F REAL ESTATE SATURDAY, FEBRUARY 11, 2012 THE OKLAHOMAN | NEWSOK.COM INDEX Handy 4F Stone 4F Permits 8F HOUSE PLAN French flavor The Marseille has a French Eclectic flavor with a steeply pitched hip roof, wrought-iron balcony railing, and shutters flanking arched, multipane windows. PAGE 7F LISTING OF THE WEEK Two-story lakefront The Listing of the Week is a large two-story custom home with a pool on a lakefront cul-de-sac in south Oklahoma City’s Rivendell neighborhood. PAGE 6F Fix-up popular option Remodeling is hot. For many homeown- ers, fixing up their house now fits their sentiments — and their finances — far better than selling or buying. PAGE 3F Kenneth Harney THE NATION’S HOUSING IN BRIEF BUILDERS’ SHOW DRAWS THOUSANDS The annual Interna- tional Builders’ Show, organized by the National Associ- ation of Home Build- ers, wraps up today Feb. 11 in Orlando, Fla. About 50,000 builders, suppliers and others in the housing business were expected to attend business, networking and education sessions and check out new products and ser- vices from some 900 exhibitors in the trade show. Okla- homa builders at- tending include Brandon Perkins of Tulsa, president of the Oklahoma State Home Builders As- sociation; Kurt Dinnes, president of the Central Okla- homa Home Build- ers Association; Steve Allen from Oklahoma City; Dave Callant from Enid; and Phil Rhees from Tulsa. SINGER MARKS ANNIVERSARY Singer Sewing Co. is marking the brand’s 160th anniversary with a sewing ma- chine that’s reminis- cent of machines from years past. The Singer 160 Limited Edition has modern features, but a retro appearance inspired by early Singers. Features include a one-touch stitch selector that lets the user choose from 24 stitches and a press- er foot sensor that ensures the presser foot is correctly positioned. The ma- chine is priced around $500. It’s being sold by the HSN shopping net- work and is available on www.hsn.com and through its mobile app. FROM STAFF AND WIRE REPORTS Soon after a couple in their early 60s retired from their jobs with a manufac- turing firm, they sold their spacious suburban split- level and moved to a ranch-style place half its size in a seaside Costa Ri- can village. But the setting — which initially seemed like para- dise — proved a poor choice for the couple. Within a matter of months, they felt isolated from the friends and con- nections that made their lives fulfilling before the move. “They told me they were lonely and felt like social outcasts. ... Life had lost its meaning for them,” re- called Keith Weber, the couple’s financial planner at the time. With Weber’s guidance, the couple sold their prop- erty three years after their move. They returned to the U.S., where they bought a house near their grown children. As this true story illus- trates, a heavenly setting doesn’t necessarily trans- late into a rewarding re- tirement. “Filling our lives with pleasant experiences — like golf and travel — doesn’t bring lasting hap- piness for most people. To be truly happy, most peo- ple need to feel a sense of purpose in life,” said Web- er, a retirement coach and author of “Rethinking Re- tirement.” Here are two pointers for couples who are seek- ing the best possible area for the purchase of a re- tirement property: I Go over your retire- ment expectations with your partner before mov- ing. Dorian Mintzer, a psy- chologist who specializes in retirement and relation- ship coaching, said, “There’s no one-size-fits- all for retirement. Many times, the partners in a re- lationship have very dif- ferent passions they want to pursue.” She urges couples to in- tensively discuss their no- tions of an ideal place to retire before they take the plunge. To encourage this proc- ess, she co-authored (with Roberta Taylor) a book of exercises, “The Couples Retirement Puzzle: 10 Must-Have Conversations for Transitioning to the Second Half of Life.” Though couples might have vastly different con- ceptions of their shared future, she said that com- promise can usually be found. Suppose, for instance, that one partner places a high priority on living in a warm climate, while the other is focused on intel- lectual stimulation. Rather than move to a resort area, the pair might decide to settle in a college town in a Southern state. I Realize the potential long-term impact on your relationship of a faraway move. Ernie Zelinski, author of “How to Retire Wild, Hap- py and Free,” said, “It’s important to have realistic expectations.” He cautions against the false lure of novelty, noting that the pristine appeal of an iso- lated setting can quickly pale. Problems are especially likely to arise if one partner grows restless and wants to move back near family and friends while the other wishes to remain in the fa- raway locale. To avoid choosing a lo- cation where one or both partners might be unhap- py, he urges retirees to “test drive” any faraway community with an ex- tended vacation — ideally for at least one to two months — before deciding whether to move there. When visiting a poten- tial destination, Zelinski recommends people bring along a checklist to ensure the community would meet their requirements. Among other factors, they’ll want to check out a town’s transportation fa- cilities and its access to cultural and entertainment venues. Moreover, the ideal re- tirement location should be well equipped with medical facilities in the event that one or both partners becomes ill or re- quires surgery. UNIVERSAL UCLICK Planning retirement could require some work Ellen James Martin SMART MOVES Lorna Koeninger remembers the day she and her family moved to Oklahoma City in 1988. “When we were driving into Oklahoma City, there was a bill- board — Marolyn Pryor’s picture was on the billboard. And I said, ‘Someday I’m going to work with her.’ That’s exactly what I said,” Koeninger said. Pryor, a Realtor, already was a fixture on the metro area’s real es- tate scene by 1988, but that bill- board, part of Pryor’s bid for the state Senate, didn’t mention it. “You know how things just kind of come down to you? I just said, ‘Someday I’m going to work with her.’ And you know what? I did,” Koeninger said. Koeninger previously worked in land development in Albuquerque, N.M., specializing in legal issues. In Oklahoma City, she first would explore the possibility of a law ca- reer, taking a job as a legal assistant with a downtown law firm. When Pryor looked her up in 1992, though, Koeninger willingly came on board with her at Prudential Properties of Oklahoma. “It’s one of the best things I ever did,” Koeninger said. As 2012 president of the Okla- homa City Metro Association of Realtors, Koeninger said she sees education as an important compo- nent of the upcoming year. Shift- ing financial requirements and new payment assistance programs for home buyers make education crucial. “Unless a Realtor is educated, it’s hard to be out there telling the public what’s going on with that,” she said. “You need to be con- stantly, constantly on top of your education. I very strongly believe that.” And Koeninger, 63, an agent PRESIDENT OF REALTORS’ GROUP PUTTING FOCUS ON EDUCATION BY DYRINDA TYSON For The Oklahoman [email protected]Lorna Koeninger, 2012 president of the Oklahoma City Metro Association of Realtors, shows a home she once sold on Edinburg Drive, in the Westbury South addition in Oklahoma City. PHOTO BY PAUL B. SOUTHERLAND, THE OKLAHOMAN Colorful mugs with the Realtors logo line a shelf at the Realtor Shop at the Oklahoma City Metro Asso- ciation of Realtors office building, 3131 Northwest Expressway. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN SEE REALTORS, PAGE 2F
Transcript
FREAL ESTATESATURDAY, FEBRUARY 11, 2012 THE OKLAHOMAN | NEWSOK.COM
INDEX
Handy 4FStone 4FPermits 8F
HOUSE PLAN
French flavorThe Marseille has a French Eclecticflavor with a steeply pitched hiproof, wrought-iron balcony railing,and shutters flanking arched,multipane windows.PAGE 7F
LISTING OF THE WEEK
Two-storylakefrontThe Listing of the Week is alarge two-story custom homewith a pool on a lakefrontcul-de-sac in south OklahomaCity’s Rivendell neighborhood.
PAGE 6F
Fix-uppopularoptionRemodeling is hot.For many homeown-ers, fixing up theirhouse now fits theirsentiments — andtheir finances — farbetter than selling orbuying.
PAGE 3F
KennethHarney
THE NATION’S HOUSING
IN BRIEF
BUILDERS’SHOW DRAWSTHOUSANDSThe annual Interna-tional Builders’Show, organized bythe National Associ-ation of Home Build-ers, wraps up todayFeb. 11 in Orlando,Fla. About 50,000builders, suppliersand others in thehousing businesswere expected toattend business,networking andeducation sessionsand check out newproducts and ser-vices from some900 exhibitors in thetrade show. Okla-homa builders at-tending includeBrandon Perkins ofTulsa, president ofthe Oklahoma StateHome Builders As-sociation; KurtDinnes, president ofthe Central Okla-homa Home Build-ers Association;Steve Allen fromOklahoma City; DaveCallant from Enid;and Phil Rhees fromTulsa.
SINGER MARKSANNIVERSARYSinger Sewing Co. ismarking the brand’s160th anniversarywith a sewing ma-chine that’s reminis-cent of machinesfrom years past. TheSinger 160 LimitedEdition has modernfeatures, but a retroappearance inspiredby early Singers.Features include aone-touch stitchselector that lets theuser choose from 24stitches and a press-er foot sensor thatensures the presserfoot is correctlypositioned. The ma-chine is pricedaround $500. It’sbeing sold by theHSN shopping net-work and is availableon www.hsn.comand through itsmobile app.
FROM STAFF ANDWIRE REPORTS
Soon after a couple intheir early 60s retired fromtheir jobs with a manufac-turing firm, they sold theirspacious suburban split-level and moved to aranch-style place half itssize in a seaside Costa Ri-can village.
But the setting — whichinitially seemed like para-dise — proved a poorchoice for the couple.Within a matter ofmonths, they felt isolatedfrom the friends and con-nections that made theirlives fulfilling before themove.
“They told me they werelonely and felt like socialoutcasts. ... Life had lost itsmeaning for them,” re-called Keith Weber, thecouple’s financial plannerat the time.
With Weber’s guidance,the couple sold their prop-erty three years after theirmove.
They returned to theU.S., where they bought a
house near their grownchildren.
As this true story illus-trates, a heavenly settingdoesn’t necessarily trans-late into a rewarding re-tirement.
“Filling our lives withpleasant experiences —like golf and travel —doesn’t bring lasting hap-piness for most people. Tobe truly happy, most peo-ple need to feel a sense ofpurpose in life,” said Web-er, a retirement coach andauthor of “Rethinking Re-tirement.”
Here are two pointersfor couples who are seek-ing the best possible areafor the purchase of a re-
tirement property:I Go over your retire-
ment expectations withyour partner before mov-ing.
