Markus Skupeika asked:


Recent surveys showed that New York has more Americans renting than owning houses. Close to its heels comes Seattle registering an almost 7% jump in the roster of renters over last year’s figures. This trend does not show any signs of weakening interest, as more and more people are catching the “renter’s fever”. For 2007, apartment rentals have skyrocketed between 7 and 8% - a classic example of the law of supply and demand in real estate investment, taking action.

Reasons were varied: others opt to rent instead of owning a home due to many issues that have hounded the real estate industry for the past couple of years, such as escalating housing rates, more stringent standards and procedures on loans, unattractive mortgage packages and foreclosures becoming more rampant, which have triggered fear of embarrassment in the hearts of ordinary Joes. No wonder, landlords are making frequent trips to the bank.

For a newbie mortgage investor, this places him in a dilemma, which investment road to take: finance the purchase of a home or fine-tune his resources to the call of the times, which places financing apartments and condominiums in the league of more viable options? Rather than providing resources for home financing with the prospect of flipping it afterwards, both real estate and mortgage investors, in the past couple of years, have focused more on putting up apartments and condominiums. Not that it was a new trend, but more and more investors who were originally all agog over putting up homes are now taking a second look at this once less-popular route in real estate investment.

At this time, rentals are fetching more money for both real estate and mortgage investors, and the rate this trend is taking, more investors will be joining the bandwagon, soon. However, for a family who wants to establish root in a particular community where children can interact and form solid friendships among neighbors, home ownership is still the best option.

What triggers the latest craze?

In New York City alone, which has become the “melting pot” of the world, where careers and business are pursued by people coming from other states and foreign countries, only 20 % opts for home ownership; 80 % prefers apartment accommodation, for its practical sense. Ranging from the most stylish accommodation to the more “hurried” space typical of the lifestyle of transient businessmen and young professionals who find themselves traveling for most times of the year, rentals have accelerated this year by 8% however, compared to owning a home in New York City, it is still a “dime to a dollar”.

This “dime to a dollar” analogy between owning a home and renting an apartment has ripple effect on developers, as well. When there is decline on the demand to purchase homes, naturally developers will look elsewhere for viable options like putting up apartments and condos, and the imminent lack for housing units will heighten the demand in making a leap from owning a home to renting. Either way, an astute Real Estate Investor smells lucrative investment opportunities, even miles away.

So, Where to Invest: Home or Condo?

A newbie real estate investor should consider factors that can have direct impact on people’s decision, such as employment opportunities in the locality, economic growth, present supply of housing units, including apartment/condo accommodations, and the prevailing prices of homes or rentals in the locality, and make a thorough assessment, before he jumps on a decision.



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Art Gib asked:


If you are looking for a beautiful home that is close to New York City, the New Jersey real estate in Bergen County should probably be on your list of housing options. After all, being located in northeast New Jersey, Bergen County literally overlooks New York City across the Hudson River estuary. It is also home to some of the best shopping, parks, and cultural centers in New Jersey.

The population density in Bergen alone is a pretty good indicator of how popular the area has become. With almost 4,000 people per square mile, Bergen is the most populous county in New Jersey. Fortunately, there are more than a dozen county parks and two large state parks where residents can escape from the crowds and enjoy lakes, trails, mountains and rivers in the area. Blue laws that keep everything but grocery stores closed on Sunday also contribute to less traffic and more peace and quiet at least one day of the week.

Bergen is also one of the wealthiest counties in the nation. With a median household income of $65,241 dollars, Bergen residents often enjoy a high standard of living. Family incomes average even higher at about $76,000. Unfortunately, there is also a price for living in such a beautiful and affluent community. Part of the cost lies in housing prices while another contributing factor is high property and income taxes. After all, as a state, New Jersey has some of the heaviest tax burdens in the country and Bergen County is no exception. The median house price in the area is anywhere from $500,000 to $600,000 as well. Depending on the municipality you are interested in, it wouldn’t be hard to find homes priced in the millions either.

At such a high price, Bergen County may not be within your budget, but if it is, there are definitely plenty of attractions in the area. In addition to the beauty and the economy in Bergen, your children will benefit from some of the best educational facilities in the country. Since Bergen is home to many different ethnicities and religions like Italian, Irish, Korean, Greek, African, Latin and Jewish residents, they will also be exposed to an abundant variety of cultures.

The real estate market is pretty diverse and immense though so you probably will need a Realtor to show you around if you are still interested in moving to the area.



