Dutchess Country "Reality"

New Help for first-time home buyers

2011-12-03T09:40:00.001-08:00

11/29/2011

The New York State Association of REALTORS Housing Opportunities Foundation is once again offering $2,000 grants to first-time homebuyers for closing costs and/or down payment assistance.
The Housing Opportunities Foundation has entered into arrangement with The Community Foundation for the Greater Capital Region who will receive and review applicants and award grants throughout New York State.
Completed applications should be submitted to:
NYSAR Housing Opportunities Foundation
c/o The Community Foundation for the Greater Capital Region
Six Tower Place
Albany, NY 12203

I hope the Groundhog was right!

2011-02-25T08:14:00.001-08:00

Jeanne & her pug at the edge of our driveway. February 2011

The 3.8% Sales tax is a myth?

2010-10-08T11:15:00.000-07:00

According to a recent article published through the New York State Association of Realtors, recent e-mails circulating warn of a 3.8 % sales tax on all real estate sales starting in 2013 to help fund the health care program. I've seen these on line postings and have been commenting over time about them. This is a stretch of the truth according to Factcheck.org as pointed out in the article dated October 7th -- "Separating Internet myth from reality"

"the health care bill includes a provision that imposes a 3.8% Medicare tax for some high-income households that have "net investment income". Revenue collected by this tax is dedicated to the Medicare hospital insurance program."

The article goes on to say that the tax applies to households with an adjusted gross income (AGI) of more that $200,000 for individuals and more that $250,000 for married couples. "An additional tax obligation may result from the sale of real property because capital gains are included in the definition of the net investment income."

"Even if the AGI limits are met, the new tax would not be applied to capital gains that result from the sale of a home, since the existing home sale capital gains exclusion rule still applies - $250,000/individually and $500,000/couple. If the gain from the sale of the primary residence is below that amount, then NO Medicare tax will have to be paid. The new Medicare tax would apply only to a home sale gain realized in excess of the $250,00/$500,000 that pushes the AGI over the $200,000/$250,000 income limits."

Now, in particular with political elections around the corner, is a good time to ask for the truth from those running for office. Listen carefully to what they say.....

Affordable Rental in the Village of Millerton

2010-10-06T15:05:00.000-07:00

A beautiful Home!

An early 1900's restored 2 story home with 3 bedrooms and 2 baths. On the first floor there is a good size kitchen, dining room with built-in china closet, living room, foyer and pantry with 1/2 bath. On the second floor there are 3 bedrooms, a den and full bath. There is a full basement and walk-up attic. The back yard is peaceful and adjoins the Harlem Valley Rail Trail. It's a short walk to the center of the Village of Millerton. There are beautiful wood floors, restored radiators, high ceilings and beautiful wood work. The large windows let in lots of natural light. As in many homes built during this period, the home has high ceilings. $1500/mo. The landlord is looking for a 1 year lease and security and will pay for snow plowing in the winter and the broker's fee. Good referrences are required. Just give Brad a call at Dutchess Country Realty.

Millerton, NY Live in one half and have the tenants pay your mortgage.

2010-09-11T11:53:00.001-07:00

Both apartments are 3 bedrooms and mirror images of each other. On the fist floor of each there is a kitchen, dining & living rooms. The second level has three bedrooms and a bath. Both apartments have full basements and attic space. The building is in excellent shape and there are separate utilities. One side is currently rented for $1,000/mo. plus utilities. Located on a quiet side street, the eclectic, busy little Village of Millerton is within walking distance, including the trail head to the Harlem Valley Rail Trail. Call or e-mail us at Dutchess Country Realty, Inc.

