5-4-3-2-1! Happy New Year!

Hi ladies! Creating this blog has been wonderful for me. I enjoy connecting with my readers and have really liked that I can mix my career with my recreational life which of course, for me go hand in hand. There is never a day that goes by that real estate isn't somehow involved in my life and that I am simultaneously enjoying my surroundings.

Thank you for reading and for your comments and suggestions. I will continue to grow this coming year and look forward to more changes.

So, to Marilyn! May you live life to the fullest, dare to be daring, live to be loved and work to succeed. Hope we all welcome the new decade with open hearts. Cheers! And Happy New Year!

Top 100 Best Dresses of 2000 - In Style Mag

I always enjoy swooning over the gorgeous celebrity outfits - especially red carpet ones. I'm not so much one who keeps up on gossip but I love fashion. In Style Magazine created a top 100 list of best dresses for the decade. Read it here.

I absolutely love this gown, she looks like a mermaid so sexy but classy at the same time. Her hair and long necklace give the dress a vintage 30's nod that make the outfit so special.

Guess who took the best dress of the decade? She looks stunning... You'll have to read to find out! Tell me what you think - do you think she deserves top pick?

Penelope looks amazing in this black gown. Black is a classic color that is fitting for any occasion and I love all of the different details in this dress. It has some ruching, beading a fitting waist and feather peeking above the strapless top. Her hair off her face and these beautiful drop earring keep it simple so she doesn't compete with this dress.

Check this gold number out! How fun! Again, a a little black detail help anchor the dress and with matching platform black heels give a nod to the 60's with mod dresses like this. This would be the perfect New Years Eve party dress! I saw something similar to this for sale at Lucy's on Hudson Street between Newark and 1st streets. If you have a velvet belt, it would work perfect - I would even do a dark plum color with matching pumps for some punch!

Sneak Peak At Hoboken's Real Estate Pending Sales

I'm keeping an eye on sales waiting to see what the year end totals are. So here's what's cookin' in Hoboken..(Great picture of Audrey by the way, it looks like she could be in a Hoboken apartment actually :) )

Naturally I have to keep tabs on sales activity in the area, but why not share with you? So here is a list of what is currently under contract for the month - just condominiums however. Click here to view. They are listed according to listing price, from lowest to highest. You'll see that the lowest listing price is $259,000 and the highest $1.249 million - but these don't include single and multi-family homes.

Here is a list of what has sold so far in December until today - 12/29/09. They start as low as $250,000 and go up to $1.2million. Click here to view sales.

As a disclaimer I have to say that I personally did not put into contract, sell or list all of these homes. I certainly would've liked to though! However when you click on them you will see my information at the bottom, which is how my MLS customer copies are formatted.

The Carlos | Bakery | Craze

So it seems that not even zero degree weather can whether these fans! They are on line in this cold all waiting to catch a glimpse of Buddy himself. Apparently TLC is back and filming this week. What would you do to get on TV even for just 2 seconds.. would you stand on line in this cold??

Their red velvet cupcakes are to die for you know...

Happy Holidays!

Hopefully you made it in time today and picked up some lobster tails and yummy red velvet cupcakes from Carlo's Bakery, got your cards from Greetings from Hoboken, and picked up a mozzarella twist from Fiore's on Adams!!

From me to you, hope you have a beautiful holiday weekend!

Thank you for reading LaVidaSquared. Have a wonderful time!

CNN Money - housing | sales | up again! Real estate | market | on the rebound?

November home sales leap

By Les Christie, staff writerDecember 22, 2009: 12:40 PM ET

NEW YORK (CNNMoney.com) -- After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR's chief economist, Lawrence Yun.

Read fully story here

>>Comments

During my real estate conference in Atlantic City, I attended a seminar with Mr Lawrence Yun, National Association of Realtor's chief economist, who shared some very interesting and optimistic information with us.

I will share with you my notes from this discussion with him.

He said that in a normal housing market, supply is usually at 6 months - that has been the historic average. He said that currently, we are trending down from 7 months and are very close to a normal housing market. Of course every market is different, but this is a positive sign when looking at the housing market as a whole.

He also said in a very convincing tone "the worst is over, momentum is steadily building." - Things that make you go hmmmm right? He said many times that we already hit bottom. Buyers that are waiting to see if prices will continue to go down, should buy now before news gets out and other buyer's figure it out or it will be too late soon.

He also made an interesting point and said that "home values have over-corrected." What does this mean? Well, that with prices dropping quickly and steadily over the last year or so, they have actually dipped too low according to historic trend lines. Which he also pointed out that our recession was right on schedule and we are repeating history. Because of this over-correction, he and his team made a strong case to the Obama administration regarding the extension of the home buyer tax credit and how this could help keep values from dropping further at levels that would be difficult to recover from. It seems that the home buyer tax credit is doing it's job, with a large percentage of sales across the board are from buyer's that are looking to cash in on the credit.

