Askrey.net - Ask Rey About Real Estate

Condo vs. Coop, How to Choose

Rey Hollingsworth Falu — Fri, 13 Jan 2012 12:00:00 GMT

Condominiums (condos) and cooperatives (coops) are both affordable alternatives to buying a house. If you are considering home ownership, but don’t want a house, consider these options. However a condo is not a coop, each has its advantages.

Ownership:

A coop is an asset like any other piece of real estate except you are not really buying the property. When you buy a condo you are buying the actual site (like a house). In a coop, you are buying shares of a corporation (which is leasing you back the place where you will live). It is a North-Eastern phenomenon that makes ownership affordable.

Style:

Both condos and coops can come in different styles. Both come in a townhouse style which is a multi level attached home that usually has a yard in back. Both come in apartment style, which can be a mid-rise building (6 stories or less) or high rise building. Some come in garden style which is a one or two story attached building that usually opens to a great courtyard and has beautiful grounds. The point is the style does not make it a condo or coop, the ownership does.

Price:

Generally condos are much more expensive than coops of the same size and location. Coops have a common charge which usually includes maintenance and taxes. Condos have a maintenance charge only. You pay your own taxes separately. Some cover utilities, some don’t.

Restrictions:

Many co-ops have restrictions on pets, renting, parking waitlists, and income requirements. Most have down payment requirements of 10-15%. Others are more. This is a board requirement, so neither you nor the seller can avoid this. The only way around this is to find a sponsor unit that does not have this requirement. You need to discuss these restrictions with your realtor before you go out to see co-ops.

Buying & Selling:

The process is like buying a house for both except, when buying a coop usually you must get approved by your fellow share holders (the Board). Because you are entering into a business relationship with your fellow shareholders, they will require you to submit an application with your financials etc. They can reject you, and are not required to disclose why. Usually it is a financial reason. Coops can take longer because of the approval process.

Which is harder to sell? Neither. If you price them right, they will both sell. You can purchase a coop as low as $9,000 in Cold Spring (I’m not kidding, I did the search), or a condo for $5.2 Million at the Ritz. If you need help…AskRey.

2012 Housing Market Outlook

Rey Hollingsworth Falu — Thu, 12 Jan 2012 14:44:00 GMT

Lawrence Yun, Chief Economist for the National Association of Realtors NAR predicts a recovery for the 2012 housing market. In late December NAR published the 2012 Economic and Housing Outlook report here .

The full 15 slide PowerPoint looks at economic indicators such as existing home sales, new home sales, housing starts, GDP, payroll jobs and more. The summary forecast table below shows home sales for 2012 improving to 4.45 million sales, an increase of 4.7%. Prices are also projected to increase by 2%. The housing hasn’t seen prices increase since 2005/06. Perhaps most importantly, Yun predicts payroll job gains of +1.9 million jobs, which is good news for everybody.

If you would like to see the full presentation, click here . If you would like to take part in the recovery by purchasing a home in Westchester…AskRey.

Source: realtor.org

Getting Married? Gift Registry for Homes

Rey Hollingsworth Falu — Thu, 01 Dec 2011 21:06:00 GMT

Getting married? If so, then listen up. After you say “I do”, then comes the party, all that free advice, well wishes & gifts. Chances are you are combining two households, so you may not want the extra linens, gadgets and silverware that newlyweds traditionally receive. Why not ask for what you really want? A new House! Well now you can with a Honeymoon Down Payment Registry!

The smart folks at Home for the Honeymoon have set up a gift registry for couples getting hitched. Just like a traditional registry at a department store, you can set up a down payment goal for a home in your target community or even for the dream home you have been eyeing.

Guest log on online and contribute towards your down payment, instead of buying some trinket you will seldom use. Imagine the burden lifted off your shoulders as your loved ones help you realize your true dream. You can even post a photo of your dream home, so your friends and family know what you are working towards.

Check out their sample registry, and get cracking. You and your spouse will truly appreciate these wedding gifts and everyone will know that they gave you something you definitely will use. If you need help finding your dream home…AskRey.

