This ad violates about 2 billion fair housing laws. But then again, so what?

Posted by: Springs at October 13, 2009 11:41 PM in response to Closing Bell: Two beds, 11 Baths?

prediction: this area of brooklyn is going to be as expensive as DUMBO someday due to the blighted industrial wasteland feel, big spaces and musicians, bands, artists, etc...

Posted by: Springs at October 13, 2009 11:29 PM in response to Development Watch: 433 3rd Avenue, Now and Later

Call Bryan Kelly at 631-506-5693. I've worked with him on several jobs and he is a really good carpenter and a nice guy overall.

Posted by: Springs at October 6, 2009 12:56 PM in response to Drywall Ceiling Contractors Rec

I find it hilarious that when deals don't work in the customer's favor, they point the finger at the appraiser, without providing solid proof of better comps. I'm not sure who is more qualified to select comps in Brooklyn: a certified NYS appraiser, or a homeowner who plugs in address to zillow.com? Being out of town is not really that big a deal for a good appraiser. One or two quick calls to realtors in the subject market area will help the appraiser define boundaries, help select comps that compete with the subject ( in the minds of potential buyers ) and other related specific data.

The bottom line is, it is pure media hype about out of town appraisers. If they are certified, they've been around the block. I am sure their are crap certified appraisers out there, but generally speaking their experience helps guide them.

While it is true that there are potentially many subsets or market areas, within a larger market area, the bottom line is close, current, clone. What are the closest available competitive listings and pending sales? Do short sales dominate the local market, or is it relatively stable and have the majority of sales as arms-length normal transactions? What are the supply/demand conditions? Unemployment rates, availability of credit, competitive developments or subdivisions if a condo, co-op , or PUD/HOA, etc etc

"Our appraiser clearly did not understand the local market which we moved into and made many fundamental mistakes. The comps that were used were not similar in nature to our apartment and the biggest blunder made related to the value given to our outdoor space.

As many people here know, outdoor space is highly coveted. Those people living in houses outside of the city do not see how special outdoor space is to those of us in the city. I did lots of research as to how outdoor space was being value in NYC and it seemed the industry practice was between 30%-%50 of the $/sq ft of the interior space. We didn't just have a balcony, but a very large terrace and our appraiser, who I will label "special" valued the outdoor space at the generous discounted price of 10% of the interior $/sq ft."

Here is my response:

Not similar in nature to our apartment:

how were the comps'- Location, Sqft, bedroom and bath count, age, quality of construction, condition---

As far as outdoor space, what proof do you have? Can you show the math, name the data sources, verify it with secondary sources and back it up in the court of law if need be? I am sure that if the appraiser had the proof that you claim as truth, he/she would have no problem putting that into the report. An appraiser by definition is a " disinterested 3rd party ".

As far as outdoor space in NYC, yes it is a highly coveted AMENITY, but not necessary to support habitable living arrangements , nor does it provide necessary shelter. Therefore, the only comps to use are ones with similar outdoor spaces vs. ones without. It is very difficult to verify info in Brooklyn due to lack of a reliable MLS system.

In terms of contacting an appraiser, while you are the "customer" of the " client", the appraiser is only obligated to provide his/her finding to the client only.

The industry people who bitch and moan about the HVCC simply have a few bricks walls to go through before they can smack around the appraiser to hit values. That is the main reason for the complaints about the system, thought up by the same people who pumped up all these values over the past few years to get there deals through the system so they can get a fat commission check. The old way of ordering appraisals was a fax to multiple appraisal companies, asking if they can " hit a value of a certain address ". The appraisers who indicated yes got the job, regardless if that was indeed the market value. After all, it was a gravy train for a while.

In terms of buying a property, I would be psyched if the bank appraiser came in under the contract price. Who wouldn't want to pay less for the same thing?