He also quoted that the NAR, Case Schiller, and FHFA (housing measure) all show that month to month, we are seeing price stabilization. He even felt confident enough to say that 'buyers buying today's market, are not losing money'.

We'll be seeing changes in FHA guidelines with tighter restrictions because of the large number of delinquencies in loans. They are considering raising the credit score requirement as well as lowering the loan limits as a way of preventing foreclosures in the future.

Lawrence Yun, told us that he predicts a 4% home price growth in 2010.

He predicts home mortgage interest rates to rise to 5.5% . He added that our budget deficits need to be reduced in order to keep rates low, and with Americans seeing these numbers rising not lowering any time soon.. where do you think rates will go..

When he speaks, people listen. Unfortunately he spoke so fast and went through a gazillion graphs that I was jotting down everything I could but missed some of his other points.. Like how he was explaining that if housing starts (new construction) stay low we could see a housing shortage in 2011 or 2012 - which will leave a big demand for homes.. I was interested in his interpretation of this because it could mean some lucrative opportunities should be had now by builders..

So here is some interesting information coming from a credible source, not just me and other real estate agents saying now might be the best time for you to buy. I hope this provides some new light for you - as clearly, it isn't all doom and gloom and we have crawled out of our buyers market it seems..

Stacks Pancake House - Hoboken by Mallory Dash

Ask and ye shall receive! A fellow blog reader sent me her review! Thank you Mallory!

Stacks on me! Patron on ice (ice)

Stacks Pancake House

I went to Stacks this past Saturday morning after a long night of holiday partying. My boyfriend and I were looking forward to trying out the new nearby breakfast spot, since we love going out for breakfast, and had heard good things about Stacks. Our ultimate favorite place is the Brownstone Diner in Jersey City (also known for their pancakes), but we were excited to try someplace a bit closer to home in Hoboken.
We met up with another couple around 11am, and got on the line to get in. I had heard that the line would be really long- however, though we had to wait outside for a few minutes, once we got inside we were seated fairly quickly.

Now onto the good stuff- the food! The menu has all kinds of options- of course, pancakes, but also waffles, french toast, eggs, pretty much what you would expect from a breakfast place. The four of us all decided to go for the pancakes though- with a name like Stacks we had to!

I chose the Valentine's Romance pancakes- cheesy name, awesome taste. Strawberries baked into the pancakes, covered in chocolate chips, more fresh strawberries, and a drizzling of chocolate syrup. My man-friend got the Chocolatier- basically chocolate chip pancakes- also really good. The other couple with us ordered the Big Apple, which came with a warm apple topping, and the Addiction, which were banana-filled pancakes covered in chocolate chips. Overall, really really tasty. I'm more of a french toast or waffles girl myself, and yet I still ate most of the 3 pancakes I was served!

Other notes... The décor was really cute, except for the weird space age Stacks sign they had towards the back above the kitchen. I expect the wait time will go down as time goes on, but the service was great and the coffee was too! Fairly priced also- I'd definitely go back!

Hoboken Pancake House

Hi ladies! I'm looking for one of you to write your own personal review of the new Hoboken Stacks Pancake House. I have not had a chance to check it out yet and I'm afraid I probably won't for another few weeks so why not have one of you feature your own little blog on here!

Send it to me via email along with any pictures and I will post them here!

Send it to - karina@hobokenproperties.com

Thanks and I'm looking forward to your letters!

Hoboken | Home | Inspections | Condominiums

Some first time buyers can be overwhelmed with the buying process and even some repeat buyers too. I'm going to tell you a little about inspections and hopefully this will give you some ease..

So you've found a home, you've made an offer that's been accepted, and you even made it out of attorney review! Congratulations! You've been through a lot and you're half way there. Those first few steps can be emotionally draining so give yourself a pat on the back - you did it.

OK, next. The home inspection. Hopefully your realtor will refer you some local inspectors that they have personally used and are happy to put their name to them. If so, I would highly recommend you work with them, if not, then hopefully you've done your homework and have some referrals of your own. This is a large investment and it can be the difference of a good experience or a bad one. So always consider referrals.

Inspection day.

One tip I always give my buyers is to come prepared to the inspection. Bring some measuring tape, a camera, and any friends and family that you'd like to see your future home. Since you won't be able to come back to the property until the actual day you close it's a great idea to take measurements for furniture, take some pictures for memory and picking paint colors, and bring your loved ones whose support is important to you.

On the day of the inspection, your realtor will be there as well. Expect to be there for about an hour - an hour an a half. Your inspector will walk you through what they will be checking, you'll also sign off that you've agreed to hire and pay your inspector if you haven't already. Then he will start to check the house in his own routine way. Remember, your inspector has most likely seen hundreds of homes and has his way of checking everything in an efficient manner. So it's best not to interrupt your home inspector until the end. Write down any questions you have, or anything you want to point out. Then when the inspection is done you can ask them and have them answered.

