Frank Rizzo's Blog

Project Lifeline

Cornerstone Realty Partners — Wed, 13 Feb 2008 21:06:07 -0800

I know that lenders have just agreed for a 30 day freeze on foreclosures. Sounds nice.

The real issue is the responsive of the lenders and their servicers to what is happening on the ground. If it helps one family out and enables them to work out with their lender an opportunity to stay in their home, then I am all for it.

The bigger issue is that many lenders are either so overwhelmed, or because the servicers are so removed, they are unaware to real values and issues pertaining to the properties they are involved in. Case in point, one 2 family that I listed that was in foreclosure and the only exit strategy was a short sale. The property was in significant disrepair, tenants who let their animals run wild, work that needed to be done, in an area that was challenged.

Our first buyer was ready, willing and able. Wanted to move in and do the work, but due to the excesive time it took to get the 2 lenders to agree to a price had to move in a different direction. We found another buyer, but the market took a slight downturn, and for a few thousand dollars the lender refused the offer.

Now, here sits a vacant house. One which is waiting for auction, didn't get winterized (wait till they see the damage that caused). At this point they'll be lucky to get half of what was offered previously. It's time for lenders to take in to account what the eyes on the ground are seeing, and negotiate when necessary. Adding on additional debt to the current homeowners while property values are declining may not be doing them a favor. I know it sounds cliche, but sometimes you have to take a step back to make two steps forward.

Economic Stimulas Package

Cornerstone Realty Partners — Thu, 07 Feb 2008 22:00:22 -0800

The economic stimulas package has passed through the house and is heading to the President's desk. More important than rebate checks, we can be seeing a raise in FHA limits. Over the past 7 years, FHA has lost market share because the limits in our market of NYC would be easily surpassed. This raise is long overdue, and while I don't see it causing a rise in home prices, it should help stabilize some housing prices. Couple this with lower rates, and guess what, now is an incredible time to buy, acquire, and invest in real estate - especially in markets like Staten Island where values are at levels unseen in years.

If you would like to discuss how this could benefit you further, contact me at 718 981 3400.

How Many Times Have You Heard....

Cornerstone Realty Partners — Thu, 07 Feb 2008 17:31:32 -0800

Just wondering how many times have you heard...

"I want a house in a good neighborhood, at a good price..."

"I'm looking for a deal..."

"Yeah, but last year my neighbor got..."

"I know, but if they really want to sell they'll sell it to me (XXXX dollars below market)..."

"I'm only qualified for ____ but I really want ____. Maybe you can find it for me...."

"Just email me everything you got...."

"I know my property is worth more..." (Even though the facts say it isn't)

"My cousin bought a house just like that for 100K less.... (in 1999)"

Do you have anything you'd like to add??

Recent Foreclosure Ruling Sets Precedent

Cornerstone Realty Partners — Tue, 05 Feb 2008 08:46:29 -0800

Yesterday, there was an article in the Staten Island Advance www.silive.com, that discussed a recent ruling which homeowners prevailed in staving off the foreclosure. The article went on to mention that the homeowners could not make it the first year before falling behind. While they would of qualified for a traditional home loan (presumably FHA) they instead were "improperly pushed" in to a high interest subprime loan.

The judge ruled that the homeowner could be entitled to reimbursement for fees, payments and the mortgage my be unenforceable. Unenforceable?

This is not to say that there were not some mortgage brokers who were "pushing" certain products, but in fairness there were plenty of homeowners "pushing" for those same products. If they fell behind in year 1 - wouldn't that be before the first reset anyway? And they did agree to borrow money - shouldn't they have to pay that back, like 97% of other homeowners are doing on a monthly basis?

It's not that I don't feel for these people, and others like them. I do. In some cases, and this may be one, they were doing business with people more interested in their bottomline than their relationship. But there have been many instances in which homeowners made decisions, that in hindsight, were incorrect or miscalculated. Simply saying that homeowners are relieved of their obligation could have significant after effects and make it more difficult for millions of others to own their own home. I'm sure that's not what we want to see happen.

Buyers make sure you review what you are signing. You will have a payment in there, if you can't pay it, then say something. And don't sign. Don't worry about your down payment. It will be easier to litigate that, then trying to fight the foreclosure.

How much lower can rates go??

