000. Florencio Ramirez, 17 S Council Road, restaurant, remodel, $20,000. No name provided, 15112 SE 139, accessory, erect, $14,538. Kevin McKinley, 12008 Rosemeade Court, accessory, erect, $12,000. M. Rose Homes II LLC, 408 NW 150 Court, residence, add-on, $12,000. Victor Najera, 1204 SW 34, residence, add-on, $10,000. AMU Auto Sales, 5804 N May Ave., automotive sales, fire restoration, $10,000. Shawn Hurst, 6219 S Independence Ave., canopycarport, erect, $9,500. Robert Peevy, 5500 SE 155, storage, erect, $8,400. Salvador Esparza, 1209 SW 59, residence, add-on, $8,275. Shawn Hurst, 6219 S Independence Ave., canopycarport, erect, $7,000. Shawn Hurst, 6219 S Independence Ave., canopy-
carport, add-on, $5,500. Lawn Master, 13120 NW 6 Circle, residence, add-on, $5,262. Eddie Compton, 18800 Courtney Lane, residence, install-storm shelter, $5,000. Arenas Sports Center, 1110 NW 2, recreation center, remodel, $5,000. No name provided, 3408 NW 21, residence, add-on, $5,000. Crossland Construction, 2701 SW 18, temporary building, move-on, $5,000. Patricia Deatherage, 17200 Serrano Drive, storm shelter, install-storm shelter, $4,800. John Dodi, 19508 Talavera Lane, residence, installstorm shelter, $4,295. Eugene Daniel, 5504 NW 122 Terrace, storm shelter, install-storm shelter, $4,100. J&J Builders, 5920 S Shields Blvd., retail sales, add-on, $4,000. Kevin Parker, 4001 NW 13, storm shelter, installstorm shelter, $4,000. Mycon, 7642 W Reno Ave., retail sales, remodel, $4,000. Martin Thee, 8733 SW 89, storm shelter, installstorm shelter, $3,820. Michael Spann, 6606 Briarcreek Drive, storm shelter, install-storm shelter, $3,800. Charles W. Nettle, 12301 Laurie Lane, storm shelter, install-storm shelter, $3,395. Suzette Mangrum, 1232 NW 183, storm shelter, install-storm shelter, $3,300. Alecia Wise, 14001 Harvest Circle, storm shelter, install-storm shelter, $3,200. Kirk Brownlee, 10433 Windway Ave., storm shelter, install-storm shelter, $3,200. Phil Malone, 8717 Tracy Drive, storm shelter, install-storm shelter, $3,095. J.C. Aaron, 1108 NW 48, residence, add-on, $3,000. Janice Lee, 10401 NW 40, storm shelter, install-storm shelter, $3,000. Perry Bennett, 8625 NW 91, storm shelter, installstorm shelter, $3,000. Sarah Ellis, 12112 SW 10, residence, install-storm shelter, $3,000. Chad Lukins, 1701 NW 171, storm shelter, installstorm shelter, $2,995. Daniel Stewart, 11601 Kingsgate Drive, residence, install-storm shelter, $2,800. Jeanie Christiansen, 16600 Brewster Lane, storm shelter, install-storm shelter, $2,800. No name provided, 1008 SW 107, residence, installstorm shelter, $2,800. No name provided, 12525 Arthur Ave., install-storm shelter, install-storm shelter, $2,800. No name provided, 2817 NW 169, residence, installstorm shelter, $2,700. Leo Williams, 16808 E Memorial Road, storm shelter, install, $2,470. No name provided, 5617 Bodine Drive, storm shelter, install-storm shelter, $2,400. No name provided, 11125 SW 42, storm shelter, install-storm shelter, $2,300. Susan Shelden, 1300 NW 195, storm shelter, installstorm shelter, $2,000. Flat Safe Tornado Shelters, 16101 Vintage Court, storm shelter, install-storm shelter, $2,000. No name provided, 3100 SW 149, temporary building, move-on, $2,000. No name provided, 524 SW 42, residence, add-on, $1,752. No name provided, 13124 NW 4, accessory, erect, $1,700. Emily Harrelson, 13201 NW 4, storm shelter, install-storm shelter, $1,300. Brandon Murray, 5929 SE 69, canopy-carport, addon, $1,000.
Churchill-Brown adds agent in Nichols Hills NICHOLS HILLS — Rip Royse has joined ChurchillBrown & Associates Realtors’ Nichols Hills office at 6447 Avondale Drive. He has two years of experience selling real estate. He has
lived in the metro area all his life and holds a bachelor’s degree in advertising from the University of Oklahoma. Previously, he worked as a residential property appraiser for six years.
Rip Royse
THE OKLAHOMAN | NEWSOK.COM
LISTING OF THE WEEK
French-Country-style dwelling on Gaillardia links set for auction The Listing of the Week is a large, two-story, French-Country-style home on the golf course at Gaillardia, to be auctioned by Louis Dakil Auctioneers. The home at 14724 Hollyhock Drive has four bedrooms, 3½ baths, three living rooms, two dining rooms and an attached twocar garage. The family room has a fireplace and cathedral ceiling. The formal living room has a fireplace and built-in bookcase. The upstairs game room has a ceiling fan and built-in bookcase. The kitchen has a pantry, work island and eating space. The master bedroom has a walk-in closet and bath with tub and shower. Two secondary bedrooms have full baths and walk-in closets; one has a walk-in closet and ceiling fan. The home has an open patio, covered patio, outdoor wet bar, security system and
The Listing of the Week is at 14724 Hollyhock Drive in Gaillardia.