Millerton - New Home opportunity

2010-09-11T11:43:00.000-07:00

In the Millerton - Northeastern Dutchess County area - there have been little to no new homes built for resale over the last few years. This particular home was started just prior to the crash and has been on the market for some time and is now available at a drastic price reduction. All the extras! Red Oak floors - Marble & granite counter tops, cherry kitchen cabinets, fireplace, and more. The list is extensive. From the fleck epoxy garage floors to the central vacuum, or the eleven foot high ceilings in the LR-DR-Kit areas, the builder had built the house as his own. There is central ac, Andersen windows a high efficiency heating system and more. Oh, and there are mountain views. Located about 1mile from the Village of Millerton. 12 Miles to the Metro-North Sta. $539,000 - Just give us a call and we'll get you in.

Just Reduced - Village of Millerton, NY

2010-09-03T13:24:00.000-07:00

Just Reduced. This light filled Cape is a well built circa 1925 home and only a three minute walk to Main Street in the Village of Millerton. It is full of charm and character with a cheery kitchen, large living room with fireplace, front porch and back deck. There are two bedrooms on the first floor including the master, and two additional bedrooms on the second floor. One has an original built in dresser/bookcase and the other has two separate closets and storage areas via attic access. Located in a quiet neighborhood. The back deck leads to the kitchen and makes summer outdoor dining convenient. Only 11 miles to the Metro-North Train Sta. Walking distance the Harlem Valley Rail Trail for walking, Biking or to rollerblade. $209,000.00

"Great Bones" - Built solid & true - Village of Millerton 1890's Colonial

2010-06-16T13:22:00.000-07:00

Click on the light blue link -- "Great Bones" - Built solid & true - Village of Millerton 1890's Colonial

Amenia - Short Sale

2010-06-16T13:19:00.000-07:00

Don't miss out! Greatly reduced to move-it! Click on the light blue link for info. Amenia - Short Sale

Spacious - Private yet near the Village of Millerton

2010-06-16T13:15:00.000-07:00

New Rental Available! Click on the light blue link Spacious - Private yet near the Village of Millerton

Victoria Era Home w/Queen Ann Flair

2010-06-12T14:12:00.001-07:00

Victoria Era Home w/Queen Ann Flair – Located walking distance to the Village of Millerton Main Street and surrounded by homes built in the late 1800’s on a tree lined street. This spacious home is currently used by one family as two units, and has the high ceilings and beautiful wood work of homes of that era. The main floor has a country kitchen, living and dining rooms, charming sun room and full bath. The second floor has a four room apartment with a galley kitchen, living and dining rooms, two bedrooms and two baths. There is a large basement and walk up attic. The detached garage is currently used as a work shop. The owners have made perennial gardens, walkways, and other improvements to the yard. Enjoy all the wonderful shops, restraints, the rail trail and events in the Village of Millerton just by walking down the tree lined sidewalks to Main Street.

Just in time for summer! Waterfront property in Millerton, NY

2010-06-11T10:12:00.001-07:00

Peace and tranquility on 1.3 acres w/145 feet of waterfront on Indian Lake. A rare opportunity to own a year-round home (A Acorn Home) on the water. This 4 bedroom 2 bath home has 16 foot high cathedral ceiling throughout the main level, lots of natural light and overlooks the lake. The home is surrounded by woods on several sides as to provide privacy. There is a brick fireplace, large screened porch, glass sun porch off the master bedroom, inviting window-seat and more. Located in a private lake community that offers private tennis court use, swimming, boating, Ice Fishing, and a great group of people. 10 miles to the Metro-North Train, convenient to the Harlem Valley Rail Trail, Tanglewood, Jacob's Pillow, local ski & hiking areas, the Village of Millerton. $475,000

Optimum Online - News - AP News - Gov't mortgage plan aids 25 percent of borrowers

2010-05-17T10:17:00.000-07:00

I find this article very interesting. Particularly interesting is the comment about lost paperwork. Click on the link to read the article.

