ELECTION MANIA, BREXIT AND TRAVEL UPDATES!

The upcoming election is certainly overwhelming our media! But recently Brexit has taken front stage. Currently interest rates are trending down, following the Fed decision to hold on any further rate increases for now, slowing employment and economic indicators, and the flight to security of US bonds, with Britain’s vote to exit the EU.

Home prices are reaching and in some cases exceeding the levels of the last decade, so this makes for a great time to refinance, especially for many who were unable to do so a few years ago. I’m seeing lots of debt consolidation refinances as well as refinances to drop rates. Yes, there are still plenty of people out there with rates in the 5’s and higher, who could benefit from a refinance. Anyone with a rate over 4.5% can likely benefit from current rates.

TRAVELS

Steve and I returned to Cocoview for the fourth time in February. We don’t like it there much! This is a dive resort on the island of Roatan in Honduras, in the western Caribbean. www.cocoviewresort.com. We stay in a private home down the beach from the main buildings for more privacy and quiet. Here is sunset from our home.

As usual the diving was great, and the sand fleas were biting (Steve). We met some fun, interesting people including a family of four from Houston, and a couple from Seattle. Dive boats leave the dock twice a day for four boat dives daily, and shore diving is unlimited. We were disappointed my daughter and her husband were unable to join us due to the Zika threat. For good reason, she is expecting in September! Yahoo, exciting!

MUSEUM TOWER

We flew in and out of Dallas, with a few days spent in Dallas each way, making the travel to Roatan much easier. The Tower continues to perform very well with the building over 60% sold. Dallas is always fun! And, the Tower has a great pool!

We stayed another weekend in Dallas in April for a wedding, and rented bikes one day for a ride around White Rock Lake, home to the Dallas Arboretum and Botanical Gardens. The lake is filled with sailboats and surrounded by beautiful homes. There are hiking and biking trails all the way around it, and some leading away and into other park areas. You could literally ride for hours.
We usually try to fit in a walk on the Katy Trail when we are in town, including a stop at the Ice House, a lively open air bar/restaurant. www.katyicehouse.com Great beer and burgers!

GRADUATION AND MORE WEDDINGS

May brought the graduation of David, Steve’s youngest son, from San Jose State with a B.S. in International Business.

WOW! We stayed in an Airbnb in Sunnyvale in a very cool new downtown environment in the Heritage District just off Murphy Avenue. We dined our first evening at the Steakhouse in the Fairmont, which was a real treat with grandparents, parents and kids in attendance. Friday evening we had a quiet dinner at Roberto’s Cantina on Murphy. Highly recommended! www.robertoscantina.net

After the grad festivities we flew to LA for a wedding at the Four Seasons Beverly Hills. Quite an event from beginning to end! Champagne upon arrival, fabulous food, dancing and fun. And, brunch the next morning. We were completely spoiled.

IN MEMORIAL

We celebrated Susan Green in mid-March for her birthday, and watched her ashes spread over the mountains above Palm Springs. It was a lovely, moving event. Then, last week we celebrated the life of Christy Christian Motter, the daughter of very dear friends and lost to us far too early.

Steve and I continue to enjoy Dana Point and all it has to offer: beaches, the harbor, our Yacht Club, hiking and biking paths nearby, wine tasting events, etc. Next we are off to Lake Tahoe for the 4th!

Hoping you are all happy, healthy and have a safe 4th of July!

My Holiday Event Picks - All Around SoCal

BOAT PARADES:

Dana Point Harbor Boat Parade of Lights, December 11th, 12th, 18th and 19th – 7:30 p.m.

Huntington Harbor Boat Parade and Philharmonic Cruise of Lights, December 12th and 13th, 5:15 p.m.

Marina del Rey Holiday Boat Parade, Saturday December 12th - 5:55 fireworks and Parade is 6:00 to 8:00 p.m.

Channel Islands Harbor Parade of Lights, Saturday December 12th – 7:00 p.m.

Newport Beach Christmas Boat Parade and Ring of Lights, December 16th – 20th 6:30 p.m.

Ventura Harbor Holiday Parade of Lights & fireworks, Friday December 18th and Saturday the 19th – 6:30 p.m.

