Save $1000 in Closing Costs… Read This!

October 22, 2009 – 6:06 pm

A closing can be expensive, there’s no denying that. I’ve partnered up with two great professionals: Raj Rajpal of Wells Fargo and Michael Menicucci of Menicucci, Villa & Associates to bring you this limited time offer. From now through December 31st, 2009 purchasing a home through the combination of Thomas Ledger as your REALTOR, Raj Rajpal as your Mortgage Specialist and Attorney representation by Menicucci, Villa & Associates will net you a savings of up to $1000 on your closing costs.

Additional restrictions do apply, so please do contact me directly to find out full details on this offer and to receive a copy of the coupon/flyer needed when submitting your application. (The minimum loan amount on this offer is $250,000)

New Rental Listings Site

October 19, 2009 – 7:19 pm

I just wanted to fill everyone in on some of the work I’ve been doing lately. As part of our rental campaign I designed a system (from scratch!) to track all of the available rentals properties we’re showing. I took that data, linked everything up and I now have a live look for everyone to see.

http://www.therealestateledger.com/rent/

Right now we have a few dozens available units. Soon we’ll be adding units in all five boroughs and the Jersey Shore. Our ‘Manhattan Project’ is exciting because it ties in with the one of the new offices we opened:

MANHATTAN
1375 Broadway, 11th Floor
(between 37th and 38th)

TOMS RIVER
27 Washington St

If you’re looking for an apartment, Shore House, or anything in between, be sure to give me a call and I’ll point you in the right direction.

Another Foreclosure – Midland Beach Townhouse

October 17, 2009 – 11:20 am
Click Photo for Additional Media and EnlargementClick on Photo to Enlarge  

 
 
Status: Call for Details MLS#: 1056564m ER
Type: One Family Attached ListPrice: $241,500
Address: 599 LINCOLN AVE YearBuilt: 1991/APROX
  STATEN ISLAND, NY 10306 Style: Townhouse
Area: Midland Beach BldgDim: 13X40
County: Richmond BuildingSqFt: 1,200 SqFt
Condition: Fair $/Sqft: $201.25
LotSize: 1,300 SqFt Rooms/Unit: 5/
LotDim: 13X100 Bedrooms: 2
Garage: None/0 Car(s), OffStreet TotalBaths: 2
Basement: None/None Full/3/4/Hlf: 1/0/1
Taxes: $2,320 Zoning: R3-2
Abated: No CofO: Y
ParcelID: 03815-0007 Rented?: /
Directions: baden Place
Remarks: Bank owned property sold as is condition buyer to pay all transfer taxes.
Basement:   NONE
Level 1:   LR/DR COMBO, EIK, 1/2 BATH, SLIDERS TO YARD
Level 2:   BR, BR & FULL BATH Level 3: FINISHED LOFT.

Another Foreclosure – West Brighton Two Family

October 12, 2009 – 6:48 pm
Click Photo for Additional Media and Enlargement Click on Photo to Enlarge      

 
 
Status: Call for Details MLS#: 1053648m ER
Type: Two Family Detached ListPrice: $295,000
Address: 177 MYRTLE AVE YearBuilt: 1920/APROX
  STATEN ISLAND, NY 10310 Style: Colonial
Area: West Brighton BldgDim: 21X34
County: Richmond BuildingSqFt: 1,392 SqFt
Condition: Good $/Sqft: $211.93
LotSize: 6,750 SqFt Rooms/Unit: 5/3
LotDim: 45X150 Bedrooms: 3
Garage: None/0 Car(s), OffStreet TotalBaths: 2
Basement: Full/Unfin Full/3/4/Hlf: 2/0/0
Taxes: $2,470 Zoning: R3 A
Abated: No CofO: Y
ParcelID: 00219-0083 Rented?: /
Directions: Clove to Myrtle
Remarks: Bank owned property, sold “as-is” condition. Buyer to pay all transfer taxes.
Basement:   FULL, UNFINISHED
Level 1:   LR, KITCHEN/DINING ROOM, 2 BEDROOMS, FULL BATH
Level 2:   LR, KITCHEN, BR AND FULL BATH Level 3:  

