Well, the web traffic shows that lots of people are still interested in Sotherby Homes going under. With over 1,000 unique visitors between my two previous posts on Sotherby Homes, I decided it was time to create a place for readers to post questions, comments, updates, information (company contact info. anyone?) and issues as they relate to Sotherby Homes. Check back occasionally to see if anyone has answered your questions or posted any interesting updates. Obviously, they're are lots of people affected by this home builder's implosion. I'd love to see the earnest money returned to Buyers who were expecting Sotherby to build their dream home (I've talked to several buyers who are out thousands of dollars); and I'd love to see vendors who did work for Sotherby get paid (I've been contacted by more than one vendor who was out thousands of dollars). I don't know that either of these will ever happen, but I was interviewed by WFAA's Jonathan Betz about this very topic (Sotherby and Buyers out thousands). So, post away... I'm eager to hear what's going on and if anyone knows anything new. Note that comments have to be approved before they will show up (i.e. nothing vulger please); that generally happens within 24 hours.

You can check out the two previous posts I wrote on Sotherby Homes here:
http://www.realtown.com/ryancave/blog/developments/sotherbyhomesgone
http://www.realtown.com/ryancave/blog/developments/sotherbywarranty

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

This is an update to a previous post about Water Creek Big Screen on the Green found here.

If you enjoy classic movies and/or live music...
you'll love the latest FREE entertainment options in Allen, TX.

The Watters Creek development, at Bethany and Central/75, is showing Willy Wonka and the Chocolate Factory this Thursday (5/28/09) and E.T. The Extraterrestrial next week (6/4/09). Both will show for FREE on a "Big screen on the Green" at dusk (around 8pm). Future movies in their "Big Screen on the Green" series (every Thurs. at dusk) include Bee Movie (6/11/09) followed by Grease wrapping the series up on 6/18/09.

Then, there's the FREE music series entitled "L!VE on the Green" at Watters Creek. You can hear traditional Celtic and Bluegrass music from 5 Second Rule on Friday 5/29/09, and classic rock from the 60s/70s/80s from That 70's Band on Saturday 5/30/09. All shows in this series are presently set to begin at 6:30pm. Future Friday performers in their "L!VE on the Green" series include The Rob Holbet Group (6/5/09), Chris McGuire Group (6/12/09), and Brent Rozell and the Soulmates (6/19/09)... That 70's Band will play out the rest of the Saturdays in the series through 6/20/09.

So, come on out and shop some if you want, eat some if you please (there are some awesome retaurants/patios overlooking the green), but most importantly... have fun!

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

Even in rough real estate times, Keller Williams Realty continues to thrive (see article below). Why does this matter to you? Well, whether a potential buyer, seller, new Real Estate Agent, or even an existing Agent looking for something more... you probably want to work with a very successful real estate company. Keller Williams (KW) continues to be that, but it's so much more than just the stats and figures below... KW has training that's second to none and a "culture" that can hardly be described, much less duplicated. You've got to visit an office to understand what I'm talking about. Thankfully, most KW offices open their doors to more than just clients. Agents from all companies are generally welcome to stop-in and check out our training for free. Stop by and you'll see Agents helping Agents... even though many are technically "competitors" of one another, we share ideas and receive training from our top Agents; you'll see Agents helping their community... the KW "culture" has always kept our offices plugged into community service and philanthropic endeavors. Recently, we had our greatest community service triumph with thousands of agents from hundreds of offices across the U.S. and Canada participating in "Red Day" on May 14th.  So, in case it doesn't show, I'm proud to be a very successful Agent with, and (in no small part) because of, the very successful company that is Keller Williams Realty... affectionately known to those within simply as "KW". The article below is just further proof of what most KW Agents and Staff already knew...
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We are proud to announce that two of the most prestigious research and media organizations in our industry have confirmed what we believe is one of the most awesome trends in real estate: As our competitors slip backwards, Keller Williams Realty is gaining ground.

The annual RISMedia Power Broker Survey and the REAL Trends 500 Report, recently released, offer definitive proof of this trend.

This year, Keller Williams Realty had more brokerages — based on closed transactions and closed volume — on both lists than any other real estate franchise. We also outranked all others on the reports in terms of number of agents added and total closed transactions.

On RISMedia’s Power Broker Survey, Keller Williams Realty again had the largest majority on the list — accounting for 35 percent of all the brokerages listed — 57 percent higher than any other real estate company.

As for REAL Trends: 143 Keller Williams franchises made the cut. We represent 25 percent of the entire report.  Click here to see our official press release on these results.

Let there be no doubt, the tide is turning toward Keller Williams Realty.
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Like I said, I'm proud to be a part of such a great company. I love it here, and not because our corporate office tells us KW is great, but because of the "culture" and teh feeling I get when I go to work each day. I love my office and the friendships I've formed there, I love our training and sharing of ideas, I love giving back to our community with my friends/co-workers, and I love our regional and international events with KW Agents from all over sharing and growing together. I love the KW "culture"!

If you have questions about KW, or are thinking about getting your real estate license or moving brokerages, give me a call just to talk. No pressure, I promise... but no matter where you live or work (i.e. even if it's not even in Texas), I'd love to share why KW Agents are so passionate about helping Buyers, Sellers, our communities, and even other Agents.