underground sprinkler system. The gated neighborhood has a country club with fitness center and pool. The home, built in 1999, is listed for $799,900 with Cindy Goldman Bauer of Keller Williams Realty. The home will be open from 10 a.m. to 3 p.m. to-
day and Aug. 20. The home will be auctioned at 6 p.m. Aug. 25 at Dakil Auctioneers, 200 NW 114. For more information, call 948-7500 or 474-7114. Nominations for Listing of the Week are welcome. Send information on 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
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 13, 2011
5F
Few homeowners benefit from short sales BY GRETA GUEST Detroit Free Press
DETROIT — More than a year after the federal government rolled out a national program to help streamline the short sale process, few homeowners are benefiting from it, and Realtors wonder whether it will ever gain traction. The Home Affordable Foreclosure Alternatives program, known as HAFA, has disbursed just $9.5 million out of $4.1 billion from April 2010 to December 2010, according to a Government Accountability Office report in March. Through May of this year, only 8,541 short sales were completed nationwide through HAFA. HAFA offers a short sale option to homeowners who don’t qualify for a loan modification. If
approved, the difference between what the house sells for and the loan balance is forgiven. The majority of short sales are still handled through individual lenders’ programs because HAFA doesn’t allow lenders to collect on the loan balance, and incentives — including $1,500 to the lender — aren’t enough to entice banks to go along with the program. HAFA expires at the end of next year, and by then, the Department of the Treasury hopes to help more homeowners by having a standardized process and uniform documents for lenders, said Laurie Maggiano, director of policy for the department’s Homeownership Preservation Office. It’s a gargantuan task that Maggiano likens to turning the Titanic on a dime. “It’s not a rowboat. It is a very
complex machine. It takes time to get these processes ingrained,” she said. “It is beginning to happen.” There were just 320 HAFA short sales pending last September. Currently, there are 18,000 pending nationwide. “Is it where we want to be? No,” Maggiano said. Ellen Mahoney, president of Complete Title Services’ lossmitigation division in Birmingham, Mich., said the majority of short sales are put through banks’ programs. That way, lenders avoid HAFA’s rule that won’t allow them to force homeowners to repay part of the loan balance. “If the borrower is collectible, I don’t see the banks wanting the little enticement from the treasury,” Mahoney said. Mike Sher, associate broker
for Max Broock Realtors in Bloomfield Hills, Mich., said he’s doing more HAFA short sales lately. “With them, everything is black and white. You either are eligible, or you aren’t,” he said. HAFA requires homeowners to have lived in the home in the past 12 months, have a financial hardship and have a first mortgage less than $729,750 that was obtained before Jan. 1, 2009. When homeowners don’t qualify, lenders will usually try to put them through their own short sale program. “One of the big benefits of the program is they go in and assess the value of the property, and they give you the price,” Sher said. “So when you get an offer, you’ve already done threefourths of your work.” In addition to the $1,500 incentive to the lender, HAFA offers
homeowners $3,000 to help with moving expenses and $2,000 to the investors who hold the loan. Not being able to force borrowers to repay part of the loan balance is a huge stumbling block to getting more lenders on board. Another is the $6,000 cap on claims from second-lien holders. Maggiano said that while the first mortgage holder receives 65 to 80 cents on the dollar after the property is sold, the second and other lien holders get less than 6 percent, and they want to retain the rights to go after homeowners for more. But the change is not likely to happen, she said. “We don’t want taxpayer dollars going to a transaction where a borrower still has contingent liability,” Maggiano said. MCCLATCHY-TRIBUNE INFORMATION SERVICES
No matter how good the reason, short sale determined by the bank BY GRETA GUEST Detroit Free Press
DETROIT — Losing a job, a cut in job hours and divorce are among the most common hardships homeowners cite when applying for a short sale. Then there are other life events that inadvertently cause a housing hardship, like getting married when the bride and groom each own their own home. Tim Gilson, a Realtor with RE/MAX Vision in Huntington Woods, Mich., said he recently worked with a client who bought a condo in Novi, Mich., several years ago. Then she met the man of her dreams who had a house in Canton, Mich., and that’s where they decided to live. “They had this extra house that was upside down. So they put a tenant
in there, but were traveling a lot and couldn’t be the best landlords,” Gilson said. “I suggested they contact their lender.” They were current on their mortgage and both were employed, but the bank decided to work with them. They sold the condo for $31,500 in about four months and brought about $4,000 to closing, he said. The homeowner paid $117,500 for it in 2003. “Their marriage was indirectly the hardship. They laid all the facts out for the bank and said, ‘We simply don’t have the ability to keep both of these properties going,’ ” Gilson said. “She was prepared to take the loss if she had to. These are honorable people.” Each short sale varies depending on the type of loan, the lender, the investor and even the mortgage
insurance company. “It has been pretty positive when people genuinely have a hardship,” Gilson said. “The change in market value is not a hardship.” A property that is too small and a deteriorated neighborhood are also examples of underlying hardships. Renee Reyer, an agent with Clients First Realtors in Canton, Mich., said she worked with a couple who just got married and wanted to start a family but didn’t feel safe doing so in their current neighborhood. The lender worked with them, she said. “There was a crack house across the street and tons of foreclosures,” Reyer said. Ellen Mahoney, president of Complete Title Services’ loss mitigation division in Birmingham, Mich., said lenders move more quickly on the loans
that are most delinquent and the larger loans. Those who aren’t usually as successful in getting a short sale are those who are current on their payments or have no hardship, she said.