Another Foreclosure – Oakwood Townhouse

October 10, 2009 – 3:41 pm
Click Photo for Additional Media and Enlargement Click on Photo to Enlarge     

 
 
Status: Call for Details MLS#: 1056087m ER
Type: One Family Attached ListPrice: $373,500
Address: 564 RIGA ST YearBuilt: 2004/APROX
  STATEN ISLAND, NY 10306 Style: Townhouse
Area: Oakwood BldgDim: 14X42
County: Richmond BuildingSqFt: 1,789 SqFt
Condition: Good $/Sqft: $208.78
LotSize: 1,173 SqFt Rooms/Unit: 6/
LotDim: 14X80 Bedrooms: 3
Garage: BuiltIn/1 Car(s), OffStreet TotalBaths: 2
Basement: Partial/Unfin Full/3/4/Hlf: 1/0/1
Taxes: $1,031 Zoning: R3X
Abated: No CofO: N
ParcelID: 04690-0137 Rented?: /
Directions: Guyon ave to Riga Street
Remarks: Bank owned property sold as -is condition, buyer to pay all transfer taxes
Basement:   GARAGE, UNFINISHED
Level 1:   ENTRY, LR/DR COMBO, 1/2 BATH, CLOSET, LAUNDRY, KITCHEN W/ SLIDERS TO DECK
Level 2:   MBR, BR, BR & FULL BATH Level 3:  

Another Foreclosure – Heartland Village Semi

October 3, 2009 – 11:52 am
Click Photo for Additional Media and Enlargement Click on Photo to Enlarge  

 
 
Status: Call for details MLS#: 1056320m ER
Type: One Family Semi-Attached E ListPrice: $330,000
Address: 124 ROCKNE ST YearBuilt: 1982/APROX
  STATEN ISLAND, NY 10314 Style: Colonial
Area: Heartland Village BldgDim: 17X52
County: Richmond BuildingSqFt: 2,392 SqFt
Condition: Fair $/Sqft: $150.50
LotSize: 2,600 SqFt Rooms/Unit: 8/
LotDim: 26X100 Bedrooms: 4
Garage: Attached/1 Car(s), OffStreet TotalBaths: 4
Basement: Full/Finished Full/3/4/Hlf: 2/1/1
Taxes: $3,395 Zoning: R3-1
Abated: No CofO: Y
ParcelID: 02388-0084 Rented?: /
Directions: RICHOMOND HILL RD TO ROCKNE
Remarks: BANK OWNED PROPERTY SOLD AS IS CONDITION BUYER TO PAY ALL TRANSFER TAXES
Basement:   FINISHED, FAM ROOM, 3/4 BATH, LAUNDRY RM, UTILTY.
Level 1:   FULL BATH, EIK,BR
Level 2:   EIK, LR/DR, 1/2 BATH, SLIDERS TO DECK Level 3: MBR, BRM, BRM & FULL BATH

Habitat for Humanity – Newark

September 18, 2009 – 9:52 am

Today I participated in a Habitat for Humanity project in Newark, NJ. Before I get into the details of what we did I wanted to give a little background on how they operate. Habitat for Humanity (HFH) selects qualified applicants for housing and provides them with an at cost (materials) home with a 0% interest mortgage. But part of the qualification process is what they call ’sweat equity’. Each person who initially qualifies must then complete a minimum of 200 hours of work on other HFH projects. Once they reach that 200 hour goal and finish any other requirements, they are given a home. The nice part about it is that a lot of the times they ended up working on the home that they live in. I blindly went into the day not knowing what to expect, so in case anyone is interested I’ll share the story.

