Community Service by Jeri Benner
Transcription
Community Service by Jeri Benner
Thursday April 3, 2008 - 11:30 Guest Speaker: Jackie Simon - April Fair Housing Month Register online at www.fcar.org Welcome to the FCAR Voice Affiliate Open House Thursday, April 10, 2008 Beltway Title 5283 Corporate Drive, Frederick, MD 4:30 pm -7:00 pm News, Views, and Information from April 2008 Message From the President by Larry Riggs Are we turning the corner? Well if you missed the monthly luncheon you missed some great information from Wayne Six. Of course, other than the fact I’ve never had a massage (You had to be there). The point is, things are looking up in our market. No, we’re not looking at an increase of 15% - 20% in market value like in recent years. BUT, we are starting to turn the corner. According to Brokermetrix we currently have 9.4 month’s supply of inventory in Frederick County. To put things in perspective in January 2008 we had 11.3. In December 2007 we had 16.3. As a matter of fact the last time inventory was this low was May of 2007. Going back 1 & 2 years, in February 2007 we had 7 months supply and in February 2006 we had 3.9. Point is, we’re headed in the right direction. Obviously the correction went at a much faster rate than the recovery but I do believe we are in the recovery stage. Nationally new mortgage applications are up slightly. Rates continue to be fantastic. New loan limits on FHA and conforming loans help ease the financing crunch. In short, we’re coming back into a normal market with good loans being made to qualified buyers. Hopefully we, as REALTORS®, and the buying and selling public are a bit wiser for what we just experienced. It’s sad that so many people were hurt and there certainly is a mess to clean up. Foreclosures and short sales everywhere but, all in all, it’s just another real estate cycle. This one is a little more intense than the last but as sure as the sun rises, the cycles come. The REALTORS® who stay are the ones who pay attention, anticipate, adapt and keep moving. Community Service by Jeri Benner On March 11th Green Turtle donated 10% of their proceeds to Community Service. Thank you to all who patronized the Green Turtle on our behalf. We also collected items for our local servicemen and women serving in Iraq and Afghanistan. Mortgage Thanks for your referrals! Community Service is now preparing for our Annual Golf Tournament and Helicopter Golf Ball Drop. The tournament this year will be again at Holly Hills on Monday, June 2nd. We sold out last year, so get your teams in soon. [email protected] Want to find out more about Community Service? Our meetings are the 1st Wednesday of the month at the FCAR office from 11:30 – 12:30. Look forward to seeing everyone there. Please check with me for any ?? you may have Stay positive, you'll get through this! Mortgage Industry is Changing 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org April 2008 Page 2 Wayne’s World by Wayne Six Hold’em or Fold’em Dear Mr. Six, I presently own 4 building lots in Frederick County and have them listed on the market for $275,000 per lot. The lots are all approximately 5 acres in size and have a gentle rolling topography with a good view. I am a builder however I have no intention of building a spec house at the present time. My current mortgage on the four lots is $500,000 and I pay 6 1/2% interest only which equals $32,500 per year in interest. The annual taxes are $1,500 per lot which equals $6,000 per year for the 4 lots. My question is should I sell the lots now and get out or should I just carry them into the future in hopes that the market will turn around? Sincerely, Barney Builder Dear Barney, You are in the same predicament that a lot of people are in this present market. Let’s look at some basics and then hopefully we can make an intelligent decision. First of all your lots should probably not be priced at $275,000 but should have a list price of more like $225,000. Let’s say that you could sell all 4 lots in today’s market for $200,000 each ($800,000 total). Let’s assume that the lots will decline in value another 15% over the next several years. That means a lot that is worth $200,000 today will decline to $170,000 which when multiplied by 4 lots equals $680,000. Now let’s look at the other side. You are a builder and intend on being a builder for many years into the future. At the present time the building lot segment of our market is getting hit the hardest. As of this writing there are 431 active lots available in Frederick County in MRIS. In 2007 there were 154 lot sales in MRIS. Twenty six of those sales were in Canal Run. Since 1/1/2008 there have only been 6 lot sold in Frederick County in MRIS. That’s serious shrinkage. The odds of selling your lots are not good unless you really make a huge price concession as we previously discussed. Let’s assume that the market value of buildings lots is going to decline another 15% and at some point in the future will “bottom out” and that approx. 