tag:blogger.com,1999:blog-48017120030635190992024-03-05T18:24:20.699-08:00Bob Dubno, Real Estate AttorneyBob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-4801712003063519099.post-29023243267140171252009-06-06T18:28:00.000-07:002009-06-07T19:45:43.371-07:00Is Anybody Out There?Oh, how I wish I had access to the true policy makers in Washington DC!<div>Recalling the idea of "six degrees of separation" if anyone reading my blog knows someone who knows someone who knows someone (you get the idea) feel free to pass the following along.</div><div><br /></div><div>The Real Estate segment of our economy has generally been credited (or blamed) with sparking the current financial crisis. Therefore, the very same Real Estate industry is expected to trigger our return to financial prosperity.</div><div><br /></div><div>While our overworked President Obama is calling for increased lending, let's examine the current state of the mortgage industry. While it is true that interest rates are at historically low level, many other factors are making the mortgage process daunting, at best. All of the real estate professionals with whom I speak acknowledge that, as a result of major price reductions in each and every geographical area, whether coop, condo or house markets, there is a genuine return of the buyers to the market. Especially so, with a perception that the rate of unemployment may begin to shrink, buyers need only feel somewhat secure about their employment status so they may take advantage of the combination of low mortgage rates and lower prices. So, what's the problem?</div><div><br /></div><div>The banks are making the process of obtaining those mortgages more and more difficult instead of easier as President Obama would hope. Before the financial crisis, there were many products and programs tailored to particular types of purchasers that are simply not available anymore (or so hard to find as to be virtually nonexistent). For example, previously, there were "low doc or no doc" loans available. These loans made mortgages available to those who had more cash that usual to put down, but lacked the level of documentation typically required for mortgage approval. These loans are now almost impossible to obtain.</div><div><br /></div><div>Then there was the 80-10-10 mortgage. For the purchaser who could only put 10% down on a purchase, the 80-10-10 loan provided a primary mortgage of 80% and a simultaneous "HELOC" or home equity line of credit for another 10% of the purchase price. These loans are now almost impossible to obtain.</div><div><br /></div><div>Then there is the subject of new construction. Prior to the current situation, financing was readily available on new coop or condo projects where 50% of the units were sold. Recently, as a result of new Fannie Mae requirements, that number has gone up to 70% and in some cases 90%! This is preventing, or at least inhibiting the rebounding of the new construction part of our market. Factor in new insurance requirements that the banks are demanding, and we see loans on brand new construction where few units have been sold as difficult, if not impossible to obtain. </div><div><br /></div><div>Then there are the very small coops and condos, particularly like those located in parts of Brooklyn and Manhattan. As of a month ago, mortgages on 4 unit coops and condos were virtually impossible to get. I'm told that this situation has improved a bit, but not enough. If one cannot obtain mortgage financing on these small buildings, the units become virtually worthless except to all cash buyers. One can only imagine how this makes establishing a true value or price daunting. Which brings me to the subject of appraisals.</div><div><br /></div><div>Appraisals are now the most difficult aspect of the mortgage process and, by extension, the home buying process. While I agree that the excesses of the past that contributed to the current spike in foreclosures could not have happened without the participation of the appraisers (the appraisers in many cases had to "rubber stamp" higher values in order to enable the excesses referred to), the pendulum has swung way too far in the opposite direction. The banks are now leaving us with appraisers who have absolutely no familiarity with particular neighborhoods and communities. In a city like New York, locations of properties one or two blocks in any direction could affect values significantly. We are seeing appraisals that are so far off as to be almost laughable (if it weren't so serious). I understand the banking industry trying to correct some of the mistakes of the past, but creating new mistakes is not the way to do it, especially when the net effect is to prevent those desperately needed mortgages from getting into the hands of those buyers who deserve them.</div><div><br /></div><div>While I am not, in any way, suggesting that we return to the careless lending practices of the past, the banking industry must find a way to combine careful lending policies with the needs and realities of the purchasing public to solidify the resurgence of the Real Estate industry. </div><div><br /></div><div>And now for some client news: </div><div>We've been patiently waiting for the return of "Candy" to RESCUE ME...well, read on from Milena Govich who plays the "good-hearted hooker":</div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px; ">Hello friends and family! I hope this message finds you all having a wonderful and joyous summer. To the point:<br /><br />You've all been asking, and the wait is over---Candy is back on RESCUE ME! But why.....? ;)<br /><br />Yes, I've returned to my first TV role of Candy, the upscale escort/con-artist who bilked Lou, the firefighter out of his life savings at the end of Season 2. It's now Season 5 and the drama continues!<br /><br />When?<br />Tuesday, 6/9 at 10:00pm est/pst<br /><br />Where?<br />FX Channel<br /><br />If you can't watch the premiere, it will re-air on FX:<br />Tues 6/9 11pm e/p<br />Fri 6/12 11pm e/p<br />Sun 6/14 11pm e/p<br /><br />Beginning Wednesday, 6/17, this episode can be viewed for free on <a href="http://www.hulu.com/" target="_blank" style="color: rgb(195, 57, 11); ">www.hulu.com</a> or at <a href="http://www.fxnetwork.com/" target="_blank" style="color: rgb(195, 57, 11); ">www.fxnetwork.com</a>.<br /><br />Candy will be appearing in a number of episodes throughout the remainder of the season, so be sure to keep tuning in or logging on each week!<br /><br /><br />Additionally, any of you on Facebook can join the new Milena Govich Facebook Fan Page (that my wonderful husband lovingly created) by clicking on the following link:<br /><br /><a href="http://www.facebook.com/pages/Milena-Govich/83546384285?ref=s" target="_blank" style="color: rgb(195, 57, 11); ">http://www.facebook.com/pages/<wbr>Milena-Govich/83546384285?ref=<wbr>s</a><br /><br />Here, you will be able to receive updates on my current and future appearances--if you're interested, of course!<br /><br />Again, I hope you are all well and I thank you for being so supportive of my career. I am truly, truly grateful!</span><br /></div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com7tag:blogger.com,1999:blog-4801712003063519099.post-48075731649868604602009-03-04T19:34:00.000-08:002009-03-05T06:02:59.768-08:00Not a Mirage!<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxd5cB1yfOM_Aco32k7uRrijzMeSeiBjHnfPeb4OTe-sLdQ6_8I3Y-dt73lvouvEAWjj12pNtkraOIPf2JehTTi3KdwRj-gOeHvVpHPyT0x3nSwFjmrzOXFK9NxlQROURxr3n9vQVQ-fZa/s1600-h/test+scan.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 113px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxd5cB1yfOM_Aco32k7uRrijzMeSeiBjHnfPeb4OTe-sLdQ6_8I3Y-dt73lvouvEAWjj12pNtkraOIPf2JehTTi3KdwRj-gOeHvVpHPyT0x3nSwFjmrzOXFK9NxlQROURxr3n9vQVQ-fZa/s200/test+scan.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5309542445272097442" /></a><span class="Apple-style-span" style="font-size:large;"><br />This is NOT a mirage! It is a genuine article from the Times! While it's true that it is from 1982, it's a very real reminder of where rates have been and how great they are today! Over the years, this particular article has come in very handy when I've had clients wrestling with decisions dealing with a difference of 5.25% versus 5.375%. How a 1/8 % difference could possibly matter would be punctuated with a reminder of the old 18% rates.</span><div><span class="Apple-style-span" style="font-size:large;">Note that if the rates had "slid" to 17.54%, they were substantially higher just prior to the slide. We all remember (at least those of us who have toiled in this industry for a while), a "stampede" to refinance when the rates dropped to 13.5%. It seemed to us at that time that a natural place for the mortgage rates to be was between 8.5% and 10%. Those heretofore "normal" parameters were </span><span class="Apple-style-span" style="font-weight: bold;"><span class="Apple-style-span" style="font-size:large;">twice</span></span><span class="Apple-style-span" style="font-size:large;"> the rate that can be obtained today. Currently, an applicant for a mortgage with sound credit and a 20% down payment can expect a mortgage in the upper 4's or low 5's percent! One has to wonder if we will ever see these rates again. Add to the equation the fact that prices of properties have dropped dramatically and we find a buying opportunity not seen for a very long time.