King Harbor Holiday Boat Parade, December 12th 3:00 p.m. Concert and 5:45 boat parade

Oceanside Harbor Parade of Lights, December 12th

Mission Bay Christmas Boat Parade of lights, December 12th

Port of San Diego Bay Parade of Lights, December 13th and 20th, 5:30 p.m.

CULTURAL EVENTS:

Westlake Village Symphony Christmas Concert, Friday December 4th - 8:00 p.m.

The Nutcracker, Dolby Theatre in Hollywood, December 12th and 13th

A Christmas Carol, South Coast Repertory Theater, through December 27th

Handel’s Messiah, Segerstrom Concert Hall, December 6th

A Child’s Christmas in Wales, Camino Real Playhouse, through December 20th

The Nutcracker, ABT at the Orange County Performing Arts Center, December 10th – 20th

A Swingin’ Christmas: The Count Basie Orchestra, Disney Concert Hall December 21st – 8:00 p.m.

Tis the Season, Pacific Chorale at OCPAC, December 20th and 21st

OTHER FUN FAMILY STUFF!

Palm Springs Festival of Lights Parade, December 5th – 5:45 p.m.

Corona Del Mar Christmas Walk, December 6th – 11:00 a.m. to 4:00 pm.

Santa Barbara Zoo -- Open on December 25th –!

Pershing Square Ice Rink with DJ’s, December through January 18th

Chanuka Festival, Ventura Harbor Village, Sunday December 13th – 2:00 p.m.

Janss Marketplace Holiday lights and Music Spectacular, December 11th to 24th – 6:00 to 8:00 p.m.

Venice Canals Holiday Lights Tour, December 15th to January 4th – 2:00 to 5:30 p.m.

LA Zoo Lights, including reindeer, at the LA Zoo, December through January 3rd, 6:00 to 10:00 p.m.

Griffith Park Holiday Light Festival Train Ride, Month of December, 5:00 to 9:00

San Diego Botanic Garden of Lights, December 26th – 30th, 5:00 to 9:00

Sawdust Festival Winter Fantasy, Laguna Beach, weekends through December 20th, 10:00 a.m. through 6:00 p.m.

Irvine Park Railroad Christmas Train with Santa, through December 23rd, www.irvineparkrailroad.com

Great Dry Land Yacht Parade, Villa Park, December 13th 5:00 to 7:00 p.m.

This is a photo in downtown Dallas at the Klyde Warren Park, with Museum Tower in the background, from last December.

I am wishing you all a fabulous holiday season filled with fun and family!

Milestones, Spring and Wedding Season!

There is so much to report, I don’t know where to begin! Let’s get business out of the way first:

MARKET UPDATE

Rates have been slowly creeping up, but still in an erratic fashion. International events, such as the recent actions of Russia in Ukraine, have had a positive effect on mortgage rates.

For now the overall outlook is positive in terms of Real Estate sales volume, steadily rising values, and mortgage rates still in the mid-4’s for most loans. Of course there are many variables that affect your rate! Some programs have loosened guidelines, and I have even seen hints of bank statements-only programs….but overall we are still working in a very conservative underwriting environment.

MILESTONES

Both Steve and I celebrated BIG birthdays (!) in grand style earlier this year. We had a lovely dinner party at our home for him in January, and hosted family and close friends.

In mid-February we took our entire family (14 in all, including my baby grandson and spouses/partners) to CocoView on Roatan in the Caribbean. www.cocoviewresort.com We had an absolutely marvelous and unforgettable time scuba diving, playing games, snorkeling and just generally relaxing. Our family flew in from Vermont (Ken) Michigan (Katie and Paul) Illinois (Courtney) Sacramento (Moselle) San Jose (David) and the rest of us all from LAX via Houston or Dallas.

You can imagine it was a logistical nightmare---but we all arrived eventually-- and we stayed in three rental homes right on the beach.

We held a ceremony one afternoon to celebrate my late mother Patricia’s life. I can honestly say this trip was the best vacation of my life. It doesn’t get any better!

DALLAS

My birthday was in March, and I had a quick trip to Dallas the week before which was filled with evenings out. I really enjoy the restaurants in Dallas! We had a birthday dinner at Al Biernat’s, an institution in Dallas. www.albiernats.com Our last evening we went to Nick and Sam’s where we were served with complimentary champagne and caviar, for my birthday. Wow! www.nick-sams.com I can’t wait to return in May…it will be nice and warm. The pool at Museum Tower is the absolute most beautiful pool in Downtown with views of the skyline.