3 years from now your lots will be back at the current value of $200,000 per lot. Three years of interest carry of $32,500 per year equals $97,500 in interest plus taxes for 3 years on the lots is $18,000. Total cost to carry = $115,500. If your lots drop the anticipated 15% this would be a $120,000 loss from today’s current market value ($200,000 per lot current value declining to $170,000 per lot with a 15% future decline = $30,000 decline x 4 = $120,000 total decline). Option A is to hold onto the lots and watch them decline another 15% and then come back up 15% until they are at their current value. If this happens in about a 3 year time period it appears that this would be a “wash” in value but the carrying cost is ugly. The two unknown factors are: 1) how much lower are lots going to go in price? and 2) at what point is the market going to turn around? These are two factors that I simply do not know the answer to however it appears that 3 years is approximately a “break even” point. If the market turns and comes back in less than 3 years you win and if it goes over 3 years you lose. The factor that really bothers me though is I hate to see you paying interest on an asset that is declining in value. That is a double negative. That’s like sending your wife down the road with a gas can AND asking her to bring back beer. You are not only losing value you are paying to lose value and this is not a good scenario. It’s like playing poker and sometimes you need to simply “fold’em and get out”. After serious consideration and looking at all sides of the equation I would suggest that you drop the price on your lots to $200,000 and try to get them sold and get out and at some point in the future buy different lots once the market bottoms out. I feel that at some point in the future, and I can’t judge exactly when that is going to be, read my lips - “there will be another lot shortage”. With the commissioners tightening up on lots and the demand in growth for Frederick County, I would predict that somewhere between 5-9 years we will have another drastic shortage of lots. Membership Committee by Lisa Goodman The turn out at the March Membership meeting was great, Wayne Six as usual, was very informative and full of useful information. He spoke to a full room and even entertained with a few jokes. Please sign up to attend the April Membership meeting on the 3rd. It is Fair Housing month and Jackie Simon of Avery Hess will be our speaker. Please remember to stop by the affiliate open house on April 10th. This month the sponsor will be Beltway Title. We are gearing up for our annual tradeshow to be held on August 26, 2008 at the Linfield complex. This year’s theme is Safari! Janet has sent out table and booth registrations and we have had a huge response already. If you have not received your forms or know someone who would like to participate, please call Janet @ 301-663-0757. Put this date on your calendars and be there to have a chance to win one of 10 great prizes. The prizes will include one - $1,000 gift card, six - $500 gift cards, and three - $500 cash prizes. This years show will be better than ever! .EW3ERVICE0ROVIDEDBY!LBAN(OME)NSPECTION3ERVICE (/-%%.%2'954),):!4)/.3526%9 4ELL9OUR#LIENTS¯ 4HISISAFANTASTICWAY TOHELPYOUR PASTPRESENT CLIENTSSAVEMONEY 4(%97),, 4(!.+9/5&/2)4 We have already added a few new members and would love to see more of you on our committee, please call the board office if interested in joining! 3CHEDULE9OUR(OME%NERGY4UNE5P4ODAY ORALBANINSPECTCOM 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org April 2008 Page 3 Art the Inspector by Art Lazerow MARYLAND HOME INSPECTION STANDARDS OF PRACTICE Home buyers in Maryland can now have peace of mind that there are acceptable minimum standards which every licensed home inspector must follow. The complete Standards were published in the Maryland Register on May 25, 2007 and approved several months later. The Maryland Standards of Practice will ensure that every client receives a thorough inspection, at a minimum, although many inspectors exceed the minimum requirements. One example is that a licensed inspector is not required to operate household kitchen appliances or laundry equipment, but many home inspectors will operate these to determine their operational condition at the time of the inspection. Home inspectors operate under many limitations, such as accessibility or safety concerns. In fact, almost half of the Standards deal with what is not possible or expected of a licensed home inspector, but that will be for next month. It was not an easy task for the licensing board to draft a set of Standards; the definitions occupy five of seventeen pages. For instance, the definition of “inspect” is to examine readily accessible systems and components of a building, using normal operating controls and opening readily openable access panels. Those are panels that are within normal reach, can be easily removed by one person and are not sealed in place. “Normal operating controls” are devices, such as a thermostat, switch, or valve, that may be operated by an individual