Your inspector will be checking all of the major appliances and running full cycles to make sure they work properly. They'll run water, check the electricity, any exposed pipes, lights, heating systems and central HVAC if there is one, windows, look for water moisture, any evidence of any leaks in the ceilings or around windows, if there is access they will look at the basement and roof as well.
Although in Hoboken, most times you'll be purchasing a condominium, it is still beneficial to look at the basement and roof. There can be water problems, mold in some rare cases, or poor electricity and hot water/furnace systems. As for the roof, obviously you want a good report. If the roof shows signs of wear and damage, then you can inquire with the condominium association to see if there are any plans on repairing this and whether or not there is enough money in the reserves to do so.

After the inspection is completed you, your attorney and your realtor will receive copies of the report. Any issues that came up will be itemized and included. At this point you will discuss with your realtor and attorney as to how to move forward. In most instances, you can ask that the seller repair what's wrong or provide you with a credit due at closing to address anything. Most inspections go well with only minor issues that sometimes don't even make it to the report. So take a deep breath! You have to finish applying for your mortgage.

Home Buyer Tax Credit- what's in it for you for Hoboken | Real Estate

Hello Hoboken Blog Readers! This article is from the monthly real estate E-Newsletter that I send to my clients. Read on and learn what's in store for you.

Expanded Tax Credit is Good News for First Time and Repeat Home Buyers Alike!

Home sellers and potential buyers nationwide welcomed the recent news that Congress had decided to extend and greatly expand the Home Buyer's tax credit in an attempt to further stimulate the economy. Not only does the new legislation extend the existing first time buyer's credit until mid-next year, but it also creates a tax credit for qualified repeat buyers. The change in legislation will relieve home buyers scrambling to meet the original deadline and may encourage a wider range of buyers to consider purchasing a residence.

What Has Changed with the New Law?

Deadline: Whereas the original tax credit was set to expire on December 1st, buyers now have additional time to find their dream home! Buyers must have a contract to purchase a residence in place before May 1 2010, and the deal must close before July 1, 2010 in order to take advantage of the tax credits. At this stage, no additional extensions are anticipated.

Sale Price Limit: A ceiling has now been set for the sales price of homes eligible for the tax credit. For purchases made after Nov. 6, the tax credit is only available for any homes costing less than $800,000.

$6,500 Credit for Repeat Buyers: Homeowners considering a new home purchase may now be eligible for their own tax credit. Taxpayers who have lived in the same residence for five consecutive years out of the past eight can now qualify for a tax credit of as much as 10% of the purchase price of a new principal residence (up to a maximum $6,500). The new residence need not be a single-family home, and there is no requirement that the new residence must cost more than the previous residence. Note: the credit for repeat buyers does not apply to homes purchased prior to November 6th of this year.

More Accommodating Income Requirements: The tax credit was designed to phase out based on income levels, meaning the amount of the tax credit decreases as the filer's income approaches the maximum limit. Under the previous format, income restrictions called for the tax credit to begin phasing out for individuals making $75,000 annually, (modified adjusted gross income*), with no credit available to individuals making $95,000 or more. For married couples filing jointly, this "phasing out" range was $150,000 - $170,000 under the previous law. The income limits set within the new law are far more liberal. For single filers, the credits now begin phasing out at $125,000 up to $145,000 of modified adjusted gross income. For married couples filing jointly, the range begins at $225,000 and ends at $245,000.

The existing phase-out ranges of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
(*For most people, modified adjusted gross income will be the same as adjusted gross income.)

Anti-Abuse Measures: The new law contains anti-abuse measures designed to address and prevent fraudulent applications for the home-buyer tax credit. Persons who are under the age of 18 or who are claimed as dependants by other taxpayers will not be qualified for the tax credit program. Taxpayers taking the credit will also have to furnish proof of purchase. After filling out IRS Form 5405 to determine their tax credit amount, buyers must attach a copy of their HUD-1 settlement form (i.e. closing statement) as proof of the completed home purchase.

Additional Limitations on Buyer-Seller Relationship: Under the previous law, buyers were not eligible for the tax credit when purchasing a home from a lineal ancestor or descendent. The new law applying to purchases made after Nov. 6 also prohibits buyers from taking the credit if the home is purchased from a spouse or the spouse's lineal relatives.

What Aspects of the Original Credit Remain?

Up to $8,000 Credit for New Buyers: First-time home buyers remain eligible for a credit of as much as 10% of the purchase price of a new principal residence, up to a maximum $8,000. "First-time" is still defined as buyers who haven't owned a principal residence for a three year period prior to the home purchase (including both partners of a married couple).

