The Fresno Bee from Fresno, California • 43

state Classified fl THE FRESNO BEE Saturday November 4 1989 Fresno BsoRalph Thronttosry backed loan than a conventional mortgage The interest rate on FHA-insured loans is close to the rate on conventional 30-year fixed-rate mortgages Right now the rate is about 96 percent how an FHA-backed loan would work for someone buying a $130000 house under the new legislation: The down payment could be as low as $6000 which would leave a mortgage of $124000 right in line with the proposed ceiling If the interest rate on the mortgage were 96 percent the monthly payment for principal and interest would be about $1054 Add another $150 a month for taxes and home insurance and the payment would be $1204 To quality for the loan a home buyer would need an annual income of about $53000 The National Association of Realtors estimates the median income for families nationally is slightly above $33000 so this house would be out of reach of many buyers unless they could make a down payment of more than 5 percent But the point of die new legislation is to make FHA-loans available to more buyers including some of the moderately affluent Congress only agreed to die new FHA ceiling for one year But if die higher ceiling brings more revenue into FHA as anticipated unlikely the ceiling would be lowered in die future Those looking for a house next year would do well to ask lenders about die FHA-backed loans If the new ceiling is in place the loans could be one of the most attractive options on the market of West Shaw Financial Park for paint and a new look for an aging business park Painters prepare the exterior Face lift By SANFORD NAX Bee business writer By PAMELA REEVES Scripps Howard News Service Home buyers shopping for a mortgage in the next few months may find a pleasant surprise low-cost loans backed by the federal government that can be used to buy a fairly expensive house That would be a change from the current situation Right now mortgages insured by the Federal Housing Administration can be no higher than $101250 Lenders and others in the mortgage industry have long complained that this ceiling has prevented thousands of potential home buyers in costly urban areas from using FHA they find a house anywhere near that price Congress listened and decided to raise die ceiling Last week it sent President Bush a bill increasing the cap on FHA-backed loans to $124875 If Bush signs the bill as expected it will take FHA a few months to it the new rules into effect so ienders should start offering the higher ceiling early next year The Mortgage Bankers Association whose members do a high volume in FHA-backed loans estimates that 100000 additional home buyers will be able to use FHA next year as a result of the higher ceil- MBA said a recent poll of 30 large mortgage bankers found that 80 percent had been making fewer FHA-backed loans in recent years primarily because buyers couldn't find houses they liked within the $101250 price ceiling FHA-backed mortgages are used by anywhere from 8 percent to 14 percent of all home buyers each year with 900000 people using diem in an average year popular because this down payment required is low less than 5 percent and usual-ly easier to qualify- for an FHA- off-white which would make the buildings stand out and more noticeable to motorists on West Shaw "It needed a totally fresh look It is a lot more McAfee said Starkel said the paint job is expected to cost about $56000 About a third of the 32 buildings in the park have been repainted The owners replaced about 200 light bulbs installed 20 new lights in dark corners and walkways and five more powerful lights in die parking lot "We wanted people to have a sense of security It is really amazing what a few lights See Shaw Page E2 fornia Theological Seminary compose most of the tenants The 12-acre business park on West Shaw Avenue was about 34 percent vacant when its owners sat down with six leading commercial real estate agents last March and asked for advice Starkel said "We asked them what was wrong" Starkel said "They told us we were The dark colors and earth tones that were popular in the 70s are not in vogue now The real estate agents told Starkel and the other directors that a new look was needed Enter Liz Woods-McAfee president of Design Dash a color consulting and graphic advertising company in Fresno She recommended the park be repainted an West Shaw Financial Park was in step with the times when it was built in 1977 Twelve years later however it is a little out of sync Thus its owners are spending more than $100000 to bring it into the 1990s Mel Starkel who owns one of the office buildings and is president of the association that maintains them said the face lift is the first since the business park opened The renovation was essential to compete with newer complexes he said "-Attorneys accountants insurance and financial companies real estate agents and the Cali it I I Incentives are increasingly part of real estate business i -v 1 ''hr 1 1 ll i i V'fi I tli '-V i '-Kt yfrhWWHjfw Award-winning The Coalinga Community Swim Complex designed by the Fresno architecture and planning firm of Edwin Darden Associates was one of 11 winning entries in the Architectural "In the Public Interest Awards The November issue contains an article about the complex The swimming pools at West Hills i V' 4 i a it 'lK i- I4 ILlrtw 7 V' 4 4 44s' swim complex design 4J- '2 7 T' 44 rer Aren Special to the Bee College and Coalinga High School were damaged in the 65 earthquake in Coalinga in 1983 The Coalinga-Huron School District the West Hills College District and the Coalinga-Huron Parks and Recreation District convinced the Office of Emergency Sendees to use $13 million in disaster relief for the complex SANTA ANA Real estate agent Richard Jenkins couldn't sell a La- Sna Niguel home that had been on market for seven months so he bought airline tickets to Fyi -The seven-day all-expense-paid vacation for Jenkins It was for the agent who led him to a buyer for the $300000 home owners had reduced the price several times but we decided we had to do something to grab said Jenkins an agent with the Irvine office of Grubb Ellis plan worked but the agent who orchestrated