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Duke Warner April 2019 Trend Report

The steady market in both Redmond and Bend continues to give buyers a plethora of options for purchasing a home. The active listings continue to climb as we settle into the beautiful Spring we are having in Central Oregon. Our trend report offers some insight into last month’s activity, which is a great resource for upcoming trends we might see in May, June and July.

May 1st Inventory and April Activity

With 398 active listings as of May 1st, the Bend market is buzzing with options and opportunity. Our brokers are excited with the market activity and ready to represent you, whether you are buying or selling a home. Both Bend and Redmond’s current listings offer a variety of homes to choose from if you are looking to buy a home. Redmond’s active listings as of May 1st showed 181 homes overall, which is great for this time of year. The numbers have remained steady for many months and this Spring is proving just the same, with the collective active listings at 579 for Bend and Redmond combined.

April was a busy month for the Redmond market, showing 82 homes sold, 122 new homes on the market and 110 homes pending. The bulk of active homes on the market in Redmond were in the $325,100 -$425,000 price range, showing 59. The $225,000 – $325,000 had 54 active listings and the $525,000 & up price range showed 30 active listings.

For Bend, the numbers in April showed us that there are plenty of homes to choose from this Spring. There were 12 active listings in the $225,000-$325,000 range, 73 in the $325,100-$425,000 range, 60 in the $425,100-$525,000 range and 53 in the $525,100-$625,000 price range. As you can see from our Market Trend Report, there were quite a few homes available in the higher price ranges as well, showing 68 active homes in the $925,100 & up price range.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice. They will share their expertise and let you know how to price according to the market trends and current housing competition. Our realtors can help you plan, sort out the details and get you started on your home buying or selling journey.

Sold and Pending Listings

Bend had 206 pending homes in March, and 275 pending homes in April. The continued climb reaffirms what we’ve been seeing for several months now, people are getting into action and buying homes! For sold listings, there were 149 in March, and 177 in April. In Redmond, we saw 65 in March, and 82 in April. As predicted, we continue to see great numbers in the market!

Looking Ahead          

Central Oregon is a wonderful place to live. Both Bend and Redmond markets are active and full of options for buyers in all price ranges. As you consider your options and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.

 

 

 

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Home Upgrades That Increase Value

Whether or not you’re looking to sell your home in the future or just spruce a few things up, it’s important to consider the kind of value you can add to your home with a few smaller upgrades. Planning ahead can be beneficial when you remodel, so here are some small projects that can help you add value for when/if you sell.

Getting Started

If your home is new, take some time to live in it and learn it’s quirks, what works and what doesn’t. If you’ve lived in your home for a while, you know best what you’d like to change, and what works best as it currently is. Make a list of what you’d ideally like to change, and then assess what can be done that is both financially feasible and worth your time.

Smaller Projects

Even the smallest projects can impact the value or curb appeal of your home. Keeping your home clean, both inside and out will attract buyers quicker. De-cluttering your home, if it’s on the market, is a sure way to impress potential buyers. When it comes down to two properties, and one is cleaner than the other, buyers are more likely to go with a clean property, as it looks like it’s the house that’s most cared for.

Step back from your house and consider the things you notice first about your property. If your eyes are drawn to something that you don’t want potential buyers to notice right away, there are ways to draw their attention. Highlight front walks with small lanterns, or flower beds. If you have a large garage that you notice first, try painting your front door a bright color, that buyers will take notice of.

Bigger Impact

The top two places to upgrade that have the most impact in your home are the kitchen and the bathrooms. Ask your local real estate broker in Bend, Oregon and they’ll tell you that these are the two things potential buyers are looking for.

In the kitchen, changing up the colors with paint, or even painting the cabinets can have a great impact on how updated your kitchen looks. Backsplashes area great way to add a pop of color or updated style to a kitchen, and since a backsplash is a smaller area, it’s not a huge task to take on. Adding a simple rolling island can add lots of value to a kitchen, as it’s more work space and people love to see islands in a kitchen. Don’t forget to add little pops of green into your kitchen, with some small herb pots or fresh cut flowers.