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Andrew Dubinsky asked:


The first step in purchasing a home in New York is engaging a Real Estate Broker. Once the purchaser chooses the ideal home, an offer is made to the seller. The offer is officially made by the purchaser by filling out an agreement called a binder and an advance amount of 1% of the offered consideration is deposited with the seller by the buyer as earnest money.

The binder is the basic agreement for a purchaser of a home and requires that various conditions be included. The s conditions required include, the amount of mortgage loan that the purchaser can raise, structural stability of the property based on a report by a structural engineer, pest control inspection reports, water purity in places where the municipal supply does not reach, drainage inspection reports especially in homes that are not connected to the public sewage systems and inspection of radiation levels if any. Once the binder is signed the purchaser should engage a lawyer, a real estate title company or a title trust company to search and give a certification that the property has a clear title. The New York state Insurance Department regulates the fees charged for a title search. Details of real estate title companies and title trust companies are available with the New York Land Title Association, The New York Society of Mortgage Professionals and the American Land title Association. Mortgage companies and banks lend money on the basis of the property having a clear title.

The seller is liable to disclose to the purchaser, any encumbrance on the title such as prescriptive easements and liens arising out of non payment of maintenance services, taxes, previous mortgages, judgments, municipal rates or divorce. Further, the purchaser is required to obtain a title insurance by paying a one time premium under the New York State Laws . The seller’s lawyer then draws up and sends the contract to the purchaser’s lawyer. The purchaser’s lawyer whets the contract. The purchaser then makes a down payment by check which the seller is expected to deposit in a bank as escrow. At this juncture, the purchaser can sort out mortgage applications, arrange for carrying out the required inspections and renegotiate or withdraw from the contract in case of irreconcilable differences. The purchaser will be well served by a mortgage plan that covers a combination of not only the cost of the transaction but also the incidental fees.

A promissory note is signed with the mortgage company by the purchaser which functions as the mortgage agreement. Mortgage Insurance is often waived by mortgage companies if the applicant has a reliable payment history. Once all formalities are concluded the contract is formally signed and sealed for the purchase of the home. This is the closure of the purchase and it is at this time that Attorney and agents fees are payable. The purchaser is required to show the proof of a home owners insurance at the time of closure and leave with the keys to his new home.



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Priya Singh asked:


All binding legal documents relating to an Italian real estate transaction must be written in Italian, independently from the nationality of the parties.

Italian legal writing is highly technical, ritualistic and often archaic due to the close links with Roman law.

Ultimately it can appear to be obscure for people lacking a solid legal background in Italian law.

All this is further complicated by the profound differences between legal systems, more specifically between the English/American system based on Common Law and the Italian one based on Civil Law.

As a matter of fact there are juridical concepts in Roman Law that simply do not exist in Common Law and vice versa there are concepts bearing the same names in the two systems but having different meanings.

As a consequence an accurate understanding of the legal systems and the legal processes involved is essential for translators or interpreters involved in such important transactions.A deep knowledge of the specialist terminology is required as well as knowledge of the legal concepts implied.

This is why a legal document should never be signed without the assistance of a bilingual qualified lawyer who can explain in English the full scope of your commitment.Many real estate agents use printed contracts with an English translation.Such translations are rarely faithful and can often mislead the buyer.

It’s important to underline that in case of litigation the Italian version will always prevail.In the most crucial phase of the transaction, when signing the Deed of Sale in front of the Notary public, the Italian law requires the presence of an interpreter if the buyer is not fluent in Italian.

Our advice is to make sure that such interpreter is duly qualified not only under a strictly linguistic point of view, but also in terms of legal background.

Another crucial aspect to bear in mind is the independence of the interpreter.

This would exclude a bilingual real estate agent, an English speaking relative or friend of the seller or an Italian English teacher.

Explaining to you the Deed or Sale that you are about to sign is a very delicate task and you want to make sure you are entrusting the right professional.

Please remember that the Italian version of the Deed will prevail so it’s essential an expert and independent explanation of the legal implications that are involved.Your independent legal adviser has the right qualifications to assist you throughout the real estate transaction and will always make sure you have a full understanding of the documents you are requested to sign and the legal consequences implied.

 



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Dave Dinkel asked:


Redemption rights in foreclosure actually only come after the homeowner’s property is lost through a foreclosure sale or action. Once the home has been lost, some states allow the homeowner the right to “reclaim” his home for varying periods.

