Opportunities are Knocking at Your Door at the Estates at Opal Ridge

Photo by SIREN on Flickr.

I just want to thank Google for being a blogs best friend. Apparently the sales team over at Opal Ridge were googling the development's name, and they came across the posts I did on them. They were very appreciative and sent me some more information about their new development that I would like to share with y'all. There was something endearing about the brochure they sent me, which is a good reflection of the development. I stopped by Opal Ridge the other day and with only 9 of the 22 homes left, it's only a matter of time before they are completely sold. By this point, I'm sure I mentioned the benefits of the low mortgage rates, tax incentives and reduced home prices many times that it's been instilled in everyone's brain. Coinciding with the monetary benefits, you should not overlook the intrinsic feeling you obtain by owning a family-oriented Opal home. The brochure below outlines your potential savings made available by the government and the great amenities that Opal Ridge has to offer.

(Click on thumbnails to view original size)

or
Download Opal Opportunity Knocks Brochure [PDF]

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Fannie Mae & Freddie Mac to the Rescue

(Click on picture to view in original size)

Click here to download PDF version of the article
Fannie and Freddie suspend foreclosures [CNNMoney]

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The Club at Clove Lakes Park NY 1 Broadcast

Back in November I blogged about this new development for active adults 55 and older on the North Shore of Staten Island, called the The Club at Clove Lakes Park. Although groundbreaking for the project has commenced, the development won't be ready until the Spring of 2010, but NY 1 did not waste anytime broadcasting a little segment on the upscale homes.



The Club at Clove Lakes Park [Official Website]

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Tips on Reusing Foreclosed Properties

Photo by Mint Software on Flickr.

Last May, the Furman Center for Real Estate and Urban Policy, with support from the Ford Foundation, convened leading housing researchers, policymakers, lenders, and nonprofit housing organizations to discuss how best to leverage public and private resources to reuse foreclosed properties in a manner that helps stabilize neighborhoods. With all that has happened in the housing and broader financial markets since then, this issue is more central than ever to the challenges facing cities around the country.

Below is the link to the White Paper the Furman Center has produced to document that roundtable conversation. In addition to summarizing much of the discussion's substance, they have included links to resources—ranging from existing research papers on related topics to listings of REO properties. This should be useful to practitioners, researchers and policymakers involved in neighborhood stabilization projects. — Vicki Been & Ingrid Gould Ellen

Transforming Foreclosed Properties into Community Assets
[NYU Furman Center White Paper]

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Holiday Spirits Throughout the Globe

SIREN's Favorite Holiday Photos!



Flickr Photo Credits

• Paul Kheler
• Avraham Bank
• wallyg (pics 3, 7, 10, 14)
• campanita de hojalata
• Sandra Nahdi
• pamelaklaffke (pics 6 & 12)
• cityflickr
• Gertrud K
• Scott Ableman (pics 11 & 18)
• RobSPetri
• jewishfan
• chelstastic
• Philip Klinger
• imapix
  

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Buy or Refinance; Take Your Pick! Record Low Mortgage Rates!

I personally can't emphasize enough that it's a buyers market, so I'm bringing in heavy weight hitters, Reuters, to substantiate my views. Can you believe 30 year fixed mortgage rates are at their lowest in 37 years! If you've been waiting to refinance your home, so you can put extra money in your pocket for savings and investments, or even to spend money as a consumer, both will strengthen buyer confidence and stimulate the economy...do whatever floats your boat because either way your money can start circulating more effectively. And first-time home buyers, please take the bull by the horns and take advantage of everything I've been telling you since I've started this blog. The reality is you still need to have good credit and a stable job to get a mortgage. Watch the below clip...it's quick and straight to the point.

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Blast From the Past - Sand Lane Arcade

Approx. 25 Yrs Ago Steve Zaffarano/Staten Island Advance


Approx. 23 Yrs Later Photo by iamduckydale on Flickr

I want to pay homage to the once standing and thriving Sand Lane Arcade center that closed down in the summer of 2006. This establishment of pure innocence and fun was around for 66 great years, and went out on top. As they say "all great things must come to an end". From my grandparents, to my parents, and even me, we were all lucky enough to experience the hot summer nights in South Beach, at the Sand Lane Arcade, acting as giddy little kids from the sight of the bright illuminating lights coming from the arcade machines. Filled with timeless games such as skee-ball, pinball, Dance Dance Revolution (timeless for my generation :), ka-klunk and all sorts of video games, it was a kids haven. It was our own little Coney Island and South Beach was the hotspot for Staten Island residents. Great memories and I want it back...Who remembers coming here?

