Brooklyn Real Estate Q&A and Info

Every year the Society For Clinton Hill sponsors a House Tour where you get the opportunity to go inside some of the fabulous historic homes that grace the neighborhood of Clinton Hill Brooklyn.   In 2009, the House Tour will take place on Sunday, May 3, 2009 from Noon to 5:00 pm come rain or shine.  Tickets purchased in advance are $20.00, on the day of the event they are $25.00.

It’s a self guided tour that allows you to get a glimpse inside of one of the Pratt Mansions on Clinton Avenue as well as some of the other spectacular properties in the Historic Section of Clinton Hill.  You’ll also get to tour a working brewery and enjoy a beer tasting and at lease one of the stops on the tour will feature a free concert.

To really enhance your experience, there’s audio tour on CD that you can purchase for $5.00.   Download the information from the CD onto your favorite MP3 player and listen to descriptions of Clinton Hill as you walk between tour stops. 

The tour is wonderful for all, from the history buff to anyone who just loves to look at beautiful houses.  For more information, go to the Society For Clinton Hill website.

On April 22, 2009, the City Council approved Bicycle Parking Text Amendment that goes into effect immediately.  What does the amendment do?

It requires indoor, secure bicycle parking in all new developments.  The new regulation applies to multi-family residential buildings (such as condos and coops), community facilities (such as strip malls & shopping centers), and commercial buildings (such as office building), including public parking garages.

This is a fantastic step towards decreasing the greenhouse gases being released into the air here in Brooklyn, as well as the rest of the city. By having secure places for cyclists to place their bicycles both at home and at their place of employment, more people will use cycling as a means of transportation.  Great for the environment and great exercise.

Kudos to the City Council

For anyone who wants to buy a foreclosed property in Brooklyn, an FHA 203K loan is something you definitely want to know about.

FHA 203K loan is a loan that is based on the after repair value of a one to four family house or a condo (co-ops do not qualify), and allows you to borrow the money needed to make repairs on the property.  The current condition of the property is not as important on 203K rehab loan as the condition of the property once the 203K renovation is complete.

This type of loan makes it easier to purchase dilapidated properties that have been on the market for many months and have been significantly reduced in price.  You can save money on a home and borrow the funds to make needed repairs all at the same time.

What Can a FHA 203K Loan Be Used For?

An FHA 203K Loan can be used to purchase a home and renovate it, or pay off the debt on a property your already own and borrow additional funds to renovate it.  The types of renovations that the FHA 203K loan covers are numerous.  Here’s a short list of repairs that can be made with a 203K loan:

Total renovation of a property
Bathroom remodel
Upgrading the HVAC
Upgrading plumbing and electrical
Putting down hardwood flooring
Putting on new siding
Interior painting
Exterior painting
Waterproofing the basement
Adding a 2nd floor
Finishing a basement
Adding a Bedroom
Adding a new deck or patio
Making a house “Green”
Making a house handicap accessible
And Much, much more…

Of course there are a few more steps involved in getting an FHA 203K loan approved, but if you want to purchase a foreclosed property, a HUD Home, or any property that needs renovations, or you simply want to make some needed improvements to your present home, an FHA 203K loan can help.

For more information about FHA 203K loans, contact a local lender or go to the FHA website.

If you’re thinking about buying a Brooklyn foreclosure or HUD home, you can also give me a call at 917-544-2662 or email me and I’ll help you find that less then perfect property for a fantastic price.

One of my clients asked me a question that many first time home buyers might ask.  What exactly is an MLS?

MLS stands for Multiple Listing Service and it is a system for making the listings of each participating Real Estate Broker or Agent available for showing and sale by any other participating Broker or Agent.

To be a participant in a MLS, you must be a licensed Real Estate Broker or Agent and you’re required to pay an annual fee.  A broker or agent that inputs a listing into the MLS agrees to pay a percentage of the commission agreed upon between the listing agent and the seller to any broker or agent that provides a buyer for the property.

The advantage of hiring a Real Estate professional who is a member of a MLS is increased exposure for your property.  Once your property is placed on a MLS hundreds of agents representing hundreds of buyers will get a chance to see that its for sale, greatly increasing your chances of a quick sale.

I am a member of the Brooklyn New York Multiple Listing Service which serves all five boroughs with a special focus on Brooklyn, NY.

For more nformation on MLS and how you can get your property sold quickly and for the best possible price, give me a call at the number below, or click here to email me.