LISTING OF THE WEEK
HOUSE PLAN
Plenty of room
Rustic look
The Listing of the Week is a large home with pool and cabana and lush grounds on 1.35 acres in northwest Oklahoma City.
Shake shingles give a rustic, woodsy air to the Fairview, a midsize multilevel home with a detached garage. PAGE 4F
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REAL ESTATE
Kenneth Harney
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THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 20, 2011
AUCTION OFFERS HOME SELLERS OPTION OF CERTAIN, QUICK SALE
THE NATION’S HOUSING
Mortgage deduction could end If you take mortgage interest tax deductions, the next 100 days could have significant financial implications for you, thanks to Congress’ new federal debt ceiling plan. PAGE 5F
IN BRIEF INDEX SHOWS INCREASED CONFIDENCE Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/ Wells Fargo Housing Market Index for August. The index gauges builder perceptions of current home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index in which any number over 50 indicates that more builders view conditions as good than poor. The component gauging current sales gained one point to 16; the component gauging traffic of prospective buyers rose one point to 13; the component gauging sales expectations for the next six months declined two points to 19.
Auctioneer Louis Dakil shows the kitchen of a home in Gaillardia that he will auction Thursday. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN BY DYRINDA TYSON Special Correspondent dyrinda@gmail.com
Jerry and Pamela Thompson’s Gaillardia home languished for sale for about two years. “When we first put it on the market, we had one or two people look at it,” Jerry Thompson said. Escalating taxes and other rising expenses prompted their decision to move in the first place, Thompson said. The plan was to sell first, then move, so in 2008 they listed their 5,600-square-foot home with a real estate agent and waited. He estimated five people walked through the house over those two years, but no one made an offer.
“We had a girl, our oldest, in college,” Thompson said. “Expenses got to be so much that we decided we needed to sell it as soon as possible.” The Thompsons turned to Dakil Auctioneers Inc. in early 2010. Some 300 people streamed through four open houses. Dakil “really marketed it,” Thompson said, blanketing the neighborhood and comparable households with advertisements as well as ads in local magazines. And when the hammer fell in May 2010, the home was officially in new hands. “We made money, actually,” Thompson said. The Thompsons have since moved to the Glen
Eagles neighborhood, though they maintain membership in the Gaillardia Country Club. The homes and circumstances surrounding homeowners who choose an auction as a way to sell vary. Walking through the echoing expanse of the great room in another home in Gaillardia, auctioneer Louis Dakil said the owners retired and moved closer to family. “They want a certain day and time to sell their home,” he said. “Basically that’s it.” Dakil said he works with a lot of owners who are retiring and relocating, many of them involving SEE AUCTION, PAGE 2F
Realtor and auctioneer Steve Mann, president of the Oklahoma City Metro Association of Realtors, sits in the living room at 2124 Lakecrest in Moore. He will auction the house and estate items on Sept. 1. PHOTO BY STEVE SISNEY, THE OKLAHOMAN
Refinancing tricky in volatile economic times To say the U.S. economy has been in turmoil lately is an understatement. Incalculable hours of sleep have been lost by people worried about family finances. Yet if you’re seeking to refinance your home mortgage and can meet the lending industry’s challenging standards, economic turbulence might work in your favor. “Because of what’s going on in the economy, refinance opportunities are now excellent,” said Keith Gumbinger, a vice president at HSH Associates (www.hsh.com), a firm that tracks mortgage rates throughout the country. Prevailing home loan rates are now in the vicinity of the 55-year low to which they fell in fall 2010. But Gumbinger said that homeowners seeking to refinance can expect to pay slightly more than those
Ellen James Martin SMART MOVES
seeking a loan in order to buy a place. During the last three years, the mortgage lending industry has become increasingly regulated, making it harder for borrowers to meet its borrowing requirements. At the same time, lenders have to meet tighter government paperwork and disclosure standards. Unfortunately, there are many would-be refinancers who can’t take advantage of low mortgage rates because they have little or no equity in their property. But for those who have a
positive stake, here are a few pointers: I Do plenty of comparison-shopping before committing to any one lender. Since the financial downturn started, the federal government has become increasingly involved in the mortgage market. The result is that government-backed mortgages now represent the lion’s share of all home loans made in the U.S. Meanwhile, there’s been a decline in the number of mortgage brokers — intermediaries between banks and consumers — operating in the field. “But more of the brokers and lenders who are left are real pros in their field,” said Guy Cecala, who heads Inside Mortgage Finance, which publishes industry newsletters and reports (www.insidemort-
gagefinance.com). More stringent lending standards mean that homeowners face a greater risk that their mortgage application will be denied, thereby costing them the chance to take advantage of the lowest possible rates. To lessen your susceptibility to rejection, Cecala urged you to choose your lender carefully. I Use referrals to help ensure that you’ll choose a reliable lender. Cecala said real estate agents are in a good position to know which lenders will offer the smoothest and swiftest loan processing. After all, they work with lenders year after year and need to identify those most likely to get their deals to the finish line on time. Though mortgage brokers who shop your loan application to multiple
lenders are now fewer in number, large banks, community banks and credit unions are still making many home loans. I Watch out for excessive closing costs imposed by a lender. To better protect consumers, the U.S. Department of Housing and Urban Development (www.hud.gov) has set tighter rules to let borrowers compare lenders on the basis of their charges. As a result, HUD now requires lenders to give borrowers an early and accurate listing of their closing costs. By carefully reviewing your Good Faith Estimate early in the process, you’ll have a chance to ask for lower lender fees or to change lenders to get a better deal. To contact Ellen James Martin, e-mail her at ellenjamesmartin@gmail.com. UNIVERSAL UCLICK
DEVICE EASES ROLLER RINSE A new device helps clean paint rollers faster. The Rejuv-aRoller is a cylinder that attaches to a faucet. A roller slips into the container, where water is directed to the roller’s nap. In about 30 seconds, it can clean a roller thoroughly enough to be used with a different color, the company said. It can be used for rollers 3 to 9 inches long, with naps from ¼ inch to 1 inch. The Rejuv-aRoller is carried by several online vendors, including www. RejuvaRoller.com and www.acehard ware.com. FROM STAFF AND WIRE REPORTS
INDEX Permits Stone Handy
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SATURDAY, AUGUST 20, 2011
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
Left: Dakil Auctioneers Inc. will auction this house at 14724 Hollyhock Drive in Gaillardia at the company’s facility at 200 NW 114. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Auction: Empty home still has costs FROM PAGE 1F
high-end homes. The home at 14724 Hollyhock Drive, with back windows overlooking an expanse of Gaillardia’s golf course, will be auctioned Thursday at Dakil’s facility at 200 NW 114. “What you have with a home that is listed (and empty) is negative cash flow,” Dakil said, noting that even empty, a home still costs its owners money for insurance, utilities and maintenance — and could be subject to vandalism and weather damage. “When you sell your home at auction, all negative cash flow stops immediately, and you can go on with your life,” he said. Certainty and a relatively quick turnaround makes the auction method an attractive option for many sellers, said Steve Mann, an auctioneer, broker-associate with Paradigm AdvantEdge Real Estate and president of the Oklahoma City Metro Association of Realtors. “When there’s an urgency in the market or if there’s an urgency to the seller, the auction method works the best,” said Mann, a past president of the Oklahoma Auctioneers Association. “It’s just another method of marketing, really.” Many of the properties he auctions come through the court system, he said, either in the form of estate trusts or disputes among heirs. In either case, the people involved can count on having cash in hand in a relatively short amount of time. “We’re dealing with the same buyers, except on the day of auction we’re dealing with cash buyers,” Mann said. There’s nothing casual about it, Dakil said. “The lookie-loos are gone,” he said. “The people who come to the open houses or make appointments (in the run-up to an auction), they’re very serious about what they
want.” The number of residential real estate auctions grew 47 percent between 2003 and 2008, according to the National Auctioneer Association. That figure does include foreclosure auctions, said Hannes Combest, the association’s CEO. However, it was compiled before the mortgage industry crisis got rolling in 2009. The Oklahoma State Auctioneers Association doesn’t compile figures on its real estate sales, said Jeff Crissup, president. “I think over the last 15 years, we’ve probably seen a larger influx of housing into the auction market,” said Crissup, who is based in Helena in Alfalfa County. “And frankly I’ve got two houses on the auction block in the next 60 days.” The association website showed nine houses listed for auctions from August through November. Mann, pacing through a house at 2124 Lakecrest in Moore, said going to auction can help sellers whose home needs updates or repairs. The zero-lot-line home whose entry lies beyond a rose-twined wrought-iron gate, goes up for auction along with an estate sale Sept. 1. “It’s easier for them to get top dollar and maximize their investment or their return from this estate to sell it as is,” he said. Dakil said putting a house up for auction can also give sellers a sense of control. “They can set the price they give, and the owner can set the price that he wants or she wants to sell,” he said. “There is a certain day and time. There’s not a dealing with uncertainty.” The Oklahoma City Metro Association of Realtors plans to form a committee to look into house auctions, Mann said. “More and more Realtors are becoming auctioneers,” he said. “We need to be a little ahead of the game, and really, we’re behind on that part.”
