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Penhold Real Estate Market Update 2007-11-07 07:13:00 Penhold Real Esate Market Update The Town of Penhold is located approximately half way between Red Deer and Innisfail. Roughly 13 km south of Red Deer on Highway 2A, and the junction of Highway 42. It is a small growing bedroom community with a population of 1,961 (2006 stats). The potential for future growth is definitely there, making Penhold an ideal Town to invest in for future development. With its proximity to the city of Red Deer and the town of Innisfail, Penhold enjoys the advantages of a small town without lacking any of the amenities of a large city. Infrastructure is in place to handle growth on many levels with land annexed and zoned for industrial, residential and recreation not to mention commercial. Industrial and commercial growth should be considered imminent in my opinion. Penhold lies on Highway 2A a short drive from Red Deer and the Red Deer Regional Airport. Penhold is a few short kilometres from Highway 2, and is bordered to the north by Highway 42. Gr ...

H.R. 3915 Mortgage Reform Bill Passes Committee with Important Changes 2007-11-07 06:22:25 The Barney Frank-sponsored  The Mortgage Reform and Anti-Predatory Lending Act of 2007 that would surely put a major dent in mortgage broker-originated lending passed the House of Representatives Financial Services Committee yesterday by a vote of 45 to 19. The bill now moves on to the House floor where it will be debated and voted on by the entire chamber. Pending a successful vote there it will go to the Senate and then to the President. Due to the fast-tracked nature of the bill it could be signed off by the President in a matter of weeks, not months. While the bill passed some major changes were made to it to limit its scope in terms of new governance and regulation. Here is what did pass from the original proposal: National licensing for all mortgage brokers and bank loan officers National definition of what entails an ‘originator’ (who subsequently must be licensed) What did not pass was the outlawing of yield spread premium. While this had a spin put on it th ...

Condo Madness in Toronto 2007-11-07 02:56:57 People queuing in eight-night campout mostly being paid to hold spots for real estate agents Toronto’s real estate market reached a new high - or low, depending on your point of view - this week as more than 60 people set up temporary camp on Bloor Street to spend eight nights awaiting the opening of the sales office for the new One Bloor condo development. When those doors open at noon next Tuesday, the people in line will give up their places in line to dozens of real estate agents who will have first option on the $850-a-square-foot units. Many expect the 80-storey tower to sell out on that brokers-only day. See full story in the Globe and Mail … ...

Over, Under, At - October 29-November 2, 2007 2007-11-06 23:21:38 Welcome to the new “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price. For all of you data lovers, I hope you enjoy! And your feedback will be very appreciated! If you have suggestions for this feature (or really, for the blog in general), please feel free to share with me! This feature (and really, the blog in general) is a work in progress. Here’s a quick breakdown of closed sales for the week from October 29 through November 2007: Single Family Homes - 49 Homes Sold 29 Sold OVER Asking Price 12 Sold UNDER Asking Price 8 Sold AT Asking Price Condos/Lofts/TIC’s - 54 Homes Sold 14 Sold OVER Asking Price 27 Sold UNDER Asking Price 13 Sold AT Asking Price ...

Ladies! - Learn to Kick Some Ass! (And protect yourselves!) 2007-11-06 21:20:16 Not all of my posts have something to do with SF Real Estate. This coming weekend, Krav Maga of San Francisco will be holding their 3rd Annual Self Defense Seminar for Women! This seminar is 6 hours of comprehensive training and includes: Kicks and Knees to the groin Punches and Kick Strikes Hair grab & Choke Defenses Punch and Kick defenses Ground Fighting Defenses Rape Prevention WHEN: Saturday, Nov. 10, 1:30-4:30pm and Sunday, Nov. 11, 2:30-5:30pm. WHERE: Krav Maga SF at 1455 Bush Street COST: $89 for one day, $139 for both. Please sign-up for this seminar beforehand by calling 415-921-0612 or emailing info@kravmaga-sf. ...

San Francisco Home Sales Data - October 2007 2007-11-06 21:03:11 Well… I apologize for my lateness! This report should have been posted last Thursday, but things have been hectic in Luba Land (as an old friend used to say, I’ve been busier than a one-legged man in a butt kicking contest), and I’m just now getting to pulling the statistics for you all! If you paid attention to last month’s report, you’ll notice that the number of sales is WAY up for single family homes and condos, while TIC’s have remained fairly stable in all categories. Here’s this month’s summary of home sales pulled directly from the MLS. Remember, these are all closed sales and not pending sales. Check back monthly to get the latest facts and figures - and if you have any questions and these statistics, or the market in general, feel free to give me a holler! I’m always happy to talk “real estate!” Here’s a quick snapshot of the market from October 1, 2007 through October 31, 2007: Single Family Ho ...

Michael Jackson’s Neverland Ranch in Foreclosure 2007-11-06 15:38:47 Wacko Jacko’s Santa Barbara, CA Neverland Ranch is in foreclosure according to title documents that show the NOD filed with more than $200,000 in delinquent mortgage payments on a $23 million loan. You can see a copy of the public record information notice of default filed here. Apparently Jackson doesn’t have any more Beatles rights to sell to pay for his extravagant ranch home. Thanks Maggie for the tip. Thoughts? Share This ...