Posted by: Springs at September 28, 2009 7:18 PM in response to Appraising the Appraisers

Somewhere around $1000 sqft in Prospect heights? hahahahahahahahahahahahahahahahahahahahahahahahahhrrrrrrrrrrrfffffffffffffffffffffffffffffffff1!!!!!!!!!!!!!!!!!!!!!!11

Posted by: Springs at September 27, 2009 12:15 AM in response to Condo Conversion at 219 Saint Johns Hits the Market

new condo, you just moved in. catch a whiff of McDonald's morning, noon and night. No thanks

Posted by: Springs at September 23, 2009 10:53 AM in response to Broker Switcheroo, Huge Price Cuts at The Elan

Our cleaning person, Judith, cleans our apt in Bay Ridge. She is reliable, punctual and thorough. Easy to work with. I believe her territory is Brooklyn in general.

Her email is

jodycleans@yahoo.com

Posted by: Springs at September 22, 2009 3:34 PM in response to Cleaning Person Rates

lay that chart over real wages from the same time period. I think we'll all collectivelly puke.

Posted by: Springs at August 25, 2009 10:23 AM in response to Crown Heights Condo

If you cannot rent your dwelling to cover your mortgage,insurance, taxes and utilities, you have probably paid too much for your dwelling.

The question is, since this is true over 90% of the city, why are realtors continuing to say its a great time to buy?

Buyers, why would you buy right now?

Sincerely,

Fred Flintstone

Posted by: Springs at August 25, 2009 9:41 AM in response to Mystery Downtown Development Going Affordable

I'm really liking the painting

Posted by: Springs at August 25, 2009 12:08 AM in response to LightBridgeStory

That article is spin control crap from brokers. Notice the critics of the new law are mostly brokers ( both real estate and mortgage ). They used to have the ability to pick their own appraisers who would play ball with them and hit values that they needed, so they could collect their fat commission checks. These brokers have now lost their ability to strong arm appraisers as easily as before. Now, FHA loans do not fall under these guidelines, and this type of loan is called the " new subprime ". These brokers are strong arming appraisers as they have in the past.

Trust me, some appraisers out there are idiots. But send a good appraiser to anywhere USA, and all they need to do is have access to public records, a local MLS system, Trulia or Zillow. Then, call a couple of local realtors, give then the street name of the subject property, and ask them what the market boundaries are. Not rocket science, as all of the jerks in the NYT article will have you believe. Location, style, lot size, quality, condition, bedroom and bath count are all dominant features that appraisers use to match up the subject with comparable sales.

Typical complaints ( the real deal )

BOO-HOO!!!! I need my house to be worth X so I can go buy myself something in a nicer town!!

BOO-HOO!!! I need the subject to be worth $500k because the loan amount of my customer is $400k. I stand to make 4 points on this deal dammitt. Make it happen, and I will send tons of deals your way. The bank won't close if the house is worth less than $500k. Therefore, it has to be worth $500k , because I have a commission riding on it. "

Definition of market value-
the definition of market value provided by USPAP is:
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
buyer and seller are typically motivated;
both parties are well informed or well advised, and acting in what they consider their best interests;
a reasonable time is allowed for exposure in the open market;
payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and
the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.1

Posted by: Springs at August 23, 2009 9:52 PM in response to Contesting an Appraisal?

Adam, that is total spin control by boo-hoo mortgage brokers and bankers like yourself. Now, it's much harder for you to strong arm appraisers into hitting values so you can push your crappy deals through the system. Wells Fargo sends out appraisers within a 30 mile radius of their home if they can help it. Sounds like locals to me, no?

Posted by: Springs at August 21, 2009 9:14 PM in response to Appraiser Trouble

HI-I am a certified NYS appraiser. The only thing to think about is what is your house's competition. No one is going to pay more for a house than they have to. Finding comps is pretty easy sometimes. Close, Current, Clone. Bed Stuy has been completed slammed in the past couple of years due to the foreclosure activity. What matters is , where is this house located. A busy road, next to a commercial building, school, etc.

To those who ask if the appraiser is familiar with the area-that is the most over-hyped media driven crap I've seen in a while. It doesn't take long to figure out a market area when we have all the internet tools, and sophisticated databases that the general public doesn't use on a regular basis. Don't get me wrong, I am certainly not defending a good bunch of the rotten crooked appraisers out there who have destroyed the public's trust along with a bunch of mortgage brokers.

As far as red-lining, there is no way for anyone to prove it. Markets rise, markets fall. Bed Stuy was a hotbed for flipping, speculation, greed and developer fraud. This is possibly the path on the way to a long hangover.

