Westchester Real Estate Talk

Barbara Corcoran was on the Today Show this  morning and a lot of you probably saw the segment, so, for those of you who didn't here is the clip and a link to the text.

 I like this particular segment because I think the public is getting confused about what to do, buy, sell or wait it out.  This sets some parameters.  Buy if you will live there for five years or more.  Buy because interest rates are low now and it is cheaper to buy now than it is to rent. 

 

 

"Presenting 12 changing exhibitions annually in addition to ongoing exhibitions from the permanent collections, the Neuberger Museum of Art offers visitors insights into the work of 20th century masters, and mid-career and emerging artists, as well as exposure to the county's only permanent exhibition of African art"

 

Current Hours: Tuesday - Sunday 12 to 5 pm <!--<p>Saturday - Sunday<br>11 am to 5 pm</p>--> [Closed Mondays and major holidays] Admission: Adults $5 Students $3 Seniors [62+] $3 Free for members, children under 12, Purchase College students, faculty & staff Free First Saturday of every month for all vistors

 

    

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

On Sunday, come to the special screening for the first-ever "Future Filmmakers" competition. About two dozen aspiring filmmakers from local high schools will get a chance to have their production shown in a professional theatre, on a full-size screen, and hopefully complete with a standing-room-only audience. The films will be judged by a panel of professionals and filmmakers and the winner will receive a $1,000 cash prize and, for their school, a professional high-definition video package, valued at $5,000. Second and third place winters will be given a $500 cash prize and their sponsoring high school will be given a $500 stipend to put towards film equipment of their choice. The cash prizes were donated by the Matthew Hisiger Foundation.

Check out the film schedule. More details on the films coming soon.

More Information, Film Office, Westchester County, check here.

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

The Paramount  Center in Peekskill has a history in Westchester County that dates back to the 1930's.  Some programs of note are:

March 8th, 2008  Savion Glove with McCoy Tyner Trio

March 22, 2008   The Four Tops

April 26, 2008     Jessye Norman 

June 21, 2008    Patti LaBelle

For Special Events, Programs, to buy tickets and directions please check out their web site:

The Paramount Center for the Arts

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

So what is the Purchase CEMA?  CEMA stands for Consolidation, Extension and Modification Agreement.  CEMA's are typically used to avoid the second payment of the New York State mortgage tax by mortgagees when refinancing a mortgage.  This an be used in the sale of property and both the buyer and the seller can reap benefits.

The Seller can save ,4% in New York State Transfer tax up to the first 500,000 of assigned mortgage up to $2000.00 dollars for signing an authorization.  Savings are based upon the continuing lien deduction achieved because of the assignment.

The Buyer can save 1.8% to 2.55% in New York State mortgage tax when they purchase a property.  The sellers existing mortgage balance is assigned to the buyer and the buyer then only pays the mortgage tax on the difference between their new loan amount and the seller existing mortgage and can save thousands of dollars.

This is a tool that will not apply to everyone.  It takes time, up to a month, to obtain an assignment, the seller has to have enough of a mortgage left and all the numbers have to work.  Structuring a deal with a CEMA as a component is possible but needs verification as it will not work with all sellers and buyers.

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

Right in the middle of Westchester County, one minute from strip malls on Central Avenue is the Greenburgh Nature Center. 

 "The Center is a 33-acre woodland preserve with trails, pond, orchard, maple sugaring site and gardens.  Our Manor House contains a live animal museum with over 120 specimens, a "hands on" discovery room, greenhouse, changing nature-arts exhibits, and a nature store"

Greenburgh Nature Center

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

Beginning in 1998 a group of inidividuals because interested in creating a cultural arts center in Westchester County, New York and more specifically in Pleasantville.  In 2000 a capital campaign was launched to the raise the funds.  A local foundation, Jacob Burns Foundation, donated 1.5 million of the initial $5 million and in their honor the name was chosen.

Opening its' doors in 2001 they now show films from around the world, there are art exhibitions, book signings, live performances, interviews with filmmakers.  They have developed after school enrichment programs.