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

Free money, housing grants, down-payment assistance... call it what you will, but the U.S. government's recent announcement of an $8,000 tax credit available to virtually any first-time home buyer (or anyone who hasn't owned a home in the past three years) has sparked more buyers to start shopping for homes. I've run across several people recently who say their reason for looking is the $8,000 credit that expires 12/1/09. The only trouble has been getting your $8,000 tax credit up-front so you can use it for your purchase. As it stands, the money is only available after you purchase your home and file your taxes (which means early 2010 for most current buyers). This is great for those who can borrow the money from savings then repay it after filing their taxes. But what about those who don't already have the cash to drop on a down-payment?

Besides my solution in the article linked above, there wasn't a great answer until Tuesday. HUD Secretary Shaun Donovan announced yesterday that home buyers will be able to use the $8,000 first-time home buyer tax credit for down payments on FHA loans via bridge loans. Basically, Donovan said that FHA is going to allow those entities like approved lenders, nonprofits, state and local government agencies to issue short-term bridge loans which buyers can use for down-payments. Buyers would repay the loans after getting their tax refunds.

More details are said to be forthcoming, and there are still snags to work out (like the fact that the IRS won't allow your refund/tax credit to be designated to be sent to anyone besides yourself). However, a lot of people (including the National Association of REALTORS) are working on the IRS/refund issue and say they should have this worked out soon. Once it is, the $8,000 tax credit will become a true form of down-payment assistance, and not just a reward post-closing. This should further stimulate home buyers.

Seller-funded down-payment assistance programs were recently disallowed by the FHA as it was found that the assistance amount was usually being rolled into the cost of the home (and thus the sales price raised). The Buyers were instantly upside-down and default rates on these homes were exceptionally high. This shouldn't be a problem with the $8,000 tax credit as it won't cost the sellers anything; the money will be coming from Uncle Sam... and, if government spending isn't reeled in, be repaid by our children and grandchildren... but that's another article entirely. So go out and buy a home! Your $8,000 awaits!

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

As our property tax appraisals arrive in the mail again this year, many people are shocked to find that their taxable county appraised value stayed about where it did last year or even went up! They're shocked because many people assume that all property values have been falling, especially due to the "bad" real estate market we all hear about on the news. However, most of our local real estate market isn't nearly as bad as the media would have you believe. The media tends to report broadly, on entire counties or states (they just don't have time to report on every single neighborhood). Real estate is WAY to local for these broad reports to mean much in regards to your home (just be sure contact a local real estate professional to get the facts about your home/neighborhood). So, many people who were expecting a lower property tax appraisal aren't getting one simply because their property values haven't fallen. However, there are certainly tax appraisals that are too high...

The good news: If you feel that your property tax appraisal is higher than your actual property value, in Texas, you can protest it. It can't just be a feeling though, you're usually going to need proof. If you're not sure about your appraisal and/or your property value, or you need to get that proof, ask a local real estate professional to help. We can help explain and/or pull some comparable sales data for you. If this data indicates that the appraisal is indeed high, the you can request an informal review and/or schedule a protest hearing with the country appraisal district. In either case, be sure to take the comparative sales data with you and any other supporting documents (like contracts, appraisals, loan docs, repair estimates and/or pictures). Many people try "cherry picking" the lowest priced sales around their home, but the appraisal district generally looks to see if you have done this and discards such sales and/or points to comparable homes that sold for more. Oh, and even on homes recently purchased, what you paid doesn't determine the tax appraised value. This value is set by what multiple properties like yours appeared (to the appraisal district) to be selling for around Jan 1, 2009. So, just because you got a great deal and bought a property below market or tax value, doesn't mean that they'll adjust downwards... though you can still try to protest it...

The bad news: Your time to file a protest is short. In Collin County, the Collin Central Appraisal District protest deadline is June 1, 2009. You can start with an informal review if you would like (which can get your appraisal lowered). If it is not lowered, and you still disagree with it, you can file a protest for a formal hearing. To request an informal review or ask questions, call 469-742-9200 (metro) or 866-467-1110; or you can visit 250 W. Eldorado Pkwy in McKinney. Hours are M-F 8am-5pm and Thursdays in May 8am-7pm. However, note that the typical wait time is 45 minutes and wait time increases the closer we get to the protest deadline (so don't delay). To file a protest for a formal hearing, check the back of your proptery tax appraisal ("2009 Notice of Appraised Value") you got in the mail; the protest form is printed on the back of the appraisal.

Oh, and you might want to Click here for a short, related article about property tax appraisals. It talks about how they affect to the sales price when you buy or sell.

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

I just got this relatively good news from the Collin County Association of REALTORS (CCAR). It makes me wonder: Has the economy finally bottomed out? Have the number of foreclosures finally stabilized and is the market finally absorbing them? Is the real estate market finally taking steps towards appreciation sometime in the next year or two? Feel free to post your comments below...
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 Collin County Foreclosures Down Over Same Time Last Year
For the first time in several years, the number of new residential foreclosures is down in Collin County and surrounding areas. The first quarter of 2009 showed an 11.9 decrease in the number of new foreclosures over the same time last year, reports CCAR. In addition, more than one-fourth of all closed sales in the first quarter were foreclosure listings - up 19 percent from the same time last year.

"If we continue to see a decrease in new foreclosure listings while foreclosure sales are brisk, the market will eventually absorb most of those listings. This is an important component to a return to a more normal market," says Steve Haid, CCAR member services director.
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I guess only time will tell, but this is certainly one of a few positive signs recently (i.e. let's hope the Dow Jones keeps stable/increasing too).

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