Whatchoo talkin' 'bout Recession

Rey Hollingsworth Falu — Thu, 01 Dec 2011 21:03:00 GMT

Whatchoo talkin' 'bout Willis? Remember Diff'rent Strokes? The story of two poor African American children adopted by a rich White family in Manhattan. Arnold, the cute younger brother was always getting into misadventures with his street wise older brother Willis. There was always a bully named “The Gooch” terrorizing Arnold, but the audience never got to see the Gooch. He was always on the phone or out of view. It actually made him scarier, because we are often more scared of threats we can’t quite see. Well the housing market has a Gooch now. It’s called the “Recession”.

We never quite see it, but we are told by pundits when it comes and goes. It will make an appearance for couple of quarters, then disappear and reappear again. Watch out! The Recession is coming to get you! Scarier than the Gooch, the Recession will eat your 401k. It will take your job away, or freeze all the money so everyone is too frightened to live.

But just like Arnold we need to stand up to the Recession. Arnold had some help in out witting the Gooch, so I will give you some help in outwitting the Recession.

Head off trouble. If you are struggling to make your monthly payments, go to your lender and work something out before you start defaulting.

Cut discretionary spending. Entertainment, luxury items, travel & name brands. Save the money for things that matter.

Spend wisely. If you need to buy a home, stop waiting to see if prices drop. You are feeding the beast. If you have a good price and you can afford the payments, buy it. This will keep the economy going for everyone.

So next time some pundit is blithering on about a “double dip”,tell them “Whatchoo talkin' 'bout Recession?” … or just AskRey.

HARP 2.0 – New Changes to Help Homeowner Refinance

Rey Hollingsworth Falu — Fri, 04 Nov 2011 18:35:00 GMT

The Home Affordable Refinance Program, or HARP, has been under fire for not helping enough home owners refinance their loans. The Feds have revamped HARP into HARP 2.0 and the industry’s four largest mortgage servicers; Bank of America, Chase, Citigroup and Wells Fargo have expressed support for the new changes.

If you have a loan with one of these servicers, pay attention. HARP 2.0 allows GSEs’ a waiver on representations and warranties, so the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan. More incentive to refinance!

With HARP 2.0 the new lender can replace an ARM or fixed interest rate loan, reducing your monthly payment, even if you are underwater. Frank Bisignano, CEO of mortgage banking at Chase estimates thousands of Chase customers could lower their payments by an average of $208 a month. A spokeswoman for Well Fargo said she is waiting for guidelines from Freddie Mac and Fannie Mae, who may issue something as soon as Nov 15^th.

HARP 2.0 also removes the 125 percent loan-to-value cap. Now any borrower with an LTV above 80 percent is eligible for HARP refinance, as long as the loan was sold to Fannie/Freddie before 5/31/09 and the borrower is not delinquent.

If you have been struggling with your payments ask your lender about HARP 2.0. If you need help…AskRey.

Source: DSnews.com, Big Four Set to Participate in HARP 2.0 by Carrie Bay

World’s most expensive house built for $12.2 billion

Rey Hollingsworth Falu — Fri, 04 Nov 2011 18:29:00 GMT

Westchester’s most expensive house is selling for $30 million in Bedford Corners. The 27-story Antilia tower in Mumbai India, built for Mukesh Ambani has cost the billionaire a mere $1 billion. However these shadow in comparison to the house completed in the summer of 2011 in Switzerland.

A house in Switzerland has been transformed into a £7.5 billion ($12.2 billion) universe of excess. How can a home possibly cost $12.2 billion you ask? Simple. Hire Stuart Hughes and Kevin Huber of exklusivHAUS and give them 5 years to redo an 8 bedroom house (Land 2442m2, Living Space 725m2, Terrace 388m2, Cellar 245m2). Load it with solid gold and platinum fixtures and fittings. Add 200,000 kilograms of precious metals to bling it out. Add meteoric stone with shavings of original Dinosaur bone from a 65 million year old Raptor and T-REX right into the flooring. Don’t forget to make sure you hide it in an undisclosed location in the Swiss alps.

P.S. Don’t tell the 99%. They would be really pissed!

CoreLogic Reports 22.5% of America's Homes are Underwater in Q2

Rey Hollingsworth Falu — Thu, 22 Sep 2011 12:04:00 GMT

CoreLogic, a provider of information, analytics and business services, released Q2 negative equity data in September 2011. Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

CoreLogic stated the following, " 10.9 million, or 22.5 percent, of all residential properties with a mortgage were in negative equity at the end of the second quarter of 2011, down very slightly from 22.7 percent in the first quarter. An additional 2.4 million borrowers had less than five percent equity, referred to as near-negative equity, in the second quarter. Together, negative equity and near-negative equity mortgages accounted for 27.5 percent of all residential properties with a mortgage nationwide. The new report also shows that nearly three-quarters of homeowners in negative equity situations are also paying higher, above-market interest on their mortgages."

