This one is fresh out of the rumor mill... However, I have a semi-confirmed report that Sotherby Homes has gone out of business. I had heard that they were in trouble, but now it looks like another BIG builder has gone under. At the time of this posting, their website (http://www.sotherby.com/) was down (citing "technical difficulties")... but according to one source, they are not declaring bankruptcy and are trying to find ways to finish all homes currently under construction. If you have a contract with Sotherby Homes, my advice is DO NOT PANIC, but rather contact your Real Estate Agent and/or Sotherby Sales Agent to get a status on your home. According to one source they will be closing their doors on Monday, but this may just be for any/all new business as, again, another source told me that they were not declaring bankruptcy at this time and were trying to finish homes in progress (it's a long story, but either through Shaddock Homes, Shaddock Financial and/or the banks that have already loaned on the homes in progress).  At this time that is all the information that I have and will pass on any additional information as I receive it. If you have more info. please feel free to post a comment below.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com

The only thing the "Experts" can all agree on, when it comes to housing prices (and interest rates), is that NOBODY can predict the immediate future but they will eventually go up. You see, nobody really knows how low interest rates or prices will go, or when they will start upwards again. All that is known for sure is that Interest rates are at their lowest point in several decades (with little room to fall much further)... and housing prices, at least in Texas, weren't ever skyrocketing (they're some of the most affordable in the nation) and our local economy is still strong, so our prices have been mostly flat and there is no reason to expect them to tumble. So, the important question is, what are you waiting for? Prices and interest rates are very low (and you're supposed to "Buy Low" so that one day you can "Sell High", right?). The biggest mistake most people make in situations like this (whether the housing market or the stock market) is waiting for the "bottom" before they buy. Unfortunately, the only time the bottom can be clearly identified is after things have started upwards again (i.e. interest rates, housing prices, the stock market). At that point, much of the savings have been missed... this is when people mistakenly "Buy High". Keep these 30-year (fixed) Principal and Interest (P&I)* mortgage payments in mind each time you catch yourself thinking that you might should wait to see if we've "hit bottom" for prices and/or interest rates:

• You buy a $200,000 home at 5.5% and your monthly P&I payment is just $1,135.58
• If prices remain stable, but interest rates rise just 1%, that same $200,000 home (at 6.5%) is $1,264.14 (the same home costs you $128.56 more per month).
• If prices take a BIG tumble (for Texas) and fall 5%, but interest rates remain stable, the house is $190,000, which, at 5.5% is $1,078.80 (the $10,000 savings only saves you $56.78 per month).
• Worst case, you wait 'till you're 100% sure that interest rates and prices had hit bottom before you buy (remember, the world only knows they had bottomed out because they're going up again) and so you jump on the home for $210,000 at 6.5% and your monthly P&I payment is $1,327.34. The same home costs you almost $200 more per month!

So, the moral of the story is: Housing is on sale right now! Both pricing and mortgage interest rates are LOW and are expected to increase again (and remember, it's "Buy Low, Sell High"). Could this sale get slightly better? Perhaps... but experts agree that the sale will certainly come to an end, so don't wait until it's all over to go shopping or you'll simply get much less for your money. And ultimately, who cares if a sale gets "slightly" better, as long as you get in before the sale goes away... that's when housing prices have rebounded and interest rates are on the rise. Then you'll be sitting pretty in a home with rising equity and a low interest mortgage. Heck, you might be able to get EVEN MORE when you sell if your low interest mortgage is assumable**... but that's another article entirely.

*Note that P&I payments don't include property taxes or homeowners insurance. Your total house payment is known by the initials PITI (principal, interest, taxes and insurance). Two of those items are tax deductible and will usually save you some money on your income taxes... do you know which ones or what the decuctions mean for your wallet? Call or email me for details.
**Note that FHA loans are still assumable, but the buyer has to qualify. Call or email me for details.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

As The Village at Allen continues to grow, and more stores continue to open, there will be even more shopping nearby before Christmas. Here's a list of what's already open and what else is opening soon... of course all dates are subject to change:

Already open:
Toys R Us, Babies R Us, Best Buy, Dick's Sporting Goods, HomeGoods, T.J.Maxx, Coffee N Cream, Men's Wearhouse, Nate's Seafood & Steakhouse, Smoothie Factory, Uncle Julio's, Verizon Wireless, Which Wich?, Canine Corners Dog Park & Chase Bank

Opening Soon (with tentative opening dates):
Vitamin Shoppe - on or around December 11th
AT&T (Wireless) - on or around December 13th
Mattress Giant - on or around December 13th
Cold Stone Creamery (Ice Cream) - on or around December 15th
Village Smiles (Dentist) - on or around December 16th
Olive Garden - January
Ooo La La (? Somebody tell me what this is.) - January
Sleep Experts - January (Seriously? ANOTHER mattress store?)
Anderson's Furniture - February
GameStop - February
Radio Shack - February
Villa Nails - February (I believe a nail shop is mandatory in all shopping strips/malls/etc.)

Also, The Village at Allen is donating 200 Christmas trees to service men and women, and their families, at bases in the U.S. and abroad. This will be done via the Trees for Troops program (by the Christmas Spirit Foundation). Please stop by the Trees for Troops tent in The Grove* on Saturday (12/6/08) as it is the last day you can write a note of appreciation to our country's service members before the notes are attached to the trees for shipping.
Finally, Carter BloodCare is having a blood drive on December 20th from noon 'til 6pm in the parking lot just east of The Grove*. Giving blood is a great way to give for the holidays and it doesn't cost you a dime. Just imagine if you or a loved one were in need of a life-saving transfusion this holiday season... you'd be so grateful for the gift from those who donated.
   * The Grove is the one-acre park in the heart of The Village at Allen shopping center.

If you always want to get the get the latest scoop on items like these as soon as they are published, Email Me and let me know and I'll put you on my new scoop notification list.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
 

Just ran across this accouncement. Seems like a good time and a great cause as you get pancakes for a few bucks, and a free pic. of the kids with Santa, while supporting a good cause:
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Kiwanis Club of Allen, Texas 2008 PANCAKE BREAKFAST
ALLEN KIWANIS BREAKFAST WITH SANTA