Other hardships she has seen go through include payment shock after an adjustable-rate mortgage resets, failed business, incarceration, marital separation, military duty, retirement and damage to
property. Missy Caulk, associate broker for Keller Williams, said it always comes down to one thing: “It’s really up to the bank.” MCCLATCHY-TRIBUNE INFORMATION SERVICES
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REAL ESTATE
SATURDAY, AUGUST 13, 2011
THE OKLAHOMAN | NEWSOK.COM
Program could keep homeowners afloat WASHINGTON — If you give millions of seriously underwater homeowners a new equity position in their properties by reducing their principal mortgage debt, will they keep paying on their loans and avoid foreclosure? Call it a pipe dream, or a significant model for other lenders and investors, but one company said it has found an important combination: Modify underwater borrowers’ loans so that their payments are reduced to a manageable amount, cut their principal debt over time — but make the deal totally dependent on their scrupulous on-time monthly payments of the new amount plus sharing of a portion of any future profits they make on the house sale. In practice, the plan
Kenneth Harney THE NATION’S HOUSING
works like this: Say you’ve been underwater on your loan. You can’t handle the current payments and you’re heading down the conveyor belt to near-inevitable default and foreclosure. Now the company servicing your mortgage makes you this multipart offer: First we will reduce your loan balance to a level where you will now have 5 percent positive equity in the house. That is, rather than the original value of the property that has you
drowning, we will set your debt at 5 percent below the current appraisal value of the house. Next, we’ll modify the mortgage so your monthly payments reflect the reduced underlying principal balance. Then, in annual increments over the next three years, we will write off the amounts of the original debt balance that we reduced. In exchange, we will expect that you do two things: Stay current on your loan payments, and agree to let us share 25 percent of any future gain you make on the house at resale. That’s the deal Ocwen Financial Corp., one of the largest servicers of distressed home mortgages in the country, began offering more than 3,000 underwater borrowers in a pilot test that
began a year ago. The results to date: 79 percent of the customers offered the program in the test signed up, and the redefault rate has been just 2.6 percent — far below the 40 to 50 percent rates within similar time periods seen in some federally sponsored loan modification efforts. Ocwen, which services 460,000 loans and is acquiring a portfolio of 250,000 more from Goldman Sachs’ Litton Loan Servicing unit, said the pilot test was so promising that it’s taking the program national. It already has regulatory green lights in 33 states and expects more to approve in the months ahead. Ocwen CEO Ron Faris said the key to the program is that the shared appreciation approach allows for
a restoration of equity for borrowers, which is “psychologically important” and greatly affects their motivation to keep current on the modified payment terms. It gives them a stake again and gives them some hope. “Our analytics tell us that an underwater loan is one and a half to two times more likely to redefault than one with at least some positive equity,” he said. The shared appreciation and principal reduction concept also works for the bond investors who actually own the mortgages, Faris said. The loans keep performing — unlike many other modification plans — and there’s the possibility of a little sweetener at the end in the form of a portion of any appreciation that
occurs beyond the revised appraised value on the house. As now structured, according to Paul Koches, Ocwen executive vice president and general counsel, there is no set cutoff level of negative equity beyond which the program cannot go. So, even if your current loanto-value ratio is 150 percent — which puts you deeply underwater — the program may include you. Some large lenders and servicers such as Bank of America and Wells Fargo have initiated principal reduction efforts for some underwater customers, but none to date has announced a shared appreciation feature. Ken Harney’s email address is kenharney@earthlink.net. WASHINGTON POST WRITERS GROUP
Welcome committees work to make newcomers feel at home BY MELISSA KOSSLER DUTTON For The Associated Press
When a neighbor stopped by with a basket of information to welcome Susan Rohr to the neighborhood, she was touched. “It just made me feel really comfortable in my new home,” said Rohr, who bought a house in the historic Kenwood neighborhood in St. Petersburg, Fla., nearly four years ago. “It made me feel like I moved to the right place.” The neighborhood association has had a welcome program for years, said Rohr, who now heads it. The social call helps engage residents in the community. In many areas, the practice of welcoming new residents has moved beyond a neighbor dropping by with a plate of cookies to
a more formal, communitysponsored visit. Neighborhood associations often use such visits to acquaint new homeowners with the rules and regulations of a community. Other organizations use the opportunity to promote local businesses, social services or events. “It’s just a way to inform people about how to enjoy the community and here’s what we need to do to maintain it,” said Frank Rathburn, spokesman for the Community Associations Institute in Falls Church, Va. At Sun City Hilton Head, a 13,000-person development in Bluffton, S.C., community representatives invite new residents to an orientation meeting, which includes games and prizes. Residents also can request a visit
from a member of the welcome committee. “We’re bigger than some cities,” said Sue Sweeney, executive director of the community association. “It’s very easy for people to get lost in the crowd.” In Farnam, Neb., members of the town’s Economic Development Corp. have put together an information booklet about local service clubs, government offices and churches. Volunteers deliver it along with coupons from area businesses. Residents in the town of 200 want newcomers to become active in the community, said volunteer Muriel Kotschwar. “The people who are the happiest are the people who get involved,” said Kotschwar, who makes a handful of welcome
calls each year. They don’t rely on volunteers to greet new residents in Apex, N.C. The city is home to New Neighbor Welcome Service, a company supported by local businesses and tasked with finding new residents through public records and real estate agents. “It’s a person saying to you, these are our sponsors” and they want your business, said Brenda Steen, executive director of the Apex Chamber of Commerce. “It’s a more professional approach.”
Building ties When a transitional housing apartment building went up near the offices of the Hunger Intervention Program in Seattle, employees decided to give welcome bags containing food and house-
hold staples such as laundry soap and spices. The gift is a way to familiarize residents with the agency’s services, said program manager Kate Murphy. Staff and volunteers are collecting similar donations for a Seattle Housing Authority apartment complex that is opening this summer. Volunteers for the Jewish Federation of Pinellas & Pasco Counties, in Florida, also are interested in building relationships with newcomers. It tries to pair new residents with mentors with whom they have something in common, said Bonnie Friedman, the federation’s executive director. “That’s what people need in a community,” she said. “That’s how you start adjusting and learn to like where you live.”