This data is reflected locally in AskRey.net's Mount Vernon Mid-year Foreclosure Report 2011 showing that 29% of sold homes were foreclosures. CoreLogic's data that three-quarters of homeowners in negative equity are paying higher rates will translate to more short sale and foreclosures locally if unabated.

Source: http://www.corelogic.com/about-us/researchtrends/asset_upload_file831_12143.pdf

Westchester County Eligible for FEMA Public Assistance

Rey Hollingsworth Falu — Thu, 22 Sep 2011 11:45:00 GMT

Four Additional Counties Now Eligible for Individual Assistance and Two Counties for Public Assistance

Release Date: September 12, 2011
Release Number: 4020-019

» More Information on New York Hurricane Irene

» 2011 Region II News Releases

» En Español

Albany, NY- State and federal officials have announced that six additional counties are now eligible to receive disaster assistance designed to help affected individuals and local governments recover from the effects of the recent flooding caused by Hurricane Irene.

Individual Assistance (IA) is now available in Bronx, Kings, Queens and Richmond counties. Storm survivors in these counties may apply for temporary housing assistance and housing repair; U.S. Small Business Administration (SBA) low-interest disaster loans for individuals, renters and businesses to repair or replace damaged property; disaster unemployment assistance; grants for serious needs and necessary disaster expenses not met by other programs.

Counties previously declared for IA include Albany, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Montgomery, Nassau, Orange, Otsego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Suffolk, Sullivan, Ulster, Warren, Washington and Westchester counties.

Public Assistance (PA) is now available in Otsego and Saratoga counties.
Storm survivors in these counties may receive help for emergency work such as debris removal and emergency protective measures; for permanent work including repair of roads and bridges, water control facilities, buildings and equipment, utilities and parks, recreational facilities and other public items and places.

Counties previously declared for PA include Albany, Bronx, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Kings, Montgomery, Nassau, New York, Orange, Putnam, Queens, Rensselaer, Richmond, Rockland, Schenectady, Schoharie, Suffolk, Sullivan, Ulster, Warren, Washington and Westchester counties.

Hurricane Irene survivors should apply for disaster assistance as soon as possible by calling the FEMA Hotline at 1-800-621- 3362, TTY 1-800-462-7585. Multilingual assistance is available by phone. The toll-free line is open from 7 a.m. to 10 p.m. ET, seven days a week until further notice. Applicants can also register online at www.DisasterAssistance.gov or with a web-enabled mobile device or smartphone at m.fema.gov . Follow the link to "apply online for federal assistance."

FEMA's mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

Reprinted: FEMA Release Number: 4020-019

Open House in Cauldwell Ave, Bronx NY on Sunday

Rey Hollingsworth Falu — Sun, 21 Aug 2011 15:45:00 GMT

Cauldwell Ave, Bronx - We invite everyone to visit our open house at 786 Cauldwell Ave on October 2 from 2:00 AM to 4:00 AM.

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2 Bed Co-op with Fireplace For Sale in Fleetwood

Rey Hollingsworth Falu — Tue, 02 Aug 2011 16:42:00 GMT

Large Two Bedroom Co-op

• 1,000 sq. ft., 1 bath, 2 bdrm single story - MLS® $149,000 - Reduced!

Fleetwood, Mount Vernon - Two bedroom Esplanade Gardens co-op for sale in residential Fleetwood. Large living room with dining area, 2 large bedrooms, kitchen, full bathroom and assigned parking. Transportation right in front. Elevator building. High ceilings. ADA accessible. STAR reduces maintenance by $137.71. Schedule an appointment today.

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Mount Vernon Mid-year Foreclosure Report 2011

Rey Hollingsworth Falu — Sat, 30 Jul 2011 19:58:00 GMT

Foreclosures & Short Sales

92 single & multi family homes have sold from January to July of 2011. 42% of sold homes were either foreclosures or short sales. 29% were foreclosures. 13% were short sales. There are 288 single & multi family homes currently available for sale. Of those homes, 15% are identified as foreclosures and 10% are identified as short sales, totaling 26% of homes currently on the EAMLS. Many homes do not disclose their distressed status until the transaction closes.