We arrived a little late and had a quick orientation at the HFH office. We then took a quick drive to house number 69. This was the 69th house they built in the area (70 and 71 are currently pending building permits). We were a group of about 10 guided by two HFH contractors. Since the whether was looking grim, we all rushed to rake the dirt in the front and back yard, clean up the rocks and weeds, throw down some seed, and then top it off with some hay. The hay helps the keep the ground moist and, more importantly, confuse the birds. Next we moved inside. This particular house was pretty much complete but HFH projects start from the ground up, so we could have been putting up sheet-rock and such (some of the volunteers we were with had worked on this same house a few weeks ago doing just that). I spent the morning painting the ceiling (since I was the tall guy), some others painted the walls, and the rest were left tiling the two bathrooms.

Then there was lunch…

Then we got back to work. I did a little more painting in the afternoon until I finally got my big break. I had to thread a pipe for the gas line. I didn’t have a clue how to do it, but they showed me what I needed to do and I got the hang of it. We sealed the threads and replaced the small section of pipe that had been leaky (It was discovered that the original plumber who came in didn’t do perfect work, no biggie). I helped find dead-spots in the floor so we knew where we needed more nails. After that we measured out the linoleum for the kitchen and laid it out…. then it was time to clean-up and leave. A new group of volunteers will be in the next day to finish up where we left off.

…so you don’t need any home building experience to join in a HFH project. I spoke with the executive director of the Newark HFH and he said he could put me in touch with the NYC HFH if I wanted to go there, or I was always welcome to come back and work in Newark. I will definitely do it again. Everyone is welcome to come along, just let me know. Call me, email me… I’ll even coordinate the whole thing.

I could tell you that volunteering your time to others who are less fortunate changes your perspective and gives you a reality check… but you should already know that. Don’t have time to help out? How about packaging eight hours you normally spend on Facebook and put it to good use. There’s plenty of opportunities (especially around the holiday season) for you to give either time or money, even if HFH doesn’t sound like it’s for you. Could you imagine what the world would be like if everyone gave selflessly to others???

Here’s some pictures of the site… none of me, but if I get them I’ll post them…

Front Lawn

Front Lawn

Backyard

Backyard

Front of House 69

Front of House 69

Loan Modifications Falling Short of Goal

July 29, 2009 – 6:38 pm

As expected (by myself, not the Obama camp), the housing initiative that allows borrowers to modify their home loans to avoid foreclosure is not going so well. The original goal was set at helping out between 3 and 4 million homeowners. Everyone cheered at the proposal and the ‘promise’ but reality is sinking in. The government realizes that the goal is unrealistic and took some precautionary measures to attempt to stay on track.

Tuesday saw an all-day meeting at the Treasury Department between the Obama adminstration and mortgage company exectutives. The end result…. a ‘pledge’. A pledge that 500,000 loan modifications will be made by November 1st. That’s as good as an empty promise to me.

Only about 200,000 home owners were enrolled in the program as of this week. The major complaint from applicants is that the process is too confusing and is chock full of bureaucracy. Banks are even continuing the foreclosure process while applicants are awaiting approval.

I don’t know the specifics of the process, but it’s my understanding that the banks have little incentive to modify these bad loans. A modified bad loan is still a bad loan. It’s still the same borrower. The foreclosure process, which ends up costing the bank anyway, could be a less costly alternative to a modified loan that will end up defaulting again anyway. So it’ll be interesting to see if this goal is reached. We’ll check in again when an update is released.

Our Island Car Care at the Staten Island Mall

July 28, 2009 – 3:03 pm

In another burst of entrepreneurial genius, the folks here at Our Island.com have introduced two new and innovative services to the Staten Island Mall. Consistent with our service-first for the consumer philosophy, Our Island.com has added Our Island Car Care to its ever-growing conglomerate of service-oriented businesses to better serve the people of Staten Island.

