Tuesday, February 07, 2006
Olathe News
For Immediate Release
February 6, 2006Alice Snider, Communications Specialist (913) 971-8784
City Council Recognize Several Honors at February 9 MeetingThe Olathe City Council will recognize at their February 9 meeting the Cedar Creek Wastewater Treatment Plant biosolids dewatering project for recognition by the Environmental and Utilities Division of the Kansas Contractors Association. The Association recognized the project for its innovation, enhancement of the plant's operation and savings in operation and maintenance costs as part of their 2004 Recognition of Excellence in Public Works program. The Cedar Creek Wastewater Treatment Plant project included the construction of a new sludge dewatering building, equipment, and odor control system.
The City Council will recognize Olathe students who contributed to Olathe?s standing as a City of Champions through their accomplishments during the fall 2005 semester.
The Council will recognize 2005 State champions Brianna Willard, Olathe North High School, girls? gymnastics, floor exercise and vault; Haley Craig, Olathe South High School, girls? singles tennis; the Olathe East High School Boys? Soccer Team; and the Olathe South High School Girls? Volleyball Team.
Twice a year the City Council will recognize Olathe students, from both public and private schools, who placed first in a state championship including, but not limited to academic and athletic competition.
Also, the City Council will issue a proclamation designating February 2006 as Black History Month in Olathe. The City will also recognize the rich culture and history of the African American population with banners on the light poles in downtown Olathe. The banners portray the images of two famous black Americans, civil rights advocate Martin Luther King Jr. and baseball great Buck O?Neil. The banners are displayed annually during January and February.
Dispose of Household Chemicals Safely SaturdayOlathe residents are asked to safely dispose of household products at Olathe?s Household Hazardous Waste (HHW) drop-off site, located south of the Olathe Municipal Services Center, 1385 S. Robinson, Saturday, February 11. The HHW collection site is open the second Saturday of the month year-round from 8 a.m. to noon. HHW also can be disposed of at other times by appointment. Call 913-971-9311 to schedule an appointment.
Household chemicals such as motor oil, antifreeze, paint, batteries and pesticides can be harmful to the environment and should not be thrown away with trash or dumped down the sink. Disposal of these types of chemicals at a HHW facility ensures proper disposal of the chemicals and helps protect the environment.
For more information, please call the Olathe Municipal Services Center at 913-971-9311.
City to Host Legislative Coffee: Public Invited to AttendThe City of Olathe will host the second in a series of legislative coffees at 8 a.m., Saturday, February 11 at Olathe City Hall, 100 E. Santa Fe. The series is designed to address key issues and provide opportunities for citizens to ask their State Legislators important questions. The event is free and open to the public. It also will air live on Olathe Cable Channel 7. The next event will be held Saturday, March 11.
February 7 Council Meeting RescheduledThe Tuesday, February 7 Olathe City Council meeting has been rescheduled for Thursday February 9 so that Council members may attend the Kansas Chamber of Commerce annual dinner in Topeka. The council meeting will be shown live on City Cable Channel 7 and rebroadcast on Friday, February 10 at noon; Saturday, February 11 at 6 p.m.; and Sunday, February 12 at noon.
Tim Talbott, Historic Site Manager, ttalbott@olatheks.orgAlexis Radil, Interpretative Specialist, aradil@olatheks.org(913) 971-5111
Children Can Enjoy Historical Stories at Lucinda Mahaffie?s Story time Saturday, Feb. 18Mahaffie Stagecoach Stop and Farm Historic Site will present "Stories about the Presidents of the United States" at Lucinda Mahaffie?s Story time from 10:30 - 11:30 a.m. on Saturday, Feb. 18, at the Santa Fe Building, 100 W. Santa Fe in Olathe. Enjoy stories with an historical theme, along with a period craft activity and a snack related to the themes. The next story time will be held March 11 and will focus on the Civil War.
This story time is for three to six year olds and pre-registration is required. The registration deadline is February 13. Participants can register through the City of Olathe?s Parks and Recreation Department at (913) 971-6263 or visit www.olatheks.org/ActiveLife. The registration for Olathe residents is $10 per child. The cost for non-residents is $11 per child.
