Real Estate Information

As a former Brit but now proud citizen of the USA it still never ceases to amaze me at how little regard there is for historic buildings in this country. While I understand that old buildings, and I'm talking C. 17/1800's, are generally built of shingles & wood, not stone or brick, most are so run down that when they  come on the market they are immediatley torn down without a single thought of history,and a mcmansion put in their place.

This week one of my collegues was lucky enough to list a wonderful home in Nyack, Rockland County, NY. It is known locally as the Montgomery Schuyler Roosevelt house, because the Roosevelt's stayed there on several occasions. A former stage coach stop this wonderful property is situated on 9.1 emminently subdividable acres atop of Clausland mountain. Breathtaking 60 mile views to the west, adjoining Buttermilk Falls Country Park and yet only 12 miles to Manhattan, and a couple to the Palisades Parkway or the NYS Thruway, make this an ideal spot for a developer to snap up and place up to 8 homes on this wonderful property. Of course that means that the original property built by a former sea captain, with it's many intact architecural features that include a wonderful look out tower, stone fireplaces, carved mantels and railings, paneling from the old captains boat, secret rooms and so much more will be bulldozed. So sad that such a fine home can not be protected by it's fine and lenghty history or even it's quirky architecture and fine character.

I am an historic homes specialist and I'm trying desperately to find someone that loves old buildings, who would be willing to spend considerable time and money on this grand old gentleman and give him a new lease of life. He would provide in return, a great opportunity to live in a home that has been filled with love and history, on an amazing piece of property. It would even be possible to build several homes as an investment, then sell them off to pay for the restoration.

For more information about this home call me at 845 598 5083.

Desperate times call for desperate measures, but not at the expense of honesty.

I'm happy to report that things appear to be looking up finally in our area just north of Manhattan. What makes me say so? Well when multiple offers are forthcoming and bidding wars are happening once again I can only assume that the market is finally on the up swing once again. Of course not all homes in our market are experiencing such good news and those that are not selling are typically those that are still firmly stuck in the price rut of yesteryear. But for those sellers who listen to logic, absorb the market numbers,  and heed the advice of their Realtors, they are selling and moving forward with their lives.

I am amazed however, at how many potential sellers that I am presenting to these days are living in hope. False hope indeed, that the price their neighbor sold at two, or even three years ago, when we were at the top of the impossibly inflated market, will somehow return, and not too far in the future, either!  I despair for these people who refuse to listen and I despair even more for those Realtors that allow these seller to continue in their quest for the unattainable by buying in to the dream, then taking a listing that clearly won't sell and eventually will cause those sellers even more harm.

Do the math. I make it abundantly obvious to potential sellers that I have no intention of "giving their home away," but merely wish to provide them with a clear, concise picture of what price will not only bring buyers in a market that is controlled by buyers but even more importantly their home will appraise. I let them know that decent Realtors provide their buyers with all the facts and figures of the homes they wish to view in order to narrow down the search before heading out. That means obviously overpriced homes will be passed by. Why bother showing overpriced properties? There are hundreds that are priced right. Good Realtors spend more time providing their buyers with all the information they need in advance of viewings. This achieves several things. It saves time and gas, embarrassment and heartbreak and most importantly, clean transactions that go through.

Spinning wheels in this market is surely a sign of despair? Why waste time, and energy on listing or showing a non starter? Why give false hope to a desperate seller? Don't we owe fair and honest representation to ourselves and far more importantly to our clients?

The County of Rockland has put together some great resources for people thinking of moving here. Take a look!

If you are thinking of moving to this area we can provide you with all the information you'll need to make the decision. To start off here is a link to view all the properties currently available in the area: Happy hunting!

Call Vanessa and Team (845) 598 5083 when you are ready to view some of the listings.

Starting Friday for three days only you will be able to stroll the streets and check out paintings, sculpture and photographs for free in shops and restaurants throughout Nyack that have been turned into mini galleries. Discover the 28 artists and many merchants you might never have visited before.

The Art Walk runs through Sunday at 28 locations on Main Street, Broadway and South Franklin Street.  Friday 7-9p.m.; noon to 5 p.m. and 6-9 p.m. Saturday; and from noon to 5 p.m. Sunday.