Optimum Online - News - AP News - Gov't mortgage plan aids 25 percent of borrowers

All in the family

2010-05-10T11:52:00.000-07:00

My wife, Jeanne Rebillard, who helped me grow my business over the years has been growing a business of her own. Rebillard Public Relations has taken on a new meaning in these hard economic times where larger companies are cutting staff, and outsourcing for services among the self employed. Marketing is what we do whether in Real Estate or Public Relations. I'm very proud to say that I'm now returning the favor and helping Jeanne with her very successful and growing business. View Jeanne's blog.

Free classifieds in United States, classified ads in United States (For Sale, Personals, Vehicles, Real Estate, Community,...)

2010-04-23T11:53:00.000-07:00

Privacy and convenience - Located on a partially wooded 3 acre land parcel with a stream, this Custom Colonial is only 2 miles from the Metro-North train Sta. Some Features: 4 bedrooms, 3 baths, Central AC, 9 foot high ceilings, den, formal dining room, living room with fireplace, large family room, 2 car garage & deck. Available May 1st. $2,200/mo. Dutchess Country Realty, Inc 518-789-6185 http://www.dutchesscountry.com/ Brad Rebillard, Broker.

Short Sale - Amenia, NY - Banks Says "Sell it"

2010-04-11T05:53:00.000-07:00

Now is a great time to take advantage of the existing low interest rates in combination with the ability to purchase homes lower than their market value under a Short Sale. A Short Sale is where the seller and bank agree to settle a mortgage on a home where the mortgage value is higher than the market value. In many cases today, banks are willing to go significantly lower than even market value as to get the properties off their books. At present, we have two home in the town of Amenia that are under a Short Sale scenario. Both these homes are in excellent shape and you can move right in. Please look at the attached photos of 51 Midway Ave., and 28 Wilson Eaton Road. Both these homes are currently listed for $199,000 -- Come and Make An Offer. For more info on these and other homes, go to www.dutchesscountry.com our web site. If you have any trouble navigating menu on our site, (we're have work done on the site) just go to the bottom of the page and click on Listings - Rentals - Recently Sold - Land - etc.

Custom Colonial For Rent - Amenia, NY

2010-04-10T09:50:00.001-07:00

A privately located customized 3400 square foot 4 bedroom 3 bath home with oversized 2 car garage on 3 acres. A very spacious home with 9 foot high ceilings, central AC, wood burning fireplace, hardwood floors, stainless steel appliances, deck, master BR suite, jet tub and more. $2200.00 per mo.

Share me

2010-04-10T08:31:00.001-07:00

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Renovated 1800's home & cottage on 2.5 acres - Millerton

2010-03-19T13:07:00.000-07:00

Renovated 1800's home & cottage on 2.5 acres - Millerton

Amenia - Short Sale

2010-03-19T12:47:00.000-07:00

Amenia - Short Sale

Amenia - Make a offer! - Short Sale

2010-03-19T12:46:00.000-07:00

Amenia - Make a offer! - Short Sale

All the best is in there.

2010-03-19T12:44:00.000-07:00

All the best is in there.

A Sears Home - Village of Millerton

2010-03-19T12:42:00.000-07:00

A Sears Home - Village of Millerton

Affordable Ranch Home - Millerton, NY

2010-03-19T12:36:00.000-07:00

Affordable Ranch Home - Millerton, NY

And the Fuel Trucks Come Forth

2009-12-14T11:22:00.000-08:00

Here's a seasonal tip for all you home owners with paved driveways. I hope this information helps you preserve the value of your property and save you costly repairs.

It's now December and the fuel trucks are delivering. Over the years I've noticed several paved driveways have sunken trough-like tracks up to the point where the fuel trucks park for delivery. In fact, when I purchased my office building almost 10years ago I noticed the same thing, especially when I was out shoveling snow. It's not a secret that a fuel oil or propane truck can be very heavy when loaded with fuel. When they're moving very slowly the damage they do is even worse. Next time you're at a red light waiting for the signal to change look at the road in front of you, you'll see the sunken pavement.