ResMAE Ceases New Loan Origination 2007-11-06 11:04:22 ResMAE posted a notice on its web site home page that it was no longer accepting new loan files; but would continue to honor those currently in the pipeline. It says that the suspension is temporary but the notice gives no indication of future plans for the company. (h/t Bill) From the web site: Effective November 6, 2007 ResMAE Will Temporarily Suspend New Loan Originations As of November 6, 2007, ResMAE Mortgage Corporation temporarily ceased all new loan origination activity. ResMAE is no longer accepting new mortgage loan applications, but will continue to honor commitments placed with ResMAE before November 6th as required by ResMAE policy and state requirements. If you have a question regarding a loan in the existing ResMAE pipeline, please contact 877-473-7623. Operations representatives will be available to handle questions on your pending submission. ResMAE will continue to service its existing portfolio of loans and provide the same high quality customer service t ...

For Sale - Columbus, Short North - Parkview Condos 2007-11-06 10:38:26 Parkview Condos #606 - $459,900 - 1798 Sq Ft - 2BR, 2 Baths - Secure Garage Parking Contact Me for a Showing Click Here for Full Details Beautiful Open Floor Plan Right on Goodale Park! Hardwood Floors Throughout Huge Great Room Stainless Steel Appliances Private Patio w/ Views of the Park Tall Ceilings Secure Heated Garage Parking Space Located in the Heart of the Short North, Arena District, Victorian Village & Downtown Columbus! ...

Watch the HR 3915 Debate Live Now 2007-11-06 08:33:56 Hat tip to Frank! Watch the debate on HR 3195 - the mortgage reform act - live now here. (Clicking this link will launch Windows Media Player) UPDATE: The debate is concluded and the bill passed the committee. It now moves to the floor of the House of Representatives. We’ll do a full write up on the passage shortly. Share This ...

Frank’s Bill H.R. 3915 aka ‘Brokers Worst Nightmare’ Heads to Committee Vote 2007-11-06 06:29:15 Barney Frank’s wide-sweeping, over-the-top, good-intentioned, poorly focused bill The Mortgage Reform and Anti-Predatory Lending Act of 2007 is headed to a committee vote today and if it passes will make its way to the House of Representatives floor for debate and an eventual vote.  While it is early in the process any bill making its way to the floor has some serious steam behind it (especially one that has certainly been fast-tracked).  Click here for the in-depth overview that I gave on the mortgage reform legislation here. I have received a dozen emails or more calling on mortgage professionals to contact their legislators and tell them that they oppose Frank’s legislation.  I have been harangued for not being in the National Association of Mortgage Brokers.  People have told me that I don’t care about my future if I’m not contacting my legislator.  Let me set the record straight on this point: If I do contact my legislator it will be because I think th ...

IndyMac Posts $200 Million Quarterly Loss 2007-11-06 06:14:12 IndyMac posted a net operating loss of more than $200 million related to credit costs in its 3rd quarter earnings release.  The loss is only the 2nd in 15 years for the company since the current management team took over the operation.  The losses were greater than expected.  Here are some salient points from the earnings report: Total pre-tax credit costs were $407.7 million (versus $103.5 million in the second quarter of 2007), or a negative impact on earnings per share (“EPS“�) of $3.40. Spread widening in the private-label (non-GSE) mortgage secondary market resulted in a loss of gain on sale and MBS securities revenue estimated at $167.2 million pre-tax for the third quarter, or a negative EPS impact of $1.39. Hedging out-performance with respect to the mortgage servicing rights (“MSR“�) asset resulted in an additional $148.7 million in pre-tax servicing ...

Toronto Real Estate Board Reports: 2007-11-06 03:45:16 October Sets New Record Toronto Real Estate Board Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O’Neill announced today. “Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record.” “There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area,” said Ms. O’Neill. “The effects of the City of Toronto’s new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment.” Prices rose in October, with the average climbing four per cent to $394,646 over September’s $380,132, and up 11 per cent over the $356,423 recorded in October of 2006. Breaking down the tot ...

What are Closing Costs and who in a real estate transaction is responisble for what? 2007-11-05 23:59:36 There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Closing costs consist primarily of bank/lender fees, title/escrow fees, closing agent fees, transfer taxes, and recording fees. The customs for who is typically responsible for these fees varies by area - it is recommended that you contact your escrow officer/closing agent/attorney for the practices in your area. (more…) ...

Redfin, Explained In Cute Little Drawings and a North Carolina Accent 2007-11-05 14:56:05 Redfin has been futzing around with videos for years. We all thought a video was the best way to explain how to buy a house online, but nobody wanted to be in one. We experimented with Angela interviewing me at double-speed so that our voices sounded funny; we recorded a screen-capture of a new release of our website set to “I’m Too Sexy,” a song I am listening to right now. We got interviewed by Robert Scoble, who was so goofy and high-spirited that we all forgot to be nervous, or we leapt into public food-fights with members of the real estate industry or gave a speech on camera talking about this blog. But we never really explained on tape how Redfin works. Then our fearless engineering leader, Michael Young, saw a Common Craft video, which explains abstruse concepts by animating drawings using paper and string. The style fit us perfectly: low-budget, simple and fun. It was new, but kind of old too. Next, we’re going to make one of those pop-up stories, where ...