</span></div><div><span class="Apple-style-span" style="font-size:large;"> While it's true that the banks have become more careful in lending and underwriting criteria have become tighter, the loans do get committed and most which are committed do, ultimately close. </span></div><div><span class="Apple-style-span" style="font-size:large;"> Sure, we have to sweat a bit more, but the deals are out there.</span></div><div> </div><div><br /></div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com3tag:blogger.com,1999:blog-4801712003063519099.post-79822073778806198082009-01-25T17:30:00.000-08:002009-01-25T18:09:31.179-08:00Rental Scams--- BEWARE!Obviously, much of the focus of my blogs has to do with transactional Real Estate, often referred to as purchases and sales. This particular entry is "off topic" to the extent that it has to do with rentals; more specifically, a new rental scam that I found after a close family member of mine reported to me that he found an apartment in midtown Manhattan in a doorman building for $850 per month.<div><br /></div><div>It's axiomatic that if it seems "too good to be true" it probably is. A rental in midtown for $850? Impossible! Correct!</div><div><br /></div><div>As we looked into this particular possibility, my "skepticism antenna" went into high alert. I assumed it was some sort of a come-on, but it became much more.</div><div> </div><div>Upon my relative's expressing preliminary interest in the apartment to the owner of the apartment via an online ad reply, the "landlord", who stated that they lived in the UK, replied that they were interested in finding tenants who would be the right fit for their precious condo.<blockquote></blockquote></div><div>Of course, they needed an "application fee" which, because they were in the UK, needeed to be wired to them. <span class="Apple-style-span" style="font-weight: bold;"> This would have given them access to a bank account.</span></div><div><br /></div><div>Next, it was revealed, that of course after the lucky tenant was selected, a routine credit check would have to be done. <span class="Apple-style-span" style="font-weight: bold;">This would give them access to social security numbers.</span></div><div><span class="Apple-style-span" style="font-weight: bold;"><br /></span></div><div>Need I say more? Perfect...almost. I'm sure some have fallen prey to this scam; as a matter of fact, after some "googling" I discovered that these "UK" landlords were more likely from Nigeria where many of the internet scams seem to originate.</div><div><br /></div><div>I also ran across a simpler type of rental scam where a Manhattan women was recently arrested and accused of offering apartments for $538-$823 per month for one and two bedroom apartments. Her game was allegedly confined to $5.00 application fees. Yet, when more than 1000 application fees came in, she was busted.</div><div><br /></div><div>Too good to be true? You bet!</div><div><br /></div><div><span class="Apple-style-span" style="font-weight: bold;">CLIENT NEWS:</span></div><div><span class="Apple-style-span" style="font-weight: bold;"><br /></span></div><div><span class="Apple-style-span" style="font-weight: bold;">Milena Govich</span>, who we all enjoyed as she co-starred in Law & Order (the mothership) has now guest starred in another role a bit less serious in some ways:</div><div><br /></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px; ">The USA network series PSYCH which aired first Friday 1/23 at 10:00pm EST/9:00pm CST. The<br />episode is called "Earth, Wind, and ...Wait for it" and it will be re-airing<br />throughout the week in case you missed it on Friday. As always, check your<br />local listings, but for night owls in the NYC area it will re-air:<br /><br /><br />Sunday 1/25 @ 11:00pm<br />Tuesday 1/27 @ 1:00am<br /><br />Additionally, starting on Saturday, you can watch the episode online at<br /><br /> <a href="http://www.usanetwork.com/series/psych/video/fullep/" target="_blank" style="color: rgb(195, 57, 11); ">http://www.usanetwork.com/<wbr>series/psych/video/fullep/</a><br /><br />Wow!. Be on the lookout for another one of these little reminders later this<br />spring when Milena, as the infamous "Candy", the good-hearted hooker, returns to RESCUE ME!<br /></span></div><div><br /></div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com10tag:blogger.com,1999:blog-4801712003063519099.post-24952968157692884322008-11-26T05:58:00.000-08:002008-11-26T06:13:12.937-08:00Client news update:Apologies to all for omitting this yesterday:<div><br /></div><div>Rob Perkins, the drummer for Michael Buble, (or is Michael Buble the singer for Rob Perkins?) will be concluding 14 months of touring the world with a concert at Madison Square Garden on December 5th. They will be filming the concert for an upcoming DVD release. <span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px; "> <a href="http://www.michaelbuble.com/" target="_blank" style="color: rgb(195, 57, 11); ">www.michaelbuble.com</a></span></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px;">That's big!!</span></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px;"><br /></span></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px;">Here's a gift, courtesy of Debbee May:</span></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px;"><a href="http://www.theradio.com/" target="_blank" style="color: rgb(195, 57, 11); ">http://www.theradio.com/</a><br /></span></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px;">Enjoy!!!</span></div><div><span class="Apple-style-span" style="border-collapse: collapse; font-family: arial; font-size: 13px;">And please have a safe Thanksgiving Holiday.</span></div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com4tag:blogger.com,1999:blog-4801712003063519099.post-73827424088390498622008-11-25T19:13:00.000-08:002008-11-25T19:29:46.862-08:00Just what kind of bargains are out there?<span class="Apple-style-span" style="color: rgb(35, 35, 35); font-family: Arial; font-size: 10px; "><div class="header-spacing" style="clear: both; margin-top: 12px; margin-right: 0px; margin-bottom: 12px; margin-left: 0px; "><span class="Apple-style-span" style="font-family: Georgia; font-weight: bold; line-height: 45px; "><span class="Apple-style-span" style="font-size: medium;">Everyone is asking the same question: "how low is low?"</span></span></div><div class="header-spacing" style="clear: both; margin-top: 12px; margin-right: 0px; margin-bottom: 12px; margin-left: 0px; "><span class="Apple-style-span" style="font-family: Georgia; font-size: 16px; font-weight: bold; line-height: 45px;">Perhaps Thanksgiving is a questionable time to examine the plight of the market, but one person's distress is another's opportunity. As interest rates came down further this week and the various bank bailouts have freed up some lending money, the focus stays on price. NY Magazine recently ran the following article demonstrating the types of bargains that are available. Of course these are only a sampling of what the various boroughs are witnessing, but they are not unique. </span></div><div class="header-spacing" style="clear: both; margin-top: 12px; margin-right: 0px; margin-bottom: 12px; margin-left: 0px; "><span class="Apple-style-span" style="font-family: Georgia; font-size: 16px; font-weight: bold; line-height: 45px;">I'd also like to use this forum to wish all who read this, as well as your loved ones, a very Happy and Healthy Thanksgiving!</span></div><div class="header-spacing" style="clear: both; margin-top: 12px; margin-right: 0px; margin-bottom: 12px; margin-left: 0px; "><h2 class="primary first-page" style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; font: normal normal normal 38px/1.2 Georgia, Garamond, Times, 'Times New Roman', serif; margin-top: 0.3em; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; display: inline; ">New York Magazine's:</h2></div><div class="header-spacing" style="clear: both; margin-top: 12px; margin-right: 0px; margin-bottom: 12px; margin-left: 0px; "><h2 class="primary first-page" style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; font: normal normal normal 38px/1.2 Georgia, Garamond, Times, 'Times New Roman', serif; margin-top: 0.3em; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; display: inline; ">Surf the First Wave of Panic-Selling</h2><h3 class="deck" style="font: normal normal bold 14px/1.3 Georgia, Garamond, Times, 'Times New Roman', serif; margin-top: 0.4em; margin-right: 0px; margin-bottom: 8px; margin-left: 0px; "></h3><span class="Apple-style-span" style="color: rgb(31, 99, 138); font-size: 11px; line-height: 11px;"><br /></span><ul class="byline" style="font: normal normal normal 11px/normal 'bold Arial', Helvetica, sans-serif; list-style-type: none; list-style-position: initial; list-style-image: initial; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "><li class="date" style="list-style-type: none; list-style-position: initial; list-style-image: initial; margin-left: 0px; padding-left: 0px; display: inline; color: rgb(162, 162, 162); ">Published Nov 2, 2008</li></ul></div><div id="story" style="font: normal normal normal 13px/1.54 Georgia, Garamond, Times, 'Times New Roman', serif; "><table border="0" cellspacing="5" cellpadding="0" align="center"><tbody><tr><td