So, here's my tip. Ask the fuel company that delivers to your home to deliver from the road. If your driveway is not paved or the fuel fill for your house is to far from the road(I think the hose reaches 250 feet) then this may not apply to you. Also, if road delivery is not safe, there may be nothing you can do to prevent such damage to your driveway.

I re-paved my driveway here at my office building 8 years ago and it looks fine. Every time I order fuel I remind the delivery people to not park in the driveway. They seem more concerned these days about selling the stuff then having the driver walk a little father with the hose.

Enjoy the holidays.

Brad

Smithfield - Millerton Area - 50 mile views!

2009-12-08T12:46:00.000-08:00

Located on the edge of the Smithfield area in Millerton is this secluded home featuring 50 mile views. There is about 22 acres being offered with the contemporary style home. The views are far reaching, and there is a mix of open, tillable farm land and woods. Thee is more land available. $920,000 The house is not visible from the road. You can access more info at my web site at http://www.dutchesscountry.com/propertyDetailsall.cfm?&ListingID=424&proprow=14

Don't Miss Out!

2009-12-02T14:30:00.000-08:00

Just listed in Millerton, NY - 5.2 acres with 360 degree views of the beautiful Taconic Range and valley farms. This open parcel is close to golf, Catamount Ski Area, and the Village of Millerton. Only 20 minutes to the Metro-North Train.
$135,000 --

What to believe.

2009-10-07T11:03:00.000-07:00

Every day, no matter where you look or who you ask, we are bombarded with information regarding the current real estate market conditions. I've read some very positive, encouraging accounts of a market turn-a-round and in the next article a very gloomy account of the current market. One thing I believe is that the market is constantly changing and that the rate of change seems to have increased to a daily basis. For now, I think that looking backward for a very short time and forward with a optimist's view is the way to go. Look for the honest answer when you ask a Realtor for their opinion. You can recognize the honest answer by not so much what one is saying but by your gut reaction.

For now. Hang in there!

Brad Rebillard, Broker

The mad rush for the tax credit

2009-09-29T11:46:00.000-07:00

In Millerton and the surrounding area we've been fortunate enough to have had buyers take advantange of the first time home buyers credit program. Now, with the program coming to an end on December 1st, buyers are thinking hard about offering on a home that they can afford. Yesterday, September 28th, I closed on a home listed for $215,000. The selling price was $200,000. The sellers were very inspired to list the house for the current market and, therefore, we were able to sell the home. Over the last several months I've interviewed with several prospective home sellers who, for one reason or another, want to sell. After performing a free market analysis of the local comparable "solds" and the current "for sale" listings the indicator was for a much lower listing and selling price than the home owner expected or needed. My advice to them was to not list their home unless they really needed to sell it. In most cases that's ok, but in some cases I'm finding that some of these home owners really need to sell. If you have to sell, you have to be realistic and you have to understand that this is a buyer's market. Remember also that your property will have to be appraised by the buyers mortgage lender and that right now if your home doesn't appraise, it doesn't sell. My office is here to help. If you have to sell, call us and we'll talk with you about the different options for selling in a difficult market.

2009-02-18T13:54:00.000-08:00

Featuring one of the best views in Dutchess County. This private cape/contemporary home has 50 miles of views from one of the highest points in the county. Located 1000' off a lightly travelled county road you are surrounded by nature. Unique to this home are underground utilities, an entire southern wall of glass with sliding glass doors, a wrap-around deck and a living room that looks out to the picturesque views. Master bdrm & bath w/whirlpool tub and small office space. Second floor balcony overlooks the living area and the great views. There are a lot of exceptional features to this home that are too many to list. Located near Millbrook Hunt Country, Metro North commuter railroad, fine dining, theater and so much more. More land is available. $925,000 Dutchess Country Realty Inc. Millerton, NY www.dutchesscountry.com

Media's hush regarding real estate may be a good thing

2007-11-04T14:07:00.000-08:00

Media's hush regarding real estate may be a good thing.
Have you noticed lately that the media has been quiet lately regarding the doom and gloom of the real estate market? Perhaps change is in the air. I've been extremely busy selling over the last two weeks. What's up with that? This could be a case where the media is more reactive than proactive. Thinking of the media as proactive in relation to the downfall of the real estate market may seem like an unusual concept but the consumer confidence level can be measured by how well the media says things are or are not. Smart investors or buyers buy at the right time.