Because of the power the banks have for foreclosing, some states decided that that homeowners should likewise have the right to reclaim their home if their personal circumstances turnaround within a given time period. The homeowner will have to petition the court for a hearing to get his home back and show “proof of funds” that he is able to repurchase his home for what is owed plus all the associated costs of the foreclosure.

Proof of funds can are either cash in the bank or a pre-approved letter from another lender that is willing to fund his buying back his home. The new lender does not have to be a bank but can be a “hard money lender” who will charge the homeowner a much higher interest rate and closing points and will only carry the loan for usually one year. These hard money lenders are called “predatory lenders” in the industry because they are looking to loan amounts that can easily be gotten back if the property is foreclosed on and sold at auction.

The homeowner who lives in one of the states that has long redemption periods, can solicit local hard money lenders or real estate investors to exercise his redemptive right if there is equity in the home that can be retrieved by fixing the property and selling it in the retail market. These are called Equity Agreements and are common in the real estate business. Equity Agreements stipulate who gets how much of the proceeds from the sale, who pays what expenses and who will be dong the work. Remember, if it isn’t in writing in the Agreement, it isn’t going to happen. If you have a question, ask an attorney before you sign anything.

Here are the states that have no redemption period: Arizona, Connecticut, Delaware, Hawaii, Illinois, Iowa, Louisiana, Massachusetts, Mississippi, Montana, New Hampshire, New York, Oklahoma, Pennsylvania, South Carolina, and Texas. While these sates have no redemption privileges, it is possible to bring legal action against the bank with regard to deficiencies in the proceeding and mortgage irregularities.

States that have one year redemptive rights include: Alabama, Idaho (either 6 or 12 months), Kansas, Kentucky, Maine, North Dakota (6 or 12 months), and Wisconsin (possibly to 12 months).

The other states vary greatly because of specific terms in the mortgage or deed of trust contracts but range from 10 days to 240 days. It is imperative that you consult with someone who is familiar with your local foreclosure laws because they vary greatly from state to state, and the sale or auction practices vary from county to county.



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search rankpros asked:


NYC Office SpaceSelecting the right NYC office space for your business is essential to your success. Your real estate is the facilitator of how your business functions. The wrong property can cost you millions in actual dollars as well as potential profits. Does your New York office space selection support your company’s infrastructure from a technology standpoint? Does your real estate support your department’s communication from a layout perspective? Does the location allow for the easy access to today’s best talent? These are just a few questions that need to be considered when trying to relocate your company office space.

Today’s companies face three major costs. These costs are human resources, technology and real estate. All three are integrated today. Your office environment affects productivity which affects your bottom line. If the building that you are in cannot support the technology that you require your business will suffer. If the building layout efficiencies cause duplication of services, your organization’s bottom line will once again be affected.

START YOUR NYC OFFICE SPACE SEARCH NOW!

OfficeSpaceSeeker.com recommends a four step process when beginning difficult task of aquiring your NYC office space :

• Assessment & Feasibility - Good Planning is the key to a successful transaction. You must take time to identify your requirements. Only after fully understanding your needs can you go to the market and evaluate the viability of the stated objectives. You can then modify your goals and objectives relative to any existing oppoprtunities.

• Strategy - The next step in the process is to coordinate a team. OfficeSpaceSeeker.com recommends you assign specific tasks, schedules and benchmarks. You must look at all the factors that could affect the transaction. Remember to evaluate not only the quantitative financial comparisons the qualitative elements of each location as well. This analysis can include risk and sensitivity analysis. You can then look at the alternatives in the light of your objectives to see how well the real estate fits within the corporate strategy for the long term and the short term.

• Execution - OfficeSpaceSeeker.com recommends you use highly skilled negotiators fully versed in the legal as well as business issues of the real estate transaction. These consultants allow you to conduct simultaneous negotiations and manage the teams working on the projects. They can help you with the move-in process. This will ensure that you are in your space and operating your business in a timely matter.

• Advisory - A variety of services can help you manage your facilities. After your lease is signed you might want consider a number of services that will assist you do what you do best. Which is running your business, these services can include facility management, lease auditing and sublet and assignment assistance.

At Officespaceseeker.com we also offer a selection of executive suites located in the Manhattan office space market. The typical executive suite provides a professionally structured, total business and support services environment. Here we listed only the premier buildings and spaces available.



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Gea Elika asked:


In the past, the vast majority of those that owned their own New York City apartment lived in co-ops. For a variety of economic, regulatory and historical reasons, these types of apartment buildings dominated the world of New York City residential construction during most of the 20th century. These days, however, more and more of the residential buildings being built are condominiums.

