Builders hold lotteries for eager new homebuyers

Buyers seem to prefer lottery system to competitive bidding

NEW YORK (CNNMoney) —Demand among homebuyers is so high in some parts of the country that builders are holding lotteries to decide who gets to purchase homes in their developments.

O’Brien Homes started holding a monthly housing lottery for its 228-unit development called Fusion in Sunnyvale, Calf., after seeing throngs of prospective buyers camp out at the openings of other new condo complexes in the area.

“We didn’t want that,” said Susie Frimel, a spokeswoman for O’Brien Homes. “We wanted our customers to be pleased with the process.”

Each month, as new sections of the development came under construction, roughly 50 buyers would show up at O’Brien Homes’ sales office hoping to be picked for one of the 10 or so sites available. The participants were already pre-qualified for a mortgage and had their down payment in place. After being assigned a number, they crossed their fingers and waited for each bingo ball to be plucked from the tumbler.

For each unit, the company drew a winner and a backup, just in case the winner backed out.

Lotteries are not a perfect solution, especially for the buyer who walks away empty-handed.

“Some people would come back month after month,” said Frimel. “It got very frustrating for them.”

Adding to that frustration was that home prices rose virtually every time a new group of homes went on sale. The two-, three- and four-bedroom homes started out between $420,000 and $620,000. The last grouping went for $555,000 to $815,000, a 32% increase.

Even with the price hikes, buyers kept returning. O’Brien started issuing returnees an extra bingo ball. If they lost for four straight months, they would get five chances the next time.

The last available home in the complex closed last week. Some customers got shut out. For Frimel, that was one of the hardest things to watch. She had gotten to know many of the regulars well.

Read more: http://www.koco.com/news/money/Builders-hold-lotteries-for-eager-new-homebuyers/-/9843810/19948560/-/dlt0nsz/-/index.html#ixzz2SMxBYYbH

The Oklahoma City Urban Renewal Authority on Wednesday will be asked to approve revised renderings for what will be a restaurant in Lower Bricktown affiliated with Oklahoma City Thunder star Kevin Durant.

The Oklahoma City Urban Renewal Authority on Wednesday will be asked to approve revised renderings for what will be a restaurant in Lower Bricktown affiliated with Thunder star Kevin Durant.

New drawings for a proposed Kevin Durant restaurant have more balcony seating and an improved connection to the Bricktown Canal than originally proposed. DRAWING PROVIDED

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Article Gallery: Revised plans for Kevin Durant restaurant in Oklahoma City’s Lower Bricktown are set for review

Developer Randy Hogan said Monday that he started “fresh” with architects at Rees Associates after his previous plans were rejected by Urban Renewal commissioners who argued the building was too focused on surface parking and failed to interact with the Bricktown Canal.

“The more we got into it and restudied it, the more I realized there were some very good points raised,” Hogan said. “We went back to the drawing boards and hopefully came up with something that works. I like the building more than I did before.”

Renderings show changes to the canal frontage of the building and a passageway between it and Toby Keith’s I Love This Bar & Grill to the east.

The original plans, created by Rees Associates, called for an entrance facing surface parking to the south of the building, with a minimal patio fronting half the building along the canal.

A 9-foot-wide walkway between the proposed new building and Toby Keith’s was compared by Urban Renewal Board member Larry Nichols to walking through a canyon with 17-foot-high walls with no windows.

Urban Renewal commissioners at their last meeting appeared united in saying Hogan was going too far in developing his buildings so that they face the surface parking and not the canal.

The new renderings show Hogan’s response to the alleyway concern was to create an additional 18½-foot-wide pedestrian corridor just to the west of the east wall, inside the building, that then leads to a new main entrance that will face the canal instead of the surface parking.

The plans also show that the Durant restaurant will occupy the entire 10,000-square-foot building.

Hogan was the first designated developer for the city-owned land in 1997 and paid $3 million for the entire area, the proceeds of which were used to build walkways and bridges to accommodate his project.

The Urban Renewal Authority has design and development control of the area.

Durant last spring confirmed he has an agreement with the Hal Smith Restaurant Group to open a restaurant and bar in the new building.

“I want to start construction as soon as I can,” Hogan said. “I think we can get it done in 10 months.”

Oklahoma real estate notes for July 21, 2012

| Published: July 21, 2012    0

REAL NOTES

Cypress Ridge Apartments sold

Mark Spradlin of Fort Smith, Ark., paid $1.65 million for the vacant Cypress Ridge Apartments, 1209 W Hefner Road, with plans to spend $3.8 million to bring the 256-unit property back into service. It is Spradlin’s first investment in Oklahoma City, said Mike Buhl of Norman-based Commercial Realty Resources Co., who handled the sale.

Cypress Ridge Apartments, at 1209 W Hefner Road in Oklahoma City, are shown. PHOTO PROVIDED BY CRRC

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Article Gallery: Oklahoma real estate notes for July 21

The seller was Cypress Ridge OKC LLC, led by David Darley and Joseph Broadbent of Salt Lake City, Utah. They had acquired the property for $750,000 in September 2010, after nearly a decade of mismanagement and lack of capital improvements. Cypress Ridge, built in 1971, has 205,851 square feet in 32 two-story buildings.

“The buyer viewed this acquisition as a ‘value-add’ opportunity where he can create value through renovation,” Buhl said. “The buyer will seek to capitalize on the success of the nearby Britton Crossing Apartments at 413 W Britton Road, in this same northwest submarket. The 256-unit Britton Crossing property was acquired for $2.3 million in May 2008 and also underwent a substantial rehab.

“Britton Crossing has been transformed to one of the nicer communities in this submarket and is now reaching full occupancy. The renovations at Cypress Ridge will follow this same pattern of providing above average units in a clean and safe rental environment.”

