Everything I Ever Needed to Know I Learned in the Last Ten Years

Posted on December 29, 2009 by Dee & Tom Cryer

Everything I Ever Needed to Know I Learned in the Last Ten Years

If we came into this decade with Irrational Exuberance, I think it is clear we are leaving this decade behind with a sense of Rational Apathy. Real Estate, been there done that; Investment Bankers; been there done that; McMansions; been there done that; Expensive Cars; been there done that! Even Halogen Light Bulbs; CFLs here we come!

Here’s my prediction for the next decade: Think Affordable, Think Self Sufficiency, Think Homegrown, and Think Down the Street. Why do I think all this? Let’s start with Affordable: Even the richest guys in the world like a bargain. How about Self Sufficiency: Don’t you get a thrill out of figuring something out on your computer on your own? Don’t you get a charge out of executing a new recipe flawlessly for your family? Let’s go to Homegrown: I challenge you! Is there anything more fulfilling that pulling that first tomato of the season off the vine sprinkling a tiny bit of salt on that first bite and feeling the flavors rush over your tongue. What about Down the Street: Is there anything more fun than going to the family run restaurant and getting a pat on the back while you enjoy a great meal that you know they started preparing hours before?

OK, probably none of you will print and/or post this on your corkboard and save this for the next ten years. But don’t be surprised if we start this decade off with a renewed value system that rewards personal achievement and accountability rather than Fast Eddy glamour. Because one thing is Four Shore: we’ve all learned some valuable lessons in the last 10 years!!

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Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

Posted on December 29, 2009 by Dee & Tom Cryer

Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

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Posted on December 27, 2009 by Dee & Tom Cryer

BANANAGRAM CHALLENGE @ The Cryers Tonight!

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Posted on December 26, 2009 by Dee & Tom Cryer

Try Bananagram Tonight!

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A Short Sale Story You Wont Believe!

Posted on December 21, 2009 by Dee & Tom Cryer

A Short Sale Story You Wont Believe!
Does our Government really want to clean up this mess?

This just in

Basically, IndyMac Bank (now OneWest Bank), is holding clients hostage, demanding a promissory notes, or they will proceed to foreclosure. For the life of me, I couldn’t figure out why they were doing this. What advantage could there possibly be for them to proceed to foreclosure?

Yesterday, I figured it out. You see, IndyMac was taken over by the FDIC and sold to OneWest Bank in March/2009. Guess who the investors are behind OneWest? George Soros, Michael Dell, Steve Mnuchin (former Goldman Sachs executive), and John Paulson (hedge-fund billionaire).

Now, listen to the deal they got from the FDIC..

Basically, they purchased all current residential mortgages at 70% of par value (70% of the outstanding loan amounts). They purchased all current HELOCS at 58% of Par Value!!!

Next, in order to “sweeten the pot”, the FDIC stepped in and guaranteed the following: For any residential mortgages where OneWest experiences a loss, the FDIC will step in and cover anywhere from 80%-95% of the loss. The loss is calculated using the ORIGINAL LOAN BALANCE, not the amount that OneWest paid for the loan. Let’s use my clients situation as an example:

If the Loan Amount is $478,000, plus 6 months of missed payments, for a grand total of $485,200. OneWest pays $334,600 for the loan. We have an all cash offer of $241,000, net to OneWest. So, let’s do the math, shall we?

The net loss, according to the FDIC formula is the ORIGINAL LOAN AMOUNT minus the amount of the offer. In this case, $485,200-$241,000, or $244,200. Next, the FDIC, according to their Loss Share Agreement, writes a check to OneWest for 80% of the so-called “net loss”. So, in this case, OneWest gets a check from Uncle Sam for $195,360 (.80 X $244,200).

Add the $195,360 to the sales price of $241,000, and you get a grand total of $436,360. Remember, OneWest paid $334,600 for the loan. So, OneWest puts $101,760 in their pocket, thanks to the FDIC. Folks, that is over $100k of our hard-earned tax dollars!