The two types of buildings differ in some important ways. A co-op has an ownership structure closer to that of a public corporation than a typical apartment building. Instead of owning a particular apartment, like in a condominium, those that live in a co-op own a certain share in the company that owns the building. The more valuable the apartment, the larger the share of the company the resident owns.

A cooperatively owned building offers certain advantages to its residents, especially in regards to legally deciding who can move in. The guarantee of a not having an obnoxious set of neighbors moving in right next door a few years down the road has always been one of the most important benefits co-ops offer their owners.

The popularity of co-ops, however, has always been due in part to government regulations that began to be put into place during the late 19th century. Today, the ownership regulations and requirements of co-ops are simply too cumbersome for many people living in a world where people change jobs and move more often than they ever have before.

Add to this the legal changes in the regulations of Manhattan condominiums that took place in New York in 1997 that granted condo associations greater financial leeway to pay for repairs, and it’s no surprise that so many of the new buildings being built in the city today are condos.

Indeed, some of the more architecturally stunning works today are condominiums. The Alexander, a twenty three story building quite close to Rockefeller center is one example of the impact that condominiums are having on the New York City skyline. The Element Condominium, at 555 West 59th, is another.

Even in these very exclusive condos, the process of purchasing a condo and subletting or selling it is usually considerably easier in comparison to a co-op. While there is an extra tax when purchasing a new condo that was not previously owned by a resident, the extra move in costs will usually be slightly less than those of an equivalent apartment in a co-op, especially if you are purchasing a condo from the previous resident.



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Cyndi Gerken asked:


Initially gaining popularity with elite golfers in the 50s and 60s, golf carts are now making their way into all sorts of unlikely places. Employees in airports, warehouses, movie sets and resorts have all gotten mobile with golf carts over the past decade. Residents of careless communities and tropical islands have been using them on the sly as a cheap way of getting from a to b for years. But perhaps one of the most surprising places to find golf carts these days is on the streets of America.

Deeply contrary to the culture of speed, golf carts and the people who drive them are demanding a piece of the road for themselves - and they’re getting it. In many ways the timing is absolutely right.

Designed to travel at a leisurely pace and run on electricity, golf carts leave a significantly smaller ecological footprint than the average vehicle. The first electric vehicle available to consumers, golf carts are compact and cheap to run, quiet, easy to drive and non-polluting. They’re also painfully slow. Most golf carts top out at speeds of 15 mph with the pedal to the metal. But if you’ve got time to get to where you’re going, what’s the problem?

Many communities have simply connected the dots between their warm weather, a preponderance of golf courses and retirees, and the sheer efficiency of these vehicles by building roads and pathways dedicated just to them. Much like bike lanes in other cities, golf cart lanes are showing up in communities all over Florida, Arizona and California.

According to a new york times article, golf cart sales to individuals have doubled over the last 10 years, a phenomenon largely due to a change in US legislation. Ever since the National Highway Traffic Safety administration allowed “low speed vehicles” such as golf carts, to travel up to 25 mph on roads with speed limits up tp 35 mph in 1998, golf carts have been slowly moving off the golf course and into people’s garages.

Of course, you have to pimp your ride before you’re legal. Road worthy carts have to be outfitted with seat belts, windshields, turn signals and brake lights before they can legally tear up the asphalt.

In 1999, Rancho Mirage CA was one of the first American cities to make Golf Carts part of the municipal scene when the city adopted a program allowing drivers to travel the streets in their carts. The city has designated golf cart lanes and paths that traverse the downtown area and skirt the entrances to some of the most exclusive designer golf courses and country clubs in America. Carrying golf clubs, groceries and purse dogs, residents cruise roads named after the icons that invented this glamorous slow-moving golf life: Bob Hope, Gerald Ford, Ginger Rogers, Dinah Shore, Frank Sinatra. With scarves streaming in the slow desert breeze, this is SoCal at it’s finest.

The city is no stranger to the ways of the golf cart. The Thunderbird Country Club in Rancho Mirage is said to be the first place to ever see a powered vehicle on the fairway. In the 1950s, the likes of Desi Arnez and Bing Crosby were wheeling around the Thunderbird greens in the first 3 wheeled electric golf carts Americans had ever seen. To have the modern cousins of these early vehicles taking over the streets of Rancho Mirage 60 years later is not really surprising. Some would wonder what took them so long.



