Greetings!,
I don't know about you, but most people I talk to in the real estate business are very busy this month. December is traditionally a slow month for real estate as most people focus on the holidays. But I am busy with staging jobs and staging proposals as homeowners want to hit the ground running in January. And agents I know are busy showing properties to buyers who are trying to get in at what they perceive might be the bottom of the market.
I wish all of my friends, clients, colleagues and acquaintances a happy holiday season and a healthy and prosperous New Year. Let's put 2009 behind us as we hopefully enter a new decade of growth.
Donna M. Dazzo, President
Designed to Appeal
P.S. If you enjoy this newsletter, forward it to someone who also might enjoy it by clicking on the Forward link at the bottom.
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The Top 10 Things You Need to Know about Today's Mortgage Market
According to Rochelle Crespi, Senior Vice President at GuardHill Financial Corp., there are numerous factors today that are making it easier to purchase a home than most people think.
1. The first time home buyer credit of up to $8,000 has been extended to July 2010.
2. Rates remain at historical lows. Currently a 30 year fixed rate mortgage is at 4.625%. A 5-year adjustable mortgage is at 3.75% (interest rate is adjusted annually after 5 years).
3. FHA loans are available at up to 96.5% of the property value. The maximum loan in metropolitan New York is $729,750 for a one family home or condominium.
4. FHA loans are available with a credit score as low as 620.
5. No-income-verfication loans are still available. You can obtain purchase financing and refinancings of up to 60% of the home's value.
6. Foreign National loans are still available. You can obtain purchase financing of up to 60% and refinancing up to 50% of the home's value.
7. Home equity loans are still available.
8. All co-ops and condominiums are not created equally. Know the statistics of the building in which you are purchasing, i.e., the number of units sold and the number of units occupied. This could impact your ability to obtain financing.
9. Know your credit score. A score of 740 or more will get you a better interest rate. You can find your credit score for free by going to www.freecreditreport.com.
10. Millions of Adjustable Rate Mortgages will reset in 2010. Start exploring your options now to refinance.
To learn more about your financing and refinancing options, you can contact Rochelle by email or phone at 646-519-7505.
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Market Overview:
New York, NY
Overall Market:
- Although signed contracts experienced slight decreases from last month, they are up 193% from January 2009.
- Total listed inventory is at its lowest in two years and has decreased 29% since its peak in March 2009.
Condos:
- Median sales price increased 2% from a month ago and 30% from November 2008.
- The number of signed contracts decreased slightly from last month but is up 99% since November 2008.
- Days on the market decreased from last month by 3% but not surprisingly is up 63% from inventory that was on the market in November 2008.
Co-ops:
- Median sales price increased 18% from a month ago and 12% from November 2008.
- The number of signed contracts decreased slightly from last month but is up 171% since November 2008.
- Days on the market increased 8% from last month and 28% from November 2008.
While the median sales price for co-ops may be up overall, according to the New York Times, of co-ops listed at $5 million or more, 9% cut their prices over the last 30 days, and 16% cut their prices over the last 60 days. |
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Tips and Tricks of the Trade
After scouring HGTV.com's numerous lists for holiday decorating ideas and tips, here are a few of my favorites:
- Stick to one color palette, either gold OR silver OR blue and white, OR red, gold and brown. Too many colors are distracting.
- Keep to one style or theme - it makes shopping and decorating easier.
- Use lots of candles in your color scheme - creates coziness and warmth.
- Decorate a mantel or console table with various size clear glass jars, with or without lids (sold inexpensively at Home Goods, Marshall's, TJ Maxx), filled with balls of various sizes in your color scheme.
- For a fast holiday centerpiece, pull a mirror down from another area of the house. Add felt tabs to the back to protect your table, then place an arrangement of candles on the mirror. Place ribbons, greens, sugared fruit or ornaments among the candles for greater effect. When the candles are lit, the single centerpiece becomes two with the mirrored image!
- Less is more (and will create less stress in the process). Pick one focal point in each room, for example, a fireplace mantel, a dining room table, the entry way console, and decorate just that piece.
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Did you know....
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The real St. Nicholas was born in Turkey in 280 A.D.? Legend has it that his extraordinary generosity in giving away his inherited wealth grew into the legend of Santa Claus. 
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The Dutch spelled St. Nicholas as Sint Nikolaas, which became corrupted to Sinterklaas, and finally, in Anglican, to Santa Claus?
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Hanukkah can also be spelled as Hanukah, Chanukkah, Chanukah?
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 The Hanukkah game of Dreidel is based upon an old German gambling game? -
Outdoor barbecues are a part of the Christmas tradition in Australia? In the southern hemisphere Christmas falls in the middle of the summer.
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The Menorah candelabra holds 9 candles even though Hanukkah is celebrated for 8 days? The 9th candle is used to light the other candles each night.
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The eight candles on the Menorah symbolize the miracle when there was only enough oil to light one candle but the oil lasted to light all eight? This miracle happened when some Jews led by Judas Maccabee fought the takeover of the Temple of Jerusalem by the King of Syria. 
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The Twelve Days of Christmas refers to sundown on December 24th through sundown on January 5th? January 6th is the Epiphany when the Wise Men brought gifts to Jesus.
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The idea to celebrate Christmas on December 25th began in the 4th century? Church leaders decided to compete with a Roman pagan ritual on that date by celebrating Jesus' birthday, even though his birth likely occurred in the Spring.
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The largest public Menorah is located at 59th and 5th in New York City? It's 32' tall and almost as wide. 
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Christmas was slow to catch on in colonial America? They considered it a pagan ritual and Massachusetts even passed a law banning its celebration. |
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Market Overview: The East End
All 3 major towns on the East End are still suffering declines in the median sales price and number and dollar value of residential sales for the period ended 10/31/09 compared to last year, however there is definitely an improving trend over the last several months in that prices, and therefore dollar value of sales, are up.
Note: the number and dollar value of sales for 2009 were calculated on an annualized basis as compared to all of 2008.
According to Suffolk Research Service, in...
- The median sales price was $905,000 down 8.6%
- The number of sales was down approximately 24%
- The dollar value of sales was down 26%
- The median sales price was $755,433 down 5.5%
- The number of sales was down approximately 21%
- The dollar value of sales was down 35%
- The median sales price was $475,000 down 5%
- The number of sales was down approximately 33%
- The dollar value of sales was down 43% | |
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An Easy Way to Send Your Thoughts and Appreciation |
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I love this online greeting card service. In 60 seconds I can choose and send a card with my personalized message in my own handwriting (and even with my uploaded photo) for less than what it costs to buy in a store and stick a stamp on it. I also use it to send a gift of appreciation, such as a box of cookies or a gift card to Starbucks or Barnes & Noble.
For a free trial to Send Out Cards, click here. | |
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