Archive for January, 2010

City Garden Montessori: Where Map Testing Meets the Montessori Method

25 January 10

City Garden Montessori is in its second year as a St Louis City Charter School and is now accepting applications for next year’s kindergarten enrollment. Applications are due February 12th. Please contact Christie Huck at 314-664-7646 for more information

Recently one of my past clients invited me to visit City Garden Montessori. She has been a St Louis City resident and advocate for a long time, but had been sending her oldest son to a private school in Clayton. Last year they moved into the Shaw neighborhood and made a very fortunate discovery: City Garden Montessori. Since enrolling her son in the St. Louis City Charter school, she has been really excited by the experience and has been thrilled with the changes she has seen in her son. The Montessori Method of self direction and active engagement has done wonders for her highly gifted and very active 6 year old.

The school is located at the corner of Spring and Russell in the Shaw neighborhood. There are four classrooms in total including the pre-school program. (Pre-school is tuition based and serves ages two and half-five). The charter school includes one kindergarten class (age 5) and two elementary classes which in traditional Montessori fashion are mixed ages similar to the traditional grades of 1-3. Each classroom has two teachers. EACH CLASS HAS TWO TEACHERS!

When I visited one of the elementary rooms I saw lots of independent study, a math presentation and a lot of reading. In addition to academics the children have work tasks which include cleaning chores, animal duty or volunteering at a community soup kitchen. Additionally there is no shortage of parent volunteers. Some parents have organized a gardening committee as evidence by the raised beds and composting stations outside.

To learn more about Montessori Education in general click here.

To learn more about Montessori Education in St. Louis click here.

From the City Garden website:
City Garden Montessori Charter School is a tuition-free, public elementary school, serving the Botanical Heights, Forest Park Southeast Shaw, and portions of the Southwest Garden and Tiffany neighborhoods in the City of St. Louis.

Don’t live in the identified boundaries? click here
There are ample opportunities to move into the area with homes ranging from the low 100s to the 600s
If you are interested in the school but don’t live in the area, call anyway. If there are open spots in the kindergarten, they will consider children who live outside of the identified area.

Interviewing Lenders and the New Good Faith Estimate

15 January 10
markandersonheadshotThis post was written by a guest blogger Mark Anderson who is a loan office with Pulaski Bank. He specializes in helping first time home buyers through what can often be a very confusing process. He considers himself more of a consultant than a salesperson. He takes client education seriously and his level of customer service is unmatched. If you have any questions about this post or home financing in general please check out his business website.

Effective January 1, 2010, Congress instituted new rules regarding the Good Faith Estimate. Geared toward shutting down predatory lending practices, the rules make it nearly impossible for a mortgage company to quote one set of fees at application and deliver something different at closing.

While the aim is good, the law of unintended consequences has already come into play. Shopping for the best mortgage will now be more difficult and more complicated.

I have often complained about the old Good Faith Estimate and I agree that a change was important. The form had to meet some basic standards, but overall, comparing apples to apples was not easy if you didn’t know what to look for. The old Good Faith Estimate itemized all of the fees associated with a loan closing, including third party charges ultimately not determined by the lender. Lenders could make their bottom line appear artificially attractive by estimating third party fees low. Also, lenders used a variety of confusing, sometimes downright deceptive terms to hide the true cost of their own services. For example, while ‘Tax Service Fee’ sounds like a government imposed charge, it could be $50, $500 or really any number the lender felt like imposing. Maybe some of the fee actually was paid to request tax return transcripts, but I routinely saw my competitors charging outlandish amounts which clearly were not legitimate third party costs.

For this reason, I encouraged my clients to isolate the lender fees and compare those against other quotes, without regard to the varying estimates for third party charges. If the loan officer refused to itemize the actual lender fees, I advised people to walk away.

The new Good Faith Estimate is great in that the true lender cost is reflected very clearly and separated from third party fees. It is now referred to as the ‘cost of origination’. While I am happy with this change, there is a fundamental flaw to the new GFE: lenders are not going to issue them until you select them as your lender. This is because the lender now has a legal responsibility to be so precise that it is simply impractical to issue the form before you file a full application and have a property officially under contract.

The good news here is that once you have selected a lender, made your application and gone under contract, you will receive a Good Faith Estimate that will be amazingly close to the final number at closing. However, since it is impractical for the lender to issue a GFE ahead of time, how can you really shop for the best deal before making a commitment?

Unfortunately lenders will now provide informal quotes that don’t have to meet any government standards. At least the old Good Faith Estimate looked fairly similar from lender to lender. Now, borrowers are going to be faced with such a variety of quote sheets that it will be that much more difficult to compare them.

Despite the problems the new GFE causes with initial disclosure from your lender, you can still exercise control over the quote process in much the same way I recommended before January 1. While the quotes will look different and while they might not be a very good reflection on the actual costs, you can still demand that your lender tell you what they charge.

My main concern with this whole new process is that there was at least some regulation of the old Good Faith Estimate. Now, as a consumer, you will simply have to exert your knowledge as power and show your lender you are aware of the recent changes. Let them know you are also aware that you will always have the ability to move to another lender if their non-regulated initial quote looks much more attractive than the formal GFE.

Coming Soon!

12 January 10

Whew! Been a long time since I updated the blog. I have to admit I slacked off in December as I was winding down from a very busy and productive year. I thought January would be the opportune time to start blogging a new, but the phone hasn’t really stopped ringing and it looks like I am going to be busy with some wonderfully diverse new listings.

So as I am easing back into it, let me just start with a few sneak peeks at some coming soon properties.

Tower Grove East

29xx Minnesota: 3 beds/1.5 baths and 1 car brick garage. If you love wood work then you will love this house! All system updates were done about 5 years ago along with the roof. Extra insulation in the attic keeps this home particularly warm and the fully fenced backyard with brick patio is an oasis! Wood floors throughout and custom School House fixtures complete the package. $159,900

Shaw

40xx Shenandoah: 2beds plus office/1.5 baths and 2 car-garage-port. With approximately 1700 SQ FT of living space and full basement. First floor has woodfloors with living room, dining room and large kitchen. Upstairs has 2 large bedrooms punctuate by a huge office $174,500.

Gravois Park:

36xx Michigan: 3 beds/1 bath and 1 car garage. The first floor of this 1.5 story Craftsman is perfect for entertaining with a circular flow and hardwood floors. Upstairs there are three large bedrooms and 1 full bath. The closets are a nice surprise. The wide front porch is inviting and the two story enclosed rear porch adds a mud room and office to this home. $85,000