2005 has been a record-setting year for both new and existing home sales, even though the year is not yet complete. Oklahoma City, Edmond, Midwest City, Moore and Norman issued more single-family building permits through November than in all of 2005, a recent survey showed. That makes 2005 another record year for new home sales - the third in a row.

Even though new home builders have been confident all year, the stamina of the marketplace has come as a surprise, said Darren Faires, President of the Central Oklahoma Home Builders Association. Despite the record growth, Faires says "Nobody has excess inventory." He credits the still relatively low interest rates as the main fuel behind the housing boom.

The sale of existing homes remained strong too, according to the Oklahoma City Metro Association of Realtors. November 2005 new home sales were up 8.5% compared to 2004, which was the previous record year.

Former automobile showroom to become New York style lofts

Oklahoma City, OK - Developers Roddy Bates, Mike Dillard and David Box unveiled their plans to convert the 81 year old former Buick dealership building in downtown Oklahoma City to New York-style lofts. Renamed the "Chandelier Building", this 35-unit upscale housing project will feature units that average 1,300 square feet and will feature granite countertops, stainless steel appliances, and finished wood floors.

"We're trying to stay away from the industrial look" Box said. "Your not going to go in and feel like you're in a cold loft." A $40,000 chandelier is planned for the building's lobby. "It will be modern but elegent," Box said. "We're going for a different market - the high end."

A study commissioned earlier this year by Downtown Oklahoma City Inc. indicates the demand for upscale housing in downtown Oklahoma City could support 4,250 units in the next 5 years.

The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Plus...

A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.

A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.

A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.

A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service--even if you are relocating from another city.

A REALTOR® can show you only those homes best suited to your needs--size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.

A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and improve its utility and value.

A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Look for a real estate professional to facilitate negotiation of a win-win agreement that will satisfy both you and the seller.

Aren't all real estate agents REALTORS®?

A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate® -- the world's largest professional association. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

Kay Pratt's real estate marketing team just completed production on the latest video for a beautiful new home that is nearing completion. This Bedlam home, located at 22677 N. MacArther is located on 2 acres in Deer Creek. Watch the video online here or stop by the open house on Sunday December 11 from 2-4 pm to pick up your own DVD of this home to share with you family.

David Burnett, director of economic development for the Midwest City Chamber of Commerce, released information about the impact of the GM plan closing in southeast Oklahoma City to a packed meeting of home builders, developers, lenders and others yesterday. While the GM plan closing will have a negative impact on the SE OKC metro area, the continued growth at Tinker Air Force Base will more than offset the GM losses over time. Tinker's 27,000 personel is the real engine of the area economy.

Only 4% of the GM workforce live in the Edmond area so the overall economic impact there is expected to be minimal. Losing GM will hurt, but the strong growth in other parts of the metro OKC economy is expected to minimize that impact. Burnett said "Three to five years from today, we will see more jobs and a greater growth curve in eastern Oklahoma County than we've ever seen."

2006 Outlook Continues To Be For A Slower, But Still Busy, Housing Market

Freddie Mac today released the results of its mortgage survey in which 30 year fixed rate mortgage averaged 6.32 percent for the week ending December 8, 2005, up from last week's average of 6.26 percent. Last year at this time the rate was 5.71 percent.

The average 15 year rate is 5.87 percent, up from last week when it averaged 5.81 percent. A year ago 15 year fixed rate mortgages were avering 5.14 percent.

"Looking ahead, as mortgage rates rise housing activity will ease somewhat" said Frank Nothafta, Freddie Mac VP and chief economist. "So although 2006 will not be another record-setting year, it will likely beat the previous record for home sales and new construction set in 2003. In other words, 2006 will be another busy year for the housing sector."

The Edmond and Oklahoma City market continues its strong growth. The GM plant closing is expected to slow that growth, although Edmond won't be hit as hard as OKC and eastern Oklahoma County.

I will be hosting an open house at 22677 N. MacArthur on Sunday, December 11 from 2-4 pm. This new construction home is set to be completed by Christmas. It is located in Edmond and the highly acclaimed Deer Creek school district. This Brent Gibson designed home features 3400 square feet of space and is located on a 2 acre lakeview lot.

Lucie Arnez, daughter of Lucille Ball and Desi Arnez, Sr. will host an evening of song and dance at the University of Central Oklahoma's Mitchell Hall alongside the Manhattan Rhythm Kings at 7:30 pm. The show is presented as part of UCO's Broadway Tonight series. This should be a fun-filled evening with lots of comedy and entertainment. You can reserve your tickets by calling 405-974-3375.

Summarized from report by Toni Weinmeister, Edmond Economic Development Authority

October revealed a significant increas in residential construction and sales tax collections in the city of Edmond. Residential building permits were up 5.3% in October. The average new home permit value was $236,920 for the year, up 12.7% from October 2004.

Sales tax collections were up 8%. Per capita retail spending in October averaged $1,247.

Edmond's existing home sales were up 5% for the month of October with 238 homes closed at an average price of $235,719, up 7.4%. The total dollar value of homes closed in October was $56,101,214, up 13%.

Construction and tax collections in Edmond remain steady as we head into the holiday season.

The Mesta Park Home tour is a much-anticipated holiday event, Saturday, December 3 4-7:00 pm and Sunday, December 4 1-5:00 pm. The tour features architecturally unique homes built in the early 1900's reminiscent of Frank Lloyd Wright's early work. Make your first stop at The Classen to purchase tickets for the tour which are $10 in advance and $12 at the door. While at The Classen, tour the model unit for the luxury highrise condominiums and get information from the sales team! I'll be there Sunday 1-5:00, come by and see me!