comitini.com

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Thu, 20 Nov 2008 21:49:10 -0500

Freddie: Expect further declines in lending Economists at Freddie Mac are more pessimistic about the economy than they were a month ago, and no longer believe mortgage originations will rebound in 2009.

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Wed, 19 Nov 2008 18:56:07 -0500

Consumer Price Decline Prompts Fear of Deflation In another sign that the struggling economy continues to slow, consumer prices tumbled by a record amount in October, carried lower by skidding energy and transportation prices, raising the specter of deflation.

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Tue, 18 Nov 2008 22:36:11 -0500

Mayor Lacks Power to Block $400 Rebates Any elimination of the popular rebates requires City Council approval, budget director Mark Page acknowledged. And council members, who have been flooded with calls from angry residents looking for their checks, declared the mayor’s idea to cut them “dead on arrival.”

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Mon, 17 Nov 2008 08:20:39 -0500

Apollo's Realogy Seeks Debt Exchange to Avoid Default Realogy Corp., owner of the Century 21 and Coldwell Banker brands, is at risk of violating the terms of its bank loans and is offering to exchange about $1.1 billion of bonds at a discount for new debt.

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Fri, 14 Nov 2008 23:26:40 -0500

Obama, Clinton, McCain Join Forces From the life imitates art archive: Okay, so it hasn't really happened yet, but there are news reports swirling around about Hillary Clinton and John McCain possibly, maybe, being considered for Cabinet positions in the Obama Administration. Well, The Onion called it back in May in this story dubbed the "2008 Nightmare Ticket" during the primaries. Brilliant!

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Fri, 14 Nov 2008 22:41:25 -0500

Mayor Stakes Popularity on a Budget Fix A year before the next mayoral election, Michael R. Bloomberg appears to have settled on his campaign message: higher property taxes, smaller school budgets, shuttered dental clinics, more parking fees and a new surcharge on plastic shopping bags.

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Wed, 12 Nov 2008 21:17:54 -0500

Paulson Says Treasury Is Shifting Focus of Bailout Treasury Secretary Henry M. Paulson Jr. announced a major shift in the thrust of the $700 billion financial-rescue program on Wednesday, at the same time joining several agencies in prodding banks to speed up the thaw in the country’s credit system. He is backing away from buying troubled mortgage assets in favor of a second round of capital injections into financial institutions.

tips on shopping for a home

Mon, 10 Nov 2008 21:46:13 -0500

We join real estate Attorney Keith Schuman for some lawerly tips on the decision making process. Feel free to ask questions in the comments section. Once you have determined how much you can afford to spend for your new home and have assembled your team of real estate professionals to assist you in this process, you can focus on the type of home you would like to purchase. If you are working with a real estate broker, be sure he or she knows what your priorities and requirements are for a home and neighborhood. Defining your price range, house or apartment size and amenities will help your broker with the search. Remember, flexibility in any of these areas will greatly increase your chances of finding the best home for you. Your broker will schedule an appointment with you to show you apartments that match your requirements. You also should attend as many open houses as you can even if your broker is not available. However, be sure you sign in under your broker’s name so that he or she can assist you with the purchase if you decide to make an offer.

A pre-war one bedroom co-op at 435 East 57th Street.

When you are searching for a home, it is advisable to bring a notepad to make notes about each apartment that you visit. You may find it helpful to consider the following items when you visit a potential home:

What is the visible condition of the home’s exterior, and in the case of a coop or condo, the lobby, the elevators, and the hallways?
Has the home been well maintained, or does it require major repairs or replacements?
If you are looking at a coop or a condo, where is the apartment situated in the building? An apartment which faces the front of a building will provide light but might be exposed to more traffic and noise.
What is the condition of the other homes or buildings on the block? If neighboring homes or buildings are in poor condition, it could affect resale values.
How close is the home to shopping, schools, parking garages, and public transportation? Nearby services can add value to a home.
Are there community amenities close by? What is the reputation of the public schools in the neighborhood? Parks, museums, restaurants, and good public school districts can add value to the property.
How long has the home been on the market? A home that is on the market for a long time may indicate a problem with the home or property or an inflexible seller.

After you have viewed many homes, take some time to think about which one would be best for you. Use all the information that you have collected to compare the various homes before you commit to one. Weigh all the pros and cons. One home may have all the features that you want, but the price may be too high. Another home may need significant cosmetic work, but may have other attractive features and may be in the right price range. Consider the monthly carrying charges and the resale value of the home and make sure that you can obtain the required financing before you make your final decision.

