BooooooRava Realty

Warning:  During the month of October, Brava Realty transforms into BooooooRava Realty!  This blog will feature creepy and entertaining stories appropriate for the season, with as much real estate information tossed into the candy mix as possible.  Enjoy! 

Italian Benedictine Abbey For Sale

Here is a breathtaking example of medieval architecture for sale...a Benedictine abbey founded in 1031 overlooking Crete Senesi.

It Ain't Easy Being Green

Even though prospective home buyers want the benefits of new, more efficient homes, they are unwilling to pay much more for a “green” home, according to a recent member survey from the National Association of Home Builders (NAHB).

The survey said that most buyers are willing to pay only an additional 2% for green features.  Specific references for green homes are regional, with the West reporting interest in water efficiency, and desire for recycled materials higher in the Northeast.  Overall, energy efficiency continues to be the primary factor driving the green building movement.

However, cost-effectiveness clearly drives buyer decisions. When you are remodelling, it's a good idea to upgrade to energy efficient appliances, use "green" paint and other building materials, but don't expect to see an increase in home prices just yet.  Green features will definitely make your home more marketable, but that might not necessarily translate into higher price per square foot.

Source:  RISMEDIA

It's a Foreclosure, But Is It A Bargain?

First-time homebuyers are nervous about "paying too much" for a home these days.  Foreclosures can sound like a good idea, but are they really a wise investment?

Study the average price for a home in the neighborhood of the foreclosure.  If the average price in the area is $200,000 and the foreclosure price is $150,000 it sounds like a bargain, right?  Maybe not.  Foreclosures have a reputation for being in terrible condition.  Many have been stripped of their copper wiring, light fixtures, cabinets, appliances, and plumbing fixtures.  Carpets can be terribly stained, pools unkempt, and windows broken.

A home isn't necessarily a bargain if you must immediately invest $50,000 in cash to return it to livable condition.  Plus, properties will not qualify for financing if they do not meet minimum living standards. 

If you truly want to look at a foreclosure, ask your REALTOR to also show you owner-occupied homes for sale in the neighborhood to compare condition and price and then decide if the foreclosure is the bargain you'd hoped for.

Clear Your Air with "Green" Paints

The EPA says that indoor air is three times more polluted than outdoor air.  The poor quality of indoor air is one of the top hazards to our health.  Paints and finishes are among the leading causes of contaminated indoor air.

In an article authored by Ricky Ellis of Safety First Home Inspections, Ellis states that compounds used in paints and other finishes release toxic emissions during the application process and for years afterward.  For this reason, low volatile organic compounds (VOC) are becoming popular choices for homeowners wanting to clear the air in their homes.

Another advantage to low VOC paints is that they cause less damage to groundwater, landfills, and the ozone.  Plus, cleanup requires only soap and water.  Several companies offer low or zero VOC paints, and popular retail outlets have their own lines. Try Benjamin Moore's Natura paints or Sherwin-Williams' Harmony interior latex.

City of Dallas September 22 Tax Foreclosure Sale

This link will take you to the Dallas City Tax Foreclsoure/Warrant Sale list of properties to be sold on September 22, 2009.  The link includes the rules for bidding, address and legal descriptions of the properties.

Here is an example of one of the properties (link will take you to photo from Google Maps): 132 W. Woodin

Pleasant Valley Sunday?

A few days ago, Rick Harrison wrote an insightful article about "cookie cutter" subdivisions (and the city ordinances that foster them) versus sustainable development:

Nobody likes the taste of “cookie cutter” development. In the forty years that I’ve been in the land planning industry, at meeting after meeting I hear planning commissioners and city council members complain about the same thing: That developers submit the same recipes to cook up bland subdivisions over and over.    Read the entire article here.

This reminds me of the Monkees song, "Pleasant Valley Sunday"

Another Pleasant Valley Sunday
Charcoal burning everywhere
Rows of houses that are all the same
And no one seems to care

Texas Assn. of REALTORS in Dallas 9/13-15

Did you know that not all licensed real estate agents are REALTORS?  REALTOR is a registered trademark of a professional organization whose members agree to hold themselves to a high level of professionalism and ethics.  In Dallas, most REALTORS belong to 3 separate REALTOR organizations at the local, state, and national levels.  This weekend, the Texas Association of REALTORS held its annual convention in Dallas at the Hyatt Regency.  I attended and learned a great deal.

Why should you choose to do business with someone who is a REALTOR?  Real estate is an ever-evolving industry with constant changes in state and national rules and regulations for the procedures used in transactions.  The professional REALTOR organizations do an outstanding job of keeping members up to date so that we can represent the best interests of our clients.

REALTOR organizations provide legislative advocacy, legal help, forms, education and training that are invaluable assets to our buyers and sellers.  Organizations also provide discounts, most of which can be shared with our clients.  (See my previous post for discounts available to you.)