Summer Already Over for Staten Island Arcade [NY Times]
LIFE IS A BEACH... [Daily News]
Return South Beach to the good old days [SILIVE]

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Don't Miss the Boat, Get It While It's Available - Tax Abatement

Photo by Grayman ! on Flickr

I've posted this picture for the mere fact that it's just pretty neat...it's definitely eye catching and is worthy of a blog post, plus it has some real estate relevance. Just don't get too spooked out and leave the page hastily because I have some important and valuable information coming up.

If you guys haven't already heard, new construction that is eligible for the eight year 421b real estate tax abatement benefits and the $7,500 federal tax credit for income-eligible first-time home buyers will only be available until June 30th 2009. Yes, the market is down and out but these incentives should revive you from the depths of your inner most qualms. What you're probably unaware of and I'm going to let you in on some industry secrets, it's unlikely that there are more than 100 homes on Staten Island that still qualify for 421b tax abatement. Among them are Opal Ridge, Maguire Woods, Sailor's Key and Petersons Lane. If any of my fellow readers know of any other developments that qualify for tax abatement please email me the listings or place a link in the comments section below, so SIREN can let the public know.

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Love on the Staten Island Ferry

I felt a little romantic today and wanted to touch the ladies hearts, so I figured you guys would enjoy this b&w silent movie clip about a couples yearning love for each other, on what better place then the Staten Island Ferry. Check it out and let me know if it made you shed a tear :)

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Food for Thought - The Buyer / Seller Disconnect

Photo by National Collegiate Scouting Association on Flickr.

I've been recently following many of Noah Rosendblat's blog entries from his successful Manhattan based real estate blog, Urban Digs. Noah actually started UrbanDigs.com before dabbling in the real estate market and it is amazing to see that someone only four or five years into his real estate career become such a staple in the industry, using his renowned blog as a launching pad.

We can all agree on the fact that there is a consumer confidence issue in the current market, but Noah takes it a step further to provide his theory on the disconnect between buyers and sellers, which is causing the liquidity problem in the market. To put it in laments terms, sellers are having a hard time facing reality and they are still asking for prices that are comparable to when buyer confidence was extremely higher. Unfortunately it is a vicious cycle and both the buyers and sellers are trying to hold out for the bigger and better deal causing a standstill between both parties. During the height of the market I know buyers have been asking themselves when will prices level off or even go down, because I was one of those people nervous about if I would ever be able to afford a home. I was a first time home buyer and I didn't have the luxury of selling a current home to buy a new home. Now that the tides have turned, it is ironic to see that people who were praying for prices to decline are now sitting on the sidelines because they are either trying to time the market or just scared. To streamline the process buyers need to realize the deals that are in front of their face and capitalize on the market being down around 20%, while sellers need to price ahead of the downward curve bridging the gap between the buyer and seller. I recommend reading the following post by Noah Rosendblat.

The Buyer - Seller Disconnect [Urban Digs]

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Face Behind the Most Powerful Real Estate Blog - Curbed

I myself prefer to stay a mystery and keep my identity covert until the time is right, but the man behind the curtains, Lockhart Steele of the biggest real estate blog site, Curbed, bares it all to inmanNEWS, Bradley Inman. What do you guys think...can SIREN be the Curbed of Staten Island?

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European Tuscan Home Du Jour

(Click on the thumbnails to view photos in original size)

This single-family European Tuscan style home at 1 Seven Gables Road in Emerson Hill just hit the market with a price tag of $2,150,000. I personally am not in a position to buy a home this expensive, but anyone out there that has this kind of money who is looking for their dream home, I surely wouldn't pass this up. You get the best of both worlds by having an enormous 13,000 sq ft lot to get that private, secluded and serene country feeling, and you are only a twenty five minute car ride to Manhattan. The interior has a lot of charm in addition to many luxurious amenities (4.25 bathrooms, four bedrooms, a two car garage, three fireplaces, granite floors and elaborate and decorative woodwork), which I guess is the reason why this home won an award from the Staten Island Chamber of Commerce for Interior and Exterior Design. Enough babbling about this house because I'm sure most of you get the point and the pictures explain it better. Not to mention talking about this is kind of a tease because a simple blogger like myself, who if had a real job, would possibly be able to afford a place like this :) Just kidding, I love what I do and wouldn't change it for the world.

1 Seven Gables Road [Own-A-Home Realty] Google Map Trulia

Photos from SIREN's Flickr Pool

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Golden Age For First Time Home Buyers

Photo by PatchworkPottery on Flickr.

The housing market today is a very controversial topic in the media that people rarely take a moment to assess their own situations. Everyone's priority is different and although no one knows how to time the bottom, if you look over the past year bargains are definitely available, mortgage rates are at their all time lows and there are an abundance of tax benefits. There are still opportunities to buy new construction developments that are eligible for 421b tax abatement. Even if prices decrease further, if you are looking long term, I believe the next generation of wealth will be made in this market. The following NY Times article emphasizes the advantages first-time home buyers have if they choose to buy a home now. With constant talks about the federal government trying to drive down rates to 4.5% that is truly an incredible rate to lock into for the next 30 years. Also, income-eligible first-time home buyers won't want to miss the opportunity for a $7,500 federal tax credit, since the deadline is June 30th. Most people don't realize that first-time home buyers don't have the luxury of gambling on the market bottom. Once the market starts to turn around, existing home buyers who wanted to move years ago will quickly sell their current home to buy a step-up home.