Cornerstone Realty Partners — Thu, 31 Jan 2008 22:40:29 -0800

From begrudingly cutting rates 25bps just a few months ago, the Fed has dropped rates 125bps in a week. With the Fed Funds down to 3%, the Fed has reacted aggressively to a slowdown that went from credit, to housing, to the economy as a whole. While this will be helpful to those with equity lines, and looking to refinance, these lower rates will not have the complete desired effect with out a raise in the FHA limits to atleast Frannie and Freddie Mac limits. There has not been a raise in the FHA limits for 2 years, and let's face it - the time has come.

When Houses Sit --- Update

Cornerstone Realty Partners — Mon, 28 Jan 2008 21:19:05 -0800

This is an update on my previous post of "When Houses Sit..." To recap - this weekend I received an offer on a new construction 2 family for a first time home buyer. The house had been sitting on the market for over 18 months, and the builders had already let go of higher offers when they thought they could get more. My offer included builder incentives and transfer tax. Needless to say, when I personally presented the offer on Sunday they were not overly excited...

Today I met with the builders again. Their first reaction was typical and expected - GET ME MORE... But after allowing them to vent and explain their position, I could help them assess the market. Each month that property sits vacant costs them $xxx dollars. We can save that money by having these qualified buyers, with a reputable lender, and motivated to move in. Let's not forget your money is not in that house, not any more, but in the property you will buy now with that money - at an extreme discount!

So, with getting a little movement on the buyers side (having explained to them at the offer that unless you offer full price, you can expect a counter), the builders agreed to our reduced offer with concessions, as long as we got the transaction closed before an extra payment is made on their end (can do with the help of our lender).

Now, let's get that transaction moving so we can close in 30 days. While I'm at it, I better find another opportunity for that builder to invest in...

When Houses Sit

Cornerstone Realty Partners — Sun, 27 Jan 2008 19:47:47 -0800

I had the distinct pleasure of working with a referral customer this weekend. We had spent some time together at the end of last year, but with her husband involved in contracting and the slow down in the marketplace they were too nervous to own a home at this time.

This week, with rates dropping and some inventory that my office had reduced, I reached out and found their dream of home ownership had been re-ignited. We spent time together on Saturday viewing some new construction, and newly renovated homes and found something that will work for their growing family. With some builder incentives that had been discussed as options we put an offer on paper and I personnally presented the offer this morning.

Here's where it gets interesting. The builders are still thinking about it. I know them, and understand their thinking - "I SHOULD GET MORE... I REJECTED A HIGHER OFFER LAST YEAR... MAYBE I CAN JUST CALL ONE OF THE OTHER INTERESTED BUYERS..."

Bottom line, the house for various reasons, has been on the market for 18 months. This offer, while lower than previous offers is fair, and the buyers are motivated. Sometimes it pays to move on. A vacant house that sits costs, either in interest payments or opportunity costs (and there is tremendous opportunity out there). It's just ironic as they say get me any offer, what they really mean is get me any offer that I REALLY want. I will meet with them tomorrow and go over what their cost may be to wait another 2, 3 or 4 months with this home. Because 3 months from now, today's offer will be worth so much more...

The Fed cuts 3/4 of a point - is that what the Dr. ordered?

Cornerstone Realty Partners — Tue, 22 Jan 2008 22:13:29 -0800

Why do I get the feeling that I've seen this before? The Fed makes the surprising move to cut 3/4 of a point mid session. What do they see that we haven't yet? Has the market gotten that much worse, or does the Fed think that it's previous measured response was not having the desired effect?

I know the pundits are calling for recession. The politicians are calling for a soft landing. (When was the last time there ever was a soft landing?) The issue here isn't mortgage rates, but consumer spending. As evidence of the major retailers at Christmas, people are spending less. For consumers who already have too much debt, or had a late payment on any of their credit cards, will this really help - or are they still going to have their rates raised (even if they've been current on that specific card?) When the prices of basic necessities of food, energy and health insurance premiums rise, of course we are going to see a slow down in other spending. So should we:

take on more debt
figure out how to slow down or decelerate the prices of these core items
or work on improving the income opportunities for the average family?

Is there anything reliable about Staten Islanders commute?

