Charles,
Your best bet is to speak with an accountant or tax advisor. I think you would have to amend your 2009 taxes but I'm not sure nor do I know the procedures of getting that done. You can try searching your question on a tax website like Turbo Tax. They usually have pretty good information and responses to similar tax related questions on their website.... more
Hi Ofelia,
Difficult to sell a unit in a building with 50% renters. You will need a cash buyer or a buyer who uses a portfolio lender that can take on this type of property.
Good luck!
-Marc
Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: www.marcpaolella.com... more
Katie,
Just wanted to see how you made out with the condo. It seems you got some help from many different perspectives. However, if you are still having some difficulty in your condo search, I'd be happy to answer any questions and help you out any way I can!
Christine Markow
ERA Statewide Realty
Office: (908) 874-7797, ext 519
christine.markow@era.com... more
Jmlatinsir:
It’s really easy. You do not need to consult lenders or even Realtors. You may wish to do so but even then, you have to do your own homework first.
Here are the steps I'd use:
1. Determine your income per month in retirement. You can add any part time work you might wish to do but remember that if you do so, the work may be curtailed before the mortgage and you don't want to be in the hole in the future.
2. Determine expenses, also per month, other than housing. Medicare isn't free. Food, Car, Household, Clothing, Utilities, Heat, Life Insurance, Vacations and other entertainment, Any loan payments, A little savings for a rainy day (even seniors have them) and perhaps how much that Saturday night poker game costs you.
3. Deduct #2 from #1. That’s what you can afford a month. There have been complaints that people have been talked into house ownership debt well over their heads. Number 3 is your own limit, regardless of what anyone else tells you. Oh, and you 'd better add to #2 the maintenance upkeep of a house.
4. Now we get to the part where you determine what your house payments will be. If you have done a great job with #'s 1,2, and 3, you know what the maximum total will be per month.
The first element is P&I (Principal and Interest on your mortgage.) The mortgage is the NET figure after any down payment. At the current interest rate of 5.75%, that number will be $5.84 per thousand dollars of mortgage per month. Divide that into the amount that you have left in #3 above and that’s roughly what you can afford. You have two other things to deduct and they are Taxes and Insurance.
Next add to that the taxes per month (annual rate divided by 12.) The annual amount is, of course, the taxes on the property you will buy.
Finally, there's Insurance. There are both homeowners Insurance and, if you do not put down 20%, Mortgage Protection Insurance. I'd budget about 4% of the value of the house for the homeowner's and 2 1/2 % of the mortgage for PMI, if you take that option. To get a real figure, you'll have to get exact quotes.
There you go, a budget for PITI, the fixed monthly bill you will face.
How much of your income can go to these expenses? Rule of thumb is 28% household debt and 36% all debt. I believe that mortgages companies may let you go higher, they certainly were in the boom times but think about how much you really want for trips warm Latin climates in the winter, etc. before you go over those limits. You already have calculated your own safe zone in #3 above.
Lots of luck!
Bill Holt... more
No we didn't end up buying it.. I didn't know but there are nicer areas of West New York.. Park Ave. & Boulevard E. are the best places to buy a home for a quick commute to NYC, this property was 1 block off Bergenline.... more
Steve,
The tax abatement depends on what the developer was able to negotiate with the City before they built the property. Sometimes the developer only has a small window of opportunity to apply for the abatement.
I recommend calling the West New York Tax Assessor's Office at (201) 295-5116. They will be able to explain to you how the abatement program works and if a specific property you are interested in qualified for the abatement.
Please let me know if you have any additional questions.
All the best in your home search,
Sincerely,
--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com... more
In the past 12 months, there have been 21 sales in the Galaxy, with an average selling price of $386,700 and a median price of $363,800.
For the previous 12 months, there were 32 sales, with an average selling price of $427,600 and a median price of $362,500.
So using the average, prices have dropped 10%, while using the median, prices are basically unchanged. So I'd go down the middle of the 2 indicators and say that prices are down around 5% over the past year.
However, keep in mind that this sample size is fairly small.
If you have any other Galaxy questions, contact me anytime!
-Marc
Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
e-mail: marc2000@verizon.net
web: http://www.marcpaolella.com... more
Busta from New Yawk, where exactly is that? lol...
A little comment about Jeannes explanation, she basically gives some good advice but to add to it....
This is called determining market absorption rate and is an estimate of how long it may take the average home in decent condition to that is priced right to sell based on total inventory and the rate upon which buyers are eating them up.
Total Active Inventory in category you are measuring
Divided by
Number of properties in the same category that have NOT gone under contract but actually SOLD in the last 30 days and you should also limit this to properties within the same price range to narrow things down further. = Months of current inventory available based on absorption rate.
For instance, assume there are currently 100 Single Family Home Lots for sale in a large, single family home community. Of these, 70 are priced at, or below, $45,000. Last month, assume that 5 lots sold for $45,000 or less. The absorption rate would then be 70 divided by 5 , or 14.0. An absorption rate of 14.0 indicates a strong buyer's market and, that in an unchanged market, it will take 14 months to sell all the hypothetical 70 existing lots listed at or below $45,000.
Sellers’ Market – Absorption Rates 1-4;
Neutral Market – Absorption Rates 5-6;
Buyers’ Market – Absorption Rates greater than 7
Read More Details about how absorption rates work here:
http://ezinearticles.com/?Real-Estate-Market-Absorption-Rates---A-Great--Way-to-Determine-the-Strength-of-Real-Estate-Markets&id=658543
--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski... more