valign="top" width="560"><img src="http://images.nymag.com/guides/cheap-living/realestate081110_1_560.jpg" border="0" width="560" height="375" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(204, 206, 206); border-right-color: rgb(204, 206, 206); border-bottom-color: rgb(204, 206, 206); border-left-color: rgb(204, 206, 206); " /><br /></td></tr><tr><td width="560" align="left"><div times="" new=""><strong style="color: rgb(0, 0, 0); font-weight: bold; ">147 Waverly Place, Apartment 1E</strong> Was: $1.995M. Now: 1.499M <br /><em>Photographs courtesy of the brokers</em> <div times="" new=""></div></div></td></tr></tbody></table><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><span class="drop" style="color: rgb(6, 6, 6); display: block; float: left; font-size: 38px; font-weight: bold; line-height: 1; margin-right: 0.1em; margin-bottom: 0px; margin-left: 0px; margin-top: 0.05em; ">E</span>ven in a good year, the fourth quarter often shows a decline in real-estate sales, and this is not looking like a good year. The properties here offer the heftiest markdowns in town by percentage, per the huge database at <a href="http://streeteasy.com/" target="new" style="color: rgb(31, 99, 138); text-decoration: none; ">Streeteasy.com</a>; check there or on <a href="http://trulia.com/" target="new" style="color: rgb(31, 99, 138); text-decoration: none; ">Trulia.com</a>for more (try searching “price reduced” or “price reduction”).</p><hr size="1" width="55" noshade="noshade" align="left"><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><span class="text4" style="color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold; ">Manhattan </span><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">610 EAST 5TH STREET, APT. 4.</strong> <br /><em>Gut-renovated one-bedroom walk-up. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $575,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $359,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $216,000 (37.6 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Louis Rosado, Brown Harris Stevens. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> “A quick sale,” says Rosado. “That’s the goal.”</p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">205 EAST 16TH STREET, APT. 1E. </strong><br /><em>Three-bedroom condo with 17-foot ceilings.</em> <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $4.5 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $3.395 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $1.105 million (24.6 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Christopher Rounick, Sotheby’s.</p><p style="margin-top: 0px; "></p><div style="clear: both; height: 0px; "></div><table border="0" cellspacing="5" cellpadding="0" align="right"><tbody><tr><td valign="top" width="198"><img src="http://images.nymag.com/guides/cheap-living/realestate081110_3_198.jpg" border="0" width="198" height="113" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(204, 206, 206); border-right-color: rgb(204, 206, 206); border-bottom-color: rgb(204, 206, 206); border-left-color: rgb(204, 206, 206); " /><br /></td></tr><tr><td width="198" align="left"><div times="" new=""><div times="" new=""></div></div></td></tr></tbody></table><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">529 EAST 87TH STREET, APT. 4-5W.</strong> <br /><em>A 2,000-square-foot, four-bedroom, three-bath third-floor walk-up with rooftop rights. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $2.4 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $1.499 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $901,000 (37.5 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Richard Healy, Halstead. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> Two offers have disintegrated. “I scratch my head with this one,” says Healy.</p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">2056 FIFTH AVENUE, APT. 2A.</strong> <br /><em>A one-bedroom duplex in Harlem.</em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $1.1 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $799,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $301,000 (27.4 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Jessica and Brian Armstead, the Corcoran Group. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> The lower level’s “somewhat below grade,” says Jessica, so even if it’s likely to be configured with two bedrooms, it technically has only one.</p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">801 RIVERSIDE DRIVE, APT. 4G.</strong> <br /><em>A classic five in a newly converted Washington Heights prewar. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $825,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $599,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $226,000 (27.4 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Sandy Edry and Russell Miller, Citi-Habitats. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> Edry says a previous broker set the first price.</p><p style="margin-top: 0px; "></p><div style="clear: both; height: 0px; "></div><table border="0" cellspacing="5" cellpadding="0" align="right"><tbody><tr><td valign="top" width="198"><img src="http://images.nymag.com/guides/cheap-living/realestate081110_4_198.jpg" border="0" width="198" height="113" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(204, 206, 206); border-right-color: rgb(204, 206, 206); border-bottom-color: rgb(204, 206, 206); border-left-color: rgb(204, 206, 206); " /><br /></td></tr><tr><td width="198" align="left"><div times="" new=""><div times="" new=""></div></div></td></tr></tbody></table><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">34 EAST 38TH STREET, APT. 1A/2A/3A. </strong><br /><em>A 2,100-square-foot townhouse triplex co-op with fourteen-foot ceilings and three fireplaces. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $1.999 million<br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $1.499 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $500,000 (25 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Andrew Kramer, Corcoran. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> The apartment was in contract after an initial price cut to $1.699 million, but the buyer didn’t pass the co-op board. So it’s back to the drawing board with an even friendlier price, says Kramer.</p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">147 WAVERLY PLACE, APT. 1E. </strong><br /><em>A 975-square-foot loft with a planted private terrace. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $1.995 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $1.499 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $496,000 (24.9 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Eric Fleming, Corcoran. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> The owner bought the space as a bachelor; he’s fallen in love and is “anxious to sell” and move, says Fleming. Moreover, he bought at a great price during the condo conversion, so it’s all gravy anyway.</p><hr size="1" width="55" noshade="noshade" align="left"><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><span class="text4" style="color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold; ">Brooklyn </span><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">19 GRACE COURT, APT. 2D, BROOKLYN HEIGHTS</strong>. <br /><em>A fully renovated one-bedroom, one-bath co-op in a pet-friendly building. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $799,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $549,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $250,000 (31.3 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Dennis McCarthy and Patricia Neinast, Corcoran.</p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">860 DEKALB AVENUE, APT. 5, BEDFORD-STUYVESANT.</strong> <br /><em>A two-bedroom, two-bath condo. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $564,400 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $399,999 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $164,401 (29.1 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Sharon Burroughs-Clarke, Corcoran. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> It’s the developer’s first project, and she wants to goose sales in this uncertain market.</p><p style="margin-top: 0px; "></p><div style="clear: both; height: 0px; "></div><table border="0" cellspacing="5" cellpadding="0" align="right"><tbody><tr><td valign="top" width="198"><img src="http://images.nymag.com/guides/cheap-living/realestate081110_5_198.jpg" border="0" width="198" height="113" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(204, 206, 206); border-right-color: rgb(204, 206, 206); border-bottom-color: rgb(204, 206, 206); border-left-color: rgb(204, 206, 206); " /><br /></td></tr><tr><td width="198" align="left"><div times="" new=""><div times="" new=""></div></div></td></tr></tbody></table><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">93 LEXINGTON AVENUE, APT. 3, CLINTON HILL.</strong><br /><em>A 2,500-square-foot loft. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $1.3 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $995,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $305,000 (23.5 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Angela Ferrante, Brown Harris Stevens. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> The owners “need to move on,” says Ferrante.</p><hr size="1" width="55" noshade="noshade" align="left"><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><span class="text4" style="color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold; ">Queens </span><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">2116 45TH AVENUE, LONG ISLAND CITY.</strong> <br /><em>A 2,800-square-foot, four-story townhouse in the Hunters Point Historic District. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $1.395 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $1.195 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $200,000 (14.3 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Miles Chapin, Warburg Realty. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> “A reaction to what’s going on,” says Chapin.</p><p style="margin-top: 0px; "></p><div style="clear: both; height: 0px; "></div><table border="0" cellspacing="5" cellpadding="0" align="right"><tbody><tr><td valign="top" width="198"><img src="http://images.nymag.com/guides/cheap-living/realestate081110_6_198.jpg" border="0" width="198" height="113" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(204, 206, 206); border-right-color: rgb(204, 206, 206); border-bottom-color: rgb(204, 206, 206); border-left-color: rgb(204, 206, 206); " /><br /></td></tr><tr><td width="198" align="left"><div times="" new=""><div times="" new=""></div></div></td></tr></tbody></table><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">64-05 YELLOWSTONE BOULEVARD, APT. 513, FOREST HILLS.</strong> <br /><em>Three-bedroom, two-bath penthouse in the new Novo 64 condos. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $1.35 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $1.15 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $200,000 (14.8 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Novo 64 Sales Center.</p><hr size="1" width="55" noshade="noshade" align="left"><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><div style="clear: both; height: 0px; "></div><table border="0" cellspacing="5" cellpadding="0" align="right"><tbody><tr><td valign="top" width="198"><img src="http://images.nymag.com/guides/cheap-living/realestate081110_2_198.jpg" border="0" width="198" height="113" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(204, 206, 206); border-right-color: rgb(204, 206, 206); border-bottom-color: rgb(204, 206, 206); border-left-color: rgb(204, 206, 206); " /><br /></td></tr><tr><td width="198" align="left"><div times="" new=""><div times="" new=""></div></div></td></tr></tbody></table><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><span class="text4" style="color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold; ">The Bronx</span> <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">4919 GOODRIDGE AVENUE, RIVERDALE.</strong> <br /><em>Four-bedroom 1915 Dutch colonial near the Fieldston School. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $3 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $2.395 million <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $605,000 (20.2 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Anne Shahmoon, Halstead. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> The seller wanted to try aiming high at first, says Shahmoon.</p><hr size="1" width="55" noshade="noshade" align="left"><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><span class="text4" style="color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold; ">Staten Island</span><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">607 VAN DUZER, STAPLETON AREA.</strong> <br /><em>A two-bedroom, two-bath townhouse with attached garage. </em><br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Initial Price:</strong> $269,000 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Current Price:</strong> $215,920 <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Savings:</strong> $53,080 (19.7 percent) <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Broker:</strong> Joe Fruscione, Fillmore Real Estate. <br /><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Why the Discount?</strong> The house is listed as “bank owned”—typically a foreclosure.</p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "></p><p style="margin-top: 0px; "><strong style="color: rgb(0, 0, 0); font-weight: bold; ">Total Savings: $394, 463</strong><br />(Average discount on all fourteen properties)</p></div><div id="minibrowserbox"></div><div class="inset-alt-flex" style="width: 100%; clear: right; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; float: none; "><div class="block module-package" style="border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; border-left-style: solid; border-top-color: rgb(231, 231, 231); border-right-color: rgb(231, 231, 231); border-bottom-color: rgb(231, 231, 231); border-left-color: rgb(231, 231, 231); padding-top: 1px; padding-right: 1px; padding-bottom: 1px; padding-left: 1px; overflow-x: hidden; overflow-y: hidden; margin-bottom: 11px; "><div><h4 style="text-align: center; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "><span class="Apple-style-span" style="color: rgb(31, 99, 138);"><br /></span></h4><div style="text-align: center;"><span class="Apple-style-span" style="font-weight: bold;"><br /></span></div></div><div class="content" style="font: normal normal bold 11px/normal Georgia; line-height: 1.3; margin-top: 3px; "></div></div></div></span>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com7tag:blogger.com,1999:blog-4801712003063519099.post-35364667479799437842008-10-22T18:26:00.000-07:002008-10-22T19:10:15.950-07:00Tumultous TimesIt seems that the two most frequent questions I get lately are:<br />Bob, so what's your take on the Real Estate market?(as if I would know) and<br />Bob, when are we going to see a new blog from you?<br />So, now I get to kill two birds with one stone (apologies to my animal loving friends who know me better).<br />For the last few years we've wondered when we would see a "correction" in our local Real Estate market. Prices rose at alarming rates fueled by very generous bank appraisals. A typical middle class young couple could no longer afford to buy in most areas of Manhattan or some areas of Brooklyn.<br />As part of the financial collapse we've witnessed on Wall Street, the long overdue Real Estate "correction" has arrived. Most professionals involved in Real Estate will tell you that if this is "correct", bring back the "incorrect" times. The industry is suffering. Title companies and abstract companies related to them are laying off employees; many bank attorneys are likewise downsizing.<br /><br />From my perspective and those of my colleagues with whom I've chatted, deals are somewhat fewer, more difficult to bring to contract, more difficult to obtain financing on and more difficult to close.<br /><br />There is so much "psychology" involved. Potential sellers who might be "trading up" are afraid to commit to a purchase due to the uncertainty of their buyers financing and therefore the tenuous nature of their sale.<br />Buyers are facing more difficult mortgage hurdles and, where applicable, more difficult coop boards.<br />Is it all bad???<br /><br />OF COURSE NOT.<br /><br />Within these tumultuous times lie opportunities, especially for buyers (probably why we call it a buyers market, duh). At the height of the market, buyers were at a disadvantage and they knew it. In Manhattan, buyers were often coerced to waive their mortgage contingencies. Citywide, buyers of new Condos were required to pay NY City and NY State transfer taxes (generally paid by the sellers in arms length transactions) as well as sponsor attorney fees and miscellaneous "creation fees".<br /><br />Recently, I've seen, particularly in new Condos, large price reductions, sponsor paying the above mentioned fees and even "incentives" like sponsor prepaid common charges, free parking spaces, storage etc.<br /><br />In other words, if a potential buyer is confident that his/her job is secure, just as Warren Buffett is urging people to see the Wall Street free fall as a buying opportunity, a similar logic applies to our Real Estate market.<br />Prices are lower, interest rates are still very low; in the high "5"s or low "6"s. The lending banks are still interested in granting mortgage applications...they are just much more careful about the process.<br />Mortgages are available for people who can show W2 income and have 20% deposits available.<br />Perhaps the clouds do have a silver lining. Lets hope so.Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com2tag:blogger.com,1999:blog-4801712003063519099.post-10979113399591130162008-09-24T17:34:00.000-07:002008-09-24T18:29:12.685-07:00No good Real Estate News....So here's some "Client News"<div><br /><br /><div><br /><br /></div><br /><div>One would have to live in a cave to not know the Real Estate news is not great, yet Brooklyn and Manhattan seem to remain relatively lively as real estate markets are concerned. Clearly the woes of the banks are making financing more problematic, but mortgage money is available for those borrowers who are not on the fringe in terms of deposit amounts and the ability to furnish documentation.