According to a recent article in the Wall Street Journal, an Upper East Side townhouse that was once owned by the Vanderbilt family (16 E. 69th Street) has gone into contract to an anonymous buyer for more than $47 million. That would make it the priciest single-family home sale in New York City since the collapse of Lehman Brothers.
New Jersey Real Estate News
I was interviewed recently by the Wall Street Journal, for an article that ran in the Saturday, April 30, 2011 edition about NYC-area real estate.
Read about Bergen County towns with a view of New York City in the Wall Street Journal.
Move east: now is a good time to buy property in Bergen County, NJ, just outside of NYC. For example, it is estimated that almost 70% of Las Vegas homes are "underwater" with their mortgages (see link to article below). Buy in North Jersey!
Bloomberg report: Wealthy leaving Las Vegas mansions
Make sure you're dealing with a reputable lender if you're considering lowering your monthly payments, adjusting your interest rate, or extending the length of your mortgage. NJ has issued violation notices against 11 companies for offering mortgage loan modification services WITHOUT being licensed. Any company performing mortgage modification services MUST be licensed by the NJ Department of Banking and Insurance.
According to Bloomberg Businessweek, U.S. commercial real estate yields are near the highest level relative to Treasury bonds on record. Now may be the time for you to invest in commercial property.
News from the National Association of Realtors: Applications for mortgages to purchase homes rose 2.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the weekly survey by the Mortgage Bankers Association. On an unadjusted basis, purchase applications increased 9.3 percent from the previous week. Purchase applications were down 34.7 percent than the same week a year ago.
Here is a helpful video from the National Association of Realtors®, containing a good overview of HAFA and short sales. If you find yourself in a potential short sale situation and you need the assistance of a Realtor®, please call me at 201-776-6762.
If you are currently a mortgage holder and you are having difficulty making your payments, first consult your lender or loan officer to explore options other than foreclosure, such as seeking a forbearance, loan modification, refinance, or selling your home through a short sale. There are loan modification programs and refinancing options being offered through the following organizations: