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Developer Mehrdad Moayedi buys land for homes at Rowlett’s Bayside project

A North Texas developer known for some of the region’s biggest projects has bought sections of the Bayside development on Lake Ray Hubbard.

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Mehrdad Moayedi’s Centurion American Development Group purchased land in the Rowlett project on Interstate-30 for two residential projects.

In the works for more than five years, the 262-acre mixed-use development on the lake was originally planned to include everything from high-rise hotels to apartments and single-family homes.

The centerpiece of the $1 billion project was an 8-acore Crystal Lagoon waterpark to be built on the shore of Lake Ray Hubbard.

But after changes in ownership, Bayside has so far not met those ambitious plans. Parts of the project have been rechristened Sapphire Bay by the City of Rowlett.

Centurion American Development has purchased four acres in two tracts across the freeway from where the Crystal Lagoon is being built.

“This is on the north side of I-30 where all the apartment building has been,” Moayedi said. “There were two tracts left with the old partnership.

“They had quite a few offers and chose to go with us.”

Centurion American will use the property to build communities for more than 300 homes, townhouses and villas.

“It’s a great market for single-family residential and townhomes,” Moayedi said. “It came with three lots sitting on the lake.”

The more than 100 planned houses in the project will average around $400,000. And Moaeydi said the almost townhouses would cost between $275,000 and $400,000.

The land for the townhomes and villas must be rezoned from multifamily construction, he said.

Developer Western Rim Properties has already built apartments at Bayside in the same area where Centurion American purchased the land.

And Beazer Homes has a neighborhood in that section of the Bayside project.

“On the tract that’s already zoned, we are

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How to land an ultra-low 15-year mortgage rate for your refinance

How to land an ultra-low 15-year mortgage rate for your refinance
How to land an ultra-low 15-year mortgage rate for your refinance

Thanks to this year’s historically low mortgage rates, refinancing remains a popular activity among homeowners — and it has taken on more urgency as a new refi fee threatens to push rates higher this fall.

A 30-year fixed-rate mortgage might be a borrower’s automatic first choice for a refi loan. But if you’ve been in your house a few years, refinancing to a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments on a 15-year home loan can be steeper, but the interest rates are lower: currently near an all-time low at an average 2.37%, which is one-half of 1 percentage point (0.50) below the typical 30-year mortgage rate, according to mortgage company Freddie Mac.

Some borrowers in 2020 have been able to score 15-year rates in the low 2s or even under 2%.

Could you? Here are four tips on how to get the very best deal when refinancing into a 15-year mortgage.

1. Run the numbers on 30- and 15-year loans

Most mortgage lenders offer both 30- and 15-year terms. Compare the current average rates between the two loan products, then zero in on a couple of lenders and see how their 30- and 15-year rates differ.

If 15-year mortgage rates don’t seem substantially lower, it may not seem worthwhile to accept the stiffer monthly payment that comes with the shorter-term loan.

Still, the long-haul savings can be considerable.

Freddie Mac says rates are now averaging 2.87% for a 30-year fixed-rate mortgage, versus 2.37% for the 15-year option. Let’s say you’re trying to decide whether to refinance a $200,000 mortgage balance for either 15 or 30 years at today’s average rates.

  • Your monthly payment would be $1,321

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Indigenous land defenders walk contractor off McKenzie Meadows property

Contractors for Losani Homes and officers from the OPP provincial liaison team paid a short-lived visit to the McKenzie Meadows construction site in Caledonia Wednesday morning, just ahead of a court hearing into the disputed territory.

A lone worker in an orange safety vest was met at the entrance to the site by a dozen Indigenous land defenders, who have been occupying the site, which they have renamed 1492 Land Back Lane, since July 19.

The group walked the contractor off the property, telling him there would be no work done that day.

“You don’t get paid enough, bud,” one of the land defenders said while ushering the contractor off the property.

After a few minutes of discussion with Land Back Lane spokesperson Skyler Williams, the two police officers also drove away.