Cornerstone Realty Partners — Tue, 22 Jan 2008 10:43:51 -0800

There was an interesting feature in Sunday's New York Times on commuting in NYC. This week they focused on Staten Island transit, the SIRR and the Ferry.

There is a tradeoff in Staten Island. More house and property for the money, but a commute to Manhattan that could create challenges for the city worker. But, what we do have, in terms of train service (while not enough) and ferry is highly efficient. On time, reliable and factored in, creates comfort and balance in the city commuter.

If you drive and get stuck on the Verrazano Bridge during the morning rush, you're probably not happy camper. But if you can use the ferry, which has undergone a tremendous renovation, you'll find it to be a relaxing 25 mintues to downtown NYC. And it's free -- where else does this city give you a free rid?

I'm interested in following the rest of the series, to see about commutes from the rest of the city. Staten Island has a reputation (well deserved) for it's traffic and infrastructure. Part of that has to do with poor planning, which is being addressed. The other part has to do with us, expecting the commute to be something it is not and not accepting it for what it is and using what we can to make the commute the best we can. Atleast, that's what these riders had done.

Interesting...

MAYOR BLOOMBERG AND THE REALIZATION OF STATEN ISLAND'S WATERFRONT

Cornerstone Realty Partners — Fri, 18 Jan 2008 20:29:19 -0800

The impression of Staten Island as the "forgotten borough," is continuing to fade. With Mayor Bloomberg remarking in his State of the City Address about the efforts of a transformed St. George, Staten Island is taking a large step forward.

But let's take it a step further. The water front on the North Shore offer a postcard view of NYC and the Verrazano. St. George, Stapleton, New Brighton these areas need the mixed use - high rise buildings that helped turn Williamsburg and Greenpoint from industrial wastlelands to some of the most vibrant areas of the city. With out that development, Staten Island risks losing a tremendous opportunity to introduce the Island to a new market of young professionals and further stimulate the local economy.

Here's one thing we need from the city. The 421A tax abatement extended past July of this year for new condo development in this area. These abatements offer tremendous incentives for new buyers. The tax revenues that will be gained through local spending will far outweigh any reduction the city is taking through the abatement.

But we can not ask without doing ourself. It's in our best interest, as Islanders, for the North Shore to succeed. As new business starts to move in, we need to support it. There is a tendency on the island to think development is bad. The problem is not development, it's poorly planned development. While community concerns must take precedence, common sense must prevail. Here's to the opportunity to develop the last bit of waterfron property facing NYC!

KEEP IT COMING... THE VALUE OF THE REFERRAL

Cornerstone Realty Partners — Thu, 17 Jan 2008 23:06:01 -0800

My last few posts had been about referrals. I focus on referrals, because once I made that decision in my business my business really started to move in a different direction. And for all you new agents out there, it does not take long to build a referral base of business.

Last year 55% of my business was repeat and referral based. 55%! These referrals became some of my very best customers and clients. And now some of those very customers are referring me to their friends and family.

Why is that important? Because right now, I have active, qualified customers that know that I am the agent to work with in this market. Not because I said so, because someone they know, they trust and respect, says so.

But I subscribe to the theory that people do not refer you as a favor to you. They do it as a favor to the person they refer. YOU HAVE TO RESPECT THAT RELATIONSHIP OR YOU RISK LOSING THE REFERRAL OF A LIFETIME.

This year, the plan is to turn that 55% number higher to 67%. How am I going to do that?

I've begun seperating my clients/customers into 3 categories:

Clients who have referred me business or have themselves used my services more than 1 time - Plus other professionals who have referred me business more than 1 time.
Clients who have used my business services 1 time. Professionals who I have done business with.
Customers who I have met with but have not finalized a transaction, leads, and other industry pro's that I would like to do business with.

The goal is to move everyone up the ladder during the year (next year I want to be telling you about my 1A's). By focusing on the referral the person in front of me knows that our interests are aligned - because they would never refer anyone who do not care about their needs. There's the value of the referral!

BNI - INTERNATIONAL NETWORKING WEEK!!

Cornerstone Realty Partners — Sun, 13 Jan 2008 19:34:43 -0800

In October of '06, three professionals sat in a corner at Perkins on Amboy Road and started a wonderful journey. We created the beginning of Profit Partners, the BNI chapter that meets every Wednesday morning at 7:00 A.M.

