DON'T FORGET ABOUT THE TAX CREDIT!

Don't forget time is running out for the tax credit. You have to be under contract for a home by April 30th and close by June 30th to get the credit this year. Also, the credit is not just for 1st time homebuyers, but if you have lived in a home for 5 consectutive years of the past 8 you could qualify for a $6,500 credit. Go to http://www.federalhousingtaxcredit.com/faq2.php for more information.

Rates Are Still Great!

Mortgage rates were pretty stable last week. The Conforming Fixed 30-year rate topped out at around 4.9 percent, while the Conforming Fixed 15-year rate was last seen at around 4.3 percent. Standard 5/1 ARM rates were hovering around 3.85 percent. In a move to counter the Fed's exit from the MBS purchase program, and with no limits on their portfolios, GSE's were planning to buy back poorly-performing or non-performing loans from investor pools.

Come on in!!!!!

Welcome To The Arbors!!!!

"Our HPH home buying experience"

My husband and I began our search for a new home last November. We knew that we desired a neighborhood that offered classic style and unique elements. When we visited The Arbors for the first time we were greeted by Ellen, the sales consultant for the properties. We were treated with respect and we immediately felt like this was a place we could call home.
Since our purchase was made in June of 2009, we have really enjoyed the quiet, down home atmosphere, coupled with the large lots and sidewalks. We feel like we have the best of both worlds and we would recommend this area to anyone who desires privacy and convenience.

Victor, Kimberly, and Baby Michael

KINGSLEY SOLD

Lot 110 HAS SOLD!!! No more Kingsleys left! Come out and visit The Arbors!

 

SOLD

1 out of 3 contracts this week!

Leeds to get upscale outlet mall

This is a rendering of The Shops of Grand River, a planned $127 million outlet mall in Leeds.

Developers line up retailers for $127 million Leeds outlet mall

Daniel Corp. and two partners are ready to build a $127 million outlet mall in Leeds that's meant to rival upscale centers in vacation destinations, and they already have lined up nearly three dozen retailers for the center.

The team plans to open the mall in time for the holiday shopping season of 2010, moving ahead with the project at a time when other developers are retrenching. Its design and layout are similar to outlet centers in Pigeon Forge, Tenn., and Destin, Fla.


"This is the type of large center you would usually see built in a resort location," Daniel President Chris Brown said. "We feel like we have a captive audience with the Barber Motorsports Park and the Bass Pro Shops, both of which draw people from miles away."

The mall, a centerpiece of the 6,500-acre Grand River development, will eventually have 500,000 square feet of shops and restaurants. The Shops of Grand River, as it will be called, will start with 330,000 square feet and expand as retailers are added to an initial line-up that includes Tommy Hilfiger, Banana Republic and others.

The outlet mall will be the equivalent size of 10 football fields when complete.

Daniel, USS Real Estate and the Retirement Systems of Alabama are working together on Grand River, after collaborating on Hoover's Ross Bridge development. Both the pension fund and USS Real Estate are investors, helping to clear the way for the project in a difficult time for financing.

RSA chief David Bronner admitted that the pension fund does not normally invest in retail. RSA also is providing financing, while USS Real Estate has put up land as collateral.

"I feel comfortable with the level of collateral and the two other players that are involved," he said.

'Fabulous opportunity'

Bronner said he believes the location next to the Barber Motorsports Park and Bass Pro Shops will generate traffic for the center. More than 73,000 vehicles pass daily by the interchange on Interstate 20 and other roadways.

"That location is probably the only reason we would do it," he said. "I just think it's a fabulous opportunity."

Daniel officials have previously given few specifics about the retail project, which was proposed in 2007. The developer is accelerating efforts after a consortium set up by St. Clair County, Leeds and Moody moved to issue bonds so developers can pay for work to get the site ready.

Daniel officials said the mall will create the equivalent of 650 full-time jobs and have a $170 million net economic impact on Leeds and surrounding areas in the first 25 years. Around $32 million is expected to be generated for Leeds City Schools, officials said.