FAMILY WEDDING!

My daughter Katie was married April 26th in Palm Springs. All in all, it was a lovely week from beginning to end, and involved non-stop parties and never-ending things to do. Her new husband Paul is from Wisconsin, so there was a large contingent of friends from Wisconsin and Michigan, where they live now, and plenty of locals from SoCal and NorCal. Katie’s bridal party were all athletes from Cal, Michigan and UCLA. Notable guests included Katie’s high school swim coach, her childhood babysitters from our old neighborhood, and lots of new and old friends and relatives who traveled a long distance to witness the event. www.vrbo.com/89766 The reception was held outdoors at the Historic Cree Estate which boasts the largest private pool in the desert (it actually has two pools and a Jacuzzi on-site).

The estate was occupied by most of the wedding party from Friday through Monday. A fun-filled time was had by all! I rented another home, the Sonny and Cher estate, with my sister and stayed there with her kids and Steve’s…we hosted a family event before the wedding. Nice digs! I love VRBO- www.vrbo.com

MUSIC

I attended a fabulous concert in Denver – Justin Timberlake or “JT”, for those of you in the know. I met my sister and daughter in Denver, where we were joined by my niece --who attends the University of Colorado, Boulder. We stayed at a “Hip” hotel walking distance to the concert. www.thecurtis.com Unfortunately when we left the venue after the concert, it was near blizzard conditions, so we couldn’t walk back, and had to fight over a car to get back. However my sister is very persistent, and convinced a cabbie he HAD to take us! We all lived to tell the tale!

I hadn’t been in Denver for years and the downtown is experiencing a resurgence of new restaurants, wine bars, galleries, etc. All in all, the 20/20 Experience concert was the best I can remember ever, and I love concerts! Do see it if you have the chance. The sheer variety of genres JT can handle is amazing, and his dancing had me trying the same moves on the way home (not a good idea in the snow!!!)

Life is great and I feel very lucky! Here I am with my two handsome sons. Next up: Cozumel in June...
Take Care!

HAPPY NEW YEAR

As I write this the end of 2013 is here. This year has brought about many changes and I’d like to update you on those affecting the Mortgage business, as well as my personal updates.

The State of Mortgage Lending

Rates fluctuated up and down within a fairly narrow range all year, but were steadily rising since May. We now see most mortgage rates in the mid-to high 4’s depending on loan term, loan amount, and property occupancy.
The biggest change coming up for 2014 is the new requirements vis-à-vis Frank Dodd for “Qualified Mortgages” which are loans with specific characteristics leading to a high probability of payback. Meaning, goodbye to most interest-only loans and hello to strict income qualifying ratios, and fully amortizing loans.

Purchase business continued to pick up this year in the face of rising home values and still relatively low interest rates. Next year should prove to show us more of the same, with rates steadily rising.

The Family

Steve and I bought a home in September, in Dana Point. We have a nice ocean view from the hills above Dana Point Harbor. We moved into the home in October after painting and installing new flooring (www.MacFlooringServices.com) but we still have a lot to do, to include Kitchen and bathroom upgrades. My friends tell me Rome wasn’t built in a day and it will just take time! We’ve had fun buying new (and some consignment) furniture. My favorite is our Restoration Hardware dining table of salvaged boatwood. It’s different!

Unfortunately we also lost my mother in October after a prolonged illness. At the age of 88, she had a long and full life and is dearly missed. She was my best friend, and best sounding board for many many years. Sort of encyclopedic, she was a great source of information. I’ve been receiving her New Yorker Magazine and now I know how she kept up on so much! She read voraciously and was in the middle of one of Proust’s novels.

Happier notes:

My son Kenny is working at his Alma Mater Marlboro College in Vermont as an Admissions Counselor and enjoying his work which allows him some travel (yes even here to the West Coast) on recruiting trips. We got to see him here in mid-October.