BNI (BUSINESS NETWORK INTERNATIONAL) is the most successful organization of it's type in the world. There are thousands of chapters throughout the world, which has given millions of referrals, which has equated in to BILLIONS in business for its members.

BNI has a very specific structure. Each chapter is comprised of one professional in their field - owners, managers, independent contractors, one member for each industry. We meet once a week for breakfast, where we each commit to learn about each others business and the value that we bring to our clients. The goal is to become a sphere of influence to the people we work with, enabling us to introduce our clients to everyone from a plumber, financial planner, insurance agent or massage therapist - any one they may need and know that they are being serviced in a professional manner.

What has made BNI so successful is the ability to follow up and track success. It ensures that our good name will remain intact, that our referral is in good hands, and that each member of that chapter is committed to working to improve the business of each one of the other members.

I now meet with 17 other professionals and it seems each week we are adding new, exciting professionals to our chapter. Bottomline, I now have 17 sales agents - all selling "Frank Rizzo - The Name You Remember, for a Real Estate Experience You Won't Forget." It makes getting up for breakfast all that much more enjoyable, knowing that I have the opportunity to do business with someone who has been referred to me from another professional who understands how I work, what I stand for, and how I will assist them with their real estate needs.

I mention this because INTERNATIONAL NETWORKING WEEK starts Feb 4 through Feb 8. It's a great opportunity to meet and great others involved in BNI and see what you could to start realizing the power of the referral.

If you need further info on BNI - please contact me directly so I can assist you in furthering your referral business!

BNI - THE REFERRAL OF A LIFETIME (IF YOU HAVE BEEN THINKING OF YOUR REFERRAL BUS THIS IS 4 YOU!)

Cornerstone Realty Partners — Sun, 13 Jan 2008 18:59:42 -0800

I am dedicated my next few posts to the value of referrals. To start, I am discussing an organization which I have been active with for over a year, and I believe strongly in. If you have been thinking about how to build your referral base - I recommend strongly to find out more about BNI.

I started my chapter in October of '06 with 3 people. I know meet with 17 other professionals and it seems each week we are adding new, exciting professionals to our chapter. Bottomline, I now have 17 sales agents - all selling "Frank Rizzo - The Name You Remember, for a Real Estate Experience You Won't Forget." It makes getting up for breakfast all that much more enjoyable, knowing that I have the opportunity to do business with someone who has been referred to me from another professional who understands how I work, what I stand for, and how I will assist them with their real estate needs.

I mention this because INTERNATIONAL NETWORKING WEEK starts Feb 4 through Feb 8. Your local BNI chapter will be looking to introduce this phenomenal success story to new people so they too can realize the value of the referral. If your not a member of BNI, I sure you know someone who is. Ask them about it, they want to share this information, they know "Givers Gain!" Get involved, and be prepared for the referral of a lifetime!

If you need further info on BNI - please contact me directly so I can assist you in furthering your referral business!

Cooperation - What Set's Us Apart

Cornerstone Realty Partners — Fri, 11 Jan 2008 00:22:21 -0800

What makes our industry spectaculary different from almost every other industry, is the level of cooperation that competitors will have to successfully complete a transaction. I know of no other business where it's players are, by it's design, forced to worked together so we could each achieve our goals. It's one of things I love about this business, because it allows me to create relationships in different offices throughout the county.

Sometimes in our rush from appointment to appointment, we overlook to little things we could do to assist our fellow agents and really complete our duties to our clients - the sellers (assuming we are sellers agents). It's in providing real feedback when we show other agents listings. If a listing agent calls for feedback, or if an email request is sent, your feedback helps that agent point out areas of concern that need to be addressed. Sometimes, having other agents reiterate what the listing agent was saying gives their words more weight, and could help in price adjustments or improvements that need to be made to the property. If you work for the seller, it's an obligation to provide that feedback, especially if requested.

I'll admit, at first I felt uneasy, even if the customer did not like the property. Some agents take it personal if you mention that your buyer thinks the price is too high, compared less favorably to other properties in the area, or not what they were expecting. But it's that free flow of information that provides us with the added tools we need to price our listings accordingly and react to what the market is indicating (Even the best of us miss things in our listings). It may be a lot easier to say "Well they'll think about it," but there's nothing like some constructive criticism to help shine up product.

