tv Bob Massi Is the Property Man FOX News August 23, 2015 12:00pm-12:31pm PDT
you do not want to miss that. that is it for today. have a great week. we'll see you next "fox news sunday." >> i'm bob massi. for i'm bob massi. for 32 years i've been practicing law and living in las vegas. i help people with all sorts of real estate problems, from trying to save their homes to closing major deals. eight years ago 6,000 people a month moved here looking for employment and affordable homes. little did nino that we would background zero for the american real estate crisis. now it's a different story. the american dream is back. we're going to meet real people who face the same problems as millions across america and dive deep into the city on the rebound because las vegas was a micro cos of america, and now
vegas is back. thanks for joining us. i'm bob massi, the property man. las vegas was the epicenter of the housing bust. nowhere was that more evident than a place called estaya. this massive mountain development came to a halt but it is back in a major way. it's a place you really need to see to believe. >> i'm standing in one of the most amazing developments i've ever seen. i mean it is truly majestic. the mountain was purchased in 1989 by a man with a vision. dr. henry chan. >> what he did was he came here, he built all these lots. >> it takes a staggering amount of work to get these lots ready for homes. >> you've got water, you have
electricity, you have gas. >> but the developer took the time as he would write, before listing them for sale. >> typically what happens is the developer will do maybe a few lots or wait for reservations and with those funds create the next phase. in this situation everything is done, lots are graded, utility is in. the developer has invested hundreds and hundreds of millions of his own money. >> $250 million in development, all the groundwork, design, everything over a five-year period. >> they say ascaya is a greek word meaning one who chisels boulders. it's easy to see why. >> i have approximately 32 miles of bolder walls in here. >> finally the walls were in place and the lots were ready. >> then the recession hit. >> that five-year period ended around 2008. that was not the right time to release a new community. so they made the decision to pull the community off the market. >> he realized what was happening to the economy and he just said shut it down. >> didn't want this to be a
ghost town with one or two homes built in here. >> when many real estate developers were running for the hills, the folks behind ascaya were sitting tight, for years. >> he kept making sure that the landscaping was taken care of. they kept looking for what type of architecture they were looking for, everything was continuing. >> and we waited and we waited. and the signs from an international and a national and local level all pointed to now is the time. >> now, here we are in 2015, and ascaya is up and running again. the vision he had more than two decades ago is now a reality. >> yea! >> the first two lots broke ground with 311 more to follow. the designs for the custom built homes that will go there, they're just as stunning as the land that will surround them. >> clients can come in and meet with our builder and architect
and design the homes. you have to build the dream for the client so they want to design and they have an idea what they want to build. >> a little bit of everything. you have the buyers coming here as their second home to the family with three kids moving here for a permanent residence. >> what's amazing is the nature part of it and the brilliance of the design. >> they wanted to make sure the design incorporated views for every homeowner as they would throughout the community. the way the lot is positioned, that's to maximize the view for each homeowner and still maintain a great view of the strip. approximately 80% of our lots have incredible city views. the other 20% are interior lots that maintain interior views. >> the homes will always be surrounded by this natural beauty. the feeling that somebody gets when they walk into ascaya is indescribable. you see it from a plane. you see it on a postcard. but you don't understand truly
what you have until you drive up in and see the magnitude of the layers of the bolders, of the mountains and you're immersed in what this project really is. it's this feeling of zen, but at the same time you look out and you've got this strip at your doorstep. you have this feeling, this energy that's all around you where, if you love nature and appreciate it, you'll come in here and feel at peace. and at the same time look out and see what las vegas has to offer. >> when we come back, the first home being build in ascaya will not just be beautiful, but also energy neutral. no electric bill, no heating or cooling bill, and we're going to show you why. it's a fact. kind of like shopping hungry equals overshopping.