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Mark Walters asked:


Redemption rights in foreclosure actually only come after the homeowner’s property is lost through judicial sale or foreclosure. The owner can redeem by paying the lender the outstanding principal and interest due, plus the lender’s costs in foreclosure. Once the home has been lost, some states allow the homeowner the right to “reclaim” his home for varying periods.

Because of the power the banks have for foreclosing, some states decided that that homeowners should likewise have the right to reclaim their home if their personal circumstances turnaround within a given time period. The homeowner will have to petition the court for a hearing to get his home back and show “proof of funds” that he is able to repurchase his home for what is owed plus all the associated costs of the foreclosure.

Proof of funds can either be cash in the bank or a pre-approved letter from another lender that is willing to fund his purchase. The new lender does not have to be a bank, but can be a “hard money lender” who will charge the homeowner a much higher interest rate and closing points and will only carry the loan for year or so.

These hard money lenders are sometimes called “predatory lenders”. The amount they will lend is based on the “quick sale” value of the property. That gives them an equity cushion in case they are forced to again foreclosure upon the property to recoup their loan money.

The homeowner who lives in one of the states that has long redemption periods, can solicit local hard money lenders or real estate investors to exercise his redemptive right if there is equity in the home that can be retrieved by fixing the property and selling it in the retail market.

These are called Equity Agreements and are common in the real estate business. Equity Agreements stipulate who gets how much of the proceeds from the sale, who pays what expenses and who will be dong the work. Remember, if it isn’t in writing in the Agreement, it isn’t going to happen. If you have a question, ask an attorney before you sign anything.

Here are the states that have no redemption period: Arizona, Connecticut, Delaware, Hawaii, Illinois, Iowa, Louisiana, Massachusetts, Mississippi, Montana, New Hampshire, New York, Oklahoma, Pennsylvania, South Carolina, and Texas. While these sates have no redemption privileges, it is possible to bring legal action against the bank with regard to deficiencies in the foreclosure proceeding or mortgage irregularities. This is seldom worth the effort.

States that have one year redemptive rights include: Alabama, Idaho (either 6 or 12 months), Kansas, Kentucky, Maine, North Dakota (6 or 12 months), and Wisconsin (possibly to 12 months).

The other states vary greatly because of specific terms in the mortgage or deed of trust contracts but range from 10 days to 240 days. It is imperative that become familiar with your local foreclosure laws because they vary greatly from state to state, and the sale or auction practices vary from county to county.



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Nicholas Adams Judge asked:


Tenants in New York have more rights than those that rent in most other states. A long history of urban housing problems has led to a significant amount of progressive legislation that effectively makes renter’s rights much more important than a landlord’s short term bottom line.

Just like with all types of rights, the rights of tenants are only useful if people know that they have them. This quick guide will outline some of your renter’s rights that are most often violated by the landlord or building owners.

Firsts and foremost: Discrimination in housing – including on the basis of sexual orientation – in any facet of the housing market is legally forbidden, and New York City has a particularly strong Human Rights Commission that helps enforce anti-housing discrimination statutes.If you think you’ve been the victim of discrimination either as a tenant or potential renter, contact the commission immediately.

Second, you have the right to a heated home from October 1 – May 31. If the heat doesn’t work, or if the heat is below 68 degrees Fahrenheit during

that time, then you have the right to withhold a portion of the next month’s rent equatable to the portion of the month that the heat didn’t work.

Likewise, you have the right to a safe, healthy and habitable New York City apartment environment. If the hot water doesn’t work, or there is a rodent or bug infestation, that’s the same as the heat not working in the middle of winter, and you should act accordingly.

The guarantees of safety also mean that, if you are in a basement or ground floor, you have the right to working window protectors that keep anyone from coming through your window, as well as the right to an appropriate number of smoke alarms throughout your apartment.

Similarly, you have the right to at all times have a working lock on your door that keeps everybody that doesn’t have a key out.

One of the least known tenant rights is the right to have a mirror in all service elevators. This gives everybody the right to see if there is anybody in the elevator before getting in, and cuts down slightly on crime rates.

Perhaps most importantly, the landlord does not have the right to evict you without a court order. Only a court order can lead to you eviction, no matter what an irate landlord might say.

In sum, renters have the right to safety, warmth, a healthy environment and all the other aspects of having a home so important. These things are quality of life issues for you to debate with your landlord, they are rights that should never be violated. If they are, the New York City housing courts are a powerful way for tenants to make sure that they are financially compensated.

When trying to find the perfect New York Apartment, resources like CityCribs.com and the NYTtimes.com provide an easy to use and comprehensive selection of rental properties.



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