Posted by Carolyn Schoemer on Tue, Jan 31, 2012 @ 01:19 PM
The Ritz Carlton Trump Towers
This is an important step, a home tells alot about who a person is. It is an important part for you as an individual and for your family if you have children.
New beginnings and memories will be made in this new place you call "home".
Two very popular places in White Plains offer great opportunities to start anew for recently divorced couples.
The Trump Tower and Lofts conveniently located in the heart of White Plains at 10 City Place and 25 City Place, offer beautifully designed spacious apartments for rent and sale with a 24 hr doorman, fitness center, indoor and outdoor pool and rooftop recreation area.
The Residences at the Ritz Carlton located on 1 and 5 Renaissance Square by Main Street, offers 42 floors of beautifully appointed apartments for rent and sale with gorgeous views of White Plains. The Ritz offers luxury living with great hotel - like amenities, pool, 24 hour concierge, and restaurants. Both buildings are conveniently located within walking distance to the train to Manhattan in 33 minutes!
Please email our team if you are stressed out about your divorce and need help to view any of these properties.
Happy new house hunting!
Posted by Carolyn Schoemer on Wed, Dec 07, 2011 @ 03:16 PM
Own a condo and thinking of selling? First time buyer and want to buy a condo? Thinking of downsizing and moving into a condo with less upkeep?
10 Stewart Place
Let me tell you about the White Plains condo market. First let’s talk about the third quarter of 2011 in Westchester county (WC). I quote from the Board of realtors report: “The burst of 3rd quarter sales still was insufficient to counterbalance the relatively weak postings of the first and second quarters. From jan. thru sept. there were 4,774 closed sales in WC, about 8% fewer than for the first 9 months of 2010. The direction of the market appeared to be improving.....Third quarter sales were running at a rate 5% ahead of the prior quarter. ....Taking all 9 mos. into account and projecting for the balance of the year, 2011 year end performance could come close to 2010 and establish a mildly improving trend line from the depths of the recession 2009.”
Relating specifically to Condos in WC, in the third quarter of ‘08, there were 293 sales, ‘09 - 235, ’10- 229 and ‘11 -231 with a 2 percent increase. (in the same period, coops were up 18% and houses up 9%)
Year to date sales for condos in WC were 809 in ‘08, 538 in ‘09, 724 in ‘10 and 629 in ‘11 so down 13.1% (almost identical to coops.)
The median sale price of condos in WC decreased by just 2.5% to $337,500. The condo inventory dropped from 985 on the market Sept. 30, ‘08 to 874, or a drop of 4.1% in the past year.
I calculated the absorption rate of condos on the market in WP at 9.2 months of inventory which is below all WC at 10.5 months. This means that to sell all that is on the market without taking in any new listings will take 9 months, a clear indicator of a seller’s market. The median sale price in White Plains is $350,000 and an average of 180 days on the market, consistent with all WC condos.
Looking at individual complexes there is a wide variation even in the same league price-wise. For example, The Ritz Carlton has 28 active listings, 5 in contact and 6 closed in 6 months; whereas Trump Tower, another Luxury hi rise has 6 active and 8 sold over 6 months. Jefferson Place, more moderately priced but fairly new construction, has 11 actives and only 4 sold over 6 months. High Point of Hartsdale is doing fairly well with 5 on the market, 4 in contract and 6 sold over 6 months. New to the market again are 6 listings at the Gateway, and two are sold and two are in contract.
Last year I had a hot condo buyer for downtown White Plains who could only spend up to $300,000 and there was almost nothing available to show. We did find a nice one bedroom at 300 Main st. This year with a buyer in the same price range I noticed there were 26 choices! One is $199,900 and 5 are two bedrooms below $300,000!
There were 16 sales under $300,000 in the past 6 months and in some buildings that might surprise you! For years they hadn’t had sales in that price range; for example, The Seasons (4 Martine), Jefferson Pl (300 Mamaroneck Ave), the Regency (14 Nosband) and the Pavillion (10 Cottage Place) and 10 Stewart Place. Many of these buildings have amenities like concierges, swimming pools etc. If you look at condos in contract you will see a 2 br/2 bath in a luxury building asking $343,000 which was previously listed in the mid $400 range.
So Now is the time to buy either for the first time, as an investor or if you wish to downsize. There are lots of good deals out there and with interest rates in the 4% range you will pay more for the equivalent in a rental. Hurry! Are we seeing the bottom of the market and a turn around is coming?
For further details, check this out:
http://www.cloud9homes.com/condos/white-plains
(Data from the Empire access multiple listing service, inc (EAMLS)
Posted by Carolyn Schoemer on Mon, Nov 28, 2011 @ 11:44 AM
After years of marriage few couples do not accumulate “stuff”. Even if belongings are split there can still be an overwhelming amount of stuff left to discard. This being said, a project like this can seem very stressful and agonizing, especially if you are downsizing your home.