February 6, 2006Alice Snider, Communications Specialist (913) 971-8784
City Council Recognize Several Honors at February 9 MeetingThe Olathe City Council will recognize at their February 9 meeting the Cedar Creek Wastewater Treatment Plant biosolids dewatering project for recognition by the Environmental and Utilities Division of the Kansas Contractors Association. The Association recognized the project for its innovation, enhancement of the plant's operation and savings in operation and maintenance costs as part of their 2004 Recognition of Excellence in Public Works program. The Cedar Creek Wastewater Treatment Plant project included the construction of a new sludge dewatering building, equipment, and odor control system.
The City Council will recognize Olathe students who contributed to Olathe?s standing as a City of Champions through their accomplishments during the fall 2005 semester.
The Council will recognize 2005 State champions Brianna Willard, Olathe North High School, girls? gymnastics, floor exercise and vault; Haley Craig, Olathe South High School, girls? singles tennis; the Olathe East High School Boys? Soccer Team; and the Olathe South High School Girls? Volleyball Team.
Twice a year the City Council will recognize Olathe students, from both public and private schools, who placed first in a state championship including, but not limited to academic and athletic competition.
Also, the City Council will issue a proclamation designating February 2006 as Black History Month in Olathe. The City will also recognize the rich culture and history of the African American population with banners on the light poles in downtown Olathe. The banners portray the images of two famous black Americans, civil rights advocate Martin Luther King Jr. and baseball great Buck O?Neil. The banners are displayed annually during January and February.
Dispose of Household Chemicals Safely SaturdayOlathe residents are asked to safely dispose of household products at Olathe?s Household Hazardous Waste (HHW) drop-off site, located south of the Olathe Municipal Services Center, 1385 S. Robinson, Saturday, February 11. The HHW collection site is open the second Saturday of the month year-round from 8 a.m. to noon. HHW also can be disposed of at other times by appointment. Call 913-971-9311 to schedule an appointment.
Household chemicals such as motor oil, antifreeze, paint, batteries and pesticides can be harmful to the environment and should not be thrown away with trash or dumped down the sink. Disposal of these types of chemicals at a HHW facility ensures proper disposal of the chemicals and helps protect the environment.
For more information, please call the Olathe Municipal Services Center at 913-971-9311.
City to Host Legislative Coffee: Public Invited to AttendThe City of Olathe will host the second in a series of legislative coffees at 8 a.m., Saturday, February 11 at Olathe City Hall, 100 E. Santa Fe. The series is designed to address key issues and provide opportunities for citizens to ask their State Legislators important questions. The event is free and open to the public. It also will air live on Olathe Cable Channel 7. The next event will be held Saturday, March 11.
February 7 Council Meeting RescheduledThe Tuesday, February 7 Olathe City Council meeting has been rescheduled for Thursday February 9 so that Council members may attend the Kansas Chamber of Commerce annual dinner in Topeka. The council meeting will be shown live on City Cable Channel 7 and rebroadcast on Friday, February 10 at noon; Saturday, February 11 at 6 p.m.; and Sunday, February 12 at noon.
Tim Talbott, Historic Site Manager, ttalbott@olatheks.orgAlexis Radil, Interpretative Specialist, aradil@olatheks.org(913) 971-5111
Children Can Enjoy Historical Stories at Lucinda Mahaffie?s Story time Saturday, Feb. 18Mahaffie Stagecoach Stop and Farm Historic Site will present "Stories about the Presidents of the United States" at Lucinda Mahaffie?s Story time from 10:30 - 11:30 a.m. on Saturday, Feb. 18, at the Santa Fe Building, 100 W. Santa Fe in Olathe. Enjoy stories with an historical theme, along with a period craft activity and a snack related to the themes. The next story time will be held March 11 and will focus on the Civil War.
This story time is for three to six year olds and pre-registration is required. The registration deadline is February 13. Participants can register through the City of Olathe?s Parks and Recreation Department at (913) 971-6263 or visit www.olatheks.org/ActiveLife. The registration for Olathe residents is $10 per child. The cost for non-residents is $11 per child.
