December 2008

Home prices fell in all 4 regions.

Decline in median home price was 13.2%.  The Largest on record.

Existing home sales down 8.6%.

New home sales down 2.9%.

November new home sales are the lowest in 17 yrs.

American Gothic

Unique and diverse.  Distinct and eclectic. This is the Plaza District.  We came here a short time ago and in that short time I have seen all of Americana flash before me as if a final dying vision.  It is not linear nor defined by dimension. It is everything now.  Existence is not designed nor planned.  It is.  Things are not created.  They are.  It is as if all of America has and is spilling forth from this very cross section of 16th and Gatewood.  At first thought, I believed that the Plaza District was being recreated from the Primordial Ooze like a Phoenix from the Ashes.  But I now know that the Plaza District is the Primordial Ooze.  It is the giver of life, creativity and humanity.  It is the first “glimpse” of Plato’s Forms.

So in this tradition I am reposting a post to my blog a post found via a link from my facebook news feed leading me to a blog post that was a repost of a post that was circling about facebook.

If that makes sense to you please explain it to me because I got lost somewhere.

Without further ado here it is.

16 things on 16th Street

December 19, 2008 by plazadistrict

So I had seen this thing floating all over facebook and I thought it would make for a nice entry. Here are 16 random things about the Plaza District:

 

Rules: Once you’ve been tagged, you are supposed to write a note with 16 random things, facts, habits, or goals about you. At the end, choose 16 people to be tagged.

You have to tag the person who tagged you. If I tagged you, it’s because I want to know more about you. You don’t have to answer if you don’t want to.

 

1.) The Plaza District is off NW 16^th between Indiana and Blackwelder, no it’s not by the Paseo District (we heart Paseo…it’s just a FAQ)

2.) Last weekend, an 8 year old who shall remain nameless said quote, “this place really needs a bar”. It’s true. Though we could really hold off on an R&M Lounge II

3.) Don’t mess with the Plaza District, Curtis will find out.

4.) DNA Galleries has the cutest pitbull you will ever see

5.) If you go into Collected Thread and don’t feel happier after you leave than before you came in…then well, that’s just not possible

6.) Go ask No Regret’s Tattoo about the weirdest parts they have tattooed. Good stories

 

7.) Don’t tell Cuz you have any native American blood. But do say hi and wave every time you see him.

 

 

 

 

 

10.) It is quite possible you could experience the most cultured night of your life within two blocks. The next few lines will tell you how:

 

11.) Amble into the store on the corner of 16^th and Indiana, Guate Imports. Go to the cooler, pull out an old-school bottled soda, head to the

back and find the most authentic, delicious Guatemalan food in the OKC. Buy some random ingredients to take home to make a dish yourself.

 

 

12.) Before the show, you notice shops are still open so you head to Bad Grannies Bazaar to find an array of recycled arts, crafts and vintage collectibles.

You notice a group of young folks gathered outside Convergence Collective, so you stop to have a listen at the latest show, a hip new band from OKC.

Across the street you will see the professional photography studio of Keith Rinearson, PhotoArt Studio and his fabulous renovation of the old cleaners building.

 

13.)Then you jet to the east end of the district and find the artwork of emerging local artists at DNA Galleries, you purchase a piece and acquire your first original artwork.

Next door at Collected Thread you purchase an intricately detailed handmade clutch and hand sewn ornaments for your Christmas tree.

14.) Next, you get a free dance lesson at Performance Dancewear, and then you head to Paula & Co, when, to your surprise you find that even realtors have a creative side and show artwork of local artists!

 

15.)Then you head over to see the newest show at Lyric at the Plaza, taking in the great performance and fantastic renovation of the old plaza theatre by Elliot + Architects.

16.)After the surge of creativity you have just experienced, you decide it’s the perfect time to get that tattoo you have always wanted…so you head over to No Regrets Tattoo

where you can discuss the perfect composition of that tattoo you have dreamed of!

 

 

 

 

 

 

 

 

 

 

The November numbers have just been released and they show decreasing Home Values as compared to the same time last year.  The number closed is also sharply down indicating a slowing real estate market in Oklahoma City.

Total closed in November 2008 was 948 down ↓29.6 % from the 1347 closed in November 2007.

The average price was $136,198 down ↓6.9 % from the November 2007 price of $146,329.

The median price was $116,000 down ↓5.7% from the November 2007 price of $123,000.

The average Days On Market for November 2008 was 88 up from 77 in 2007.

 Based on information provided to and compiled by MLSGateway.com, Inc. covering a period 2007 through 2008MLSGateway.com, Inc. does not guarantee or is in any way responsible for its accuracy.

Find out How Much Your Home is worth Today!

There has been so much talk about the super low interest rates that I thought you might be interested in seeing how it affects your payment.  So, I calculated these payment amounts as principle and interest in a matrix with loan amount going down on the left and interest rate across the top.  So if you were getting a $150,000.00 30 year fixed rate mortgage loan at 8.00% your payment would be $1,101.00.  What is striking is that you see that your payment almost doubles from 4.5% to 10%. Read the rest of this entry »

I am including this simply because I thought it was interesting and thought some of you might find it interesting as well.