Dorian Mintzer, a psy-chologist who specializesin retirement and relation-ship coaching, said,“There’s no one-size-fits-all for retirement. Manytimes, the partners in a re-lationship have very dif-ferent passions they wantto pursue.”
She urges couples to in-tensively discuss their no-tions of an ideal place toretire before they take theplunge.
To encourage this proc-ess, she co-authored (withRoberta Taylor) a book ofexercises, “The CouplesRetirement Puzzle: 10Must-Have Conversationsfor Transitioning to theSecond Half of Life.”Though couples mighthave vastly different con-ceptions of their sharedfuture, she said that com-
promise can usually befound.
Suppose, for instance,that one partner places ahigh priority on living in awarm climate, while theother is focused on intel-lectual stimulation. Ratherthan move to a resort area,the pair might decide tosettle in a college town in aSouthern state.
I Realize the potentiallong-term impact on yourrelationship of a farawaymove.
Ernie Zelinski, author of“How to Retire Wild, Hap-py and Free,” said, “It’simportant to have realisticexpectations.” He cautionsagainst the false lure ofnovelty, noting that thepristine appeal of an iso-lated setting can quicklypale.
Problems are especiallylikely to arise if one partnergrows restless and wantsto move back near familyand friends while the otherwishes to remain in the fa-
raway locale.To avoid choosing a lo-
cation where one or bothpartners might be unhap-py, he urges retirees to“test drive” any farawaycommunity with an ex-tended vacation — ideallyfor at least one to twomonths — before decidingwhether to move there.
When visiting a poten-tial destination, Zelinskirecommends people bringalong a checklist to ensurethe community wouldmeet their requirements.Among other factors,they’ll want to check out atown’s transportation fa-cilities and its access tocultural and entertainmentvenues.
Moreover, the ideal re-tirement location shouldbe well equipped withmedical facilities in theevent that one or bothpartners becomes ill or re-quires surgery.
UNIVERSAL UCLICK
Planning retirement could require some workEllenJamesMartin
SMARTMOVES
Lorna Koeninger remembersthe day she and her family movedto Oklahoma City in 1988.
“When we were driving intoOklahoma City, there was a bill-board — Marolyn Pryor’s picturewas on the billboard. And I said,‘Someday I’m going to work withher.’ That’s exactly what I said,”Koeninger said.
Pryor, a Realtor, already was afixture on the metro area’s real es-tate scene by 1988, but that bill-board, part of Pryor’s bid for thestate Senate, didn’t mention it.
“You know how things just kindof come down to you? I just said,‘Someday I’m going to work withher.’ And you know what? I did,”Koeninger said.
Koeninger previously worked inland development in Albuquerque,N.M., specializing in legal issues.In Oklahoma City, she first wouldexplore the possibility of a law ca-reer, taking a job as a legal assistantwith a downtown law firm. WhenPryor looked her up in 1992,though, Koeninger willingly cameon board with her at PrudentialProperties of Oklahoma.
“It’s one of the best things I everdid,” Koeninger said.
As 2012 president of the Okla-homa City Metro Association ofRealtors, Koeninger said she seeseducation as an important compo-nent of the upcoming year. Shift-
ing financial requirements andnew payment assistance programsfor home buyers make educationcrucial.
“Unless a Realtor is educated,it’s hard to be out there telling thepublic what’s going on with that,”
she said. “You need to be con-stantly, constantly on top of youreducation. I very strongly believethat.”
And Koeninger, 63, an agent
PRESIDENT OF REALTORS’ GROUPPUTTING FOCUS ON EDUCATION
Lorna Koeninger, 2012 president of the Oklahoma City Metro Association of Realtors, shows a home she once sold on Edinburg Drive, in theWestbury South addition in Oklahoma City. PHOTO BY PAUL B. SOUTHERLAND, THE OKLAHOMAN
Colorful mugs with the Realtors logo line a shelf at the Realtor Shop at the Oklahoma City Metro Asso-ciation of Realtors office building, 3131 Northwest Expressway. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
SEE REALTORS, PAGE 2F
2F . SATURDAY, FEBRUARY 11, 2012 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
with Paradigm Advant-Edge Real Estate, practiceswhat she preaches, spend-ing a lot of time at the Re-altors’ headquarters at 3131Northwest Expressway.
“I’ve been living downhere practically for the last20 years,” she said. “Yeah,I’m a familiar face downhere.”
She served on the com-mittee that helped estab-lish the Realtor Shop insidethe headquarters. It hasgrown from a booth offer-ing forms in the lobby to aspacious retail space thathas become a de factoclubhouse for agents onbreak from classes or in thearea for business.
Signs of all kinds lineone wall; shirts and acces-sories line another. Yet an-other wall is taken up withshelves full of forms, anyform an agent might need.Nearby tables providework space, and free coffeeoffers what might be amuch-needed jolt. Someagents even meet clientsthere, sipping coffee andmunching free popcorn asthey consult.
“So, it’s kind of a mem-ber thank-you,” Koeningersaid.
Good career fitShe began her real estate
career in Dallas, getting li-censed there in 1976.
“My family has alwaysbeen involved in real es-tate,” she said. “My dadwas a builder, and we justalways had real estate inour blood. My brotherswere always really involvedin their associations.”
And real estate hasproved to be the perfect fit.