In the bathroom, try adding a new faucet. Making a bathroom feel more like a spa is a new trend that home buyers are looking for. Adding new countertops can boost value in a bathroom as well. Bigger projects for a bathroom include changing up the shower head to one that offers more of a body spray. Install new stone tile in your bath or shower and make it feel more like a zen spa. Heated floors go a long way in a cozy bathroom.

If you’re not sold on all of these upgrades, consider that you’ll enjoy them in the time you own the home. It’s best to upgrade your home, so that you have time to enjoy it, rather than upgrading right before you sell it.

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Duke Warner March 2019 Trend Report

Trend Report

Welcome Spring! We are officially out of the winter months and deep in Spring weather, the market trends are gearing up for what we think is going to be a busy summer. Despite the rainy weather, people are shopping and selling homes. First of all, the numbers look great for this time of year. Our trend report shows the steady market in both Redmond and Bend. It continues to encourage and motivate our brokers & clients alike. Check out the details below and let us know if you have any questions or comments. Or if you want to schedule a time to meet with one of our highly qualified brokers. Make this Spring memorable by finding your dream home or selling your current residence. We have incredible homes for potential buyers and talented agents ready to sell your current home.

April 1st Inventory and March Activity

With 357 active listings as of April 1st, the Bend market is thriving with options and opportunity. Redmond’s active listings as of April 1st showed 170 homes overall, which is great for this time of year. The numbers are encouraging and with the active market throughout the winter months, we believe Spring is going to be no different.

March was a more active month for Redmond than it was in February. Showing 65 homes sold, 78 new homes on the market and 88 homes pending. Also, the bulk of active homes on the market in Redmond were in the $225,000 – $325,000 and $325,100 -$425,000 price range. The $225,000 – $325,000 had 55 active listings and the $325,100 – $425,000 showed 62 active listings.

Similarly, in Bend, the numbers in March show us that there are plenty of homes to choose from right now. In March, there were 19 active listings in the $225,000-$325,000 range, 83 in the $325,100-$425,000 range, 69 in the $425,100-$525,000 range and 46 in the $525,100-$625,000 price range. As you can see from our Market Trend Report, there were quite a few homes available in the higher price ranges as well, showing 64 active homes in the $925,100 & up price range.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice. They will share their expertise and let you know how to price according to the market trends and current housing competition. Our realtors can help you plan, sort out the details and get you started on your home buying or selling journey.

Sold and Pending Listings

Bend had 158 pending in February and March finished with 206 pending homes! A big jump that indicates action in our local market this Spring. For sold listings, there were 108 sold in February and 149 in March. In Redmond, we saw 48 in February and 65 in March. We continue to see great numbers in the market!

Looking Ahead          

Central Oregon is a wonderful place to live. Both Bend and Redmond markets are active and full of options for buyers in all price ranges. Consider your options and look ahead. Certainly keep us in mind for your real estate ventures. Whether you are buying or selling, we can help! Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.

 

 

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How do Real Estate Pros Look for Property

Have you ever hemmed and hawed over a property before, wondering if it was the best home for you? Maybe it had everything you were looking for, and one major or minor flaw, like high traffic, busy street, no parking, no garage, etc. Here’s some expert advice, from non-other than real estate brokers themselves.

Details

When you’re looking at multiple properties you can lose track of the important details. Make sure you have a system in place for when you’re house hunting to stay as organized as possible, whether it’s a spread sheet outlining everything your top properties have or don’t. Tips from brokers: check out simple things like the sewer line. Ask how old the appliances are, don’t be dazzled by new counter tops, when the oven is about to die any day. Ask about variants in the homeowners’ insurance coverage. Are there any oddities to the coverage due to the architecture or property? Check out older trees on the property to make sure you’re not taking on a hefty removal and potential re-planting process if you do decide to purchase the home.