Williams said Wednesday’s visit, which officers texted him about last night, meant cancelling a scheduled appointment to present evidence to Superior Court ahead of Friday’s hearing in Cayuga, where Justice R. John Harper will review two injunctions related to the occupation.

“Instead of letting the (legal) process happen, we’re standing here on the side of the road,” Williams said.

This was the second attempt by contractors acting for the developers to locate a natural gas pipeline, as part of prep work for the planned 218-unit subdivision, only to be rebuffed by land defenders.

Police continue to arrest land defenders and their supporters for allegedly breaching the court order barring anyone not authorized by Foxgate Developments from being on the property.

“At some point there’s nobody left to stand on the land,” Williams said.

“And the OPP and the developers spiking this up on the doorstep of us being able to defend ourselves is absolutely ridiculous.”

Earlier this week, Indigenous land defenders blocked Argyle Street in Caledonia after police

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San Joaquin Valley Homes and Presidio Residential Capital Close on Two Parcels of Land in Visalia, Calif.

VISALIA, Calif., Oct. 2, 2020 /PRNewswire/ — San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital recently closed on two land parcels in Visalia to build a total of 121 single-family detached homes with single-level floor plans.

The first parcel on 19 acres, is named Arbor Gates and will introduce 91 lots near the northwest corner of Visalia Parkway and Demaree Street in southwest Visalia. The second, Cameron Court, encompasses nearly five acres near the southwest corner of Caldwell Avenue and Court Street in Visalia and will offer 30 lots. Model construction for both is planned for December 2020.

“We can’t wait to introduce homebuyers to these two new beautiful communities,” said Danny Garcia, vice president of sales at SJV Homes. “Both of these neighborhoods are in great locations in Visalia.”

Arbor Gates will be a gated community of garden-style homes and includes a neighborhood park. The lots are an average 5,600 square feet, and the homes will range from 1,297 to 1,597 square feet with such features as nine-foot ceilings, granite countertops, stainless steel appliances and some with covered patios. They will have three bedrooms, two bathrooms and attached two-car garages.

Cameron Court is a more intimate-sized neighborhood with just 30 detached garden homes on lots averaging 5,500 square feet. These three-bedroom, two-bathroom homes will also be 1,297 to 1,597 square feet and feature amenities similar to Arbor Gates.

Both Cameron Court and Arbor Gates are south of Highway 198, the major east-west corridor in the region. Major retail, dining and services are less than one mile from both communities.

Students living at both communities can attend Cottonwood Creek Elementary School, La Joya Middle School and El Diamante High School – all in the Visalia Unified School District.

These communities represent SJV

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It’s boom time for discount stores in the land of luxury

In a country known for its love of the lavish and luxurious, discount stores are making a surprising impact on the UAE’s retail sector, with a spike in consumer spending during the past few months.

As the region has been rocked by salary cuts and job losses as a result of the coronavirus pandemic, insights from credit card company Visa reveal that, in non-food categories, discount stores, home improvement stores and pharmacies are the three categories with the largest growth in sales since lockdown measures were introduced.

At the same time, higher ticket value categories, such as apparel, accessories, electronics and department stores, saw double-digit drops in spending, according to Visa’s data.

This change in consumer spending habits can be partially attributed to the economic slowdown brought on by Covid-19, the company said, adding that the trends have been echoed in Saudi Arabia and Pakistan.

“We are seeing that the health crisis, income pressure, and more time at home is driving up pharmacies, discount stores and home improvement,” said Akshay Chopra, vice president of innovation and design for Central and Eastern Europe, Middle East and Africa at Visa.

Chopra was speaking at the Future Retail Experiences media virtual webinar when Visa shared its data to support the retail sector in navigating the “new normal” where both the online and brick and mortar retail channels need to be seamlessly integrated.

Brands for Less co-founder Yasser Beydoun recently revealed that the company’s online business increased by 50 percent during the coronavirus crisis.

Increased spending on home improvement is also unusual in the Arab region, where ease of access to cheap handymen and repair people tends to make consumers snub retail outlets.

“Home improvement is very interesting because people are now spending so much more time at home that they are finally getting

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