I would be glad to send you referrals from our preferred vendor list for services such as junk movers, tag sale specialists and organizers.
Email me today at Lisa@cloud9homes.com and let us help you jumpstart your new life.
Written by Lisa D'Annibale
Buyer's Agent for the Cloud 9 Homes Team
Posted by Carolyn Schoemer on Thu, Nov 03, 2011 @ 02:25 PM
Are you one of the 50% of Americans that are going through a Divorce?
I am a long time resident and licensed Real Estate Professional in Westchester County. I am also a recent divorcee who is very much aware of the plight divorcing couples go through, especially the problems associated with relocation of spouses and children.
I would welcome the opportunity to discuss the often many stressful obstacles such as getting rid of the “stuff”, moving on and of course finding the perfect new home.
Whether you need advice, referrals or just a place to chat, the Cloud9 Homes Team is here to help in more ways than one.
To get your house ready for sale read this informative article about staging your home.
Written by Lisa D'Annibale
Buyer Agent for the Cloud 9 Homes Team.
http://db.tt/S9JAttWS
Posted by Carolyn Schoemer on Thu, Jan 06, 2011 @ 02:21 PM
Effective December 1, 2010, the City of Peekskill has adopted Local Law No. 11 of 2010 imposing a Real Property Transfer Tax on the conveyance of real property, or an interest therein, located in whole or in part in the City of Peekskill.
The Transfer Tax will be one percent (1%) of consideration, payable by the grantor on a deed delivered on or after December 1, 2010. The tax is required to be paid within thirty days after delivery of the deed and prior to recording. The procedure for payment has not yet been determined, nor has a Transfer Tax form been made available by the city of Peekskill. Once the required form becomes available it will posted to our website.
Local Law does not contain a provision for the grandfathering of contracts of sale executed prior to December 1, 2010, therefore any transactions that occur on or after December 1, 2010 will be subject to the Transfer Tax.
Posted by Carolyn Schoemer on Tue, Nov 16, 2010 @ 10:30 AM
BUYER BEWARE - Purchasing commercial or residential investment property requires a significant financial commitment. Diligent investigation before signing contracts (or committing to the purchase) can save a buyer unwanted surprise and potential financial hardship later on. Therefore, it is essential that a buyer closely examine the property and scrutinize the risks and benefits of the potential investment. Below are several steps that every buyer should take before purchasing an investment property. A buyer should request at least thirty (30) days to complete the due diligence after all information has been received from the seller.
Know the general market conditions, as well as your target market:
- Is now a good time to invest in real estate? Is it a sellers' market or a buyers' market? Is your intent to flip the property or hold it for income generation and appreciation in value?
- Is the investment in a good location? Is it close to jobs, shops, parking and transportation? Is the neighborhood safe with a low crime rate?
- A buyer should consult with a realtor specializing in commercial property in your target market.
Perform an income and expense analysis:
- Performing an income and expense analysis helps a buyer understand the costs, cash flow, return on investment (ROI), debt service costs and potential increase in future revenue generation.
- A buyer should consult with a mortgage broker to confirm current financing interest rates and loan types suitable for your potential investment purchase to more accurately predict cash flow
Perform a thorough physical inspection of the property:
A thorough physical inspection of the property is essential to determine the soundness of your investment; it is important to get access to as much of the property including leased space as possible.
This investigation should include:
- Engineer's inspection of the property including its boiler(s), roof, floor, foundation, plumbing, mechanical and electrical systems, as well as a search for and testing of any underground oil tanks, asbestos and lead paint.
- Environmental inspection
Obtain proof of all expenses including real estate taxes, utility bills and insurance:
- Obtaining a copy of the property's real estate tax history is strongly advisable. Real estate taxes represent a major expense that accompanies property ownership. Determine if any tax abatements or tax grievance applications are pending.
- It is advisable that prospective purchasers examine at least one year's worth of monthly oil, gas, electric, water and sewer bills.
- Review the property's current insurance policy information, including all riders, risk assessments and claims history. Usually the owner will have to request a risk assessment and a claims history for the property, but obtaining these documents can reveal some critical information.
Determine the nature of the tenancies:
- Does the property have commercial or residential tenants? Are they ren controlled, rent stabilized or free market? Are the commercial leases triple-net? Are the leases expiring soon and/or are there options to renew and/or options to purchase the property? Are the rents below market? Is there better use for the property?
- Rent stabilized property owners must file annual registration statements with the Division of Housing and Community Renewal (DHCR) and must provide tenants with a copy of the registration. Failure to register may render property owners ineligible for rent increases, disallow them to submit tax grievances or subject them to penalties. Request a copy of all DHCR filings for the subject property directly from DHCR to confirm all registrations are current and accurate and that there are no past or pending rent overcharge claims. You will need to obtain an authorization from the owner for said records.