Lifestyle

Consider your lifestyle and what you’re really looking for in a home. If you’re looking for a property with little maintenance and you don’t want a lawn to mow, a condo might be the right style of property for you. Vice versa, if you’re sick of living in apartments or condos and having shared walls, a single-family home might be exactly what you’re looking for. The added bonus to a single-family home is that you’re not only investing in the house itself, but also the land that it’s on.

One of the biggest things real estate agents see is younger buyers who invest in a property and don’t care about the amenities, or school district it’s in, because they don’t currently have kids and maybe aren’t planning to. They often times see those younger buyers turning around and selling the property they spent 5 years in, because their family size has changed and the home no longer suits their needs. Be more forward thinking when you’re investing in a property, and you’ll save yourself the headache of having to move, buy and sell a house again.

Focus on your Priorities

Don’t let yourself be dazzled by the cosmetic things. You can always install new counter tops in the kitchen, or floors, or do a little bathroom renovation. But you can’t change the price you paid for a home or its location. If location is crucial to you in your house hunt, don’t forget that. If a home has everything you’re looking for but is another 20 minutes out of your way, it’s something you need to consider before you buy. If you find a home that’s closer, that can easily be worked on to add the things you want, and it’s at or below your budget, it might be something you want to consider. Remember you can usually always add things later to a home.

Resale

As always consider the resale value. If the home you’re looking at is far more expensive than other homes in the neighborhood, chances are you’ll have a harder time selling it at an appropriate higher price. Don’t buy something too different or unique that you’ll have a hard time selling.

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Homeowners Associations; The Pros & Cons

Homeowners Association Law relates to the creation and enforcement of organizations and their rules that manage and community associations and help to maintain their appearance and value. Most homeowners’ associations (HOA’s) and condominiums are made up of a common residential asset managed through a chosen Board of Directors. Membership is mandatory upon the purchase of real estate situated in the association. State laws, local bylaws, and organizational rules all relate to the management of the community.

If you’re looking for properties in neighborhoods, chances are you’ll come across more than a few homes that are within HOAs. As mentioned above, typically if you buy a property within an HOA, the membership is mandatory.  While there are both pros and cons to living within an HOA, ultimately you’ll want to buy in a neighborhood that serves your needs best. Duke Warner brokers are here to help you figure out what’s best for your lifestyle.

Cons

Buyers don’t like the idea of being told what they can or cannot do with their own property. If you fall under that type, then living in an HOA might not be for you. HOA’s limit parking availability and they can require that certain decorations must be up or down at various times of the year. Running a business out of your home? You will want to check with any potential HOA’s that represents properties you like. Some HOA’s have strict rules about running business from your home. Not all HOA’s are the same, but it’s important to check with the regulations before you buy.

Fees can be a big part of why people don’t want to buy within an HOA. Some HOA fees can be on the higher end or lower end, it just depends on how they’re managed. The monthly HOA fee is something most buyers aren’t eager about. It depends on how you weigh the added benefit if the regulations within a neighborhood, and how they affect the ongoing value of your home, versus the cost of ongoing monthly or yearly payments.

Benefits

One benefit of living within an HOA is that the overall appearance of your neighborhood is better. Living within an HOA means that higher standards are set for the appearance of properties. Lawns must be mowed, houses must be painted, houses can’t be painted in wild colors, etc. Some HOAs are formed by the developer and are run by a Board of Directors. As houses within the development sell, the Board of Director’s transitions over to a Board of Elected Residents. Some HOAs opt to have a management company run them, so residents aren’t responsible for meetings and organization. It’s best to keep HOAs within residents, because most residents are invested in their own neighborhoods.

Living within an HOA ensures that all homeowners take care of their homes. It also helps keep the value of homes higher, as neighborhoods look cleaner and stay well-maintained. It also ensures that the proper steps are taken when dealing with any issues in the neighborhood. If your neighbor’s dog is barking, or there have been one too many loud parties, rather than starting a spat between neighbors, the HOA can be notified and will handle the situation.