and do not require specialized skill or knowledge. Several general principles should be mentioned. The Standards are for residential builds containing one to four dwelling units. The inspection requires the inspector to identify the components and systems, perform a visual inspection to determine that they are performing their intended function or are significantly deficient, all at the time of the home inspection, and provide a written report. Equally important is to understand what defines a deficiency. Intended function means that the component is performing, or is able to perform, the function for which it was designed. A defect is any condition that, in the judgment of the home inspector, adversely affects the function or integrity of the inspected item. There were two major controversies at the licensing commission as the Standards of Practice were being developed. One was the concept of service life and the other was the identification of functional flow and functional drainage of plumbing systems. Various national home inspection organizations had differing Standards of Performance for these issues. Service life is not a defined term, so it means whatever the home inspector reasonably thinks the life span of a component is. Functional flow requires the home’s water pipes at the farthest location away from the service entry to provide uninterrupted flow under reasonable pressure, with water flowing at a faucet in between. Functional drainage means that the water flow out of a sink drain pipe will empty the sink in a reasonable amount of time and will not cause it to overflow if the faucet is left on. From the viewpoint of the home buyer, the good news is that both identification of components that are at the end of their service lives and functional flow/drainage were included as mandatory inspection requirements. The Standards require the home inspector to visually inspect, evaluate and describe the major categories of components in the home. These include the home’s structural components, the exterior and roof, the mechanical systems of plumbing, electrical, heating and air conditioning, interior, insulation, ventilation, and fire places and other solid fuel burning appliances. Therefore, the home inspector must perform a complete inspection and cannot merely refer portions of the home to licensed contractors without first determining inaccessibility or the existence some deficiency. The Maryland Standards of Practice were designed to provide the home inspector’s client with a full and accurate picture of the home and its condition. These are one of the finer aspects of the licensing law. The other great news is that the legislature is presently considering amending the licensing law to require more home inspection education and successfully passing the National Home Inspector Examination as preconditions to licensing. MARYLAND’S FIRST HOME MAKEOVER A HUGH SUCCESS By Diane Derr MARYLAND HOME MAKEOVER™, a newly established program of the Partnership for Housing Foundation, was in its infancy stages when Diane Derr received a call from Sandy Cox (concerned citizen and social services manager in Brunswick), to identify a potential candidate for the program. Norma Droneburg lost her husband, Darrell, unexpected in 2007. She remains a young widow with children still at home and an aging mother for whom she cares. Darrell Was about to take his vacation week to work on their home when stricken with a heart condition. Darrell and Norma had always dedicated themselves to helping others in the community as well as participating in youth sports. There never seemed to be enough time to complete their own projects. We Go Wherever You May Be Going! The MARYLAND HOME MAKEOVER™ planning committee (including local REALTOR® Bill Armstrong, Diane Derr, and Steve Fox) evaluated the needs of home and qualifications of the family based on the program criteria. Frederick County was awarded the opportunity to have the first project in the state. Bert Newcomer was selected as general contractor, proper insurance protection was established, and then grant funds and donations were sought. Several local businesses, like Noland Company, contributed labor or discounted materials. Community volunteers and Ken’s Tree Service arrived to stat clearing the overgrown brush and the trees that were in poor condition. The entire front porch was replaced because the original was unsafe. The front of the homes was wrapped with vinyl siding for ease of maintenance. New soffets gutters, and downspouts were installed. Shutters were added to the finishing touch. The garage was wrapped in vinyl and new shingles were added. A new concrete walkway was set. All of the outside work was designed to provide ease of maintenance for Norma. continued on page 7 Local • Long Distance • International Storage • Expert Packing and Crating Bonded & Licensed Personnel Call Joe Jagemann for a free estimate 1-301-529-7417 • www.jkmoving.com April 2008 Page 4 The “Other Side” of a REALTOR® Coiner, Agent 007 to Race California Ironman 