OKC Real Estate Briefs: February 15, 2002

Journal Record, The (Oklahoma City), Feb 15, 2002 by Matt Maile

The level of home ownership in the United States could for the first time surpass 70 percent in the next eight years, fueled by home purchases by retiring baby boomers and new immigrants, according to a study sponsored by Homeownership Alliance.

The Washington-based group said its report published by former White House economic adviser Todd Buchholz shows the national housing market will help the Federal Reserve Board's effort to revive the economy in 2002.

The report also says the housing market will be more stable and less cyclical than in the past.

Housing demographics should be more favorable in the decade ahead, especially as baby boomers, minorities, and recent immigrants push up their ownership rates, Buchholz said.

The home ownership rate nationally is 68 percent, the group said. Home ownership rates among African-Americans and hispanics, two groups expected to show increased influence in the housing market, currently are 48.1 percent and 48.8 percent, respectively, according to the group's figures.

Mortgage financing also should continue to remain strong, as lower interest rates encourage home purchases.

In 2000, single-family originations totaled $1.05 trillion, of which 21.5 percent were refinancings. In 2001, a year in which the Federal Reserve drastically cut short-term interest rates to boost the economy, single-family mortgage originations totaled almost $2 trillion, 55.7 percent of which were refinancings, the report shows.

Though the Fed does not control market rates, it has been able to push down very short-term rates, the report says. Longer-term rates, including mortgage rates, have fallen in response.

New officers

David Kollmann was installed as the 2002 president of the Associated General Contractors of Oklahoma-Building Chapter at the association's annual meeting in Oklahoma City.

Kollmann is senior vice president of Flintco, a commercial construction firm with headquarters in Tulsa.

Other officers include Brandt Nashert of Nashert Constructors of Oklahoma City, vice president; Tom Lippert of Lippert Brothers Inc. of Oklahoma City, secretary/treasurer; and William G. White Jr. of Oscar J. Boldt Construction Co. in Oklahoma City, past president.

Directors are Brent Armstrong, John Cowen, Cris Gillmore, Alan Hadley, Terry Hixon, Bob Lambert, Tom Lippert, Dean Reiss, and Chris Wilson.

Southern Realty

Bob Linn & Associates/GMAC Real Estate of Oklahoma City has acquired Southern Realty, a southern Oklahoma realty brokerage, Linn has confirmed.

Details of the transaction were not disclosed.

The acquisition of Southern Realty adds 17 associates to Linn's real estate group. Southern Realty's office at 1627 SW 104th St. will remain open with Jim Lee as managing broker.

Linn said the acquisition will provide better opportunities for us in the future because we will be able to capitalize on the combined years of real estate experience our firms have accumulated.

Bob Linn & Associates/GMAC Real Estate, 2740 Featherstone Road, is affiliated with the GMAC Franchise Network, a division of General Motors.

In a related announcement, Bob Linn announced the appointment of Toni Tomlinson as sales executive.

Competitions

Student teams from the University of Oklahoma and Oklahoma State University took home honors this month in construction competitions held in Dallas sponsored by the Regional Associated Schools of Construction.

Winners from Oklahoma in the Construction Management Competition were the University of Oklahoma, first place, and Oklahoma State University, third place.

In the Design and Build Competition, second place went to a student team from OSU and third place went to a team from OU.

In the Heavy/Highway Competition, first- and second-place honors went to teams from OU and OSU, respectively.

Teams finishing in first place will go on to compete in a national competition in Las Vegas in March.

Joining TCN Worldwide

Price Edwards of Oklahoma City has become a member of TCN Worldwide, the international real estate services organization, the company and TCN Worldwide said in a joint statement.

TCN consists of 55 independent commercial real estate firms. Price Edwards/TCN Worldwide provides specialists in the areas of leasing, brokerage, investment sales, property management, facilities management, construction, market analysis, site selection, feasibility studies, lease administration and financial reporting.