The living room of the house to be auctioned Sept. 1 at 2124 Lakecrest in Moore. PHOTO BY STEVE SISNEY, THE OKLAHOMAN
This view shows the great room of the home at Gaillardia that will be auctioned Thursday. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Left: Walls of windows define the dining area of a house that will be auctioned, along with estate items, at 2124 Lakecrest in Moore on Sept. 1. PHOTO BY STEVE SISNEY, THE OKLAHOMAN
Right: The Gaillardia home has a view of the 14th green out the master bedroom window. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
THE OKLAHOMAN | NEWSOK.COM
REAL ESTATE
SATURDAY, AUGUST 20, 2011
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Walt Disney’s former home offered for sale BY LAUREN BEALE Los Angeles Times
LOS ANGELES — Walt Disney’s onetime residence in Los Feliz, the wonderful world where his daughters grew up, has come on the market at $3.65 million. The two-story French Normandy-style house, built in 1932, sits behind gates on an acre with views to downtown. Disney, not one for retaining walls or formal gardens, according to a 1940 interview in Better Homes & Gardens, often picked native plants over imports and created informal terraces using rocks to hold back soil. The property, then an acre and a half, was home to foxes, quails, opossums and rabbits. When World War II started, the Disneys added a victory garden and kept chickens. Though pieces of land have been sold off over the decades, the rugged heart of the lot that daughter Diane Disney Miller called “the canyon” as a child remains with the house. Inside, original features include the rotunda foyer, vaulted beamed ceilings, stained leaded-glass windows, two bars and a Juliet balcony overlooking the two-story living room from the second floor hall. It was from this vantage point that Miller would look on Christmas morning at the tree below surrounded by gifts. During the rest of the year, Disney had a chair in front of the large living
A home in the Los Feliz area of Los Angeles once owned by Walt Disney, where daughter Diane Disney Miller spent her childhood, is on the market. MCCLATCHY-TRIBUNE PHOTO
room window, where he would sit and read scripts and books, Miller said. “He also loved to sit outside and read in the summertime.” The house has four bedrooms and five bathrooms in about 6,000 square feet. What is now a bil-
liards room with a sleeping porch over the garage originally was Disney’s workout room with a punching bag hanging from the ceiling and pictures of his polo ponies on the walls. Later, it was converted to a nursery. “My sister and I spent
most of our young lives there,” said Miller, who was born in 1933. The Disneys remained in the house into her teens. When he got into liveaction films, Disney decided that he needed a projection room at home to view the daily filming,
Miller said. It was part work space and part family film room. What had been a guest room, bath and library became a screening room, a booth with 35-millimeter projectors and a small bar, Miller said. “My sister and I saw
‘Citizen Kane’ and ‘Gone With the Wind’ there and then current movies,” she said. The room had a separate entrance with a bathroom for the projectionists. The small sink still sits behind a wooden door. MCCLATCHY-TRIBUNE INFORMATION SERVICES
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REAL ESTATE
SATURDAY, AUGUST 20, 2011
HOUSE PLAN
Multilevel Fairview offers rustic look
Fairview
Vaulted Owners’ Suite 18'2''x15'
PLAN 51-008
First Floor 1406 sq.ft. Second Floor 521 sq.ft. Living Area 1927 sq.ft. Storage 386 sq.ft. Garage 676 sq.ft. Dimensions 50'x 42' Garage Dim 26'x 26'
Dn
Deck
1000 SERIES www.AssociatedDesigns. . com
Vaulted Dining 11'8'' x 13'6''
Dn
Deck 12' x 34' Vaulted Living 17'4'' x 27'
Kitchen Storage 21'6'' x 15'4''
THE OKLAHOMAN | NEWSOK.COM
Utility Entry Up Office/Den 17' x 12'8''
Covered Porch
© 2011 Associated Designs, Inc.
Garage 21'6'' x 25'
Up
Shake shingles give a rustic, woodsy air to the Fairview, a midsize multilevel home with a detached garage. As drawn, the main floor of the garage is one floor lower than the main floor of the house. If built on a flat lot, the breezeway would connect to the garage’s ground level instead of the roomy upper storage area. Designed for a single or couple, this plan has only one bedroom. The entire second floor is dedicated to a large vaulted owners’ suite. Light washes into this spacious sleeping and sitting room through numerous windows, plus three large skylights. Other amenities include an extra-large walk-in closet, dual vanity, spa tub and custom shower. Vaulted gathering spaces fill most of the ground floor, and the kitchen is at the heart of everything. Working there, you can look out across both arms of the L-shaped eating bar into
LISTING OF THE WEEK
Home features pool, lush grounds Left: 3933 NW 44 in the Putnam City area of northwest Oklahoma City. PHOTO PROVIDED
The Listing of the Week is a large home with pool and cabana and lush grounds on 1.35 acres in the Putnam City area of northwest Oklahoma City. The 5,869-square-foot house at 3933 NW 44 has seven bedrooms, five bathrooms, three living areas, a theater/media room, updated kitchen and four-car garage. The main
living room has a fireplace, cathedral ceiling and built-in entertainment center. The kitchen has a bay window, work island and pantry. The master bedroom has a cathedral ceiling and walk-in closet. The home has a security system, underground sprinkler system, open deck and shake roof. The home, custom built
in 1987 by Everett Dale, is listed for $890,000 with Kirk Hammons of Metro Mark Realtors. For more information, call 326-8698 or 8488818. 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.
Mortgage payments improved in second quarter, data reveals BY THE ASSOCIATED PRESS
NEW YORK — Homeowners are slowly gaining strength, although the national housing and job markets are still weak. The percentage of late-paying mortgage holders — those who were 60 days or more late with payment — decreased in the spring for the sixth straight quarter, according to credit reporting agency TransUnion. The rate fell to 5.82 percent compared with 6.67 percent a year ago. It peaked at 6.9 percent in the fourth quarter of 2009. The drop reflects stricter lending policies at banks, said Tim Martin, who watches the housing market for TransUnion’s financial services business unit. Since banks are more cautious about lending only to customers with higher credit scores, new homeowners are less likely to default on their mortgages, he explained. “Newer vintages of mortgages are performing better and becoming a bigger portion of outstanding mortgage universe,” he said. On older mortgages, the number of borrowers who lost their jobs or had mortgage payments that adjusted beyond their ability to pay are on the downswing. TransUnion’s research is culled from its database of 27 million anonymous consumer records. Martin noted that the late-payment rate fell in 49 states since the first quarter of this year, with only Vermont seeing a delinquency increase, but the rate in the Green Mountain state is just 2.98 percent,
far lower than the national average. The states with the highest delinquency rate remain Florida at 13.91 percent; Nevada at 13.04 percent; California at 7.83 percent, and Arizona at 7.78 percent. These four states were hit the hardest by the housing market collapse. A report from foreclosure listing firm RealtyTrac Inc. showed that Nevada lead the nation in foreclosures in July, with one in every 115 households receiving a foreclosure notice. California and Arizona were second and third in foreclosures for the month, with Florida sixth. Such notices are sent out after a homeowner falls several months behind on their payments. TransUnion said the state with the lowest delinquency rate remained North Dakota at 1.45 percent. South Dakota at 2.31 percent, Nebraska at 2.43 percent and Alaska at 2.64 percent round out the states least likely to have late payments. The company forecast that the delinquency rate will continue to drop for the rest of the year, ending 2011 just above 5 percent. The current rate is nearly three times the pre-recession norm, and at the current pace of improvement, it will likely be the end of 2015 before the rate has dropped back down, Martin said. “It took three calendar years for delinquencies to run up to their peak,” he said. “We’re one-and-a-half years since that peak, and we’ve recovered about 22 percent. It’s taking longer to come down than it did to go up.”
the dining room or living room. Four skylights, along with plenty of windows, naturally illuminate the living room on all but the darkest of days. When those shorter days and long nights come, a masonry fireplace stands ready to provide warmth and color. One of the rear corners houses a complete home entertainment center, while wide sliding glass doors offer access to a large deck bounded at the corners by raised brick planters. Standing on the Fairview’s covered entry porch, you have two
choices: Proceed ahead to the main entry, or walk through sliding glass doors on the left, into a room ideally situated to serve as a home office. Of course, it also could be furnished as a den, second bedroom, hobby room, or whatever suits. 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 Fairview 51-008 and include a return address when ordering. For more information, call (800) 634-0123.