The person getting their house appraised, I feel badly that you may be underwater. You may have done the right thing all along. It is possible that homes may have sold for more on your block or immediate area recently. How do those comps match up with your property, and how do you verify information such as condition, bedroom count, construction quality, renovations, etc. There may be model matches on the market right now that sell for 30-40% less than what you paid back in 2006. Also, there may be active listings and pending sales nearby that have asking prices lower than the closed sales that you are talking about.

Median values can be skewed in the wrong direction. Areas that were highly speculative markets probably have significant short sale, foreclosure and REO activity. Foreclosures show up as recorded sales, usually with the buyer being the bank. Keep in mind the $ of the sale is the first lien, or mortgage on that property in most cases. There could 1 or 2 more mortgages after that. In most cases, these mortgages were juiced, 100-106% financing that had brokers pushing the appraiser to hit values so they could collect there huge commission checks. These mortgages were made in the heights of the bubble. Now, the recorded sale is what is owed to the bank . Alot of times, the mortgage owed is higher than asking prices of similar homes. So in effect, median values are too high. These sales should be taken out of median value calculations, and you will see that median values in the speculative areas are actually lower than stats are showing. On top of that, there is tremendous supply on the market, no credit available and people losing their jobs. Smart money is waiting on the sidelines with a big catchers mitt right now.

Anyone care to add to that ?

Posted by: Springs at August 21, 2009 12:39 AM in response to Contesting an Appraisal?

I personally met Arlene Awaye at an open house almost 4 yrs ago in prospect heights. She told me that I had to use her mortgage broker ( which is a lie ), that I needed this and that , and stated that she believed I was just some cocky yuppie who was full of shit. She is total trash. I am so glad this is out there.

Posted by: Springs at July 18, 2009 12:39 AM in response to Arlene Waye Responds to 180 Adelphi Fiasco

All you need to think about is :

1. What is the competition in the area for your specific unit? In other words, potential buyers of your unit are also looking at: x,y,z

2. Appraiser don't care what anyone involved in the transaction has at stake. Emotions on all sides has nothing to do what the estimated market value is.

3. Adam Dahill's statement is irrelavant. So what if you work for a direct lender, and you choose your own appraisers for the system. Still has nothing to do with what the market value of anything is as of a specific date.

Posted by: Springs at June 26, 2009 2:46 AM in response to Positive Appraisal since HVCC?

I was gonna say Sunnyside as well. There is a small subset of Sunnyside called Sunnyside Gardens. It's a gem of a neighborhood.

There are parts of Maspeth with nice housing stock. Fairly safe to, it seems.

How about Marine Park?

Posted by: Springs at June 23, 2009 11:18 PM in response to Townhouse for $600k?

Tim Keller, 631-899-3505. Experience in NYC and Hamptons, reasonably priced. I was a sub on one of his jobs.

Posted by: Springs at June 21, 2009 1:52 AM in response to architect recommendations

$300,000 may just be the amount owned on the first lien. If the buyer is a bank or lender type, it is just the loan amount owned, not necessarily the market value.

Posted by: Springs at June 21, 2009 1:39 AM in response to Canarsie Home Price Offer?

How about blasting some music at 9am on a Sunday morning, so they cant sleep after a night of partying? Or perhaps a leaf blower?

Posted by: Springs at June 10, 2009 9:08 AM in response to Noise Until 5:30am

There is a day labor hiring spot down on McDonald Ave and Church. Those guys will work for what you are willing to shell out.

Posted by: Springs at June 3, 2009 4:55 PM in response to Gardener Needed

Jerry McCallion, loads of experience. 828-456-1918

Posted by: Springs at April 15, 2009 3:02 PM in response to Architect Recommendation

Beast is a great place to grab a drink on Vandy. Soda bar is pretty cool, but inconsistent attitudes from some of the bartenders.

Posted by: Springs at April 9, 2009 7:54 PM in response to Manhattans in Brooklyn

the 3 c's. Close, current, clone. then, what is your property's competition? What is the short sale, REO and foreclosure rate of 3 family in the area? Does your building suffer from external obsolescence? Did you obtain subprime financing or receive any concessions from the seller?