70.3 Eleven CEOs are signed up for the AIG CEO Challenge at the Ford California Ironman 70.3 in Oceanside. These 11 CEOs head up companies with a combined $2.8 Billion in annual revenue. The winner of the CEO Challenge in California will earn a much coveted slot to Kona, Hawaii where they will meet 9 others for the CEO Ironman World Championship, and battle for the title of ‘Fittest CEO in the World’. According to those in charge at CEO Challenge, “we expect strong competition from Julian Coiner.” Everyone in Frederick knows Julian from Agent 007 Real Estate and he’ll be the “one to watch” in California. He has stepped up his workout schedule drastically since January of 2007. Thanks to great training by Herb Spicer, World Champion Ironman 70.3, Julian has a great workout schedule. He works out roughly 24 hours a week, (Bike – 280-350 Miles; Run – 30-50 Miles; Swim – 8-10 Miles). He is also very involved with his family (2 children and his wife), and is Owner/Broker of Agent 007 Real Estate, Inc. a local commercial and residential brokerage! This stepped up work out schedule and the upgrades in technology – new bike, wetsuit & proper shoes will help in his quest to race hard and place well in his age group and take a chance at winning a spot in Hawaii! He recently finished his first full Ironman in Florida finishing at 11:51:23. All of the CEOs are in for a great weekend in California. It all kicks off with a fantastic Dinner with the Pros on Thursday night at the La Costa Resort, and will wind up with the CEO Awards Dinner in Carlsbad on Saturday night. For more information on the CEOs entered in the event please go to www.ceochallenges.com/profiles. Affordable Housing News by Judy I. Thompson CLOSING COSTS BY STATE! WHAT OUR BUYERS ARE READING! According to the annual June survey by Bankrate.com, New York has the highest closing costs in the country, followed by Texas, Florida, Pennsylvania, and Ohio. Last year Pennsylvania was 12th, and Hawaii was in the top 5. Maryland was 38th last year and is 19th this year. Virginia was 32nd last year and 20th this year. West Virginia was 41st last year and 27th this year. Maryland’s closing costs were listed as $6256, Virginia’s at $3837, West Virginia’s at $3043. Pennsylvania’s were $8464. Note that no figure was entered for local/state taxes in the West Virginia calculation. The survey uses one zip code from the largest city in each state, so we are comparing Baltimore to Philadelphia, Hampton Roads, and Charleston on the basis of a $200,000 loan with a 30-year-fixed mortgage. Survey conclusions are (1) closings in the west are less expensive because lawyers do not handle closings and (2) title insurance is a budget buster. Interesting. The report says the industry is rife with kickbacks and undisclosed referral fees among title agents, real-estate agents and lenders. Interesting. Yes. What our buyers are reading. Home Buyers Workshops Frederick County Association of REALTORS® (FCAR) Home Buyers Workshops are scheduled for the spring. In response to requests, they have been re-tooled and now include a last half focusing solely on financing/lending. The first half continues to address the home-buying process. We’d love for you to join us, with or without your clients. Pre-registration is preferred, but walk-ins are not turned away. Contact FCAR 301-663-0757 to sign-up. The cost for the Workshop is $10 per person at the door. Where? FCC, Building E. Dates are: • April 21, 2008 - 6 - 9 pm • May 14, 2008 - 9 am -12 • June 7, 2008 - 9 am -12 pm and 1 - 4 pm (Select 1) 50 Citizens Way, Suite 300 Frederick, MD 21701 Other Sites of Interest www.fcar.org Click on Buying & Renting Resource Center www.mdhomeprograms.com Find programs to help your clients afford a home. 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org April 2008 Page 5 Mission Commercial – Get Planning! By: Julian A. Coiner – Agent 007 Market analysis, running the numbers, property due diligence and most importantly investment planning will be the keys to your success in running an investment property. Each of these steps is dependent on the others and your commercial real estate professional can guide you through the process of a first investment or a portfolio building purchase. Market Analysis You have to know or be working with an agent that knows the local market. Do your research on comparable properties that have sold and are currently active Check comparables on lease rates if you plan to lease part or all of the space Know that not all types of properties are profitable in all markets Understand the demographics and opportunities in your market Watch what seasoned investors in your market are doing Numbers Real estate investing for income producing or for owner occupied property is all about the numbers. Be certain that you, your accountant, banker, etc. verify all of the financials Calculate the value of the property based on the actual income, not projected income Know that every assumption regarding income and expenses increases your risks Have a contingency plan