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their laundry smells more amazing than ever. (sniff) honey, isn't that the dog's towel? (dog noise) hey, mi towel, su towel. more scent plus oxi boost and febreze. it's our best gain ever! i then i could maybe ifupgrade a little bit.ch, ifi'm gettingr tha fair price. know we realized, okay, this not only could be convenient, we could save a lot of money. usaa car buying service. powered by truecar. save money, zero hassle. at ally bank no branches equalsit's a fact.. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda. welcome back. i'm bob massi, welcome back. i'm bob massi, the property man. how would you like to never pay another electricity bill again? your home could actually
generate more electricity than it uses. it's called net zero. the folks at blue her ron design and build some really beautiful homes this way. tyler jones is the founder and owner of blue her ron. he's involved every step of the way. >> tyler, this is one that's under construction here. in this case, which is probably unusual, you're the developer, the contractor, you're the architect completely, right? >> yes, blue heron is unique in that regard. we or full service and whole integrated service is what hell sets us apart. there's a whole lot of planning that goes into building net zero homes. >> one of the most critical things is ceiling the house completely so no air leaks in or out. that involves using spray-on insulation and choosing the right windows and doors. >> the insulation in a typical home stops when it reaches the
ceiling and the attic space is ventilated. all your heating and cooling duct work goes through the space that is not part of the building envelope. we do what's called the cocoon system, we bring the insulation up to the roofline and used closed foam on the roof. the entire building is insulated. that way all of our heating and cooling systems are within this insulated cocoon and that's a big deal for the efficiency of the overall home. we let people pick and choose how energy efficient they want their home to be. >> you give them options? >> yes. we give them all kinds of options. it's really about education. some things are simple. you talk about a cocoon system. that's something everybody should be doing. it doesn't cost anymore money. it's just a best practice. there's no reason to not do it in every home. >> let's go see one of these blue heron homes. i can't wait to see it. >> sounds great. >> from the outside, it may look
like any other high end desert contemporary design. but inside you're introduced to a whole new world where energy efficiency is meant to be not only affordable but also luxurious. >> tell us about the courtyard and why you designed it this way? >> the courtyard is a big part of what we do. what we want to have is great connections to the outdoors, a lot of glass to bring in this indirect natural sunlight into the home so we don't have to use a lot of lights during the day. but we want to keep the sunlight off the glass so we're not letting that heat into the home when it's trying to cool it in the summertime. >> it's really neat. all this water, waterfall, places to sit, the television. >> this is the main integrated living space. we'll have all the living space kind of one casual space so you don't have to have all these sub divided rooms all over the place that people use. facing north we can have as much glass as we want because we won't have any direct sunlight coming through the glass. the choice of glass that you choose, the window and door system is huge as well.
really high efficiency glass, really well put together window. kitchen is over here to my right. you can see all the low energy appliances, all energy star, plumbing fixtures as well. so everything down to the efficiency of the appliances has to be done properly. >> this isn't a matter of just putting solar panels on the roof, although that certainly is a big energy saver. the entire design and construction process is focused on saving energy while maintaining luxury. >> everybody has lived in a home that is not energy efficient. we can continue to build homes that way, or we can do something that's better. >> let's take a walk up stairs and see what it looks like. there's almost windows all around this home. >> yes, there is. there's one key footnote to that, which if you look at the wall behind me, the west facing wall, there's no windows whatsoever. that western sunlight, when the sun is going down, we'll keep all that heat out. >> what are you giving up
insofar as cost? is it that much more expensive than building the regular home which obviously is not as efficient as this. >> you talk about passive solar design, that's how we create the architecture to be efficient in the first place. we use a lot of these heavy over hangs, we use these court yards, all part of this vegas modern strategy of having the indoor-outdoor relationship and not letting the heat through. that costs nothing. other things do, the solar panels, a significant cost but you'll get that back over a series of years. >> do they take longer to build than an average home the same size? >> the green building technology to put in the high efficiency water heater or hvac system doesn't take any longer than it would to use a conventional system. >> the water heater issue is very interesting to me. you explained how you literally get instant hot waut zbler this is a tankless hot water heater, two to run the entire house. it's basically on demand hot water. when you turn on the face set,
it will run cold water through a pipe, a flame on top of that and will heat it up instantly until you're done asking for hot waut zbler the perception is this place is going to cost a fortune to air condition. but this net zero -- >> these are high efficiency units, the top of the line units for hvac. >> there's no excuse to not use this technology. it exists. it has to be this way. there's no other way around it. >> up next, if you're 62 or older, the federal government just made some changes that could make things a lot tougher for you. we'll tell you why after this short break. nce.
