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Just Another Reason to Love New York City!

Happy Friday Everyone!

A recent article one TheRealDeal.com led me to write this blog post.. though not directly about real estate, it is just one more amazing reason for your move to New York City! If you have never heard or visited the High Line in New York City, you are truly missing out. The history of the High Line alone will make you over-the-top excited to take another big adventure in Big Apple!

In 1847, the City of New York authorized a street-level railroad running down the now 10th Avenue. Although this allowed trains to easily access the city and deliver freight from Albany to New York City, the tracks proved to be too dangerous due to many accidents on the tracks with horses, pedestrians, trains, etc. 10th Avenue soon became known as “Death Avenue”.

The West Side Improvement Project finally came to an agreement in 1929, after

years of public debate, that the High Line would be created. The High Line was a railroad line that ran above and through the center of blocks from 35th Street all the way down to St. John’s Park Terminal. It was connected directly to factories and warehouses, literally allowing trains to stop inside of the building to drop their freight. Due to the rise of trucking and other means of transportation of goods, the High Line closed multiple parts of the line in the 60’s and trains stopped running completely in 1980.

A group of private property owners who bought property below the High Line in the mid 1980’s threatened for demolition, but a brace Peter Obletz, a Chelsea resident, challenged the efforts in court. In 1999, Friends of the High Line was established by Joshua David and Robert Hammond, residents of the neighborhood, who proposed to use the High Line for public open space. Friends of the High Line gained city support in March of 2002, when City Council resolved for the High Line’s reuse.

In June 2008, the final designed from the High Line reuse design contest were released, and on June 9, 2009 Section 1 of the High Line opened to the public. (Gansevoort Street to West 20th Street) The High Line is now home to a beautiful elevated walking “park” with greens, gardens and the best part – it’s open to the public!

Section 2 of the High Line opened just 2 days ago, on June 8th, 2011. It now runs from Gansevoort Street up to West 30th Street. When all sections are completed, the High Line will span a mile and a half, running through the West Side neighborhoods of the Meatpacking District, West Chelsea and Clinton/Hell’s Kitchen.

For more information on the High Line, visit http://www.thehighline.org

If you are interested in moving into the High Line neighborhood, give us a call at Bold New York. We would be more than happy to show you around and find you a comfortable new home in a great neighborhood!

http://www.boldnewyork.com

heather@boldnewyork.com

646-998-7632

Keep on Fallin’

Good news! Mortgage rates in the U.S. are still declining! They dropped this week, even though the United States had some weak economic results.

The 30-year fixed-rate mortgage fell 2 basis points – and are now down to 4.75 percent. (Bankrate.com) A year ago, the mortgage index was 4.92 percent, and four weeks ago the rate was at 4.95.

Mortgage rates for May 25, 2011

The 15-year fixed-rate mortgage fell 2 basis points as well – and are now down to 3.93 percent.

The 5/1 adjustable-rate mortgage fell 3 basis points – down to 3.45 percent.

Mortgage rates have now been dropping for 7 weeks in a row, and this is the lowest rate in more than 5 months for the 30-year fixed. (Rate was 4.71 on Dec. 1st, 2010)

Find the best mortgage rates in your area.
Find out more information about the weakening U.S. economy and concerns about Europe’s debt crisis, here.
Read more: Mortgage rates fall for 7th week in a row | Bankrate.com

Buying vs. Renting

Are you a New Yorker wondering how much more you would spend if you bought a home instead of renting? Well… here’s your answer. You wouldn’t be! The Truth is you are spending more renting! Not to mention, the money spent on rent will never make it back to your bank account!

I’m not saying that everyone should buy. For some, renting just makes sense, especially those not looking to stay in New York for a long time. But, for those of you looking to stay more than 5 years, you should look into buying a home – you will thank me later!

Check out the NY Times article below, it will show you one scenario where buying is cheaper than renting!

Click the link below:

NY Times Rent Calculator – Compare Renting to Owning in New York!

For help finding the right home for you — Contact Us!

For those of you looking to rent — We do that too!

Negotiating Tips for Sellers

Good Morning! I’m here today with a few tips for sellers who want to get the most out of selling their home! Follow these steps to ensure buyers know that you are motivated, but not too desperate.

1. Don’t mention your deadline. If you are behind on your mortgage, getting a divorce, in a hurry to move or any other deadline you may have… keep it to yourself! You don’t want to show someone that you are in too much of a hurry, because they will try to drive the price down on you.

2. Share only a ‘no-risk’ answer. If someone asks you “Why are you selling”, only share what is called a ‘no-risk’ answer. “It’s the weather.. its taken a toll on me, I’m ready for Florida.” “It’s time. We’ve been thinking about it for a while.” “Our family is in Georgia, so we are moving closer to them.” All of these answers will show a buyer that you are serious and motivated.

3. Let your home PROVE it’s worth. Have an open house, invite buyers to come see your home and have themselves imagine living there. You will never be able to prove your homes worth by trying to “sell” it to them. Have an open house and let your home sell itself. (Open houses are often more effective if run through a real estate agent. We know tricks to make buyers want in, now! Contact us to see how we can help you today!)

4. Offer incentives. Incentives bring buyers in. Offer incentives to your real estate agent to entice them to sell and bring buyers to the table (i.e, Offer 10 or 20% for every dollar they get over $300,000). Get buyers by offering making a short term offer of a certain price off closing costs, or cover closing costs completely for any offer that comes in before a certain date.

These are just a few tips for sellers. For more information, and a great agent, call Heather at Bold New York – 646-998-7632

Great tips from Wells Fargo

Wells Fargo is a respected home mortgage company, whom I have had the chance to learn a little bit about. I will actually be attending a “power meeting” with them very soon to learn more! For now, I have listed a few websites that may help you and answer some of your questions/calm some of your fears of buying a home in this market.

Good Reasons to Buy a Home Now:

https://www.wellsfargo.com/mortgage/articles/homebuyingreasons

*The next one is very important. In order to show a seller/real estate agent that you are a serious buyer, getting prequalified is a must!*

Wells Fargo Free Prequalification:

https://mortgage.wellsfargo.com/affinity/alfForm.wfm

Today’s Rates (as of 5/17/2011 at 7:00am):

Find a mortgage specialist in your area:

https://www.wfhm.com/locations/mpslocator.jsp

Home Buying Advice from a Legal Pro

New York City real estate attorney Adam Leitman Bailey recently debuted his book, Finding the Uncommon Deal.The book takes a look at the in’s and out’s  of buying houses, condos and co-ops. However, this is more than just a how-to guide to owning a home.

The book starts with tools and suggestions with how to get yourself ready for buying, then gets into looking for the deal. It goes in depth about how to buy in today’s market, buying with little to no money down, and getting alternative financing.

Learn secrets to foreclosures and short sales, and how to pick your real estate agent (pick me! pick me!) Bailey will teach you how to negotiate a sale and tips from making the offer to the moment you get to the closing table.

Finding the Uncommon Deal was published in the middle of last month, and already is No. 1 on the NY Times list of how-to books! Pick up your copy at Amazon today!

For more on the article from The Real Deal, visit the link below.

Home-buying advice from a New York City legal eagle | The Real Deal | New York Real Estate News.

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