for replacing income should something go wrong Evaluate the investment in light of the break-even ratio Property Due Diligence The property may look good on paper and even in person, but reports from professionals on items like structure, building systems, environmental issues, title, survey, zoning, etc. are extremely important in your decision making. Be sure your contract allows for proper due diligence time frames so that you are able to evaluate the property adequately Use professionals in each field to assist you in evaluating the property – it is a good investment Ask questions – there are no stupid questions, make sure you understand the answers Accurate estimates from professionals will help you evaluate the upfront costs to fix any issues you continued on page 6 Back and Better Than Ever! by Hugh Gordon The Sales and Marketing Council of the Frederick County Builder’s Association is back and ready to bring members and guests the best speakers on the hottest topics affecting the real estate industry in today’s market. Led by Barry Weller of Drees Homes, Ross Ostrander of Advantage Homes, Mike Pilch of Ryan Homes, Gene Buckalew of Dan Ryan Builders, and a dozen energetic sales professionals from around Frederick County, the Council has been busily developing an exciting agenda of activities for the real estate sales community in this region. The premier meeting on May 12th, 2008 will examine, “Managing House To Sell Contingencies”. The trio of highly recognized and experienced sales professionals Andy Mackintosh of Mackintosh Realtors, Gloria Castle of Real Estate Teams, and Bob Marsh of Admar Homes will be the featured speakers. Beyond dynamic speakers and the valuable sales tips and information that will be shared at the monthly meetings, the Council is also developing other educational opportunities and is in the infancy stages of developing a Parade of Homes for the Spring of 2009. � Ask For Our $150 Discount Card � 5283 CORPORATE DRIVE • SUITE 301 erick FREDERICK, MARYLAND 21703 Fredf fice O PHONE: 301-698-9300 • FAX: 301-698-9162 24-Hour Law Lines: 301-406-8972 • 1-866-219-6557 If you are a dedicated sales professional, you will not want to miss the opportunity to learn from those that can give valuable insight into how to be successful. Of course, the monthly meetings will also provide an occasion to network with the other sales professionals in the region. www.villagesettlements.com The Council will meet on the second Monday of every month from 11:30 a.m. until 1:00 p.m. for lunch at Dutch’s Daughter. It is anticipated that participation will be extremely high as the Council provides invaluable opportunities for improving sales skills in this trying market. Please call Clasina Van Velzen-Stup at the offices of the FCBA at (301) 663-3599 X102 to make your reservations as seating will be limited. Luncheon cost is $25 per person. sm Our Attorneys Always Conduct The Settlement. © Village Settlements, Inc., 2007 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org April 2008 Page 6 Get Planning! (continued) continued from page 5 It is all about the Plan Have a plan that asks the difficult questions. Be prepared to alter the plan depending on the results you are getting. You need to know how to make the investment work for you. Look at how the previous owner ran the investment and how you can bring new processes and income streams to make the investment more profitable. Decide if this is a long term or short term investment What can you do to increase revenue and decrease costs What improvements are needed and what will they cost How will you get out if things go wrong – always have an exit strategy These are just a few of the things to consider when determining if a property is a worthy investment for your portfolio. Put faith in the professionals you work with to assist you in buying your first investment property or in planning your portfolio of properties so that you can reach your financial goals. Change By: Patrick F. McLister, Attorney at Law The Presidential politicians are touting change. Our real estate and mortgage industry is undergoing change. Charles Darwin said “It is not the strongest of the species that survives, not the most intelligent, but the one most responsive to change.” Since there is so much change going on I decided to change my picture this month. At least it looks better than Wayne Six in a wizard hat holding his famous potato. One of the changing facets of our industry about which we continue to receive calls is the new concept of Short Sales. In Short Sale payoffs the lender will accept a mortgage payoff less than what is actually owed on the mortgage loan. Lenders were sending short sale sellers a 1099 and the IRS was considering the portion of the debt forgiven as earned income. Fortunately, the Mortgage Forgiveness and Debt Relief Act recently signed into law by the President eliminated from gross income the amount attributed to a forgiveness of debt originally incurred to acquire a primary residence. Two Short Sale hurdles to get over