My daughter Katie and her Paul are planning their wedding in April in Palm Springs which will involve a mass exodus for many of his relatives (over 150) from Wisconsin. It should be a great party and beautiful wedding. She continues to coach water polo at a local high school and for her own club, and is now teaching Barre classes at the local Pure Barre.

Last but not least, my eldest son Drew had a great season of fishing this year on his sport fisher The Pacific Queen, www.pacific-queen.com and currently has his boat in dry dock in Ventura for winter repairs. He and Mary Grace are very busy with their my grandson Theo, who turned one on December 16th. What a charmer he is!

Thanksgiving was quiet since all our kids were celebrating elsewhere. We had a quiet evening at my favorite Wine Bistro. www.winebistrodp.com We were joined by Steve’s sister Kerry and her husband Chuck.

DALLAS

Steve and I were in Dallas over Halloween, and also had a fun trip to Dallas for his office Christmas party this month. I was prepared for the worst in terms of weather, but it was actually warm – in the 70’s – and lovely during my visit. I was able to complete my dreaded continuing education on mortgage fraud and regulations, so all in all it was a very successful trip. Dinners out included CBD Provisions, the new restaurant in The Joule www.thejouledallas.com where we enjoyed a pig’s head(!) Hmmm, not sure I’d recommend it for the faint of heart…or stomach! It was interesting…

We also enjoyed a great meal at Nick and Sam’s in Uptown. I had their foie gras, which is now illegal in California, but happily readily available in Texas. www.nick-sams.com This is a quintessential Uptown steakhouse with a great bar and chef. I bumped into some out of town visitors – well, they bumped into me, and I knew they weren’t from Dallas since they didn’t apologize. It’s true! Dallasites are extremely polite people! All in all a wonderful time. Here is the view from Steve’s condo:

I wish all of you a fabulous NEW YEAR!

MAY SHOWERS AND SPRING FLOWERS

Interest Rate update:

Rates hit record lows yet again the first of May but backed off slightly on Friday May 3rd. With home values rising rather rapidly this year, many people are now able to refinance who were prohibited in the past -- due to their home value; and many on FHA loans with Mortgage Insurance are now able to refinance into a conventional loan without MI.
On the home sale and purchase front, recent reports suggest that reluctant sellers may start coming off the sidelines now that prices have risen. It’s still a seller’s market, but with more inventory coming on the market, it is still a great time to buy…but you MUST be pre-approved before getting out to look. Many programs have loosened guidelines, but it still takes a mountain of paperwork to obtain loan approval.

TRAVEL AND FAMILY NEWS

Turks and Caicos

Steve and I took a vacation to Grand Turk in March. We stayed at the Bohio Dive Resort and had a fabulous time. We did two morning dives every day, and the diving was equal to the best we’ve had. Afternoons were spent reading, painting (in Steve’s case) and generally just relaxing. The food was spectacular, and we met some really fun people staying at the resort. Dive resorts don’t fit the typical “resort” profile but this one came pretty darn close…great service, inventive cocktails, and wonderful food. www.bohioresort.com They had live entertainment three nights we were there and it was definitely the “happening” place on the island.

Diving: Lots of turtles, nurse sharks and various other Caribbean tropical fish...there was always a lot to see. On our last day we chased a whale in our dive boat, and jumped into the water with him briefly, until he swam away. Spectacular! The island is tiny, and although there is a sizable native population, there is nothing to do or see, other than under the water. The end!

Palm Springs

I’ve had a couple of visits to Palm Springs this spring, both around birthday celebrations. The first in early March was a quick weekend jaunt. Dinner at the Steakhouse at the Spa Resort Casino was the highlight ….other than my company, Susan Green. We met with some of her extended family (Italians!) and they call Palm Springs their second home. What can I say? We danced and visited with my son Kenny who is home FOR GOOD from Europe. Thank Goodness!

I also visited Palm Springs with a girl’s group in April. We rented a home in the “Movie Colony” that was spectacular, and had dinner at the Workshop—pretty groovy—and Melvyn’s, an old Palm Springs tradition. Dinner at Melvyn’s was an elegant affaire, just like the old days. The piano bar there is a crack-up. www.Inglesideinn.com
Here is the link for the Workshop: http://workshoppalmsprings.com

Our last evening we ate early at Lulu’s and watched the PS Follies’ which was a pretty extraordinary event. I mean these really old chicks—in their late 50’s 60’s and 70’s—are the showgirls, and they really look and act the part. They are amazing looking! Just to be clear here I AM in that age group, but these showgirls put me to shame. Plastic surgery is very fashionable in the desert areas. (!)