“I’m a people person,”she said. “I like workingwith people, and what bet-ter way to work with peo-ple than being in real estateand being out there withthem every day?”
After she married, shemoved to Albuquerque,N.M., where she workedwith developer Ben Abruz-zo — better known to therest of the country as theballoonist who firstspanned the Atlantic andPacific, and one of theforces behind Albuquer-que’s balloon festival — insome of the city’s best-heeled areas.
She was moving fromthere to Oklahoma Citywhen she saw Pryor’s bill-board.
“And I wanted to buy theold rat-infested buildingsdowntown,” she said. TheMetropolitan Area Projects— MAPS — was still a fewyears down away, anddowntown Oklahoma Citywas largely abandoned.Koeninger ultimatelypassed on the idea.
“I love telling that story,”she said. “I could’ve been abillionaire today if I’d havepushed it.”
Oklahoma’s housingmarket was enough of achallenge, though, stillstruggling out of the oilbust earlier in the decade.Koeninger took a “glass-half-full” approach.
“At that point, Okla-homa was way down,” she
said, “and the only place itwas going to go was up.”
The past few years, shesaid, she’s watched as realestate companies havemerged, even as small, in-dependent offices havesprung up, often with ex-perienced husband-wifeteams.
“Combining your re-sources and your knowl-edge and your resources,you know, it just makes youstronger,” she said.
Of the small shops withexperienced hands, she
said, “You can’t really re-tire anymore. And theirknowledge in real estate isso strong, and they havesuch a following — I mean,you have such a database.They want to do their ownthing with their own peo-ple, and real estate makes itpossible for them to dothat.”
In short: Times, they area-changing in real estate.
Oklahoma felt some im-pact from the nationalhousing market woesthanks to foreclosures and
squeezed credit.“But Oklahoma’s central
location offers it an advan-tage,” Koeninger said.“And so does the climatenurtured by OklahomaCity Mayor Mick Cornett. Ithink he has a really posi-tive outlook for OklahomaCity and the surroundingareas.”
She said her outlook isequally positive.“I think in2012 — this year is going tobe a fantastic year. I’m al-ready seeing it,” she said.
FROM PAGE 1F
Realtors: Family in real estate
Left: Homeowner Belinda Gray talks with Lorna Koen-inger, president of the Oklahoma City Metro Associ-ation of Realtors, at Gray’s home on Edinburg Drive inOklahoma City. Koeninger handled the sale of Gray’shome and numerous others in the Westbury Southaddition in recent years.
PHOTO BY PAUL B. SOUTHERLAND,THE OKLAHOMAN
Lorna Koeninger, 2012 president of the Oklahoma City Metro Association of Real-tors, shows merchandise in the Realtor Shop in the association building at 3131Northwest Expressway. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Signs fill a wall at the Realtor Shop in the Oklahoma City Metro Association ofRealtors office building. PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
Realtors clothing and accessories at the Realtor Shop.PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
The Realtor Shop sells marketing materials and books on real estate.PHOTO BY DAVID MCDANIEL, THE OKLAHOMAN
THE OKLAHOMAN | NEWSOK.COM SATURDAY, FEBRUARY 11, 2012 . 3FREAL ESTATE
WASHINGTON — Do youfit any of these descrip-tions?
I You came through thehousing bust and reces-sion far more debt-aversethan you were before.
I You’ve been reluctantto consider selling yourhouse because you don’tbelieve you’ll get what it’sreally worth.
I Buying a new home isout of the question, evenwith today’s low interestrates, because it’s so diffi-cult to qualify for a mort-gage.
I You’ve gradually cometo the conclusion that it’ssmarter to improve thehouse you already own —spend some money onmaking it more comfort-able, more up to date —and just stay put for awhile.
Whether you sharethem or not, sentimentssuch as these are havingprofound effects on realestate markets across thecountry, fueling post-re-cession interest in remod-eling. In fact, according tofederal estimates, by latelast year the annualizeddollar value of expendi-tures on renovations out-stripped expenditures onnewly constructed singlefamily homes — a hugechange from pre-recessionyears, when the ratio wassometimes 3-to-1 in favorof new construction.
Underscoring thistrend: In late January, theNational Association ofHome Builders’ remodel-ing market index hit itshighest level in five years.It’s not that remodeling ismoving into boom territo-ry, said David Crowe, chiefeconomist of the associ-ation, but rather that formany consumers, fixingup their house now fitstheir sentiments — andtheir finances — far betterthan selling or buying.
Changing strategiesInterviews with builders
and remodelers in differentparts of the country pointto important changes inhomeowner strategies.
In Seattle, Joe McKin-stry, president of JosephMcKinstry ConstructionCo., said inquiries aboutpossible remodeling pro-jects have nearly tripled inthe past 12 months.
“I feel like people arestarting to say, ‘Well, we’renot going to move anytimesoon because, if we do,we’re going to get 30 per-cent less than the house isworth. Why don’t we dosomething in the kitchenor bathroom for our ownenjoyment, since we’re notgoing anywhere realsoon?’ ” he said.
Generally the projectsthat people want to do areno longer on the grandMcMansion show-offscale, but smaller, moremodest, less costly effortsthan five to seven yearsago, with more emphasison finishing details andquality than square foot-age.