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 20, 2011
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Mortgage interest tax deduction could end WASHINGTON — If you take mortgage interest tax deductions, the next 100 days could have significant financial implications for you, thanks to Congress’ new federal debt ceiling plan. Though the compromise legislation itself involved no new taxes, it created an unusual mechanism — an evenly split, 12-member bipartisan super-committee — that could call for major cutbacks on real estate write-offs by Thanksgiving. All it will take is a single vote by a lone senator or House member who breaks with his or her party to put the mortgage interest deduction into serious play. Here is what’s about to unfold: The legislation signed by the president Aug. 2 calls for a two-step increase in the federal debt ceiling plus spending cuts of about $917 billion. It also created the Joint Select Committee on Deficit Reduction with the goal of slashing an additional $1.5 trillion from the deficit over the coming decade. The committee must vote on a plan to achieve these objectives by Nov. 23, using revenue increases, spending cuts or a combination. If the committee cannot agree on a plan or if either house of Congress votes it down, automatic, severe spending cuts of $1.5 trillion will be imposed equally on the Department of Defense and domestic programs including Medicare. The structure of the committee is akin to a jury room rigged with high-power explosives if the jury fails to reach a
Kenneth Harney THE NATION’S HOUSING
verdict. Membership consists of six Republicans and six Democrats — three each from the Senate and House — chosen by party leaders. To approve a final package of deficit cuts and extend the debt ceiling, all that will be needed is a simple majority: seven votes. Members of the supercommittee are: Democratic Sens. Patty Murray (Washington), Max Baucus (Montana) and John Kerry (Massachusetts); Democratic Reps. James E. Clyburn (South Carolina), Xavier Becerra (California) and Chris Van Hollen (Maryland); Republican Sens. John Kyl (Arizona), Pat Toomey (Pennsylvania) and Rob Portman (Ohio); and Republican Reps. Jeb Hensarling (Texas), Dave Camp (Michigan) and Fred Upton (Michigan). The selections appear to include members who have taken stances in the past that are consistent with party positions — Democrats typically favor revenue increases to help close the deficit, whereas Republicans generally want to slash spending without raising taxes. However, there is a real possibility that one or more members on either side could be concerned enough about the prospect of painful automatic defense or social-program spending cuts that they would go with their conscience and break party
Foreclosures may be rental property under federal plan BY THE ASSOCIATED PRESS
WASHINGTON — The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices. The Federal Housing Finance Agency said it is seeking input from investors on how to rent roughly 250,000 homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration. All of the homes are foreclosures. The U.S. government rescued the two mortgage giants in September 2008 and has funded them since the financial crisis. Fannie and Freddie own or guarantee about half of the nation’s mortgages and nearly all new mortgages. Converting the homes into rentals could reduce “credit losses and help stabilize neighborhoods and home values,” said Edward DeMarco, acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie. Homes in foreclosure
sell at a 20-percent discount on average, which can hurt prices of surrounding homes. It also might meet the growing demand for rentals. Since the housing meltdown, nearly 3 million households have become renters. At least 3 million more are expected by 2015, according to census data analyzed by Harvard’s Joint Center for Housing Studies and The Associated Press. A recent federal “request for information” included an option for previous homeowners to rent out the homes or for current renters to lease to own. Read about the “request for information” here: http://tinyurl.com/3napbar. Private investors could also be allowed to oversee the conversions. Officials are also mulling whether to implement a program in metro areas hit hardest by foreclosures and in those with high demand for rental housing. The homes include single-family homes and condominiums. The deadline for responses is Sept. 15.
Thieves strip copper from historic mansion BY THE ASSOCIATED PRESS
FAIRFIELD, Conn. — A historic mansion in Connecticut that was burned by the British in the Revolutionary War has suffered another injustice — the theft of all its copper downspouts. The Connecticut Post reports that downspouts at the Burr Homestead in Fairfield were reported
stolen. Police believe the thieves were interested in selling the copper for scrap metal. The 100 feet of downspouts were worth an estimated $5,000. Patriot John Hancock was married at the mansion in 1775. It was burned by the British during a raid in 1779 and rebuilt in 1790. It was the home of Thaddeus Burr, uncle of Vice President Aaron Burr.
ranks. That compromise might well involve new revenues, one of the lowest-hanging sources of which is the mortgage interest deduction. Lobbying groups who seek to preserve housing writeoffs already are gearing up for battle on Capitol Hill. The National Association of Realtors sent an urgent alert to its 1.1 million members asking them to directly “engage their members of Congress on the importance of preserving real estate tax provisions” during the coming several weeks. After decades of being considered politically sacrosanct, why are homeowner mortgage write-offs suddenly on
the chopping block? No. 1 is sheer size. The congressional Joint Committee on Taxation estimates that the home mortgage interest deduction will cost the federal government $100 billion during fiscal 2011 and $107.3 billion in 2012. Between 2008 and 2012, the cumulative write-offs for mortgage interest are projected to total just under half a trillion dollars. Among the options open to the super-committee: Lower the maximum mortgage amount eligible for interest deductions to $500,000 from the current $1.1 million; replace the deduction with a tax credit that would be usable by lower-
and moderate-income owners as well as those with higher incomes; eliminate interest deductions on second homes; and phase out the deductibility of homeowner property tax payments. Defenders of the writeoffs argue that high levels of homeownership are essential to economic growth and social stability, and fully justify the tax system preferences they receive. Critics, on the other hand, consider the write-offs inherently unfair: They’re skewed to benefit upper-income owners disproportionately, and are highly concentrated geographically along the West Coast, the Northeastern states and mid-Atlantic.
Where’s this debate ultimately headed? It’s much too early to predict. But any way you look at it, real estate write-offs could be in greater political jeopardy in the next three months than they have been at any time in the past 25 years. Ken Harney’s email address is kenharney@earthlink.net. WASHINGTON POST WRITERS GROUP
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REAL ESTATE
SATURDAY, AUGUST 20, 2011
Permits Oklahoma City Clark Construction, 2515 N Douglas Ave., apartment, remodel, $400,000. Johnston Builders, 9104 N Kelley Ave., office, erect, $390,000. Reliable Enterprise Inc., 3101 NW 38, automotive repair-wash, erect, $375,000. Menemsha Development Group, 8345 N Rockwell Ave., retail sales, remodel, $350,000. Richmond Signature Homes, 17320 Grove Hill Terrace, residence, erect, $334,900. Roberts Group LLC, 16216 Morningside Drive, residence, erect, $325,000. Benchmark Premier Homes, 17601 Old Pond Road, residence, erect, $323,000. Sechrist Construction, 3610 Galatian Way, duplex, erect, $300,000. Sechrist Construction, 3612 Galatin Way, duplex, erect, $300,000. Eric Cheatham Construction Co., 600 Old Home Place, residence, erect, $289,000. The Roberts Group, 16120 James Thomas Court, residence, erect, $275,000. TAParchitecture, 2501 W Memorial Road, restaurant, remodel, $270,000. J.W. Mashburn Development Inc., 5612 NW 119 Circle, residence, erect, $262,000. Onpoint Construction, 8700 Halbrook Manor Lane, residence, erect, $260,000. Owens (Ray) Homes LLC, 17313 Grove Hill Terrace, residence, erect, $250,000. Owens (Ray) Homes LLC, 17321 Grove Hill Terrace, residence, erect, $240,000. Massey (Rex) Construction Inc., 2628 Elmhurst Ave., residence, add-on, $240,000. TLP Custom Homes LLC, 1508 SW 134 Terrace, residence, erect, $240,000. Owens (Ray) Homes LLC, 17301 Clove Hill Place, residence, erect, $230,000. J.W. Mashburn Development Inc., 14109 Corso Strada, residence, erect, $220,000. Jason Powers Homes, 2121 Sycamore Creek Ave., residence, erect, $220,000. Jason Powers Homes, 2129 Sycamore Creek Ave., residence, erect, $220,000. Josh Kerbo, 5300 Holzman Ave., residence, erect, $220,000. Mashburn Faires Homes LLC, 14113 Corso Strada, residence, erect, $200,000. Tiffany Enterprise, 5200 NW 118 Circle, residence, erect, $200,000. D.R. Horton, 11216 NW 96, residence, erect, $178,300. Monarch Properties LLC, 15509 Wood Creek Lane, residence, erect, $175,000. Monarch Properties LLC, 6101 NW 154, residence, erect, $175,000. 2k Country Homes LLC, 8600 Bella Circle, residence, erect, $170,000. Taber Built Homes LLC, 2412 NW 151, residence, erect, $170,000. Wilson-Olson Construction LLC, 8617 SW 58 Circle, residence, erect, $163,870. D.R. Horton, 6109 NW 162, residence, erect, $163,200.