Whatever you do, if you attend, don’t sit in the front row as the MC likes to pick on people sitting there. WATCH OUT! He’s pretty funny but a bit caustic.

DALLAS AGAIN

I always enjoy my visits to Dallas. This was my last visit to Steve’s loft in The Beat Lofts on Southside Dallas since he’s moved into the building where he is selling…Museum Tower. We did a lot of shopping for furniture for the new place. It was a bit painful (Chinese water torture?) since he takes a long time to decide, and I’m a finger-snapper. Oh well, it was fun anyway. I am very excited to visit him next time in the Tower since the pool level is sooo cool… I’d be willing to camp out on the lawn there. Of course, they wouldn’t allow it, but it would be fun!

This is a picture of me with two models--painted like statues--for a fundraising event held at the Tower:

The views from the Tower are amazing, and it is right next to the new downtown park named the Klyde Warren Park where they hold daily classes like Yoga, Zumba, and have all kinds of activities including weekend concerts, etc. A real people meeting place in a downtown area.

There are many restaurants within walking distance, not to mention the museums and theatres. This visit we enjoyed meals at Stephan Pyles, Stampede 66 www.stampede66.com and the Village Marquee Grill and Bar http://marqueegrill.com in Highland Park. We were pretty cool. haha I must say that Dallas has more great restaurants than anywhere I’ve ever been, save San Francisco and New York City.

My favorite evening included cocktails at the NYLO Rooftop Bar www.nylohotels.com, and nightcaps at Cedars Social. www.thecedarssocial.com Just real people go there! Always fun! Their champagne/vodka cocktail is the Best.

Lest you think I am vacating when in Dallas, think again. I have a work station in Steve’s office so I am completely functional with my computer, and their scanner/printer, etc. I am doing mortgage business while they are selling homes. I can’t lend in Texas unfortunately, since I am not licensed in Texas. Most of the buyers are all-cash buyers, or have their own bank loans.

KENTON

My prodigal son has returned to the USA for good...and is seeking employment. While completing his portfiolo and resume, he's taken some time off to climb in Joshua Tree. He completed a first ascent of a new route there. This is a photo of him in Yosemite and is almost as scary as the Joshua route photos...which I can't seem to upload here. Ready, GULP!

Last, but Not Least

My baby grandson Theo is growing by leaps and bounds, and I need to visit more often. Last time I was with him was in February. He’s already almost five months old and a real looker. Here he is:


Best wishes to all!

Almost Spring...Can't Wait!

RATE AND PROGRAM UPDATES

We’ve seen many changes to the markets since the election, not the least of which is the stock market has been improving….and bond prices are down, which means interest rates are rising. We all agree that the bottom of the rate cycle has passed. That said, rates are still very attractive, and there are lots of people out there who haven’t taken advantage of a refinance.

Rates for most 30-year loans remain in the range of the mid 3’s to low 4’s, and there are lower rates for some products (15 years, ARMS and FHA/VA loans). Speaking of FHA financing, there are many changes coming up in the short term. Mortgage insurance charges are increasing.
On the bright side, new programs for conventional loans are making it easier to purchase homes with lower down payments...if you can find a property! It is definitely a seller’s market with little inventory, and rising home prices.

SHORT SALES, BK’s and FORECLOSURES: When are you eligible for a new loan?

Short Sale/Deed in lieu:
2 years with 20% down; 4 years with 10% down –conventional loans
3 years FHA financing (unless no late payments prior to transfer)
Foreclosure:
3 years FHA, 7 years conventional
Bankruptcy:
2 years FHA, 4 years conventional

Updates to MY WORLD

CHRISTMAS

The holidays were especially wonderful for me since I had all my children together for Christmas, INLCUDING my brand new grandson, Theo, who wasn’t yet a week old.


Katie and her beau Paul flew in from Michigan, Kenny was home (for GOOD!) from Berlin, and Drew and MaryGrace arrived from San Diego with baby Theo in tow. Mom was with us, along with all three of Steve’s boys, so it was a real family affair. The hit of the evening –other than Theo--were two battery-powered Shark balloons ready for battle.


