How To Get An Amazing Deal on a New Home
Posted on 19. Nov, 2009 by Joshua Ferris in Blog, New York, Real Estate
There are a few ways to get an awesome deal on a home (new or otherwise) but the most sure-fire of them is simple: buy before, during or immediately after the holidays.
While everyone else is dancing through the whimsical store displays at Macy’s you’ll have your choice of homes for sale and few, if any, competing offers. This is especially true for new homes where builders often have move-in ready houses waiting for you to buy. The builder will want to close on the home as soon as possible and is far more likely to give you enticing incentives to make it happen before the end of the year.
For example, Brighton Green in Newburgh, NY still has three homes left for immediate move-in. To help you along the builder is providing up to $18,000 in closing cost assistance and the homes can be bought for as little as $299,900 with upgrades included. They’re also offering homes that you can customize and still move in before the $8,000 first time buyer tax credit expires in June 2010. Those homes start at $279,900.
Disclosure: At the time of this writing, Josh Ferris/Keller Williams Realty are representing Pulte Homes’ new home sales in Brighton Green. That’s why we’re allowed to write about their buyer incentives.
If you’re interested in learning more about Brighton Green or other new home communities in the area give me a call at 1-888-218-8468.
High Hopes and Heartbreak
Posted on 17. Nov, 2009 by Joshua Ferris in Blog, New York, Real Estate
After 7+ years in real estate I always like to say I’ve seen it all. Naked homeowners who forgot their home was being shown at 3:00 pm on a Saturday? Check. Listing agents who forget to tell you about a security system in a house you’re about to open (and the buyers who walk in after the alarm goes off inside despite the police being on their way)? Double check.
I’ve seen a lot so it takes something totally out of left field to surprise me. One consistent shocker is the selective way some buyer clients will accept my advice. When what I’m saying is in line with what they want to hear I couldn’t be more on point. If I strongly advise against doing something they have their mind set on though it seems we’re no longer working towards their best interest.
Recently I had two buyer clients, siblings, who were interested in buying in the same neighborhood. In the area they’re searching for homes there is a pretty limited inventory of newer properties that met their needs. Fortunately, I have a builder connection and got them in to see a brand new community before it opens to the public. This is a big deal for two reasons:
1) Technically the builder isn’t offering these homes for sale to the general public yet. Waiting list only. These homes are NOT in the MLS.
2) They were getting two homes at pre-construction prices. Pre-construction pricing is usually a lot lower than what the builder will advertise the homes for publicly. The builder needs to have a solid base of sales to solidify the project’s financing/sales projections. In this case they were getting two 3 bedroom townhouses about one hour from NYC for $294,900 and $307,900 respectively. They could easily sell for $330,000 and up.
End result: They are getting killer deals. Comparable townhouses in the area sell in the high $300s to low $400s.
My buyer clients both put 7-day holds on homes in the community while they got everything together to pursue a purchase contract on the homes. This was smart because homes in this community are estimated to be selling at a pace in the high single digits to low teens every month. Big numbers for this market. At the time of their purchase there were only four homes remaining in the first phase (April/May 2010 move-in) for this community.
Then everything changed. Over the course of 5 days they decided to nix the new home purchases and instead attempt to buy two foreclosures in a nearby neighborhood. I uncovered two hidden factors pushing for this change of heart: a friend lives in this community and they sought homes in this neighborhood before buying in the new home community I brought them to.
Here are 3 reasons why they’re making the biggest mistakes of their lives:
1. The neighborhood they’re buying into was built during the boom market’s peak (2004-2006) and has an increasing inventory of short sales and foreclosures.
Most homeowners in this community paid in the high $300s to high $500s for their townhouses. With dwindling home values thanks to a declining market combined with a high number of fire sale priced short sales and foreclosures, how many homeowners do you think will walk away instead of paying for something that isn’t worth what they owe on it?
This will continue to bring home values down in this community.
2. Homeowners who don’t pay their mortgages aren’t paying their homeowner’s association dues either.
Big deal when it’s $325 per month, per home. The monthly HOA (Homeowner’s Association) fee used to be $265 until a lawsuit was filed over water prices from a nearby Village. If a significant number of people aren’t paying their HOA dues then how is the HOA getting funded? It’s not. Get ready for a special assessment!
3. Putting an offer on a foreclosure is no guarantee that the bank will accept your offer.
This is particularly bad for this buyer duo because they both want to live in the same community. What happens if one offer gets accepted and the other gets rejected? Will the other sibling be able to find something affordable in the same community again?
I can actually foresee how this will play out. If they’re lucky both offers will get accepted (or rejected) and they can make their next joint move. But if it doesn’t work out, which is just the feeling I’m getting, they’re going to end up without homes and possibly even missing out on the $8,000 tax credit for first time buyers.
I understand my financial interest lies with the buyer clients buying the new homes instead of the foreclosures (of which I’m not involved with) but interests aside, the new homes are clearly the better deal in my opinion. And they’re a safer bet because you know what you are buying into.