“Now (owners) are be-ing much more judiciousabout how they spendtheir money,” McKinstrysaid. “They’ve gottensmarter and more analyt-ical” about what they wantto invest in their real es-tate.
Bob Peterson, chief ex-ecutive of ABD Design/Build in Fort Collins, Colo.,also is seeing a significantjump in interest in reno-vating, especially fromowners who have been intheir houses for years, havebuilt up some savings andmanaged to get throughthe recession without fall-ing behind on their mort-gages.
The average project thatPeterson’s firm is doingnow costs about $45,000,and 90 percent of his cli-ents are finding ways topay cash.
“If they’re financinganything, they’re not tell-ing us about it,” said Peter-son, who also is chairmanof the Remodelers Councilof the National Associ-ation of Home Builders.
Sources of financingBruce Case, president of
Case Design/Remodelingof Bethesda, Md., agreedthat because of high un-derwriting hurdles in themortgage market, the ma-jority of his remodelingclients are tapping savings,retirement accounts, liq-uidating securities and thelike. But 20 percent of hisfirm’s dollar volume stillinvolves some form of fi-nancing, particularly forhigher-cost projects.
Where do these folks gofor their money? Case saidlocal and regional banksand credit unions are in-creasingly importantsources. They tend toknow the local real estateenvironment better and“are willing to look at (ap-plications) more holisti-cally.”
Some clients are suc-cessfully using the Federal
Housing Administration’srenovation financing pro-gram known as “FHA203(k).” Others who havesolid equity stakes, highcredit scores and other as-sets that they can bring tothe table are persuadinglarge national banks to givethem a mortgage. And afew are pulling on lines ofcredit that weren’t slashedduring the recession.
Facing realityWhat Case and other
remodelers are not seeingis clients who fret aboutimmediate paybacks fromthe improvements. Mostowners want assurancethat their renovations willenhance the property’smarket value, but boom-time expectations of 100percent-plus returns oninvestment are gone.
Most people are happywith modest returns, re-modelers said, which isright in line with what’shappening overall in thereal estate market: a slow,modest recovery, spurredby modest and realistic ex-pectations.
4F . SATURDAY, FEBRUARY 11, 2012 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
The second annualOklahoma City Spring Re-model & Landscape Showwill be Feb. 24-26 at CoxConvention Center, withexhibits and demonstra-tions from local and na-tional companies and spe-cial landscape featuresmeant to help people withhome improvement.
Tickets will cost $3 foradults, with those 17 andunder admitted free. Theshow will be from 2 to 8p.m. Feb. 24, from 10 a.m.to 8 p.m. Feb. 25, and from11 a.m. to 5 p.m. Feb. 26.
The show producer isL&L Exhibition Manage-ment of Bloomington,Minn.
Remodel,landscapeshow setFROM STAFF REPORTS
Q: My 1975 split-levelhome is brick-faced withaluminum siding allaround. I wish to place ex-terior insulation, hard-panel type, on the exteriorfoundation wall (of thebasement).
The exterior foundationwas backfilled in after thehouse was built. The inte-rior walls of the basementhave not yet been insulat-ed, but I will do that in thefuture.
Specific questions:1. I will dig around the
foundation wall to placethe insulation at 3 feet be-low the frost line; thatwould make the panellength required about 7feet, with 4 feet being vis-ible. What kind of insula-tion is best for this loca-tion?
2. I would paint the in-sulation panels to matchthe concrete, using exte-rior latex. Is latex the bestpaint system to use?
3. Do you think thiswould reduce the heat lossfrom the basement walls tothe exterior, and is it cost-effective?
4. Do you have any arti-cles regarding the insula-tion of the exterior walls?
A: You might want to
consider just placing theinsulation on the interiorwalls. As long as yourbasement is dry, thiswould save you some ex-pense, as well as a lot ofadditional work. It also re-duces the risk of termites,which can become a prob-lem in some areas wherefoam board is used belowgrade.
To answer your ques-tions:
1. For below-grade ap-plications, you should usean extruded polystyreneinsulation that’s specifi-cally rated for this use. Ex-truded polystyrene resistsdegrading from soil andmoisture contact, hasgood compressive strength(the soil won’t crush it),and retains its R-valueeven when damp. It can beapplied directly to con-crete basement walls orover damp-proofing. In-stallation is usually done
with an approved adhe-sive.
2. Extruded polystyrene(and all foam boards) thatis exposed above gradeneeds to be physically pro-tected against damage aswell as covered with athermal barrier. Simplypainting it is not adequate.For your particular appli-cation, your best bet is tocover it with a sheet metalcover with a sloped top toallow rainwater runoff.
3. Yes, it will preventheat loss. As far as beingcost effective, that de-pends on how much ex-pense you need to put intothe excavation work.Again, you might want toconsider applying it to theinterior instead.
4. I would go to www.energysavers.gov, which ispart of the U.S. Depart-ment of Energy. Do asearch for foam board orbasement insulation, andyou’ll get a wealth of infor-mation about everythingfrom types of products toinstallation techniques.
Remodeling and repair questions? EmailPaul at [email protected]. Allproduct reviews are based on theauthor’s actual testing of free reviewsamples provided by the manufacturers.