Shoreline to build Texas facility

TULSA — Shoreline Boat & RV Repair, with locations in Kansas City, Mo., and Tulsa, has bought 5.25 acres in Pflugerville, Texas, northeast of Austin, with plans to break ground on a new location next month. The purchase price was not disclosed. Shoreline specializes in cosmetic and structural repair of aluminum and fiberglass bass, bay and pleasure boats, recreational vehicles, travel trailers, fifth-wheel trailers and personal watercraft.

Read more: http://newsok.com/oklahoma-real-estate-notes-for-july-21/article/3694192#ixzz21OQGjFQY

Oklahoma City, OK — (SBWIRE) — 04/13/2012 — Local Oklahoma City Mortgage Lender Trey Rabon reveals the shocking truth at a new website that is full of free reports and free mortgage calculators.

“The only way for consumers to make an educated decision is to have all of the facts. Let’s face it most consumers are simply uneducated when it comes to obtaining the best mortgage product to fit their financial needs and goals.” says Trey Rabon, a mortgage originator based in Oklahoma City, Oklahoma.

For most consumers a mortgage is the single largest financial transaction they will make during their lifetime. In fact, most mortgage payments account for approximately 32% of consumer’s monthly income.

Trey Rabon has put together a new website to finally allow consumers the ability to obtain all of the information they need to make an informed decision.

Here is a listing of some of the Insider Tips available at http://amc-okc.com

- Little Known Secrets That Will Show You How To Improve Your Credit Score
- Important Terms You Must Know BEFORE Obtaining A Mortgage
- Tested and Proven Strategies For Building A Better Credit Record Faster and Easier
- The Top Mortgage Questions Borrowers Must Ask Before Applying For A Mortgage
- How To Finally Stop Renting And Own A Home Of Your Own
- How To Own A Home With Low Interest Rates And A Low Down Payment, Regardless Of Your Credit
- 7 Things You Should NOT Do When Applying For A Home Loan
- 12 Secrets To Lowering Your Homeowners Insurance Cost Your Agent Doesn’t Want You To Know

Oklahoma City, Oklahoma – based mortgage expert Trey Rabon specializes in providing information to consumers that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Trey Rabon is available for interviews and will welcome all your mortgage related questions.

Call 405-314-5916 for a Free No-Obligation Consultation or visit

http://www.amc-okc.com

Source: Associated Mortgage Corporation

The Oklahoma City Office market ended the fourth quarter 2011 with a vacancy rate of 9.7%.

The vacancy rate was up over the previous quarter, with net absorption totaling positive 19,102 square feet in the fourth quarter. Vacant sublease space increased in the quarter, ending the quarter at 36,914 square feet.

The largest lease signings occurring in 2011 included the 110,818-square-foot lease signed by Enogex LLC at Leadership Square in the Oklahoma County market, and the 52,089-square-foot deal signed by HealthMarkets Companies at Cross Rock Plaza I in the Oklahoma County market.

Rental rates ended the fourth quarter at $14.28, a decrease over the previous quarter.

A total of six buildings delivered to the market in the quarter totaling 45,209 square feet, with 2,229,688 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national office vacancy rate, which decreased to 12.3% from the previous quarter, with net absorption positive 21.73 million square feet in the fourth quarter.

A monstrous creature may be dragging swimmers to a watery death.  

Diver Frank Campbell said, “There are stories about people and the sea monster coming up and grabbing them, that sort of thing.”

Frank Campbell has been diving for five decades and believes a carnivorous octopus is nothing more than Oklahoma folklore.  

“We all remember the boogie man. Well, in the water, it’s dark water. People are going to be nervous, especially the first time because, what’s in there? They don’t know.”

The experienced diver said everything looks two to three times bigger under water.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer, said in a statement today. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

After Bank of America, based in Charlotte, N.C., announced the planned fee, customers expressed outrage, including a petition signed by 300,000 customers across the country threatening to leave the bank if the fee were implemented.

The company said Friday it was planning to offer more choices for customers to avoid the fee, although it was still planning to charge it next year. A person familiar with the matter had said customers could avoid the fee if they maintain minimum balances, deposit paychecks directly or use Bank of America credit cards.

“We’re continuing to refine the program,” a source told ABC News’ Matt Gutman Friday.

Early in October, Bank of America CEO Brian Moynihan told Gutman the fee “is meant to provide great service” and that customers with a balance greater than $5,000 will be exempt.

Smaller community banks and credit unions tried to recruit irate customers who were planning to leave the big banks.

But large national banks have stated they will not charge customers for debit card fees, although many in the banking industry had warned financial institutions would begin to charge higher fees as a result of federal banking regulation.

JPMorgan Chase decided last week it will not charge customers who use their debit cards for purchases, joining a growing list of banks that had no plans to follow the lead of financial giant Bank of America.

JPMorgan Chase, Citigroup, U.S. Bank, PNC Financial, and Key Bank have confirmed they are not planning to charge customers debit card fees when they make purchases.

JPMorgan Chase, the largest bank in the country by total assets, began testing a $3 fee in parts of Wisconsin and Georgia in February. But the bank decided it won’t roll out the fee to the rest of the country, as first reported by the Wall Street Journal.

A person familiar with Chase confirmed with ABC News that it is not planning to charge debit card fees due to customer preferences.

Many in the banking industry had warned that higher fees to consumers would follow the Dodd-Frank’s Durbin Amendment, which went into effect on Oct. 1. The amendment capped debit card interchange fees for merchants at 21 cents per transaction earlier this year. Before the amendment, debit card companies charged merchants an average interchange fee of 44 cents per transaction.