New York City Real Estate Commentary http://www.danielhester.net/blog Buying & Refinancing in the NYC / Metro Area Mon, 22 Sep 2008 17:27:57 +0000 http://wordpress.org/?v=2.5.1 en Remember the “Temporary Conforming Limit” is just that… http://www.danielhester.net/blog/2008/09/22/remember-the-temporary-conforming-limit-is-just-that/ http://www.danielhester.net/blog/2008/09/22/remember-the-temporary-conforming-limit-is-just-that/#comments Mon, 22 Sep 2008 17:27:57 +0000 Daniel http://www.danielhester.net/blog/2008/09/22/remember-the-temporary-conforming-limit-is-just-that/ If you are buying or refinancing your home and the location of the home falls within the temporary conforming limit (and you qualify per the lender’s guidelines), just remember that the temporary limit (in NYC, its for loan amounts between $417,001 - $729,750) that limit expires on 12/31/08.  If you are closing somewhere near that date its probably a good idea to discuss this with your loan officer - you don’t want any holiday surprises…

Does your area fall within the “Temporary Conforming Loan Limit”?  Click the link below to find out:

https://entp.hud.gov/idapp/html/hicostlook.cfm

Daniel

]]> http://www.danielhester.net/blog/2008/09/22/remember-the-temporary-conforming-limit-is-just-that/feed/ Co-op of the week - Candela Classic Seven http://www.danielhester.net/blog/2008/09/19/co-op-of-the-week-candela-classic-seven/ http://www.danielhester.net/blog/2008/09/19/co-op-of-the-week-candela-classic-seven/#comments Fri, 19 Sep 2008 15:22:43 +0000 Daniel http://www.danielhester.net/blog/2008/09/19/co-op-of-the-week-candela-classic-seven/ Candela Classic Seven, New York NY Cooperative

Off Fifth/ East 90’s
New York, NY, United States
Price: $2,850,000

8 East 96th Street is a traditional classic 7-room coop located on a high floor with southern exposures and sunny open city views. Featuring large well-proportioned rooms with crown moldings, high ceilings, oak floors, thru-the-wall air conditioning and new windows.

The gracious Entry Foyer leads to a Living Room with a wood-burning fireplace and opens to a Formal Dining Room. The eat-in Kitchen includes a Butler’s Pantry and Laundry alongside a Maid’s Room/Study with built in Murphy Bed and Bath. The Bedroom Wing offers a corner Master Bedroom with en-suite Bath as well as two additional Bedrooms with bath and abundant closets.

LeAnn M. Waldron

 

 

This material is based upon information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes including price or withdrawal without notice. EQUAL HOUSING OPPORTUNITY
]]> http://www.danielhester.net/blog/2008/09/19/co-op-of-the-week-candela-classic-seven/feed/ How is the ‘Pick of the Week’ selected? http://www.danielhester.net/blog/2008/09/15/how-is-the-pick-of-the-week-selected/ http://www.danielhester.net/blog/2008/09/15/how-is-the-pick-of-the-week-selected/#comments Mon, 15 Sep 2008 12:51:38 +0000 Daniel http://www.danielhester.net/blog/2008/09/15/how-is-the-pick-of-the-week-selected/ As a loan officer, I spend a lot of my time working and meeting with real estate brokers, either in their office, at a networking function or at an open house. 

I usually visit 5 to 10 open houses a week and I find that there are some apartments that I really do like and could actually live in with my family quite comfortably (wife, young daughter & long-haired daschund) and some that are not a good fit, plain and simple. 

So, the “Pick” is my opinon of what I find a nice apartment to be (definitely helps when the broker is nice too) in NYC.

Daniel

]]> http://www.danielhester.net/blog/2008/09/15/how-is-the-pick-of-the-week-selected/feed/ The Pick of the Week: 176 West 87th Street - Apt: 6J http://www.danielhester.net/blog/2008/09/10/the-pick-of-the-week-176-west-87th-street-apt-6j/ http://www.danielhester.net/blog/2008/09/10/the-pick-of-the-week-176-west-87th-street-apt-6j/#comments Wed, 10 Sep 2008 19:05:41 +0000 Daniel http://www.danielhester.net/blog/2008/09/10/the-pick-of-the-week-176-west-87th-street-apt-6j/ 176 West 87th Street, Upper West Side Real Estate

NEW TO MARKET! Designed for living, this delicate yet intricately designed 1 Bedroom leaves no stone unturned. Lit by both southern & eastern exposures, this delightful apartment comes well appointed with Beech Wood flooring throughout and a Renovated pass-thru, Windowed kitchen with Miele D/W & Granite Counter tops. Complete with a common roof deck Garden that can only be described as breathtaking, this lovely Pre-war building sits just 2 blocks from Central Park . Other amenities include, a children’s play room, 24 HR Doorman and laundry & bike room. With an Ultra-low maintenance, this sunny home will surpass all your expectations. Pet-Friendly/Pied-à-terres allowed.