Valet Park at the Staten Island Mall

 

Our Island Car Care is the first valet parking service to be offered at the Staten Island Mall. “Staten Islanders will surely appreciate the convenience,” said Chris Reno, President and CEO of OurIsland.com. “There are times when I just can’t find a convenient parking space, there are times when it’s raining, and there are times when I am just lazy. Now we can just hand the keys to the valet, pay $3.25, and go into the Mall and do what we have to do.” Especially for people with busy schedules, and for people with children, now finding a parking space is no longer an issue, nor is the long walk with packages and/or children.

Our Island Car Care has also added a hand car wash to the menu. Now, in addition to the ease of valet parking, you can “kill two birds with one stone.” While you are at the mall accomplishing whatever it is that you set out to do, whether it’s just lunch, picking up a gift for someone or yourself, window shopping, getting in your daily constitutional — now you can also get your car hand washed at the same time.

You can even have your car detailed.

And if you just want to stop in to get your car washed, there is a sitting area where you can always find the latest edition of our newspaper.

You can find Our Island Car Care on the Richmond Ave side of the Mall across from Sears. Afraid of the real world? Visit us online at OurIsland.com and choose Our Island Car Care

The Price is Right

July 25, 2009 – 10:08 am

“You never get a second chance to make a first impression”

You see the phrase used in marketing quite often. So it’s no surprise this holds true when setting the listing price for your home. Setting the right listing price from the first day you put your home on the market is critical to a successful sale in a reasonable amount of time.

Do you really know what your house would sell for? Does the agent really know? Does the agent know, but is unwilling to tell you the truth?

  1. Buyers want more value, sellers want more money…So you know that there’s a lot of homes for sale right now. Unless your home is truly unique (private location, huge lot, lavish decor, etc) there are a dozen other comparable homes on the market. Setting your price correctly is a compromise between giving the buyers a sense of value without signing over all of your hard-earned equity. I can tell you from experience that when a buyer walks into an overpriced home, they immediate dismiss the thought of living there. It’s a major turnoff. The buyer is usually reluctant even if the seller is willing to be flexible with the sale price.
  2. The Agent that tells you the highest price isn’t necessarily the best… Agent A strikes up a conversation with you and says your Staten Island, 2-Bedroom Townhouse can sell for 1 million dollars. They justify it by over-glorifying all of (and only all of) the positive selling points of your home. Agent B tells you that it’s really worth about $400K. Agent B justifies this price with recent comparable home sales. You pick Agent A because a million dollars sounds a lot better to your bank account. You list your house at the higher price (OK, this is an extreme example… but here’s the point). If any potential buyers come to your house when it’s way over-priced, consider their interest to be gone forever. These buyers are less likely to come back to your home again even if you lower the price 6 months later when the listing expires. Face it, the buyer will move on and look at something more reasonable…. it’s too late, you lost your sale!
  3. Appraisals are heavily scrutinized and tend to come in lower than you think (or lower than they did a few years ago)… Banks are extremely critical about appraisal values. There’s a school of thought that feels that inflated appraisals artificially raised home prices and contributed to the mess we’re in today. I wouldn’t place the blame entirely on the shoulders of appraisers, but they theory holds weight. Either way you see it, that doesn’t really happen anymore. Appraisals (and mortgage approvals) have really made a housing market recovery difficult since they are a deal-breaker.
    For example, you list your house for $525K, and sell it for $500K. The buyer needs to put down %20 of the appraisal value. The appraisal comes in at $450K. Your agent knew this was about right but neglected to tell you. Now the buyer needs to put down $90K to have 20% equity PLUS an extra $50K to cover the agreed upon sale price. The buyer will walk away. Meanwhile, you spent two months planning your next move thinking your house was sold. You will not be happy, trust me.

 That’s just a few reason’s why you need to make sure you’re listing your house at the right price. Of coure there are exceptions to these points and everyone’s situation is unique. That’s why having a knowledgable and dynamic agent on your side will make the sale of your home worry-free and more profitable.