- Compare the DHCR registrations with the current and historical rent roll (which should include the unit mix information, security deposit listing, the rent arrears schedule) and the existing leases with any renewals or modifications through the Emergency Tenant Protection Act, Section 8 or the Department of Social Services.
- Examining the fair market value and rent rolls of similar properties provides additional insight into the upward revenue potential of your investment.
Visit the local municipality's building department (in person or online):
- The local municipality's building department houses important records about your potential investment property. Documents such as the certificates of occupancy, certificates of completion, open permits, violations, property survey etc. may be found in these files.
- These documents contain critical information about the property, including the legal use and occupancy of the premises, a history of construction performed on the premises, a record of any outstanding violations on the property, the dimensions of the property, filed plans and floor layouts and a litany of other useful information.
- You should also check into the zoning to make sure the property's use is currently in compliance with the zoning code.
- Check for current boiler, elevator, oil tank permits with the appropriate agencies.
Review a copy of the property's service contracts and confirm employees' status:
- Service contracts govern matters such as elevator maintenance, trash carting, parking lot maintenance, boiler maintenance, oil supply, plowing and snow/ice removal, landscaping, laundry facilities, extermination, union agreements, commission agreements, etc. Although some of these contracts may be cancelled on 30 days notice, the terms of these contracts should be reviewed closely before purchase.
- Confirm status of employees (if any) as union or nonunion or if any employee contracts have been signed or if the employment is at will.
Review property's deed, survey and recent report and/or appraisals:
- The owner may provide you with the current deed to the property which will confirm the current owner and a legal description of the property.
- A survey (as built) will show the property boundaries and whether there were any encroachments when the survey was done.
- The owner may also have a recent appraisal report to estimate value as of a certain date, and may have other reports done by engineers, architects or environmental companies.
Examine the personal property (furniture, fixtures and equipment) which may be included in the sale:
- In large multi-family properties, the owner of the building also owns the major appliances inside the apartments such as stoves and refrigerators, and possibly air conditioners.
- If commercial property investments, confirm what personal property the tenant owns and what the landlord owns.
Obtain a title report and survey from a reputable title agency:
- The presence of mortgages, liens or judgments secured against the property can greatly impact the value of an investment property as well as your ability to close on the property. Depending on the terms of the purchase agreement, the buyer may take the property subject to these debts, so it is critical that a buyer is aware of these debts. Ordering and reviewing a title report and survey are usually done with the assistance of an attorney.
James G. Dibbini, Esq
Posted by Carolyn Schoemer on Tue, Nov 16, 2010 @ 10:11 AM
Do you want to buy a house or condo in Westchester County but don’t have a big down payment? You may qualify for FHA financing, which requires only a 3.5% down payment. So on a $500,000 property, that means only $17,500.
If you are leaning towards a condo, You must choose a building that has been approved for FHA financing, and the list in Westchester and Putnam County is limited:
| Condo Name |
Location |
Exp. |
| Bronxville Glen North Condo |
Bronxville |
9/7/2013 |
| Carrollwood Condo |
Tarrytown |
6/16/2012 |
| 435 Carrollwood Dr |
Tarrytown |
11/19/12 |
| Foxwood Condo |
Pleasantville |
12/8/2012 |
| Glenview Terrace Condo |
New Rochelle |
3/3/2012 |
| Heritage Hills of Westchester |
Somers |
1/6/2012 |
| |
|
|
| Highland Manor Condo |
Mt. Vernon |
12/7/2011 |
| Highlands at Greenridge |
White Plains |
10/4/2012 |
| |
|
|
| |
|
|
| Homestead Hills |
Portchester |
12/23/2011 |
| |
|
|
| Knickerbrocker Loft |
New Rochelle |
12/7/2011 |
| |
|
|
| Lincoln Hancock Condo |
West Harrison |
1/20/2012 |
| Minerva Place |
White Plains |
11/16/2011 |
| Monarch at Ridge Hill Condo 1 |
Yonkers |
3/15/2012 |
| Parkview Station Condo II |
Mamaroneck |
1/14/2012 |
| Prince St. Condo |
New Rochelle |
5/11/2012 |
| Riverview Club |
Yonkers |
11/29/2013 |
| South 11th Condo |
Mt. Vernon |
12/21/2011 |
| Sweetwater Condo |
Mamaroneck |
2/2/2012 |
| The Clarewood |
Hasting on Hudson |
11/12/2012 |
| The Halstead Plaza |
Harrison |
7/28/2012 |
| The Orchid Condo |
Ossining |
11/4/2012 |
| 60 Remington Place |
New Rochelle |
5/13/2012 |
If you have any further questions about FHA financing, here is a link to the FAQ’s on Hud’s website: https://entp.hud.gov/idapp/html/condo1.cfm
For further information, please contact the Cloud 9 Homes Team to help you identify the properties that qualify.