</div><br /><div><br /><br /></div><br /><div>OK....now the good stuff:</div><br /><div><br /><br /></div><br /><div>Instead of dwelling on Real Estate (no pun intended), I'm pleased to report on three of my client beauties:</div><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSwDNcOsd-1LkKcUGhCEadpcmDJ7tamjgzEJ4c1TGKF5NUK_2TolNeJKSaoZebfyO0_akjil4fdMaVLGPpRTNeo0cc7LPZlV-JTbKnbUsNCwkXVxXi0zi7F7oPEQ-5wZBI5m5xWYSNgpu0/s1600-h/Laura-Piquado.jpg"><img id="BLOGGER_PHOTO_ID_5249755270974794274" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSwDNcOsd-1LkKcUGhCEadpcmDJ7tamjgzEJ4c1TGKF5NUK_2TolNeJKSaoZebfyO0_akjil4fdMaVLGPpRTNeo0cc7LPZlV-JTbKnbUsNCwkXVxXi0zi7F7oPEQ-5wZBI5m5xWYSNgpu0/s200/Laura-Piquado.jpg" border="0" /></a><br /><br /></div><br /><div>Laura Piquado has just finished her run as Mrs. Stockmann in Ibsen's " An Enemy of The People". I was delighted to attend one of her performances and I can report that Laura's performance, as well as those of her co-stars, was riveting! Next time I'll make sure to report of her appearances well in advance. </div><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZMTuJrlCg6KDgyUV4gpWI1PuBH9grfo7ku0B30dTIrG-SY9MyYfGL6cndM7z6v-FPr1SIKJ5kOzK8IPttTYtUPY8uy_ZyfF1N3OJPBuhyMGijzDdbgFmE9JA0tH1IDH1FD_4CUs8g2l90/s1600-h/milena.jpg"><img id="BLOGGER_PHOTO_ID_5249756342760675170" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZMTuJrlCg6KDgyUV4gpWI1PuBH9grfo7ku0B30dTIrG-SY9MyYfGL6cndM7z6v-FPr1SIKJ5kOzK8IPttTYtUPY8uy_ZyfF1N3OJPBuhyMGijzDdbgFmE9JA0tH1IDH1FD_4CUs8g2l90/s200/milena.jpg" border="0" /></a>Milena Govich, who has starred in NBC's "Law and Order" and "Conviction" before that, as well as many other credits, has a great "gig" coming this fall, but I've been sworn to secrecy for the moment. As soon as I'm allowed, I'll share the details here.</div><br /><div>In the meanwhile, Milena is having fun. Please join her for the Grand Opening of the new Donna Distefano Jewelry Atelier.<br />Donna is an incredibly gifted jewelry designer, and a dear personal friend of hers. She has been a jeweler of the stars for over ten years, and it would be cool to attend the grand opening celebration of her gorgeous new space. Milena tells me she has loved wearing her jewelry both on the red carpet and in her daily life, and it never fails to attract attention. Come be a guest and experience firsthand her genuinely creative artistry.<br />Wednesday, October 137 West 20th Street, Suite 1106(between 5th and 6th Avenues)New York City6:00pm-9:00pm<br />RSVP:<a href="mailto:guestlist@donnadistefanoltd.com">guestlist@donnadistefanoltd.com</a>212-594-3757<br /></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieOBrlJR6NY1jw4aNLBe7gRLyGrCey88Nf3AXyWta5fg-mWpFX2JvqzN_09vzNhyBTW4Eq9YCMT4hLBf3Iu4xcVtIIPLq0cLVC57p6ifztnjnO9_abHW_IEWWZ4PMrcNfKXXpRJKXi38ix/s1600-h/images.jpg"><img id="BLOGGER_PHOTO_ID_5249758212551688578" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieOBrlJR6NY1jw4aNLBe7gRLyGrCey88Nf3AXyWta5fg-mWpFX2JvqzN_09vzNhyBTW4Eq9YCMT4hLBf3Iu4xcVtIIPLq0cLVC57p6ifztnjnO9_abHW_IEWWZ4PMrcNfKXXpRJKXi38ix/s200/images.jpg" border="0" /></a><br /><div>Last, but not least, Sarah Blaze is currently in Reno, Nevada in rehearsals for "The Barber of Seville" where she lights up the stage as Rosina in this production staged by the Nevada Opera. For those few fortunate souls who may be in Reno in early October, these are the details:</div><div>Gioachinno Rossini's<br />The Barber of Seville<br />Friday, October 3, 2008 - 7:30 pm<br />Sunday, October 5, 2008 - 2 pm<br />"Figaro! Figaro! Figaro!"<br />Performed at the <a href="http://www.pioneercenter.com/">Pioneer Center for the Performing Arts</a><br />Sung in Italian with English Supertitles<br />Gioacchino Rossini's The Barber of Seville has been hailed as a masterpiece of comedy ever since its premiere. When the bumbling Doctor Bartolo schemes to marry Rosina, Figaro (the barber of Seville) steps in to save the day and insure that her true love, the handsome Count Almaviva, gets her instead! The beautiful and dynamic Sarah Blaze (our Cinderella from 2007) returns as Rosina; Mark Walters (our fiery Pirate King from 2007) brings Figaro to vibrant life; and Joseph Muir (last heard at Nevada Opera in La Traviata in 2001) makes a long-awaited comeback as Count Almaviva.</div><div>I'll make it a point to notify everyone when Sarah next performs in a venue closer to our fair city.</div></div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com9tag:blogger.com,1999:blog-4801712003063519099.post-88759952032516805212008-07-20T18:05:00.000-07:002008-07-20T18:40:24.148-07:00"Without stress, I'd get no exercise at all!" RATE LOCKSI wish I could claim credit for the stress/exercise line, but I can't. Nonetheless, rate locks seem to be responsible for most of the stress my purchasing clients experience and, consequently, pass along to me and my staff.<br />Each and every time I sit with clients to sign contracts, I give them a letter designed to address issues they will face during the purchasing process. The letter includes a paragraph on "rate locks", a mortgage device which has me convinced that the banking industry is in cahoots with the drug and alcohol industries, because rate locks make us all crazy.<br /><br />My letter to my clients says: "Rate Lock: You will be given the opportunity by your lender to lock your rate. Since these rate locks expire, it is imperative that you not lock your rate unless and until you are certain that you will close during the lock period".<br /><br />Not only do I <em>give</em> this letter to my clients, I <em>read</em> it to them as well and emphasize the importance of NOT locking the rate too soon. Yet it seems as though the buyers run (not walk) to their lender afterwards to lock the rate! It amazes me that most buyers do understand that the typical time from contract to closing is 60-90 days, yet they still hurry to lock prematurely.<br /><br />Now, that the rate has been locked too soon, we have to struggle to try to close before the rate lock expires; not an easy thing to do, especially in coop purchases where coop approval is necessary. There are so many unpredictable factors to deal with which impact on the timing of a closing, not the least of which is the seller's "agenda". Is the seller having a house built, moving to Florida or Arizona, going into a rental etc? The dynamics of a real estate deal, give a typical buyer very little "leverage" to compel a seller to close in a timely manner without the threat of litigation (not a pleasant thought).<br /><br />While it's true that many lenders "offer" a rate lock extension, these extensions do not come inexpensively.<br /><br />OK....so let me say it again "Don't lock the rate!" At least don't lock it knowing it will expire before we close. Or....be prepared to quietly and without objection pay the fees.Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com2tag:blogger.com,1999:blog-4801712003063519099.post-71155646526171265102008-07-09T06:05:00.000-07:002008-07-09T06:10:18.123-07:00Dance Theatre Etcetera<strong>More Client News!!!</strong><br /><strong>Martha Bowers</strong> deserves to be proud of her Dance Theatre Etcetera<strong>.</strong><br />Don't Forget To Reserve Your Tickets To Red Hook High<br />A Dance Theatre Etcetera Sneak Preview Screening and Benefit<br />Wednesday, July 16th<br />7pm-9pm<br />Tickets$20 advanced$25 at door<br />To purchase your ticketClick here<br />or<br />For reservations or more infocontact <a href="mailto:jon@dtetc.org">jon@dtetc.org</a><br />(718) 643-6790 ext. 113<br />Dance Theatre Etcetera<br />480 Van Brunt Street Suite 203<br />Brooklyn, New York 11231<br />(Just past the entrance to Fairway)<br />Tickets Are Going Fast Make your reservation now to take advantage of our special in-advance pricing.<br />Come for the company and the cocktails and enjoy the first ever screening of this Red Hook-based TV pilot featuring student actors from DTE arts education programs and partner programs at Bailey's Cafe/Paul Robeson High School and Hook Productions/NYC Parks & Recreation.<br /><br />For more information visit <a href="http://www.dtetc.org/rhh.html">http://www.dtetc.org/rhh.html</a>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com1tag:blogger.com,1999:blog-4801712003063519099.post-75934970510352746842008-07-03T19:30:00.000-07:002008-07-03T19:34:05.976-07:00Client News: Sam Nigro...SculptorWhile everyone has heard about the "Waterfall" under the Brooklyn Bridge, much more is happening in the greatest borough:<br />PRESS RELEASE FOR IMMEDIATE RELEASE<br /><strong>Guggenheim Fellow</strong> completes<br />The Strategic Placement of Stone<br />To embody the haiku,<br />Space ... its own place, a practiced or tactical place – their interaction<br />2007 Guggenheim Fellow, <strong>Samuel Nigro</strong>, completes the sculpture, The Strategic Placement of Stone. The work is a<br />9-ton block of granite that has been split in two and placed back together in a dynamic, sight-specific sculpture. It will<br />stand at the north end of Cadman Plaza Park near the DUMBO neighborhood of Brooklyn, NY, in June 2008, and will<br />remain as a part of the neighborhood’s built environment until May 2009. Samuel Nigro's motivation for this piece is<br />to give back to the quickly changing, artistic neighborhood of DUMBO, which has been his home base since 1996.