Terrence Harding, Vice President

Corcoran

Office: 212-941-2644

Cell: 212-945-8769

Terrence.Harding@Corcoran.com

Mahkyle Catalano, Vice President

Corcoran

Office: 212-941-2633

Cell: 917-213-8483

Mcatalano@corcoran.com

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.

]]> http://www.danielhester.net/blog/2008/09/10/the-pick-of-the-week-176-west-87th-street-apt-6j/feed/ Fannie & Freddie taken over - so now what? http://www.danielhester.net/blog/2008/09/10/fannie-freddie-taken-over-so-now-what/ http://www.danielhester.net/blog/2008/09/10/fannie-freddie-taken-over-so-now-what/#comments Wed, 10 Sep 2008 18:56:45 +0000 Daniel http://www.danielhester.net/blog/2008/09/10/fannie-freddie-taken-over-so-now-what/ This is clearly the biggest question as it relates to the real estate, and in particular for individuals like me as a loan officer, the mortgage industry. 

All I can say is, that the future is impossible to predict - rates can change at any time and are based on a myriad of factors (credit score, downpayment, etc.).  That said, the last couple of days, the rates did fall for loan amounts up to the temporary conforming loan limit of $729,750.  Check with your loan officer to see if / how the gov’t takeover of Fannie & Freddie affects you based on your individual situation, because each situation is different. 

Daniel

]]> http://www.danielhester.net/blog/2008/09/10/fannie-freddie-taken-over-so-now-what/feed/ The Pick of the Week http://www.danielhester.net/blog/2008/09/05/the-pick-of-the-week/ http://www.danielhester.net/blog/2008/09/05/the-pick-of-the-week/#comments Fri, 05 Sep 2008 18:41:45 +0000 Daniel http://www.danielhester.net/blog/2008/09/05/the-pick-of-the-week/

 

Price: $1,899,999

421 Hudson Street New York, NY 10014

2 bedroom
1,290 sq. ft.

MLS# 566879

 

CENTURY 21 NY Metro - Fern Hamberger

Cell: (646) 660-0060

Email: fernhamberger@yahoo.com

Link to listing: www.century21.com/agent/listings.jsp?id=10877914

 

 


The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans

]]> http://www.danielhester.net/blog/2008/09/05/the-pick-of-the-week/feed/ Manhattan: The New Brooklyn? http://www.danielhester.net/blog/2008/09/02/manhattan-the-new-brooklyn/ http://www.danielhester.net/blog/2008/09/02/manhattan-the-new-brooklyn/#comments Tue, 02 Sep 2008 19:12:11 +0000 Daniel http://www.danielhester.net/blog/2008/09/02/manhattan-the-new-brooklyn/

(Hi - this is from New York Magazine’s website - pretty interesting take on the market - enjoy!  Daniel)

As the market hints at a downturn, Brooklyn brownstones sit unsold. By S.Jhoanna Robledo

  • Published Aug 10, 2008

(Photo: Gabriele Stabile/The New York Times/Redux)

Conventional wisdom holds that outlying neighborhoods’ prices are last to rise and the first to suffer in a downturn. Well, that downturn is here, and the numbers in brownstone Brooklyn are showing signs of strain. Statistics from Streeteasy.com show 38 percent of townhouses suffering price cuts in recent months, averaging an 11 percent drop. Six of ten listings in Prospect Heights have been marked down, as have a third of the listings in Brooklyn Heights, Carroll Gardens, and Park Slope. Median sales prices for one-to-three-family houses fell 3.4 percent from the prior quarter, and transaction volume dropped nearly 27 percent, according to appraisal firm Miller Samuel. Though the market is “very much alive,” longtime broker Peggy Aguayo admits, the pace “is slower,” especially when it comes to single-family homes.

 

Why? Brooklyn prices have risen nearly to parity with Manhattan’s, many of them so ambitious that a lot of buyers say they may as well look across the river. Predicts veteran agent Rick Wohlfarth, who’s seen the market cycle numerous times: “You’re going to see people who were looking in Brooklyn coming back to Manhattan.” Adds broker Shaun Osher: “The lower part of Manhattan’s price points went to the upper part of Brooklyn’s, where many brownstones sit.” Jed Garfield, another townhouse specialist, agrees: “Brooklyn looked like the great frontier, but there’s geographical realities, and when you see softening in Manhattan, buyers suddenly have a choice.”

 

So why isn’t it cratering altogether? Because Brooklyn now has its own momentum. There are far more pro-Brooklyn partisans than there used to be, creating what Aguayo calls a healthy “micro-market.” Until recently, 60 percent of her clientele hailed from Manhattan; that number’s now down to 45 percent. Corcoran’s Frank Percesepe says one developer planned to heavily recruit Manhattanites because of his project’s high price points, but “the majority of our clients were from Brooklyn … Once people get here, they like it.”