Three Year "Principle Residence" Window: Neither the New Home Buyer Credit nor the Repeat Home Buyer Credit needs to be repaid provided that the buyer(s) reside in the home for a period of three years following the purchase. If within 36 months of the date of purchase the property is no longer used as the taxpayer's principal residence, the taxpayer is required to repay the credit. Repayment of the full amount of the credit must be included with the income tax return for the year in which the home ceased to be the taxpayer's principal residence. The full amount of the credit is reflected as additional tax on that year's tax return.

Tax Credit <> Not Deduction: The credits offer a refundable dollar-for-dollar reduction in what the taxpayer owes. For example, a taxpayer who owes $10,000 and qualifies for the full $8,000 tax credit would only owe the IRS $2,000. This offers a greater savings than a tax deduction.

The term "refundable" means that either of the home buyer credits can be claimed even if the taxpayer has little to no federal income tax liability to offset. If the qualifying credit exceeds the taxpayer's liability, the government would refund the excess portion of the tax credit. For example, if you qualify for an $8,000 credit but only owe $5,000 in tax, you could receive a $3,000 check from the Internal Revenue Service.

Tax Return Filing Options: 2009 home buyers may claim the credit on either their 2008 or 2009 returns, while 2010 buyers can claim the credit on either their 2009 or 2010 returns.

Hoboken Shopping Wine Tasting Event Is Tonight!!

Starting at Bella Ro from 6:30PM to 9:30PM, the boutique is kicking off a shopping event in conjuntion with three other stores

Down To Earth

Aaraa

&

Town Haute

Stop by any of these boutiques for a sampling of affordable holiday wines AND storewide savings! LaVidaSquared likes this! Enjoy ladies - this sounds like a great time.

My favorite flower shop! Grace any table with this arrangement

Check out this beautiful arrangement made by the flower designers at my favorite flower shop in downtown Jersey City - Antheia.

This is their fall arrangement and it starts at $65.. this would be a great gift to bring with you to your families or friends Thanksgiving gathering.

Here is a less expensive arrangement, just as fabulous, for just $25 would also be a terrific arrangement to bring for the special Thanksgiving day or your own home!

The flower shop is located near the corner of Grove and Montgomery Streets. From Hoboken you can take the PATH train right to Grove street and walk about 4 blocks. They also have a website www.antheia.net

I bought a bouquet for a birthday last week and I'll be ordering from then again for my mom's birthday this coming week too!! I'm a big fan of their unique artistic arrangements and special vases that are a fresh take on the more traditional glass vase..

RE/MAX | Hoboken | Is feeding 25 families for Thanksgiving! Please help

My office, RE/MAX Gold Coast Realty, is having a Thanksgiving Dinner Drive to help provide full Thanksgiving dinners for 25 families in need in Hudson County. Our office is working with several different organizations in the area including our local churches and shelters to help locate families.

Our plan is to have all the ingredients needed for each family to prepare a full Thanksgiving Dinner in their own homes. We need everything from Turkey to Thyme! We are reaching out to friends, family, clients and colleagues for help. Any donations would be of great help. Here is a shopping list of items we could use help with. Every single donation is appreciated, no matter how small!

RE/MAX Turkey Dinner Shopping List
-Turkeys 10-15lbs
-Stuffing 14 oz-Boxed Mashed Potatoes 15.3 oz or Canned Whole
-White Potatos 29 oz
-Canned Vegetables (such as French Cut Green
Beans, Peas, Carrots, Corn etc...29 oz)
-Canned Cut Yams 40 oz
-Chicken Broth 48oz
-Cranberry Sauce 16 oz
-Gravy Mix 1.2 oz or Jarred Gravy 16 oz -Mushroom Soup 10 3/4 oz
-Canned French Fried Onion
-Spices: Thyme, Pepper, Rosemary, Parsely
-Oval Roaster pans (large)
-Martinelli's Sparkling Cider
-Entenmann's Apple or Pumpkin Pies (Please check the dates on these)

DROP OFF INSTRUCTIONS - Very Important!
Items need to be dropped off by Monday November 21st. Organizations are picking everything up on Tuesday the
24th in the morning.Turkey: If you would like to donate a Turkey you can drop the Turkey off on Monday Evening Nov 23rd or bring in a supermarket voucher if you have received a free Turkey. Desserts: Most Desserts such as Entenmann's have expiration dates. Please drop these types of items off as close to Nov 21st as possible.
Misc: Do you have a BJ's, or Sam's club wholesale account? Our local shelters are in great need of paper products in bulk, i.e., toilet paper and paper towels. If you'd prefer to donate these items we are happy to take them and deliver them.
Volunteer: If you'd like to really get into the spirit and want a more hands on approach, please contact me. We have several dates available to visit a local shelter and help serve warm meals, sort clothing and goods. We are open 7 days a week.
Mon.-Fri. 10-8PM / Sat. & Sun. 10-5PM
If you want to donate but can't make it to our office please call me! We'll arrange for pick up!