So, you ask.Why does this program hurt short sales? Because, our brilliant government offers this SAME PROGRAM FOR FORECLOSURES! The only difference is, the government picks up 80% of the tab on all of the extra costs associated with a foreclosure (BPO’s, upkeep, utilities/maintenance, legal fees, etc.)

So, If I’m OneWest, why would I want to waste my time negotiating through a Short Sale, when I can make the same amount of money (if not more) by just letting it go to foreclosure? And we wonder why nobody can get a Loan Modification? Why would OneWest approve a loan modification for this guy, when they can foreclose and make over $100k? And, to add injury to insult, they have held this loan for 6 months! Not a bad ROI, huh?

What infuriates me the most is that in my particular case mentioned above, they have the guts to hold my client hostage for a $75k promissory note, after they are already making more than $100k on the sale!!! This is his primary residence, 1st Position loan, and OneWest has NO RECOURSE! Imagine if they could make $100k, then get a deficiency judgement! Talk about making some big bucks!

Can you say “GREED”?

The scary thing is that over 50 banks have Shared Loss Agreements in place with the FDIC. Some of them include: Bank of America (go figure), CitiMortgage, Wells Fargo, etc.

This entire agreement between the FDIC and OneWest can be found on the FDIC website. It’s all there, for the world to see! They have it all layed out. All of the formulas, worksheets, etc.

Now, it’s up to us to bring it to the attention of our elected officials and the media. Enough is Enough!

Wait, it gets better.The FDIC just announced that it needs to start borrowing money from the U.S. Treasury in order to replenish it’s deposit insurance fund (the same fund being used to pay all of these banks in the Loss Share Agreements). Go Figure! –

Reprinted story from Frank Bernardo-October 21, 2009
Joseph M. Moore
President
More2Lend Financial
Phone: 800-310-7577
Fax: 800-647-8777
E-Mail: fha@more2lend.com
Website: http://www.more2lend.com

Posted in and John Paulson (hedge-fund billionaire), IndyMac Bank (now OneWest Bank), Michael Dell, OneWest? George Soros, Steve Mnuchin (former Goldman Sachs executive) | Leave a comment

DENVER TRADITIONS AT STAPLETON

Posted on December 17, 2009 by Dee & Tom Cryer

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Fed Sees Very Little Change, Leaves Rates Alone

Posted on December 17, 2009 by Dee & Tom Cryer

Fed Sees Very Little Change, Leaves Rates Alone
Sorohan, Mike
The Federal Open Market Open Committee, as expected, left key interest rates unchanged yesterday.
“The FOMC left their target federal funds rate unchanged at 0-25 basis points, noting that while economic and financial market conditions have begun to improve, the economy is quite weak, and will likely remain so for some time,” said Mortgage Bankers Association Vice President of Research and Economics Michael Fratantoni.
In its statement, the Fed noted that while economic activity “continues to pick up,” particularly the housing sector, other factors such as household spending continues to be constrained.
“The FOMC statement also reiterated that it will complete its commitment to purchase $1.25 trillion of agency MBS by the end of March 2010,” Fratantoni said. “Fed purchases have already begun to taper off, from roughly $25 billion in purchases per week to about $15 billion per week. The Fed also indicated that it will begin to wind down several of their liquidity facilities in early 2010 as scheduled.”
Fratantoni said MBA forecasts mortgage rates to increase as the Fed’s MBS purchase program ends, with the rate on 30-year fixed-rate loans rising to 5.7 percent by the end of 2010.
Below is text of the FOMC statement:

“Information received since the Federal Open Market Committee met in November suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating. The housing sector has shown some signs of improvement over recent months.
Household spending appears to be expanding at a moderate rate, though it remains constrained by a weak labor market, modest income growth, lower housing wealth and tight credit. Businesses are still cutting back on fixed investment, though at a slower pace and remain reluctant to add to payrolls; they continue to make progress in bringing inventory stocks into better alignment with sales. Financial market conditions have become more supportive of economic growth.
Although economic activity is likely to remain weak for a time, the Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus and market forces will contribute to a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability.
With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the Committee expects that inflation will remain subdued for some time.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve is in the process of purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. In order to promote a smooth transition in markets, the Committee is gradually slowing the pace of these purchases, and it anticipates that these transactions will be executed by the end of the first quarter of 2010.
The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets.
In light of ongoing improvements in the functioning of financial markets, the Committee and the Board of Governors anticipate that most of the Federal Reserve’s special liquidity facilities will expire on February 1, 2010, consistent with the Federal Reserve’s announcement of June 25, 2009. These facilities include the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, the Primary Dealer Credit Facility and the Term Securities Lending Facility. The Federal Reserve will also be working with its central bank counterparties to close its temporary liquidity swap arrangements by February 1.
The Federal Reserve expects that amounts provided under the Term Auction Facility will continue to be scaled back in early 2010. The anticipated expiration dates for the Term Asset-Backed Securities Loan Facility remain set at June 30, 2010, for loans backed by new-issue commercial mortgage-backed securities and March 31, 2010, for loans backed by all other types of collateral. The Federal Reserve is prepared to modify these plans if necessary to support financial stability and economic growth.

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Hidden Charms Found in Centennial Neighborhood

Posted on December 14, 2009 by Dee & Tom Cryer

Hidden Charms Found in Centennial Neighborhood

One of the great things about Denver’s Residential Real Estate is its “Hidden Charms”. Scattered throughout the Metro Area, residential enclaves surprise the adventuresome house hunter. Denver, Lakewood, Aurora, Broomfield, Golden, Littleton, Englewood, Cherry Hills Village, Greenwood Village, Parker, Castle Rock and Morrison all enjoy their own little slices of heaven.

As Centennial matures into a safe, respected and highly accessible city, it too enjoys its own slices of residential heaven. In the early 1970s when Centennial was unincorporated Arapahoe County, some of the most respected names in residential construction sought their fame and fortune along what are now the Streets of Centennial. Writer, Sanford, Celebrity, Hallcraft, Richmond and many others staked their claims along the grids created by Arapahoe Road, Dry Creek Road, S. Holly Street and S. Quebec Street.

One community created by Sanford Homes gave residents 8 tennis courts, 3 community pools, an intertwined greenbelt system allowing kids to walk to a neighborhood elementary school and an interior core which became Willow Springs Open Space. With kids walking to Homestead Elementary School during the school year and neighborhood pools in summertime, it didn’t take long for the summer swim team to start feeding Cherry Creek High School with State Champions year in and year out. With the competitive nature of surrounding communities like Heritage Greens, Foxridge, Willow Creek, Cherry Park, Heritage Village and Heritage Place summer competition is still churning out championship swimmers 30 years later.

It takes more than a swim team to make a neighborhood however, and Homestead enjoys a diversity that really allows a ladder of ownership supporting first time buyers to “I’ve Arrived” homes to empty nest opportunities. Homestead in the Willows enjoys the benefits of a large Single Family Detached enclave, the Homestead Villages tend to be focused retirement enclaves, Sturbridge reflects the colonial townhouse rows often found in and around Boston, Olde Mill condominiums and Mill Creek paired homes offer very affordable entry points. But the jewels of Homestead, Willows End and The Parkway secretly enjoy a market fanaticism that seldom occurs.

People routinely ask, “What is it about those parkway houses?” Once you drive through and see the advantages of the access to pools and schools, the bucolic serenity of the open space, the architectural conformity, the pride of ownership and one of those sunsets, most people “shop ‘till they drop” to get into Willows End or The Parkway.

Homestead @ Willows End enjoys 17 perimeter custom home sites and 16 interior patio home style sites with a private street and 2 acres of common area that is always immaculately groomed. Tree lined white railed fences, define the enclave’s special status within the community. The abutting open space allows it to have a perception of very low density. Right next door along Homestead Parkway is Homestead on the Parkway. Not much bigger with only 45 custom home sites, The Parkway has 20 perimeter open space sites. The fact that there is only 37 perimeter sites on 120 acres of natural open space fuels the constant market demand from the surrounding community. It is not uncommon for these locations to sell by word of mouth.