 

]]> http://www.danielhester.net/blog/2008/09/02/manhattan-the-new-brooklyn/feed/ What Is The Temporary Lending Limit? http://www.danielhester.net/blog/2008/08/26/what-is-the-temporary-lending-limit/ http://www.danielhester.net/blog/2008/08/26/what-is-the-temporary-lending-limit/#comments Wed, 27 Aug 2008 02:47:47 +0000 Daniel http://www.danielhester.net/blog/2008/08/26/what-is-the-temporary-lending-limit/ The Temporary Lending Limit represents a key component in the Stimulus Package signed earlier this year.  Here’s the basics: the Temp Lending Limit is $729,750 for single family residences, condos and co-ops (check with your loan officer to confirm if their particular mortgage firm adheres to this).  One of the major caveats to the Temp Lending Limit, however is that its just that: Temporary thru 12/31/08. 

Also the Temp Lending Limit is not nationwide.  Click this link: https://entp.hud.gov/idapp/html/hicostlook.cfm to see whether the region you are buying in is included. 

As for rates, downpayment requirements, etc. - contact me (or the loan officer you are working with currently) for details.

Take care -

Daniel

]]> http://www.danielhester.net/blog/2008/08/26/what-is-the-temporary-lending-limit/feed/ Jim Cramer on Wells Fargo http://www.danielhester.net/blog/2008/08/20/jim-cramer-on-wells-fargo/ http://www.danielhester.net/blog/2008/08/20/jim-cramer-on-wells-fargo/#comments Wed, 20 Aug 2008 20:02:38 +0000 Daniel http://www.danielhester.net/blog/2008/08/20/jim-cramer-on-wells-fargo/ Wells Fargo CEO: We Thrive in Hard Times
Posted By:Tom Brennan

Despite the hard times this market – and the banks in particular – have been seeing, Wells Fargo seems to be doing better than most.

CEO and President John Stumpf told Cramer today that while there’s plenty of stress on the industry right now, especially on the consumer side, Wells Fargo [WFC  27.79  ---  UNCH  (0)   ] is still growing thanks to the bank’s capital strength, liquidity and operating model.

“There’s actually less competition,” Stumpf said. “People are inwardly focused trying to fix their balance sheets. We’re out trying to grow ours.”

“These are not necessarily bad times for us,” he continued. “We tend to outperform when times get tough.”

That’s why analysts shouldn’t doubt Wells’ recent dividend increase, the CEO said. Solid earnings, revenue and growth with a good loan-loss reserve “easily” support that increase.

Wells Fargo boosted the dividend to 34 cents a quarter from 31 cents, another $400 million in annual payouts. Stumpf doubted a company that brought in $8 billion last year would struggle to make those payments.

Stumpf also took the chance to respond to a recent analyst report – Meredith Whitney of Oppenheimer & Co. – that claimed a change in the way Wells reports bad home equity loans is making the company look in better shape than it actually is.

Wells changed the amount of time before the bank charges off defaulted home equity loans from 120 days to 180, the industry standard, Stumpf said, adding that it gives Wells more of a chance to work with its customers.

“So it was actually a customer advocacy,” he said, “not anything about the income statement.”

The rule left off about $268 million in charge-offs that otherwise would have been a part of the company’s second-quarter report. But Wells still took a $3 billion charge off, Stumpf said, half of that for bad loans and the other half to build loan-loss reserves.

“So it was in no way to anyway impact or minimize or some way overstate the earnings of the second quarter,” he said. “Just the opposite.”

Cramer called Wells Fargo “the best bank in America,” saying, “I think this one’s inexpensive” even though it’s selling at twice the book value.

Watch the video for CEO Stumpf’s explanation of his CDO and SIV exposure and how his bank is growing its balance sheet despite what looks like less core deposit growth.

]]> http://www.danielhester.net/blog/2008/08/20/jim-cramer-on-wells-fargo/feed/ I’m back! http://www.danielhester.net/blog/2008/08/16/im-back/ http://www.danielhester.net/blog/2008/08/16/im-back/#comments Sat, 16 Aug 2008 13:40:55 +0000 Daniel http://www.danielhester.net/blog/2008/08/16/im-back/ Sorry for not staying in touch more often the last few weeks…funny thing, took a long weekend in Boston last week.  While driving my wife asked me about one of (at the time) my best friends in college - specifically, why I hadn’t sought him out again. 

We kind of drifted apart but she was right - its been well over 10 years…anyway, about 30 minutes ago, I figured, “What the heck” and searched on LinkedIn and lo and behold I found him - what was even more surprising was how emotional I got - at just the sight of his name brought back a bunch of memories (some I can’t put in print - remember this was College!)…but we had so much in common…what happened to us?  Jeez.

Oh yeah, he lives in Boston…so I totally missed out on seeing him in person.  Yeah, you know where I am heading with this - take the time to reach out to a friend, family, neighbor - today.  Life is too short.

I sent my old friend Mark an invite…hope he responds…

See ya -

 

Daniel

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