from the listing agent’s perspective are – (1) Getting the home’s list price pre-approved and (2) Getting the 2nd Mortgage holder to agree on what they will receive at settlement. On the buyer’s agent side, in exchange for a good deal on sales price, the buyer must be patient and flexible and should hold off on locking in their interest rate because many settlement dates have been postponed due to delay in short sale approvals. Another area of change is the Bank Owned, REO or Freddie Mac seller trying to force buyers to use their title, settlement or mortgage providers. We recently reviewed documents for a buyer being required to use a title company based in the State of Florida for a Maryland Freddie Mac sale. The buyer’s name was misspelled, his wife’s name was not on the Deed of Trust, even though she was on the Deed and they were being charged full transfer tax on HUD-1, even though Freddie Mac transactions are exempt from that tax. That deed is still unrecorded in the Frederick County Land Records months after the closing. Such sellers should be directed to Paragraph 36 of the MAR Contract which clearly states that the buyer has the right to select buyer’s own title insurance company, title lawyer, settlement company, escrow company, mortgage lender or financial institution as defined in the Financial Institution Article Annotated Code of Maryland. One final change to consider – changing to a Buyer’s agent in a Buyer’s market instead of a Listing agent in a Buyer’s market. Why carry the advertising and other overhead for unrealistic sellers who may be behind on their mortgages when you can negotiate great deals for first time homebuyers and motivated investors? If you have sellers who are in danger of foreclosure they might be eligible for a cash grant of up to $5,000.00 under the PHASES Program (Preserving Homeownership and Savings Education Strategy) by calling 866-889-9347. They can also try the Homeownership Preservation Foundation at 888-995HOPE. Finally, if you have a friend or loved one who has been affected by a layoff or reduction in force, it has come to my attention that Fort Detrick is now hiring a number of Contract Procurement Specialists and other jobs to prepare for the increased personnel and building activity at Fort Detrick due to BRAC. Darlene Carver at 301-619-6636 and Lynn Krout at 301-619-2247 are the contact persons at Fort Detrick. Be proactive and responsive to the changes occurring in our industry. You don’t have to be an expert yourself so long as you align yourself with the best title, mortgage, appraisal and legal professionals in Frederick. 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org April 2008 Page 7 Home Makeover (cont.) Current Housing Market continued from page 3 by Michael Kurtianyk In a recent article, the National Association of REALTORS® stated that the volume of existinghome sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in highcost areas. According to the latest forecast by Lawrence Yun, NAR chief economist, many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year.” According to the NAR release, the Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, held at a stable level of 85.9, unchanged from December, but was 19.6 percent below the January 2007 reading of 106.8. “This additional sign of a stabilizing market is encouraging, and our members are telling us there’s been a pickup in shopping activity.” Yun said. “Our hope is that the increased traffic of buyers looking at homes will translate soon into more contract offers.” Existing-home sales are forecast to remain flat around an annual level of 4.9 million in the first half of the year before improving to a 5.8-million pace in the second half. With a weak first half, total sales for 2008 are projected at 5.38 million, but are then seen to rise 3.5 percent to 5.60 million in 2009. The aggregate existing-home price is projected to decline 1.2 percent to a median of $216,300 this year, and then increase 3.5 percent to $223,800 in 2009. Additionally, the NAR article stated that new-home sales should decline 23.7 percent to 590,000 this year before rising 7.2 percent to 633,000 in 2009. Housing starts, including multifamily units, will probably fall 25.1 percent to 1.01 million this year, and then continue to slip another 2.7 percent to 987,000 in 2009. “As builders sharply cut back production, vacant new-home inventory has consistently declined over the past year-and-a-half,” Yun said. “That will permit a quicker return to balanced market conditions in many local areas.” The median new-home price is likely to fall 6.1 percent to $232,200 this year, and then rise 5.1 percent in 2009. This year should be an interesting year locally. Based on the aforementioned predictions, we should also see a gradual leveling off in 2008, with slight increases in sales this summer, with a more pronounced uptick in the Spring of 2009. At the same time, the interior was also being renovated. A new dual-zoned heating and air conditioning system was installed by Middletown Valley