Developing Dowtown Tulsa

Tulsa Young Professionals (TyPros) hosted Jim Norton of Downtown Tulsa Unlimited with their Developing Tulsa series to promote the future of downtown Tulsa's development. Norton presented the importance of Tulsa's downtown describing its "sense of place" because it creates the unique thumbprint only Tulsa has to offer. Unlike other

Norton continued with the value of the investment we have in downtown Tulsa with the streets and expressways which link the city and the tax base it provides to fund for city and school functions.

The important factor for Tulsa to draw business is to bring residents back to the area. The Mayo Residences, First Street Lofts, Tribune Lofts and many other residential developments are attracting those resident back to downtown.

Safety and parking are the other issues Norton addressed explaining that the Tulsa Police Department will tell anyone that downtown Tulsa is the safest residential area in town but the perception, which is reality to the general public, is that downtown is not safe. To improve this perception, a police bike patrol and foot patrol are soon to be implemented to change the perception of the safety of downtown.

The master plan of downtown's 900 acres remains complicated for the simple fact that downtown is owned by many different property owners unlike a new development which is under the control of one person or entity. The City's plan must concentrate on the five areas which it does control. Those projects include streets, sidewalks, parking, green space,

The future of downtown may include potential retail developments by one of two different developers are brewing for the East side of downtown and some conjecture that Wal-Mart may consider a location for downtown. Other future changes proposed are removing one-way street restrictions and a comprehensive directional system (called way-finding system) to make the area more friendly for visitors.

Norton's final encouragement was for involvement in influencing legislators and city officials to coordinate and implement downtown development projects

What is an FHA loan

An FHA loan is a mortgage that is insured by the Federal Housing Administration, a division of the Department of Housing and Urban Renewal. The FHA will insure a lender against loss (in the event of borrower default), therefore encouraging lenders to make more loans to home buyers who might not otherwise qualify for home financing.

FHA loans are available with lower down-payment requirements, and in many cases the loan-to-debt ratio, which determines how much you can afford in mortgage payments, is more lenient than a conventional loan would allow. In our Tulsa and Oklahoma market, the FHA maximum loan amount is $200,160. Any loan above that amount would need to be a conventional or VA loan product. Borrowers who use FHA loans are required to pay a mortgage insurance premium at the loan closing (which can be financed into the loan), plus a monthly amount that is included in the loan payment. The monthly mortgage insurance premium for FHA loans is approximately ½ as much as the monthly private mortgage premium for conventional loans. There are many bond programs for first-time buyers that provide assistance towards down-payment and closing costs that can be done in combination with FHA insured mortgages. Many first home purchases in the Tulsa market are funded in this manner.

What Is a “Jumbo Mortgage?”

In Oklahoma, jumbo mortgages are any loans that exceed $417,000, as that is where the conforming conventional loan products end. Our country is considered the

wealthiest in the world because we have a strong middle class. The basic foundation of wealth for the middle class is homeownership. For those who are less well off or ranked near the bottom of the middle class, homeownership is a wealth building tool for accumulating wealth and moving up in the world.

For more information about this topic or other mortgage related questions, please contact mortgage expert Jeff Sargent of Pinnacle Mortgage Corp/a division of ONB bank @ 918.481.6833.

Darryl Baskin to represent Tulsa at International Luxury Real Estate Conference

Key Biscayne will host the spring conference for Who's Who in Luxury Real Estate. Darryl Baskin will represent Tulsa at the event which attracts the world's Top real estate brokers for luxury homes. Baskin has been a member of the international organization for four years and says "Representing Tulsa is a real pleasure. Comparing our home values to those of the rest of the world is eye-opening. We have some of the best values in the world and it is always an exciting opportunity to boast about our city in an environment of such prestige.'

Baskin says his affiliation with McGraw Realtors is "an appropriate fit" commenting that McGraw markets over 1 Billion dollars of real estate each year - more than any other company in the state, and McGraw Realtors is able to bring the right tools to the table to meet the demands of luxury home sellers. Baskin has represented the firm since 1990.

McGraw Unveils "McGraw Home Theater"

John Woolman, President of McGraw Realtors, the region's largest independent real estate firm, unveiled the company's newest advancement to their property website displaying properties for sale in Tulsa Oklahoma and surrounding communities. The new home tours show moving photos without cumbersome plug-ins and time-consuming downloads for the customer to hassle with. The new McGraw Home Theater will be available for public viewing on April 13th at www.mcgrawok.com

McGraw.com is recognized by web designers as an innovator for application of new ideas and technologies to the real estate market. McGraw, Realtors has over 550 sales associates and has served the Tulsa community for over 60 years. "Our particular emphasis is on attracting quality agents whose established reputations are an asset to our company and the people we serve," says Darryl Baskin, 17 year representative of the company. "You can't replace an upstanding reputation and long-term business relationships when you are handling the substantial investments of people's homes."