Wednesday, December 31, 2008

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)

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Tuesday, December 30, 2008

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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Monday, December 29, 2008

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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Friday, December 26, 2008

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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Wednesday, December 24, 2008

Holiday Spirits Throughout the Globe

SIREN's Favorite Holiday Photos!



Flickr Photo Credits

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Tuesday, December 23, 2008

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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Monday, December 22, 2008

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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Saturday, December 20, 2008

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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Thursday, December 18, 2008

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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Monday, December 15, 2008

Food for Thought - The Buyer / Seller Disconnect


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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Friday, December 12, 2008

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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Wednesday, December 10, 2008

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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Monday, December 8, 2008

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.

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Friday, December 5, 2008

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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Wednesday, December 3, 2008

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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Monday, December 1, 2008

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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Thursday, November 27, 2008

Suppress Your Worries - No Housing Meltdown

I always enjoy hearing positive thoughts on the current and future conditions of the housing market. The Managing Partner of the Rand Family of Companies, Greg Rand, provides insight regarding the current market conditions.



Greg Rand on Housing [Fox Business Video]

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Tuesday, November 25, 2008

Happy Anarchy's Thanksgiving Eve Bash @ The Bell House



For some weird reason Thanksgiving Eve has been considered one of the biggest party nights of the year, probably even bigger than New Years Eve. Obviously there is a perfectly good rationale and symbolic meaning for this generously giving holiday to be accompanied by alcohol, late night escapades, debauchery and any other forms of lewd behavior. If you want to partake in the festivities with Staten Island's very own, up and coming Indie Rock band, Happy Anarchy, as in the words of the reputable music blog site Pop Tarts Suck Toasted says, "are kind of blowing up right now", then I recommend seeing them live at The Bell House in Brooklyn on Thanksgiving Eve.

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Monday, November 24, 2008

Staten Island Landmark - W. S. Pendleton House


Photo from wallyg's Flickr photostream.

When I first saw this house on Flickr it reminded me of a Hansel and Gretel-esque type gingerbread house. Although I wouldn't recommend eating this house, despite how delicious it looks, since it is in fact a Staten Island Landmark built in 1855 by William S. Pendleton, a prominent business man who established the first commercially successful lithograph firm in the U.S. W.S. Pendleton wore many hats, serving as president of the North Shore Ferry Company and in addition to 22 Pendleton Place, built six other homes on the North Shore.

I think this house has a lot of personality and individuality, so anyone interested in the Gothic Revival movement and Victorian architectural styles would really appreciate, what I consider a work of art.


Situated on irregularly shaped high grounds overlooking Kill Van Kull, a prominent tower dominates the two-and-half story residence, a survivor of Victorian Romanticism. A gabled vestibule doorway, adorned with scalloped scroll work bargeboards, projects forward from the south elevation. Diamond shaped glass is used in all the various shaped windows. On the side of the house are two one-story extensions and a greenhouse of a later period. The steeply pitched gable roofs are covered with diamond shaped shingles as is the pyramidal shaped roof surmounting the tower. — by wallyg in NYC-Staten Island-New Brighton: W. S. Pendleton House Flickr post


Preserve Staten Island [pdf]

Hansel & Gretel Photo Gallery

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Friday, November 21, 2008

Top 5 Useful links to Monitor Housing Trends


    SIREN'S Top 5 Useful links to Monitor Housing Trends from NAHB

  1. NAHB's Housing Forecast Housing starts, sales and interest rate projections through 2009.


  2. Latest Home Mortgage Interest Rates Contains current and historical data on fixed and adjustable mortgage rates. Updated weekly.

  3. Housing Starts Updated monthly and based on a seasonally adjusted annual rate.


  4. New and Existing Home Sales Updated monthly and based on a seasonally adjusted annual rate.

  5. Metro Home Building Permits Local and state data on housing construction rates. Updated monthly.


    Useful Links to Monitor Economic and Housing Trends
    [NAHB]

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Wednesday, November 19, 2008

Jogging Discovery - The Club at Clove Lakes Park


As I’m taking my daily run on Clove Road, while listening to my blood stirring, energy pumping music mix, I end up passing by a banner advertising a new development called "The Club at Clove Lakes Park". This name intrigues me because it makes me think of a community for the elite. Still trying to keep the juices flowing as I'm jogging in place reading this advertisement, I tell myself why not pass by the welcome center to check out what this is all about. After all, if I like what I hear it will make for great content on my beloved blog.

One of the friendly sales reps named Michael gave me a run down of the project and showed me the welcome center. I come to find out that this is an upscale 24-unit age-exclusive project for active adults 55 and older. They brand themselves as “Staten Island’s Premier Over 55 Boutique Condominium”, which makes sense and goes along with my initial assumption based on just reading the name of the new development.

I think these guys really have something here because this is the first community on the north shore of Staten Island targeted towards this demographic. While this project is definitely aimed at the upscale market with a profusion of finishes, amenitites and services (lots of marble, granite, brand name appliances and fixtures, pools, fitness room, sauna, private rooms for all types of special events, library, game room, virtual concierge, etc.), it provides an alternative for Staten Islanders who no longer want to maintain their old homes, and just want to live peacefully and joyfully in their own little world. Michael said the offerring plans have recently been approved and all the amenties are finalized, so I'm interested to see what happens at this site.

