Real estate notes from The Oklahoman for Nov. 30, 2019
Grandmark reopens after renovation
Grandmark has entered its renaissance after an extensive redesign and renovation.
Originally built in 1981 by G.T. and Libby Blankenship, the property at 6405 Grandmark Drive has been redesigned by local developers Ward Coe and Bill Shdeed, with architect Stephen K. Blair and interior designer Dustin Door, as a modern lifestyle concept.
“Grandmark is a small and exclusive community of 22 residences that’s unlike any other development in the city," Coe and Shdeed said in a news release. "These are the only new, luxury condos that exist with state-of-the-art amenities, private underground parking and all the conveniences of Nichols Hills Plaza literally at your doorstep.
"We wanted to create something that Nichols Hills doesn’t have: a one-of-a-kind property that, until now, had yet to see its full potential developed. It was one of the greatest opportunities for this area to create something really special and unique to Nichols Hills and Oklahoma City.”
Residences include flats, townhomes and penthouses. Unfinished units can be tailored to suit. Amenities include a clubhouse and swimming pool, gardens, covered parking and Grandmark Guesthouse when residents have visitors.
City leaders to discuss affordable housing
The City of Edmond will hold the second of two public meetings concerning the city's fair and affordable housing needs at 5:30 p.m. Dec. 9 during the Edmond City Council meeting at 20 S Littler.
Information and comments will be incorporated into the Analysis of Impediments to Fair Housing Choice that is being conducted for the city by Western Economic Service Inc. The analysis is part of an application for funding from the U.S. Department of Housing and Urban Development for a Community Development Block Grant.
In 2020, the maximum conforming loan limit for single-family properties here and in most of the country will be $510,400, an increase from $484,350 this year, according to the Federal Housing Finance Agency.
The increased limit means that next year Fannie Mae and Freddie Mac will be able to buy higher mortgages from lenders. Buying the loans sends liquidity back to the lenders so they can make more loans.
The mortgages bought by Fannie Mae and Freddie Mac are bundled and sold in turn to investors. Raising the limit on the mortgages they can buy effectively raises the limit on loans that lenders are willing to make without going "jumbo."
Jumbo loans, by definition, are bigger than what government-sponsored Fannie and Freddie can buy. Lenders making jumbo loans, since they are more exposed, require higher down payments, and generally charge higher fees and interest.