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 13, 2011
7F
Katharine Hepburn’s seaside mansion gets extreme makeover, seeks buyer BY KENNETH R. GOSSELIN The Hartford Courant
HARTFORD, Conn. — Katharine Hepburn’s storied seaside Connecticut mansion in Fenwick is again for sale. Yes, it is the Hepburn estate. And yet, it isn’t. It’s someone else’s house not only by title, but by feel. A massive, multimillion-dollar renovation pushed the limits of an extreme makeover of the 8,300-square-foot house, the centerpiece of the 3½acre estate on the shores of Long Island Sound. Even Hepburn, who built the summer home in the little borough of Old Saybrook in 1939, spent weekends there for decades and finally retired there until her death in 2003, would hardly know her way around the place now. Rooms have been combined to create larger, more open spaces. The kitchen is where part of the living room was. The living room is where the dining room was. A powder room, potting room and pantry now occupy the space where the old kitchen was. And that’s just the first floor. Hepburn’s kitchen was chock-a-block full of shelves laden with dishware. Two refrigerators stood on 16-inch tile platforms in case of flooding, and a secondhand stove came from her ex-husband’s house, Hepburn wrote in 1991 autobiography, “Me: Stories of My Life” published by Alfred A. Knopf. The new kitchen is in
Edmond
The 8,300-square-foot Hepburn mansion now has six bedrooms, seven and a half baths, seven fireplaces, a private deck and 680 feet of waterfront. MCCLATCHY-TRIBUNE PHOTOS
the center of the first floor, with views of the Sound. It has a vintage character with beadboard cabinetry, a stone, farmhouse sink and a cobalt blue Aga stove. Cabinetry hides the refrigerator and dishwasher. The only dishware in sight is on a hanging plate rack, displaying a collection of blue-and-white china, echoing the color scheme of the room. “Before, it was so different,” said Colette Harron, of William Pitt Sotheby’s International Realty in Essex, the listing agent who also sold the home to its current owners after Hepburn died at age 96. “It
314
4/2.5/3, waterfront, pool playground, 2140 sf, $227,500, lease purchase w/$10,000 down; 4/2/2, Piedmont Schools, 2370 sf, $161,500; 514-3800. Great location, 3908 Smiling Hill Circle, 4/2K , $155,000, 650-3035.
Harrah
Acreage For Sale
302
PIEDMONT OPEN SAT 2-4 & SUN 2-5. Model home. New hms on K ac lots. Info also available for new hms in other additions. From NW Expwy & Sara Rd go 4.5 mi N. Cleaton & Assoc 373-2494 320 acres in Caddo County, 5K mi E. of Binger, electric, water well, 2 ponds, 30x80 barn, 45 acres in farm wheat, exceptional hunting, not hunted in 4 yrs, $1,050/acre. 479462-5325 or 405-638-0124 1N to 10A, E. of OKC, pay out dn. before 1st pmt. starts, many are M/H ready over 400 choices, lg trees, some with ponds, TERMS Milburn o/a 275-1695 paulmilburnacreages.com OWNER FINANCING 1-28 Acres Many Locations Call for maps 405-273-5777 www.property4sale.com Call for Maps! See why we sell more acreages than anyone in Okla. E of OKC. o/a 275-1695 2K A or more $14,950 $450dn $145mo Tuttle area 18mi SW of OKC745-5889
RE for sale Chandler/ Wellston
311.8
Beautiful Home on Peaceful 7.5 Acres 22001 E. Bowman Rd. Luther, OK 73054 This home is in a very quiet and peaceful area, the 7.5 acres are scenic and wooded.Separate two car garage with lots of room for a shop. New Luther exit on I-44 makes this a very quick drive from Edmond/OKC, Route 66 nearby. 3bed, 2ba, 2 Car Garage, 1316 Sq. Ft. 7.5 ac., $124,900. Lola Brown (405)209-7910 http://www.realtor.com/ realestateandhomesdetail/22001-E-BowmanRd_Luther_OK_73054_M 86205-58581
Del City
313
Updated 4/2/1 new paint, windows, carpet. 1220sf Warranty + closing costs $77,000 CB 414-8753
315
Yukon
330
INGROUND POOL 3/2.5/2 approx 2008' upstairs bonus area 12 x 24 wkshp w/electric, 18 x 36 pool w/new liner $154,900 Carmen 833-0106 Cleaton & Assoc 373-2494 PIEDMONT SCHLS 3 lrg bd 2.5ba+office+formal din, great storage cov patio $184,000 Carmen 833-0106 Cleaton & Assoc373-2494
20 minutes from Tinker, 3 bed, 1.5 bath, living & den, wood burning stove, 10X20 shop on 1.3 acres, Harrah Schools, $95K, 405-361-1043.