Quad Graphics, 6801 S Sunnylane Road, medical clinic-office, remodel, $160,000. Wilson-Olson Construction LLC, 5712 Faith Anne Place, residence, erect, $154,410. Tom Vorderlandwehr Inc., 9125 NW 90 Circle, residence, erect, $154,000. Wilson-Olson Construction LLC, 5716 Faith Anne Place, residence, erect, $151,310. Trinity Group Architects, 6401 S Portland Ave., parking, install, $150,000. Vintage Custom Homes LLC, 224 SW 174, residence, erect, $150,000. D.R. Horton, 6008 NW 162, residence, erect, $149,800. Visioneer Construction LLC, 2805 NW 182, residence, erect, $130,000. Ideal Homes of Norman LP, 14012 Wagon Boss Road, residence, erect, $127,000. Craig Huckeby, 1013 SW 89, restaurant, remodel, $125,000. Evans Building Concepts, 8325 N Rockwell Ave., retail sales, remodel, $125,000. Home Creations, 3509 Morgan Creek Road, residence, erect, $123,500. Landmark Fine Homes LP, 2813 NW 183, residence, erect, $122,000. PSH LLC, 10700 NW 18, residence, erect, $120,000. Home Creations, 9817 SW 33, residence, erect, $118,000. Ideal Homes of Norman LP, 18144 Bodegon Road, residence, erect, $113,000. Byrd Building Consulting LLC, 5025 Gaillardia Circle, accessory, erect, $110,000. Ideal Homes of Norman LP, 509 Christian Lane, residence, erect, $107,000. PSH LLC, 10704 NW 18, residence, erect, $104,000. Ideal Homes of Norman LP, 13304 SW 4, residence, erect, $103,000. Ideal Homes of Norman LP, 13304 SW 4, residence, erect, $103,000. Rausch Coleman Homes LLC, 4804 Caleb, residence, erect, $100,000. No name provided, 2610 S Interstate 35 Service Road, tower-antenna, install, $100,000. Ideal Homes of Norman LP, 18505 Abierto Drive, residence, erect, $98,000. No name provided, 15220 N Western Ave., restaurant, remodel, $95,000. SWA (Stacey Witter & Associates), 6923 SW 59, residence, erect, $89,000. Weiner Dog Properties, 3024 Chapel Hill Road, residence, remodel, $85,000. Carson & Shdeed, 14809 La Cresta Drive, accessory, erect, $84,420. Ideal Homes of Norman LP, 2621 NW 186, residence, erect, $84,000. Sarah and Trevor Francis, 7800 N Coltrane Road, residence, erect, $80,000. Home Creations, 11129 NW 6 Terrace, residence, erect, $77,600. Home Creations, 12109 NW 133 Terrace, residence, erect, $77,200. Home Creations, 12113 NW 133 Terrace, residence, erect, $77,200. Ideal Homes of Norman LP, 2704 NW 186 Terrace, residence, erect, $67,000. Cornerstone Group LLC, 4716 SW 122, residence, erect, $65,000. Cornerstone Group LLC, 4516 SW 122, residence, erect, $65,000. Cornerstone Group LLC, 4512 SW 122, residence, erect, $65,000. Cornerstone Group LLC, 10733 SW 31 Court,
residence, erect, $65,000. Cornerstone Group LLC, 10729 SW 31 Court, residence, erect, $65,000. Site Quest Ltd., 7401 N Kelley Ave., tower-antenna, install, $60,000. Fleming Building Co, 3200 Thomas Road, office-warehouse, remodel, $60,000. No name provided, 2105 SW 31, residence, erect, $60,000. Lawrence Cates & Associates, 5420 N Brookline Ave., parking, install, $55,000. Oakwood Homes, 1333 Whitecap Lane, manufactured home sales, moveon-mobile home park, $45,000. Darren Lister, 7301 N Country Club Drive, school, add-on, $40,000. Bohanon & Son Construction, 733 SE 43, residence, erect, $40,000. No name provided, 11301 SE 44, accessory, erect, $35,000. Boyd Heat & Air, 3308 SE 89, manufactured home, move-on-mobile home park, $35,000. Larry Claggett, 6500 SE 164, barn, erect, $32,000. No name provided, 2001 S MacArthur Blvd., manufactured home, move-onmobile home park, $30,000. No name provided, 1013 SW 89, parking, install, $30,000. Napco, 2329 NW 36, residence, fire restoration, $25,000. Bryan Bain, 7813 Dripping Springs Lane, accessory, erect, $22,000. Bill Howard, 13209 N Santa Fe Ave., storage, remodel, $20,000. Shawn Cina, 10600 Daryl Drive, storage, erect, $20,000. Goodman Networks, 15504 Jeffersons Garden Court, tower-antenna, install, $20,000. Construction Services LLC, 6725 SW 44, warehouse, erect, $20,000. Carole Hofacre, 3804 SW 23, manufactured home, move-on-mobile home park, $18,000. Evans Building Concepts, 14000 Quail Springs Parkway, office, remodel, $17,822. Clint Sprague, 15408 Azalea Ave., residence, add-on, $17,000. Central Oklahoma Habitat For Humanity, 833 NE 84, erect, erect, $17,000. Pete Garcia, 13900 N Portland Ave., medical clinic-office, supplement, $15,000. Welcome Home, 9633 NW 13 Place, manufactured home, move-on, $15,000. Welcome Home, 9625 NW 12 Place, manufactured home, move-on, $15,000. Westpoint Group, 845 SW 119, retail sales, remodel, $15,000. Welcome Home LLC, 1113 Life Style Lane, manufactured home, move-on, $15,000. Welcome Home LLC, 9640 NW 12 Place, manufactured home, move-on, $15,000. Welcome Home LLC, 9625 NW 13 Place, manufactured home, move-on, $15,000. No name provided, 5301 Holzman Ave., storage, erect, $14,000. No name provided, 5301 Holzman Ave., storage, erect, $14,000. Downey Contracting, 420 W Main, office, remodel, $12,285. John Determan, 20700 Linda Lane, residence, erect, $12,000. Boyd Heat & Air, 1424 Regatta Drive, manufactured home, move-onmobile home park, $12,000.
Homes shrink as market sinks BY MCCLATCHY TRIBUNE INFORMATION SERVICES
When the going gets tough, the houses get smaller. Or at least that’s what data from the U.S. Census Bureau are suggesting. The average size of a new single-family house shrank significantly from 2008 to 2009, the census figures show. Nationally, the average decrease was 51 square feet, to 2,422 square feet, the data show. In the Northeastern United States, the change was more dramatic: House size diminished by more than 200 square
feet, to 2,529 square feet. Philadelphia economist Kevin Gillen, vice president of Econsult Corp., said that buyers are having fewer children, so they need less space. They’re also looking for more centrally located and eco-conscious properties. “So the data do not indicate that buyers are looking for smaller homes because they think small is beautiful,” Gillen said. “Rather, they want homes that are more energy-efficient, with a more urban location, and with fewer bedrooms, and that all naturally translates into a smaller home.”
Carl Wingo, 2600 Fontaine Place, storage, erect, $10,000. Eric Cheatham, 3108 SW 131, storage, erect, $7,800. Aaron Storm Shelters, 3800 Newport Ave., residence, install-storm shelter, $6,000. Carolyn R. Williams, 13301 Cedar Trail, installstorm shelter, installstorm shelter, $5,000. Garland Mills, 1528 SW 46, residence, fire restoration, $5,000. Michael Ehrman, 11117 NE 54, residence, complete, $5,000. Trinity Group Architects, 6401 S Portland Ave., office, remodel, $5,000. Linda Cargill, 15109 Stoney Spring Road, storm shelter, install-storm shelter, $4,500. Ted Gumenson, 6700 Newman Drive, storm shelter, install, $4,500. Ground Zero Shelters Co., 1133 SW 127 Place, storm shelter, installstorm shelter, $4,395. Wallace Londagin, 2632 NW 166, storm shelter, install-storm shelter, $4,200. Delbert King, 3829 Skyward Circle, storm shelter, install-storm shelter, $3,800. No name provided, 19221 Butterfly Blvd., residence, install-storm shelter, $3,600. Benjamin Nguyen, 8213 NW 70, storm shelter, install-storm shelter, $3,295. Christina Nguyen, 6800 Stinchcomb Drive, storm
THE OKLAHOMAN | NEWSOK.COM shelter, install-storm shelter, $3,295. Richard and Carol Plockot, 432 SW 99, storm shelter, install-storm shelter, $3,295. Brian Michael, 6315 SE 161 Court, storm shelter, install-storm shelter, $3,200. David Cowan, 12216 Endor Drive, storm shelter, install-storm shelter, $3,200. James and Mary Van Meter, 3608 Wayfield Ave., storm shelter, install-storm shelter, $3,000. Michael Abshire, 13304 Eastvalley Road, storm shelter, install-storm shelter, $3,000. Mike Barlow, 8041 S Shields Blvd., manufactured home, move-onmobile home park, $3,000. Mike Barlow, 8041 S Shields Blvd., manufactured home, move-onmobile home park, $3,000. Tommy Smith, 8905 NW 113, residence, installstorm shelter, $3,000. No name provided, 8041 S Shields Blvd., manufactured home, move-onmobile home park, $3,000. No name provided, 8041 S Shields Blvd., manufactured home, move-onmobile home park, $3,000. No name provided, 8041 S Shields Blvd., manufactured home, move-onmobile home park, $3,000. Maria Chacon, 3225 SW 49, canopy-carport, erect,
$2,955. Donald and Jacqueline Hadlock, 4253 Mariner Drive, residence, installstorm shelter, $2,800. Hank A. Kittrell, 8920 NW 106, residence, install-storm shelter, $2,800. Kenneth Rasnick, 17672 Palladium Lane, storm shelter, install-storm shelter, $2,800. Linda Mills, 2809 Lysander Place, storm shelter, install-storm shelter, $2,800. Robert Cheek, 11219 Lake Park Drive, storm shelter, install-storm shelter, $2,800. No name provided, 8205 NW 83 Place, residence, install-storm shelter, $2,800. No name provided, 5700 Ridgefield Drive, storm shelter, installstorm shelter, $2,700. Gerald Chrisope, 3601 Melanie Lane, storm shelter, install-storm shelter, $2,500. Nancy Desmond, 4437 Alturas Court, residence, install-storm shelter, $2,400. Cherdena Daniel, 1643 NE 50, day care center, remodel, $2,000.