<br />Three years since its inception, The Strategic Placement of Stone represents the largest and most public view of Mr.<br />Nigro’s stonework to date. This project is fiscally sponsored by the New York Foundation for the Arts, selected by the<br />NYC Parks & Recreation Temporary Public Arts Program and partially funded by the Milton and Sally Avery Arts<br />Foundation. The stone came from The Rock of Ages Quarry, Barre, VT.<br />Samuel Nigro arrived on the New York Art scene in 1994 and was known for his endurance-based performances and<br />installations that combined objects, architectural structures, videos and performance – always including stone and its<br />breaking. He eventually separated the video and performance from the stonework as different forms of the same idea<br />and has been using multi-ton blocks of granite and creating videos separately since 2004. Mr. Nigro states:<br />“My art is singular. The activities to create it are manifold: sculpture, video, performance, drawing,<br />and writing. The work has always been about the break. I take stone, break it, manipulate and<br />study the pieces, put it all back together, and then strategically place it in a public or private setting;<br />or, as with my earlier work, within a video and performance context; and, now more frequently, in<br />my writing. The stone can be physical or symbolic; the break, real or metaphoric.”<br />There will be an opening for the artist on site (the intersection of Cadman Plaza East and Red Cross Place) from 6:30<br />to 8:00 pm, July 3rd, rain or shine, with a reception to follow at 68 Jay Street Bar (corner of Jay and Water Streets).<br />Mr. Nigro would like to thank those local Brooklyn groups and businesses whose donations and time helped make<br />The Strategic Placement of Stone possible: Community Board #2; Copyrite – 45 Washington Street; Front Street<br />Pizza – 80 Front Street; Heights Prime Meats, Inc. – 59 Clark Street; Peas and Pickles – 45-55 Washington Street;<br />Rebar – 142 Front Street; Remsen Graphics – 165 Remsen Street; 68 Jay Street Bar – 68 Jay Street; Superfine –<br />126 Front Street; and Two Trees Management – 45 Main Street.<br />Samuel Nigro,Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com1tag:blogger.com,1999:blog-4801712003063519099.post-27962123841861105972008-06-20T17:50:00.000-07:002008-06-21T07:35:29.373-07:00Pets and The City<span style="font-family:arial;">Few issues are as personal to New York residents as are pets. We've all heard about "pet friendly" buildings, which, obviously are coops, condos and rental buildings which welcome pets ( or at least, tolerate them ).</span><br /><br /><span style="font-family:Arial;">As an attorney representing a variety of coops, both large and small, I've consulted with some buildings which have decided to tighten or eliminate their "pet-friendly" policies and I've consulted with others pursuing a liberalization of their pet, or no pet policies.</span><br /><br /><span style="font-family:Arial;">I believe that a coop or condo is well advised to be "pet-friendly". It's simply a numbers issue. If a building rejects pets, the numbers of potential purchasers interested in that building is reduced. If there are less potential purchasers, the values of the units in the building are arguably reduced. The more buyers in the "pool", the more value in the unit.</span><br /><br /><span style="font-family:Arial;">Some would argue that pets present issues of damage to the building or liability for personal injuries (dog bites). I believe this can be adequately addressed by requiring pet owners to have liability insurance. As a matter of fact, I believe coops and condos are well advised to require all owners to have coop or condo owners insurance policies.</span><br /><br /><span style="font-family:Arial;">Since pets are the issue of the moment, this would be a good time to mention a little-known NY City law, known as the "pet law", actually found in the Administrative Code which provides that in a multiple dwelling (3 or more residential units), even if a lease, proprietary or conventional rental, prohibits pets, if a pet is kept "openly and notoriously" for 90 days, the no-pet provision is waived and unenforceable! A gray area exists as to what then happens when that particular pet dies. Has the no-pet clause been waived for good? Or only for that particular pet? Different courts have issued different opinions.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Another controversy exists regarding people with disabilities whose pets are </span><br /><span style="font-family:Arial;">covered by Federal Laws as well as local laws. Obviously, guide dogs, hearing dogs or service dogs are protected. The issue becomes more interesting when one considers other animals considered "medically necessary". Perhaps someone suffering from depression could successfully argue that a companion animal is medically necessary. The answer here probably depends on the individual circumstances and the particular court or judge.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">One final pet-related note:</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Few people can claim to love animals more than Lisa Toscano.</span><br /><span style="font-family:Arial;">Lisa has created Pup Hollywood, which goes so far beyond pet grooming. Lisa has actually created a pet dating service (match.com?) which is getting lots of attention. Visit her at www.puphollywood.com</span>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com0tag:blogger.com,1999:blog-4801712003063519099.post-43730538339142426452008-05-30T18:26:00.000-07:002008-05-30T18:41:18.207-07:00Important "Client News" Update<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNuZ7mF6mrpdinPwyBOZgrR5GGkjT1TmzJ82FbBL3wPbv76lPfAgAg0tSFrbdh2AaQojEjghAqQV0oSchxwNd-NndddoTUbsFZctqwRowZMJYrLbjHmiXVCV0g3wIjDv1Eij_6YL9C-6tP/s1600-h/image.jpg"><img id="BLOGGER_PHOTO_ID_5206350803707559938" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNuZ7mF6mrpdinPwyBOZgrR5GGkjT1TmzJ82FbBL3wPbv76lPfAgAg0tSFrbdh2AaQojEjghAqQV0oSchxwNd-NndddoTUbsFZctqwRowZMJYrLbjHmiXVCV0g3wIjDv1Eij_6YL9C-6tP/s320/image.jpg" border="0" /></a><br /><div>Last minute addition...especially relevant to my Park Slope Friends...</div><br /><div>David Cornue, who was a creative force behind "Smoking Bloomberg" a musical comedy which was really terrific, has flexed his creative muscles in a different direction and produced an Independent film which will be screened in Park Slope, Brooklyn next week. I'll let you hear it from him:</div><br /><div>Hello Everyone:<br />If you’re free in the evening on Tuesday (6/3) or Friday (6/6), then come join us at the Brooklyn International Film Festival to watch the world premiere of an independent feature film I produced called THE LOCAL — written and directed by award-winning filmmaker Dan Eberle.<br />WHEN: Tuesday, June 3, 8PM Friday, June 6, 10PM<br />WHERE: Brooklyn Lyceum Theater 227 4th Ave, Brooklyn, NY 11215<br />DIRECTIONS:Take the R train to “Union Street” station in Brooklyn.Exit the station at Union St and 4th Ave.The theater is right there on 4th Ave between Union St. and President St.<br />MORE INFO<a href="http://www.wbff.org/films/detail.asp?fid=802">http://www.wbff.org/films/detail.asp?fid=802</a><a href="http://www.insurgentpictures.com/thelocal">http://www.insurgentpictures.com/thelocal</a><br />We'll then be going for drinks at Union Hall (702 Union Street @ 5th Ave.) with the talented cast and crew after the screening on Tuesday. I appreciate your support of this stirring film about a man’s violent path to redemption, and I promise it’s worth the trip to Brooklyn!<br />Thanks in advance,</div><br /><div>David</div><br /><div></div><br /><div>There's no excuse for us Park Slopers not attending. Let's support great NY talent! I'll see you there!!! Bob</div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com1tag:blogger.com,1999:blog-4801712003063519099.post-65375641411194061722008-05-27T17:48:00.000-07:002008-05-27T18:21:27.020-07:00Home InspectionsOne of the first things to be considered, when purchasing a property is a Home Inspection, often referred to as an Engineers Inspection.<br />Effective December 31, 2005, New York State required Home Inspectors to be licensed in NY State. More information on this is available at <a href="http://www.dos.state.ny.us/LCNS/homeinspector.htm">www.dos.state.ny.us/LCNS/homeinspector.htm</a><br />This was a long-overdue step in improving and standardizing the quality of Home Inspectors in NY upon whom the typical purchaser relies heavily.<br />While its axiomatic that a purchaser of a one, two or three family home will do a Home Inspection, it becomes less clear with the purchase of a Coop or Condo. It is my understanding that less than 10% of apartment purchasers opt for an Inspection.<br />At a time when fuel, taxes, insurance and other increasing costs place upward pressure on coop maintenance and condo common charges, it becomes more important for a purchaser, in an effort to estimate future increases, to try to have an idea about the physical status of the building in which the coop or condo is located.<br />Major repairs will impact on the reserve (if there is one) and directly or indirectly on the monthly carrying costs for the unit owner.