Posted by: Springs at April 9, 2009 7:00 PM in response to Appraisal Question

Call Gerry McCallion at 828-456-1918. He is extremely knowledgeable in landscape design and has worked on dozens of properties in and around NYC/Hamptons. I have worked along side of him on some of the houses I have painted and was impressed.

Jacob Hamilton 631-267-6880 can execute the actual installation of the materials/plants/etc

Posted by: Springs at April 6, 2009 3:33 PM in response to landscaping recommendation

Call Gerry McCallion at 828-456-1918. He is extremely knowledgeable in landscape design and has worked on dozens of properties in and around NYC/Hamptons. I have worked along side of him on some of the houses I have painted and was impressed.

Posted by: Springs at April 6, 2009 3:07 PM in response to Landscape Design

Can anyone work out a set of numbers for present scenario and future scenario where prices have dropped 20% and interest rates are at 8%? What is the monthly outlay, tax benefits, etc. in both situations. How much does the buyer have to shell out each month in both scenarios? I'm thinking it's a wash at this point. Buy and hold your real estate. Market timers usually lose.

Posted by: Springs at February 8, 2009 9:00 PM in response to 147 South Oxford #3C Sells for 7 Percent Under Ask

Jamie Grubb is a solid painter with a great crew. Insured. 917-446-5175.

Posted by: Springs at January 27, 2009 11:09 PM in response to Painting/Lite Const. Needed

pitbull said,

" liquor stores and arcades >>>>> sooooo much better than wine shops and organic items. sorry but it's true! bring back ms. pac man and night train!!!"

you cant be serious!!!! in the words of johnny mac!

here are some crime stats with a historical twist. so much for wanting the old days. i say good thing they're gone. this is for the 88th precinct

1990 Murders-19
2008 Murders-4

1990 Rapes- 54
2008 Rapes- 7

1990 Robbery- 1556
2008 Robbery- 237

1990 Fel. Assault- 639
2008 Fel. Assault- 134

1990 Burglary- 1029
2008 172

1990 Grand Larceny - 611
2008 Grand Larceny- 452

1990 G.L.A. - 1053 ( not sure what this stands for )
2008 G.L.A. - 102

Looks like gentrification is a good thing. Who's gonna say it isn't?

Posted by: Springs at January 21, 2009 8:36 AM in response to 'Notorious': How the Neighborhood Has Changed

demander of respect, go the hell back to whatever shithole you came from. then you'll have nothing to bitch about because everyone is like you.

Posted by: Springs at January 7, 2009 10:26 PM in response to need kid frndly, restaurant

Thank you very much for your suggestions folks!! I appreciate the neighborly advice.

Posted by: Springs at January 7, 2009 6:31 PM in response to need kid frndly, restaurant

I used a rental broker to find my apt this summer. His name is David Todd. Really nice guy, who worked perfectly for my needs. I had a good feeling about him right over the phone, unlike alot of brokers. Tell him Jamie and Jen in Bay Ridge recommended him. 646-825-0806. His wife is also a broker.

Posted by: Springs at January 5, 2009 1:56 AM in response to Park Slope Rental Broker?

The reason why the assesed value, and taxes, continue to rise is because they did not increase taxes at the same rate that homes appreciated. They did not want to cause payment shock for taxes. Conversely, because of this slower rate, it also takes more time for the assesed values to come to par with market value. Likewise, it will take longer for taxes to go sideways, or down for that matter. Hope that helps.

Posted by: Springs at January 3, 2009 4:49 PM in response to NYC Assessed Value

Call Tim Keller, at 646-248-8410. Great guy, architecht. NYC and Hamptons projects.

Posted by: Springs at January 2, 2009 2:00 AM in response to Kitchen Designer

going to a 3 family, you have to have proper fire suppression throughout, or fire escapes. of C/O is for a 2 fam, and you have an accessory unit, just see if you can get taxed as a 3. saves you the whole conversion cost and other crap associated with it.

Posted by: Springs at January 2, 2009 1:54 AM in response to 2 Family to 3 Costs, legality

also, electrical problems, and a thief in the managament company who steals people's security deposits if they leave early.

The location is great, and most of the occupants are nice. My friend used to live there.