Decisions, Decisions

Know what you’re looking for in a property, and choose whether an HOA is right for you. It is an important decision when buying a home. Research the HOA that manages the neighborhood you are interested in and read the fine print. HOAs are typically beneficial, but it’s important to know what you are getting into by joining. If you’re looking for higher standards within your community, and want your neighborhood in Bend, Oregon to appear well-maintained, an HOA is right for you. If you want more freedom to do what you want with your home, it’s better to look in neighborhoods that don’t have managing HOA’s. At Duke Warner Realty, we are committed to helping you navigate questions you might have when purchasing a home. Whether it’s within a neighborhood with an HOA, or not. Give us a call today!

 

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Duke Warner February 2019 Market Trends Report

Market Trends

Watching the market trends this winter has been encouraging. One might assume we’d see a big drop in home buying and selling with the crazy weather we’ve had, but it hasn’t gone that way at all. Instead, we are seeing a very steady market as we head into Spring. We are hopeful the numbers will just continue to hold strong. History tells us they may get better as the snow thaws & flowers bloom.

The steady market in both Redmond and Bend that we saw last year has continued into the start of this year. January’s numbers were encouraging in Bend and Redmond alike. February was no different. Check out the details below and let us know if you have any questions or comments. You may want to schedule a time to meet with one of our highly qualified brokers. Make this your best real estate year yet! We’ve got beautiful homes for potential buyers and talented agents ready to sell your current home.

March 1st Inventory and February Activity

With 370 active listings as of March 1st, the Bend market is thriving with options and opportunity. Redmond’s active listings as of March 1st showed 176 homes overall, which is great for this time of year. Continued steady numbers show buyer and seller interest alike.

February was a slightly more active month for Redmond than it was in January, showing 48 homes sold, 81 new homes on the market and 62 homes pending. The bulk of active homes on the market in Redmond were in the $225,000 – $325,000 and $325,100 -$425,000 price range. The $225,000 – $325,000 had 55 active listings and the $325,100 – $425,000 showed 58 active listings.

For Bend, the numbers back in January showed us that there are plenty of homes to choose from this time of year. In February, there were 17 active listings in the $225,000-$325,000 range, 82 in the $325,100-$425,000 range, 79 in the $425,100-$525,000 range and 38 in the $525,100-$625,000 price range. As you can see from our Market Trend Report, there were quite a few homes available in the higher price ranges as well.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice. They will share their expertise and let you know how to price according to the market trends and current housing competition. Our realtors can help you plan, sort out the details and get you started on your home buying or selling journey. You can also find some great suggestions by reading our blog titled, “Good Information to Share with Your Realtor.”

Sold and Pending Listings

Bend had 159 pending in January and that remained steady with 158 in February. For sold listings, there were 125 sold in January and 108 in February. In Redmond, we saw 46 sold properties in January and 48 in February. While there are a few fluctuations, overall, we continue to see great numbers in the market!

Looking Ahead          

Central Oregon is a wonderful place to live. Both Bend and Redmond markets are active and full of options for buyers in all price ranges. As you consider your options and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.

 

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Common types of House Styles

Common types of House Styles

If you’re hunting for a new home, you may want to be familiar with current and common types of construction features to a home. Know what you’re looking at and what you could be buying. Here’s a breakdown of common features.

Types of Foundations

A crawlspace is where the living space has been elevated off the ground. This is more beneficial to termite-prone or damper regions. This sort of foundation is less expensive than a full basement.

A basement is typically built on a concrete slab. A footing foundation is poured with foundation walls and a concrete block is usually set on top.

A slab foundation is a concrete pad that can be reinforced with steel. This covers the area that the house sits on. Modern slab foundations are well insulated.

Pile and girder foundations are far less common than the other types of foundations. This essentially like a house on stilts, and is perfect for a climate where frequent flooding occurs.

