"A House for the New Millennium"
Wall Street Journal (08/07/98) P. W1; Fletcher, June

Most people assume that the homes of the future will be similar to the home of the Jetsons, with high ceilings and architecture that stresses openness. But many architects say the homes of the future will actually be more similar to older Spanish fortresses, featuring large walls and sporting an inward design that emphasizes the privacy of the homeowners. Each decade typically has its own style of homes, and there are some architects who say the trend isn't that important and will probably be ignored by many future homebuyers. But the idea is still popular, and architects have identified a few housing aspects that represent what homes of the future will look like. Many of them will feature stone turrets on the outside to separate the home from the rest of the neighborhood. Windows will also be narrower, which allows more privacy and also permit a better use of natural light. Many homes will be built so that the interior features are stressed, and this trend includes home enclosing the features. Architects add that outdoor rooms such as media centers and kitchens and bars will also become more popular. Finally, the rooms inside the home will be more specifically defined and will serve a specific purpose, such as a home office or a workout room.

"Online Mortgages Can Save You Time and Money"
Investor's Business Daily (08/07/98) P. B1; Fairley, Juliette

Forrester Research predicts that $752 million in mortgages will be originated online this year, with the total increasing to $25.5 billion in 2001. Meanwhile, BancAmerica Robertson Stephens analyst Gary Craft says that mortgage brokers had better start offering additional services lest they find themselves obsolete and out-of-work. "The Internet is offering a superior alternative," says Craft. Stephen O'Connor, senior director of residential finance at the Mortgage Bankers Association of America, advises first-time home buyers to meet with a mortgage broker in person. "The online transaction may be better suited for a more sophisticated buyer, a repeat buyer or those that want to refinance," O'Connor says. Online brokerages such as Quickenmortgage.com fill in as mortgage lenders for traditional mortgage lenders. Mortgage Web sites are often criticized for their lack of customer service, but the online mortgage brokerage Eloan offers representatives that can be contacted via telephone. Eloan customers also never have to give out their credit card number online, and can do their mortgage searching at the company's Web site.

"A House Where Rooms Are a State of Mind"
New York Times (08/06/98) P. C1; Giovannini, Joseph

Although trophy houses are becoming more popular, provocative, artistically-inspired models are typically ignored in advertising. On occasion, home buyers may request a unique trophy house, one that attracts attention not only for its size but also for its distinctive design. In 1990, Victoria and Richard Blades lost their first home to a wildfire. Rather than moving into a traditional new house, the couple decided to design their own and create a house that would emphasize features such as space and art. After considerable searching the couple hired architect Thom Mayne. Inspired by the Crawford House in Monticeto, which uses cubic forms that blend with the landscape, the Blades formulated a $600,000 plan that focused on the space and light of the home rather than on its materials. None of the rooms follow a specific geometric pattern, in fact, many of them actually blend together or open onto other rooms. The couple is currently adjusting to life in their new trophy home.

"Countrywide Home Loans and American Airlines Team Up..."
PRNewswire (08/06/98)

The American Airlines AADVANTAGE Program for Mortgage and Real Estate has made Countrywide Home Loans Inc. its principal mortgage provider. The program allows consumers who purchase or refinance loans through Countrywide to receive 1,000 in American Airlines frequent flyer miles for every $10,000 in loan funds. Members of the program also receive 2,500 frequent flyer miles if they take out a home equity loan or a line of credit. Consumers can contact Countrywide directly at one of its branches or they can call a toll-free number. The program brings together two industry leaders in service and value, according to AADVANTAGE Program President Bruce Chemel. Countrywide is the nation's largest independent mortgage lender.

"Let the Sun Shine In: Cooper-Hewitt Show Sheds Light on Solar Power"
Boston Globe (08/06/98) P. F1; Miller, Margo

Greater acceptance of solar power could be on the horizon, thanks to new technology that is improving the technology's image. Today's solar roofing is integrated into the home, a change from the old hot-water panels used by solar pioneers. Solar power works by having a house or business connected to the local power grid, with excess power sold to the resident's local utility during the day. Utilities like having the extra power during heat waves, when demand increases. Residents take power from their solar account on cloudy days. PV technology can be traced back to 1839, when French scientist Edmund Becquerel discovered that silicon is capable of converting sunlight to electricity, but the technology was not utilized at that time. However, in 1954, Bell Laboratories scientists rediscovered PV and used them to power telephone systems in rural areas. One way to learn about solar power is to attend the "Under the Sun: An Outdoor Exhibition of Light" at the Smithsonian Institution's Cooper-Hewitt museum in New York.