Wednesday, February 01, 2006
Eastbound I-435 Traffic to be Detoured
City of Olathe News
Eastbound I-435 Traffic to be Detoured onto Oalthe's 119th Street Saturday Night
A KDOT project to construct an interchange at I-435 and Antioch will necessitate the temporary closure of nearly two miles of I-435 from Saturday night into Sunday morning.
All north-bound I-35 traffic headed for eastbound I-435 will be routed onto eastbound 119th Street from 10 p.m. Saturday, February 4 until 10 a.m. Sunday, February 5.
As a result, travelers on 119th Street east of I-35 will experience heavier than normal traffic. This includes the heavily traveled intersection of 119th and Strang Line near the Olathe Station shopping area and movie theaters. Motorists should plan ahead to find other alternate routes and avoid the area as much as possible.
City of Olathe traffic personnel will be staffing the City's Traffic Operations Center to monitor traffic flow.
Eastbound I-435 Traffic to be Detoured onto Oalthe's 119th Street Saturday Night
A KDOT project to construct an interchange at I-435 and Antioch will necessitate the temporary closure of nearly two miles of I-435 from Saturday night into Sunday morning.
All north-bound I-35 traffic headed for eastbound I-435 will be routed onto eastbound 119th Street from 10 p.m. Saturday, February 4 until 10 a.m. Sunday, February 5.
As a result, travelers on 119th Street east of I-35 will experience heavier than normal traffic. This includes the heavily traveled intersection of 119th and Strang Line near the Olathe Station shopping area and movie theaters. Motorists should plan ahead to find other alternate routes and avoid the area as much as possible.
City of Olathe traffic personnel will be staffing the City's Traffic Operations Center to monitor traffic flow.
Overall Mortgage Applications Dropped
Overall mortgage applications dropped 5.1 percent last week on a seasonally adjusted basis from the week before, with purchase loans taking the biggest hit, the Mortgage Bankers Association reported.
The seasonally adjusted purchase index decreased by 8 percent to 435.7 from 473.7 the previous week whereas the refinance index decreased by 1.5 percent to 1,747.2 from 1,773.9 one week earlier.
The refinance share of mortgage activity increased to 43 percent of total applications from 42.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 30.5 percent of total applications from 29.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.2 percent from 6.04 percent one week earlier. Points including the origination fee decreased to 1.17 from 1.24 for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.79 percent from 5.66 percent. Points including the origination fee increased to 1.22 from 1.14 for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages increased to 5.48 percent from 5.44 percent one week earlier, with points increasing to 0.96 from 0.95 for 80 percent loan-to-value ratio loans.
Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry. The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
***
The seasonally adjusted purchase index decreased by 8 percent to 435.7 from 473.7 the previous week whereas the refinance index decreased by 1.5 percent to 1,747.2 from 1,773.9 one week earlier.
The refinance share of mortgage activity increased to 43 percent of total applications from 42.8 percent the previous week. The adjustable-rate-mortgage share of activity increased to 30.5 percent of total applications from 29.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.2 percent from 6.04 percent one week earlier. Points including the origination fee decreased to 1.17 from 1.24 for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.79 percent from 5.66 percent. Points including the origination fee increased to 1.22 from 1.14 for 80 percent loan-to-value ratio loans.
The average contract interest rate for one-year adjustable-rate mortgages increased to 5.48 percent from 5.44 percent one week earlier, with points increasing to 0.96 from 0.95 for 80 percent loan-to-value ratio loans.
Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry. The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
***
Olathe First Time Home Buyer Seminar
You are invited to a
"FREE" Homebuyers Information Workshop!!!
Learn how to qualify for Homebuyer Grants!
Thursday March 9th, 2006
Space is limited, RSVP at 913-980-5809
Learn how to buy a home with zero down!
Learn the A to Z's of buying a home!
Will the Olathe housing market slow down in 2006?
As Predicted, NAR Sets Fifth-year Sales Record -- What's Next?
