Maybe one day I'll be selling real estate on the moon too?
Sunday, February 26, 2012
Monday, February 20, 2012
iPhotography Calendar: 12 Months Captured in 12 Stunning Snapshots [PICS]
It's not Real Estate...but it is so cool!
iPhotography Calendar: 12 Months Captured in 12 Stunning Snapshots [PICS]
iPhotography Calendar: 12 Months Captured in 12 Stunning Snapshots [PICS]
Friday, February 17, 2012
PROOF THE MARKET IS IMPROVING!!!!!!
Most expensive NYC apartment sells for $88M
(that's $13,000.00 a SqFt!!!)
(CBS/AP)
NEW YORK - The family of a Russian billionaire has bought a New York City penthouse apartment for $88 million.The Wall Street Journal says the property at 15 Central Park West in Manhattan is now the most expensive apartment in New York.
The Journal reports that the price paid was 66 percent above that the previous record sale.
The seller was Sanford I. Weill, the former head of Citigroup Inc.
It was bought by a trust for Ekatarina Rybolovleva, 22, a college student and daughter of Dmitry Rybolovlev. Rybolovlev, who is now based in Monaco, made a fortune in potash fertilizer.
The Journal reports the previous record residential sale in Manhattan was the 2006 purchase of a townhouse on East 75th Street by J. Christopher Flowers, a private-equity investor.
The largest condo deal was the $51.5 million purchase of a series of apartments at the Plaza Hotel by developer Harry Macklowe in 2007.
Features of the apartment include a wraparound terrace.
The Journal says the sale generated nearly $2.5 million in city and state taxes. The brokers' commission: about $3.5 million. The deal closed on Wednesday.
Weill previously said he plans to donate the proceeds of the sale to charity.
Sunday, February 12, 2012
Colorado gets $205 Million in bank settlement
Colorado and some distressed homeowners in the state who suffered because of past banking practices, will receive $204.6 million of the $25 billion multi-state settlement with the nation’s five largest banks, Colorado Attorney General John Suthers announced today.
Under the terms of the settlement, Colorado, which served on the executive committee that oversaw the settlement negotiations, will receive:
The five banks are Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial.
Nationally, the banks have agreed to:
Customers of the five settling banks who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 may be eligible for restitution under the settlement. The independent, third-party administrator of the settlement hopes to contact affected victims by the end of the summer. Customers of the five settling banks who are still in their homes but either behind on their payments or underwater should contact the banks directly through dedicated toll-free contact numbers to determine if they are eligible for assistance:
Under the terms of the settlement, Colorado, which served on the executive committee that oversaw the settlement negotiations, will receive:
- $73.3 million that will be available to grant principal reductions on loans to make a modification possible. Approximately 40 percent of these funds will also be available to ease the effects of foreclosure, including waiving deficiency balances, enhanced cash-for-keys payments and blight prevention.
- $52.5 million in cash to the state.
- $46.3 million worth of refinancing benefits to underwater borrowers.
- $32.49 million in payments to homeowners who lost their homes to foreclosure between January 1, 2008 and December 31, 2011
The five banks are Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial.
Nationally, the banks have agreed to:
- Commit a minimum of $17 billion directly to borrowers through a series of national homeowner relief options, including principal reduction. Given how the settlement is structured, servicers will actually provide up to an estimated $32 billion in direct homeowner relief.
- Commit $3 billion to a mortgage refinancing program for borrowers who are current, but owe more than their home is currently worth.
- Pay $5 billion to the states and federal government ($4.25 billion to the states and $750 million to the federal government).
- Provide homeowners with comprehensive new protections through new mortgage loan servicing and foreclosure standards.
- Be overseen by an independent monitor will ensure mortgage servicer compliance.
Customers of the five settling banks who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 may be eligible for restitution under the settlement. The independent, third-party administrator of the settlement hopes to contact affected victims by the end of the summer. Customers of the five settling banks who are still in their homes but either behind on their payments or underwater should contact the banks directly through dedicated toll-free contact numbers to determine if they are eligible for assistance:
- Bank of America – 1-877-488-7814
- Chase – 1-866-372-6901
- Citigroup – 1-866-272-4749
- GMAC/Ally – 1-800-766-4622
- Wells Fargo – 1-800-288-3212
Tuesday, February 7, 2012
Housing Crisis to End in 2012 - ripped from DSNEWS.com 2/7/12
Housing Crisis to End in 2012 as Banks Loosen Credit Standards
01/24/2012 By: Krista Franks
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.
Wednesday, February 1, 2012
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