NEW HOPE FOR JUMBO HOME MORTGAGES

Timber Ridge Properties was pleased to read this information taken from a Bloomberg article written June 26, 2009 by Jody Shenn

JPMorgan Chase & Co. and Citigroup Inc. are expanding in “jumbo” mortgages used to buy the most expensive homes, helping revive a market that shriveled amid a three-year jump in homeowner defaults.

JPMorgan resumed buying new jumbo loans made by other lenders this month, after halting purchases in March, spokesman Tom Kelly said. Borrowers must have checking accounts with the bank, he said. Citigroup is again offering the loans through independent mortgage brokers, spokesman Mark Rodgers said.

The two New York-based banks are signaling new interest in a market hobbled since 2007, when record-breaking defaults on home loans caused investors to flee securities backed by mortgages. With the recession sapping demand for new consumer and corporate loans, lenders are competing harder for creditworthy customers, said Harry Davis, banking professor at Appalachian State University in Boone, North Carolina.

Jumbo loans exceed limits set for government-controlled mortgage companies Fannie Mae and Freddie Mac on loans they can buy or guarantee. Those limits range from $417,000 to $729,750 in the most expensive locales.

Bank of America

Bank of America Corp. was the largest jumbo lender in the first quarter, with almost $9 billion in new loans, followed by Citigroup, according to newsletter National Mortgage News. JPMorgan ranked sixth. San Francisco-based Wells Fargo & Co. was the top overall mortgage originator, followed by Bank of America, JPMorgan and Citigroup, the newsletter said.

Barbara Desoer, head of Bank of America’s mortgage unit, said in a March interview the bank was seeking to make more jumbo mortgages, offering “extremely competitive” rates to consumers. The Charlotte, North Carolina-based bank “has balance-sheet capacity and we’ve allocated it to jumbos given our presence in some of the states and regions where that’s important,” she said. “We’re very much open for business.”

NEW PRIVACY GATE ADDED TO THE ESTATE AT 9436 HIDDEN PINES COURT

As Timber Ridge Properties moves into the 4th of five weekends on the Denver Luxury Home Tour, showcasing the majestic home located at 5191 Golden Ridge Court, another Timber Ridge Property is now open for viewing.

If you visit the Timbers this weekend,(and you should because the community is green and beautiful from the June rain) do not miss 9436 Hidden Pines Court. A new privacy gate has been added, trees are added to the landscape, the tile is complete and the carpet goes in tomorrow - all of this to complement the breathtaking view of Pikes Peak. This home is certainly one of the finest yet to be designed by Timber Ridge Properties.

Meanwhile, visitors continue to praise 5191 Golden Ridge Court saying it is their "favorite" home on the Denver Luxury Home Tour.

If you plan to enjoy the Tour, you can buy tickets at www.denverluxuryhometour.com or at King Soopers.

For more information about homes built by Timber Ridge Properties, visit www.timberridgeproperties.net

TIMBER RIDGE PROPERTIES KICKS OFF BASMENT FINISH AND REMODEL DIVISION

We will be doing basements, custom home theaters, kitchen remodels, entertainment rooms, wine cellars and the like - brought back an excellent superintendent who was with us about 12 years ago – he specializes in this kind of work. We are pretty excited about this new adventure!

We are calling the new division “TAKE TIMBER RIDGE HOME.” You don’t have to build an entire home to own the beautiful design and quality craftsmanship of Timber Ridge Properties. And it doesn’t have to be expensive; it just must be done in Timber Ridge style with PRIDE and PASSION FOR EXCELLENCE! Those of you familiar with our web site www.TimberRidgeProperties.net recognize our mottos. 

As always, we promise uncompromising quality of construction complemented by the highest level of care and customer service.

Please pass our exciting news along to anyone you think may be interested!

FOR MORE INFORMATION ABOUT TIMBER RIDGE PROPERTIES VISIT www.TimberRidgeProperties.net or call us at 303-805-0300

TIMBER RIDGE PROPERTIES SHOWCASED IN THE DENVER POST

This past Saturday issue (6/13/09) of the Denver post offered a summary about the Denver Luxury Home Tour with regard to Castle Rock and Parker. The article explained that for the first time in history, the Home Builders Association of Metro Denver is producing the 2009 Denver Luxury Home Tour, a ticketed and self-guided event. It went on to say that the Tour features 27 new homes ranging in value from $1 million to nearlh $6 million.

The featured home (a beautiful picture with a blue-sky background) was 5191 Golden Ridge Court (#24 in the tour magazine and on the web site - www.denverluxuryhometour.com) built by Timber Ridge Properties in the Timbers at the Pinery - a Denver suburban community boasting large stands of pine trees located just south and east of Parker. The home is priced at $1,795,000.