By Blanche Evans
Despite a nearly six percent decline in home sales in December 2005, existing housing sales easily set a fifth annual record, but what does 2006 hold in store?
Total existing-home sales, which include single-family, townhomes, condominiums and co-ops, were up over 4 percent for 2005. Over 7 million homes were sold, up from 6.8 million in 2004.
David Lereah, NAR's chief economist, says he expected the monthly sales decline. "This is part of the market adjustment we've been discussing, with a soft landing in sight for the housing sector," he said. "The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead. Overall fundamentals remain solid, driven by population and employment growth as well as favorable affordability conditions in most of the country, so we expect the housing market to remain historically high but lower than last year's record."
The national median existing-home price for all housing types was $211,000 in December, up 10.5 percent from December 2004 when the median was $191,000. The median is a typical market price where half of the homes sold for more and half sold for less.
But this may be the last year that housing sees double-digit gains for a while.
NAR President Thomas M. Stevens from Vienna, Va., said it may take a while for home price growth to cool. "We're coming off of five years of tight supply, and many sellers are accustomed to expecting very strong price gains and exceptional returns on their investment," said Stevens, senior vice president of NRT Inc. "With the supply of homes improving and buyers having more choices, the rate of price growth should come down to more normal levels this year."
Currently, says the NAR, there's a 5.1 supply of homes nationwide at the current sales pace, which is getting close to the 6-month benchmark of a "normal market," which neither overfavors the buyer or seller. Below six months of inventory, homes are said to be in a seller's market, where conditions favor the seller due to demand. Above six months, conditions favor the buyer, due to increased inventory.
Is it time to panic? Will sellers be unable to sell their homes?
"The sky is not falling in the housing markets, only cooling," reasons Lereah. "After five years of record-breaking performances, the housing sector is taking a breather -- home sales are falling and price appreciation is slowing. The great fundamentals that were in place that initially generated the boom -- historically low mortgage rates, favorable demographic trends (substantial home buying from boomers, immigrants and boomer children), and reduced home buying costs from technology innovation (Internet home search and mortgage application and closing processes) are still in place today."
Interest rates, according to Freddie Mac, are dropping. The national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.27 percent in December, down from 6.33 percent in November; and is 6.10 percent currently.
"If lower interest rates are sustained, the housing market could see some unexpected lift," Lereah says.
Yet, according to the California Association of Realtors, home prices are rising, but sales decreased nearly 18 percent in December. Why are sales trending toward softening?
"As the boom winds down, investors are exiting the markets, cleansing the speculative element in housing," explains Lereah. "There may be a handful of interest-sensitive local hot housing markets that experience a short-term contraction, but for the nation, as a whole, the boom is winding down to an expansion."
RE/MAX chairman, Dave Liniger predicts 2006 will be the second best year the real estate industry has ever experienced.
"I don't think the last two months are anything worse than a normal cycle of the real estate business. November and December declines were a normal reaction to fluctuating interest rates. This year we would anticipate that resales will probably drop 4 to 5 percent from the record pace that they were last year. I think we are going to see an outstanding year for the real estate business."
Like Lereah, Liniger expects housing prices to retreat more in some parts of the country than others, but for most regions, housing is unlikely to show a dramatic collapse, although he suggests, "You do certainly have to be a little concerned with properties that have shown double digit appreciation on both coasts."
He says the market will be much more "normal." "You're going to see price appreciation, depending upon the region you're in, somewhere between three and six percent."
One of the reasons that the housing market has been on a record setting pace is historically low interest rates. Liniger believes that rates may climb somewhat in the upcoming year, but not enough to derail the real estate market. "I think you're looking at very reasonable rates in the neighborhood of six-point-five percent before the year is over."
For clues to the future, Liniger advises keeping watch on the Baby Boomers. "They'll continue to keep the market hot," he predicts. "They see real estate being a very, solid investment, unlike recent experiences in the stock market. So, I think you're going to see second home sales continue to be very, very strong."
Copyright © 2006 Realty Times. All Rights Reserved.