To see the films that are now showing, NOW SHOWING, to see films they are showing for the whole family, FAMILY FILMS. Some of the family films are:

Mary Poppins, 1964, The Shaggy Dog, 1959 and The Muppets Take Manhattan, from 1985.  All classics.

The Jacob Burns Film Center also has a You Tube channel where they show short films made by their students. Please visit at JBFC on You Tube.

Their website is at Jacob Burns Film Center.

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

I am listening to Fox News and they just did a segment about a Town in Connecticut that wants a reduction in their home assessments because a sex offender has moved in.  They claim that the presence of this offender has lowered their property values.

A rather lively discussion on Fox.  Jeannine Pirro, the former Westchester County District Attorney feels that because of the recidivism of this particular criminal there is a real issue.  It is more than likely that a sex offender will re-offend.  Another commentator asked whether parents would feel better and more comfortable living next to an offender if their taxes were lower?

This group is taking their case to the Board of Assessors in March.

Below is the link to the Associate Press release.  The local real estate broker states she would consider it a problem but that it isn't because no one has asked her agents about sexual offenders????  They don't work as buyer's agents in that area, or do it very badly. To read more, click here.

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

Last week President Bush signed into law a stimulus package that will lower the monthly payments for borrowers on more expensive homes.

The limit on conforming loans will be raised from $417,000 to $729,750 temporarily, beginning of March through the end of the year.  Individuals with existing JUMBO loans will be able to refinance and lower their monthly expense.

"For years, rates on jumbo loans, those for more than $417,000, were only slightly higher than rates on conforming loans at or below that limit. But now, with the interest rate on conforming loans at around 6 percent, sometimes less, jumbo loans are at least a percentage point higher.

"The difference is as big as it's ever been," said Bart Welles, a mortgage broker in Larkspur, Calif.

For a high-priced home, 1 percent can make a big difference. A monthly payment on a jumbo 30-year loan of $729,000 at 7 percent would be $4,850. Monthly payments on a conforming loan of the same amount, at 6 percent, would be $4,371, a $479 difference"

To read more about this, from the New York Times, click here.

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker, Licensed in the State of New York
RE/MAX Prime Properties, Westchester County, New York 10583
www.MiriamBernstein.com
"Content of this blog is solely my opinion"

While recently negotiating a deal something new came up.  Something new always comes up but this I thought was timely.  So I am negotiating on a house.  We have agreed on price, closing, etc.  This is my listing.  The selling agent sends along a letter, a pre-qualification from a mortgage company.  It says that blah, blah, blah, if all is confirmed this bank will provide financing to this buyer.  The usual.

So we proceed.  All is moving along well.  I call the selling and in the course of the discussion she says oh, well they are getting their financing from a different bank.  There is no reason for you to know that.  The letter we sent means that that bank will provide financing.  It doesn't mean that the buyer has to use them.  The buyer has the right to shop their mortgage.

I say to this agent yes of course the buyer has the right to shop their mortgage but this should be disclosed and especially in this environment we find ourselves in with the banks and mortgage company's being in trouble.  I say to her that the seller has the right to know where the financing is coming from.  No, she says.  I have been doing this for over twenty years and I have never had to provide where the financing is coming from. You have a letter that says that this buyer can get financing.  That is all a pre-qualification is about.

I beg to differ with her.  Certain banks take a lot longer in their underwriting departments.  Some banks have much stricter underwriting requirements.  Some banks will require two appraisals under certain circumstances.  Banks are changing as we speak.  The seller has a right to know what will be needed down the road.  He has a right to know what to expect.  No, she says.

What do you all think?  Should all of this be disclosed by the selling agent?

Miriam Bernstein, CRS, ABR, GRI, e-Pro, SRES       
Associate Broker
Licensed in the State of New York
RE/MAX Prime Properties,
Westchester County, New York 10583
www.MiriamBernstein.com

"Content of this blog is solely my opinion"