This year's theme "A Village Helping A Country" with 30% of sales of the limited, signed edition of our poster going to Haitian Relief through the American Red Cross. The original painting, by Rolande Magloire, will be sold via Silent Auction throughout the event.

Place your bids in P.Ross, 89 Main St., Nyack. Stroll the streets of the Village, wine, dine and enjoy the Village.

For a list of merchants participating click here.

It's possible that Orangeburg, Tappan and Blauvelt residents will benefit from a proposed quiet zone, silencing trains in the area. Scott Vanderhoef will announce the program details June 21st see details

Many people are in need of a good attorney to represent them when needing legal representation for a loan modification or shortsale. Richard Rubin Snr. Partner at the lawfirm Rubin & Licatesi is an expert in helping people keep their homes take a look at some of the articles he's written on the subject....

Richard Rubin

Today's Mortgage Rates at an All Time Low

Wary of a volatile stock market and concerned about by European debt woes investors moved to bonds last week pushing bond prices up and mortgage rates down.

MAY 25, 2010
Realty Times

Wary of a volatile stock market and concerned about by European debt woes investors moved to bonds last week pushing bond prices up and mortgage rates down. Mortgage rates, which move the opposite direction of mortgage-backed securities prices, had wavered just below 5% for much of the year until last weeks big decline. Mortgage rates today are even lower than levels December of last year, what's now the previous all time low.

Today's official FreeRateUpdate.com conventional 30 year fixed mortgage rate, available to well-qualified borrowers paying about a point origination, is 4.5%. Today's conventional 15 year fixed rate is 4%, with some lenders reported "squeezing" out 3.875%.

Today's FHA 30 year fixed rate is 4.375%. APR (closing cost) on an FHA loan is typically much higher than that of a conventional mortgage because of MI and other FHA fees.

Today's jumbo 30 year fixed rate, for jumbo mortgages exceeding jumbo conforming loan limits, is 5.5%. It's reported 5.375% is available to borrowers with an extremely low loan to value ratio.

Wells Fargo, the nations largest volume mortgage originator, is currently offering a conventional 30 year fixed rate of 4.875%, with an APR of 5.065. Wells Fargo mortgage rates are available on their website.

FreeRateUpdate.com researches over 2 dozen wholesale lenders' rate sheets for brokers on a daily basis to determine the most accurate mortgage rates for well-qualified borrowers paying a standard origination fee of about 1 point.

Today's Mortgage Rates - currently available to well-qualified consumers at a standard .07 to 1 point origination.

 

• 30-yr fixed-rate - 4.500%

   

• 15-yr fixed-rate - 4.000%

   

• 5/1 ARM rate - 3.500%

   

• FHA 30-yr fixed-rate - 4.375%

   

• FHA 15-yr fixed-rate - 4.00%

   

• FHA 5/1 ARM rate - 3.500%

   

• VA 30-yr fixed-rate - 4.625%

   

• Jumbo 30-yr fixed-rate - 5.500%

   

• Jumbo Conforming 30-yr fixed-rate - 4.750% 

If you'd like further information on this subject contact Vanessa Saunders (845) 598 5083

I have some friends that own a substantial amount of acreage in Rockland County that has been in their family for generations. They want to protect the land from being turned into yet another housing development and turned to me for advice. I put them in touch with a local real estate attorney that is helping them with their desire to protect their property by forming a Land Trust, and thought others might be interested in understanding what is involved.

Land trusts are governing entities or organizations established to hold and administer land use by adhering to the charters of the governing organization. In understanding land trusts, a discussion of its main uses should clarify its objectives. The land trust holds the land for the beneficiary(s). The land trust organization determines how the land is to be used in a manner beneficial for a designated community or area. Two types of land trusts exist for the following main audiences: community and conservation groups.

Community land trusts are created to hold real estate in a common interest for the purpose of:

• controlling land use
• providing low-cost housing for lower-income populace
• controlling over-speculation and hyper-spiking of home prices
• securing affordable housing for future prospective home buyers
• educating residents regarding investing in community development and health

Individuals can set up land trusts, which are usually private, non-profit entities, for specific beneficiaries such as low-income families. The land trust organization or community land trust (CLT) manages the specified real estate property for a common use. That CLT use can include providing a long-term (usually 99 years) lease for potential homeowners (the CLT owns the land, the home buyer owns the house), ensuring home resale to another lower-income family, and governing by a board of directors that represent the CLT community but do not reside in that community.

