LRE® Blog

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August 27, 2015

Free Ice Cream in Short Hills, NJ – Open Sunday, 8/30 from 1 to 4

Courtesy of Karen Eastman Bigos of Towne Realty Group Come for a free ice cream on Sunday, August 30th at our Public Open House from 1 to 4 pm at 21 Elsway Road in Short Hills, NJ!   Tired of sitting in traffic, driving to the Jersey Shore or The Hamptons? Too hot to play golf? Sick of wishing you had your own pool?

August 26, 2015

Wall Street Blues

Courtesy of Frederick Peters, President of Warburg Realty. My colleague David Rodriguez* once described the stock market as behaving like a group of 4th grade girls. The plunges of the past week certainly seem to corroborate that assessment. The market, in this as in so many situations, seems characterized by overreaction. Things are great, things are great, things are great, then suddenly things are HORRIBLE! Yes, China’s economic woes are significant and yes, it seems almost inevitable that those woes will impact markets worldwide. That said, here are a few reasons why I suspect it won’t be as bad as it looks:

August 26, 2015

Simple Steps in preparing first time home-buyers for buying their first home!

Courtesy of Cara Realtors Simple Steps in preparing first time home-buyers for buying their first home is easy if you educate them about the process.   Here is a list that I created that helps both of us streamline the process: 1. Give home-buyers the names of at least three reputable lenders. 2. Make sure that they have all of their financial information handy for the lender. 3. Tell them to let the lender check their credit score. 4. Make sure if they have student loans, they are current and in good standing. 5. Make sure they are current with any auto loan payments. 6. Make sure that they don’t have high credit card balances and that they pay their bills on time. 7. Tell them to ask their lender to give them a pre-qualification letter stating how much of a mortgage they can afford. 8. After determining what they can afford, identify the area that they would like to live in. 9. Explain to them that they will need at least $5,000 to $7,000 to cover their closing costs i.e; attorney’s fees, home inspection, title insurance, survey, application fee for mortgage and appraisal fee. 10. Explain to them that their mortgage payment will consist of a principal and interest payment, homeowner’s insurance and real estate taxes, (unless they chose to pay their own homeowner’s insurance and real estate taxes) so they can plan their budget. 11. Now they can look for houses in their price range with confidence because they know exactly what they can afford. 12. When they find the property that they want to purchase.  Explain the contract and attorney review process. 13. If they don’t have an attorney, give them the names of at least three and let them make the choice. 14. After attorney review has been completed give them the names of some home inspectors in the area. Explain the home inspection phase of the process. 15. After the home inspection phase has been completed. Make sure that to ask them to follow-up with their lender to see if they need any additional paperwork from them. 16. Have your clients get quotes for homeowner’s insurance from more than one insurance company. 17. When the lender approves the mortgage and issues a mortgage commitment, it is time to get ready to close. 18. On the day of closing, go through the house with your clients and make sure they are happy with the condition of the house. If the walk-through goes well, proceed to the closing. 19. Congratulate your first time home-buyers on the purchase of their first home and tell them how proud they should be of themselves for achieving this monumental goal in their lives. 20. Check in with your new homeowners a week or two later and ask them how everything is going.

August 26, 2015

"Friends" Writers List Home Previously Owned by Boris Karloff, Elliot Gould

Shana Goldberg-Meehan and Scott Silveri, the husband-and-wife duo who wrote and produced the Emmy-winning sitcoms "Friends" and "Joey," have listed their historic home with The Agency for just under $7.4 Million. The Beverly Hills house has a long history of showbiz owners, including Donovan Leitch, Elliot Gould, Boris Karloff, Leland Hayward and Katharine Hepburn, reports Variety. 

August 24, 2015

The Difference Between Tax Assessed Value and Market Value

Courtesy of Cara Realtors As a Real Estate Professional, I often hear clients reference the assessed value of a home as to what they feel a home should sell for.  Actually, the assessed value of a home has nothing to do with the homes market value.  Tax assessed value and market value are not the same. I feel this fact usually confuses clients who are looking to buy or sell a home. In many cases, the tax assessed value can be both higher and lower than the homes market value.

August 24, 2015

The Latest on the Paul and Bunny Mellon Estate

By Carol Joynt of New York Social Diary, Courtesy of Washington Fine Properties The Brick House was built for Paul Mellon and his first wife, Mary Conover Brown, in the early 1940s, by William Adams Delano. After a year on the market at $70 million for 2,000 acres of prime Virginia hunt country land, with a Georgian mansion and a jet landing strip, the Upperville estate of Paul and Bunny Mellon has not sold. The property was shown to 8 buyers, including three who returned for second looks, and one for a third, but none made an offer. The Mellons real estate and legal overseers have decided, and confirmed to New York Social Diary exclusively, that they now will break up the property and sell it in a dozen parcels. “We have made a decision to move now to speak with parties who have expressed an interest in parts of the property, and those include neighbors,” said Tom Anderson of Washington Fine Properties, who announced the listing last August. He said these interested parties, forming something of a wait list, have been in touch directly with him and executor Alex Forger, asking “if there was a time when portions of it would be available would we inform them.” Back in the day, Mrs. Mellon arriving on her jet at Rokeby.

August 19, 2015

The Price Problem

Courtesy of Frederick Peters, President of Warburg Realty. For New York City real estate, pricing parameters change constantly. What we think we know in July is different in August, and what we think we know in August changes again in September. This is not about seasonality. Properties appreciate (or depreciate) at different rates for different reasons. Condos behave very differently from co-ops. Mint condition overrides estate condition. Neighborhoods rise, fall, change their constituencies. Even as agents, we are often racing to keep up, because comparables don’t always tell the whole story. But here are a few useful guidelines with which to enter the minefield:

August 19, 2015

Good Timing Equals Luck In Real Estate

Courtesy of Steve Blank, downtown managing broker of LIV Sotheby's International Realty At this point, most everyone knows the real estate market has not only rebounded, but is progressing at a comfortable and believable pace.  Denver’s economy was one of the first to see lower unemployment, new construction, diminished foreclosures, and along with the natural allure of Colorado, a genuine sense of progress.

August 17, 2015

Kep Merli Reveals Europe's Best Kept Secret

Exploring the southern coast of Albania, sunshine, deep blue water and ancient paths of history blend with one another in the highest state of tranquility. Saranda excels at providing its visitors and inhabitants with these three fundamental elements at their best, making the city one of the most prominent touristic destinations in the country. The islands of Ksamil and their incomparable beaches and vegetation are an added value to the town’s offerings.

August 17, 2015

Cate Blanchett Lists Glamorous Estate for $14.75 Million, Presented by Ken Jacobs

A glamorous home for a glamorous woman! Cate Blanchett, Academy Award-winning star of Elizabeth, The Aviator, Blue Jasmine, The Lord of the Rings trilogy, The Curious Case of Benjamin Button, and many more, has just listed her majestic waterfront estate in Sydney, Australia. The property, dubbed "Bulwarra," is listed at $20 Million AUS, which is about $14.75 Million USD, and will be represented by Ken Jacobs, one of the foremost figures in Australian real estate.
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