Demolitions Crosby Construction, 3829 NW 44, single-family residence. Ray’s Trucking, 1729 NW 9. Don Renbarger, 3511 S Western Ave., accessory. Doug Strain, 6923 SW 59, residence. Larry Diotte, 1004 NW 49, garage.
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 20, 2011
Getting home appraisal, sale price to match becoming tougher task BY ALAN J. HEAVENS The Philadelphia Inquirer
PHILADELPHIA — Financing a home purchase has become extremely difficult since the housing boom turned to bust. Getting an appraisal to match the price for which one’s lender has preapproved a mortgage can be more art than science. In June, a sizable share of U.S. purchase contracts for previously owned houses, signed 45 to 60 days earlier, were canceled by buyers because of appraisal/asking-price mismatches. In a month when Realtors expected sales to rise, they dropped instead. Having a contract fall through is tough on the buyer and it leaves the seller, who might have contracted to buy a new property in anticipation of selling the old one, out in the cold, too. Is there any way to salvage these deals? Options are limited, said appraiser Maureen Fox of Maureen Fox Co. in Doylestown, Pa. “Most times, when the appraisal comes in lower than the sale price, the sale price can be renegotiated,” Fox said. “But many times, the seller can’t afford to go any lower. Many buyers will walk from the deal if they believe they are overpaying.” Under federal law, buyers can obtain a copy of the appraisal from a broker or lender. Challenging the appraisal generally is not an alternative, Fox said. “If there is truly a reason to believe the appraisal is wrong,” she said, “the lender still will not allow a second appraiser” to assess the property. “Sometimes it’s the appraiser’s mistake, sometimes a seller is stubborn with asking price, sometimes the buyer is uneducated, and sometimes the
An appraiser notes conditions as she conducts an appraisal at a 1920s-era Spanish bungalow in South Los Angeles. AP FILE PHOTO
agent is mistaken,” Fox said. “Bottom line, it’s a tough market.” Jerome Scarpello, of Leo Mortgage in Ambler, Pa., agreed: “I wouldn’t waste time appealing unless there are blatant errors in the report — like missed rooms adding square footage. An appraisal is an opinion of value, so unless there are some compelling reasons, opinions are rarely changed.” Still, Fred Glick, a Philadelphia mortgage broker and Realtor, isn’t so sure you shouldn’t fight back. “The buyer can challenge the appraisal,” he said, “especially if the comparable homes were wrong, or proper comps (short sales or foreclosures) were not used.” The best away to avoid such issues, of course, is to try to anticipate them. “Have your real estate agent do comps before an agreement is made or be-
fore a property is listed,” Glick said. Fox, too, advised: “Be proactive, rather than scrambling around after the fact, and after you paid for a home inspection, termite inspection, and the like.” But thinking about appraisal pitfalls is not always front and center when what you want to do is buy a house. And once the appraisal doesn’t match the price, walking away from a sale is not as simple as it sounds. Canceling a contract can result in the buyer’s losing some or all of the deposit. Noelle Barbone, manager of Weichert Realtors’ Media, Pa., office, said, “If the buyer is using conventional financing with a strong loan-to-value ratio (a large cash down payment), he or she might be obliged to purchase regardless of appraised value, unless they have an ap-
Barry Stone INSPECTOR’S IN THE HOUSE
the subarea, that should also be installed. The benefit of closing the subarea vents depends on the climate where you live. In dry climates, such as the southwestern states, vents are needed to minimize humidity in the subarea. The evaporation of ground moisture can raise humidity levels under a house. During cold weather, moisture in the air can condense on the wood framing, causing fungus growth and dryrot damage. In areas with high humidity, such as the southeastern states, closed vents in winter can reduce condensation, especially if you install a dehumidifier in the subarea. In either case, closed vents are unlikely to reduce heat loss in the family room, as long as the family room is sufficiently insulated. DEAR BARRY: The home I’m buying is under construction in a new development and will be finished in a few weeks. Yesterday, I discovered that the master bathroom
is 4 inches smaller than the master bathrooms in the other homes on the block. Even the door is 4 inches smaller. Now that they’ve completed that part of the building, it appears that we are stuck. Is this a breach of contract on the builder’s part? Laurie DEAR LAURIE: Variations in detail, design, and dimension often occur when homes are being built. These changes are usually disclaimed in the purchase contracts offered by real estate developers. Therefore, your builder is probably free of liability for the size difference in your master bathroom. However, the potential for more significant defects should not be overlooked. This is why you should hire a home inspector when the construction is completed. Home buyers often assume that new homes do not need to be inspected. Many buyers have come to regret that assumption. A qualified inspector can always find construction defects in a new home, and the conditions reported by your inspector will have to be addressed by the builder. To write to Barry Stone, visit him on the web at www.housedetective.com. ACTION COAST PUBLISHING
Real estate agent in RE/MAX hall of fame MIDWEST CITY — Roberta Suriani, a residential real estate agent with RE/MAX Metro Group Properties, 1401 S Douglas, has been presented with the RE/
I wouldn’t waste time appealing unless there are blatant errors in the report — like missed rooms adding square footage. An appraisal is an opinion of value, so unless there are some compelling reasons, opinions are rarely changed.” JEROME SCARPELLO, OF LEO MORTGAGE IN AMBLER, PA.
Homeowners can’t warm house’s chilly lower room DEAR BARRY: We have a problem heating the family room on the lower floor of our splitlevel home. It just won’t get as warm as the rest of the house. The room is side by side with the walk-in subarea, and we’re wondering if we should close the subarea vents during the cold winter months. Do you think this would help to conserve heat? Jan DEAR JAN: Your problem could be a simple matter of convection — that is, the natural upward movement of warm air. The stairway that leads to the family room is essentially a chimney, allowing warm air in the family room to rise toward the upstairs area of your home. If there is a door that closes off this stairway, that would prevent the rise of heated air. If there is no door, you could install a ceiling fan above the stairway. This would counteract the upward flow of warm air. If cold air in the subarea is part of the problem, you may need to insulate the wall between the subarea and the family room. You could also panel the wall with plywood on the subarea side of the framing. And if there is no weather stripping on the door to
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MAX Hall of Fame Award. The award recognizes those agents who have earned more than $1 million in commissions during their career with the
company. Suriani has worked in the real estate business for more than 20 years, mostly in eastern Oklahoma County.
praisal condition added to their offer.” If an appraisal contingency was not signed, said Harry Pecci of Prosperity Mortgage in Doylestown, many lenders — Wells Fargo, for one — add a condition on the mortgage commitment as a matter of policy that the home “must appraise at the sales price.” “If the home does not appraise at the sales price, and the buyer had a mortgage contingency, this would be their way out as well,” he said. If the loan-to-value ratio is weak, according to Barbone, the buyer likely will not be approved for the mortgage unless the sale price is adjusted to match the appraised value. If a buyer is financing under the Federal Housing Administration or Veterans Administration, she said, “The sales agreement has a built-in appraisal
condition giving the buyer the option to walk away with their deposit money intact.” Pecci noted that both sides in a VA or FHA transaction must sign the socalled amendatory clause. “It is not optional,” he said. Whenever possible, Realtors, appraisers, and
mortgage brokers strongly recommend, try to renegotiate the sale agreement. “I had one situation where they split the difference, and another where the seller credit — previously agreed to — was dropped in exchange for the lowering of the sale price,” Scarpello said. Said Barbone: “In all of these cases, we review with the clients on both sides of the transaction some options that would keep the sale alive.” MCCLATCHY-TRIBUNE INFORMATION SERVICES
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REAL ESTATE
SATURDAY, AUGUST 20, 2011
THE OKLAHOMAN | NEWSOK.COM
Is making a short sale worth taking a knock to my credit? Q: My townhome has lost about 25 percent of its value. I’m barely managing the payments. Similar homes in my complex are renting at less than half of what I am paying every month. We send our child to a private school because we don’t care for the public school in our district. I have tried to talk to my lender but because the house is underwater, refinancing is not an option. We also do not qualify for refinancing. We have an adjustable-rate mortgage, and both my spouse and I have excellent credit histories. I am the only one on the mortgage, but my wife is on the title with me. Is it worth going for a short sale
and taking a hit on my credit? A: Yes. I am a big believer that your house is your home first and an investment second. And while a good credit history is important, so is living in a house and in a neighborhood you like. Several weeks ago, I counseled another reader that if the property is in a good location with a good school district, and the payments are affordable, the reader should not be too concerned that the property was worth less than what he owed the bank. Your situation is different in that you don’t care for the home or where you
live and are even incurring additional expenses based on its location. Further, while your mortgage payment may be low now, you are sitting on a ticking time bomb in that interest rates are sure to rise sooner or later, and when they do, you will no longer be able to afford the payments. Because your wife is not on the loan, her credit will not suffer when you complete a short sale, so you should be able to find a home to live in that’s more appropriate for your situation. Q: I own an investment property that I have stopped paying on. I have one mortgage on the property.