JUST LISTED 3bd+office/ 2nd liv open flr plan, sprinkler sys, $169,900 Carmen 833-0106 Cleaton & Assoc 373-2494
Newalla
Suburban, NW
320
5 Acres! Bank Owned 3/2 stone home, ch/a, storage, barn, $77,900 CB 414-8753
OKC Northwest
324
OPEN SUN 8/7 2-5pm 508 NW 42nd Crown Heights 3Bd 2Ba 2200' perfect cond, turn key $239,000 • 596-5094 denise_roberts@mac.com NW OKC OPEN SUN 2-5 7216 Walnut Creek Dr new appl, carpet & paint 3bd 2ba approx 1600' $115,000 Marian 850-7654 Cleaton & Assoc 373-2494 BANK OWNED Historic 4/1.5 2 liv/din, 2342sf, hw floors $94.9k CB 414-8753
OKC Southeast
325
Spacious 3bd w/2 living areas, completely updated home on corner lot, only $99,900 Fidelity Real Est 692-1661, 410-4200
OKC Southwest
326
Nice 3bd Starter Home with oversized detached garage, ch/a, fenced, nice area, only $39,900 Fidelity692-1661, 410-4200 Cute 2bd 1ba, all wood floors, 1car garage, large back yard, $54,900 Fidelity 692-1661 ON THE LAKE 4/3/3 1508 S Linn, great loc. 692-4138 949-9310
Piedmont
327
HUGE corner lot orig hardwood flrs tankless hot water cov carport storm shelter. Qualifies for USDA loan w/zero down pay $82,000 Carmen 833-0106 Cleaton & Assoc 373-2494 PRICE REDUCED-PIEDMONT 1332 Edmond Rd NW 5 Acres 3 BD, 2K Ba 1 Liv 2 Din, 30x50 Shop w/ H&A $241K Leon 373-4820 Overland Ex Realty
Village/ Nichols Hills 329.5 Sgl Fam Res Prop W/Pool 5BR 3.5BA 4292 sqft 1232 Davinbrook Dr, OKC Accepting bids until 4:00 pm cst 8/15/2011 Contact 405-936-3997 Or Jleforce@bokf.com For bid package
(El Reno, Guthrie, Cashion, Deer Creek,
Etc.)
332
Rent to Own El Reno - 615 N. Evans 2bd 1 ba - Call for maps Easy Approval 405-273-5777 www.property4sale.com
Open Houses 334.2 NW OKC OPEN SUN 2-5 7216 Walnut Creek Dr new appl, carpet & paint 3bd 2ba approx 1600' $115,000 Marian 850-7654 Cleaton & Assoc 373-2494 PIEDMONT OPEN SAT 2-4 & SUN 2-5. Model home. New hms on K ac lots. Info also available for new hms in other additions. From NW Expwy & Sara Rd go 4.5 mi N. Cleaton & Assoc 373-2494
Industrial Property
336
320 acres in Caddo County, 5K mi E. of Binger, electric, water well, 2 ponds, 30x80 barn, 45 acres in farm wheat, exceptional hunting, not hunted in 4 yrs, $1,050/acre. 479462-5325 or 405-638-0124
Mobile Homes, Manufactured Houses 339
»»»»»» HOMES YOU CAN AFFORD
3BD. Shingle Roof/ Vinyl Siding $19,900 or $399mo. wac Some in-house financing available. 405-787-5004 You want options? We got’em. 3 Bed in OKC, Set & Ready 28x80 on 2 Ac., Set & Ready New 4 bed 16x84, low price! ’99 16x80 w/ fp, ’08 16x60, ’04 16x80 MORE ONLINE AT www.midstatehousing.com 405.527.5669 Special Disaster Programs Zero Down! Own Land/ Family Land Zero down. Instant rebates/furniture allowance up to $8000. Free phone application WAC 405-631-7600 NEW 32 x 80 MUST GO! Factory cost. Full tape & texture, Upgrade Appliances, JUST BEAUTIFUL www.THCOK.com 405-324-8000
largest of the three lots — can be purchased separately for $18 million. Seven years ago, the entire property sold for $6 million, half the original asking price.
What about Hepburn?
And it comes with an updated asking price reflecting millions of dollars of work. The estate is now on the market for $28 million, partly because it has been subdivided into three lots. The house — on the
It’s anybody’s guess what Hepburn would have thought of all the fuss. The three-story house, constructed in the English cottage style, was built with 21 rooms and nine bathrooms. The reconfiguration whittled down the rooms to 15, with 7½ baths. Old Yankee has been overtaken by modern,
OKC Northwest
431
The Fenwick home once owned by Katharine Hepburn was bought from the Hepburn estate for $6 million in 2004.
was rustic and woodsy and very minimal. There was a bunch of little rooms. I’m starting to have a hard time remembering what it looked liked.” “This,” Harron adds, “is what people want in 2011.”