My advice. Check out the current interest rates and look at the new prices on listed homes in your area. Chances are that if it's on the market, the seller's are very serious about selling.

In a bind & cant sell? - Short Sale.

2007-09-17T14:34:00.000-07:00

Something I came across today that may be helful for those who are really in a bind and need to sell. Please keep in mind that there are some serious pitfalls to this tactic this is a "break glass only in an emergency" situation. Please read carfully! Please know that I'm always available to talk to.

Regards,

What's a Short Sale
By Benny L. Kass
September 17, 2007
Question: We are in financial trouble. Our house will not sell for enough money to even pay off the mortgage, let alone a real estate commission. Our real estate agent suggested that we do a "short sale".
What exactly is this?
Answer: This is a method of disposing of your home without having the lender foreclose on you.
You are unfortunately what lender's call "upside down."
Let's take this example: you bought the house last year for $500,000, and foolishly took advantage of the mortgage broker's sales pitch and obtained a 100 percent loan. Now, the house will probably only sell for $475,000, and you lost your job and cannot afford to continue with the monthly mortgage payments.
A short sale is an arrangement with your lender whereby they will allow you to sell the property for less than the amount of the current mortgage.
Why would a lender permit this? First, you should understand that not all lenders will allow a short sale. Their decision depends on a number of factors: where is your house? how much loss will the lender suffer? What is the possibility that a speculator/investor will buy at a foreclosure sale?
Lenders have their own requirements, so I can only provide general information; you will have to consult your specific lender to determine what they need in order to move forward with the short sale process.
The first step is to contact your financial and legal advisors. Do not contact the lender until you fully understand the potential risks involved. Under Federal law, when a debt is forgiven, it can be treated as ordinary income on which tax must be paid. Thus, if your lender allows you to sell the property to $475, less a 2 percent commission, you will pay off your $500,000 mortgage and have a deficit of almost $35,000. According to many tax professionals, you will have to pay income tax on this amount even though you did not actually receive the money.
Furthermore, you want to make absolutely sure that even should the lender approve the short sale, you will not be obligated to make up this difference, which is called a deficiency. Unfortunately, most lenders will not put their agreement in writing, so your legal advisors will have to satisfy themselves -- and you -- on this matter.
In fact, many lenders have been known to use this "forgiveness of debt" issue as a way of dissuading their borrowers from pursuing the short sale approach.
After you are satisfied that you understand the concept and are prepared to move forward, you should contact your lender. Go up the corporate ladder as high as you can and talk with the manager of the short sale department. Typically, the lender has a "loss remediation" department that handles these matters.
If you have authorized your attorney or your real estate agent to act on your behalf, the lender will need a letter of authorization from you. The Privacy Laws enacted after 9-11 prohibit lenders from discussing personal and financial information with a stranger without such written authorization. This letter will include your name, property address and loan number.
You (or your agent) should then prepare a comprehensive letter explaining why you are requesting the short sale. Emphasize -- but not as a "sob story" -- your hardship. It would also help if you include a market analysis which will show what houses in your area are currently selling for. And finally, spell out your request in detail: what price are you asking the lender to approve, what percent commission will the real estate agent be allowed to accept, and what closing costs will be associated with the settlement. Keep in mind that in many jurisdictions, there is a recordation and transfer tax which is typically split between buyer and seller.
Your proposal should be as specific as possible. You don't want to learn at settlement that you still have to come up with a lot of cash, because your lender did not authorize certain out-of-pocket expenses.
You should also request from your lender the amount of your outstanding balance. The lender has a legal obligation to provide this to you on request, and the burden is on the lender to provide an accurate accounting. Review this carefully to make sure that there are no charges which have been erroneously added. If you have missed some payments, you will be assessed late fees. When you present your proposal to the lender, try to get these charges deleted from the amount of the outstanding mortgage balance.
Your proposal should also include your financial situation. Keep in mind that many loans in the past few years were what are called "no-doc" -- in other words, the lender made the decision to fund your loan based on the value of the property and not on your financial status. In your case, since you lost your job, include proof with your letter.
The more documentation you can provide the lender, the faster the decision will be. However, currently lenders are swamped with these requests, since you are not the only one facing a possible foreclosure.
Thus, the earlier you can start the process, the better chance you have of getting it approved.
But the lender's approval to proceed with a short sale does not end the process. When you or your real estate agent find a prospective purchaser, the contract must state that it is contingent on lender's approval. You have to send the contract to the lender, and it would help if you would include an accounting of all expenses which you will have to pay at settlement, and a final number that the lender will receive when settlement takes place. In fact, if you can have a HUD-1 settlement statement prepared, this would be helpful and would expedite the process. Your lender will then review the documentation, and may reject certain expenses. For example, if the contract provides that you will give your buyer XX dollars for "closing costs" -- or that you will pay some items which are traditionally the buyer's obligation (such as title search and survey) -- the lender may not allow such payments.
You want to go into the settlement knowing exactly all of the terms and conditions on which your lender will accept the short sale, including whether or not you will have to come up with money at the settlement table.
You are in financial trouble. If you have already missed some payments, your lender may already have reported this information to the credit reporting companies. You should try to convince the lender not to report any more delinquencies, but unfortunately, that's in your lender's sole discretion.
The short sale process works, but is complicated, time-consuming and uncertain. If you can start now -- before you are actually in default -- you will be ahead of the game.
Copyright © 2007 Realty Times. All Rights Reserved.