So ask if your real estate agent is a REALTOR, and whether he/she is actively involved in their local board of REALTORS.  If the answers are "yes," chances are that you've made a wise choice!

DART Green Line Opening Celebrations

Preview the new Green Line stations on Saturday, September 12. 

Events hosted from 10 a.m. to 2 p.m. at each of the four new stations. 

Click here for details.

Patriot Day 2009

On Patriot Day, we remember and honor those who perished in the terrorist attacks of September 11, 2001. We will not forget the events of that terrible morning nor will we forget how Americans responded in New York City, at the Pentagon, and in the skies over Pennsylvania -- with heroism and selflessness; with compassion and courage; and with prayer and hope. We will always remember our collective obligation to ensure that justice is done, that freedom prevails, and that the principles upon which our Nation was founded endure.

Your A/C System and "Catch R-22"

Nursing an older air conditioning unit at your home?  If so, there are a few things you should know about a type of refrigerant called R-22.  Homes with HVAC units using R-22 are raising issues with buyers who are not only concerned for the environment, but also concerned with energy efficiency and cost of repair and replacement.

R-22 has been the refrigerant of choice for more than four decades. Unfortunately for the environment, releases of R-22, such as those from leaks, contribute to ozone depletion. In addition, R-22 is a greenhouse gas and the manufacture of R-22 results in a by-product that contributes significantly to global warming. As the manufacture of R-22 is phased out over the coming years as part of the agreement to end production of HCFCs, manufacturers of residential air conditioning systems are offering equipment that uses ozone-friendly refrigerants. Many homeowners may be misinformed about how much longer R-22 will be available to service their central A/C systems and heat pumps.

Phaseout Schedule for R-22

January 1, 2010:  After 2010, chemical manufacturers may still produce R-22 to service existing equipment, but not for use in new equipment. Manufacturers will only be able to use pre-existing supplies of R-22 to produce new air conditioners and heat pumps. These existing supplies would include R-22 recovered from existing equipment and recycled.

January 1, 2020:  Use of existing refrigerant, including refrigerant that has been recovered and recycled, will be allowed beyond 2020 to service existing systems, but chemical manufacturers will no longer be able to produce R-22 to service existing air conditioners and heat pumps.

What Does the R-22 Phaseout Mean for Consumers?

Availability of R-22:  The Clean Air Act does not allow any refrigerant to be vented into the atmosphere during installation, service, or retirement of equipment. Therefore, R-22 must be recovered and recycled, reclaimed, or destroyed. After 2020, the servicing of R-22-based systems will rely on recycled refrigerants. For the next 15 years or more, R-22 should continue to be available for all systems that require R-22 for servicing.

Cost of R-22:  While consumers should be aware that prices of R-22 may increase as supplies dwindle, consumers are not likely to be subjected to major price increases within a short time period. Although there is no guarantee that service costs of R-22 will not increase, the lengthy phaseout period for R-22 means that market conditions should not be greatly affected by the volatility and resulting refrigerant price hikes that have characterized the phaseout of R-12, the refrigerant used in automotive air-conditioning systems.

Servicing existing units

Existing units using R-22 can continue to be serviced with R-22. There is no EPA requirement to change or convert R-22 units for use with a non-ozone-depleting substitute refrigerant. In addition, the new substitute refrigerants cannot be used without making some changes to system components. As a result, service technicians who repair leaks to the system will continue to charge R-22 into the system as part of that repair.

Installing new units

The transition away from ozone-depleting R-22 to systems that rely on replacement refrigerants like R-410A has required redesign of heat pump and air conditioning systems. New systems incorporate compressors and other components specifically designed for use with specific replacement refrigerants. With these significant product and production process changes, testing and training must also change. Consumers should be aware that dealers of systems that use substitute refrigerants should be schooled in installation and service techniques required for use of that substitute refrigerant.

A Common Sense Approach To Servicing Your System

Along with prohibiting the production of ozone-depleting refrigerants, the Clean Air Act also mandates the use of common sense in handling refrigerants. By containing and using refrigerants responsibly their ozone depletion and global warming consequences are minimized. The Clean Air Act outlines specific refrigerant containment and management practices for HVAC manufacturers, distributors, dealers and technicians. Properly installed home comfort systems rarely develop refrigerant leaks, and with proper servicing, a system using R-22, R-410A or another refrigerant will minimize its impact on the environment. While EPA does not mandate repairing or replacing small systems because of leaks, system leaks can not only harm the environment, but also result in increased maintenance costs.