So the next time the listing agent calls for feedback - call them back. That 60 seconds you invest will help your client (the seller). If you have the feedback request from CSS - take a minute a fill it out. Don't be shy - let them know the good and the bad. All of it will help your fellow agent (even if you don't sell it) and you don't know how valuable that could be to YOU down the road!

4 Things You Can Do to Add 14 Years to Your Real Estate Career

Cornerstone Realty Partners — Tue, 08 Jan 2008 23:16:46 -0800

I read a really insiteful article today on what you could do to extend your life 14 years. Ready?

1. STOP SMOKING

2. EAT MORE FRUIT AND VEGETABLES

3. DRINK IN MODERATION

4. EXCERCISE

Wow. It only took them years of study, and I'm sure some million dollar grant to discover this enlightening information. But as I come back home after another 12 hour day, after another evening of meeting with clients, visiting properties the key for all of us who view this business as being flexible - any 60 hours of the week will do- I can't help but think of the balance that we need to work at to stay ready in this business.

It is way too easy to lose that balance. How many times have we put aside our health, family, and spiritual needs, because we needed to show those buyers that property, or had to check out that FSBO? Providing for your family is not a reason not to be there. Focusing on your clients is no excuse not to take care of yourself. Pacing yourself, providing time you need for yourself and your family can allow you to be more productive.

It has taken me years to learn that and fortunately I have people, like my wife, who won't let me forget.

So of course, don't smoke. You are paying to kill yourself, and it could be costing you business.

Eat more fruits and vegetables. But eat at the right times too, don't starve yourself all day and then eat late at night before you rest for the night.

Make sure you make some time for yourself, excercise, walk, run anything that gets the heart pumping and the blood flowing.

But make sure you leave time for yourself for your family, to soul search, recharge, rejuvinate and relax. They'll be plenty of business there in those extra 14 years you've added to your career!

Staten Island's Growth

Cornerstone Realty Partners — Mon, 07 Jan 2008 21:23:12 -0800

In just 3 weeks, I've seen Staten Island representation in Active Rain increase nearly 50%. Way to go.

For too long Staten Island has had a representation of being slow to adapt to real estate innovations taking place throughout the country. I think this is a great sign for the island real estate community as we grow, learn and retool for a new market. There are a tremendous group of real estate professionals, realtors, lenders, attornies and appraisers available on the island. This is a great way to allow those outside the island to recognize that fact.

Here's to the continued success of active rain and the growth of the Staten Island, Richmond County blog! A great source for buyers, sellers and professionals alike.

INVESTMENT PROPERTY - 4 RENTALS (CAN BE DELIVERED W/ PCK 46 WILLIS)

Cornerstone Realty Partners — Sun, 06 Jan 2008 22:13:18 -0800

Residential - Two Family Semi-Attached

Click Photo for Additional Media and Enlargement

Status:	Active (12/27/2007)	MLS#:	1042266p ER
Type:	Two Family Semi-Attached	ListPrice:	$369,000
Address:	44 WILLIS AVE	YearBuilt:	1920/APROX
STATEN ISLAND, NY 10301	Style:	Victorian
Area:	WARD HILL	BldgDim:	22X45
County:	Richmond	BuildingSqFt:	1,980 SqFt
Condition:	Good	$/Sqft:	$186.36
LotSize:	1,980 SqFt	Rooms/Unit:	4/4
LotDim:	22X90	Bedrooms:	2
Garage:	Detached/2 Car(s), OffStreet	TotalBaths:	2
Basement:	Full/Unfin	Full/3/4/Hlf:	2/0/0
Taxes:	$2,963	Zoning:	R3-2
Abated:	No	CofO:	N
ParcelID:	00574-0009	Rented?:	Y/$1,160
Directions:	VICTORY TO FIEDLER - RIGHT ON WILLIS AVE MAKE RIGHT PROPERTY ON THE LEFT HAND SIDE

Remarks:	TRUE DIAMOND IN THE ROUGH. MINUTES TO NYC, CLOSE TO FERRY. GOOD FOR INVESTMENT OR LIVE MORTGAGE FREE. LOTS OF OLD WORLD CHARM W/PRICE TO MATCH. CAN BE PACKAGED W/46 WILLIS AVE.
Basement:
Level 1:	2 GARAGES (SEPARATE) PLUS STORAGE IN BASEMENT
Level 2:	OVERSIZED LR, KIT, FULL BATH, EXTRA LARGE BDRM (WAS 2 BDRMS)	Level 3:	OVERSIZED LR, KIT, FULL BATH, EXTRA LARGE BDRM (WAS 2 BDRMS)

