I like to think the comment below is more representative of my work:

“You’ve been incredibly helpful, and if we do in fact choose to move forward with our home search, we would very much like to stay working with you. In our house-hunting experience over the past month, you, by a long shot, come across as a genuine advisor who wants to be our advocate.”

- Paymon

Thanks Paymon, you made my week!

Law Breakers: Chrissy, Jack, and Janet

Well now I’ve heard it all. I mean, I’ve always known that oral sex was illegal in several states, and I was not surprised when the Texas Board of Education erased Thomas Jefferson from their textbooks, but this morning  I learned that in New York City it is illegal for more than three unrelated people to live together in an apartment or a house! Don’t believe me?  Here’s this morning’s NY Times article:

In New York, Breaking a Law on Roommates

Jim,

I think you’ll get a kick out of this. We are refinancing our home through a mortgage broker that shall remain anonymous. Among the mountain of paperwork they asked for, we were asked to provide our most recent bank statement. It had to be an official bank statement with the full account number (like the ones the bank sends monthly) not a download from online banking. So we sent them our February 2010 bank statement. It was rejected…want to guess why? February only has 28 days and the mortgage broker insisted on 30!
Anyway, just wanted to send this your way. We still love our apartment!

Take Care,

Julie

One word of caution. If you intend on taking advantage of the credit, don’t wait until April 1st to start shopping. There is liable to be a feeding frenzy at that time which could artificially push prices higher, and nullify the value of the credit.

 Here are the facts:

What Qualifies?

The Tax Credit applies only to the purchase of a primary residence (i.e. home) where the purchase price is $800,000 or less. The home cannot be purchased from a direct relative (i.e. parents, grandparents, siblings, or children).

 Who Qualifies?

First-time Homebuyers

 First-time homebuyers are defined as people who have not lived in a home they own for the previous three years. For first-time homebuyers, the tax credit applies to 10% of the purchase price up to a maximum amount of $8000. 

Repeat Homebuyers

Repeat homebuyers must have owned their current home for at least five years or have lived in the same home for five consecutive years over the last eight. For repeat homebuyers, the tax credit applies to 10% of the purchase price up to a maximum amount of $6500. Notably, the new law does not require that you sell your current residence.

Income Requirements

Single taxpayers with annual earnings of $125,000 or joint filers with annual incomes of $225,000.  (Single homebuyers with incomes between $125,000 and $145,000 and married homebuyers with incomes between $225,000 and $245,000 will be eligible for a reduced credit).

When?

You must have a signed contract by April 30, 2010 and your transaction must close by June 30, 2010. This deadline is extended to April 30, 2011 for members of the military who have served outside the United States for at least 90 days between Jan 1, 2009 to May 1, 2010. 

How?

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds the amount of tax owed, the difference is paid in cash – even if the taxpayer owes no tax!

Thanks for reading. 

For additional information (of both the detailed and confusing kind) have a look at the IRS websites below:

First-Time Homebuyer Credit

Some Current Homeowners Now Also Qualify 

Form 5405

Form 5405 Instructions

…

Walk-through: David Gahr House

I have a question.

If everything I’m reading these days sounds something like housing hasn’t hit bottom.., or something like housing prices are plummeting.., or Deutsche Bank Predicts 40% Drop in New York Home Prices.., or Brooklyn leads the way in unfinished condos.., or the Real Estate crisis is finally catching up to New York..,  then why are so many “experts” out there still referring to this old fairy-tale?

1) CLEANLINESS IS YOUR FRIEND. Your property must be really, really clean. Not surface clean, “spring cleaning” clean. It needs to smell good and it needs to shine. There’s no amount of pine cleaner smell that can simulate clean. In fact, it shouldn’t smell like pine cleaner, at all. It should just be clean. Shine is good on floors, windows, blinds, tabletops, appliance fronts and all surfaces in the bathroom

2) CLUTTER IS YOUR ENEMY. Buyers want to feel that they will have places to put things when they move in. The seller’s junk all over the place communicates that there aren’t enough closets, cupboards and drawers. Sellers often don’t “see” the 7 cereal boxes lined up on top of the refrigerator, because they are used to seeing them there. Buyers will notice the cereal boxes and will be left with the impression that there’s not enough cupboard space in the kitchen. Less truly is more. Remove some items from drawers, bookcases, closets and medicine cabinets. A prospective buyer will think there is ample storage because there are lots of things stored inside. It works in the reverse for some reason. Room for more, allows the buyer to think there’s a lot of storage space.