The CLT benefits an individual who wants to own real estate by managing legal rights associated with the specified property. Those legal rights, usually called Bundle of Rights, include air, timber, development, riparian (water), ground water, agricultural, mineral, and development uses. Furthermore, CLTs can provide useful management of interstate real estate investment trusts (REITs) in addition to managing a simple single-family residence.

CLTs do not come without controversy and are sometimes associated with Third Sector Housing. In the mid 1960's, the Housing and Urban Development (HUD) act was created to assist low-income families in the purchase of affordable housing. Low-income shelters, single-room occupancy buildings (SROs), and other housing assistance developments are under the purview of HUD. The existence of these affordable communities within neighborhoods has created a backlash in some neighborhoods that echo a sentiment, "not in my backyard (NIMBY)." But CLTs serve these communities and neighborhoods in providing wide-ranging education, political, and legal support. In fact, CLTs encourage discussion and comment among concerned parties on controversial projects.

Land trust forms are used to set up land trusts and are available on several Websites. These Websites represent several CLTs that operate in over 30 American states and growing.

Another type of land trust is the conservation land trust or conservation trust (CT). Conservation trust, charter objectives preserve and protect the delicate and natural balances of virgin lands, landmarks, and other important open spaces. Many CTs acquire land located next to commercial and residential developments and create "green zones" for the benefit of a specific community(s). Since the early 1890's, CTs have protected open spaces by strategically acquiring virgin lands nationwide. A goal of the CT concept is to save and protect virgin land from urban over-development.

Also, a CT may acquire only water, oil, or mineral rights of a property. Conversely, a CT may sell or lease specific rights of a property.

Real estate transactions are complicated and you should hire a lawyer to help you. Real estate law involves many areas of law such as agricultural, residential, commercial, construction law. 

Two Types of Real Estate Lawyers 

Litigation and Transactional.  Litigation real estate lawyers handle lawsuits and transactional lawyers handle contracts. Sometimes, they do both. So depending upon your particular need, you will want to find a lawyer that specializes in your type of transaction.  

Where to Find a Real Estate Lawyer 

Referrals are the best source. However, if you do not have a referral, then check some of the following sites: 

• Martindale – Hubbell Directory.  The lawyers are rated by their peers.
• Local Bar Association
• Internet
• Newspaper or Trade Journal 
• Call Vanessa for a list of local Real Estate Lawyers 845 598 5083

Fees and Retainers

Find out if the real estate lawyer you are hiring charges a flat fee, by the hour or is willing to work on a contingency basis. Most real estate attorneys will require some kind of retainer when you hire them before they start working on your case.  They will also require you to sign a retainer agreement. You will also want to know what the billing arrangement is, monthly or quarterly.

Initial Consultation

At the initial consultation, your lawyer will ask you to fill out a questionnaire with your contact information, the nature of your case, whether it’s litigation, the result you are looking for and any other pertinent information that will help your transaction. Most lawyers will also do a conflict check to make sure they do not represent any parties on the opposing side of your transaction, which would be a conflict.  

Don’t Assume that Large Firms are Necessarily Better

Sometimes the best attorney to hire is a sole practitioner.  Once you interview the attorney and ask some preliminary questions, you will be able to determine if you like the person enough to work with him or her and if you feel they have the right background and expertise for your case.  Just because an attorney is part of a large firm, does not mean that they are the most experienced and the best choice for you. The larger national firms tend to charge a higher fee most of the time as well. Unless you have a very high profile real estate litigation matter, a smaller or mid size firm probably can handle your work just as well for a smaller fee.   

Don’t Hire A Lawyer That Does Not Practice Real Estate

It’s a big mistake to hire a lawyer that does not practice real estate for a real estate matter. The laws are always changing and unless someone practices on a day to day basis, they may not know the proper procedures and practices.  It could cost you more because they will have to educate themselves on the law at your expense. Even a knowledgeable attorney can miss something, but your chances of success are greater with an experienced real estate lawyer.

I have several attorneys in the Westchester, Rockland and Orange area's that come highly recommended by my clients and would be delighted to send you their contact details upon request.

Vanessa Saunders 845 598 5083 or email vanessa@wesellny.com