Many of the current and past Parkway and Willows End owners have had 1, 2 and even three other homes in Homestead before arriving on “on the parkway”. “It’s just that type of community.” Although many of the original owners have been lost to other worlds, they always seem to be back for Christmas parties, summer BBQs and that “little slice of heaven” they once called home. It’s true what they say, “You can take the person out of Homestead, but you can’t take the Homestead out of the person”.

Posted in Aurora, Broomfield, Castle Rock and Morrison all enjoy their own little slices of heaven., Cherry Hills Village, Denver, Englewood, Golden, Greenwood Village, Lakewood, Littleton, PARKER | Leave a comment

Posted on December 10, 2009 by Dee & Tom Cryer

http://ping.fm/xjUBv

This is just too good not to pass on during this season, Enjoy!

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Cherry Creek Perspective – November 2009

Posted on December 8, 2009 by Dee & Tom Cryer

 

James Real Estate Services - Cherry Creek Perspective

November 2009      

Kenney Architechts

 

Cherry Creek North

 

Cherry Creek Chamber of Commerce

 

Cherry Creek Rotary

 

Glendale Chamber of Commerce

 

Cherry Creek Steering Commitee

 

Transportation Solutions

 

Cherry Creek Arts Festival

 

United Western Bank

 

James Real Estate Services, Inc

With considerable effort by Council Member Jeanne Robb, the City and County of Denver is working to assess the technical and economic feasibility of developing a streetcar line along the Colfax Corridor.  The initial study area is bounded by I-25 on the west, Syracuse Street to the east, 12th Avenue to the south and 19th Avenue to the north.  On Tuesday, December 8th from 5:30 – 7:30 pm a public meeting will take place at Heitler Hall at National Jewish Hospital at Colfax and Colorado Blvd.  The city will seek public reaction to the potential of a streetcar on the Colfax corridor.  The primary purpose of this study is to identify how streetcar in the Colfax corridor would affect:

 

  • transit ridership
  • types of transit riders
  • reliance on private automobile trips
  • traffic operations
  • adjacent property values
  • new economic investment

  

The Clyfford Still Museum announced that it will break ground on its future home, designed by Brad Cloepfil of Allied Works Architecture, on December 14th at 11:00 am at 12th/Bannock Street.  Scheduled to open in 2011 in the heart of the Civic Center Cultural Complex, the museum will house the Still collection, encompassing some 2,400 works spanning the artist’s career.  Still (1904-1980) played a central role in the development of abstract expressionism, along with Jackson Pollock, Willem de Kooning and Mark Rothko, in the 1940s and ’50s.  His extensive archive, has been sealed off from the public since 1980.  The Museum has raised $8 million of new support towards the design and construction of its new building bringing the total amount raised for the new building to $25 million, more than 85 percent of the museum’s total building costs and capital campaign goal. More at::

 

 

Get an early look at ideas for the planned renovation of the 16th Street Mall at a public meeting on Wednesday, December 9th, 5:30-7:00 PM at the Colorado History Museum at 13th/Broadway. Zimmer Gunsul Frasca Architects was selected as the urban designer of the project by the Downtown Denver Partnership, the City of Denver and RTD.  The team includes Laurie Olin who worked with I.M. Pei on the original mall design. More at:

 

 

Mark your calendar for the morning of  January 29th for The Road Ahead , Transportation Solutions’ ongoing series to bring to dialogue cutting-edge and practical topics and research in transportation options that balance economic, environmental and health considerations to meet today’s and future needs. The Road Ahead attracts elected officials and policy makers as well as private developers and transportation industry leaders.  This time Clayton Lane (no relation to the street) who co-founded PhillyCarShare will speak about car sharing and a panel will talk about other enhanced transit strategies at the JW Marriott Hotel in Cherry Creek North.