<br />While it is true that most well managed larger buildings have substantial reserve funds from which funds can be utilized to pay for repairs and improvements, it is still in the purchasers interest to know what to expect.<br />Clearly, the smaller the building, the less owners there are to share expenses with and, more often than not, the smaller the reserve fund.<br />Therefore, I advise my clients, especially on smaller buildings to use the services of a licensed Home Inspector. Even on larger buildings, I do not discourage the inspections if there is time.<br />What must be kept in mind is the time pressures involved in these deals. It may be considered a luxury to spend a week or so arranging for the inspection. It is very possible that a deal might be lost while waiting for the inspection, so if one is to be considered, it should be prioritized. As soon as an offer has been accepted, the inspection must be arranged.<br />Since anyone who knows me also knows I have strong opinions regarding Inspectors, my Inspector of choice (clear choice) is Richard Perri of Professional Home Inspections Co. He can be reached at 718-828-9116<br /><br /><strong>CLIENT NEWS:</strong><br /><strong></strong><br />This week's news is about my client, Cat Greenleaf, one of the rising stars at NBC, particularly TODAY IN NEW YORK where she is a features reporter gaining more and more air time with each passing week.<br />Tonight, Cat is the emcee for a fundraiser for The Children Of Bellevue and Toast to the Children. I predict great things for Cat, as others recognise her talents. Someday we'll all be able to look back to this blog entry and say "we knew her when"...Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com3tag:blogger.com,1999:blog-4801712003063519099.post-76131261974973790582008-05-14T18:46:00.000-07:002008-05-15T06:13:13.305-07:00Mansion Tax SurpriseA few weeks ago, I was honored to be asked to "guest write" on Norman Calvo's blog (Universal Mortgage, Inc), which I eagerly agreed to do. I wrote about what I believe to be an important issue for some purchasers who are fortunate enough to be buying near the million dollar range, particularly in "sponsor sales".<br />I feel it was, perhaps, important enough to be posted on my own blog as well.<br />As most informed buyers have learned in their research into condominiums (as well as the less common new coops), one of the major closing costs to anticipate is the "mansion tax". On any purchase of a condo, coop, or house where the purchase price is $1,000,000.00 or more, the buyer has to pay a tax of 1% of the purchase price. This, of course, is in addition to all the other closing costs associated with the purchase.<br />As those same informed purchasers have learned, in a strong real estate market (which still includes most of the NY City Real Estate market) there are some typical “seller’s costs” that can pass on to buyers by contractual<br />agreement. Specifically, these are the New York City and New York state transfer taxes that amount to 1.425% and $4.00 per thousand of the purchase price.<br />As a Real Estate attorney, I’ve come across many cases where purchasers were excited that they "dodged" mansion tax because they negotiated a price just under $1,000,000. However, here’s how it got interesting! Once transfer taxes are computed, the forms require the inclusion of the buyer-paid transfer taxes in the consideration. What this means is that taxes will now be calculated on the combined sum of the purchase price and the transfer taxes. In other words, the buyer is taxed on the tax. No big deal, right? Wrong! Now, when you add the transfer taxes to the old purchase price (which was only just short of $1,000,000.00), the “new” consideration is now well over 1,000,000.00 and subject to mansion tax!<br />Therefore, an aggressive purchaser, who is reluctantly expecting to pay NY City and State transfer taxes, and also wants to avoid paying mansion tax, must negotiate a price to at least $19,000 below the $1,000,000.000 “magic number”.<br /><br /><strong>Client News:</strong><br />In the past few weeks, I've mentioned clients who sing and dance. This week, a different type of artist shall be highlighted: Alyssa Ettinger, a very talented young artist whose media of choice is ceramics (or pottery to us).<br />Alyssa and other artists in her studio foundation are having an open studio weekend on May 31st and June 1st, at the NARS Foundation (New York Artists in Residency), 253 36th St (3rd Floor) Brooklyn, NY<br />To view the true talent Alyssa possesses, please feel free to visit her beautiful website: <a href="http://www.alyssaettinger.com/">http://www.alyssaettinger.com/</a><br /><br />It's convenient, so we should all attend.<br /><br />Last minute addition:<br /><br />FRED BENDHEIM, another of my talented clients, an accomplished artist working, primarily in abstract oils and watercolors is part of an event taking place near the Brooklyn Navy Yard.<br />You are invited to his studio (and many others) to come and see what art is being made in the South of the Navy Yard area in Brooklyn, this weekend Saturday and Sunday May 17th & 18th, from 12-6PM. This is a link to the studio stroll map: <a href="http://www.sonyaonline.org/images/Stroll_web.pdf">www.sonyaonline.org/images/Stroll_web.pdf</a><br />Directions to his studio at 20 Grand Ave. #410: G train to Classon Ave., walk north 5 blocks to Flushing Ave, turn left,go 2 blocks to Grand Ave. Bike riding is a good option too.<br />It should be fun.<br />-- Fred Bendheim 20 Grand Ave. #410Brooklyn, NY 11205 tel: 718-753-1659 <a href="http://www.fredbendheim.com/">www.fredbendheim.com</a>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com1tag:blogger.com,1999:blog-4801712003063519099.post-51555842566262576512008-05-05T19:24:00.000-07:002008-05-06T19:51:07.968-07:00PCDS the $500 surprise!New York State has always been a "buyer beware" State also known as Caveat Emptor, which basically requires a potential buyer to do his or her "due diligence" before purchasing property. Of course there are exceptions like fraud on the part of the seller, but generally a buyer cannot complain after a closing about physical conditions existing in the premises.<br />Then, in 2002, specifically March 1, 2002, along came the Property Condition Disclosure Act, which, in a nutshell, requires sellers of one to four family houses in NY (specifically excluding coops & condominiums and with some other minor exceptions) to provide potential purchasers of those included properties, a 48 item questionnaire detailing various aspects of the property. While the legislation may have been well intentioned, I believe, it has, for all intents and purposes, failed.<br />The law provides, that if the sellers of properties mentioned above, fail to provide the questionnaire, also known as the PCDS (Property Condition Disclosure Statement) the buyer shall receive, at closing, a credit from the seller of $500.<br />So, how has this played out in real life?<br />No seller wants to risk making 48 individual representations relating to the property, knowing that if, intentionally or not, a misstatement is made, they may be open to litigation for up to six years. It is possible additionally, that even if the statement were accurate, but something went wrong with the property after the closing, the buyer would still be able to allege a misrepresentation in the PCDS and sue the seller.<br />So, in the six years or so that the Property Condition Disclosure Act has been the law, how many PCDS's have I seen? None! Not one! In each and every 1-4 family house that I have been involved in, either as a buyer's attorney or as a seller's attorney, no PCDS is provided and the buyer has received his $500 credit at the closing.<br /><br />Perhaps, the ultimate result has been that the sellers' have been forced, via the PCDA, to pay for the buyers' homeowners inspection, also known as an engineer's report, the need for which, I shall discuss in an upcoming post.<br /><br /><br /><strong>CLIENT NEWS:</strong><br /><strong></strong><br />In a recent post I opined about Sarah Blaze and her recital, which I was thrilled to attend and which provided an amazing range of emotions. At some points during the recital, one could hear a pin drop; at others the audience was erupting in cheers and applause. I will eagerly look forward to seeing her again in larger, Broadway type venues, where she shall shine! Lookout world, here comes Sarah Blaze!<br /><br />My next, proud Papa moment has to do with dance, a skill foreign to me and both of my left feet. Not so, my client, Amy Young, a shining star in the Paul Taylor Dance Company. A Juilliard Graduate, no less!<br /><br />Next week, Amy will be guest-starring with TAKE Dance Company in a three night series of performances which are detailed below.<br /><br />That's Amy, being held high, below.<br /><br />We can all stand a little extra culture, can't we?<br />Please join me.<br /><br /><br /><br /><br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL79GFicWlInyh0lVdkVEiEbXWzmxw2KuUOQtMKK7sJkvv0VPVhBL7Iep_kVebtalbwvIgp6mCIuATJfQ92VqAM4nE-RSZFxi70TqL2uHWiUgARxRFsuyJLKxCK8WM-qP1jXBnx1-bUgOW/s1600-h/amy+young.jpg"><img id="BLOGGER_PHOTO_ID_5197088401272231810" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; CURSOR: hand" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL79GFicWlInyh0lVdkVEiEbXWzmxw2KuUOQtMKK7sJkvv0VPVhBL7Iep_kVebtalbwvIgp6mCIuATJfQ92VqAM4nE-RSZFxi70TqL2uHWiUgARxRFsuyJLKxCK8WM-qP1jXBnx1-bUgOW/s320/amy+young.jpg" border="0" /></a><br /><br /><div><br /><br /><br /><br /><br /><br />"daring athletic quality and visceral impact" </div><div>TAKE Dance Company comes to Miller Theatre with two world premieres and several revivals.