I was kicking back at the office listening to some Christmas Music and I opened up the CD case and I found the following:

HISTORY OF THE CAROLS

O Little Town of Bethlehem, 1868 – Philip Brooks, rector of Holy Trinity Church, Philadelphia wrote this poem for the children of the parish in a single night.  It was put to music by Louis Redner, his organist.

Silent Night, 1818 – On Christmas Eve in the Bavarian town of Oberndorf, organist Franz Grueber discovered that rats destroyed the leather bellows that drove the organ.  He confronted his friend, Vicar Joseph Möhr, with the catastrophe and the two stayed up all night as Möhr wrote the verses and Grueber set them to a simple tune that could be easily sung without accompaniment.

It Came Upon a Midnight Clear, 1851 – This is an American Carol written by the Reverend Edmund Sears, a Unitarian Minister, and set to music by the well know composer, Richard Willis of Boston.  The Carol quickly became popular in England and later in America.

Hark! The Heral Angels Sing, 1840 - The two men who wrote this Carol never met.  Charles Wesley was an English orphan who became a famous writer of hymns.  “Hark!” originally had a different tune and words.  One hundred years later, Felix Mendelssohn, created a new tune for it and changed some words and the title.

Away in a Manager, 15th century - In the 13th century, the immortal St. Francis set up a manger or crib in his church, beginning the tradition that endures today.  This German cradle song has been attributed to Martin Luther, but it is probable that he had no hand in it.  The words were written by a man named McFarland and his composer remains unknown.

Jingle Bells, James Pierpont  – This non-religious Carol was compsed in the early years of this century.  James Pierpont wrote both thew words and music.  It has charmed children and adults ever since it was released. 

Joy to the World, 1742 – This joyous Carol was written as a hymn in 1719 by Isaac Watts, an English teacher and hymn writer.  Years later, the song came to the attention of the world famous German composer George Handel, who created the dynamic tune.

Oh Come, All Ye Faithful, circa 1700 – This French Carol is of unknown origin.  Although there are many theories, it has been attributed to English and Portuguese sources.  It was originallly written in Latin as “Adeste Fideles”.

O! Holy Night, early 19th century - Adolphe Adam, an opera and ballet composer, wrote this magnificent French Carol, originally called “Cantique de Noël”. It was an immediate success and quickly spread around the world.  The lyricist remains unknown.

We Three Kings, 1857 - This is one of the few American Carols that closely follows the Bible Story of the Three Kings.  Reverend John Henry Hopkins wrote both the wrds and the music whild Director of Christ’s Church in Williamsport, PA.

The First Noel, 16th century - This rollicking song is of unknown origin, except that it probably was written in France.  England also claims credit for its creation.  It has become an American favorite.

God Rest Ye Merry Gentleman, 17th century - This is an Ancient English Carol with strong overtones of Wassail days and appears to be of folk origin. 

Deck the Halls, ancient - This jolly English Carol was a folk tune from the days of giant Yule logs and is pagan in origin.

O Christmas Tree, 15th century - This traditional German song, originally entitled, “Oh Tannenbaum”, was probably composed in the 15th century when Christmas trees came into use.

This in from the Associated Press

NEW YORK — The price of money for American consumers went on sale in a spectacular way Tuesday after the Federal Reserve cut interest rates to their lowest level on record and promised to keep them low for a long time.

In response, most banks cut the rate they charge their best customers, known as the prime rate, to 3.25 percent from 4 percent. The last time it was that low was in 1955, according to data from the Federal Reserve Bank of St. Louis.

What does this mean to you as a Buyer?  It means that the money you need to buy a new house is cheap.

How Low are interest rates you ask?

Here is what a local lender here in Oklahoma City was quoting today with no points.

5% Fixed Interest Rate on an FHA Loan. And are you ready for this on a 95%LTV with a 740 FICO score we are at (drum roll please) 4.875% Fixed Interest Rate.

That is right 4.875%!

These rates are historically speaking about as low as they get. See chart below from  Freddie Mac.

Monthly Average Commitment Rate And Points On 30-Year Fixed-Rate Mortgages Since 1971

If you took a close look at the above table you will notice that you did not see any loans under 5% and you definitely did not see any under 5% with no points.

If you were looking for the perfect time to buy a house.  Look no Further.

It was reported today that new housing starts are at their lowest since they started tracking them in 1959.  What does that mean?  That means there are very few new houses being put out there which will lead to decreasing inventories leading to a stabilization of home prices and possibly in the near future increasing house prices.  In short it means we are at or near the bottom of housing devaluation.  Throw in the lowest mortgage interest rates ever and a $7500.00 Tax Credit and those sitting on the sideline are going to look back on today with regretful nostalgia.

Don’t miss out on a once in a lifetime opportunity and I won’t have to say “I told you so.”

Search for a Home Here.

Get a Loan Quote Here.

Much fun was to be had at Live at the Plaza – the Christmas Edition.  Here are some of the images captured from the night.

[Show as slideshow]

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Paula and Company at SpiritBank Christmas Party at Gaillardia.  December 2008.