Mobile Homes, Manufactured Houses 339 Abandoned D/W set up on 5 acres. Brick foundation, driveway, ready to move in. Free phone application 405-631-7600 Huge 28x70, 2 living areas. Stainless steel applicances. New carpet, lots of upgrades, $499mo. wac 405-577-2884 3/2 Bath Repo set up in quiet park. Ready to move in Free phone app 631-7600 Over 100 Repos on Land or 0 down w/your Land! WAC 866-764-3200,405-631-3200 Newly refurbished, 2 bd, 1 ba in Park in Edmond. $8450 obo¡Jerry, 408-5595 **NEW** 1216 sq ft $25,995 - 1 only Maxeys Homes 631-3600 Rent to Own: Nice 2&3bd MWC $350&up 390-9777
Real Estate Notices
Office Space For Rent
363
PROFESSIONAL OFFICE SPACE FOR LEASE 2 office suites available in Edmond. 1 suite 1400+-sqft, 1 suite 275+sqft, both all inclusive. Please call 405-359-7100 or 405-641-0468
Warehouse Space For Rent 363.5 4000sf Warehouse: ofc, restroom, heat & air, 14' OH door, 10,000sf outdoor fenced. 10901 NE 23rd St Bldg C. $1850w/dep 405-630-0394
Commercial RE Established Business For Sale
NIGHT CLUB
LARGEST night club, restaurant & sports bar in Eastern OK. Over 16,500sf complete w/furn, fixtures sound systems! Muskogee OK. Bldg could also accomodate a lrg Gentlemen's club. 918-489-2885
Ozzie's, an adjacent property, 440 ft of prime dockable water, Grand Lake's favorite family restaurant - retiring. Best Offer Buys Everything! 918-257-5726
Business Property For Rent 360 Nichols Hills shopping center, 7608 N Western. 1200sf MOL, $930/mo. $930 dep. Call 370-1077 Retail Space: 4000sf $2000; 6000sf $3000 - NW 50th/ Meridian 924-1622 b4 9pm
Apartments Bethany/ Warr Acres 420.5 $99 Move In Special 1 & 2bds, carports, coin lndry $345-445 470-3535
Edmond
422
EXEC 4BR 3.5BA 3000+ sqft in Hunters PT fenced 3 car $1600mo 348-5169 TOP LOCATION! Pd. wtr/garb. Near malls. Try Plaza East 341-4813
MWC
424
Free Month Rent! 1&2bd QUIET! Covered Parking Great Schools! 732-1122
Moore
425
112K SE 1st Apt A nice 1bd apt, fenced yard, $430mo, water, garbage & gas paid. Fidelity RE 692-1661, 410-4200 112K SE 1st Apt B large 1bedroom apt, only $350; Fidelity692-1661, 410-4200
Briargate Apts 1bd 1ba 850sf, wood floors, ch/a $550/mo $300/dp 409-7989 no sec 8
New Luxury Duplex 13516 Brandon Place 3/2/2, fp, Deer Creek Schls, near Mercy842-7300
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077 MAYFAIR Great location! 1/2 bd W/D hdwd flr quiet secure ngbrhood ¡947-5665 2, 3, 4 beds, ch&a sec 8 welcome. $500-up. 235-4328 » MOVE IN SPECIAL » LARGE 1, 2 & 3 BEDS Rockwell Arms, 787-1423
7301 NW 23rd
$99 Special
1 & 2 BD & Townhouses •City bus route/Shopping •Washer/Dryer hookups
Valencia Apts 2221 N. Meridian
946-6548
$200 OFF
Washer/Dryers, Fireplaces PC Schools-Townhouses
PARKLANE
8108 N. MacArthur Blvd. »»» 721-5455 »»» »» ALL BILLS PAID »» 1 Beds-Move in Today! $99 First Month 2 Beds & Townhomes, too DREXEL ON THE PARK Pool & Park 293-3693 Walford Apts-Midtown518 NW 12 large 1bd 1ba 1100sf $875mo $775dep washer/dryer hookup Basement efficiency $425mo $325dp 409-7989 $89 FIRST MONTH Bring this ad for Special. Affordable Luxury Spacious, too 416-5259 TUSCANY VILLAGE THE BELMONT First Month $87.50 1,2,3 Beds 455-8150 MOVE IN TODAY PC SCHOOLS
$99 dn $100 off 1st 3 Months Rent 947-1703 5744 NW 16th summeroaksapts.com
2528 NW 12th 1bd 1ba 1000sf $485/mo $250/dep garage extra 409-7989 no sec 8.
Yukon
460
All bills paid $570 lrg 1bd liv stov/frig, NW. no pets, no sec 8, 301-5979
800 N. Meridian 1bd All bills paid 946-9506
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
RE for rent Del City
»»»»»»»»»»»»» » SW All Bills Paid » » 1 bd From $550 Move» » 2 bd From $650 In» » 3 bd From $740 Today» » Open7days/wk681-7561» »»»»»»»»»»»»
465.5
Super Nice 3/1.5/1 ch&a, No Pets, No Sec 8 $775+dep 650-9684 3921 Pearl Way 3/1/1 $650 681-7272
Edmond
466
$99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $345 mo. 632-9849
512 NW 141st, 3/2/2, beautiful home, Edmond schools, all ceramic, $950, 749-0603.
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
312 Sunnyside in Mdowlaks 3br/1ba/1car gar $700mo Avail NOW! 405-210-4407
$99 Move In Special!!! Lg 1 and 2 Bdr, $345 to $420 mo. 632-9849
Yukon
438
»»»»»»»»»»»»» » Yukon All Bills Paid » » 1 bd From $550 Move» » 2 bd From $650 In» » 3 bd From $740 Today» » Open7days/wk354-5855 » »»»»»»»»»»»»
Condominiums, Townhouses For Rent 441 Nantucket, Gated, 2 bd, 1.5 ba, W/D, No pets, 3200 W Britton 922-1022 Quiet NW Townhome, 1 bed + study, 1K bath $500 mo ‘ 748-3868 OKC NW Summit 1bd condo effic. pool, micro, W/D $395mo 721-1164
Duplexes OKC Northeast
452
Efficiencies, $375, all bills paid, furnished, off NE Kelley, Call 427-7566.
474
1909 NE 25th 3/1 $450 2108 NE 18th 2/1 $425 1708 N Elton 2/1 $395 681-7272
OKC Northwest
461
Hotels/Motels 462
433
OKC Northeast
Garage Apartments
Good Value?
OKC Southwest
471
3/2 Mbl Hm 895 Sq Ft 2 Acres $525 + Dep WAC 3/2/2 + office 1700 Sq Ft 1.5Acres $1150 + Dep WAC Home&RanchRlty 794-7777
2821 NE 17 2bed 1bath $475 748-8520 www.redbudrealestate.com
2530K NW 11th 1bd/1ba stv frig W/D fresh paint $425+$250dep 618-7338
Rent at Casady 751-8088
Newalla
MCCLATCHY-TRIBUNE INFORMATION SERVICES
Duplexes, 3 bed, 2 bath, 2 car, some new, some gated, call Rick, 405-830-3789.