Room Type	Lvl	Dimnsns
Living	2
Dining	2
Kitchen	2
MasterBedroom	2
Bedroom	2
FullBath	2

Interior Features	Exterior Features
MasterBedrm:	WalkInCl	Exterior:	Patio, Deck
LivingRm:	Combination	Siding:	Stucco
MainBath:	FullBth	HandicapAccess:	N
DiningRm:	Combination	Pool:
Kitchen:	EatIn	Yard:	Back
Interior:	WaterView:	N
Appliances:	GasGrill, Refrig	Cable:	Y

Sewer: City

Elec: 220

HeatSrc: Gas

HeatSys: ForcedAir

HeatingUnits: 1

ACSystem: None

#ACUnits:

2ndUnitInfo	Leased?: N	Rental$: $1,250
Bedrooms: 1	FullBaths: 1	3/4Baths: 0	1/2Baths: 0
TotalRooms: 4	Location: LVL1	Appliances: Refrigerator, Stove
AptRmrks: OVERSIZED ONE BDRM WHICH WAS 2 BDRMS IN GOOD CONDITION. CAN BE DELIVERED VACANT.

BRING THE FAMILY!! - 2 FAMILY ON 2 LOTS 8 OVER 6 W/ LOTS OF UPGRADES!!

Cornerstone Realty Partners — Sun, 06 Jan 2008 22:08:37 -0800

Residential - Two Family Detached

Click Photo for Additional Media and Enlargement

Status:	Active (12/12/2007)	MLS#:	1042117m ER
Type:	Two Family Detached	ListPrice:	$469,900
Address:	29 BOND ST	YearBuilt:	1930/APROX
STATEN ISLAND, NY 10302	Style:	Colonial
Area:	PORT RICHMOND	BldgDim:	20X45
County:	Richmond	BuildingSqFt:	2,250 SqFt
Condition:	Excellent	$/Sqft:	$208.84
LotSize:	5,250 SqFt	Rooms/Unit:	8/6
LotDim:	56X110	Bedrooms:	3
Garage:	None/0 Car(s), OffStreet	TotalBaths:	1
Basement:	Full/Unfin	Full/3/4/Hlf:	1/0/0
Taxes:	$1,980	Zoning:	R3A
Abated:	No	CofO:	Y
ParcelID:	01013-0065	Rented?:	N/$1,600
Directions:	JEWETT AVE

Remarks:	PLENTY OF ROOM TO GROW. UPDATED COLONIAL FEATURING HUGE PROPERTY, CATHEDRAL CEILINGS, & UNIQUE TOUCHES SETTING HOME APART. CLOSE TO PARK & TRANSPORTATION. A MUST SEE FOR THOSE SEEKING LARGE ROOMS & GREAT VALUE. WILL PROVIDE 13 MONTH WARRANTY ON HOME AT CLOSING
Basement:	FULLL UNFINISHED W/SIDE ENTRANCE
Level 1:	ENTRY FOYER, LARGE LR, OFFICE OR SUNROOM, DINING OR 3RD BEDRM, GALLEY KIT, FULL BATH, MBR, BR
Level 2:	LR, SUNROOM, BR, MASTER BR, KITCHEN, DR, FULL BATH, DECK TO YARD	Level 3:	SITTING RM, BR

Room Type	Lvl	Dimnsns
Living	2
Dining	2
Kitchen	2
MasterBedroom	2
Bedroom	2
Bedroom	3
FullBath	2

Interior Features	Exterior Features
MasterBedrm:	ShardBth	Exterior:	Deck
LivingRm:	Formal	Siding:	Vinyl
MainBath:	FullBth	HandicapAccess:	N
DiningRm:	Combination	Pool:
Kitchen:	Yard/DeckAcc	Yard:	Back, Side
Interior:	WaterView:	N
Appliances:	Dishwashr	Cable:	N

Sewer: City

Elec: 220

HeatSrc: Gas

HeatSys: Steam

HeatingUnits: 2

ACSystem: None

#ACUnits:

