Ten Steps For Maintaining Foundations

1. Make sure that the soil around your foundation is graded so that the water flows away from the foundation. The soil should drop 4 to 6 inches in 4 to 6 feet.

2. Avoid trapping water against your foundation. Water can be trapped against the building by raised flower beds, using metal edging or other borders that do not have openings to allow water to escape, by sidewalks or other obstructions.

3. Place soaker hoses around your foundation to keep the soil damp during dry periods.

4. Keep the majority of the shrubs around your house under 3 feet tall. Large plants need large amounts of water, which can cause foundation problems.

5. If you have large trees around your house, and the trees are closer to your foundation that the height of the trees, consider installing root barriers to keep the trees from pulling water out from under the foundation.

6. Use the downspout extensions or splash blocks on all down spots.

7. Make sure that all paved surfaces that border your foundation slope away from your foundation. This is particularly important for pool decks.

8. Keep the soil around your foundation between 2 to 4 inches below the brick line or edge of your siding. The soil helps to hold the water in the ground and reduces seasonal settlement.

9. If your sewer becomes blocked or backed up, have it tested for leaks. Many times sewer blockages are caused by roots, which means there are openings in your sewer.

10. Leaking sprinkler lines and pool circulating systems cause foundation problems. Have your systems tested for leaks every two to three years.

Rosewood Sells The Mansion On Turtle Creek To Hong Kong Group

 

The Mansion on Turtle Creek is one of 19 properties in eight countries that are owned and operated by Rosewood Hotel & Resorts.

Rosewood Hotels & Resorts, the Dallas-based luxury hotel management company that operates the Mansion on Turtle Creek, has been sold to Hong Kong-based New World Hospitality hotel management company for $229.5 million, both companies said Monday.

In the deal, Rosewood, created in part by Dallas oil heiress Caroline Rose Hunt, gains access to more international markets while New World gains one of the world’s most lauded luxury brands.

“I believe there’s great opportunity … for Rosewood to grow, and much of that growth will be internationally,” said John Scott, president and chief executive of Rosewood Hotels & Resorts. “New World Hospitality approached Rosewood … earlier this year … with similar aspirations, with the belief that the Rosewood brand could be expanded more broadly and more globally.”

The deal is set to close July 29.

Rosewood Hotels & Resorts will operate as the premium luxury brand in New World Hospitality’s portfolio, which includes properties in China and Southeast Asia.

Scott said New World is developing projects in Asia that may adopt the Rosewood brand. But he added that they want the brand to grow “globally, not just regionally.”

Rosewood has 19 properties in eight countries, with such marquee names as the Carlyle in New York and Las Ventanas al Paraiso, a resort in Mexico,as well as the Mansion and the Rosewood Crescent Hotel in Uptown.

Going global

Rosewood has been working to expand its international reach for some time now.

In late 1997, a private investment fund headed by California-based Maritz, Wolff & Co. paid more than $150 million for a 50 percent stake in Rosewood Hotels, the company that grew from the 1979 launch of the Mansion.

Rosewood and the new investors formed Rosewood Hotels & Resorts LLC, “with a strategic objective of accelerating growth in the national and international luxury hotel markets,” according to Rosewood’s website.

New World now takes 100 percent ownership of Rosewood Hotels & Resorts.

On the rebound

The purchase comes as the luxury market continues to rebound from the bruising recession. The economic recession cut down on leisure travel and made CEOs hesitant to look like they were living it up while the nation was so down.

First-quarter receipts at the Mansion fell 40 percent in 2009 from 2008, and are now off only by 0.37 percent from 2008, according to the Texas comptroller.

Rosewood “fared better than some of our other luxury competitors because of our high repeat guest visitation,” Scott said.

Staying local

Rosewood Hotels & Resorts will continue to be run from Dallas with the existing management team, Scott said.

Caroline Rose Hunt, honorary chairwoman of Rosewood Hotels & Resorts and daughter of famed oilman H.L. Hunt, said in a statement that she sees a “bright future for Rosewood and all the people who contributed to its great success.”

“It is a source of satisfaction to know that Rosewood Hotels & Resorts will be joining a company that appreciates the heritage of Rosewood and the values on which it was built,” she said.

Investor eyes Dallas and other Texas markets for $40M fund

An investor has more than $40 million in capital to spend on income-producing commercial real estate in Dallas, Fort Worth, Houston, Austin and San Antonio.

Houston-based Flagship Properties Corp. has formed a joint venture fund with Houston-based Hines Global REIT Inc. called Flagship Capital Partners I L.P.

Flagship's David Mincberg, chairman and CEO, and Jarrod Foerster, senior vice president, will serve as co-managing principals of the fund.

The firm has previously headed up a number of commercial investments in the Dallas area, including office, retail and multifamily, Foerster said.

"We are looking for any income-producing commercial real estate with a value-added component," Foerster said.

The fund would be scalable and, if the more than $40 million of initial investment was well-received, the joint venture could invest additional funds, he said.

Dallas Business Journal - by Candace Carlisle

Dallas Symphony Orchestra at Exall Park on Tuesday

The Dallas Symphony Orchestra's annual Exall Park concert will begin at 8 p.m. Tuesday. Here are the details from the Bryan Place Neighborhood Association newsletter:

Exall Park is the place to be on Tuesday, June 14, as the friends and neighbors from all over enjoy the annual Dallas Symphony Orchestra's concert in the park.