"We see Grand River as a real opportunity to drive economic growth for the area, in much the same way that Ross Bridge has for Hoover or Mercedes and Honda have for the state of Alabama," said Daniel's Brown.

Daniel Chief Executive Charlie Tickle said the timing is right to move ahead with the project.

"The buying habits of America have changed," Tickle said. "Discount buying is on the rise, and we believe shoppers are going to look for better places to do their discount buying."


35 commitments

The Shops of Grand River already has commitments from 35 retailers including Gap, Banana Republic, Tommy Hilfiger, Brooks Brothers, Jones New York, Gymboree, Carters, OshKosh and VF Outlet, according to Doug Neil, one of the Daniel developers heading the project. Another 30 retailers are in negotiations to take spots, and 100 more are on Daniel's list of prospects. All are national chains.

When fully built, Neil said the center will have space for around 120 stores and restaurants, including four stand-alone sites away from the mall. At least one hotel operator has expressed an interest in a stand-alone site, he said.

"Our tenant mix will be consistent with other upscale, successful factory outlet centers," Neil said.

Neil said the design of the Shops of Grand River borrows elements from so-called "lifestyle centers" such as The Summit in Birmingham and the pedestrian-friendly nature of traditional malls. It will be built in a "racetrack style" meaning the parking will encircle the shops and shoppers will walk between clusters of stores and courtyards.

"Today's outlet centers are about providing the upscale look and feel the public has come to expect with the value component outlet malls are known for," he said.

Development of the rest of the Grand River project will flow from the outlet mall, Brown said.

"Grand River is going to be a huge project that takes many years to complete," he said. "This is the first step."

The development of new schools will help drive the development of thousands of homes planned for the Grand River project. Around 700 acres have been slated for commercial development, including more retail and offices.

Tom Howard, head of Southeast development for USS Real Estate, said the company has taken the unusual step of investing in the outlet mall because of its significance in the overall Grand River development.

"We're excited not only about it, but for what it means to the Grand River project," he said. "This is a major opportunity that will play out over a long period of time."

Hoar Construction is the general contractor on the retail center, which is being designed by CMH Architects Inc.

Posted by Michael Tomberlin -- Birmingham News August 09, 2009 6:20 AM

U.S. Home prices rise for first time in three years!!!

Home prices posted their first monthly gain in three years in May, a gauge of values in 20 major U.S. cities showed, reinforcing signs of stabilization in a market hammered by the worst slump since the 1930s. The S&P/Case-Shiller home-price index rose 0.5 percent from April, the first monthly gain since July 2006 and biggest since May of that year, the group said today in New York. The measure was down 17.1 percent from May 2008, less than forecast and the smallest year-over-year drop in nine months. Price declines may keep moderating as demand steadies and distressed properties account for a smaller share of transactions.

New home sales up 11% in June

Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday. The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.

In June, they began building single-family housing units at an annualized rate of 470,000, a 14.4% jump over May. By the end of the month, the inventory of new homes had dropped to 281,000, an 8.8-month supply at current rates of sale. Last month, there were enough homes on the market to last 10.2 months at that rate.

BUILDER BLITZ 2009- HPH teams up with Habitat for Humanity

The 2009 Builder Blitz for Habitat for Humaity was last week and HPH participated for the fourth year in a row. Ten homes were built in a week by ten different builders and presented to an owner who has qualified through the habitat program and contributed over 300 hours to Habitat and helping build "sweat equity" working on projects building other homes.

Our owner this year is LaTania Tate and her daughter Scarlet. The dedication was Friday afternoon where each owner is presented with a Hammer, a Bible and the keys to their new home. It is a moving ceremony and all the owners were very grateful. This organization provides a great resource to provide affordable housing to deserving owners who have to prove themselves and earn the priviledge of owning a home. This was a great event and one we should feel proud of our contriibution.