A Common Sense Approach To Purchasing New Systems

Today's best air conditioners use much less energy to produce the same amount of cooling as air conditioners made in the mid-1970s. Even if your air conditioner is only 10 years old, you may save significantly on your cooling energy costs by replacing it with a newer, more efficient model. Products with EPA's Energy Star® label can save homeowners 10% to 40% on their heating and cooling bills every year. These products are made by most major manufacturers and have the same features as standard products but also incorporate energy saving technology. Both R-22 and R-410A systems may have the Energy Star® label. Equipment that displays the Energy Star® label must have a minimum seasonal energy efficiency ratio (SEER). The higher the SEER specification, the more efficient the equipment. 

You should consider energy efficiency, along with performance, reliability and cost, in making your decision. And don't forget that when purchasing a new system, you can also speed the transition away from ozone-depleting R-22 by choosing a system that uses ozone-friendly refrigerants.

Source:  Environmental Protection Agency

Rep. Kent to Host Town Hall

Texas District 102 Representative Carol Kent will host a Town Hall Meeting at Fretz Park Auditorium on Tuesday, September 15, at 7:30 p.m. In addition to an update on legislative issues affecting the District, noted Austin journalist Harvey Kronberg of the Quorum Report will present his take on the recently completed Legislative Session.


Learn more about the 81st Legislative Session and how it will affect you!

RSVP to RSVP@RepCarolKent.com.

Most Beautiful Homes in Dallas?

D Magazine just crowned the 10 most beautiful homes in Dallas.  Although I admire their curb appeal (and I congratulate their owners on a job well done), I'm an advocate of not judging a book by its cover...What do you think?  To see the magazines's picks for Dallas' most beautiful homes in 2009, click here.

FORMER COWBOY ACCUSED OF MORTGAGE FRAUD

DALLAS — A federal grand jury has indicted Eugene Lockhart, Jr., 48, a former player with the Dallas Cowboys, and eight others, on various charges related to a mortgage fraud scheme he and the others allegedly ran in the Dallas area from 2001 through 2005, announced U.S. Attorney James T. Jacks of the Northern District of Texas. Lockhart, of Carrollton, Texas, and co-defendant Lendell Beacham, 50, of DeSoto, Texas, were arrested this morning by FBI agents, and will appear this afternoon at 1:00 p.m. before U.S. Magistrate Judge Jeff Kaplan for their initial appearance.


All nine defendants are charged in the indictment, returned by a federal grand jury earlier this week and unsealed this morning, with various offenses related to the scheme, including conspiracy, bank fraud and wire fraud. In addition to Lockhart and Beacham, the following defendants are named in the indictment: William Randolph Tisdale, Jr., 45, formerly of Dallas, but currently serving a federal sentence on unrelated charges; Hubert Jones, III, 39, of Garland, Texas; Patricia Ortega Suarez, 55, of Dallas; Suzette Switzer Hinds, 45, of Dallas; Michael Anthony Caldwell, 49, of Arlington, Texas; Donna Lois Kneeland, 45, of Grand Prairie, Texas; and Bryan J. Moorman, 67, of Mesquite, Texas. These defendants, with the exception of Tisdale, are expected to surrender to the FBI tomorrow morning, September 4, 2009.


All nine defendants are charged with one count of conspiracy to commit bank fraud and wire fraud. In addition, Lockhart, Beacham and Moorman are each charged with one count of wire fraud; Tisdale is also charged with two counts of bank fraud; Jones is also charged with two counts of bank fraud and one count of wire fraud; Suarez is also charged with one count each of bank fraud and wire fraud; and Hinds is also charged with one count of bank fraud.


According to the indictment, Lockhart was involved with several real estate entities, including America’s Team Mortgage; America’s Team Realty; America’s Team Funding Group; Ace Mortgage; Cowboys Realty; Cowboys Mortgage and KLT Properties. Tisdale was involved with Pinnacle Development and Realty Corporation; Atilla Capital Corporation; and KLT Properties. Jones was the President of Pinnacle Development and Realty Corporation and Director of Atilla Capital Corporation. Beacham was the owner of Cowboys Mortgage and was involved with Ace Mortgage. Defendants Suarez, Hinds and Kneeland were escrow officers at various title companies. Caldwell was the general manager at New Land National Title and Moorman was an appraiser.


The indictment alleges that the defendants ran a scheme in which they located single-family residences for sale in the Dallas area, including distressed and pre-foreclosure properties, and negotiated a sales price with the seller. They created surplus loan proceeds by inflating the sales price to an arbitrary amount substantially more than the fair market value of the residence.


They recruited individuals to act as nominee or “straw purchasers” or “straw borrowers,” promising to pay them a bonus or commission of between $10,000 and $20,000 for their participation in a particular real estate transaction. The conspirators caused the loan applications for each straw borrower to include false financial information, often including inflated false income figures to conceal the borrower’s true financial condition so that the lender would more likely approve the loan. The conspirators concealed from the lenders the true status, financial condition and intentions of the named borrowers, knowing that loans would not likely be approved if the lender knew the true role, credit worthiness, and risk of each straw borrower. The conspirators falsely represented in loan documents that the straw purchaser intended to use the property as their primary residence, intentionally concealing from lender that each straw borrower, viewed himself as an “investor,” who never intended to occupy the home.