2ndUnitInfo	Leased?: N	Rental$: $1,350
Bedrooms: 3	FullBaths: 1	3/4Baths:	1/2Baths:
TotalRooms: 6	Location: LVL1	Appliances:
AptRmrks: ALL NEW WITH GRANITE FINISHEDS. 10' CEILINGS. LARGE ROOMS, MAKES FOR EASY RENTAL

How to select a Realtor for today's buyer (edit/delete)

Cornerstone Realty Partners — Sun, 06 Jan 2008 22:03:33 -0800

TIPS FOR SELECTING THE PROPER REALTOR FOR TODAY'S BUYER:

Make sure agent has gone over agency and what each agency may or may not mean for you. Don't feel scared by the term "BUYERS AGENT", because it does not mean that the cost of the home will be more (having a professional negotiate for you may actually SAVE you money).

Make sure the agent specializes in the types of homes and area that you are looking for. Just as you wouldn't go to a cardiologist for a back ache, you should look for a realtor who specializes in what you are looking for.

If your agent is asking if you are prequalified, or if they request you get qualified first THEY ARE DOING YOU A FAVOR!!! There is nothing worse than finding the property you were looking for, ready to make an offer and now because you do not have your financing in order can not present a qualified offer. That delay has cost many people the home they were looking for (even in today's market). The agent asking you to get that in order first is being professional for YOUR benefit. The agent ready to jump at a moments notice with you unqualified and unprepared, may not offer you the best real estate experience.

Your agent may look to expand your horizons, this is a good thing. I've seen many times, where buyers would come in set on a "center hall colonial," only to find a "High Ranch" that would fit their needs. A professional will be able to take your needs and try to match them with your wants, and try to get most of them. However, if your agent strictly shows you their inventory, you may have an agent more worried about their bottomline, and not your happiness.

Make sure your agent keeps to the schedule that is agreed upon. Does your agent keep a planner? Write things down as you speak? Keep notes? If they do, then you are with a professional, and working with a pro will help take the complex of a real estate transaction and make it simple!

Good luck finding your realtor professional. Look forward to your comments.

How to select a Realtor for today's buyer

Cornerstone Realty Partners — Sun, 06 Jan 2008 22:00:33 -0800

TIPS FOR SELECTING THE PROPER REALTOR FOR TODAY'S BUYER:

Good luck finding your realtor professional. Look forward to your comments.

Be "Real"istic

Cornerstone Realty Partners — Fri, 04 Jan 2008 16:42:14 -0800

I am an optimist, and search for the opportunity in each challenge that comes my way. But I can't help but laugh everytime I hear a seller ask for an unrealistic price and then tell me "but we're negotiable." I understand it is my role to explain to them that negotiations can't even begin until the right potential owner comes by. With so much potential inventory available, buyers will not get to your listing if it is not priced right, and any good agent will not put you in a position of weakness by advertising your price is not the "right price," but you're looking to negotiate. Would you put a question mark by your property? NO.

Like I tell my other potential clients, you don't need that cushion to negotiate, you have me. Let's price it right and get maximum exposure...

Just a thought.

2008 THE YEAR FOR THE INVESTOR --- part 3

Cornerstone Realty Partners — Wed, 02 Jan 2008 22:30:47 -0800

This year has already started on an exciting note and I know that this year will be prosperous for all those who see the market for what it is: Opportunity. Just as it is easier to buy that hot stock or hot mutual fund after a tremendous run up the year before, it's easier to invest in the market when every one else is doing it. But, if you do what everyone is doing, you'll get what everyone else is getting. I don't know about you, but I hear the negativity that surrounds me and I want no part of it. Success is there, for all of us this year, for everyone who realizes that they will succeed while others wait to read about it in the papers.

So the 4th resolution for the active investor this year, is to stay patient, get aggressive and reach out like never before. Frank, how can you be both patient and aggressive?

In previous years, I've seen (heck I've done it) with the market heated, investors reaching to grab something, anything they thought would bring a return on their investment. It didn't matter so much what it was, as long as it was something. That's not necessary. We can be selective, we can have our criteria and get what we had in mind. And when it does, when it looks like we've got it - grab it (because even now, they'll be someone else behind you). If it feels right, do it - because to be successful you have to trust your gut.

