Saturday, March 11, 2017
Buying property could be one of the biggest decisions of your life. It can be very exciting to finally make a choice after visiting neighborhoods or locations, and comparing prices, features and other benefits against each other.
It can also be extremely nerve-wracking, especially if you are purchasing a home, or a condo in a place like New York City. You will want to be very careful throughout your decision making process. The high prices of New York real estate can make a mistake costly.
Read more . . .
Friday, February 17, 2017
When the housing crisis started ramping up in 2008, short sales re-emerged as a popular way to sell a home that you are upside-down on, without being liable for the remainder that the sale of the house did not cover. Today, the short sale is as popular as ever in the real estate industry as an alternative choice to the oft-dreaded mortgage modification.
Why do banks agree to short sales?
It turns out that banks lose more in a foreclosure than they do with a short sale.Read more . . .
Monday, January 30, 2017
How will the mortgage interest rate increase affect you?
The Federal Reserve raised interest rates 0.25 percent last month, which means that mortgage rates are at the highest they’ve been in all of 2016. While rates are still at a historical low, there is talk about the Feds raising them again in 2017.Read more . . .
Thursday, December 29, 2016
In the months leading up to the election, New York real estate agents witnessed a significant shift in buyer behavior due to uncertainty over who would ultimately win the Presidential race. Some buyers even sought to include a clause in their contract that if Donald Trump was elected, they would have the option to cancel the sales contract.
In the days following the election, real estate agents experienced cancelled viewings and delayed contracts.Read more . . .
Tuesday, December 27, 2016
How can I protect by business in a commercial real estate deal?
As the broader economy continues to recover, the commercial real estate market in the Capital Region offers investors a number of opportunities. At the same time, there are inherent risks associated with the purchase and sale of commercial property. Let's take a look at some of the key issues that need to be navigated in order to achieve successful outcomes.
The overarching factor involved in these transactions is the size of the investment, and determining an accurate valuation of a property requires due diligence. Obviously, this hinges on the type of property you are looking to buy, whether an office building, apartment complex, shopping mall and the like.
Read more . . .
Sunday, December 11, 2016
Would you move into a house or apartment that was the site of a suicide, homicide or other violent crime? Do you think real estate agents are required to tell you if the home has been involved in some way with a death or violent crime?
These questions came up in a recent article published in the New York Times about New York residential properties and their sometimes troubled past.
When Julia Dahl and Joel Bukiewicz were looking for an apartment to rent in Brooklyn, their real estate agent felt compelled to disclose to them that the prior renter of the apartment they were about to view had committed suicide in the apartment.Read more . . .
Tuesday, November 1, 2016
What should you look for when considering commercial real estate?
Following the recent trend of other media companies, like Conde Nast, Time, Inc. and Associated Press relocating from Midtown to the Financial District, New York Magazine is considering a move as well. According to COO Kit Taylor, the company is considering a move to a “more efficient and cost effective space.”
Currently, New York Magazine is residing at One Hudson Square, occupying more than 80,559 square feet of space. As of Q3, asking rent for Class A and Class B office space in that neighborhood was $67.Read more . . .
Tuesday, September 20, 2016
What information must be disclosed by a seller of real estate in New York State?
Whether the sellers or buyers of real estate property use brokers or not, both need to be aware of which flaws or defects must be disclosed to the potential buyer. Part of the process of real estate purchase involves appraisals, inspection reports, and surveys, so presumably the buyer and his or her broker become familiar with any problems with the property. Even so, the question remains: Do one or both of the brokers have to notify the buyer about any known defects, or take investigative action to uncover such defects and report them?
The answers to these and other real estate questions involving legal matters are never as simple as they appear. This is why it is essential that you consult with a Read more . . .
Monday, August 8, 2016
How can my business get the best deal for renting commercial space?
Many small business owners in the Capital Region who rent office, retail or restaurant space need to be able to negotiate a commercial lease with landlords whose main objective is to maximize profits. There are steps you can take, however, to protect your interests and get the best deal.
First, in any commercial transaction it is essential to understand the market conditions. While pricing is based on square footage, it is necessary to ascertain whether there a lot of vacancies or if similar space is at a premium. In addition, it is critical to learn how much rent other businesses are paying for similar properties in your location.
Read more . . .
Tuesday, July 19, 2016
Am I eligible for a loan under New York's Mortgage Assistance Program?
The foreclosure epidemic that was triggered by the collapse of the housing market in 2008 is finally abating, however some homeowners in New York are continuing to struggle with meeting their mortgage payments. Now, some of these homeowners may be able to benefit from the expansion of the state's Mortgage Assistance Program (MAP).
This program is designed to provide zero-interest loans to New Yorkers, the proceeds of which are to be used to pay off small debts that may be impeding homeowners from qualifying for a mortgage modification. MAP is being replenished with $100 million from a $5 billion global settlement among Goldman Sachs, the Department of Justice, federal regulators and state attorneys general that was reached in April 2015.
The settlement was in connection with the firm's role in packaging and selling residential mortgage-backed securities.Read more . . .
Wednesday, July 13, 2016
What is being done about the foreclosure crisis in New York?
Although the real estate market in the Capital Region and elsewhere in the state of New York has been steadily improving, lingering vestiges of the 2008 mortgage crisis remains in the form of Zombie Homes - houses in foreclosure that have been vacated by their owners.
Last month, Gov. Cuomo signed a law that requires lenders to maintain abandoned houses before foreclosure. While vacant homes have blighted many communities across the state, Suffolk County has been particularly hard hit, leading the state with more than 700 zombie homes. To emphasize that this is a statewide epidemic, however, the governor also had signing ceremonies in Manhattan, and suburban Syracuse.Read more . . .