Thank you for your support!

Hoboken | Rental | Open House Tomorrow!

OPEN HOUSE Tomorrow Wednesday one hour only 5:30-6:30PM !! Pet friendly !
- Location, location, location! Just 3 blocks to the PATH

This spacious, top floor corner unit is a spacious one bedroom condo that's located just 5 minutes away from the PATH train station and seconds away from downtown Hoboken's nightlife. Bright and roomy, your home has hardwood floors, high ceilings, a wood burning fireplace that works, large windows and laundry on site. This will not last! Contact me today for an appointment. Landlord is negotiable on price if you rent it for December! So stop by, view this apt and make an offer!
I'll be hosting it.
Here is a link to the flyer
http://www.postlets.com/rts/2967885

Great shopping website - search for anything!

OK, I can no longer keep this site to myself! It is filled with the most fabulous items. As the weather is getting colder in Hoboken, I'm more inclined to do my shopping online and in the comfort of my condo. So far I've ordered my wedding vinntage save the dates, which I cannot tell you how excited I am for them to arrive.

Visit the website, create a profile and start shopping. I somehow signed up for emails of other user's finds which has been amazing - especially now for finding gifts for all occasions at great prices!!

Here is a link - of the cutest platinum holiday dress for a young girl - so cute that I said, that's it - I have to pass this along!!

The membership is free - so go already and sign up! You'll love it too! Send me your Etsy finds!

If you have stuff to sell, you can register as a seller and sell your items online!

www.etsy.com

The W | Hoboken Real Estate | condominiums for sale

Yesterday morning I enjoyed a nice breakfast spread at the W Hotel along with some of my peers from our Hoboken RE/MAX office. We were personally invited to tour 2 of the remaining 5 condo's that are left for sale in the building!

Hopefully you've visited the hotel already, but the lobby is very beautiful, smart, sleek and even European. This hold's true for the units that are for sale. The residences start on the 18th floor and go up to the 26th.

After some hot coffee, fresh bagels & cream cheese, deluxe muffins and a nice fruit platter we were escorted to view the residences starting at 1.79 million.

First, a stunning two bedroom, two and a half bath with incredible sweeping views of downtown NYC, the Verrazano, downtown Jersey City and south west Hoboken. Clocking over 1700 square feet, the units feature terrific glass windows from floor to ceiling, eco friendly bamboo flooring, and an open kitchen with commercial grade stainless steel appliances.

The showstopper was the incredibly spacious terrace that seemed to be floating in mid air. You have to be ready for this, and it's definitely not for those afraid of heights!

Retro, modern bathrooms with honed marble and glass tile, plus a master bath with an enclosed tiled shower with soaking tub. Very sleek.

Half bath has a jet setting feel with this chrome sink and pocket door.

Price tag - upon request

Next on the Pent House level, was a sprawling three bedroom three and a half bath unit with an enormous dining living room combo, perfect for entertaining. If you like the high life, then this unit is for you. With north eastern views, this unit has a master suite with an incredible balcony, completely private, with views from the George Washington bridge all the way down to the Verrazano bridge and beyond. It is gusty up there! But oh so beautiful.. This room begs for a sleek fire place installed in the wall and HGTV's Candace Olsen's magic design touch for a dream of a master suite. Clocking in at over 2,500 square feet.

Marble, sleek half bath in three bedroom unit.. I love the floating sink.

Price tag - upon request.

Our tour ended short because the third unit we were to preview was hosting a private meeting, so unfortunatley we never saw that one.

Great morning with a sneak peak at the residences I had been wanting to see for so long. But the building had sold out and I never was able to see any.. now, these came back on the market for reasons undisclosed - my guess is the buyers either could not get financing or backed out.

These residences can yield rents as high as $6,000 to $15,000 a month. Not too shabby!

Peak At Hoboken Real Estate Condo Sales since November 1st 2009

Take a sneak peak at what November is shaping to look like for Hoboken real estate condominium sales. I know you're curious as to what listing prices versus sale prices are right now. Look on the right side of the listing page and see the list price and sale price. Some of these have pictures attached as well.
Click here for list of sales.





Want a list of what's available in your price range? Email me and I'll send right over.

Learn The Truth About Short Sales

Short Sale Myths

- Courtesy of The Institute Of Certified Distressed Property Experts

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:
Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.
With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 – Short Sales are Impossible and Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.
For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 – Banks are Waiting on a Bailout and Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.
Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7 – Buyers are Not Interested in Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.
For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

In conclusion, Agents with the CDPE Designation have been trained in all aspects of the short sale process, and know how to deal with the parties involved in foreclosures. Finding a CDPE can explain what options you have, and get you on the path to recovery.

>>> I am a Certified Distressed Property Expert, if you or someone you know needs help or has questions, please do not hesitate to contact me.