major changes to one of the most misunderstood items in real estate, the reverse mortgage. i'm going to speak with some folks who went through the process and explain how the new rules could affect anyone over 62 years of age. >> senior citizens today are having a very difficult time because either they don't have a pension or they're up to their eyeballs in debt. the reverse mortgage is an opportunity they have to allow them to have financial freedom in their senior years. >> a reverse mortgage is a loan from the bank based on part of the equity in your home, available only to homeowners 62 and older, and it must be your primary residence. >> the advantage that the seniors have for that is there is no mortgage payment. >> in fact, with many reverse mortgages, the bank makes monthly payments to you instead of the other way around. i wanted to see how reverse mortgages really work for actual voe folks, soy hit the streets to talk to homeowners. >> i'm going meet with josh shine, a reverse mortgage expert. he's going to introduce me to two families.
zwrosh, what's up, buddy. >> bob, good to see you. >> let's meet these families. >> we're going to meet two families with reverse mortgages, both different circumstances. the first family, bob and marge, they did a lot of retirement planning, putting a lot of money away, saved a lot. >> why did you consider to do a reverse mortgage? >> we were going to start to be tapping into our long-term stock investment, and in looking at it, we said, wait a minute, that's got time to grow yet. we have a tremendous amount of equity in our property, why not take advantage of that. >> they made sure that when they gave us the reverse mortgage, it would never take all of the equity so that at the end of our ten-year term there will be a lot of equity in the house. >> it makes life a lot more pleasant for us. a, we don't have a mortgage payment anymore. b, we have tax-free income coming in and we're leaving our stock brokerage accounts alone to grow.
>> was it an expensive transaction for you? >> the only thing out-of-pocket was the appraisal which was about $350. >> there seems to be a lot of people now realizing that a reverse mortgage is not, we're losing the house, it's they're using the house to have financial security. >> from when you applied for the reverse mortgage, how long did it take to get it closed and get your first zmek. >> i think 27 days. >> start to finish. >> start to finish. >> you did hit jackpot. >> we did. >> just a few blocks away from bob an marge is another couple who got a reverse mortgage, but in this case for a completely different reason. chuck and zola needed to scrape up some extra cash. >> i needed some money for medical, things like that around the house. >> you had medical costs, medical expenses. you thought this is aa good way to get it without having a payment. >> yes. >> what did you understand your
responsibilities would be. >> keep the insurance and pay the taxes and that was it. >> how long did it take to finally get funded on the reverse mortgage? >> maybe 30 days. >> you said there was a second time you did a reverse mortgage? >> yes. i wanted to improve the house and get a new automobile. i went on a cruise last year. hadn't been on one in a while and i've got a little money in the bank now. >> would you encourage people to consider a reverse mortgage? >> any time i don't have a house note, it's a no-brainer. >> probably the biggest misconception about reverse mortgages is the banks end up getting their home. that simply is not true. >> homeowners automatically assume you're giving up your home, giving up the deed to your home, ownership to your home. that's the biggest misconception. a reverse mortgage, when it really boils down to it, is just a loan. you're borrowing money. the difference is you're not making a payment on it regularly as you do on a traditional loan. that balance of the loan grows over time. you do independent counseling by a third party. that counseling makes sure
you're educated on all the different options and makes sure you know what you're getting into. >> in recent years there were a lot of defaults on reverse mortgages, but how can that happen if the people weren't required to make any payments? >> essentially since there's no payment being made, the only default is if you don't pay your taxes or insurance or if you move out of the home. >> so the federal government, they made major changes to the reverse mortgage rules. the new rules make it tougher to default by making sure borrowers can pay their taxes, their insurance and hoa dues. >> the changes recently set in place require the borrower to show that they have an ability to make those payments for as long as they're going to remain in the home or similar to the escrow on a traditional loan, to have the money ses aside to make sure the payments can be made. >> can it exclude those people that need an extra $500, $600 a month, and that can be taken away because they don't have a cash reserve or large portfolio. >> it depends on how mthey have.
