Downtown Condo’s Being Burglarized

It seems an enterprising couple is taking advantage of many of us who live downtown in being nice and “holding the door” for them to enter our security locked condo buildings. They are then proceeding to steal.

Here’s the story from the Wisconsin State Journal:

“Police Search For Burglars Caught on Surveillance Tape“

Guess it’s time to begin acting like we’re living in a big city. I’m disappointed in that.

Evita is a Must See

Four Season Theater’s most recent production, “Evita” is a definite must see.

Problem is, it closed today. There’s 1 matinee and if you’re at all a fan of this show, you owe it to yourself to be at the Wisconsin Union Theater for today’s performance.

I’ve been a fan of Four Season Theater since I saw one of their first productions a few years ago of Ragtime at the Middleton Performing Arts Center. The current production, Evita, is of the same caliber. In my humble opinion this is one of the best “community” theater organizations ever in Madison.

First the highlights-Chad Grote as main character Che is right on the mark. His vocals are clear, concise and wonderful to hear. His emotional control of the character comes through clearly in every scene and makes him a joy to watch as a true singer/actor vs. an actor who can sing somewhat or a singer who can slightly act. His the real deal and his talent shines through. My only criticism is the bad hair he dons for the role. I don’t believe it was his own as it looked very wig-like. If that’s the worst thing I can find in his performance, I had to look very hard!

L. Joe Dahl performance of Peron is equally as strong. His downplayed, subtle stage presence was perfect against the strength of character in Eva. Vocally he was right on the mark as well. Again, a strong addition to an already wonderful cast.

Amanda Poulson truly steals the show as Eva Peron. She actually almost made me feel sorry for the character as she fell ill in the story line, and most of you know the rest. Vocally again very strong and wonderful to listen to. Her command of the lyrics were clear and concise as well—a must in pulling off a show like this.

Other notables were Robert Goderich as the used Magaldi. His slightly schmaltzy rendition of a tango singer was right on the mark. Samantha Mae Bock, as the jilted mistress of Peron truly grabbed the audition in her performance of “Another Suitcase in Another Hall”.

The large cast (29 actors) was strong as well both vocally and surprisingly, in their choreography. Not always easy to pull off in community-type theater. Once again Four Seasons did it all very well.

My only critic of the show would have been the orchestra—not always as strong as the cast came across and quite often too loud to be able to hear the singers….there were some beautiful orchestrations within the show but the opening number “Requieum” made it seems as if the orchestra wasn’t quite ready for the show last night.

Don’t let that stop you, though. Evita is sure to please.

Showtimes are today, August 23, 2009 at 2:00 p.m. Get your tickets by clicking here.

Home Affordability at an All Time High

Edgewater Expansion, Needed or Not?

Proposed Redevelopment

Over the past few months there’s been a lot of press regarding the Hammes Company’s proposal to renovate and expand the venerable Edgewater Hotel located on the southern shore of Lake Mendota where Wisconsin Avenue ends. 

The debate has been interesting as I believe most folks believe a renovation of this landmark is in order.  What seems controversial is the proposal by the developer to expand the hotel and add an additional tower of rooms to the property.   Overall cost for the renovation/addition is estimated to be in excess of $107 million. 

Much is being talked about as this would be a huge economic boost to the downtown and city of Madison economy especially in our current economic challenges. 

There is a group opposed to what’s being proposed as concerns are there for maintaining the overall continuity of the neighborhood the Edgewater is located within of Mansion Hill district. 

What are your thoughts? 

Here are some posts on the plan:

A $107M Grand Expansion

Various Posts from Outside/In

Reader’s Views from WI State Journal

Former Mayor Paul Soglin’s Thoughts

Venetian Night Coming to Madison

How cool is this.  On September 6, there will be a parade of decorated boats coming around Lake Mendota.  It’s called Venetian Night and my guess is that it’s being modeled after a similar event in Chicago.

For more information, visit their website by clicking here.

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Home Valuation Code of Conduct Updates

The Home Valuation Code of Conduct (Code) announced by Fannie Mae and Freddie Mac (Enterprises) in December 2008 was developed after a long period of public input and was deployed on May 1, 2009, after a four-month transition period. The Code expanded on existing Enterprise appraisal standards, seeking to redress problems that contributed to the current mortgage crisis and to improve the quality of the mortgage loans they purchase.

Unfortunately, during the 2005 to 2007 period, mortgage lending was much too aggressive and placed pressure on the appraisal process. In some cases, that resulted in unrealistically high appraisals, hurting homebuyers as well as investors. The HVCC is designed to promote professional appraisals free from inappropriate pressure from lenders, borrowers or brokers.

The Code’s main purpose is to protect appraisers and the quality of appraisals from undue influence and conflicts of interest. The Enterprises continue to address questions on implementation and today provided additional FAQs. Also, they are finalizing a complaint form relating to Code violations.

Market participants should appreciate the difficulty facing appraisers when valuing properties in a declining market, especially when sharply dropping home prices and foreclosures are prevalent. The challenges of appraising properties exist with or without the Code. Market participant concerns in the current circumstances would create appraisal controversies even without the Code. Indeed, the Code should help mitigate these controversies by providing clearer protection for appraisers.

