Limited availability and unusually high interest rates in the jumbo loan market are adversely affecting the rest of the housing market. This is just one of the insights from recent National Association of Realtors® research on the Impact of the Jumbo Mortgage Credit Crunch, released today at the Realtors® Midyear Legislative Meetings & Trade Expo.

The ongoing credit crunch in the jumbo mortgage market has stalled home sales of high-priced homes, despite some recovery taking place in some mid- and low-priced home markets. The national share of home sales above $750,000 has fallen from 4.4 percent in 2007 to approximately 2.3 percent in 2009, and the months’ supply of inventory has risen from 18.7 months to 41.1 months during that same period.

Although legislation earlier this year increased the conforming loan limit to as much as $729,750 in high-cost areas, the mortgage market now has three primary types of loans. Loans up to $417,000 are considered “conforming,” loans between $417,000 and $729,500 are “conforming jumbo,” and loans over $729,500 are “super-jumbo.” Although conforming mortgage rates are at 50-year lows, jumbo loans in general continue to remain very costly.

“Lenders are keeping credit standards overly stringent for borrowers at the higher end of the market, and are increasingly reluctant to make jumbo loans,” said NAR Chief Economist Lawrence Yun. “The interest rate spread between 10-year treasuries and jumbo loans has also substantially increased, making jumbo loans much more costly than has previously been the case. Many people believe that the jumbo market is for the very rich, but in many areas of the country, middle-class families need these loans to buy a median-priced home.”

“Realtors® are telling us that some lenders are treating jumbo loan buyers who have very high credit scores and a substantial downpayment as higher risks than conforming loan buyers who have lower credit scores and less money for a downpayment,” said Yun. “As a result, more buyers of high-priced homes are resorting to cash purchases, while the bulk of potential buyers remain sidelined and unwilling to take out mortgages that carry interest rates much higher than those on conforming mortgages.”

The resulting increased inventory of homes for sale has already doubled defaults from one year ago and will hamper a broader housing market recovery, which in turn will limit economic recovery. This also affects refinancing activity. “The inability of homeowners to refinance their jumbo loans is holding back potential consumer spending for the overall economy,” said Yun. “If they had the opportunity to refinance into historically lower mortgage rates, many current jumbo mortgage holders could save $6,000 to $15,000 in annual interest costs.”

Information obtained from the National Association of Realtors and Stephanie Singer’s report dated 5/2009.

Tenants can begin moving in on March 15th, 2009 for floors 9 - 14! Pre-leasing has been brisk.  Retail shopping and dining is available on the ground level below the six floors of secure access parking.  Enjoy the life of luxury in the middle of downtown Houston. If you would like to take a tour of this beautiful building and reserve your apartment before it’s too late then please contact Margie Kaplan at (800) 240-8717 ext. 701 today! To contact her via email click here.

Construction has begun on the 37-story tower, luxury high-rise apartment tower, One Park Place, on site next to the new downtown park, Discovery Green. It will be Houston’s first residential high rise apartment building to be built in more than 40 years. One Park Place will be the premiere residential address in downtown Houston. There will be 346 luxury apartments on 30 levels, with a total net rentable space of 498,000 square feet.

All units will have spacious balconies, many offering spectacular views overlooking Houston’s new 12 acre downtown park, Discovery Green. Levels two through seven will accommodate 793 parking spaces for residents and guests. The eighth level will feature a 2000 square foot grand social terrace overlooking the park; three resident social rooms including a bar and caterer’s galley for entertainment; and a state-of-the-art fitness center facing the 35,000 square foot outdoor, resort-style garden terrace and two-tiered swimming pool. One Park Place will provide valet and concierge services. Retail services will be available to residents and others downtown. Plans include 21,800 square feet of retail space in two sections on street level to feature a specialty gourmet market, wine merchant, specialty coffee shop and sidewalk cafe.

Project should be completed fall of 2008. Occupancy is scheduled for February 2009. One Park Place is reminiscent of the historic structures that architecturally define Central Park in New York City and other great urban park spaces in Boston, Chicago and San Francisco. Developed by Marvy Finger, president of The Finger Companies.

One Park Place offers high-rise luxury apartment residences ideally situated overlooking Houston’s new Downtown Park.

To get more information or to reserve your luxury downtown apartment at One Park Place contact Margie Kaplan at (281) 463-6365 Ext. 701 or go to http://www.margiekaplanhomes.com/content/contact.html.     

The Turnberry Tower in Houston has now officially opened it’s $4 million dollar sales office and model. The 12,000-square-foot, multimillion-dollar sales center/model opened to the public on Sept. 6 when it hosted a reception honoring The Social Book’s 2007-2008 Honor Society.

Turnberry Tower, Residences at The Galleria will be a 34-story condo tower with 184 units just south of the Galleria Mall, west of Post Oak Boulevard between Hidalgo and W. Alabama. This will by far be the most luxurious high rise condo building in Houston!

Most condos will range in size from 1,620 square feet to 5,525 square feet and will cost from $1 million to more than $3.5 million.

There will be four 15,000-square-foot penthouse units soaring 3 stories high will feature four bedrooms and nine-and-a-half bathrooms, with a price tag of $8.5 million.

Described as an ultra-luxury condo project, Turnberry Tower will be stocked full of special granite, marble and other fine finishes for the well-heeled. Many of the units will feature private foyers.

Building amenities will include a spa/fitness center, swimming pool, media room, social rooms, tea room, limousine service, 24-hour valet and concierge service.

The local tower is expected to be finished in December 2009.

If you would like to make an appointment to tour the beautiful model call Margie Kaplan at (281) 463-6365 Ext. 701 for a private viewing. For more information email MK Luxury Homes & Condos by visiting their website.

2727 is going to be spectacular.  They just poured concrete for the foundation this week! This luxury high rise will have feature 30 floors. The first seven floors will be reserved for parking and the eighth floor will be reserved for amenities such as the jr. olympic heated infinity pool with spa and cabanas, a fitness center with pilates and massage, and 2 individual club lounges with stunning views.

 2727 Kirby is ideally situated in the heart of Houston. Within mere minutes you can be shopping in the Galleria, or taking in a show at the downtown theater district. The Museum District and the Texas Medical Center are also within easy reach of our prime River Oaks area location. 2727 Kirby is also at the center of the vibrant Houston restaurant scene. Wherever you need to be in Houston, you can get there quickly from 2727 Kirby.
The penthouse is listed for $8,280,800.00 boasting 10,351 square feet!

The smallest units start with 1 bedrooms at 1260 square feet at about $635,000 depending on views and amenities. A two bedroom can be had for $990,500.00 with 1981 square feet.

To make an appointment to view the model please call Margie Kaplan at (281) 463-6365 Ext. 701. To see available units go to:

2727 Kirby Available Units

Last word is the building will begin occupancy possibly in December of 2009 so about 15 months.

Avalon at Seven Meadows is one of the best places to live in the Houston and Texas area. The luxury homes range from $300K to over a million dollars. The Katy community includes 28 acres of lakes with fountains, a six acre central park with recreation center and picnic pavilion, swimming pool and spray park, children’s play areas, recreation center offering meeting rooms, an exercise room and a media room, landscaped trails, open meadows, picnic areas, neighborhood parks, greenbelt, tennis courts, and a private community network.

Seven Meadows features Custom Homes by

Semi Custom Homes by

• TAYLOR WOODROW HOMES

• PARTNERS IN BUILDING

• TRENDMAKER

For a private tour of this wonderful community and the luxury homes please contact Margie Kaplan at (281) 463-6365 Ext. 701 or view now at:

Seven Meadows Luxury Homes for sale.