okREblog - It’s All REALative

As usual, Richard Mize hit a home run with his recent review of the Housing Tax Credit. 

Personally though, I don’t see a huge problem with the increased down payment requirements for FHA loans.  Sure it makes it tougher for those looking to jump into home-ownership, and it slows sales to some degree, but a large part of the foreclosure problem in this country is due to homeowners’ lack of vested interest in their homes, making it far too easy for them to walk away when the going gets tough.  A correction is in order, and will make a stronger market in the long run.

In addition, I have to take Yvonne Mitchell’s statement, “If you price your house just a little bit below market value, it’ll sell quickly,” to task.  Very simply put, your home’s market value is dictated by what buyers are willing to pay for it.  Therefore, if you have to price it lower to sell, then the market value has dropped. 

While I’ll argue all day against the idea that Edmond and/or Oklahoma City is in a metro-wide decline, we have to be honest that some pocket areas are experiencing a downtrend.

I’m hearing this will be the name… any thoughts?

I posted a while back about a proposed property tax increase in Edmond, and will continue to post about this regularly until it comes to a vote before the residents of Edmond.

Rumor is that the vote will take place in late July or early August, so mark your calendars now and be sure you take the time to vote if this issue is important to you.  Every current and future home owner should be taking interest in this proposal, as it stands to take money directly out of the pockets of ONLY property owners, while others who will benefit from the bill will make no financial contribution whatsoever.

The scale of improvements being made to the downtown area the past few years is quite impressive, and they don’t appear to be slowing any time soon.

This is yet another example of our city’s forward thinking and willingness to improve on an already great thing.  At the heart of all of these improvements is the interest that the residents of Edmond take in seeing the city lead the way in different areas of growth.  The cultural side of our city seems to be of particular interest to many, and that includes the attraction of the downtown area, to draw in shoppers from all over.

If you’re like me, you probably like to imagine and visualize what it may be like in a few years, and articles like this one in the Edmond Sun help me to understand a little more of the vision our city planners have.

Keep up the great work, Edmondites!  These types of improvements only help add to the appeal our great city already has for anyone looking to move to the Oklahoma City metro area.

If you ever want to get the public blood boiling, start proposing tax increases… even better, property tax increases.  That’s what the City of Edmond is doing.

This is a topic I could rant about for days, but I’ll try to keep it brief here.  Apparently, the powers that be are proposing a tax hike for property owners in Edmond.  It’s for a good cause no doubt.  I mean, the city is in need of a new ‘Public Safety Center,’ which sounds to me like a new town hall basically.  I certainly don’t argue the need for the facility, but how it gets paid for needs to be carefully evaluated.

As a busy Edmond Realtor®, I get to meet a LOT of home buyers, and I get resistance from many of them when I suggest they look at moving to Edmond.  Guess what the biggest objections are.  The one I get most is ‘TRAFFIC.’  Yes, the growth of our city has caused a pretty big traffic problem, however, the city is doing a great job of trying to catch up to the growth.  Following at a very close second to traffic is ‘PROPERTY TAXES.’

“Again, though, we appreciate the city’s historically minimal and planned limited use of this funding mechanism.”

Limited use??  As it stands, we already have the highest property taxes in the metro, and now we want to talk about increasing them???  Here’s the question I have.  Who benefits from the creation of this new public safety center?  Property owners, YES.  Are they the only ones though?  What about the folks who don’t own property yet.  Do they benefit?

If you want to raise money for a new public safety center, GREAT.  But let’s be fair about it.  All residents here, as well as the others who spend time in our city should be pitching in to help insure their safety and protection while they’re in Edmond.  A sales tax would facilitate a great increase in revenue, without further extending the stretch that many have to make just to own property in Edmond.

Now, don’t get me wrong.  I fully understand that one of the contributing factors to the great schools and great city that we enjoy is the high property taxes we’re accustomed to paying.  I gladly accept that in trade, but there has to be a limit.

Caleb McCaleb made a great point in regard to this proposed tax hike:

“Here’s my biggest concern; it’s not one group wanting to add to the property tax but now Oklahoma County Commissioners are voting to buy the GM plant for Tinker Air Force Base”

At what point do these property taxes begin really limiting the appeal that our city has to potential future residents?

Let’s look at some numbers based on the figures used in the Edmond Sun article:

I pulled up the property tax record on a home in the Homestead addition, which is rated at a taxable market value of $234,000.  This particular homeowner paid $2,691 in 2007 property taxes.  Here’s how this proposal would affect a homeowner who own’s a median-priced home in Edmond:

Whether you agree or disagree with this tax or a sales tax, please share your opinion here, and pass this along to as many Edmond home owners as you can to help get the word out… This really needs to be scrutinized by ALL Edmond property owners!

Earlier in the week, I mentioned that there are rumblings that the MAC may be expanding, and I just discovered that the talks have gone further than I originally thought.  According to this story in the Edmond Sun, there was a special workshop held around 3/14 to discuss some of the details.

