Corpus Christi Caller Times Caller.com - Stewart Title debuts one-stop property shopping

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Tuesday, July 20, 1999

Stewart Title debuts one-stop property shopping
Also: Blucher House uptown will open as a bed and breakfast in November
By Andrea Jares
Caller-Times

   In the age of Internet and technology innovations, homebuyers are savvier shoppers than ever before. The Internet won't replace the need for real estate agents or title insurance, but harnessing this information will be an invaluable tool to give homebuyers an edge in getting the information they need before they close on a home, said Susan Wilkins, director of marketing for Stewart Title's Corpus Christi office.
   Houston-based Stewart Title, in connection with the Corpus Christi offices, is linking all of the elements of buying a home at one Web site, called REI Mall.
   The Web site is intended to be a single clearinghouse for information about residential, commercial and land properties available for sale in the Corpus Christi area. The site is located at www.reimall.com.
   Wilkins, who is manager of the local site and on REI Mall's national steering committee, said the site is a way that Stewart Title is approaching the changes in the real estate market because of technology. Homebuyers today have easier access to the home prices and market data. Real estate agents now can find a competitive mortgage rate or close on a house from the nearest phone jack.
   REI Mall's intent is to place all of these elements at one site, Wilkins said.
   Corpus Christi was linked to the national effort in February and the company has since been collecting local data to incorporate into the collection. In about a month, Stewart Title has plans to open an improved, more extensive version of the site with more property photos, more listings and more information to assist homebuyers.
   Wilkins said the ultimate goal for the Web site is to have as many as 3,000 property listings, including the entire Multiple Listing Service currently maintained by the Corpus Christi Association of Realtors. The site now represents 400 properties. Wilkins said she has hired two additional people on staff to take pictures of the properties and constantly update the free listings on the site.
   At the Web site, homebuyers can define the type of property they are looking for, down to the price range or if a home has a fireplace or not. The homebuyers will receive a listing of homes meeting their criteria.
   Veterans' refinancing
   With more people moving in the summer months, refinancing programs like the Veteran's Affairs Interest Rate Reduction Refinancing Loan are doing brisk business.
   The refinancing loan program has been in effect for several years, but the application deadline has recently been extended, said Jim Frey, president of Emerald Mortgage, who has handled 300 of the VA loan refinancings in the past year.
   Veterans who are current on their loan payments and who bought their home using a VA loan can refinance through the program at current interest rates.
   "We have a lot of veterans out there who are still at 11 percent," Frey said. "They can save on their payments simply by refinancing."
   For example, a veteran with an $85,000 mortgage at 9 percent who refinances at 7 percent can reduce monthly payments by $75, Frey said. It's also possible to roll the application and associated fees into the loan, he said.
   Albert Molina, loan specialist for the Corpus Christi area with the Office of Veterans' Affairs, said using this program to refinance can be a good idea if more than 10 years is owed on the mortgage. A VA certified loan lender can help in deciding if refinancing is the right option.
   "It's certainly worth their time to check into it," Frey said. "It doesn't cost anything."
   Construction growth to slow
   Construction activity is expected to slow into next year, according to the Fiscal Notes publication of the State Comptroller's Office. Growth is expected to continue to be strong, but will drop to 2 percent across the state.
   Construction employment in April 1999 was 40 percent higher than April five years ago. According to the report, the state's nonresidential construction and housing starts in 1998 were the highest since 1985.
   Blucher renovations
   George Blucher House Bed & Breakfast Inn is expected to open in November at 211 N. Carrizo St. near the intersection of Blucher Street. The bed and breakfast will have six bedrooms each with private bath, individual climate control, telephone, data port, television and VCR.
   The inn will also have two meeting/living rooms with telephones and data ports, and a dining room where a full gourmet breakfast will be served daily.
   After completion of the main house, two one-bedroom apartments and a two-bedroom apartment at the rear of the property will be remodeled to accommodate business travelers planning extended stays.
   Owner/innkeeper Tracey L. Smith, an interior designer and real estate agent, expects customers to include attorneys because the inn is near the courthouse, and birders because it's across the street from Blucher Park and next to the Blucher Nature Center.
   The home and grounds will also be made available for luncheons and small private parties.



Business writer Andrea Jares can be reached at 886-3678 or by e-mail at jaresa@caller.com. Business writer Jeffrey Tomich contributed to this report. On Real Estate is published every other Tuesday in the business section.