Home Buyer Tax Credit - Extended?? Maybe SO!

Good News!

Late last week, I heard the news announcing that the Senate reached an agreement for the following items set forth on the home buyer tax credit bill:

To extend the $8000 First Time home Buyer Credit
To offer a tax credit to home buyers that are not first time buyers if they are buying a primary residence

To increase income limits - singles were increased from $75,000 to $125,000. Married couples filing jointly were increased from $150,000 to $250,000
One caveat - Home buyers must have executed contracts in hand by April 30th however you have until June 30th, 2010 to close.

Primary residence limit- Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for 5 years or more


This is amazing news! Many Hoboken buyers did not qualify under current income limitations and also many home owners who want to sell and buy a home now have an incentive to do so in 2010 to receive the tax credit. While $6,500 is a lot less than the original $15,000 that was first proposed, this is still excellent news for everyone. While it's not set in stone yet, all signs point to a great likelihood that it will be passed soon. Keep in mind, there is always a chance that their will still be some changes to the above.





If only now Congress could pull their heads together to pass a bill making it mandatory that banks negotiate with homeowners that have an ALT A or ARM mortgage to a lower more affordable rate to keep them in their homes, then we could certainly avoid another major bump for home owners.

Top 10 Tips For Buying Real Estate!! #9

Tip #9: Get A Quality Home Inspection

Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives - their homes. Paying for a qualified home inspection before you buy a home isn't just spending "a little extra" for peace of mind; it's absolutely essential for anyone who doesn't want to spend thousands of dollars for repairs.

Your professional real estate agent will have a list of approved vendors they work with on a day to day basis. My suggestion would be to ask them for a referral, and also ask friends and family for a referral. Remember, buying a home is a huge decision and a large investment, probably the biggest you'll make in your life. So, just as I say no to using your uncle Joe for a mortgage, or as your attorney, the same rings true here. Use an objective party, someone who is licensed, has plenty of experience, comes recommended and who charges rates in accordance with what others currently charge in your market.

You will receive a written report of your inspection, sometimes on the spot if your inspector has the capability and you will then go over this report with your attorney to address any outstanding issues.

Till next tip!!

Top 10 Tips For Buying Real Estate! #8

Tip #8: Develop A Mortgage Shopping Chart



If you've been reading this series from day one, you'll remember that we covered this on day one. To read the full post visit the first day's post here



One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. There are 10,000 lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, you want to avoid apples to oranges contrasts by comparing fixed rates to fixed rates, not fixed to ARM's. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker).

Invitation from Bella Ro! Treats No Tricks!

I received this invite from Bella Ro and thought I would pass this on to my readers.

Enjoy!

Top 10 Tips For Buying Real Estate - #7

Continuing with my series of successful home buying real estate tips - here's number 7.

Tip #7: Put Yourself In The Seller's Shoes

You are about to make one of the most important decisions that will affect both your life and the life of the seller. If you take time to understand the reasons the seller bought the home, their reasons for selling, and the home improvements they have or have not made, you'll be in a better position to evaluate the home and negotiate a better deal. In the end, the home buying process excludes the professionals and comes down to the individuals buying and selling the home.

A closer look at the seller may help you in deciding whether and for how much to buy a particular home. While the price a seller paid for a home is irrelevant in determining market value, understanding their position will help you negotiate better. For example, if you know that a seller bought his or her home for $460,000 and is currently on the market for $409,000 you can understand that the seller is losing money on the sale of their home. This can help you be more sensitive in your position, so when you and your real estate decide on a fair purchase price, you can present your offer in a way that doesn't offend the seller or make him or her shut down. Remember, you want to open the door for negotiations, not close it. Being sensitive and understanding can help you negotiate a better price.

Till next tip!

Top 10 Tips For Buying Real Estate - #6

Continuing with my top ten tips for buying real estate series here is Tip Number 6.

Tip #6: Sign A Contract That Protects You

This tip requires a sub-headline, if you will

- Work with a reputable, experienced real estate attorney

Make sure that the contract you put on a house allows you to arrange financing, inspect the home and negotiate any problems that you uncover. Ensuring that the contract you sign will minimize potential legal battles will allow you to enjoy your new home without the headaches and strain of legal battles. In Hoboken and Jersey City for example, most licensed real estate agents use a standard contract created by the New Jersey Association of Realtors. This contract is written to protect both buyer and seller, and has special contingencies built in to allow a home buyer to secure financing, feel good about the home inspection and conduct a survey or title search to name a few items covered. So don't worry too much about the language in the contract, this will all be changed shortly. Here's why:

In NJ there is what's called a three day 'attorney review period'. This means that any contract you sign is not binding until your real estate attorney has reviewed and accepted the terms put forth. When the time comes, and you sign a contract you will turn it over to your attorney who will make many changes to it. In fact, most real estate attorney's have their own addendum ready to go that's been tested many times to include the changes they are comfortable with.

