World Changers in Chesapeake

I was just browsing thorough the PilotOnline when I saw an interesting article about volunteer work taking place this week in Chesapeake.  For the fourth straight year, World Changers volunteers will be helping to spruce up some Chesapeake homes in need of painting, repairs and landscaping.  World Changers is a volunteer group of the North American Mission Board of Southern Baptist Convention that aims to help beautify communities where residents cannot afford to do so themselves.  Some residents who will benefit from this volunteer work are unable to perform the repairs themselves because they are disabled or elderly.

This year there will be 300 youths involved in the project.  The young volunteers come from all over the country and one has even come from Germany to help those who cannot help themselves.  Volunteers each pay up to a couple hundred dollars out of pocket in order to spend a portion of their summer vacations helping those in need.  The youths provide the labor and the city funds the materials to be used in painting, landscaping and repairing homes for disabled, low income and elderly residents in Chesapeake.  The youth volunteers will be staying at Oscar Smith High School and local area churches will provide lunches for the young workers.

This is a great way for those who physically or financially cannot maintain their homes to get some much-needed repairs, painting and landscaping services at no cost.  It is also great to see the youth of America taking a proactive role in maintaining their communities beautiful.  If you would like to read this article entitled, “World Changers help spruce up Chesapeake” in its entirety at PilotOnline.com.

Historic Hampton project

I was just reading the DailyPress.com when I saw an article entitled, “Growing Hampton” that highlights the largest economic development project in the city of Hampton’s history.

Pittsburgh-based developer, Vincent W. Falleroni of XL Development has just bought the 19.5-acre plot of land west of the Hampton Coliseum for $5.7 million and plans to build a 2,000-seat theater, retail outlets, restaurants and rental units.  The sale of this parcel was slated to take place in June of 2007, but due rezoning and the inclusion of the 58 rental units, the sale of the land has just been finalized this month.  The project, which will bear the name Hampton Place, includes a full-service hotel with 195-300 hotel rooms, a 2,000-seat theater, 100,000 square feet of retail, restaurant and entertainment space, 100,000 square feet of office and residential space and a garage for up to 2,200 vehicles.  The project is expected to be completed in May 2012.  The cost of the project I s unknown, however, Falleroni plans to spend $250 million on Hampton Place, $250 million redeveloping the Coliseum and $27 million to build just the parking garage, $6 million of which will be reimbursed by the city.

The Hampton City Council expects to see the conceptual plans for this project some time this summer.

This is a sure sign that Hampton is a growing community and plans to see more growth in the future.  Hopefully, this new project will help to create some good jobs while offering Hampton Roads residents new options in housing, retail shopping, arts and business opportunities.

If you would like to read this article in its entirety, please click here.

Controversial Norfolk condominium project gets go ahead

I have just read an article in HamptonRoads.com entitled, “Norfolk City Council approves divisive condo project” about a controversial rezoning plan that will pave the way for 50 condominium town homes smack in the middle of a residential neighborhood.  The Norfolk City Council voted 5-3 in favor of new zoning that would allow the construction of the new condominium project.  The builder, Franciscus Homes, is planning to demolish 5 homes near the intersection of Kempsville Road and Cornick Road in order to clear space for the new condo town homes.

Opponents of this rezoning plan were on hand to make their voices heard.  Those who are against this new development state that this new construction will be counter-productive to the community because of the increase in traffic and population.  Some cited the fact that ten condos were built last year and of those, only one has sold, saying there is no demand for more condominiums in this area.  Some neighbors fear their community will cease to be quiet and tranquil.

Interestingly, even without rezoning, Franciscus would have been able to build 28 of the 50 proposed single-family dwellings.

This projected cost of this new development is $12 million and the condo town homes are expected to sell between $195,000 and $230,000.

Will this new development help to increase property values in the area?  Will local neighbors feel an increase in traffic and noise?  Only time will tell, all that is sure right now, is the rezoning has been approved and construction is slated to begin sometime soon.

Click here to read this article in HamptonRoads.com

The calm after the storm

It is all over now, but the three tornadoes that passed through Suffolk, Norfolk, Brunswick County and Colonial Heights have left these areas in a state of emergency.  I could not believe the damage that some homes here received, it was really an incredible sight.  Thankfully I live about 30 minutes away from where the tornadoes touched down in Suffolk so I was not personally affected, though my thoughts go out to all those who were injured or lost their homes, businesses other personal property during yesterdays freak event.  Thankfully, there are no missing persons and at the present time there are no fatalities.  This is very good news and hard to believe for those who saw the extent of the damage caused by these twisters.

I had never seen anything like it in my entire life.  Homes lifted completely from their foundations, some dropped on top of other ones, cars launched into the sides of buildings and roads closed except for emergency and medical personnel.  It really is humbling to see what Mother Nature can do when she exercises her muscle.  We are fortunate to have such excellent emergency personnel who were ready at a moments notice to help evacuate the injured.  My thoughts go out to them as well, especially my son who is a police officer in Portsmouth and will be assisting Suffolk police for the next few days.