I asked Michael, with absolutely no personal intentions in mind :) "what are the chances you guys will develop a community like this for people in their 30's and over?" He said, "hey, you never know...we make things happen". At this point my body has cooled down, since I spent more time than I would have liked talking to Michael...no offense Mike you were very kind, but I got to keep the groove going. I'll make it my duty to my fellow readers to follow the progress of The Club and any cool new stuff worth blogging about.

The Club at Clove Lakes Park [Official Website]

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Monday, November 17, 2008

Exploring Staten Island by Foot

Check out this NY Times video about this reporter who takes a six day walking tour around the coastline of Staten Island. I don't know who in their right mind would do something like this, but it's pretty cool, and even I, as a Staten Island native found out some interesting things from this video.



Walking on the City’s Wild Side [NY Times Article]

Exploring Staten Island by Foot [NY Times Video]

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Friday, November 14, 2008

A Towering Economic To-Do List for Obama

I'm starting to wonder whether this country thinks Obama is some sort of super hero. Everyone feels that Obama will be our savior from economic demise, but there is a big journey ahead of him and our backs are up against the wall. I ponder to myself everyday, can Obama really come up with a solution to the laundry list of issues plaguing our society. At the end of the day all I, and the rest of the country can really do, is have faith and hope that everything Obama has promised us can be executed successfully.

The NY Times article I was reading really piles on the heat and discusses some of the crucial issues that economists say will test the new administration, and how it might address them. Read Full Article » [NY Times]

  • Economic Stimulus
  • Taxes
  • Mortgages
  • Federal Regulation
  • Auto Industry
  • Health Care
  • Technology
  • Energy
  • Trade

What do you guys think about this? Can Obama bring us back to life from this dreary economy?

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Friday, November 7, 2008

The Opal Ridge Double Green Event


I came across an interesting promotion here on Staten Island that I thought I would share with my readers. The new trend in the market is GREEN HOME BUILDING. Not much of this is happening on Staten Island yet, but it is definitely a trend that has hit the rest of the nation, and even in Brooklyn. So it's definitely on its way here -- stuff like solar power, and simpler stuff like more energy efficient appliances, compact fluorescent bulbs, and all that.

I know a lot of my friends think that this green stuff is a lot of baloney, but I think that The Estates at Opal Ridge might make them think twice just from realizing the amount of money they can save by buying an energy efficient home. The side benefit is that they are going to help save the environment.

The Estates at Opal Ridge on the South Shore of Staten Island are featuring a new program called "THE DOUBLE GREEN EVENT", which offers great environmentally friendly incentives when purchasing a new home at Opal Ridge. Not only does the Incredible Hulk GO GREEN, but so does The Estates at Opal Ridge!



GO GREEN OR GO HOME - PUN INTENDED!!!

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Wednesday, November 5, 2008

Fun Wiki Fact of the Day



Bird - Dogging


Here's a simple math lesson: Bird + Dog = $$$$

Did you know there is an investment term called bird - dogging! Yes I know, this sounds like a funny name, but this type of real estate investing can be very lucrative and the only risk is your time. "Bird Dogs" get paid a referral fee for finding good deals for other investors.

Bird-Dogging [Wikipedia]

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Monday, November 3, 2008

Staten Islanders Love Where They Live



Wow... it turns out that 86% of Staten Islanders are “very satisfied” or “somewhat satisfied” with living here, while only 13% are somehow dissatisfied. That is pretty great!

I came across that information while on the SINY site, looking at the survey they had a survey company, Barry Zeplowitz & Associates, do. You can get the inside scoop on why your neighbors think Staten Island is such a great place to live, here: Read Full Survey [SINY]

In an open-ended question, allowing for any answer, residents were asked what they like most about Staten Island:
  • 16 percent say it is quiet or peaceful;
  • 11 percent cite the country atmosphere;
  • 11 percent say it is close to “the City";
  • 10 percent list friendly people;
  • 10 percent say home or family.

Click here to download the Poll results [SINY]

So, what do my readers on this blog think?

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Wednesday, October 22, 2008

Feds to pick up bad mortgages


The U.S. government is attempting to head off a collapse of the financial system by promising to provide "hundreds of billions" of support for financial markets and institutions by purchasing troubled mortgages from banks and other institutions.

Bush administration officials including Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have briefed lawmakers on Capitol Hill on the "urgent need for Congress to pass legislation approving the federal government's purchase of illiquid assets, such as troubled mortgages, from banks and other financial institutions," President Bush said today. Read Full Article »

Feds to pick up bad mortgages [inmanNEWS]

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Fun Wiki Fact of the Day


Case-Shiller index


Here is a great Wiki Fact I came across for those educated consumers looking to purchase a home. The Case-Shiller Home Price Indices measures the nominal value of the residential real estate market in the United States. For an accurate assessment of home values this is a great source for information.

Educate yourself and stay one step ahead of the market!

Case-Shiller index [Wikipedia]

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Tuesday, October 21, 2008

So, what is SIREN anyways?

SIREN, which stands for the Staten Island Real Estate News, aims to be Staten Island's premier real estate news blog. SIREN is the portal for the most current information in today's real estate market on Staten Island and beyond. In a world awash in news, I want to entice my readers to enjoy the most engaging topics ranging from housing and market trends, new developments, government policies to the latest culture and community events in your neighborhood.

SIREN's objective is to present real estate related topics to the public, which will stimulate the minds of many through an open forum, and serve as a virtual advisor with an informed competitive edge.

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