During the review period the contract is not binding to either party. This means that should you change your mind you can decide not to go through with the sale, however, remember that the seller can also continue to receive offers, therefor this means that until the 'Attorney Review Period' is over, no one is locked in. Something to keep in mind, and good to know, especially if you really want your home and want to make sure you get it. You can give your attorney a heads up to move the review period along.

The three day review period does not end per say in three days. If you read a real estate contract you'll see that it's three business days, and that the review period can be extended. Attorney review is officially over, once both parties come to an agreement and sign off and all changes.

Till next tip!

Top 10 Tips For Buying Real Estate - #5

Tip #5: Fixed vs. Adjustable Rate Mortgages

Which type of loan fits your particular needs? If this will be your first home or a "transitional home" -- one you plan to own for a short time, an ARM may be the best type of loan. If it's going to be your dream home or one you plan to raise a family in, then you may want the stability of a fixed rate mortgage.

If you do choose an ARM, the index should be based on the Cost of Funds Index if rates are increasing, and Treasury Bills if they are decreasing. The COFI's are less volatile over time than T-Bills; make sure the teaser rate is understood and what the real rate would be. Personally, I would advise to avoid ARMs whenever possible. From experience many buyers end up staying longer than initially anticipated and get caught in the ARM scare.. In a soft market this can be troublesome when refinancing options aren't available. In today's market for example, where seller's aren't able to sell for what they had hoped, many are turning their first homes into investments. Sometimes this can work out well especially in the condo market. However, with fluctuating interest it can cut into potential profits. A locked in long term rate can prove to be better than an ARM.

Whichever loan you choose; make sure that you scrutinize all the closing costs. Typically in Hoboken, closing costs can be about 2 points of the purchase price. This can vary however depending on taxes, capital contribution, fees and a number of other factors. If you are required to have a mortgage escrow account and private mortgage insurance, make sure you understand the terms and cancellation procedures (your Real Estate Agent has publications to assist you). Also, make sure there are no prepayment penalties so that you can utilize an accelerated mortgage plan. A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments. If you experience negative changes in your job, health, or marital status, you can revert to the standard payments in your mortgage contract.

Always look for referrals or recommendations of mortgage brokers/lenders that your friends or professionals have used. It doesn't hurt to share a Good Faith Estimate with your Real Estate Agent for some advice. I've been able to pick up excessive fees in some cases for my buyers and have referred them from their 'family' friend to a professional I trust.

Till tomorrow's tip!!

Top 10 Tips For Buying Real Estate - #4

Continuing on with my 10 Tips for succesful home buying series.. Here's today's - this one should be easy.

Tip #4: Create A Top 10 List Of Amenities

When shopping for a home, list the features (wood burning fireplace, private yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes and may keep you from buying a home on a whim. As detailed in Tip #3, your top reason for buying a home should be the value you are getting. Some of your top 10 amenities should logically be sacrificed if an incredible value is available. Remember, it's nearly impossible to find a home that has all of your items on your wish list, unless of course you're building a custom home. Know that there will come a time where you'll need a little give and take. Some buyers will sacrifice location for more space and nicer features, others will sacrifice space for location and proximity to shopping or transportation. Until that time comes, starting with this list, and sharing with your enlisted professional realtor, will give she or he a good idea of what you're looking for and your desired lifestyle.

Till next time!

Want out of Hoboken for some good shopping deals?

My Daily Candy weekend guide was so good for this weekend I had to share it with you! If you don't receive daily candy, or have never heard of it, you should check it out and sign up! It's completely free and they don't give out your email to other businesses..

Don't forget your big sunglasses! And a coat! It's cooold already!

What to Do This Weekend
It’s worth every penny.

DIG DEEP

Archetype Closet Clean Out

What: Fremont, Digby & Iona, Quail, Eskell, April77, Lewis, and more for cheap.

Why: A little something new for your job interview.

When: Fri., 10 a.m.-7 p.m.; Sat., noon-5 p.m.

Where: 676 Broadway, b/t Bond & Great Jones Sts., 2nd flr. Cash only.

Prada and Miu Miu Sample Sale

What: RTW, handbags, shoes, and wallets way below store prices.

Why: Off the rack and off the hook.

When: Thru Oct. 23. Sat. & Sun., 9 a.m.-6 p.m.; Mon.-Fri., 10 a.m.-7 p.m.

Where: 609 W. 51st St., b/t Eleventh & Twelfth Aves. Credit cards only.

DRINK UP

Bar Pleiades Opens

What: As part of a $60 million overhaul of an Upper East Side hotel (that had its heyday in the ’70s), Daniel Boulud was entrusted with creating a chic French space for sips and snacks.

Why: Black-lacquered design inspired by a Chanel compact, deco bar cart, and a ’70s poem called “Central Park, 1974.”