So if you think you missed the boat before, if you're looking to expand your real estate portfolio, there has never been a better time that the present. Network, outwork, and teamwork. Meet as many people as you can, warm smiles and friendly conversation open a lot of doors. Look for people you can work with that will assist with your goals, and who knows maybe I'll see you at night, scouting for value in distressed properties.

2008 THE YEAR FOR THE INVESTOR --- part 2

Cornerstone Realty Partners — Mon, 31 Dec 2007 13:15:02 -0800

This post is continued from my previous entry....

While most of the pundits are calling for a "bad market," investors should be looking at 2008 with optimism. But that should be tempered with prudence as this market is not with out pitfalls. The opportunity in '08 lies the potential for real cash flow accumulation. But look beyond the ads that promise "positive cash flow," or "investors delight," because you have to account for financing - so have those arrangements beforehand.

Which brings me to investor resolution #3: Treat each piece of property as a business. If you were going to buy a business you would want to look at accounts receivable, lease information, employee expenses information, current accounts. Yet I've seen individuals buy real estate only looking at the current rents. Analyze the cash flow, check the schedule E from the owner, understand the lease terms, and the rental market in the area. Don't forget to check the maintenance schedule on the building (there is nothing worse than acquiring a new building and having to unexpectedly install a new boiler). Each one of my investors get a worksheet breakdown so they can analyze the property they have and the property they want to see whether their new business will be profitable, because let's face it - you don't get wealthy by acquiring liabilities.

stay tuned for more and look forward to more of your comments..

HAPPY NEW YEAR EVERYONE!!!

2008 - THE YEAR FOR THE INVESTOR ... part 1

Cornerstone Realty Partners — Mon, 31 Dec 2007 01:14:23 -0800

When Henry Ford was one of the wealthiest men in America, he was asked how he had become so successful. His answer, "I never buy my straw hats in the summer."

I remember that each time I hear another "expert" on television or in the newspaper say to stay away from real estate because values are going lower. (Were they the same people, by the way, who 2 years ago kept ringing the bell and yelling that everyone should buy then?) Throughout history and various market cycles, periods such as the one we are going through today, have been the opportunity to weed out the weak hands and give those with a strong stomach an opportunity to position for the next wave. While it's true the credit crunch has made it more challenging to acquire certain types of financing, attractive opportunities always find a way to get completed. The challenge for 08 will be discerning what is really an attractive opportunity (AND THERE WILL BE PLENTY!!!), and what is not prudent in the current real estate climate.

The number 1 resolution for each investor this year is to do your homework. This sounds so cliche, but when things are good it's natural to forget certain basic steps. We all now all real estate is local. Local by state, city, borough, town and even by block. In Staten Island alone, there are 71 different neighborhoods. I was recently speaking with an investor, who I've worked closely with who is overly concentrated in areas where transaction volume has been down and he is well above the average price in the area. Why do you think his properties are still on the market??? Before I invest in any area, I want to know the Average Days on Market, what's the average selling price and what is the current and future (are there new developments in the pipeline) saturation level in these areas.

Resolution 2: Be conscious of who your market is. If your property is being marketed to first time home buyers, you better make sure your pricing fits in to conventional or FHA guidelines. Having an agent who has a working knowledge of grant programs would be helpful as well.

(stay tuned for more, and appreciate your comments...)

REAL ESTATE -- THE TOPIC OF THE DAY...

Cornerstone Realty Partners — Sun, 30 Dec 2007 20:30:04 -0800

I was thinking of titling this under "WHY I LOVE THIS BUSINESS." Through all the holiday parties, meeting with family and friends, real estate and where the market was heading was the topic of the day. The public believes that properties are no longer selling - but the facts are quite different. Properly priced properties are still moving, savvy investors are picking up where the average investor is running for the hills, and total volume of resells in our area are still significantly higher than they were 6 or 7 years ago.

This is not the market to sit and wait, and I stressed to all those who were interested, that now was the time to act. If you need to sell, then do what is necessary to market that property correctly. If you are looking to own, then get out there and start looking - there's more value today than at anytime in recent memory.

And if you're looking to invest and thought you missed the last run up in the market, well this is the time you've been waiting for, a chance to position yourself for the next 5 years.