Recently, the lender filed a lawsuit against me to collect on the note, but it is not trying to take the property back in foreclosure. I have money in the bank and other assets. I called the lender, and it doesn’t really want the property back. I am afraid that the bank will come after my other assets. Can it? A: Yes. This is getting to be a much more common trend. First mortgage lenders are starting to decide that they really do not want the responsibility of owning the property, especially if it has a low value or is in disrepair. Second mortgage lenders realize that even if they foreclose the property, the first
Gary M. Singer REAL ESTATE LAW
mortgage lender is going to get all of the proceeds from the foreclosure sale, leaving the second mortgage holder with little more than a legal bill. The lenders know that a promissory note case is much easier — and cheaper — to bring than a foreclosure action and can be finished much faster. After the lender wins the lawsuit on the promissory note, it will get a judgment that it can execute against your other property, your bank accounts and even your wages. Plus, it still has the mortgage lien against the original property, so it can go back and take that at a later date if it decides to.
I have long advised my clients that this is one of the real dangers in “strategic defaults” and it looks like the lenders are starting to catch on, at least a little. Further, it is too late to try to transfer the assets as most states have a twoyear, look-back period for fraudulent transfers made for the purpose of hiding assets to creditors. The best thing that you can do now is to fight your lender in court and try to come to some sort of settlement. Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. Send him questions online at sunsent.nl/mR20t7 or follow him on Twitter at twitter.com/ GarySingerLaw. MCCLATCHY-TRIBUNE INFORMATION SERVICES
Realtor undertakes mission to repay veterans BY STEVE CLARK The Brownsville Herald
BROWNSVILLE, Texas — Larry Jokl knows what it’s like to be in combat, and how tough it can be to readjust to civilian life. It’s one reason Jokl, a Realtor and veteran of Vietnam as well as the Texas real estate market, has made it his mission to help returning veterans buy homes. He’s also motivated by a desire to help redress the hostile welcome many U.S. veterans of Vietnam endured upon returning to the states decades ago.Rewind 40-plus years: It’s 1967. Larry Jokl, 23, waits in the door of a helicopter over enemy-held territory in Vietnam. The trees are too thick for the choppers to
set down. The soldiers rappel from the hovering aircraft. The rotor blade on Jokl’s helicopter clips a tree, knocking him out the door and 70 feet to the forest floor. “When I finally came to, there were four guys on the ground and they were trying to figure out how to get me out of there,” he recalled. Jokl spent a year in the hospital recovering from his physical injuries. The psychological injuries took longer to heal. Jokl, like countless other Vietnam veterans, required extensive counseling. Being blamed for the war, on top of the trauma of combat, took its toll. “There’s some stupid things
that I did when I got back that I regretted,” Jokl said.
Attitude shift Attitudes toward veterans and the military have undergone a profound shift since Vietnam, however, with the result that the public by and large treats today’s returning veterans with gratitude and respect, Jokl said. He’s tried to do his part over the years, helping veterans navigate the process of qualifying for loans, find mortgage payment assistance and deal with other issues related to buying a home. “I have just made it my thing over all these years in real estate, because the largest single purchase an individual’s going to make is a home,” Jokl said. “To
me, a veteran needs to be in a home. Any veteran who needs assistance of any type is going to get it from me. That has just been my calling and my thing personally for the veterans.”
Real estate career Jokl, a Dallas native who relocated to the Rio Grande Valley with his parents as a child, served as Texas real estate commissioner for eight years; headed the Brownsville Chamber of Commerce and the Brownsville Economic Development Foundation, precursor to the Brownsville Economic Development Council; and served as president of the Brownsville South Padre Island Board of Realtors, and director and regional vice presi-
dent of the Texas Association of Realtors. Jokl began his real estate career in 1970, becoming a specialist in commercial sales and leasing, counseling and management of real estate properties in Texas. He recently sold his firm, Brownsville Real Estate Management Company, and now does business as Larry Jokl Inc. Jokl notes that, because of tighter lending restrictions that are part of the fallout from the collapse of the real estate market, the path to home ownership is steeper than ever for veterans. Yet buying a house remains vital to readapting to normal life for veterans and their families, Jokl believes. As a result, he said, veterans need help like never before.
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 20, 2011
Right hardware, tools make job of constructing deck safer, easier
Paul Bianchina HANDY @ HOME
Few projects are as enjoyable as building a new outdoor deck. They’re fun to design and build; they look great; and they enhance both the enjoyment of your home and its resale value. Decks are also a great do-it-yourself project, and there are lots of products on the market that can help you get the job done faster, safer and with better results. Wander the aisles of your local home center or hardware store or do an online search, and you’ll find more than enough inspiration to get you itching to grab a hammer!
the appropriate hardware connectors, and you’re all set. Finish off the installation with treads that match your decking boards.
Railings
Deck design Let’s start at the beginning — with a great design. If you have something in your head in the way of a perfect deck but you’re not sure how to turn it into reality, start with a simple computerized drawing program. You can pick them up inexpensively at a number of retailers, and they’re pretty intuitive to learn. Most not only help you design the deck in 2-D, but also do 3-D modeling, structural details, and even material lists. If you’d prefer to have someone else tap the mouse, check with your local lumberyard. Many of them offer computerized deck design services that can save you hours of planning. The design consultant will walk you through several basic designs, and help you customize them to your exact size and layout requirements.
PHOTO PROVIDED BY LOWE’S
Structural hardware When it comes time to do the actual framing, companies like Simpson Strong-Tie offer an incredible selection of steel framing hardware that greatly simplifies all those connections. For example, there are simple joist hangers that support and connect the joists where they attach to the ledger or rim joist, and inside angle connectors to strengthen a variety of framing joints. Where a beam sits on top of a post, there are post cap connectors, as well as post base anchors to connect the post to the patio or pier block. There are even specialty connectors specifically designed for attaching deck railing
Mustang
319
Open Houses 334.2
BANK OWNED 4bd 2.5bd 3car, 2 din, blt 1999, 2130sf $149,900 CB 414-8753
SW OKC OPEN HOUSE Sun 2-4, 2736 SW 84th, 3/2/2, Moore schools, NM Realty, 613-9739.
OKC Northeast
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 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 (2) 5 acres, well & septic on both, SE 74th & County Line, near Wes Watkins lake, on dead end road. Make offer. 426-0676 or 387-9206 Call for Maps! See why we sell more acreages than anyone in Okla. E of OKC. o/a 275-1695 Pretty 5 acres in country Cleveland County 360-6586 or 590-4367 2bed House E. of Harrah 2K A, small barn. TERMS Milburn o/a 275-1695
Farms, Ranches For Sale, Okla. 308 160ac, 1800 sq ft double wide. Barns/out buildings/ working pens. $270,000. Possibly divide 120/80 w/o mobile. Pocasset area. Rural water & black top frontage. 405-537-9318
RE for sale Del City
313
Updated 4/2/1 new paint, windows, carpet. 1220sf Warranty + closing costs $77,000 CB 414-8753
MWC
317
Sharp 2 bed home with 2 living areas, very nice well kept area, only $47,900 Fidelity692-1661, 410-4200 OWNER FINANCING $2000 down No Credit Ck 208 W Ercoupe 2/1 $49K » 596-4599» 224 E Kerr 2bd, 1ba, 1car ch&a, fenced, Exc. Shape $74K 740-8615/426-5702
Mustang
319
4 BR, 2.5 BA, 3 car gar, 3800 sq ft. Must sell fast! New paint. $279,900. 405-324-2611
9F
HANDYMAN SPECIAL 2118 N Prospect 2/1 $27.5K 1224 NE 19 2/1 $27.5K Fin. Avail. Kruger Inv. Jim, 235-9332 / 812-1657
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
OKC Northwest
Industrial Property
323
324
FSBO, 7103 NW 30th, K duplex, 2/2/2 + ofc, new wood, tile, paint, granite, marble, roof, elec, ++ PC Schl, O/C w/$5K down, good refs, 787-7666. 7515 NW 126th backs to Francis Tuttle updated great property $114,900 Marian 850-7654 Cleaton & Assoc 373-2494
OKC Southwest
326
OWNER FINANCING $2000 down No Credit Ck 5813 S Francis 5/1 $53,000 1124 SW 24 3/2 $51,000 2420 SW 31 4/1 $1K dwn 35 SE 38 5/2 $500 down » 596-4599 »
336
40ac., hunting land only, Hughes Co., Must Sell $27,000 obo 405-889-9272
Lots For Sale 337 Residential vacant corner lot, 3920 S Harvey Ave, 631-4240/209-2901.
Mobile Homes, Manufactured Houses 339
All Sports & Concerts
posts to deck framing quickly and with much greater strength than simply nailing or bolting alone. Simpson’s decking site is worth a visit: www.strongtie.com/ deckcenter.