3) REPAIRS ARE A MUST. Many little repairs left undone, do not come across as, individual small things, which need to be fixed. They accumulate and convey the impression that the property needs a lot of work. They also communicate that the property isn’t special enough for someone to care about. Additionally, moving is a lot of work, so not making extra work is important. Fix everything that needs to be fixed. Paint the hall that has needed to be painted for 5 years. Replace the light fixture that’s slightly goofy. Throw out the worn out mat by the door and replace it with a new one.

4) DON’T TAKE IT PERSONALLY. Once you put your property on the market, it is open to public commentary. Your goal is not to have people agree with your taste. Your goal is to attract as many buyers as possible, in order to sell the property for the asking price. If you need to tone it down, throw it out or rearrange it, do it. Try not to take it personally and remember that “Beauty is in the eye of the beholder”.

5) HIRING A PROFESSIONAL CAN MEAN MORE MONEY IN YOUR POCKET. A pair of new, fresh and creative eyes may be critical. A client of mine purchased an apartment that had been languishing on the market for many months. A few months later, he was transferred and put the apartment back on the market. We made only the most minor cosmetic changes to the apartment and yet he rapidly received many offers. The offers were for more than he had paid for the apartment originally, for more than the asking price and for much, much more than my fee. We had simply cleaned and polished the place until it was deep, down clean. We painted every room a bright white since the apartment had little natural light. (All the rooms had been painted gray when he bought it.) We turned lights on before each open house, brought in fresh flowers that looked and smelled great. We packed away items that would keep prospective buyers from imagining themselves living in the space. It was the same dark apartment whose windows opened on an air shaft, but it didn’t matter anymore. We had created an environment in which people wanted to live and this was reflected in his selling price.

I’ve spoken many an angry word about this topic, but after reading this article (link below) all I could think was, we all need to be careful.

The Brooklyn Paper: A jarring reminder of a dead biker

Skeleton of nonpareils by artist, Heather Cox

Today I took a break from work to pop into one of the artist studios participating in A.G.A.S.T., Annual Gowanus Artists Studio Tour. It’s great, it’s one of a kind, and I highly recommend it over a Fox NFL Sunday. Hurry up though, it’s only a two day festival and tomorrow’s the last day. The tour encompasses 28 different studios in the Gowanus Canal area. My friends Mical Moser and Heather Cox can be found at 295 Douglas St, between 3rd and 4th Avenues. I may be biased, but I think you should visit them  first.
 

Mical Moser’s Map of Who You Know Votes Where

A.G.A.S.T.

Annual Gowanus Artists Studio Tour

Oct 18 & 19, 1PM-6PM

Police get ready to leave after it was determined that the corner of Carroll and 7th Avenue was safe for pedestrians.

Strange happenings on Carroll Street between 7th and 8th Avenues today.  First, residents woke up to their block lined with orange traffic cones.  People were told by two thugs, with NBC employee badges, that the NBC Muppet Christmas special, Letters to Santa, had reserved the area and that anyone parking their car on Carroll Street between 7^th and 8^th Avenues would be towed. When a resident pointed out to them that signs posted on the block, by the Mayor’s Office for Film, Theater, and Broadcasting, clearly stated that parking was to be restricted only on Wednesday, September 10^th, he was told that, “the time for talking was over.”

Later, at around 4PM, the police received a call of a suspicious package on the corner of Carroll and 7^th Ave.  Several patrol cars arrived and blocked traffic for approximately 40 minutes until it was determined that the black bag left on the corner posed no threat.

Neither NBC nor any of the Muppets could be reached for comment.