Cutting corners is the name of the game in this complex. buyer beware

Posted by: Springs at December 12, 2008 12:49 PM in response to condo conversion butler pl.

The bottom line is the assets are still overpriced. When mortgage payments come in line with what the home would rent for, then we have found some sort of sane equilibrium. I say let the house prices fall.

Posted by: Springs at December 8, 2008 10:51 PM in response to Mortgage Modifications Not Working So Well

Jamie Grubb, painter, is insured. 917-446-5175. professional attitude and crew, as well as results.

Posted by: Springs at November 18, 2008 11:43 PM in response to Need Insured Painter for Condo Bldg

Our housecleaner, Judith is a really nice lady and very hard working. Her number is 347-406-1215. Her rates are reasonable as well. Tell her Jen in Bay Ridge recommended her.

Posted by: Springs at November 3, 2008 1:02 PM in response to need house cleaner

Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgably, prudently, and without compulsion.

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.[3]

anyway, thats straight out of wikepedia.

close, current , clone

economic principal of substitution.

appraisal came in " low "

what do you mean by low? Low based on what credible and defensible value that you came up with?

also, what did you spend $100k on? is a typical buyer willing to pay for the cost of those renovations?

why pay 600k when you can get something for 500k with similar location, utility, quality and condition in the same market area?

the comps the appraiser used may be non-arms length transactions, short sales ( in which only the first lien is paid off ), reo, family sales, flips etc.

lowballing fraud is happening too to cause people to panic and dump their properties

wake up people!!!!

Posted by: Springs at November 2, 2008 10:13 PM in response to Crazy Low Appraisal

3 kitchens in a legal 2 is common and typical to brooklyn, and nyc/Long Island in general. They city may tell you to take out the 3rd kitchen, but they are already collecting taxes as if its a legal 3. i say chance it. and rent to good quiet tenants who wont cause neighbors to complain. i would do a month to month lease if you can swing it, with a little bit lower rent to make it enticing to renters.

Posted by: Springs at October 8, 2008 11:32 PM in response to Can you rent in Midst of CO change

My friend from college lived in the complex at 14 and 20 Butler. He said that the sponsor/ owner is clueless about what he thinks the condos are worth. location is great. no amenities in the building. lots of problems but good potential.

Posted by: Springs at October 5, 2008 2:40 PM in response to Condo Conversions on Butler Place - Grand Army Plaza

Jamie Grubb, does plaster, sheetrocking, skimcoating and painting. 917-446-5175. Nice guy with reasonable rates, professional staff.

Posted by: Springs at October 2, 2008 12:28 AM in response to General Contractor recommendation needed

Call Jerry McCallion at 828-456-1918.

The guy is great, a real whiz with both house and landscaping.

Posted by: Springs at October 1, 2008 11:58 PM in response to landscape architect needed

http://en.wikipedia.org/wiki/The_Philosophy_of_Furniture

this is pretty cool

Posted by: Springs at October 1, 2008 11:47 PM in response to Classic brownstone interior paint color?

We pay $75 every other week (Cobble Hill, about 500sf) and our cleaning woman is awesome. She's usually here about 4 hours and very thorough and very nice. She's been with us for years and also works for several of our neighbors that we've recommended her to. We don't have her do laundry, though, as we send that to the wash & fold down the block. Every 6 weeks or so she does an even deeper cleaning when all the furniture gets moved, fridge/freezer gets completely cleaned out, etc, as that isn't really needed every time she's here. Happy to recommend her if you email me at lauried at gmail dot com

Posted by: laurie11201 at September 24, 2009 12:15 PM in response to Cleaning Person Rates

VinRoy Barronette - very good, clean & reasonable.
646 554 4513

Posted by: Arkady at October 6, 2009 1:56 PM in response to Drywall Ceiling Contractors Rec

try Mtero at 917-731-4388

Posted by: downtowner at October 7, 2009 10:35 PM in response to Drywall Ceiling Contractors Rec

Hello my name is Dan and I am a contractor looking for a job to do if your project is still open give me a call I can be reached at 718 919-7794 or 646 726-0475 and 718 902-9213.

Thank You,
Dan

Posted by: superdee01 at October 10, 2009 7:04 PM in response to Drywall Ceiling Contractors Rec