We wouldn’t let another decline bother us, said Michael Proman. You can never time a bottom. This is a long-term investment for us (referring to their recent home purchase in Minneapolis), and it truly is the best investment we have in our portfolio right now.

It May Be Time to Think About Buying a House [NY Times]

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Real Estate Moguls Love To Eat Too

dinner by aree & cinthya, originally uploaded by satya.w on Flickr.

I'm going to throw out a cliche just to support the statement that will follow. "A way to a man's heart is through his stomach". Don't be fooled and think the only reason Real Estate people schmooze their clients by taking them to fancy restaurants is because they want to close a deal...NO, it's because for their own reasons the thought of writing off a scrumptious meal is a good enough motive. But don't think that the closing of the deal is not the coupe d'ete.

I usually read Pam Silvestri's blog Turning Tables on SILIVE for any info or reviews regarding new hot restaurants on Staten Island. I really respect how she always responds to comments on her blog and stays connected with her readers. Her pic from Tuesday's post, 'January to Be One, Big Happy Restaurant Week?' was fantastic. I swear I never saw a burger that big in my life...it was amazing!

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Sexy Staten Island Courts Brooklynites

Photo: Victorian Mansion on St. Pauls Ave.

In the words of Borat...I liiiiike (just imagine his accent when reading this). I ate too many silly pills this morning, so don't mind me...let's get back on track boys and girls! For anyone who is reluctant to move to Staten Island for the stereotypical unjustified reason of, "because it's Staten Island", it is imperative you read this NY Times article, which is more like a tale of a Brookyln family's desirable search for their suburban dream home. I agree there is an appealing factor of living in Brooklyn, but when you really look at it from a practical unbiased perspective, it is almost a no brainer of why you would choose to live on Staten Island. For example take the family from the NY Times article, Glenn and Melina Gontha, who wanted to leave the hustle and bustle of brooklyn to move to a tranquil area where they can raise their son in a bigger house with a backyard and garage for an affordable price. Unlike Melina, Glen was extremely apprehensive about moving to Staten Island until he gave it a solid look and they finally moved into their beautiful 4,000 square-foot, four-bedroom house, on Clinton Avenue in New Brighton for only $615,000.

Our family's needs matched up with what Staten Island had to offer, he said. Maybe part of it is psychological. Part of the appeal was it was still in the city.

Staten Island didn't seem as dense as Queens and Brooklyn, even though they say it is being overpopulated and overdeveloped, Mrs. Gontha said. We didn't get that sense at all. Then Glenn said, 'I think I love Staten Island.' It was the most hilarious thing.

I think you guys get the gist of what I'm trying to say, so I'll see ya guys later!

Learning, Finally, to Love Staten Island [NY Times]

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Neighborhood Spotlight - Grasmere

Mary DiBiase Blaich for The New York Times

Just by looking at the picture above, it feels as if you are looking at a serene setting in Pennsylvania or something. What you're actually seeing is one of New York City's unhidden gems, called Brady's Pond, located in Grasmere on the North Shore of Staten Island. When I was a little rug rat, I use to come here with my family sporting my cool little floaties as I swam around the fresh water pond. Grasmere is one of my favorite neighborhoods in Staten Island, which I'm going to breakdown for you right now. One of the most frustrating things about living in Staten Island is the commute to Manhattan. Unlike the rest of the boroughs and even some parts of New Jersey, Westchester and Long Island who all have their own public train stations/subways that run to Manhattan, Staten Island's only means of transportation into Manhattan are via express bus, ferry or car. I love living on Staten Island, but this is one of my biggest pet peeves about living here. Fortunately if you live in this area you're very close to the Verrazano Bridge that goes to Brooklyn and it's only a 10 minute ride on the Staten Island Railway to St. George, which is the closest stop to the ferry.

According to the NY Times, Grasmere's convenience has helped it endure the economic slowdown, and housing in this area is considered very stable. Although Grasmere's average home prices fell to $437,500 in the first half of 2008, compared to an average price of $505,800 in the first half of 2007, average days on the market remained relatively consistent. The neighborhood has always been one of the most prestigious communities on Staten Island, with the zone around Brady's Pond being particularly affluent. Houses in this area can go for more than $1 million.

How many of you guys actually new about this lovely pond on SI???

Living In Grasmere, Staten Island - Bucolic and Bustling, All at Once [NY Times]

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