Unlike hurricanes, which are relatively slow moving and very predictable in comparison, yesterday’s tornadoes gave absolutely no warning before striking.  This led me to think about contingency planning.  Could we help to reduce the number of those who are injured during natural disasters by planning?  By having a contingency plan for when tornadoes touch down, can we as a community help to reduce the number of those who are injured?  Tornadoes are highly rare in the Hampton Roads area of Virginia and this may be the reason there is no official plan of action for residents of these areas when a tornado strikes.

For more information, you can call the following numbers:

American Red Cross: 539-6645

Suffolk Emergency Management Hotline: 514-7587

Navy families who need assistance in the Hampton Roads area can call 1-800-FSC-LINE or 757-444-2102.

Virginia in top ‘100 best places to live and launch’

I was just reading an article in CNNMoney.com entitled, “100 best places to live and launch” and I saw that Virginia Beach has been ranked number 14 overall. This survey ranks the top 100 U.S. cities that have the best mix of business advantages and lifestyle appeal.

So why did Virginia Beach rank so highly on this survey? A diverse economy, an educated workforce and low taxes are among the things that were highlighted in this article. Other factors include important business sectors such as architectural and engineering firms, building equipment contractors and computer designers and nearby naval bases that attract defense and aviation related companies. The article also mentions some benefits that come with living in or around Virginia Beach such as easy access to the beaches and the number of bike trails and state parks in the area where residents can enjoy their favorite outdoor activities.

According to this survey, the only downside of doing business in Virginia Beach is the fact that the market is saturated for beach-related businesses.

It is good to see Virginia Beach make this top 100 list, but in my opinion, there are other equally nice areas here such as Hampton Roads, Chesapeake, Norfolk, Portsmouth, Yorktown, Suffolk Newport News and Isle of Wight where new or current residents can set up successful businesses. All of these cities offer convenient access for nearby residents, a strong workforce and growing business sectors as well as a plethora of dining, entertainment and recreational opportunities. Folks who work from home or would like to set up their own business would enjoy any of these communities, which are definitely among the nicer cities in the Hampton Roads area. I have been living and doing business in these areas of Hampton Roads for years and can honestly say that it really is a great place to live and work and things are only getting better.

Click here to read this article in its entirety.

Boyz II Men

I have just finished reading a very positive article in PilotOnline.com entitled, “Portsmouth mentorship program gives teens a new look at character” about a new mentoring program at I.C. Norton High School. Danny C. Smith, a Norcom assistant principal, started the program named Boyz II Men last year in response to what he termed, “a pseudo gang problem” at the school.

Boyz II men aims to help lower the number of fights, verbal wars and graffiti at the school that is usually committed by young men who are more prone to join gangs. The program is headed by Norcom staffer and former pitcher for the Atlanta Braves baseball team, Quentin Jones. Mentors, include administrators, teachers, community leaders, business people and clergy members. Mentors meet with student members on a regular basis to help them with homework and sometimes help collect monies for after school meals or tickets to sports games. Participants of Boyz II Men often go on outings and have collected toys for patients at Children’s Hospital of The King’s Daughters. Other outings have included a tour of Norfolk State University where group members met staff and students, toured the campus and watched a football game.

When they are not in formal meetings, members are expected to greet each other politely and with handshakes, according to Jones, “We’re teaching them how to shake hands appropriately” and avoid using ‘hip hop’ handshakes as a way to instill respect and the proper way to behave in professional environments.

This program is funded by donations, fundraisers and even Jones himself, who personally spent $250 for the black shirts with the Boyz II Men logo on the front that members wear when they go on outings.

Until now, this program seems to be having a positive effect on its members and, only one young man in the group has been in a fight at Norcom this school year, and none show signs of gang membership”

I think it would be nice to see a Boyz II Men blog done by group members where we could stay up-to-date with developments regarding this interesting project and maybe donate money or time to this worthy cause.

Please click here if you would like to read this article in its entirety.

Tax reprieve for Hampton Roads Motorists

The Hampton Roads Transportation Authority announced on Monday that there would be a 30-day delay in the collection of new regional taxes and fees.  I just read this welcome bit of news in an article in HamptonRoads.com entitled, “Residents get one-month reprieve from road taxes and fees“.  This comes ahead of the Authority’s plans to impose seven new taxes and fees in hopes of helping to finance approximately $9 billion in local transportation projects.  These new taxes, which include a higher gas tax, new taxes on vehicle sales, vehicle rentals and vehicular repairs, will go into effect on May 1.

This delay will benefit motorists primarily because they are the ones who will be paying the majority of these new taxes.  According to Arthur L. Collins, acting executive director of the Hampton Roads Transportation Authority has stated that in return for this increase in taxes, Hampton Roads residents will receive a transportation network that is viable.

So who will pay these new taxes?  Residents of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginian Beach and Williamsburg as well as those living in the counties of Isle of Wight, James City and York.

How much are the new taxes?