Fast becoming an East Dallas tradition, the event will feature activities for the entire family, including a petting zoo, bounce houses, and face painting for the kids. A Dallas favorite, Kenny and The Kasuals, and Jerry the Magic Man will dazzle the crowd again this year before the symphony concert.

The event starts around 5:30 and continues till 9:00.

The concert in the park has been a significant fundraiser hosted by the Friends of Exall Park to continue beautifying our neighborhood gem. Proceeds earned and countless volunteers have allowed gardens and trees to be planted as well as other beautification projects.

So plan to come early and stay late as the stars come out. Bring a picnic basket and friends. Meet and make new friends. This is guaranteed to be an exciting event.


Exall Park is on Live Oak at Hall Street.

Below is a page from the book Park and Playground System, Dallas Texas - 1921-1923, published by the Park Board of the City of Dallas. (Click on the image to enlarge it.) The park has changed a bit since then. It's a little bigger and the lily ponds and some of the other features are gone, as is the nearby sanatarium. Check it out on Tuesday.

By: Nancy Visser/Reporter

Dallas - Fort Worth Lead Nation In Job Growth Again

Dallas-Fort Worth and Houston continue to lead the nation's largest metro areas in new jobs and the rate of job growth compared with a year earlier, the Bureau of Labor Statistics said Tuesday.
 
Total nonfarm employment in the 12-county North Texas area stood at 2,929,700 in April, up 83,100 over April 2010, said the bureau's regional commissioner, Stanley Suchman.
 
Job growth was up 2.9 percent, compared with 1.1 percent for the U.S.
 
North Texas has long been a leader in both job and population growth, and the trend has continued even in the economic downturn. That has helped keep unemployment below national and state averages.
 
Employment grew faster in Dallas-Plano-Irving in April, rising 62,900 jobs, or 3.1 percent. Fort Worth-Arlington added 20,200 jobs, up 2.4 percent.
 
Professional and business services, which were particularly strong in Dallas-Plano-Irving, added 24,700 jobs, up 5.9 percent. That was nearly double the U.S. increase of 3.2 percent.
 
Education and health services, including private but not public schools, added 19,600 jobs. Fort Worth-Arlington added 6.4 percent more positions in that category, and Dallas-Plano-Irving added 5.2 percent.
 
Trade, transportation and utilities in North Texas added 12,600 jobs, up 2.2 percent, compared with 1.2 percent for the U.S. Mining, logging and construction added 10,300 jobs, up 6.6 percent.
 
Financial activities added 9,600 jobs, up 4.2 percent, compared with a 0.4 percent loss nationally; leisure and hospitality, 7,500, up 2.7 percent, compared with 1.8 percent for the U.S.; and government, 4,000, up 1 percent, compared with a 1.7 percent U.S. drop. Government includes public schools.
 
Information lost 5,400 jobs, down 6.8 percent, compared with a U.S. loss of 1.2 percent. Fort Worth-Arlington was down 10.8 percent, and Dallas-Plano-Irving, 5.9 percent.

What Can A Seller Pay?

These are Fannie Mae, Freddie Mac, HUD and VA guidelines that all lenders have to follow.

VA-Seller can pay up to 4% of sales price towards closing cost.  On a VA you MUST have a termite report with no conducive conditions needing repairs.  Also, seller must pay $1300 of buyers closing cost.

FHA-Seller can pay up to 6% of the sales price towards closing cost.  There are not any seller required cost like there are on VA.  There used to be, but they were removed that many years ago.

Conventional loan- if buyer is putting down 5% the seller can pay 3% of the sales price towards closing cost.  If the buyer is putting down 10% to 25% the seller can pay up to 6%. If the buyer is putting down 25% or more the seller can pay up to 9% towards closing cost.

If the property is an investment property the seller can only pay up to 2% towards closing cost no matter how much the buyer is paying.


Source: Tammie Mitchell

Bank of America Foreclosed On By Homeowner

Collier County, Florida — Ever heard of a homeowner foreclosing on a bank?



It has happened in Florida and involves a North Carolina based bank.

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff’s deputies foreclose on the bank.

It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn’t owe a dime on their home.

The couple said they paid cash for the house.

The case went to court and the homeowners were able to prove they didn’t owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.

A Collier County Judge agreed and after the hearing, Bank of America was ordered, by the court to pay the legal fees of the homeowners’, Maurenn Nyergers and her husband.

The Judge said the bank wrongfully tried to foreclose on the Nyergers’ house.

So, how did it end with bank being foreclosed on? 

After more than 5 months of the judge’s ruling, the bank still hadn’t paid the legal fees, and the homeowner’s attorney did exactly what the bank tried to do to the homeowners. He seized the bank’s assets.

“They’ve ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, ” attorney Todd Allen told CBS.

Sheriff’s deputies, movers, and the Nyergers’ attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the teller’s drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.

“As a foreclosure defense attorney this is sweet justice” says Allen.

Allen says this is something that he sees often in court, banks making errors because they didn’t investigate the foreclosure and it becomes a lengthy and expensive battle for the homeowner.

CBS News

http://www.digtriad.com/video/default.aspx?bctid=975232488001

Foundation Tip Of The Month

Now that summer is here and plants are growing, remember not to let the ones around your foundation grow taller than 3 feet.  Keep bush and shrub trunks at least 3 feet from the house so you can still place soaker hoses between them and the foundation.  If you plant trees, consider installing a moisture barrier at the same time to prevent future issues.

Open House | Sunday June 5, 2011 | 2PM-4PM | 5411 Merrimac Avenue, Dallas, TX 75206 | See Flyer For Details