INMAN NEWS
Insulating exterior wallbrings many questions
PaulBianchina
HANDY @ HOME
DEAR BARRY: Webought our home twomonths ago, and this weekour septic system backedup into the basement.
When the septic con-tractor dug up the tank, ithad no lid and was filledwith dirt.
If we had known aboutthis, repairs could havebeen made before webought the property.Shouldn’t this have beencaught by our home in-spector?
WhitneyDEAR WHITNEY:
Home inspectors reportdefects that are visible andaccessible. Conditionsthat are underground areexempt from that kind ofinspection.
The only clue your homeinspector might have hadwould have been slow orcongested drains at thesinks, tubs or showers.
If those fixtures weredraining properly on theday of the inspection,there is no way your homeinspector could haveknown about the problem.
When buying a homewith a septic system, it isstandard procedure forsellers to provide a septicreport from a qualifiedcontractor.
A septic contractorshould have excavated thetank before you purchasedthe home. The tank shouldhave been pumped out,and the entire systemshould have been testedand evaluated.
If any real estate agentswere involved in the trans-action, they should haverecommended that a sep-tic inspection take place.Failure by an agent to ad-vise a septic inspectionwould constitute profes-sional negligence.
The big question iswhether the sellers were
aware of the problem.A septic tank full of dirt
must have caused previousbackups.
It so, it would be reason-able to expect that the sell-ers had knowledge of thiscondition.
Disclosure laws in moststates require sellers toprovide information aboutsuch defects. You shouldcontact the sellers andagents about this situationimmediately, and be sureto take pictures of the im-pacted tank.
To write to Barry Stone, go to www.housedetective.com.
ACTION COAST PUBLISHING
Buying home with septicsystem calls for inspection
BarryStone
INSPECTOR’S IN THEHOUSE
THE OKLAHOMAN | NEWSOK.COM SATURDAY, FEBRUARY 11, 2012 . 5FREAL ESTATE
ALBANY, N.Y. — New York’s at-torney general accused some ofthe nation’s largest banks of de-ceit and fraud in using an elec-tronic mortgage registry that hesaid puts homeowners at a dis-advantage in foreclosures whilesaving banks over $2 billion.
Democrat Eric Schneidermansued Bank of America, J.P. Mor-gan Chase and Wells Fargo overtheir use of the Mortgage Elec-tronic Registration Systems Inc.,or MERS, claiming the bankssubmitted court documentscontaining false and misleadinginformation that appeared toprovide the authority for fore-closures when there was none.
The lawsuit also names theregistry operator, MERSCORPInc. of Virginia.
Schneiderman claims theMERS system has eliminatedhomeowners’ ability to track
property transfers through tradi-tional public records. He said theelectronic system now storesthat data and is plagued by inac-curacies and what the lawsuitcalls “faulty and sloppy docu-ment preparation and executionpractices.”
“The banks created the MERSsystem as an end-run around theproperty recording system, to fa-cilitate the rapid securitizationand sale of mortgages,” Schnei-derman said. “Once the mort-gages went sour, these samebanks brought foreclosure pro-ceedings en masse based on de-ceptive and fraudulent courtsubmissions, seeking to takehomes away from people withlittle regard for basic legal re-quirements or the rule of law.”
MERS spokeswoman Janis L.Smith said the company com-plies with all laws and countyand state recording regulations.
“Federal and state courts
around the country have repeat-edly upheld the MERS businessmodel, and the validity of MERSas legal mortgagee and nomineefor lenders,” she said.
MERS was set up by banks to
rapidly package and sell mort-gages as securities without re-cording each transaction incounty records offices. Com-plaints allege among otherthings that homeowners havetrouble responding to foreclo-sure actions and mortgage inac-curacies because MERS makes itdifficult to find out who ownsthe mortgages.
“By creating this bizarre andcomplex end-around of the tra-ditional public recording system,banks achieved their primarygoal — over 70 million mortgageloans, including millions of sub-prime loans, have been regis-tered in the MERS system andthe industry has saved more than$2 billion in recording fees,” ac-cording to the lawsuit.
The lawsuit also claims thatover several years, “banks rapid-ly securitized and sold off mil-lions of loans, often misrepre-senting the quality and nature of
the mortgages being trans-ferred.”
Last month, President BarackObama announced a new JusticeDepartment fraud-fighting unitto bring together 55 prosecutorsand federal and state investiga-tors focusing on one of the con-tributing causes behind the fi-nancial crisis — the collapse ofresidential mortgage-backed se-curities. Obama named Schnei-derman as co-chairman.
Delaware officials have saidMERS has sown confusionamong consumers, investors andother stakeholders in the mort-gage finance system. Officialsclaim the company has damagedthe integrity of Delaware’s landrecords system and led to unlaw-ful foreclosure practices.
The Massachusetts attorneygeneral sued the banks andMERS in December and Dela-ware’s attorney general has suedMERS Corp.
New York sues banks over foreclosuresBY THE ASSOCIATED PRESS
The banks createdthe MERS systemas an end-runaround theproperty recordingsystem, tofacilitate the rapidsecuritization andsale ofmortgages.”