When: Opens Thurs. for cocktails.

Where: The Surrey, 20 E. 76th St., b/t Madison & Fifth Aves. (212-772-2600 ext. 144).

EAT OUT

Bill’s Bar & Burger

What: Tiny new corner spot for patties and dogs opens tomorrow.

Why: Holy cow! Hold the Roquefort; hold the chutney. This is a classic, simple burger at its sublime best.

When: Sun.-Wed., noon-11 p.m.; Thurs., noon-midnight; Fri. & Sat., noon-4 a.m.

Where: 22 Ninth Ave., at 13th St. (212-414-3003).

RUB DOWN

Chill the !@$% Out Weekend

What: The Fierce Club yoga studio offers massages on the cheap. Fifty minutes of bliss for $25.

Why: Thirty slots for the taking.

When: Sat. & Sun. First booked, first served.

Where: 269 Elizabeth St., b/t Houston & Prince Sts. Make an appointment at 212-334-6900.

DROP IN

Harlem Pop: the Parlor Session

What: Society HAE (Harriet’s Alter Ego) hosts a one-day art, music, and local fashion installation in a restored historic brownstone.

Why: It’s the neighborly thing to do.

When: Sat., 2-7 p.m.

Where: Indigo Arms Guest House, 181 Lenox Ave., at 119th St., 2nd flr. R.S.V.P. to going.com/harlempop.

Top 10 tips for buying Hoboken real estate - #3

Continuing with our successful home buying tips!

Tip #3: Value, Value, Value

The days of 10-30% annual appreciation have passed. Home buyers in the 1970's and even 90's to early 2000, benefited tremendously from what seemed like ever appreciating home prices. Nowadays, we will most likely be looking at slow steady growth while guarding against the possibilities of falling prices, skyrocketing ARM rates and corporate layoffs that can dramatically affect your home values. The classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs. The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchasing price.

Many times I'll show a buyer two similar units one is a higher price - the one that has the granite counters, and one has a lower price, the one competing with the granite counters. Sometimes buyers will see this and think, this place needs a lot of work! I'd rather try and get the one that's already renovated.. In a softer market this might not always be the best approach. If there is a $20,000 price difference and it would only cost you $8000 to renovate the kitchen then which is a better value? Plus remember, the unit that needs to upgrade the kitchen knows buyers want a newer more modern look and should therefore be a little more motivated on their price. Then, if you successfully negotiate a fair purchase price, your value instantly grows.

More on negotiation in the future..

Top 10 tips for buying real estate! #2

Hello ladies! I am back from a much needed weekend with my family and future in laws and I apologize for not bringing my laptop with me to give you a tip for Saturday and Sunday! However I'm hoping you had a nice weekend as well, and although today is holiday - it's back to business for me!

Happy Columbus Day!

Tip #2: Make A Plan And Get Pre-Qualified
Every important decision needs to be clearly thought out. From investing in a pair of expensive shoes to starting a new job or career and buying a home!

Developing a home buying plan can help you focus on the important factors and organize the entire process. It's a great idea to purchase a binder with sections on house hunting, home financing, service providers, etc. (More on service providers in the future).

Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. In most cases today, you will not be able to submit an offer without a prequalification letter, and some real estate agents require that you bring your letter during your first buyer consultation.

A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. Plus you will be able to make an informed decision instead of acting on pure emotion. Buying a home can be exciting! Especially if you see a place that has everything you want..

A thorough plan will save both time and money!

Remember, a prequalification letter does not commit you to working with that particular lender or broker. And the same is true the other way around. Just because a bank or broker provided you with a prequalification letter it does not guarantee that they will approve you for that amount or even approve you at all. Many things can change while you're shopping for a home including lending restrictions and not to mention your credit! It's important that during the process you keep tabs on your spending and on your bills. Make sure to pay everything on time, and hold off on major purchases until after you've bought your home.

Till tomorrow!

Top 10 tips for buying real estate: #1

Yesterday I posted the first of this 10 day series and I started with number 8 'Develop a Mortgage Shopping Cart' because I felt that it was a great place to begin.

So we're going back to basics and starting with number one:

Tip #1: Research Is The Key To Discovery
Home sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find the gems yourself! Only by reading available materials, talking to friends and experts, doing some research online and working with a real estate agent you trust, will you end up with your American dream.

If you're moving somewhere and transportation is important to you, or schools, make sure that you do your research, and not just by searching online - although the Internet is an incredible tool - but by asking neighbors and residents of the town. Walk around and shop or eat where you might end up living. You'd be surprised how many people are willing to talk to you and offer to share their personal experiences.

Make it a point to walk or drive around the area that you're looking at during the day and the evening. If commute time is a factor then give it a test run or two so you can feel it out for yourself. You'll learn a lot!!

Till tomorrow's tip!