Nailer All that helpful structural hardware also means driving a whole lot of nails to make the connections work properly. So if you’ve got a big deck project in the works, or you’re a pro who does a lot of decks, you might want to consider a pneumatic nailer to help you out. The Duo-Fast DF150STC TICO Nailer is designed specifically to drive the 1 ½-inch, 0.148-shank nails required by most
Real Estate Notices
345
I BUY HOUSES Any condition. No cost to U 495-5100 Owner carry with down Nice homes and fixers James 417-2176
Real Estate Wanted
346
I BUY & SELL HOUSES 27 YRS EXP 650-7667 HOMESOFOKCINC.COM
Commercial RE Established Business For Sale RV Park for Sale Interstate 40 and Route 66 Award winning KOA franchise park in Oklahoma.Location, location, location, the sky's the limit. Proven gross income of $300,000 per yr. Over 100 sites. Call Cheryle 580-751-0789. americanrealtyok.com
» Local & Nationwide»
SHIPPING, Mailing & Packing Store, 10yrs same loc, high traffic area, NW OKC. Reduced price, health reasons. Call John 405-627-4501
3 bed 1 3/4bath 2 car gar. 9205 S Blackwelder 378-3456 or 308-3002
www.totallytickets.com
Investment Property For Sale 355
Nice 3bd Starter Home with oversized detached garage, ch/a, fenced, nice area, only $39,900 Fidelity692-1661, 410-4200
»»»»»» HOMES YOU CAN AFFORD
5824 S. Shartel Avenue, 2 bed, 1 bath, 1 car, $45,000 550-2145. Bank Owned 3/2/1, 2 liv, 1638sf, brick, $52,500 Arlene CB 414-8753 ON THE LAKE 4/3/3 11508 S Linn, price reduced,692-4138 949-9310
Piedmont
327
125 Shirley Ln 4bd or study spalike ba storm shelt approx 3100' $325,000 Marian 850-7654 Cleaton & Assoc 373-2494 1103 Meadowlark 2.6 wooded ac MOL 4bd 3ba approx 2200' $199,000 Marian 850-7654 Cleaton & Assoc 373-2494 5818 Arrowhead Rd 5 ac w/shop storm shlt 4bd 2.5ba approx 2400' $225,000 Marian 850-7654 Cleaton & Assoc 373-2494 1115 Edmond Rd, 5 ac w/fish pond 3bd 1.5ba 2liv $169,000 Marian 850-7654 Cleaton & Assoc 373-2494
Tuttle/ Newcastle
329
Open 2-4, Beautiful 4 bd, 2.5 ba, on 2 acres. 868 Squirrel Ct., Tuttle. New Horizons, 326-6273
405-295-2222
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 Huge Summer Clearance Sale! Own Land/Family Land ZERO Down. Instant Rebates up to $8000. Use toward furniture, land improvements, etc. Your choice. E-Z Approval by phone 405-631-7600 wac NEW 32 x 80 MUST GO! Factory cost. Full tape & texture, Upgrade Appliances, JUST BEAUTIFUL www.THCOK.com 405-324-8000
NW 50th & Meridian Retail Space: 4000sf $1990; 6000sf $2975 924-1622 New I-35 frontage bldg for rent: ofc/shop/whse, 1900sf $800mo 412-7665
Office Space For Rent
363
GREAT Office Space Various NW locations 300-6000sf 946-2516
Etc.)
3/2 Bath Repo set up in quiet park. Ready to move in Free phone app 631-7600 Rent to Own: Nice 2&3bd MWC $350&up 390-9777
422
VERY, VERY QUIET Near mall, schls, hosp, Try Plaza East 341-4813 EXEC 4BR 3.5BA 3000+ sqft in Hunters PT fenced 3 car $1600mo 348-5169
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 410-4200, 692-1661 112K SE 1st Apt B large 1bedroom apt, only $350; Fidelity410-4200, 692-1661
OKC Northwest
431
TOTALLY FURNISHED AND UNFURNISHED ALL BILLS PAID 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: » » » » » » » » » » » » »
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
$200 off
1 & 2 BEDROOMS Furnished & Unfurnished NEWLY REMODELED GATED COMMUNITY
CAVE CREEK ON ROCKWELL 3037 North Rockwell
495-2000 $200 off
First Month’s Rent LARGE TOWNHOMES & APARTMENTS • Washer, Dryers, pools • PC Schools, fireplaces
Williamsburg 7301 NW 23rd
787-1620 $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
Over 100 Repos on Land or 0 down w/your Land! WAC 866-764-3200,405-631-3200
**NEW** 1216 sq ft $25,995 - 1 only Maxeys Homes 631-3600
Rent to Own El Reno - 615 N. Evans 2bd 1 ba - Call for maps Easy Approval 405-273-5777 www.property4sale.com
Nichols Hills shopping center, 7608 N Western. 1200sf MOL, $930/mo. $930 dep. Call 370-1077
Abandoned D/W set up on 5 acres. Brick foundation, driveway, ready to move in. Free phone application 405-631-7600
Suburban, NW
332
Business Property For Rent 360
Huge 28x70, 2 living areas. Stainless steel applicances. New carpet, lots of upgrades, $499mo. wac 405-577-2884
Nice, Spacious & Clean 3 bd, 2 ba, Mid-Del Schls asking $15,500 922-7532
(El Reno, Guthrie, Cashion, Deer Creek,
1805 N Gatewood, 2 story duplex, 2 bd, 1 ba, liv, din, 4 car, w/2 efficiencies, $186,000, 524-5675.
Edmond
8108 N. MacArthur Blvd. »»» 721-5455 »»»
Apartments Bethany/ Warr Acres 420.5 $99 Move In Special 1 & 2bds, carports, coin lndry $345-445 470-3535
$89 FIRST MONTH Bring this ad for Special. Affordable Luxury Spacious, too 416-5259 TUSCANY VILLAGE »» ALL BILLS PAID »» 1 Beds-Move in Today! $99 First Month 2 Beds & Townhomes, too DREXEL ON THE PARK Pool & Park 293-3693
brackets are angled to form a comfortable backrest while eliminating all those difficult angle calculations. You can see a couple of different styles at www.rockler.com.
building codes for use with structural hangers. It’s compact to get into tight spots, has a convenient rafter hook, and has an adjustable exhaust to keep the air out of your face. Best of all is the unique “probing tip,” which accurately locates the hole in the hanger before you shoot the nail. Check it out at www.duo-fastconstruction.com.
Precut stair stringers If your deck design calls for steps, don’t despair over how to cut the stringers. Many lumberyards and home centers carry or can order precut stringers in different lengths. They’re made of pressuretreated lumber so they’re safe for ground contact, and all the hard layout and cutting has been done for you. Just select the number of steps you need based on how high the deck is, secure them to the deck and to the ground using
Bench brackets Want to add a bench to your deck? Bench brackets make it easy. Made of steel or a durable resin, they bolt to both the decking and the deck framing for stability, then you add your own decking material to the top and back to form a seat and backrest. The
OKC Northwest
431
Walford Apts-Midtown518 NW 12 large 1bd 1ba 1100sf $875mo $775dep washer/dryer hookup Basement efficiency $425mo $325dp 409-7989 THE BELMONT First Month $87.50 1,2,3 Beds 455-8150 MOVE IN TODAY PC SCHOOLS
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
Harrah
466.5
3 BR., 1.5 BA, 1 car gar, close to schools, $650 Avail 9/1. 921-7703
MWC
468
410 Babb, 1 bed, 1ba, central heat/air, ceiling fans, fenced back yard, $450/mo., 405-413-1834. 1300 Pinewood Ct 3bed 1 bath, $525/mo 408-5836
2720 SW 74th unit 18 2bd condo 1.5ba ch/a, fenced patio area $550mo Fidelity410-4200, 692-1661
3bd, 1.5ba, ch&a, $625 2bd, 2ba, ch&a, nice $575 Sec 8¡354-7413/642-3847
Summit Ridge 2 bd, 2 ba, FP, bonus room, 1440sf, $800mo No pets 348-3500
4/5 bed, 2 bath, 1 car, fncd yard, $695 mo + dep 414 Monroney, 412-7013
YUKON 2 br, 2 ba, 2 car gar $650/mo + $500 dep. No pets 405-209-4084
945 Crabtree Cove 3 bed, 1 bath $595/mo 408-5836
Briargate Apts 1bd 1ba 850sf, wood floors, ch/a $550/mo $300/dp 409-7989 no sec 8
Nantucket, Gated, 2 bd, 1.5 ba, W/D, No pets, 3200 W Britton 922-1022
228 W Pratt 2/2/2 $825 3712WoodsideDr3/1/1 $525 681-7272
Oakwood Apts 5824 NW 34 K off special 1bd 1bath $315/mo $175/dep, you pay elec 409-7989 no sec8
Duplexes
1 mi E of Tinker, 3bd 1ba 2c ch&a, util rm, $575+ $300dep No pets 732-4351
Short Term Only 2528 NW 12th Furnished 1bd 1ba 1car apt 1000sf 3 months or less. $775mo $250 dep. 409-7989
$99 dn $100 off 1st 3 Months Rent 947-1703 5744 NW 16th summeroaksapts.com
Lovely 2 Bedroom Great NW location. www.parkmanorapts.net 842-1766 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077 2 Bed downstairs. $650 Nice & Peaceful No app fee. No Sec 8. 370-0278 MAYFAIR Great location! 1/2 bd W/D hdwd flr quiet secure ngbrhood ¡947-5665 3400 N Robinson 1bed 1bath $425mo $200dep 850sf 409-7989 no sec 8 2, 3, 4 BEDS - CH&A SECTION 8 WELCOME $500-UP »» 235-4328
Quiet Casady!