I feel very strongly that, in this case, the foreclosures offer a better perceived value but the new homes offer a better actual value. What do you think?
3 Bedroom Townhouses — Now Priced From $300,475!
Posted on 08. Nov, 2009 by Joshua Ferris in Blog, New York, Real Estate
Hang on y’all, here’s a hot one fresh out of the oven! With a newly extended $8,000 tax credit for first time buyers and a $6,500 tax credit for existing homeowners who’ve lived in their homes for 5 consecutive years, this deal on new construction townhouses in the Town of Newburgh just got a whole lot sweeter.
New three bedroom townhouses in Brighton Green, which will be built and ready to move in before the tax credit expires in June 2010, are now starting at $300,475! This is hands down the best new townhouse deal in Orange County for three reasons:
- The builder has improved starting prices so you can add more upgrades to your home like stainless steel appliances and Cherry dovetail-constructed cabinets without breaking the bank. If you’re value conscious then you can still pick up a beautiful Aylesford for $300,475.
- If you use Pulte Mortgage you get significant closing cost assistance from the builder to make moving into your new home as stress free as possible. Have a lender that you’re happy with already? Cool, use them and the builder will STILL give you a closing cost credit, albeit slightly less, to help pay for your closing costs.
- Brighton Green is FHA and VA approved. You can buy with 3.5% down or finance the home using a VA loan. There is an additional special price savings available for West Pointers!
We’re down to the final four buildings that will be built in Brighton Green. After that the community will be completely finished. Done. Built out! The final four looks like it will bring the strongest value yet to home buyers and the $8,000/$6,500 tax credits just adds icing on the cake of a killer deal.
Check out our Brighton Green neighborhood profile to learn more about the community or call 1-888-218-8468 to get more info and set up a time to view the models.
Disclosure: Joshua Ferris/Keller Williams Realty are representing Pulte Homes’ interest in Brighton Green at the time of this writing. That doesn’t make the community any less of a good deal. We just know how to find the hot ones! 
A Real Estate Ghost Story
Posted on 28. Oct, 2009 by Joshua Ferris in Blog
In the spirit of Halloween I thought I’d share a couple experiences I had while on tour last weekend. Touring homes with clients, we encountered two homes that were both odd.
The first home was located in the Town of Blooming Grove, near the historic Village of Washingtonville, and was accessible only after we took down the chain guarding the road.
It took us a minute to find the home at the end of a long, narrow wooded driveway. We looked through the home and could immediately tell it had been a while since the house was last occupied. A blood red carpet stretched throughout the living room and the overall ambiance was creepy.
Okay, maybe I’m being a little dramatic. Let’s get right to the picture of ghostly orbs:
I’ll concede that the orbs to the left may have been dust particles since we did walk past that part of the room to see a bedroom (with a chair sitting in the closet, facing out). The one that has us puzzled is the orb right in front of the sofa.
Here’s a closer look that orb, circled in white:
What say ye? Ghost orb or simply dust particles?
The second house (no picture, sorry) was built circa 1850 in the Village of Goshen New York. Goshen is well known for some of its haunts including the Salesian School where the suspicious death of 9-year old Paul Ramos Jr. remains a mystery to this day.
In the second house we only stayed for a few minutes because of the extensive mold and water damage in the home. The strange thing that occurred in this home was purely audible. I didn’t hear it but my clients mentioned a distinct whistling noise coming from the kitchen as I opened the door. They even asked if someone was making tea inside before I disclosed to them that the home was vacant.
Inside, the whistling sound got louder and louder until reaching it’s peak in the kitchen, over the stove. That’s all the ghost stories I have from that tour but if I encounter more I’ll be sure to write about them. Bringing my camera with me next time too!
Special thanks to Jennifer Ardisana for letting me use the picture on my blog!
Orangeburg New York Real Estate Market Report For August 2009
Posted on 13. Sep, 2009 by Joshua Ferris in Blog, Market Reports, New York, Real Estate, Rockland County
Orangeburg is a small hamlet in the Town of Orangetown located in Rockland County New York. The hamlet is made up of a variety of different home styles with homes in the half million to multi-million mark being quite common.
Average Days on Market (Single Family Homes vs Condos)
The average number of days each home type (single family/condominium) has spent on the market saw a strong increase towards the middle of August. As of this writing there are no condominiums for sale in Orangeburg and about seven single family homes.
Orangeburg New York Median Price For August 2009
Despite the average days on market increasing for single family homes during August 2009, Orangeburg’s median price rose slightly. Orangeburg’s prime location will likely see this market through the rest of 2009 without any significant median price changes.
Inventory Levels For Orangeburg New York During August 2009
The last of the condominiums for sale in Orangeburg went off the market over the summer. Since there is only one condominium project in Orangeburg, Blue Hill Commons, the lack of inventory for that home type is not surprising. Single family homes saw a nominal decrease in inventory over the summer.
Search homes for sale in Orangeburg New York or call 1-888-218-8468 for more information about real estate in this neighborhood. You can also receive detailed market reports like the one above by email each week by signing up below!