Archive for the 'Community Issues' Category
The Foreclosure Hype
April 13th, 2008 categories: Community Issues, Real Estate News
With the depressed real estate market, new opportunities have opened up for the professional “scammers”. I read it in the newspaper, I hear the chatter on the radio and see the busy ads on TV. “Foreclosures are higher than ever, get in on your chance to buy these homes at ridiculously low prices - Call now for your free directory”
Even here in the Finger Lakes area, I receive calls and emails from potential clients that only want me to look for REO’s ( real estate owned by the lender through foreclosure) for them. I do not have a problem with that, because why not. If an investor is willing to roll up their sleeves and put some physical equity into a home, in a good market, they can make a decent return on their investment. The problem is when buyers that would normally look around for a home their fits their needs decides they only want to look for foreclosures. Yes, there has been an increase in foreclosures in our area, but not to the extent that the MLS (multiple listing service) is full of them. The other issue is that the foreclosures that are on the market are not suitable or desirable to the average home buyer. These homes are usually in the lower end of the market and in bad areas, definitely not your typical three bedroom 2 bath home.
There are also different ways to buy a foreclosed home.
- You can buy them at auction on the courthouse stairs - but I warn you against that unless you have a good title search attorney or you are knowledgeable yourself to research the property. When you buy a house on the courthouse steps you get the title and also any liens that may be attached to it.
- You can work with a Realtor to find REO’s - these homes have been taken back by the lender and the titles have been cleared. The lender will try to get the market value on the home, but depending how long it is listed, you will increase your negotiating power.
There are other areas of the country where foreclosures do dominate the market, but fortunately not in the Finger Lakes area. There are still many people with good paying jobs looking for decent homes and able to obtain conventional mortgages.
So if you really want to look for foreclosures, be prepared for what most of them are and work with a Realtor that is familiar with REO’s. Patience in finding a place and being financially prepared to place an offer are also key components.
Information for the Finger Lakes brought to you by Mary St.George
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Whoa ! Blow Me Away!
March 23rd, 2008 categories: Community Issues
The Wind Turbine That Could Have Blown Me Over ….Or Not ! Talk about topics full of hot air. With the introduction of wind turbines in Upstate NY,especially the Finger Lakes area, the division has started with those for and of course those against. In the past I have taken a back seat to these discussions, not clearly understanding the controversy. As I receive more information from different sides of the coin, I get a better understanding of of the issue at hand.
The Cohocton Wind Watch Group closely monitors the situation in Cohocton as well as in neighboring communities. If you visit their website you can see video of the installation of a wind turbine at various stages. This watch group has their own website and legal action campaign and are against the installation of any turbines in the area. Their concerns are:
- decrease in property value
- excessive noise
- unusable property
- damaged views of the landscape
There is also a group in Penn Yan, NY called the Progressives that contains members that are definitely against the installation of these wind catchers. Some of the members are afraid that the area will no longer maintain its natural beauty.
I always associated wind turbines with ecological groups, so it was very confusing to me to find out that it was these exact groups of people that are actually against the turbines.
During a visit to Costa Rica a few years ago, I took many pictures of the wind turbines especially when the sun was setting. I found a certain beauty in them rising from the hill tops against a rainbow of colors in the sky. Talking to many of the locals, I found they were proud of the way their country supplied energy. Along with the wind turbines, Costa Rica also harnesses hydro electric power.
So using wind turbines made sense to me, but I realized I had never seen any in the United States. It was only three years ago that I had never seen a turbine and now throughout the Finger Lakes I either hear controversy about them or can actually see them on the hills in Steuben County. On my way to a Resort Property business trip in Albany last month, I also noticed some of the turbines in the distance from the New York Thruway.
Mary St George keeping you informed about the Finger Lakes
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