"Hail-Resistant Roofs May Save Money in Colorado"
Business Wire Online (08/05/98)

Hail can damage a roof, letting in moisture that can further damage a building. Such damage from hailstorms costs the property and casualty insurance industry an average of $1.5 billion each year. But homeowners can use hail-resistant roofing materials to minimize the damage. Shake shingle wood roofs are fire hazards and poor insulators; asphalt/fiberglass and concrete are better choices. In Colorado, a state with an annual average of up to eight days of large hail, Farmers Insurance offers a discount of up to 16 percent for quality roofs, depending on the materials used and manufacturer warranties.

"Buying Vacation Spots in Hawaii for a Song"
Investor's Business Daily (08/05/98) P. A1; Raymond, Anthea

The Japanese economic crisis, a slowdown in the tourism industry, and a state-wide recession have significantly reduced the cost of much of Hawaii's real estate. Now may be the best time for Americans looking to purchase a vacation home in Hawaii, according to Honolulu real estate consultant Susan Todani. Interest rates are low, many properties are available at much lower prices than they were in the 1980s, and the Asian currency crisis has eased competition for the homes. But experts say that Americans looking to purchase a home will have to do plenty of research and should visit the islands two or three times. Most home buyers choose resort properties on Maui or the Big Island of Hawaii. Resorts are available throughout the island, and some of them are located around golf courses, hotels, and beaches. Although the resorts also feature luxury condos, many of the homes are moderately-priced. On Maui, luxury condos start at $400,000, but the average sale price is only $175,000. Most of the state's residents live on Oahu. Around Honolulu, resort amenities and prices vary. To reduce the cost of owning property on the island, some real estate experts suggest time sharing or renting the home for a year.

"Keeping Track-Managing Your Money and You"
SmartMoney (07/21/98) ; Deterline, Brooke

Although new homes are exceedingly popular among home buyers, some are finding that the nationwide, double-digit rise in residential real estate prices recorded by the Commerce Department, has placed homes beyond their financial reach. Homeowners who cannot afford to purchase expansive, new models in high-growth regions are discovering that remodeling their current property to better suit their needs is often a more practical and affordable solution. Just last year, Americans spent a record $118.4 billion on home renovations, 18 percent more than just a decade ago. It's a logical choice considering the cost of remodeling or adding-on additional space is typically one-third to one-half the cost of purchasing a larger, new model. Attractive interest rates are also driving homeowners to remodel. Currently, home-equity loans are carrying an interest rate of around 9.2 percent, while home-equity lines of credit are averaging about 9.5 percent. Homeowners considering renovation projects should be careful to research local zoning regulations, and alternative living arrangements during construction. Experts also warn against renovations that effectively price the property beyond values in the surrounding neighborhood.

"Choosing the Right Site"
Better Homes & Gardens (08/98) Vol. 76, No. 8; P. M2; Gilliam, Shawn

There are many choices involved when building a home, but perhaps the most important is choosing the site of the home. Home buyers should consider a number of factors when deciding where the home will be located. The first thing to do is to look at the rest of the neighborhood to see if the area seems pleasing. Surrounding homes that are in bad shape can hurt the value of the new home, and the homebuyer should also check the property values of other homes in the neighborhood. When visiting a site, buyers should listen for noise, which can change during different parts of the day. The noise may also come from a future development, such as a freeway. Buyers should research the land's background, including the soil. In some cases, the site could have been the former location of an industrial plant. Another important step buyers should take is to make sure the home is accessible to all utilities, especially a water source. Buyers can check with local building departments concerning this information. A property's taxes are also important, and an assessor can provide an estimate of what the property's taxes will be. Parents should also check the distance between the home and local schools, while at the same time learning the quality of the schools. Finally, buyers should familiarize themselves with the surrounding amenities, such as parks and stores, and they should also determine the distance between the home and the buyer's work location.

Published: August 7, 1998

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