 

Council Member Marcia Johnson says that for several years, residents in and around Lowry have been discussing a proposed development on the landfill near the Westerly Creek Dam – Lowry Vista. Over the next several weeks, the rezoning process will unfold. This is the point where City Council gets to vote on the new uses being proposed for the landfill parcel. Many questions about Lowry Vista have been raised within the community, primarily concerning the transfer of ownership of this land to IRG Development LLC.  The Colorado Department of Public Health & Environment must approve detailed plans for the penetration of the landfill cap before the land can be developed. IRG risks steep fines from the State if they do not comply with CDPHE’s guidelines. Johnson says, we are past the point of discussing whether or not IRG has the right to develop this land. Now, we need to decide what is appropriate to be built here. She encourages you to learn more about the Lowry Vista development, and let her know what you think about the rezoning."  More at:

 

 http://www.denvergov.org/Portals/76/documents/5News2009December.pdf
 
On November 19, 2009, about 30 residents who live in the East Side travel shed (Monaco to Yosemite, I-70 to Leetsdale) attended the first public meeting to discuss the East Side Mobility Plan. The Stapleton and Lowry Redevelopments exacerbated already difficult traffic and the City of Denver is addressing them first on the east side after dividing the city into 12 transportation zones.  Concerns include dangerous intersections at Leetsdale/Monaco and Colfax/Quebec, and the narrow 2-lanes on much of Quebec Street and the study coincides with Denver’s Living Streets Initiative.  More at:

 

 

RTD recently went live with its new myStop automated phone route and schedule system. Each of the 10,250 stops in the RTD system has a unique 5-digit number posted on the sign that can now be used to access route and schedule information by phone through RTD’s the system. The myStop system features speech recognition and touch-tone technology. By dialing 303.299.6000, option 1, customers hear RTD’s myStop automated schedule, and simply enter the 5-digit stop number for which they want scheduled bus or train departure times. Some 70 percent of calls to the RTD Telephone Information Center are to simply find out when the next bus or train is scheduled to depart from a given stop or transit station. The myStop system is designed to quickly give answers to a large percentage of these calls by offering a quick and easy voice-activated method for receiving that basic information.  More at:

 

www.rtd-denver.com/mystop
 
A sealed-bid auction of the Ritz-Carlton condominiums in downtown Denver is scheduled for next month.  Totaling 25 residential condominiums and 2 ground floor commercial condominiums at the site of the former Embassy Suite hotel at 1881 Curtis Street, the property became a victim of foreclosure after marketing of the residential units accomplished only 1 sale, preventing the developer, from repaying the $27 million loan it received from Goldman Sachs.

 

The future transformation of Union Station into the central transit hub for the FasTracks transportation system gained significant ground recently with the award of an investment grade designation by Fitch Ratings to the station. The designation allows the Denver Union Station Project Authority the ability to qualify for several loan programs offered by the U.S. Transportation Department with which the authority hopes to benefit by as much as $330 million.
The planned upgrade of the 14th Street corridor in downtown Denver recently gained traction with the selection of Parsons Brinckerhoff Inc. for the project. To be done at a cost of $14 million, construction of the upgrades is to begin in 2011 and will include sidewalk expansions, improved landscaping, signage and parking.

 

The Cornerstone Residences at St. Francis Center recently opened for business. Located at the intersection of Park Avenue West and Curtis Street, the 50-units were developed to provide housing for individuals affected by homelessness.

 

The University of Denver is nearing completion of its new 1,915 seat lighted soccer stadium just west of the Ritchie Center on the DU campus.  The $9.2 million facility opened for play in August and includes an 11,000 SF strength and conditioning center and a 12,500 SF art annex which are nearly complete.

If your organization would like to consider sponsorship of Cherry Creek Perspective, please contact Bill James at bjames@jres.com or 303-316- 6768.

 

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James Real Estate Services, Inc. | 90 Madison St. Suite 300 | Denver | CO | 80206

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