Posted by Carolyn Schoemer on Fri, Nov 05, 2010 @ 01:10 PM
This is a fabulous article on how create a winning strategy for parents to help their kids to get a mortgage and
The idea is simple: Your kids get out of school and are ready to buy their first home. They go to a lender and get preapproved to buy their first home at let’s say 4.75%. Instead the parents give the loan and get 4.75%, a higher rate of return than is offered by a traditional savings vehicle like a savings account. Then the monthly payment to mom and dad will help them in their retirement. “With credit tight and interest rates at historic lows, such intrafamily loans can be a win-win for parents and children.” Of course you should first consult your financial planner or accountant, but “to avoid tax consequences, the parents will med to charge an interest rate for loans with a set term that is at least what the government’s applicable federal rates are at the time the loan is created.” This helps parents lower the risk of gift tax and other tax consequences. The loan should be documented as formal promissory notes that state the loan’s terms and what happens if not repaid. If the paperwork is registered the borrower can legally deduct annual interest payments. For further details I suggest you read the entire article which is excellent:
http://www.nytimes.com/2010/11/05/business/businessspecial5/05MORTGAGE.html?_r=1&scp=1&sq=making%20mortgage%20lending%20a%20family%20affair&st=Search
We are here to help you buy a home. Just give us a call or send us an email and we will get your home search started immediately!
Posted by Carolyn Schoemer on Fri, Aug 27, 2010 @ 05:35 PM
As a property owner, your real estate taxes are based on your property's assessment. Your property's assessment is set by the local municipality where your property is located and is supposed to be based on your property's fair market value. Sometimes properties are fairly assessed, but sometimes properties are over-assessed in which case property owners are paying more than their equitable share of real estate taxes.
With the help ofJames G. Dibbini & Associates, P.C., it is possible to protest your property's assessment and potentially get your taxes reduced. The first step in this process entails filing a formal complaint (also known as a grievance) with your local municipality within a specified time called the grievance period.
Every municipality sets it own grievance period as follows:
January 1, 2011 -
January 15, 2011
February 1, 2011 -
February 15, 2011
City of White Plains
Villages of:
· Croton-on
Hudson
· Bronxville
· Tuckahoe
· Ardsley
· Dobbs Ferry
· Elmsford
· Irvington
· Tarrytown
· Larchmont
· Mamaroneck
· Sleepy Hollow
· Pleasantville
· Port Chester
· Hastings-on-Hudson
June 1, 2010 - June 15, 2010
November 1, 2010 - November 15, 2010
Towns and Cities:
· Mt. Vernon
· New Rochelle
· Peekskill
· Rye
· Bedford
· Cortlandt
· Eastchester
· Greenburgh
· Harrison (village and town)
· Lewisboro
· Mamaroneck
· Mt. Pleasant
· New Castle
· North Castle
· North Salem
· Ossining
· Pelham
· Pound Ridge
· Scarsdale
· Somers
· Yorktown
· Mt. Kisco
City of Yonkers
Each deadline should be confirmed through your local assessor's office.
Posted by Carolyn Schoemer on Mon, Jul 26, 2010 @ 04:13 PM
So let’s say you are looking for a 2 bedroom apartment for $200,000-250,000 in White Plains. Then a coop is your only option and it is a good one. Let’s say you can afford $400,000 and up so you can buy either a condo or coop. Then I say you should look at both options and compare the monthly costs. I have a great “after tax analysis” which is an excel spread sheet (one for condos, one for coops) where you can figure out very easily your monthly payment before and after tax (see attached samples.)
Here are several things to remember when making the comparison:
- If you are low on a down payment condos may be a better option. Many coop buildings require 20% down.
- If your credit score is less than stellar, go for the condo, because the coop board may turn you down. There is more paperwork with a coop which must be submitted such as tax returns and reference letters so be prepared to disclose your job, earnings etc to your neighbors.
- If you prefer newer buildings, a condo is for you; conversely, the older buildings are mostly coops (a few exceptions like the Chateau in White Plains) so if you love pre-war go coop.
- If you have a pet, you will have more choices with condos. We have a few coop buildings that accept pets, but the rules tend to be stricter.
- If you want the option to be able to rent your unit should you move in a couple years and it is not the best time to sell, go for a condo.
- If you want to live with mostly owners, and not have a lot of renters, let’s say a less transient population, go for the coop.
- Coops have monthly maintenance including taxes, so normally about 50% tax deductible; condos have separate taxes and common fees, the latter are not tax deductible.
- Coops the heat is included in the maintenance; most condos you control your own heat and pay $80 – 300/month for it.
If you still aren’t sure contact me and I will assist you in making the right decision! Happy hunting!