A new facility could include a fitness center, two to three pools, two gyms and designated family areas, said Steve Commons, assistant city manager.

On the surface, this seems like a great idea that could be a win-win for all 3 entities, and ultimately be a huge benefit for the residents of Edmond.

The Edmond Public Schools certainly have a need for the pools, and the Y has a need for more fitness space.  However, it sounds like there are still many logistical issues to be worked out.  It seems though that all 3 parties have a real interest in finding a good plan that works for all of them, and as long as they stay in that mindset of cooperation, I would bet that this proposal will see it’s way to real-life expansion.

If you happen to have any further information on the progress of this proposal, please enlighten us, and as I find out more, I’ll be sure to post it here.

Most of us who live in Edmond, especially NW Edmond, know about the MAC (Multipurpose Activity Center).  It’s an amazing facility built a few years ago at Mitch Park, which offers many different activities and programs for Edmond residents.

Talk is that the MAC is about to be expanded to include a branch of the YMCA, complete with fitness equipment, a gymnasium and a pool.  This would benefit not only the residents, but the school system and the city as a whole.

With the ever-growing need for all of us to be more active, I applaud the City of Edmond, as well as the other parties involved in this, for taking the necessary action to see it come to fruition.  Just another reason Edmond continues to be recognized as one of the top cities in the region, as well as the country.

You can read more about the specifics of funding, etc for this facility at the Edmond Sun.

Well, I have to admit, with all that I’ve been hearing in the media (you’d think I’d have learned) about today’s vote, I was worried.  I was hearing about 50% for and 50% against the Big League City proposition, and as it usually goes, those who are against a tax of any kind will get out in droves and vote.  I had a bad feeling that the proponents wouldn’t come through for us.

I WAS WRONG!  There, I said it.  Take note, because it may be a long time before I say it again.  My wife knows this well  :)  But this is one time I’m happy to have been wrong.  The latest numbers I’ve seen, with 80 of 271 precincts reporting, reflect 61.5% YES (12,057 votes) and 38.5% NO (7,559 votes).

I’m EXTREMELY proud of the residents of OKC for showing the world that we put our money where our mouths are… that we’re ready to take the leap into pro sports and build yet another piece of the puzzle to make OKC a major attraction in our region, as well as the world.

Hold on tight, because it’s going to be a fun ride.  We’ll see more job growth, and more revenue as a result of today’s vote, which will equate to a stronger economy, more construction, more tourism, and so much more.  THANK YOU VOTERS!

Now bring on all the BIG XII events!

Just a quick reminder to get down to the voting board today and let’s show America that we’re ready to take the next step!!!

If you need info on the issue at hand, go back and read my recent post about the proposition being voted on.  Have a great day!

Probably one of the largest local public-interest propositions put before us in quite some time comes before voters in just under a week, and I want to encourage everyone to get out and USE YOUR VOTE!  Make your opinion heard and make a difference.

• This proposition will not raise taxes from where they are now.  It will simply extend the one penny sales tax that’s currently supporting the Maps For Kids projects around the city.  This tax will be extended for either 12 or 15 months, depending on the decision made by the NBA Board of Governors in April of 08.
• The planned Ford Center improvements include the addition of restaurants, clubs, concession areas, suites and sky boxes, rooftop gardens, a warm-up basketball court, team offices and a 12,000-square-foot family fun zone.
• The addition of an NBA team would make an enormous impact on Oklahoma City’s (and surrounding areas’) local economy.  While the Hornets were here in OKC, they created over 200 jobs, and brought in over $130 million to our economy.
• Having a world-class facility, such as what is being proposed, would boost our ability to attract larger events, which not only bring additional boost to our economy, but also give OKC a larger national stage from which to grow.

OK, so I’m sure you can tell by my outline above, that I am a supporter of this proposition.  There are facts stated, as well as predictions of what would come as a result of this legislation being passed.

I have no problem continuing to pay a one penny sales tax (that I’m already accustomed to paying) to continue with the positive impact that this tax has already made on our local scene.  The MAPS project and the Maps For Kids project have been a huge success, and I want to see our city grow even more.  Can anyone argue the amazing things that came of the Bricktown area as a result of us, as a city, deciding to pony up a big ole penny?!

Having seen that, how could you not want to see it taken a step further?  Having witnessed the support that our city showed for the Hornets, and the positive things that team did within our community, how could you be opposed to doing everything possible to put our city in a position to have such an organization call OKC their home?

If you want more information to help clarify things, check out these sites:

• http://www.bigleaguecity.com/
• http://newsok.com/article/3206478
• http://www.myspace.com/bigleaguecity
• http://www.okcrealtors.com/News/NewsDetail.aspx?NID=MzA%3D-HFXTc3rj6cg%3D

Now, if you’re opposed to this proposition, please let me know why.  And whether your for or against, PLEASE GET OUT AND VOTE NEXT TUESDAY!