ERIC SCHNEIDERMANNEW YORK ATTORNEYGENERAL
LOS ANGELES — A NewYork hedge fund manag-er’s plan to demolish aneye-catching steel-and-glass home in Malibu andbuild a two-story Califor-nia Mission-style resi-dence has neighbors in alather over the potentialloss of ocean views andwhat some decry as thewaste of a perfectly goodhouse.
Once described asamong the most signifi-cant new structures inMalibu, the building setfor destruction was de-signed by architect BartPrince and hugs the slopein a neighborhood of pri-
vate tennis courts, swim-ming pools and lush lawns.
Among residents urgingpreservation of the house— as well as million-dollarviews — are Julia Roberts,Sean Penn, Don Ricklesand Chad Smith, drum-mer for the Red Hot ChiliPeppers.
“In my wildest dreams, Iwould never, ever havethought it would be possi-ble for someone to buildcloser to our home … andalso into the view of whatyou know is so precious tous and our family,” saidSmith, who lives next doorand is leading the effort tostop the project. “It blowsme away that this is pos-sible.”
To some, the controver-
sy recalls other high-pro-file battles over coastallands.
U2 guitarist the Edge,whose real name is DavidEvans, has for years en-countered blowback fromthe California CoastalCommission and residentsover plans to build fivewidely spaced mansionson a scenic ridge top. Andin 2003, TV tycoon A. Jer-rold Perenchio tussledwith the coastal panel afterenvironmental activistsblew the whistle on his un-permitted pitch-and-puttgolf course in the exclusiveMalibu Colony.
But this preservationbattle is unusual in that thePrince-designed housewas completed only in
2005. Although it wasshowcased by the late ar-chitectural photographerJulius Shulman in his book“Malibu: A Century ofLiving by the Sea,” would-be preservationists arefinding it tough to layclaim to historical signifi-cance.
The 1-acre property wasbought in 2010 by the So-gel Family Trust for $6.2million, down from theoriginal listing price of$9.9 million, after 318 dayson the market.
Behind the trust areSean Fahey, a co-founderof Claren Road Asset Man-agement, and his wife,Robin Luce. The couplesaid the home did not fittheir needs or taste.
Demolition plan upsets neighborsBY MCCLATCHY-TRIBUNEINFORMATION SERVICES
6F . SATURDAY, FEBRUARY 11, 2012 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
The Listing of the Week is a large two-story custom home with a pool on a lake-front cul-de-sac in south OklahomaCity’s Rivendell neighborhood.
The 5,213-square-foot home at 12904Anduin Ave. has four bedrooms, threebaths, three half-baths, five living rooms,two dining rooms and an attached four-car garage. The formal living room has afireplace. Another living room has a fire-place, built-in entertainment center andceiling fan. The formal dining room has abay window. The kitchen has a breakfastbar, work island and pantry.
The master bedroom has a fireplaceand ceiling fan and bathroom with doublevanities. Secondary bedrooms have ceil-
ing fans; two have walk-in closets. Thehome has a theater room, game room andplay room. Expansive windows look outon the lake and pool area. The home hasfloor-to-ceiling bookcases, hand-scraped wood floors, a balcony, coveredpatio, hot tub, storm shelter, central vac-uum system and sound, security and un-derground sprinkler systems.
The home, built in 2004, is listed for$1.39 million with Jill Baker of 1st UnitedOklahoma Inc. Realtors. For more infor-mation, call 473-6256.
Nominations for Listing of the Week are welcome. Sendinformation on single-family homes to The Oklahoman,Richard Mize, P.O. Box 25125, Oklahoma City, OK 73125.Nominations may be faxed to 475-3996.
LISTING OF THE WEEK
The Listing of the Week is at 12904 Anduin Ave. PROVIDED
Large two-story customhome features a pool
ALBUQUERQUE, N.M. — Ahandful of online scamshave touched online homelistings in Albuquerqueand neighboring Rio Ran-cho.
People have taken on-line information on homesfor sale and then adver-tised them as being forrent and taken depositmoney from would-berenters, said Realtor MikeLizzi.
Lizzi and Rio Ranchopolice have some suggesti-ons on how potentialhomeowners or renterscan avoid being duped byscammers looking to taketheir money.
Look for red flags. Forinstance, beware if some-
one conducting a transac-tion claims to be out of thecountry.
“They say how theywent overseas on sometype of work contract andhave documents and triedto look for a managementcompany before they leftbut could not find one,”Lizzi said.
Police Sgt. NicholasOnken said potentialhomebuyers or rentersshould meet with the per-son selling or renting theproperty. He also suggest-ed that buyers and rentersdo comparison shoppingto make sure the askingprice or rent is in the samerange of other surroundingproperties.
Lizzi said, “Go drive bythe home. See if someoneis living there. See if thereis a sign in the yard. …
Never ever wire money orsend documents.”
Lizzi said scam artistsalso use personal catastro-phes to distract potentialbuyers and say they are of-fering them a home at alower asking price becausethey are in some type ofdire straits.
Onken said people withbad credit, financial issuesor under other stressmight allow the pressuresto cloud their decisionmaking. He said that po-tential buyers and rentersshould do their researchbefore agreeing to rent orbuy a home.
Sam artists, Lizzi said,“will also say money is notimportant and they justwant someone to take careof the house.”
