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July 2007 |
A Publication of ELLIOTT®
& Company Appraisers |
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FRONT
PORCHES MAKING A COMEBACK |
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 Spacious front porches are, once again, becoming popular in new housing
construction.
"For a time, porches were considered superfluous and old-fashioned; the
majority of new houses didn’t have them," said Sandra Mahoney, who just
wrote a book on porches. "Now, people are looking back at the old way of
doing things and trying to recapture a feeling, tapping into a sense of
nostalgia."
In her new book, On the Porch, Creating Your Place to Watch the World Go
By, co-written with James Crisp, Mahoney notes that large porches of the
21st century are not carbon copies of those constructed a century or so
before. They are more like an outdoor room, and may even have
fireplaces, ceiling fans carpets and other amenities that are usually
kept inside.
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FANNIE MAE ISSUES
GUIDELINES REGARDING
APPRAISAL OF MANUFACTURED HOUSING |
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 Fannie Mae released guidance
on its policy toward manufactured housing, including appraisals of it.
The new language in the appraisal standards subsection states that the
lender must provide the appraiser with a copy of the sale contract of
the manufactured home and land. If the manufactured home and land are
purchased separately, the lender must supply a copy of the sale contract
for both. If the home is new, the lender is required by Fannie Mae to
provide the appraiser with a copy of the manufacturer’s invoice.
The appraiser is specifically instructed not to include non-realty
items, such as furniture, insurance or warranties in the value of the
home.
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ONLY BILLIONAIRES
ALLOWED TO APPLY FOR COLORADO HOUSE |
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Hala Ranch, a 95-acre estate in
Aspen, CO, presently owned by the family of Saudi Arabian Prince
Bandar bin Sultan, is on the market for an asking price of $135
million.
The 56,000-square-foot house has 15 bedrooms, 16 baths, a
barbershop and beauty salon and laundry with sheet pressing
machines, among other amenities.
Over 1,000 requests have been made since the house went on the
market last October, but only 11 of those requests were granted.
Those 11 were from billionaires and those turned down were not.
The Colorado ranch is currently the third highest priced estate
on the U. S. real estate market. The former home of newspaper
magnate Randolph Hearst in the Beverly Hills section of Los
Angeles has an asking price of $165 million, while a 160-acre
estate being developed in Montana’s Big Sky Country, is going for
$155 million. |
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QUOTES OF WIT &
WISDOM |
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 "A
superstition is a premature explanation that overstays its
time."
-- George Iles
"It is better to have a permanent income than to be
fascinating."
-- Oscar Wilde
"Mistakes are part of the dues one pays for a full life."
--
Sophia Loren
"Advice is what we ask for when we already know the answer,
but wish we didn’t." -- Erica Jong
"After two years in Washington, I often long for the realism
and sincerity of Hollywood." -- Fred Thompson
"Live in such a way that you would not be ashamed to sell
your parrot to the town gossip." -- Will Rogers
"One person with a belief is equal to a force of 99 who have
only interests." -- John Stuart Mill
"Too many people are thinking of security rather than
opportunity. They seem more afraid of life than death."
--
James Byrnes
"Nothing is a waste of time if you use the experience
wisely." -- August Rodin
"The worst loneliness is not to be comfortable with
yourself." -- Mark Twain
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