3400 N Robinson 1bed 1bath $425mo $200dep 850sf 409-7989 no sec 8
$350mo 1bd 1ba very clean stove/fridge 405-818-4089
787-1620
453
New carpet, paint, 2bd 1115 NW 27th $475; 1bd 2607 N Dewey $425 + gas & elec 232-9101
495-2000
Williamsburg
OKC Northwest
Oakwood Apts 5824 NW 34 K off special 1bd 1bath $315/mo $175/dep, you pay elec 409-7989 no sec8
•ABC• Affordable, Bug free, Clean » 787-7212»
First Month’s Rent LARGE TOWNHOMES & APARTMENTS • Washer, Dryers, pools • PC Schools, fireplaces
I BUY & SELL HOUSES 27 YRS EXP 650-7667 HOMESOFOKCINC.COM
OKC Northwest
CAVE CREEK ON ROCKWELL
$200 off
346
TENKILLER Lake, 1N ac. restricted building lots, walk to marina, boat launch, floating restaurant $14,500 Will finance, Owner 918-640-8556
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All Utilities Cable High speed internet Telephone Fully Equipped Kitchen Linens Free Laundry Business Center 2 Pools Free Movie Rental Breakfast Mon.-Fri. Social Hour Free Gym Passes
3037 North Rockwell
Owner carry with down Nice homes and fixers James 417-2176
LAKE EUFAULA Owner Finance, 2.5 acre Lake Lots, $29,995, 10% down. Boat Slips available. Call S.E. Okla. Realty at 918-424-3264
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$200 off
345
Vacation Property For Sale 347
Rates starting at $800.00 month. First month FREE. Citadel Suites, 5113 N. Brookline 405-942-0016 www.citadel suites.com Including are the following:
1 & 2 BEDROOMS Furnished & Unfurnished NEWLY REMODELED GATED COMMUNITY
I BUY HOUSES Any condition. No cost to U 495-5100
Real Estate Wanted
TOTALLY FURNISHED AND UNFURNISHED ALL BILLS PAID
1350 sf Class A. N Santa Fe & NE 50th. Ask about Free Rent, Call Broker 826-0983 GREAT Office Space Various NW locations 300-6000sf 946-2516
431
Nantucket beach house. In Hepburn’s time, old photographs show, the interior was dominated by exposed brick walls and knotty pine paneling. Now, Sheetrock walls are painted with cool whites, creams and blues with a relaxed seashore motif suggested by sea stars, lanterns and shells. Doric-style columns flank main entryways. The renovations are buffered from the flooding that often plagued Hepburn. The house was raised 5½ feet from its concrete slab, revealing more of the house from the bottom of the winding, pebbled driveway where once only chimney tops could be seen. The current owners, Frank J. Sciame, a Manhattan-based developer, and his wife, Barbara, divided the estate into three lots, with the potential for possibly building two — albeit smaller — houses on either side of the Hepburn mansion. Few would dispute that the renovation has resulted in a beautiful home and grounds. The footprint of the house has not changed, with the exception of a wraparound patio. The flecked, whitewashed exterior brick also remains unchanged. But can it still be called Hepburn’s house? “I guess people would still think of it as the old Hepburn House,” said Tedd J. Levy, a member of the trustees of the Old Saybrook Historical Society. “It’s quite a different house than what it once was.”
Harrah
466.5
3/2/1, clean, new paint, kitchen appls, $700 + dep, 454-2314/664-3751.
Jones
467
3bd 2ba, ch&a, fenced yard, $700mo + $300 deposit. 733-8688
MWC
468
724 Stahl Dr., 4/2/2 ch&a brick, $800mo $600 dep sec 8 ok, 408-6361 3bd, 1.5ba, ch&a $625 2bd, 2ba, ch&a, nice $575 Sec8¡354-7413/642-3847 228 W Pratt 2/2/2 $825 3712WoodsideDr3/1/1 $525 681-7272
Moore
469
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 3 bed 2bath 2car garage ch&a $750 + $500 dep 631-8220 4bd 2ba doublewide 5acre $1000 (WAC - No Horses) Home&RanchRlty 794-7777
475
6302 Cedar Crk 4/3/3$1795 4008 NW 70 4/3/2 $1495 4519 N Shartel 2/1/1 $695 420 NW 85 3/1/1 $675 3513 Kentucky 3/1.5/1 $850 10109 Island Vw 3/2/2 $995 Express Realty 844-6101 www.expressrealtyok.com RENT TO OWN PC Schl, 9507 Ritter Rd., 3 bed, 3 bath, 2 car, $1195/month, $3000 down, call 633-2114. Rent-to-Own 3bd, 2ba, & 4bd, 1ba $800/mo. down payment negotiable! Move-in Ready. 405-275-1745 Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com K Off Special 6021 NW 58th Terr 3bed 2ba 1car, PC Schls, $875 mo, $850 dep 1600sf 409-7989 no section 8 3 bed, 1K bath, large backyard, near schools, shops & highway $750 mo + $500 dep. 751-2859 Brick 3bd 2ba, landscaped, 1600sf, fenced, storage, sunroom $1075 255-4300 4409 Dahoon Dr. 3 bed, 2 ba, 2car fenced FP. ALL Appls $1200. 755-8025 11705 N Francis 2/1.5/2 2story, $650mo, $500dep TMS Properties 348-0720 3/1/1, 5920 NW 58 Terr. CH&A fncd PC schl $700 $600 dep. 1 yr. 348-9207
OKC Southeast
476
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com
OKC Southwest
477