2 bed $550
751-8088
•ABC• Affordable, Bug free, Clean » 787-7212» 800 N. Meridian 1bd All bills paid 946-9506
OKC Southeast
432
$99 & $199 Move in Specials on 1, 2 & 3bds Second chance leasing & Sec 8 approved 445-7496
OKC Southwest
433
»»»»»»»»»»»»» » SW All Bills Paid » » 1 bd From $550 Move» » 2 bd From $650 In» » 3 bd From $740 Today» » Open7days/wk681-7561» »»»»»»»»»»»» $99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $345 mo. 632-9849 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
OKC Northwest
453
Duplex For Rent 12224 N Dewey Ave. 3bd 2bth 2car, 675.00 month. 478-4825 No Sec 8 Lrg 1bd, liv din appls w/d hkup 2421 NW 12 & 2708 NW 20 $425 301-5979 1115 NW 27th New carpet, paint, 2bd $475+ gas&elec 232-9101 1bd, Clean, No pets, Refs req'd. $450/mo -Upstairs 3029 NW 14th¡ 748-6830
OKC Southwest
455
2 bed, appliances, bills paid, no pets, $600 month + dep, 232-9704.
Yukon
460
Duplexes, 3 bed, 2 bath, 2 car, some new, some gated, call Rick, 405-830-3789.
Garage Apartments
461
All bills paid $549 Lrg 1bd liv stov/frig, NW. No Pets, No Sec 8 301-5979
Hotels/Motels 462 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 370-1077
RE for rent Del City
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 Move In Special!!! Lg 1 and 2 Bdr, $345 to $420 mo. 632-9849
18412 Chestnut Oak Dr www.bme.ogi.edu/~hildk $1250, 3/2/2, 367-9068
San-Tee Small eff. $275 a month $85 deposit 685-2909
Belmont Farms: 4bd, 3ba, 3liv, 2din $2250mo Avail Sept 1. Jim, 206-4469
$320-360furnished efficiency 2820 S Robinson 232-1549
612 Reynolds 3/1.5/1 $775 681-7272
Moore
469
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 4bd 2ba doublewide 5acre $975 (WAC - No Horses) 3/2/2 1550sf fp $975+dep Home&RanchRlty 794-7777
A deck railing adds a lot of visual interest to a deck, and it’s also a code requirement if the deck will be more than 30 inches above the ground. Thanks to the tremendous interest in decks and the number of do-it-yourself deck builders, there are lots of different railing ideas that you can choose from, as well as the parts to build them with. You can go with simple wooden pickets, which your local lumberyard will have in stock. Or you can step it up a bit with metal pickets, which are available in different colors and styles at places like www.stair-parts.com or www.deckdepot.com, or from many local welding shops. For a more open look, consider steel cables instead — you can check out some examples at www.cablerail.com. Remember that your new deck and railing will almost certainly require a building permit, and that certain construction standards must be adhered to for safety. Check with your local building department before you get going on any deck design or construction project. 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
OKC Northwest
475
8220 N Robinson 3bd $650 201 NW 92nd 3bd $500 404 NW 82nd 3bd $550 FLESHMANS INC 235-5473 or 314-3551 Walking distance to social scenes on Western 3bed 1 bath..$650. No sect 8 central A/C, Call 789-1111 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 4bd 2K ba, backs to Lake Hefner Parks $1400mo no section 8 340-9957 Brick 3bd 2ba, landscaped, 1600sf, fenced, storage, sunroom $1075 255-4300 11705 N Francis 2/1.5/2 2story, $650mo, $500dep TMS Properties 348-0720 Br 3bd, 1ba, CH&A, fencd newly remodeled, ex lg lr WH Sch. $650. 789-6689 3bd, 1ba, ch/a, off 63rd & N. May, fncd bkyd, $750, $750 dep, 405-529-9377 3bd, 1.5ba, landscape, sprinkler sys, PC schls, $1195, 405-245-3648
3 bed, near Moore Hosp. ch&a, 1269 sf. $725mo. $650dep. 691-5479
4409 Dahoon Dr. 3 bed, 2 ba, 2car fenced FP. ALL Appls $1200. 755-8025
Newalla
OKC Southeast
471
3 bed, 2 ba, ch&a, well, septic, 2 acres, 1 yr lease $700+$500 dep 386-3362 3/2/2 ofc 1700sf 1.5ac $1150 Home&RanchRlty 794-7777
OKC Northeast
474
1909 NE 25th 3/1 $450 2108 NE 18th 2/1 $425 1708 N Elton 2/1 $395 681-7272 2821 NE 17 2bed 1bath $475 748-8520 www.redbudrealestate.com 2301 N Hood 3bd 1 bath $525/mo 408-5836
OKC Northwest
475
Deer Creek Schools
6817 NW 130th St. 4bed, 2ba, 2 Car $1,350/mth 205-3946 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 Express Realty 844-6101 www.expressrealtyok.com
476
Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 224 SE 58th 1/1 $395 1144 SE 23 3/1.5/1 $695 681-7272
OKC Southwest
477
New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5100/mo Openhouseok.com 2324 SW 31st 2bd $400 1409 Sulzburger 3bd$550 3737 SW 27th 2bd $400 FLESHMANS INC 235-5473 or 314-3551 Rent, Rent to Own605-5477 2bd from $395-595 3bd from $450-895 4bd from $595-995 housesforrentofokc.com 7721 Pearl, 4 bed, 3 bath, K acre, $950; 3216 SW 62nd, 2 bed, shop, $600; W.H. Schl, 405-414-4004 3016 SW 26th cute 3bd house fenced yard, nice area $495 Fidelity RE 410-4200, 692-1661
805 NW 116th St., 3bd 2ba, no pets, nice neighborhood. $900. 410-2166
Sec 8 OK New R. Home 5bdr/2bth, $975/m, SW 37th, large lot 759-6828
K Off Special 6021 NW 58th Terr 3bed 2ba 1car, PC Schls, $875 mo, $850 dep 1600sf 409-7989 no section 8
2 bed, 2 car garage, 1 bath, fenced yard, $750mo, $500 dep. 640-7209
9630 Hefner Village Blvd 2bd 1.5ba $675 2930 NW 12th large 1bd duplex, water paid $425 681-7272
4bd, 3ba, Section 8, no pets, close to Capitol Hill School. 405-672-0877 Rental List at 4524 S May 1-4 Beds from $325-675 SW Home Rentals 681-7272
OKC Southwest
477
2936 SW 48th 3bd 1ba 1car 1100sf $750 mo, $650 dep. 409-7989 no sec 8 Sec 8 OK New R. Home 4bdr/1bth, SW 55th, $910/m, 759-6828 2736 SW 53 3bd 1ba 1car 1000sf $700/mo $600dep 409-7989 no sec 8 3 Bd, 2 Ba, New Remodels v. nice, v. clean, good areas $750. - $875. » 878-8747 2421 SW 51 3 bd 1 bath, $525/mo 408-5836
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
Extra clean, 3BD 2BA, CH&A, FP, lrg fncd yd, near Skyview Elem., credit check. 405-623-2425 11717 SW 3rd 3 or 4 bed 2bath 2 living 2 car $1200mo. 748-8520 www.redbudrealestate.com
Mobile Home Rentals 483 1bd, 1ba, Midwest City, ch&a, w/d hookup, $465 mo, $250 dep. 476-3643 Rent to Own: Nice 2&3bd MWC $350&up 390-9777
Roommates Wanted
488
F in BAPTIST HOSP Area, will share brk home w/ ch&a, dshw, with M or F $325/mo 405-410-1182
Senior Living 489.5 Senior Living 62+ IMMEDIATE OPENINGS! 1 bedroom. 681-7423
10F
SATURDAY, AUGUST 20, 2011
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
Homebuilder sees wider loss; orders climb BY THE ASSOCIATED PRESS
LOS ANGELES — Coming off a quarter where its revenue sank 49 percent amid a sharp drop in home closings, homebuilder Beazer Homes USA Inc. said it’s going to step up efforts to buy and rent out foreclosed homes. The Atlanta builder, which reported a wider fiscal third-quarter loss, began buying foreclosures, fixing them up and renting them out in the spring. The idea: Bring in more revenue by catering to people who aren’t ready to buy a house or who can’t qualify for a mortgage. President and CEO Allan Merrill said the strategy has paid off and now Beazer owns or has under contract more than 100 rental homes, most located in Phoenix and some in Las Vegas. “While today’s difficult new home sales environment creates challenges for our homebuilding business, it creates sizable opportunities for the preowned homes division we launched this spring,” Merrill said.
The builder now plans to expand the business by enlisting an outside partner to help shoulder most of the costs of buying more homes, while it limits itself to an investment of $20 million. The strategy is part of a broader revenue-boosting plan by Merrill, who took over the CEO post after former CEO Ian McCarthy was ousted in mid-June. McCarthy was fired about three months after he agreed to give back $6.5 million in bonuses and profits from the sale of company stock in a deal with federal regulators. The executive had accrued those gains at a time when investigators said Beazer was committing accounting fraud. Merrill outlined several ways the builder intends to raise more revenue, including keeping operating costs low, improving its sales per community and taking in more fee income from home rentals. Earlier this year, the builder cut roughly 130 full-time jobs as part of a cost-saving effort.
A construction workers arrives at the site of a new Beazer home in Gilbert, Ariz.
AP PHOTO