Types of Home Ownership

There are four ways to take title to a home. You should discuss these with your attorney before closing so you have a clear understanding of the advantages and disadvantages of each form of ownership:

Sole Ownership. One person owns the home entirely.
Joint Tenancy with Right of Survivorship. When two or more people own an equal undivided interest in the home. If one owner dies, the surviving owner automatically becomes the owner of the deceased owner’s interest in the home.
Tenancy by the Entirety. The same as joint tenancy with right of survivorship except that it only applies to married couples. If one spouse dies, the surviving spouse automatically becomes the sole owner.
Tenancy in Common. Two or more persons own a share of the ownership (generally 50/50) of the home without rights of survivorship.

About the author: Keith A. Schuman, Esq. is the founder of Schuman & Associates, LLC, a full service real estate firm that provides legal services to its clients, through all aspects of their transactions. Keith is a frequent contributor to comitini.com. Contact him at keith@schumanlawfirm.com or phone 212.490.0100.

related posts: Who are the key advisors in buying a Manhattan home? What are the actual differences between townhouses, coops, condos and cond-ops? What are the income tax benefits of owning a home When should I buy a home?

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Mon, 10 Nov 2008 18:46:42 -0500

Fannie Mae Loses $29 Billion on Write-Downs The company’s results suggested that home prices are far from a bottom and that the government would probably have to pump tens of billions of dollars into Fannie Mae and its sister company Freddie Mac.

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Mon, 10 Nov 2008 18:13:19 -0500

M.T.A. Faces $1.2 Billion Deficit The Metropolitan Transportation Authority faces a $1.2 billion budget deficit in 2009 — $300 million more than it had projected in July — that will very likely require new fare and toll increases or service reductions

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Wed, 05 Nov 2008 18:30:36 -0500

Parents Angry Over Prospect of School Rezoning in Manhattan In New York City, where real estate and access to good schools often lead to Olympics-level competition, even the specter of changing school boundaries can raise the hackles of parents who chose their high-priced homes precisely because of those boundaries.

I'm just so proud of my country tonight

Wed, 05 Nov 2008 00:40:14 -0500

I can't help but to take a moment, a bit off topic for this blog, to celebrate the triumph of our democracy today in electing Barack Obama as the next President of the United States. The cheering about 11 PM could be heard on the streets near my home in Tribeca, as the networks announced their projections . I'm sure they were heard across the country and beyond. I've never seen a leader before with the ability to inspire so many people to renew their faith in the ideals and promise of America. Congratulations to President-Elect Obama and to the American people on this historic evening.

New listing in a classic Bing & Bing, pre-war bulding

Mon, 03 Nov 2008 20:29:05 -0500

download a fact sheet

Alexander and Leo Bing were considered NYC's leading property developers at the turn of the 20th Century. They were brothers who built apartment houses in Manhattan in the twenties and thirties, which have since been converted to cooperative ownership.They often collaborated with noted architect Emery Roth, who also designed some of Central Park West's iconic buildings including The Beresford, The Eldorado, and The San Remo. In covering the sale of a portfolio of 29 Bing & Bing properties in the 80's, the New York Times described them: "The Bing & Bing buildings are regarded as among the city's finest prewar properties. The company, a development and management concern founded in 1906, built hotels and apartments at a time when luxurious in New York was still synonymous with spacious." I'm representing this sunny, quiet one bedroom apartment in one of Roth's buildings for Bing & Bing at 435 East 57th Street in Sutton. Well proportioned rooms, a powder room and white glove doorman service make this a classic city co-op home. You can see the listing here and download a fact sheet for more Information. Its being shown by appointment daily.

see this listing » download a fact sheet »

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Fri, 31 Oct 2008 21:43:45 -0500

Guggenheim Fund Seeking $300 Million of New Equity Guggenheim Structured Real Estate Advisors LLC, the manager of commercial-mortgage funds set up five years ago by Ed Shugrue, asked investors in its second fund for about $300 million of new equity to meet margin calls and reduce debt, a person with knowledge of the firm's fund-raising said.

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Fri, 31 Oct 2008 21:42:07 -0500

Rep. Barney Frank (D-NY) Says Bonuses, Acquisitions Violate Bailout Plan Lawmakers are faulting Treasury Secretary Henry Paulson for letting financial institutions use the $250 billion set aside to buy banks' preferred shares to make acquisitions. PNC Financial Services Group Inc. agreed to buy Cleveland-based National City Corp. on Oct. 24 after getting $7.7 billion from the government.