The Denver Luxury Home Tour lasts through July 5th - open every Friday, Saturday and Sunday from 11 to 7. Don't miss 5191 Golden Ridge Court! Most of the people I have met on the Tour tell me it is their favorite home!

For more information visit www.TimberRidgeProperties.net

A SUCCESSFUL WEEKEND FOR TIMBER RIDGE PROPERTIES ON THE DENVERY LUXURY HOME TOUR

Our traffic was up this weekend in spite of the rain and the wind - double the visitors to 5191 Golden Ridge Court over last weekend's traffic count. And we are receiving amazing compliments about our entry in the Denver Luxury Home Tour (www.DenverLuxuryHomeTour.com) More than half our visitors tell us that 5191 Golden Ridge Court is their favorite home on the tour.

Don't miss this grand four-bedroom two story with just under 4700 square feet of stone and extensive wood-trim style. This very special Timber Ridge property is located in the Timbers at the Pinery, just south and east of Parker on a 1.006 acre homesite with spectacular views of Pikes Peak.

There are still three weekends left to enjoy the Denver Luxury Home Tour (formerly known as the Parade of Homes). Tickets are available at King Soopers and on line at www.DenverLuxuryHomeTour.com.

For more information about this "favorite" visit www.TimberRidgeProperties.net

TIMBER RIDGE PROPERTIES ENTERS THE SECOND WEEK OF THE DENVER LUXURY HOME TOUR

Once again, visitors are pouring into our home at 5191 Golden Ridge Court, Parker, CO - located south and east of Parker in the Timbers at the Pinery. The Denver Luxury Home Tour, originally known as the Parade of Homes, brought a steady stream of people today - traffic count up from Friday last week - the first week of the Tour.

More than the name is different this year. There are 27 homes on the tour - at 27 locations all over the Denver metro area. Tickets may be purchased on line at www.DenverLuxuryHomeTour.com or at King Soopers. Take your ticket to the first home you visit (you may start at any location) and exchange it for a "passport" which will gain you entrance to all the rest of the homes on the tour.

Rave reviews about the Timber Ridge Property - entry #24 on the map, in the magazine and on the web site. Extensive wood trim; breathtaking view of Pikes Peak; so much attention to detail - and the compliments continue!

we hope you will make 5191 Golden Ridge Court a priority on your tour list! It is well worth the trip to Parker and Timbers at the Pinery.

SENATE REVIEWS PUSH TO EXPAND HOMEBUYER TAX CREDIT TO $15000

TIMBER RIDGE PROPERTIES is excited to share this important information taken from an article on Bloomberg.com, June 10, 2009 written by Dawn Kopecki--

Lawmakers are pushing to revive legislation in the Senate that would almost double an $8,000 tax credit for first-time homebuyers and expand the program to all borrowers.
Senator Johnny Isakson, a Georgia Republican, plans to introduce a bill today that increases the tax credit to $15,000 and removes income and other restrictions on who can qualify for the credit, according to his spokesman, Sheridan Watson.
The legislation, which is co-sponsored by Senate Banking Committee Chairman Christopher Dodd of Connecticut and other Democrats, would extend the homebuyer credit to multi-family properties that are used as the borrower’s primary residence. It would also eliminate income caps of $75,000 and $150,000 on individuals and couples seeking to claim the credit.
“The housing market continues to be a drag on the economy, said John Castellani, president of the Washington-based Business Roundtable, which represents the interests of more than 100 CEOs including General Electric Co.’s Jeffrey Immelt and Exxon Mobil Corp.’s Rex Tillerson. “We believe that if we don’t stabilize this vital sector, we can’t turn the tide on the recession.”
The Business Roundtable and the National Association of Realtors are both pushing to expand the tax credit and to lower mortgage rates to revive the U.S. housing market.
Isakson’s bill would extend the credit, which expires at the end of 2009, to one year after it’s signed into law, according to Watson. It would also allow borrowers to divide the credit over two years. The bill is co-sponsored by Republican Senators Lamar Alexander of Tennessee, Saxby Chambliss of Georgia, David Vitter of Louisiana and James Risch of Idaho.
Senators Patty Murray, a Washington Democrat, and Joseph Lieberman, a Connecticut independent, have also signed on to the bill, according to Watson.
Mortgage Rates
The roundtable and Realtors groups also recommended the Federal Reserve continue its plans to purchase mortgage securities guaranteed by Fannie Mae, Freddie Mac and the Federal Home Loan Banks to drive down mortgage rates below 5 percent.

WITH THIS ENCOURAGING NEWS IN MIND, don't fail to visit us on the Denver Luxury Home Tour - www.denverluxuryhometour.com. Or visit www.TimberRidgeProperties.net for more information on our homes.