• There will be a 2% increase on the sales tax for gasoline
• An increase in property sales tax.  Grantor’s tax rate will go up from 10 cents per $100 to 50 cents per $100.
• 2% tax on vehicle rentals
• 5% tax on labor for auto repair

The new fees are:

• A 10% increase on vehicle registration fees
• A 10% increase on the cost of annual vehicle inspection fees
• An initial titling fee amounting to 1% of the value of the vehicle

If you would like to read this article in its entirety, please click the link below.

“Residents get one-month reprieve from road taxes and fees“.

Renovations/remodeling add beauty and value

While home prices continue their downward trend, there are things that homeowners can do to maintain and even add to their home’s value.  While reading HamptonRoads.com today, I ran across an article entitled, “In tight housing market, remodels catch eyes, add value” that talks about one of the ways homeowners can increase their homes’ value and attract more buyers that are serious.

According to this article, remodeling is fast becoming one of the best ways to add value to your home and make it more attractive to prospective buyers.  The article warns, however, that while it is important to concentrate on high-value areas like the kitchen and bathrooms, too many homeowners forget something equally as important, using high quality materials.  Sure, you can save some money in the short term by using materials of lesser quality, but in the long term, you could minimize the value you add.  A study by the Harvard University Joint Center for Housing Studies shows that homeowners who spent 2.5 times more on improvements to their homes increased the value to their home by 100%, whereas homeowners who spent less only added 50% of value to their homes.

The amount of money that you spend is not the only important thing.  It is important to choose high-quality materials that are traditionally popular in order to make your house attractive to a wide range of buyers and tastes over years of evolving trends.

There are more homes for sale at present than qualified buyers and this has caused home prices to drop in many areas across the country.  If you are thinking of performing some renovations or remodeling, I recommend that you read the tips and advice in this article before you do so in order to find out how to maximize the return on your investment.

Article: “In tight housing market, remodels catch eyes, add value”

MORTGAGE LENDING UPDATE

Just an update from one of my mortgage lenders, Nancy Brown, with Resource Mortgage, soon to re named Fulton Mortgage:

This is an update concerning lending and how it affects both buyers and sellers in light of the fact our area has been named a declining market (I to disagree with this assessment.)

As many of you have heard, Fannie Mae (FNMA), the largest purchaser of residential mortgages in the secondary market, recently released a new policy announcement stating that they will lower the loan-to-value (LTV) on loans that they purchase in what they feel to be “Declining Markets”.  There are several sources that FNMA looks to in order to determine what they believe constitutes a “Declining Market”.  Several of these data sources, specifically S&P/Case-Shiller® Home Price Indices and a number of the Private Mortgage Insurance Companies have placed the Hampton Roads/Virginia Beach MSA in the “Declining Market” category.  Based on FNMA’s new policy this could mean that a 5% LTV reduction by lenders may be necessary in order to comply with the new FNMA requirements.

Resource Mortgage believes that the majority of our markets in Hampton Roads are stable and not declining.  As such, we have developed an alternative outlet to the secondary market directly through the Federal Home Loan Bank (FHLB).  The FHLB, unlike Fannie Mae, is not designating declining markets and LTV reductions.  Therefore, Resource will continue to offer maximum financing on both conforming and jumbo loan products in our market.

Other recent FNMA and investor guideline changes also include credit score, and LTV adjustments to interest rate and points for borrowers. Resource   Mortgage will not be charging these increases since they are not required by FHLB.  This can make a significant difference in the rate and terms available to your buyers.

The mortgage industry has gone through unprecedented changes recently and there will likely be more changes to come before things stabilize.  I am here to support your business in any way I can.  Resource Mortgage (soon to be renamed Fulton) and I value our partnership with the real estate community and will continue to support you in these turbulent times.

Fed Reserve Cuts Rates By .75%!

Wow, did my phone ring today! The Feds cut the interest rates a quick email from one of my primary lenders, Ken Hope, with First Horizon mortgage went like this:    Fed Reserve Cuts Rates By .75%! (http://www.nbnnews.com/NBN/issues/2008-01-21/Coast%2Bto%2BCoast/index.html)That’s the big news this morning…really!  If you’ve not watched the emergency move by the Fed this morning, that is. 

According to Mortgage Market Guide, the rate cut was in response to foreign markets as they have felt a dive on fears of a US Recession.  This move, was unexpected and one of the largest cuts since 1980. 

So far, the Bond Market is responding very favorably with a 31bps increase on the FNMA 5.5% bond.

At this point the Dow is down 160 points and NASDAQ down 50.  According to MarketWatch’s, Rex Nutting, the markets expect another rate cut by possibly 1/2 by the January 29th and 30th meeting by the Fed.

It’s great news for mortgage markets, interest rates, and the business we acquire from low rates, HOME SALES.

The next great news, came from the National Home Builders Association as I read an article about lumber prices coming down due to lack of demand.

My question is to those who are wondering should I buy or not? The rates are great, the supplies are coming down, and unlike the flurry of trying to keep up with demand a few years ago, with less housing starts, it would seem to me that attention to detail would increase due to the contractors not being pushed so hard to get to the next job.

It’s a great time to make a move.  The impact of less housing start is a ripple that turns into a tidal wave for the number of American workers it affects.