MCT INFORMATION SERVICES
N.M. residents aretarget of rental scamsBY ROZANNA M.MARTINEZAlbuquerque Journal
PIEDMONT — PhillipGibson has joined Paradi-gm AdvantEdge Real Es-tate at 13100 Colony Pointein Piedmont as a residen-tial real estate sales agent.
He holds a bachelor’sdegree in business man-agement and a masters in
international manage-ment.
He lived and worked inAsia for 26 years beforemoving to Hawaii in 2002.He owned and managedseveral businesses and stillhas business interests inHawaii.
Gibson joins ParadigmAdvantEdge in Piedmont
Phillip Gibson
THE OKLAHOMAN | NEWSOK.COM SATURDAY, FEBRUARY 11, 2012 . 7FREAL ESTATE
The Marseille has aFrench Eclectic flavor.Telling elements include: asteeply pitched hip roof, awrought-iron balcony rail-ing and shutters that flankarched, multipane win-dows.
Popular from about 1915to 1945, this style passedout of fashion for severaldecades. Neo-eclectichomes regained popularityin the 1960s, and the trendis still growing.
This plan is designed forconstruction on a lot thatslopes up to the left.
Families who enjoy en-tertaining will delight inthe large gathering spaces.
The kitchen, nook andfamily room flow togetherat the rear. This window-
rich space has a Frenchdoor that opens onto a par-tially covered deck. Foursets of multipane windowssparkle across the backwall, and two more borderthe fireplace.
In the kitchen, a raisedeating bar rims the workisland. Cupboards andcounters line three sides ofthe kitchen as well, and la-zy Susan shelving makescorner access a breeze.
A handy powder room isnear everything, and thegenerously sized utilityroom is also close, alongwith a large recreationroom. This room couldhouse a pool table, homeentertainment center, and
so on.Each of the four bed-
rooms upstairs has directaccess to a bathroom.Bathrooms for the Mar-seille’s owners’ suite andone additional bedroomare private, while the othertwo bedrooms share a two-section bathroom. Otherowners suite amenities in-clude a dual vanity, spa tuband walk-in shower.
A review plan of the Marseille, includingfloor plans, elevations, section andartist’s conception, can be purchased for$25 by phone, mail or online. Add $5 forshipping and handling. AssociatedDesigns, 1100 Jacobs Drive, Eugene, OR,97402. www.associateddesigns.com.(800) 634-0123.
HOUSE PLAN
Marseille is French Eclectic
The dream of a perfectlawn, if that’s your goal inlife, is easier than youthink.
No watering. No ferti-lizing. No mowing. Noweeding.
Just sit back and enjoythe sight of green grass —synthetic, that is.
SYNLawn, the maker ofresidential synthetic grass,teams with Lowe’s to pro-vide the look of a perfectlawn for weekend warriorswho want to be the envy oftheir neighborhood.
The company providesrolls of synthetic turf inthe most popular sizes,along with basic installa-tion tools for customerswho need smaller amountsof turf and want to install itthemselves, according to anews release.
SYNLawn has beentesting the program insome Lowe’s stores for acouple years, and now of-fers it in 463 stores fromSouth Carolina to Califor-nia; it should be in all
stores within a coupleyears. Online, you can findit in fescue, zoysia andBermuda textures, as wellas pre-cut putting greens.
The new program offersthree pre-cut and pre-packaged sizes offeringflexibility for design.Those sizes are 3-by-11, 5-by-7 ½ and 7 ½-by-11feet. These pre-cut piecesof synthetic turf can beused for a variety of pro-jects ranging from land-scaping areas, pet areas,play areas, common areas,garages, basements, roofdecks and outdoor patios.Costs for the stock rollsrange from $130 to $300.
The synthetic turfcomes with detailed in-stallation instructions.Lowe’s carries all toolsneeded for the project.
The turf eliminates mudtracking, is washable, nonallergenic and comes witha warranty whether youhave it installed or do ityourself.
“SYNLawn turf prod-ucts save millions of gal-lons of water each year, re-duce carbon emissions andfuel consumption fromlawn equipment, and keep
fertilizers and pesticidesaway from pets and out ofthe groundwater supply,”said George Neagle, vicepresident of sales andmarketing for SYNLawn.“The uses are only limitedby the imagination of thecustomer.”
SYNLawn productshave replaced petroleum-based polyurethane withsoybean oils in the manu-facturing process, utilizesecondary backing mate-rials made from recycledplastic bottles, and are100-percent recyclable,according to SYNLawn.com.
MCT INFORMATION SERVICES
SYNLawn is a synthetic grass that is easy to install and maintain. MCCLATCHY-TRIBUNE PHOTO
946-6548Walford Apts-Midtown-518 NW 12 Giant 1 bed1bath 1100sf $800/mo$600/dep dishwasher &wash&dryer hkups, mustsee; Studio 650sf $600mo$300dp409-7989 no sec 8
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Water Well, 2.82 ac,fronts on lake, near Purcell& Lexington $217.15moOwner carry, 226-2015
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Priced to sell @ $178,50010 days only, then welist w/realtor at higherprice. 2100 sf, 4br, 2ba,new roof & appls, lots ofupdates. 18113 EnglishOak Ln. Open 2/19, 2-4pm. Will show before byappt. 574-6548/574-4918
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