a certain amount of money can be set aside for the taxes and insurance, an additional amount can be given to the borrower in a lump sum, home repairs, travel or buy something if they wish. >> what do you do in a situation where one of the two spouses is 62 or older, they get the reverse mortgage under their name and they pass and now they don't meet that requirement? >> in the past there was an issue where they could have been forced out of the house, forced to sell the house. the rules change that. it protects the borrower, the younger homeowner staying in the house. >> so the last of the reverse mortgage people, they die. what then has to be done by the beneficiaries who inherit the house? >> they can simply sell the home. that's the easiest way to pay off the balance due on the reverse mortgage and they would keep whatever equity is left when they sell the home. a lot of families want to refinance the home and keep it. it's fha insurance, a non-recourse loan. the borrower is never responsible, nor is the family or the heirs, so no one is ever
accountable for any harm or ding to their credit or any bill coming in the bail at any time. that's the important thing. >> after the break, we've got an update on a couple we met a few weeks ago. they were expecting what was called a zombie foreclosure, one they thought was long dead but keeps coming back. wait until you hear how it turned out. yet up to 90% fall short in getting key nutrients from food alone. let's do more... ...add one a day men's 50+. complete with key nutrients we may need. plus it helps support healthy blood pressure with vitamin d and magnesium.
his raymond james financial advisor reminded him that focusing on the long term is always fashionable. the fad was indeed a passing one. his patience paid off, allowing him to one-day hang up his hat with confidence. life well planned. see what a raymond james advisor can do for you. welcome back. i'm bob massi, the property ma
n. welcome back. i'm bob massi, the property man. a few weeks ago we met with mark and jacenia, stuck in a zombie foreclosure, one that just won't die. they thought their home was foreclosed on. they moved out and worked on repairing their credit. years later they found out the bank never foreclosed and they were still on the hook. i told them what they needed to do to put this thing in the grave once and for all. let's check in and see how things actually turned out. >> i put you in touch with a realtor. i know it was frustrating because you're still jumping through hoops with lenders. tell us what happened. >> once we finished with you the first time, we got ahold of the real estate agent. the next process was to put the house up for short sale. went through the short sale process. it got a little frustrating halfway through because the second was sold to another lender and then, of course, the housing market was starting the go up a bit, so they started changing the numbers on the house. >> sure. >> the initial buyer came in and was willing to pay everything but the bank wanted but the bank
thought they could get $10 more for the price of the real estate going up in that area. they upped the price. the buyer backed out. we had to start the process over for three or four different times because the lender sold it off to three different companies. >> that's what happens, when you're in the middle of a short sale and new services come in, i understand weren't there some leans against the property, too, that caused the problem? >> there were. there were leans from the trash company and water company. >> hoa. >> and the hoa, of course. >> finally resolved. you got the house short sold. now everything is out of your name. you're in a new place and life is better. >> life is great. the house sold in october of last year in 2014. now the clock is on and we're ready to rebuild. >> that's a frustrating process. nothing happens quick when it konls to dealing with lenders. at least we got the problem resolved. thanks for an opportunity. >> that's it for today.
be sure to send me your questions or property stories at email@example.com. check out our website at foxnews.com/propertyman. i'm bob massi. see you next week. this week on the journal, editorial report, the clinton campaign fights back as the e-mail controversy continues to take its toll on the democratic front-runner. will voters buy her defense? plus donald trump forces the gop candidates to weigh in on some controversial immigration issues. we'll tell you where they stand, and democrats roll out their plans to curb college costs, but could their proposal raise the price of a degree? find out after these headlines. live from america's news headquarters, i'm molly line. we're hearing from the first time from the american heroe