Consider the environment that you’re buying a home in, and what sort of basement you want. A basement foundation isn’t very common in Central Oregon due to the rocky soil. Often times dynamite is needed in construction to blast out enough space for a basement.

Common House Styles in Bend

Bungalow – Bungalow styles coincide with craftsman in some similar ways. This style originated in California and slowly moved to the Midwest. Bungalow homes typically have low-pitched roofs, with a small covered porch at the entry of the home.

Craftsman – Craftsman styled homes have been referred to as the ‘California bungalow.’ Craftsman are also known for featuring rear entrance styles. Often featuring a garage in the back and a back alley entry. This is a really common style to see in Bend, with many neighborhoods built with back entry alleyways.

Duplexes – Duplexes are another common form of home in Bend. They have a great resale value, as they’re perfect for renting out. Owners commonly rent out half of the home to help cover a mortgage.

When you’re house hunting

If you’re looking at a certain style of home and want to know more about it, ask your realtor. They should be able to provide you with more information concerning where the design originated or why it continues to be popular. See why it might work for you as a home or rental property.

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Home Loan Options

It can be hard to determine what kind of loan works best for you when it comes to choosing a mortgage. It’s hard to break down the benefits and cons of each, so we’re here to explain what each loan is, and how it could possibly affect you. If you’re interested in applying for a home loan, talk to your Bend Realtors and see which lenders they recommend.

Fixed and Adjustable

There are two types of mortgages that you can come by, a fixed rate or adjustable rate. When you have a fixed rate mortgage, your loans have a fixed rate of interest, meaning they have the same rate of interest from the time you get them until when you pay them off. An adjustable mortgage has a rate that adjusts with the market, it might go up or go down as the market changes.

Each kind of loan has benefits and problems, but it’s up to you to decide what you’re willing to commit to. With a fixed rate you know your rate won’t change, even if the market changes. This means that if the rates drop lower than yours, you’re still stuck paying the rate you locked into. The flip side to this is that if you have an adjustable rate and the market rates soar, you’re stuck paying higher prices. Talk to a local lender and discuss which would work best for you.

Government and Conventional Loans

A conventional home loan is one that isn’t issued by the government in any way. Most consider conventional home loans to be regular home loans. A government issued home loan is one that is guaranteed through the government. Here are the different types:

FHA

An FHA Loan is part of a mortgage insurance program. These types of loans are available to first time homebuyers and other home buyers. With this loan the government is insuring the lender against any losses they might have from borrowing money. FHA loans are managed by the Department of Housing and Urban Development. With this loan you can put a lower payment down, as low as 3.5%. With this also comes mortgage insurance, that might make your monthly mortgage payment higher.

VA

If you’ve ever been a military service member or are a family member of one, you qualify for a VA loan program.  This mortgage is guaranteed by the VA. The benefit of this kind of loan is that veterans and their families can get 100% financing when they buy their home which means they have no down payment at all.

USDA or RHS Loans

Managed through the Rural Housing Service, part of the Department of Agriculture, this is for more rural residents. If you have a steady, but low or modest income, and other financing isn’t available to you, a USDA loan might be a good option. It takes into consideration the adjusted median income of the rural area, and bases the loan off of that.

Buying a Home

There are a lot of different steps to take when it comes to buying a home. Picking the right kind of loan is one of them. This can be the biggest part of purchasing a house, other than finding a property that is perfect for you. Talk to your Bend Oregon Realtors today, & see which lenders they recommend. Meet with a lender and find out which mortgage or home loan is right for you.

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Buying A Home In Retirement

Retired and Buying a home? What you need to know

Retirement has always been a tricky thing to plan for. There are so many variables depending on overall health, finances and more. If you’re retired and considering buying a home or vacation property, there are some important things to consider first.

Mortgage

Depending on your current age and the age of any partners you may be purchasing the home with, you need to plan what your mortgage payment will be and how long it will last. Standard homebuyers opt for a 30-year mortgage because often that makes a monthly payment more affordable. Depending on the fluidity of your financial situation a 30-year mortgage might be your only option, and if it is, you should consider what age you’ll be when that 30 years is over.

