Classic Homes of Maryland Receives 2010 Best of Rockville Award

U.S. Commerce Association’s Award Plaque Honors the Achievement

WASHINGTON D.C., September 1, 2010 — For the third consecutive year, Classic Homes of Maryland has been selected for the 2010 Best of Rockville Award in the Home Builders category by the U.S. Local Business Association (USLBA).

The USLBA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Nationwide, only 1 in 120 (less than 1%) 2010 Award recipients qualified as three-time Award Winners. Various sources of information were gathered and analyzed to choose the winners in each category. The 2010 USLBA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USLBA and data provided by third parties.

About U.S. Local Business Association (USLBA)

U.S. Local Business Association (USLBA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USLBA is to promote local business through public relations, marketing and advertising.

The USLBA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Local Business Association

CONTACT:
U.S. Local Business Association
Email: PublicRelations@uslbaaward.com
URL: http://www.uslbaaward.com

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Press release: Luxury custom home builder opens new model home in Worthington Green

Luxury custom home builder opens new model home in Worthington Green

August 26, 2010 — Windsor Luxury Estates, a high-end custom home builder in Maryland, has opened its new model home today in the prestigious Worthington Green community in Garrison, Maryland. Windsor Luxury Estates hopes to build on the 8+ remaining lots in the community, with a product that comes in at a lower price point than the $3M+ neighboring homes. Custom home styles vary from traditional brick colonials to French Country to Southern Living styles, all starting from $1.5 M including a 1-acre lot and turn-key construction.

The new “Cambridge” model home, with its expansive, open floor plan, showcases some of the most requested and unexpected features found in luxury homes today. The Grand Foyer with curved staircase opens to a two-story, large Family Room with floor-to-ceiling windows and doorways to a separate screened-in porch. The Family Room is open to a spacious Gourmet Kitchen equipped with top-of-the-line Viking brand appliances and a hidden pantry room large enough to become a prep kitchen, and a Morning Room to the rear. A spectacular Master Bedroom Suite features his and hers walk-in closets, a kitchenette, granite fireplace, private balcony to the rear, and a spa bathroom including a whirlpool tub, all-glass shower with dual shower heads and a separate steam room, all finished with rare imported stone. The home also has a completely finished lower level that includes an exercise room, media room with surround sound, additional Bedroom Suite, full-size granite bar, and ballroom-size recreation room…..with a walk out to the rear stone patio. The 10,000 sq ft home is now open daily from 11am to 5pm, closed Wednesday and Thursday, and is located at 12210 Worthington Rd, Garrison, MD 21117.

Windsor Luxury Estates builds luxury custom homes throughout Maryland on client-owned land or their own. Home sizes range from 10,000 sq ft to mansion-size homes, and are typically built in 8 months or less. Visit their newly built Cambridge model or their 15,000 sq ft Windsor model located in Potomac, Maryland. Contact Windsor Luxury Estates at 410-929-5004 or visit www.windsormd.net.

Media Contact: quin@classicmd.net

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Join us for a building seminar!

SEPTEMBER
15th – Building Seminar – Howard & Baltimore Counties
Wednesday, 7pm, Baltimore
Learn all about building on your lot including site work, permitting, construction financing, how to save on costs and more at this 90-minute informative seminar. Refreshments will be served.
Register Here

Ask Anne

Q: My wife and I have a home in Bethesda built some time ago. We originally wanted to remodel our home but a friend told us that remodeling is a waste of money and we should look into demolishing the home and building a new one. This can’t be true, can it?
- Baffled in Bethesda

A: Dear Baffled,
Actually believe it or not, it is true – most of the time remodeling will cost you about the same if not more than tearing down your home and building a new home.  Remodeling adds only little to no value to your old home. When you look at the cold hard numbers of ROI (return on investment) they just aren’t there.  When you remodel the price could jump from the proposed price to hundreds of thousands more because of the many unknowns, which are not seen until the work is underway, like your old wiring and pipes may not be able to facilitate your new planned additions. For example, I had a couple come in who said they were thinking of remodeling their home in Bethesda. To get what they wanted they were quoted 650K. After coming to us, they signed a contract for one of our larger Classic Series homes AND many luxury upgraded finishes and when all was said and done their total was below 550K.
-Anne

To submit a question, email newspost@classicmd.net or visit our Online Assistance page.

How Low Can Mortgage Rates Go?

From WSJ:

A mortgage with an interest rate lower than 4% may have seemed like a pipe dream during the housing boom five years ago, but plenty of Americans are locking them down in August. Could they be kicking themselves in September?

With mortgage rates hovering near 40-year lows and selling prices still depressed, many potential borrowers are wondering whether rates have further to fall.

Last week, the average rate for a 30-year fixed mortgage fell five basis points to 4.44%, the lowest rate on record since data tracking began in 1971, according to Freddie Mac. Fifteen-year mortgages are even cheaper; the average rate on a 15-year fixed loan fell to 3.92% last week, compared to 3.95% in the previous week.

Rates have been steadily declining since the first week of April, when 30-year and 15-year mortgage rates hit 5.27% and 4.62%, respectively, according to HSH.com, a mortgage-data tracking firm. By the second week of June, those rates had fallen to 4.87% and 4.33%, respectively. A month later, they hit 4.71% and 4.20%.

Several factors are weighing down rates. With investors growing more concerned about the economy, many are flocking to Treasury bonds, lowering those yields. (In general, mortgage rates tend to follow Treasury yields.)