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 3016 SW 26th cute 3bd house fenced yard, nice area $495 Fidelity RE 692-1661, 410-4200 Rental List at 4524 S May 1-4 Beds from $325-675 SW Home Rentals 681-7272 2/1/1 at 3708 S Brookline, ch&a, $595 month, 323-9960. 3 Bd, 2 Ba, New Remodels v. nice, v. clean, good areas $750. - $875. » 878-8747 2747 SW 64 St. 3bd, new remod, ch&a, appls, gd area, $795mo, 721-3757 2736 SW 53 3bd 1ba 1car 1000sf $700/mo $600dep 409-7989 no sec 8 2 bed, W/D hook-up, garage, $500 mo, $300 dep. 631-8039 2936 SW 48th 3bd 1ba 1car 1100sf $750 mo, $650 dep. 409-7989 no sec 8 Rent To Own/Lease: 2/2, 3/2, TH, A/C, W/D hkup, $500-$600/mo, 919-6827 3br 1ba 1car comp remodel 2229 SW 61st $700+$700dep 691-4528
Suburban
480
Simple but Endearing 2bd, 1ba, country home on 2K ac. at Shawnee Twin Lakes. Outside dog allowed. $550mo+ $600dep. 405-964-4087
Village/ Nichols Hills 481.5 1116 Park Manor 3/1.5/1 New tile/carpet, fenced, fp office, laundry rm $1500mo $1200dp TMS Prop348-0720
Yukon
482
4/2/2, 1800sqft, pool, no smoke/no pets, 905 Exter Circle, $1300 mo, $1300 dep. Mustang schl, avail 9/1, 265-0205 11717 SW 3rd 3 or 4 bed 2bath 2 living 2 car $1200mo. 748-8520 www.redbudrealestate.com
Mobile Home Rentals 483
224 SE 58th 1/1 $395 529 SE 27th 2/1 $450 1144 SE 23 3/1.5/1 $695 681-7272
Rent to Own: Nice 2&3bd MWC $350&up 390-9777
Beautiful 3 bed, 4912 Creekwood, complete remodel, $750, 749-0603.
Rental Services
487
3 bed $500, 1 bed $375. $150 dep ea. wtr/garb pd. Refs Req. 321-4773
PROFESSIONAL REAL ESTATE SERVICES SINCE 1982
Newly Remodeled 3 bd 1 ba, 6308 S. Lindsay $650+dep. 414-2578
Mgmt » Leasing » Sales
OKC Southwest
477
New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5100/mo Openhouseok.com
Spectrum Management 848-9400 usespectrum.com
Rooms For Rent
489
ROOM: share, kit, bath, lndry, priv entry, cable incl $385mo 405-948-5908
8F
SATURDAY, AUGUST 13, 2011
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
Lower FHA loan limits set to take effect Oct. 1 BY PAUL OWERS Sun Sentinel
FORT LAUDERDALE, Fla. — Buyers beware: Prized mortgages insured by the Federal Housing Administration soon will become harder to get on homes that cost several hundred thousand dollars. Starting in October, the government is set to lower the maximum amount that can be borrowed and still qualify for FHA insurance. Without FHA loans, borrowers will have to apply for conventional mortgages, which may be subject to higher interest rates and down payments of 20 percent. FHA loan limits are meant to reduce the government’s involvement in markets that are traditionally well-served by private lenders. The limits vary from community to community nationwide and are based on area median home prices. The ceiling nationwide will range from a low of $271,050 to a high of $625,500, according to the U.S. Department of Housing and Urban Development. Oklahoma’s current FHA loan ceiling of $271,050 will not change. The change could dampen the fledgling housing recovery in high-
cost markets such as South Florida, according to industry observers. “Lowering the loan limits in this market really is like clipping us off at the ankles,” said Andrew Saporito, a real estate agent for Keyes Co. in Palm Beach Gardens, Fla. FHA mortgages are popular with many buyers, particularly those looking for their first homes, because the loans feature attractive interest rates and down payments as low as 3.5 percent. Last year, FHA insured more than 40 percent of homebuying loans in the United States. “FHA is the best deal in town,” said Guy Cecala, publisher of Inside Mortgage Finance, an industry newsletter.
Start looking now Buyers who may be affected should start looking for homes soon because it takes 30 to 45 days to finalize mortgages, experts said. Paul Chowdhury said the looming cut could force him to speed up his purchase. He’s looking in the $300,000-to$500,000 range in an area from West Palm Beach to Palm Beach Gardens. “This is going to be bad for both buyers and sellers,” said Chowdhury, 50, a father of triplets.
Indeed, the effect is likely to reduce the pool of buyers in the marketplace and cause sellers to cut their prices if they want to attract FHA buyers, said Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties. Still, some real estate and mortgage brokers aren’t overly concerned, saying many homes for
sale wouldn’t exceed the FHA limit. Also, plenty of buyers today are forgoing mortgages. “We’re seeing a lot of cash buyers,” said Randy Bianchi, co-owner of Paradise Properties of Florida in West Palm Beach. “Mostly investors, but also a lot of people helping their kids buy a home and retirees not wanting to take out a mortgage.”
The new limits are likely to have a larger impact in cities nationwide with high home prices. For instance, in the Washington, D.C., area, arguably the hottest housing market in the country, the limit is set to fall from $729,750 to $625,500. That potentially could curtail demand and cut prices in well-to-do neighborhoods that have
been largely insulated from the housing bust by the abundance of government jobs. The lower loan limits were supposed to take effect in January 2009, but ongoing problems in the credit markets prompted Congress to postpone the changes. Now, those limits will take effect Oct. 1, unless lawmakers take action.