The indictment also alleges that the conspirators caused bogus and fraudulent “marketing fees” to be listed on loan closing documents to provide a means for the conspirators to receive surplus/excess loan proceeds.


The scope of the conspiracy involved approximately 54 fraudulent residential property loan closings resulting in the funding of approximately $20.5 million in fraudulent loans.

An indictment is an accusation by a federal grand jury and a defendant is entitled to the presumption of innocence unless proven guilty. If convicted however, the conspiracy and each bank fraud counts carries a maximum statutory sentence of 30 years in prison, a $1 million fine and restitution. Each of the wire fraud counts, upon conviction, carries a maximum statutory sentence of 20 years in prison, a $250,000 fine and restitution. In addition, the indictment includes a forfeiture allegation which would require the defendants, upon conviction, to forfeit various sums of money, totaling up to $20.4 million.

The case is being investigated by the FBI. Assistant U.S. Attorney David L. Jarvis is prosecuting.

Anyone for a SweeTango?

Fall is my favorite time.  School begins, leaves change, it's high fashion season, Halloween approaces, and most importantly, it's harvest time!  Corn, pumpkins, and apples aplenty.

It was only last fall that I discovered the Honeycrisp apple.  It was embarrassing.  I purchased and stuffed myself with as many as I could find while they were still available.  Fruit nirvana!  Today I learned of a new variety, the SweeTango!  Fortunately, an appointment today will place me close to Central Market to search for a SweeTango.  Here is a video introduction to the SweeTango.

My hometown in Pennsylvania is home to "Apple Castle" a tiny but wildly popular roadside attraction in the Amish community of New Wilmington.  A trip home is not complete without paying my respects to Apple Castle, the only place I know of that offers apple donuts, apple butter, applie slushies, and the greatest apple cider ever pressed.  It is the single greatest apple desination I've found yet. (Here is a photo of me trying out an Amish bonnet during my visit there in August...)

Bring home a new variety of apple this month.  After all, some of the best things in life are apples:  record labels, computers, cheeks, Siamese cats, and fruit!

Yin and Yang

Dallas is a land of extremes!  Here are two properties currently listed for sale on MLS representing lifestyles of the rich...

Take me "Strait" to the title company! 

9 bedrooms, 8 baths, 14,748 square feet

$17,500,000

...and possibly infamous!

Midnight train to "Georgia"

2 bedrooms, 2 baths, 1224 square feet

$6,000

Pending Sales Up for 6th Consecutive Month

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors® (NAR). The Pending Home Sales Index is at the highest level since June 2007.

NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30, 2009, to qualify for the credit.

In the South, pending home sales activity rose 3.1% to an index of 103.8 in July and is 12.0% above July 2008.


Unless congress acts to extend the homebuyer tax credit (and I hope they do for ALL homebuyers, not just first timers), it won't be surprising to see a sales drop during the first quarter of 2010. However, the fundamentals of the housing market and the economy are trending up, so home sales are expected to pick up in the second quarter of 2010.

Source: RISMedia

Texas Tops U.S. in Housing Affordability

Texas beats the rest of the country when it comes to housing affordability, according to first quarter 2009 Texas Housing Affordability Index numbers compiled by the Real Estate Center at Texas A&M University.

The numbers reflect the ability of a median-income family to purchase a median-priced existing home in their area. Texas had a ratio of 1.95 in first quarter 2009 compared with the nation's 1.55.

"The slowdown in the housing market nationally and within Texas has led to significantly increased housing affordability everywhere, and Texas continues to maintain its place as the most affordable high-growth state in the country," said Dr. Jim Gaines, research economist with the Center.

The index is posted on the Center's website.

Don't Pay for Homestead Exemption Filing

Beware of companies who say you need to pay them to file a tax exemption on your property. This happens frequently, and many times these solicitations are specifically directed at homeowners aged 65 and above.

One such company with an official-sounding name, Property Tax Assessor Records Corp., mails homeowners an application form that can be acquired from and submitted to county appraisal districts for free, but the company charges $55 for the service.

It's been reported that the company even provides misleading information about how much the homeowner may owe in taxes, and the overstated figures may persuade many people to pay the $55 fee.

"What these folks are doing is meant as a clear deception, and they are really misleading homeowners," said Tom Kelley, a spokesman for the Texas attorney general. "If you're deceiving the public, it is a violation of the law."

If you want help filing a property tax exemption in Texas, I will help you for free. Just call or email me.

Source: Fort Worth Star Telegram