A good day spoiled by the media.

2007-08-25T06:50:00.000-07:00

As part of my morning routine I flip on the TV for news headlines and the weather. Being a "real estate guy", my radar is always tuned toward what the media has to say about the current real etate environment. In dealing with customers and talking with people during the day often the morning real estate forecast will come up. To summarize my thoughts on this, if you're looking forward to destroying a perfectly good day, quote the media.

My views on the current real estate market are limited to my own little world here in northeastern Dutchess County and southeastern Columbia County. Market values have dipped slightly and the volume of sales has decreased based on my reviews of sales research of the Columbia County Northern Dutchess MLS. Over the last several months I've see the year old practice of real estate agents overpricing listings (in their effort to beat out the competition to get the listing) being corrected by the overwhelming "price reduced', status that is leading players in the industry to look toward competitive, realistic pricing.

In such towns as Amenia, Millerton, Wassaic, Ancram, Copake, Hillsdale & Taghkanic now is a good time to buy for two reasons. The listing prices have become more realistic after being inflated for a short period and there's still time to land a mortgage at a reasonable rate. Now I know this is not information you're going to see on the morning show and I have not provided a video or well drawn graphic reports to support my opinion, but if one does some research and follows their instincts, a good purchase at a reasonable price could be in their future before the banks limit their lending and the market changes and prices rise.

Just think about it.

Brad

My first posting!

2007-08-21T09:45:00.000-07:00

Yes, this is my first posting. My purpose for creating a blog is, of course, to create more business by reaching more people and informing the masses as to who, what ,where and when the "goings on" are happening around the area. As a secondary purpose, this site will provide a great outlet for me to vent my thoughts on the current trends in real estate (my friends and family will appreciate the reprieve). Anyway, this is just the beginning and you'll be hearing more from me soon, but in the meantime, send me your thoughts and tell me what you'd like to hear about in real estate.

Regards,

Brad