Investors are also pricing mortgages according to the assumed life of 30-year mortgages, which is around up to 10 years (taking into account borrowers who sell their home early on, refinance or pay down their mortgage early). Ten-year Treasury yields have been dropping steadily since the end of the first quarter. On April 5 they stood at 4.01%. By Aug. 11, they had fallen to 2.72%.

Meanwhile, investors buying mortgage-backed securities are requesting higher yields from outfits like Fannie Mae, Freddie Mac and the Federal Housing Administration to justify taking on that risk, says Stuart Feldstein, president at SMR Research, which tracks the mortgage market and home-equity lending. As yields rise, mortgage rates continue to drop.

What will determine where mortgage rates go from here?

Inflation could trigger a rise in rates, as lenders try to make up for the value of the real estate investment that they expect to lose, says Paul Havemann, a vice president at HSH.com. However, inflation does not appear to be much of a concern to the Federal Reserve, which announced last week that it would hold the federal funds rate at a historic low and continue to buy Treasurys to stimulate the economy.

If investors grow more convinced that another recession is likely and seek to curb more risk, mortgage rates could fall into another tailspin.

Ask Anne

Q: My husband and I are making selections for our new home and we are narrowing down choices and are having a REALLY tough time with this because we want everything, but our budget says otherwise…any suggestions?
-Frustrated on Falls Road

A: Dear Frustrated,
You are not alone, everyone is faced with this dilemma, it is normal. Everyone defines what they “must have” differently, and usually “everything” falls into “must have”. But let’s face it, you have to forfeit something to get another thing. I can’t tell you specifically which wood species, or granite color you should pick, but I can tell you this – focus on the selections and upgrades that you will not be able to do at a later time. Flooring, cabinets, and countertops, for example, are upgrades you may want to focus on right away, because your dollar will carry you a long way and with some money spent you can make your home look very nice, while leaving the selections that are expendable for a later date. I must warn you the selections like those do carry somewhat of a price tag, however, try and think of the whole picture and not just the price. Getting nice cabinets, floors, and countertops will have somewhat of a price, but placing your buck into selections that steal the show may go way farther than you think. Weigh all your options, stand firm against sticker shock, try and forfeit items that can be done later for items you must have, and the road to your dream home will come significantly easier.
-Anne

To submit a question, email newspost@classicmd.net or visit our Online Assistance page.

Mortgage Rate Drops Below 4.5%

From WSJ:

Fixed-rate home-mortgage rates continued their fall to record lows this week, following the release of second-quarter GDP data, Freddie Mac said.

The 30-year fixed-rate mortgage averaged 4.49% for the week ended Aug. 5, according to Freddie Mac’s weekly survey of conforming mortgage rates. It averaged 4.54% last week and 5.22% a year ago.

The rate is now at its lowest since Freddie Mac started tracking the rate in 1971.

The 15-year fixed-rate mortgage averaged 3.95% this week, down from 4% last week and 4.63% a year ago. The mortgage is at its lowest since Freddie Mac started tracking it in 1991.

“Annual revisions cut the cumulative GDP growth in half over the past three years ending in the first quarter of 2010 from 1.4% to 0.6%. This reduces inflationary pressures and allows longer-term rates room to ease,” said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.63% this week, down from 3.76% last week and 4.73% a year ago. The ARM is at its lowest since Freddie Mac began tracking it in 2005. And one-year Treasury-indexed ARM averaged 3.55% this week, down from 3.64% last week and 4.78% a year ago.

To obtain the rates, the 30-year fixed-rate mortgage and the 1-year ARM required payment of an average 0.7 point. The 15-year fixed-rate mortgage and the 5-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.

Housing investment increased in the second quarter, as the home-buyer tax credit encouraged home sales and low mortgage rates spurred remodeling, Mr. Nothaft said.

Separately, Obama administration officials deflated rumors that the government is planning new programs to streamline refinancing or cut mortgage balances for homeowners in a bid to stimulate the economy without asking Congress for money ahead of midterm elections. Elements of the rumored programs already exist in more modest forms.

“There is not any plan for expanding into a high [loan-to-value] refinance program at this time,” said FHA Commissioner David Stevens.

Ask Anne

Dear Anne,
I am looking into building my first new home. With so many different builders to choose from, how do I know I am making the right decision?
- Curious from Columbia

A: Dear Curious,
That’s a very good question. There is no ‘correct decision’ in regards to which builder to choose, but you should always go with your gut and pick the one you feel most comfortable working with. There are some good guidelines to implement when searching for your dream builder. For one, you need to make sure the one you select is licensed and insured. Look for a running operation. There is no telling what type of quality will come from a builder who has not been active for months. Another good barometer is to avoid “too good to be true” type offers. This is a sign that the builder needs the money so badly because his firm is going under. You really want to make sure that the builder has current projects under construction. This is a good fore-shadowing tool to let you know that your house will also be under construction at some point. Having houses in production also shows us that the builder is in good economic standing, since they can finance the construction. There are many different ways to decipher among builders; these are just a couple of guidelines to streamline your search. Now go out and find the builder of your future dream house!
- Anne

To submit a question, email newspost@classicmd.net or visit our Online Assistance page.

Private Home Tour: Kingsmill Model

Saturday, 11am, Gainesville, VA — August 21st
Take a private tour of one of newly finished homes from our Classic Series, the Kingsmill Model. Meet with Classic sales representatives, who will answer your questions, and enhance your understanding of the building process.
Register Here