the sale of the house' opted for tickets to Hawaii instead Jenkins said Incentives are a growing part of the real estate game especially in Orange County where sales have agents excited But I think its an effective way to market a said Paul Yoder a senior vice president at Grubb San Clemente office But Barbara Reilly a senior marketing consultant at Grubb Ellis disagrees "Incentives encourage more showings" she said Reilly is representing an owner who is offering a $1000 cash bonus to the agent who brings in a buyer for a $259000 two-bedroom two-bath condominium in Irvine "Right now there is just so much she said probably 50 listings of two bedroom condos in Irvine in the $250000 range quite a bit to choose from so I have to do everything I can to promote The $630 million Mirage resort creates an unfbrgetable image been sluggish after last rapid growth "Quite a few bonuses such as trips or a better split with the agent on the commission to generate a said Frank Hill president of the Irvine Board of Realtors Incentives such as plane tickets or the payment of certain closing costs were created to generate enthusiasm over properties that selling but agents wonder if they are effective "I think a person will buy a house merely because they will receive closing said Buck Pan-dud a consultant with the Meyers Group a Corona-based real estate consulting and marketing firm "People are doing it to get attention to get real estate cause of the challenge of the 3049-room Mirage Sometimes Wynn refers to the Mirage as "the a throwback to tire jargon of another era when his father Michael dreamed of opening a bingo parlor in this growing gaming town Other times he refers to the Mirage as an or a "wonderment the world will flock to Guests arrive via a palm-lined entry that features a 54-foot volcano three lagoons and waterfalls hardly your typical desert environment The lagoons and waterfalls are fed by pipes that pump 100000 gallons of water a minute Valets whisk arriving cars into a labyrinth of tunnels under the resort "The building comprises 3 million square feet accommodate 10000 guests at one time and will use electricity equivalent to a town of 75000 Wynn said The top five floors of the 30-stoiy resort contain 260 penthouse suites for coveted casino customers And for his players Wynn has six private bungalows not sell Chicago tower for the building have hit major "We had extensive ne ions By ROBERT MACY Associated Press LAS VEGAS Steve Wynn the golden boy of Nevada gaming is putting the finishing touches on his $630 million Mirage resort just down the Strip from where this glitz ignited his imagination 37 years ago Thousands of tire 5800 employees report for orientation this week to work out the kinks before the doors open to the public Nov 22 The Sugar Ray Leonard-Roberto Duran fight follows at the resort Dec 7 30-story showplace cost more than 100 tunes the value of the cluster of casinos that dotied the Strip when he first visited here in 1952 And it has sparked a multibil-lion-dollar building boom unprecedented in the histoiy New resorts are popping out of the desert and renovations and expanions are under way at many of the older properties Some operators admit privately fixing up and adding on be complete with their own swimming pools The swimming pool is a quarter-mile around and nearby is a dolphin habitat approved by the National Marine Fisheries Service The dolphin habitat be the first marine experience for Mirage visitors Registering guests find themselves facing a $12 million attraction Wynn calls "the biggest fish The tank runs 57 feet half the length of the registration area A sheet of acrylic seven inches thick holds back 20000 gallons of water Nearby is an atrium and dome 100 feet high with palm trees 70 feet high Running along the perinieter of tire casino are restaurants that will serve 2500 people There will be 30000 square feet of retail space all owned and operated by Golden Nugget Inc the parent corporation for the Mirage "I want people to sot that Steve Wynn built the best hotel in the world I want to say I own it I want to be the guy that designed it my edge 4 Sears may By MICHAEL CONNOR Reuters NEW YORK Sears Roebuck Co which a year ago said it would sell its landmark headquarters in Chicago in a cost-cutting move said last week it may tret sell the tallest building Sears chairman Edward Brennan at a rare appearance before analysts in New York said that the comj was studying possible financial tematives to selling the 110-story building He said that some type of deal would be completed by the end of the year The largest retailer put die Sears Tower looming 1454 feet above Chicago on the auction block one year ago as part of a broad restructuring aimed at blocking a rumored takeover But negotiations lief that full ownership of ch a significant American landmark could spur an anti-Japanese backlash week Mitsubishi Estate to pgy $846 million stake in Rockefeller holding company assets 22-acre Rockefeller complex in midtown a quids news the Rockefellers officials moved to anti-Japanese criticism sale of the Sears part of a massive announced last year included a cut-rate the elimination of jobs and the recently buyback of over with a number of parties Brennan said but he declined to identify them or give other details Brennan said financial alternatives to a sale included the negotiation of a new mortgage that would allow Sears to tap the appreciation in the value of the tower When Sears announced plans to sell the landmark building some analysts estimated it could fetch up to $14 billion but published reports have said that subsequent bids have been around $850 to $900 million Negotiations with giant Canadian real estate firm Olympia York Developments Ltd based in Toronto broke down in September after the two sides could not reach an agreement There have been reports tire Japanese government has discouraged Japanese bidders because of the be- 10 percent of its Earlier this Co agreed for a 51 percent Group Inc the for the Rockefeller which include the Center Manhattan The sale prompted conference where and Jwanese head off ary of die deal The planned Tower came as restructuring by Sears that pricing strategy more than 2600 completed.