2011 June Market Report

The median sales price for a single family home in the Mount Vernon school district in June 2011 was $235,000, down 49.4% from last year. The number of homes sold remained the same. 144 single family homes were for sale, resulting in an 18 month supply of inventory for shoppers. Properties lasted an average of 230 days on market. Properties also sold for 96.8% of the list price.

Source: AskRey.net

Debt Ceiling Humor

Rey Hollingsworth Falu — Sat, 30 Jul 2011 19:39:00 GMT

The Federal government is debating raising the "debt ceiling" vs "Cap, Trade & Balance". Meanwhile we edge toward defaulting on our national debt payments for the first time ever, which we are told would be catastrophic. Last time I heard that we were giving all our tax dollars to Lehman people. Anyway... AskRey.net is lightening the mood by diggin up pearls of wisdom regarding debt. Enjoy.

1. Credit is a system whereby a person who can't pay gets another person who can't pay to guarantee that he can pay.
- Charles Dickens

2. A man has one hundred dollars and you leave him with two dollars, that's subtraction.
- Mae West

3. When a person with money meets a person with experience, the person with the experience winds up with the money and the person with the money winds up with the experience.
- Harvey MacKay

4. I have discovered that people with money have no imagination, and people with imagination have no money.
- George Weiss Rainbow

5. If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours.
- John Maynard Keynes

6. If you think nobody cares if you're alive, try missing a couple of car payments.
- Earl Wilson

7. Money often costs too much.
Ralph Waldo Emerson

8. Half the money I spend on advertising is wasted, and the trouble is I don't know which half.
- William Hesketh Lever

9. Money and women are the most sought after and the least known about of any two things we have.
- Will Rogers

10. The easiest way to teach children the value of money is to borrow some from them.

Source: http://www.money-from-internet.org/funny_quotes_about_money.html

3 Bed Townhouse For Sale on DeHaven Drive

Rey Hollingsworth Falu — Wed, 27 Jul 2011 19:57:00 GMT

All Utilities in Maintenance

• 1,200 sq. ft., 1 bath, 3 bdrm single story - MLS® $195,000 - 3 Bed Townhouse

De Haven Drive , Yonkers - Garden style 3 bedroom townhouse at the Greystone. Large living room, formal dining room, updated kitchen, air conditioners and hardwood floors. Maintenance includes all utilities. One assigned parking & storage. Feels like a home for the price of a co-op. Well maintained, convenient to bus & Metro-North. Schedule an appointment today.

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Fire Sale for Single Family in Nepperhan Heights

Rey Hollingsworth Falu — Sat, 16 Jul 2011 18:15:00 GMT

Fixer Upper.

• 2,200 sq. ft., 1 bath, 3 bdrm 3 story - MLS® $299,000 - Fire Sale. Literally.

Tuckahoe Road, Yonkers - Fixer upper in residential Yonkers neighborhood. Fire sale. Fire sale. Detached 3 bed, 1 bath single family. Residential Nepperhan Heights. Price reflects condition. Owner accepting all offers. Living room with fireplace, dining room, sun room, kitchen with breakfast nook. Additional attic space and basement space. Like new boiler. Detached 1-car garage at end of long driveway. Yard. Steal this house and renovate to live or to flip. Priced way below market to move quickly.

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4 Bedroom Home For Sale in Oakwood Heights

Rey Hollingsworth Falu — Thu, 16 Jun 2011 19:00:00 GMT

Master Bathroom

• 2,184 sq. ft., 3 bath, 4 bdrm 3 story - MLS® $430,000 - Large Living Spaces

Oakwood Heights, Mount Vernon - Four bedroom, 2.5 bath colonial for sale in Oakwood Heights in beautiful North Mount Vernon. Huge Living Room with parquet hardwood floors, fireplace and recessed lighting. Large updated kitchen. Formal dining room, den, family room, laundry room and screened porch. Master bedroom has master bath and many closets. Walkup attic can be private office or closet room. Full basement with 1 car attached garage. Private yard for entertaining. Quiet residential neighborhood. Make an appointment today.

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