<br />WHEN:Thursday, May 15, 8pmFriday, May 16, 8pmSaturday, May 17, 8pm<br />WHERE:Miller Theatre2960 Broadway (at 116th St.)212.854.7799<a href="http://www.millertheatre.com/">http://www.millertheatre.com/</a><br />TICKET INFORMATION:General Tickets: $25Student Tickets: $15<br />RESERVATIONS:Call Smarttix at 212.868.4444<a href="http://www.smarttix.com/">http://www.smarttix.com/</a><br />Dancers: Kristen Arnold, Elise Drew, Jill Echo, Kate Hirstein, Kile Hotchkiss, Andy LeBeau, Sharon Park, Nana Tsuda, Takehiro Ueyama Guest Artists: James Samson, <strong>Amy Young (Paul Taylor Dance Company</strong>)John Eirich (Taylor 2)Choreography: Takehiro Ueyama, Asun Noales (Huella) Guest Composer:Damian Eckstein (Looking for Water)Lighting Design:Jason JeunnetteCostume Design: Sabado Lam, Cheryl McCarron, Camille Branton<br />Photo by: Philip Echo<br /><br />email: <a href="mailto:elise@takedanceny.com">elise@takedanceny.com</a> voice: 203-494-3209 web: <a href="http://www.takedanceny.com/">http://www.takedanceny.com/</a> </div>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com2tag:blogger.com,1999:blog-4801712003063519099.post-52048632342524109732008-05-01T11:38:00.000-07:002008-05-01T13:52:37.329-07:00Do you really need a Mortgage Broker?<span style="font-family:arial;">I'm quickly learning that this blog can be useful to answer so many "FAQs" in advance . Now, if only I could get my clients to read this <em>before</em> the questions were asked.</span><br /><br /><span style="font-family:Arial;"></span><br /><br /><span style="font-family:Arial;">Last week I discussed selling on one's own as opposed to using a Real Estate broker. Similarly, questions arise regarding applying to a bank for a mortgage directly as opposed to using the services of a well known and well recommended registered Mortgage Broker.</span><br /><br /><span style="font-family:Arial;"></span><br /><br /><span style="font-family:Arial;">While it is true that often the Mortgage Broker will place the loan with a high profile lender such as Citibank, Chase, Washington Mutual Wells Fargo or HSBC which lenders maintain offices capable of taking direct mortgage applications, there are tremendous benefits in approaching those same lenders through the Mortgage Broker. </span><br /><br /><span style="font-family:Arial;"></span><br /><br /><span style="font-family:Arial;">First of all, the Mortgage Broker, unlike an employee of a Bank has an array of products and a further array of lenders so that the borrower and the specifics of the loan can be matched to the appropriate lender and mortgage product. The variety of choices can be staggering and a good Mortgage Broker can make the best match for a particular situation. Some of the common variables involve the differences between coops & condos, new or resales, 80% 85% or even 90% financing, credit score issues, co-signers, owner-occupancy issues etc.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Bank employees, even the best of them do not seem to be as "motivated" as Mortgage Brokers. Simply put, it is financially beneficial to the Mortgage Broker to satisfy the client who, it would be expected, could refer new clients down the road.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Having said all that, perhaps the most compelling reason to use a mortgage broker can be best explained by an experience...actually two.</span><br /><span style="font-family:Arial;">Twice, in the last six weeks, I received the "dreaded" phone call the day before a closing that "unfortunately" the bank will not be able to close the loan tomorrow. Tomorrow!!! Clients are ready to close, moving trucks are loaded, everyone is ready....except the bank, with no acceptable reason, will not be able to close the mortgage. </span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Thankfully, both of these loans involved a Registered Mortgage </span><span style="font-family:Arial;">Broker, Norman Calvo of Universal Mortgage</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">The moment I was informed of the problem, I notified Norman Calvo. In each instance, he stopped what he was doing and dedicated the entire balance of his day to "arm-twisting" at the banks (one was Chase, the other Citi) until the files were re-cleared and re-scheduled for closing as originally planned. Yes, they both closed!</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Interestingly, the second of the loan problems was a relatively small mortgage but the effort expended by Norman would make one guess it involved a million dollar loan.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">I will always believe that <strong>both</strong> of these closings would have been adjourned at great inconvenience were it not for the efforts of Norman.</span>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com19tag:blogger.com,1999:blog-4801712003063519099.post-5427476614956496642008-04-26T09:21:00.000-07:002008-04-26T09:55:57.324-07:00For Sale By Owner or Real Estate BrokerI'm often asked by clients who are preparing to sell a property if I recommend that they try to sell on their own or use the services of a Real Estate Broker.<br />While it is tempting, in a seller's market, to try to save the commission and with such tools as Craigslist available, the "FSBO" is possible.<br />It must be noted, however, that brokers do, often, provide a series of important services.<br />Brokers are familiar with all the intricacies of "open houses". They know how to "pre-qualify" potential purchasers which is especially important in Coop sales because of the coop approval process.<br />More useful are brokers the day after the open house. A seller who is selling on his/her own must resist the overwhelming temptation to call prospective purchasers, not wanting to appear too anxious. Brokers, on the other hand, are expected to follow up with these potential purchasers.<br />Sellers probably would find it awkward to inquire of their prospects as to financial details such as income and cash reserves. Brokers happily perform this function as well.<br />The bottom line: For most sellers, I believe the use of a well recommended Real Estate Broker is a good idea.<br /><br /><strong>NEXT TOPIC: Client News</strong><br /><br />I will happily use my Blog to, like a proud Papa, tell the world of some of my clients' accomplishments.<br />My first one...<br /><br />I am fortunate to represent such a broad array of clients many of whom are in the entertainment field. One of my absolute favorites is Sarah Blaze, a tremendously talented mezzo-soprano who has done as much for Rossini and Handel as she has done for Rogers and Hammerstein. Sarah has performed in all four corners of the globe and now, we have the unique opportunity to experience one of her rare New York City performances.<br />On Sunday, April 27th, at 2:30pm, Sarah will be giving a recital at The Church of St. Francis Xavier located at 46 W. 16th St, between 5th Ave. and 6th Ave. in Manhattan, at which time she will be performing, with soprano Rebecca Semrau in a program featuring works by Sondheim, Bernstein, Donizetti, Dvorak, Weill and Mozart.<br />$10.00 donation at the door is requested.<br />I look forward to seeing many of my friends and colleagues there!<br /><br />Bob DubnoBob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com0tag:blogger.com,1999:blog-4801712003063519099.post-19287359305434827762008-04-26T09:00:00.000-07:002008-04-26T09:21:02.045-07:00Disclaimer :-)Having dipped my toes into the world of blogging this week, I learned, the hard way, that the world is filled with critics, many of whom are well meaning friends. I truly believe that some of my critics, would go apoplectic trying to read the works of recognized authors such as e. e. cummings, with whom I shall quickly add, I am not comparing myself.<br />Suffice it to say:<br />If I were a math or science whiz, I'd probably be in Silicon Valley.<br />If I were capable of creating literary perfection, I'd be a writer for the New York Times.<br />Lacking all recognizable skills, I am,therefore, relegated to life as a lawyer.<br />So, I shall apologize, in advance, to those of my readers who catch an occasional misspelling, grammatical misstep or other malapropism.<br />Remember, even Caruso hit an occasional "clunker".Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com0tag:blogger.com,1999:blog-4801712003063519099.post-59950910375161171742008-04-25T11:59:00.000-07:002008-04-25T17:38:29.743-07:00My new Blog<span style="font-family:arial;">This is my inaugural attempt at blogging. At frequent intervals,time permitting, I'll endeavor to share my thoughts as a real estate attorney in the New York real estate market.</span><br /><span style="font-family:Arial;">I do maintain a website, which I hope provides some information to those interested in our little corner of the world. It can be found at <a href="http://www.bobdubno.com/">http://www.bobdubno.com/</a> </span>Bob Dubnohttp://www.blogger.com/profile/06435224291465940687noreply@blogger.com4