Heating & Cooling. The kitchen was redone to include new drywall, flooring, (Blue Ridge Floors), Cambria countertops, new cabinet hardware, and upgrades for electric, (Robert E. Wheeler & Son) and plumbing, (Brown’s Plumbing). The main level laundry room was renovated into a combination full bath and laundry. The living and dining rooms were patched, trimmed, and painted. Upstairs, the bedroom walls were repaired and painted, new closets were built, and the bathroom was totally rehabbed. The stairs were repaired with oak treads, in addition to new railings. With the new paint and Norma’s flair for decorating, the transformation was incredible. During much of the four months renovation period, the family was housed off site, part of the time at the Frederick Residence Inn by Marriott, possessions store on site, (Smart Box) and most of the pets were boarded at Sunchaser Kennels to allow the volunteers and many contractors to move forward. The project dedication was held on the cold morning of January 15, 2008 with snow flurries adding a sentimental touch to the heartfelt day for the many people involved. U.S. Senator Ben Cardin, Congressman Roscoe Bartlett, as well as members and officers of the Maryland Association of REALTORS® were present. A number of Brunswick residents and town council representative’s attented the ribbon cutting also. Norma and her family have moved back into their home and are working on rebuilding their lives. “This project has done more for me than remodel my home”, Norma stated. “It has helped to heal my heart and it has given me hope.” The family extends their appreciation to the Partnership for Housing Foundation and its MARYLAND HOME MAKEOVER™ committee, the Maryland Association of REALTORS® the city of Brunswick, the general contractor, and all the volunteers and sponsors who gave their time, talent, and contribution to make this project a true community success. Congratulations to all of the FCAR Award Winners. Look for info and pictures of all of the winners in next month’s issue! 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org April 2008 Page 8 Affiliate Open House April Affiliate Open House Beltway Title 5283 Corporate Drive, Suite 102 Frederick, MD April 10, 2008 from 4:30-7:00 pm Call Natalie Bigelow or Rob Abdinoor 301-631-8300 to RSVP FCAR Board of Directors/Staff 2007-2008 President.............................................................Larry Riggs President-Elect......................................Nicole Lapera-Holler Past-Pres................................................................Terry Fox Secretary...........................................................Julian Coiner Treasurer.........................................Charles “Chuck” Hawley Directors.....................Trish Colwell, Sandy Moreland, Diane Derr, Sandra Fouche, Michael Kurtianyk Office Manager...........................................Mary McLaughlin Administrator................................................Janet McKinney Legal Counsel.......................................Salisbury & McLister Editor....................... Mark Stevanus, Conquest Web Design Printer...........................................................Cheerio Printing Website....................Mark Stevanus, Conquest Web Design Government Affairs Director....................... Tamar Osterman April 2008 Calendar of Events 4/1/08 4/2/08 4/3/08 4/7/08 4/8/08 4/9/08 4/10/08 4/14/08 4/15/08 4/16/08 4/17/08 4/21/08 4/22/08 4/21/08 4/23/08 4/28/08 Communication Committee (1:00) Educ. Course – GRI 202, (8:30-5:00) Education Committee (9:00) Affordable Housing Committee (10:30) Community Service Committee (11:30) Rookie Committee (1:00) Membership Meeting Dutch’s (11:30) Fair Housing Month Educ. Course – GRI 203 – FCC Conference Center, Bldg. E Rm. 126AB (8:30-12:00) MRIS Training (9:30-3:30) New Member Orientation (9:00-12:00) Educ. Course – GRI 204 - FCC Conference Center, Bldg E, Rm. 126AB (8:30-5:00) American Home Month Committee (9:00) E.O/Cultural Diversity Committee (9:00) Model Forms Committee (9:00) Educ. Course – GRI 205 – FCC Conference Center, Bldg. E RM 126AB (8:30-5:00) Leadership Academy Graduation – MAR Fair Housing Conference (City of Frederick) Fair Housing, Code of Ethics and Legal & Legislative – FCC Conference Center, Rm 126AB (8:30-4:30) Board of Directors (9:00) Educ. Course – Short Sales, FCC Conference Center Bldg E, Rm 126AB (9:00-12:00) Educ. Course – Mediation/Arbitration – FCC Conference Center Bldg. E, Rm 126AB (6:00-9:00) Educ. Course – Property Defects – FCC Conference Center Bldg E, Rm 126AB (9:00-12:00) Educ. Course – Understanding Soil Types (8:30-12:00) MRIS Training (9:30-4:30) American Home Month Committee (9:00) MRIS Training (9:30-3:30) 529 West South Street Frederick Maryland 21701 301.663.0757 • Fax 301.663.4646 www.fcar.org Presort Std. U.S. Postage Paid Frederick, MD 21701 Permit No. 199 Foreclosure and Short Sale Settlements www.fredericktitle.com 529 West South Street • Frederick, Maryland 21701 • 301.663.0757 • Fax 301.663.4646 www.fcar.org