We celebrated New Years at a local restaurant, the Dana Point Wine Bistro, and had a fabulous meal with best friends while dancing the night away! www.winebistrodp.com

DALLAS

I was in Dallas in February for a grand opening party for Museum Tower. I was able to tour the building for the first time, and view the model homes, which were beautiful. The party hosted over 500 who were served food and beverages at a number of stations throughout the building. We were treated to music in three separate locations, and one location had a dance floor!

The biggest hit with the party-goers was the 38th floor – for its expansive views of Dallas and environs—but my favorite locale was the pool deck , which was quite frankly luxury defined, at least for me. Great views, beautiful pool, two separate fireplace seating areas, bocce ball court, Jacuzzi, interior bar seating area….all with the backdrop of downtown Dallas. I inquired as to whether they allowed camping on the pool area lawn, but was politely declined. Darn! I told them I’d just shower in the gym, which is on the same level, but no go! Check it out at www.museumtowerdallas.com

As sales activity has been picking up, so has Steve’s time spent in Dallas. The weather there is pretty strange and changeable, but the people are really friendly and fun. My favorite dance class ever is at the T. Boone Pickens YMCA—downtown—on Thursdays. I always try to make the class when I am visiting. Great combination of hip hop and Zumba, with the emphasis on hip hop. Meals at Truluck’s and Stephan Pyles were great as usual, but my favorite was Stampede 66, a NEW Stephan Pyles restaurant. www.stampede66.com Fun, casual atmosphere and CRAZY Fried green tomatoes.

CATALYST NEWS

We ended 2012 with a tad over $600 million in loans funded, and I was the #3 Loan Officer. I’ve been officially initiated into the “Chairman’s Club” with the Top Four, and am waiting to receive my gold-embossed business cards. Nice! Keep the loans coming!

NEXT UP

Scuba diving in the Turks and Caicos Islands in March….

Rates, Industry Updates, and Dallas Arts District

The mortgage market closed up yesterday by 52 bps, which is a nice improvement on news of the increased danger in Japan and an overall weaker economic outlook. Bad economic news = good news for interest rates.

Mortgage rates are currently running in the 4.75% to 5.125% range for 30 year fixed rate loans up to $729,000, depending on loan size, FICO score, loan to value and occupancy. Rates are lower for shorter terms, i.e. five, seven, and 15 year fixed terms.

The “conforming jumbo” program allowing lower rates for loans over $417,000 and up to $729,000 is scheduled to sunset this September 30th. The government could extend the deadline again, but it is unlikely given the fact that the government wants to get out of the business of guaranteeing mortgages. This is also a precursor for a sunset of the 30 year fixed rate loan. So, if you want one, get it now while they are still available. Rates will rise for those loans over the current conforming limit of $417,000 and it is possible that the limit could drop due to average home values having dropped since the limit went into place.

Dallas and the Arts



I visited Dallas last week to attend various events revolving around the Dallas Art Fair. Steve has been handling the marketing of a high rise luxury home project called “Museum Tower” that is closely aligned with the arts--both fine and performing-- in downtown Dallas.




We toured individual galleries; attended the Gala preceding the opening of the Art Fair; attended a private event at the Trammel Crow Asian Art Museum; had a private tour in the Dallas Museum of Art with the curator of the Gustav Stickley exhibit (think Craftsman home movement); and attended an event for the unveiling of a new sculpture at the Nasher Sculpture Garden. Amazing works of art and sculpture were all around us! I was floored by the sight of many famous pieces I’ve only seen in books.

All of the above were attended by lots of waiters offering food, champagne, wines, etc. Also attending were lots of beautiful and fascinating people. All I could say was WOW.

Dallas seems to have more trendy restaurants and bars within walking distance of the “Uptown” area and the “arts district” than anywhere I’ve been. And, those people love to party! I even had a glass of wine on the terrace of the fabled Mansion on Turtle Creek.

I can’t wait to go back to visit, and will follow up with more in-depth reports on hotels, museums, restaurants, the Katy Trail, etc. I even found a great 24 Hour Fitness downtown with a great Zumba class on Saturday morning…what could be better?