The Enterprises have taken additional actions. For example, Freddie Mac recently issued an alert to mortgage lenders advocating the use of qualified and experienced real estate appraisers, including those appraisers affiliated with a professional organization. This was similar to a Fannie Mae pronouncement. The Appraisal Institute termed this a victory for efforts to promote more professional appraisals and said it would “have a positive effect on millions of home buyers and sellers.” The GSE guidances reinforce existing professional standards that appraisers must be familiar with the local market where the property is located and highlighted that appraisers must choose appropriate sales comparisons.

Addressing Misinformation

Misinformation has been circulated about the content of the Code and some have tried to cite the Code as the source of unrelated market dislocations. FHFA believes that the Code is serving the intended purpose and will continue its oversight role both as to the implementation of the Code by the Enterprises and its market impact.

Some key items that the public should know:

Communications with appraisers– Contrary to some suggestions, the Code provides for communications with appraisers about errors, additional needed information and unprofessional conduct. Quality control personnel may communicate with appraisers and other lender personnel, outside of the loan origination function. The real bar is on communications that seek to influence the appraiser to adopt a set valuation, which is prohibited.

Low appraisals— Contrary to some suggestions, the Code does not lead to lower appraisals for property. The Code insulates appraisers from pressures that led to higher or lower appraisals and should now lead to more accurate valuations. This is in everyone’s interest. Declining home prices began long before the deployment of the Code and relate to many other factors. Current efforts at mortgage market stabilization are a central focus at FHFA and the Enterprises, but that needs to be achieved by keeping borrowers in their homes, not urging appraisers to improperly overvalue homes.

Appraisal management company (AMC) role— Contrary to some suggestion, the Code does not favor the use of AMCs over independent or in-house appraisers. Significantly, for the first time, the Code places the same requirements for appraiser independence on AMCs as the limits placed on lenders. Lender use of AMCs was increasing prior to the Code and one of the key goals and results of the Code was to strengthen appraiser protections when engaged by AMCs.
Unqualified or out-of-area appraisers– The Uniform Standards of Professional Appraisal Practice (USPAP) requires that an appraiser be competent and knowledgeable of the local market to perform an appraisal. In addition, in reinforcing USPAP, the Enterprise appraisal guides require appraisers to have knowledge of the local market. The use of unqualified in-state or out-of-state appraisers, unfamiliar with local conditions, should be reported to state appraiser licensing agencies.

Increased costs at closing— Closing costs have risen in some instances, but that has not been a function of the Code. Lenders have tightened underwriting standards, often requiring additional comparables by appraisers and even requiring second appraisals. Market investors have focused on reducing fraud and sought greater assurances about valuations. Appraisers have been working hard to meet these requests.

Turnaround times for appraisals— The Code may initially have slowed appraisal time as it was being implemented. However, there are other reasons for turnaround time changes; these include increased demands by lenders, the efficiency of a particular lender’s underwriting process and the workload of appraisers. The Code’s appraiser independence standards are critical for accurate valuations, a lesson learned in the current market crisis. Assuring a good appraisal is in the borrower’s interest. As the market adjusts to new underwriting standards, including those for appraisals, more efficiency will reduce turnaround times.

Transferring an appraisal – Contrary to some suggestions, appraisals are transferrable between lenders under the Code. Transferring an appraisal may obviate the consumer’s need to pay for a new appraisal should the first lender deny the loan. Whether a lender decides to transfer or
accept an appraisal, however, is up to the lender, and is not related to the Code. Lender discretion in this area predated the Code.

Tonight’s Concert on the Square Rescheduled due to…

COLD! Can you believe it? Here’s the info http://ping.fm/xvvJz

Myles Teddywedgers…A Great Lunch Downtown

If you find yourself on the square at lunch time, don’t overlook the unassuming triangle shaped storefront at the top of State Street where State/Carroll and Mifflin Streets all intersect. This unassuming little “hole in the wall” is some of the best food I’ve had.

What is it? Why it’s Myles Teddy Wedgers Cornish Pasty located at 101 State Street.

What’s a pasty? First it’s pronounced “pass-tee” and certainly is not to be confused with something that might adorn certain stripper body parts. It’s a traditional Cornish meal made to be eaten while on the move. Sort of the Cornish version of a burritto I’d think. In the traditional form it’s a pastry “turnover” stuffed with meat, potatoes and onions. Myles puts a different spin on this traditional fare with offerings of a “Big Cheesy” with mozzarella cheese, ground beef and pizza sauce. The Veggie Wedgie for those wanting a meatless option and a Chicken Pie filled with chicken, peas, corn, carrots, cheese and a white cream sauce.

The Super Pizza is an awesome lunch on the go and my current favorite. 1/2 a Teddywedger is more than enough for even the biggest appetite. I always save room for dessert of an M&M Cookie. They are made fresh daily and are worth the trip in to the store just for a cookie.

I’ve tried some of the other pasties as well. The traditional is very good. The crust is flaky and light and the fillings are robust.

Top this all off is the friendly staff and you’ve got a really great, inexpensive dining experience.

Concerts on the Square…A Few Rules

From the Capitol Police department are the following reminders:

STATE CAPITOL POLICIES:

• Blankets placed before 3 p.m. will be removed.

• Do not dump alcohol on the lawn; it kills the grass.

• No rocks, bricks, stakes or tarps on the Capitol lawn.

• Use only low height chairs on the lawn, with (6 inch) tubular, “U”-shaped legs.

• No tables with standard legs.

• No animals.

BE RESPECTFUL OF YOUR NEIGHBORS:

• Please refrain from talking during the concert.

• Limit smoking and burning of incense and citronella candles.

Thank you for your cooperation,

and enjoy the concert!