A better option would be to go for a shorter term mortgage, like a 15-year. Again, depending on your financial situation, this is also tied to how much you can put down on the house and how much you can afford to pay in a monthly situation.

Depending on your age in relativity to your health, which is a hard thing to plan for, you may also want to consider the financial situation that your kids are in. If something ever were to happen to you or your partner, you would have to consider who would be financially responsible for the property and mortgage.

One of the benefits that many people look forward to in retirement is no monthly mortgage payment, because they anticipate that they will have paid off their house or property by then.

A great idea to consider if you do have a house that’s close to being paid off, and you’re looking for a vacation property: invest in something smaller. If it’s a vacation home, try for a condo or a small house. Look for something you can invest in for a lower price, and possibly make money on. If it’s a condo in a desirable location, you could rent it out for the portion of the year that you don’t use it, same with a lakeside property.

Housing needs

You need to consider what your housing needs might be. Perhaps you want to invest in a smaller property that will eventually become your main residence. Consider one-floor options, consider location to amenities. It can be hard to plan for your retirement age with so many factors up in the air, but it could save you a headache later if you plan and consider these things now, when you’re house hunting.

Take away

Consider what sort of monthly payment you want to be responsible for when you’re retired. If you’re taking equity from one home to another, buying a new property may not present the same challenges as buying an additional property might. Consider the location of your new home or property, consider the layout. Plan ahead and you could make quite the smart investment.

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Duke Warner January 2019 Trend Report

Trends

Now that we are seeing some true winter weather, we might expect to see a significant dip in the market trends, but that’s just not the case. Follow our monthly trend report to stay up to date with the local market trends and fluctuations. In December, we saw a continuation of a steady market in both Redmond and Bend and that carried over into the start of the new year. January’s numbers were encouraging in Bend and Redmond alike. We closed out 2018 with an active market in Bend and Redmond for sellers & buyers and continued that streak through January. The Central Oregon market looks promising as we slowly ease out of winter and look forward to the Spring months ahead.

Inventory

The number of active listings in Bend dropped slightly from 398 in December to 356 in January. Redmond had 182 active listings in December and then a few less with 176 active listings in January. The numbers in January for Bend show us that there are plenty of homes to choose from. There were 18 active listings in the $225,000-$325,000 range, 78 in the $325,100-$425,000 range, 86 in the $425,100-$525,000 range and 37 in the $525,100-$625,000 price range.

With the steady market, buyers look for competitive pricing as they compare properties. If you are a seller and you are considering pricing for your property, we encourage you to consult with your Duke Warner Broker for great advice, they will share their expertise and let you know how to price according to the market trends and current housing competition. If you’d like, ask your Duke Warner broker to review a market trend report so you can feel confident in their knowledge of local buying and selling trends.

Sold and Pending Listings

Redmond’s market had fewer price reductions in January than we saw in December and almost double the amount of pending homes at of the end of January, showing 72 pending. Redmond’s new, active listings stayed about the same, showing 59 in December and 58 in January.

Bend had 137 pending homes in December, and it increased a bit to 159 pending in January. For sold listings, we’ve seen a slight drop during the winter months with December showing 160 sold homes in Bend and 125 sold in January. We saw 63 sold listings in December, for Redmond’s market and 46 in January. We are seeing a slight fluctuation in the market which is normal for this time of year. Winter weather came a little bit later this year and as we look towards the coming months, we can expect the markets to reflect the changing seasons ahead.

Looking Ahead          

Central Oregon markets have remained steady and full of options for buyers in all price ranges. As you consider your options and look ahead for new investments, changing homes or just following the market trends, keep us in mind for all your real estate needs in 2019. For a deeper understanding of the local market trends, consider reading back through our past trend report archive, there is a lot of great information provided. Give any one of our skilled brokers a call and let us help you with your next housing adventure. You can see our current listings on our website at https://www.dukewarner.com/.