By Blanche Evans
Despite a nearly six percent decline in home sales in December 2005, existing housing sales easily set a fifth annual record, but what does 2006 hold in store?
Total existing-home sales, which include single-family, townhomes, condominiums and co-ops, were up over 4 percent for 2005. Over 7 million homes were sold, up from 6.8 million in 2004.
David Lereah, NAR's chief economist, says he expected the monthly sales decline. "This is part of the market adjustment we've been discussing, with a soft landing in sight for the housing sector," he said. "The level of home sales activity is now at a sustainable level, and is likely to pick up a bit in the months ahead. Overall fundamentals remain solid, driven by population and employment growth as well as favorable affordability conditions in most of the country, so we expect the housing market to remain historically high but lower than last year's record."
The national median existing-home price for all housing types was $211,000 in December, up 10.5 percent from December 2004 when the median was $191,000. The median is a typical market price where half of the homes sold for more and half sold for less.
But this may be the last year that housing sees double-digit gains for a while.
NAR President Thomas M. Stevens from Vienna, Va., said it may take a while for home price growth to cool. "We're coming off of five years of tight supply, and many sellers are accustomed to expecting very strong price gains and exceptional returns on their investment," said Stevens, senior vice president of NRT Inc. "With the supply of homes improving and buyers having more choices, the rate of price growth should come down to more normal levels this year."
Currently, says the NAR, there's a 5.1 supply of homes nationwide at the current sales pace, which is getting close to the 6-month benchmark of a "normal market," which neither overfavors the buyer or seller. Below six months of inventory, homes are said to be in a seller's market, where conditions favor the seller due to demand. Above six months, conditions favor the buyer, due to increased inventory.
Is it time to panic? Will sellers be unable to sell their homes?
"The sky is not falling in the housing markets, only cooling," reasons Lereah. "After five years of record-breaking performances, the housing sector is taking a breather -- home sales are falling and price appreciation is slowing. The great fundamentals that were in place that initially generated the boom -- historically low mortgage rates, favorable demographic trends (substantial home buying from boomers, immigrants and boomer children), and reduced home buying costs from technology innovation (Internet home search and mortgage application and closing processes) are still in place today."
Interest rates, according to Freddie Mac, are dropping. The national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.27 percent in December, down from 6.33 percent in November; and is 6.10 percent currently.
"If lower interest rates are sustained, the housing market could see some unexpected lift," Lereah says.
Yet, according to the California Association of Realtors, home prices are rising, but sales decreased nearly 18 percent in December. Why are sales trending toward softening?
"As the boom winds down, investors are exiting the markets, cleansing the speculative element in housing," explains Lereah. "There may be a handful of interest-sensitive local hot housing markets that experience a short-term contraction, but for the nation, as a whole, the boom is winding down to an expansion."
RE/MAX chairman, Dave Liniger predicts 2006 will be the second best year the real estate industry has ever experienced.
"I don't think the last two months are anything worse than a normal cycle of the real estate business. November and December declines were a normal reaction to fluctuating interest rates. This year we would anticipate that resales will probably drop 4 to 5 percent from the record pace that they were last year. I think we are going to see an outstanding year for the real estate business."
Like Lereah, Liniger expects housing prices to retreat more in some parts of the country than others, but for most regions, housing is unlikely to show a dramatic collapse, although he suggests, "You do certainly have to be a little concerned with properties that have shown double digit appreciation on both coasts."
He says the market will be much more "normal." "You're going to see price appreciation, depending upon the region you're in, somewhere between three and six percent."
One of the reasons that the housing market has been on a record setting pace is historically low interest rates. Liniger believes that rates may climb somewhat in the upcoming year, but not enough to derail the real estate market. "I think you're looking at very reasonable rates in the neighborhood of six-point-five percent before the year is over."
For clues to the future, Liniger advises keeping watch on the Baby Boomers. "They'll continue to keep the market hot," he predicts. "They see real estate being a very, solid investment, unlike recent experiences in the stock market. So, I think you're going to see second home sales continue to be very, very strong."
Copyright © 2006 Realty Times. All Rights Reserved.
