Kristof Tabor's Blog

Rainy Season Ready?

Kristof Tabor (RE/MAX Realty Professionals) — Tue, 27 Apr 2010 10:13:38 -0700

Understanding Foundation Problems

Foundation problems may mean expensive repairs. Here’s what to look for and what you need to know to keep small concerns from becoming big headaches. Read
Fast Fixes for Common Gutter Problems

Maintaining gutters is the most important thing you can do to prevent water from damaging your house, and keeping them in shape is an easy homeowner task. Read
Protect Yourself and Your Home from Flooding

Few places in the country are considered free from flooding, so protect your home and family. Read
7 Signs You May Have a Drainage Problem

Finding and addressing drainage problems when they’re smaller and easier to fix can save you thousands of dollars and plenty of headaches down the line. Read
8 Solutions to Common Wet-Basement Problems

Solving wet-basement problems is one of the most important things you can do to protect the value of your home and health of your family. Read

Visit houselogic.com for more articles like this.

Public Transportation Adds Value to Your Home

Kristof Tabor (RE/MAX Realty Professionals) — Sat, 24 Apr 2010 17:13:45 -0700

Public Transportation Adds Value to Your Home

Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2010. Article From HouseLogic.com Visit houselogic.com for more articles like this. All rights reserved.

By: Sue Mellen

It's an urban (and suburban) myth that proximity to public transportation systems decreases property values and increases crime rates. In fact, just the opposite is true.

Increasingly, cities and towns are creating or expanding mass transportation to boost economic activity, provide convenient alternatives to costly highway systems, and dramatically reduce greenhouse emissions. In the past, homeowners feared that signs announcing construction of transit systems signaled lower property values, while serving as a virtual invitation to criminals. But studies show that properties near, but not directly adjacent to, mass transit actually increase in value, and crime rates aren't influenced by transit options.

Riding the rail to increased property values

How much value does a close-by public transportation option add to a house? After looking at 41 studies of 15 rail systems across the county, researchers at California State-Fullerton concluded http://www.lightrailnow.org/myths/m_oct003.htm "…light rail transit has enhanced residential property values 2% to 18% in Portland, Sacramento, San Diego, and Santa Clara, with larger changes in cities with commuter rail systems."

In San Diego, properties near commuter rail stops enjoyed consistent price premiums of 17% compared to properties further from public transit options, according to a study http://www.uli.org/ResearchAndPublications/Reports/Ten%20Principles.aspx by the Urban Land Institute.

Light rail service in Dallas had an even bigger influence. Properties near stations increased an average of 39% more than comparable properties not on the rail lines, according to a study http://www.cor.net/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=1348 by the University of North Texas Center for Economic Development and Research.

Nearby transit can also help preserve home values during real estate downturns, according to a study of home sales activity in Chicago by RE/MAX International. During the first six months of 2009, while overall suburban Chicago home prices fell 19%, 32 Chicago suburbs served by Metra commuter trains saw the average price of a home decline by 15.2%.

However, not as many homes sold during the same time period in the Metra towns, perhaps an indication that home prices held steadier because owners refused lower purchase offers. On average, home sales were down 19.2% in the Metra towns, compared with a 15.6% drop in the suburbs as a whole.

There's also a difference between being close to public transportation and being right on top of it. A house that's so close to a rail line that the homeowners hear and feel train noise and vibration may be difficult to sell--or sell for less than a similar property that's within walking distance, but not right next to, public transportation.

"[N]ot all residences benefit equally," the study found. "Properties located too near a station may suffer nuisance effects, and it appears that in California the largest premiums accrue to owners of multifamily residential properties."

Homes located along the rail line, but far from a station, will also be negatively affected. They'll suffer noise and vibration without gaining the benefit that homes within walking distance of a station will gain.

Will it bring crime?

Another stereotype about public transportation is that it brings criminals into the neighborhood. Research shows, however, that the existing socio-demographic makeup of the neighborhood is what drives crime, not its proximity to public transportation.

As the Department of Urban Planning at the University of California, Los Angeles, School of Public Policy and Social Research found when it studied the issue http://www.uctc.net/papers/550.pdf , transit stations and surrounding neighborhoods in L.A. "are no more unsafe than other city streets. In fact, if we consider only serious crime, rail stations are safer than many city streets because of the higher rate of police deployment."

The study did find that the type of crime committed was influenced by the environment. Pick-pockets work in crowds, while car theives work park-and-ride lots.

What you can do

Use it or lose it. If you'd like to show your support for public transportation, start by using it whenever possible. Systems with high ridership numbers are better able to expand routes, upgrade services and technology, and qualify for government funding.

Spend less on gas. By riding public transit, not only will you reduce the size of your carbon footprint, you'll save money. Transit riders spend about $1,500 less on gasoline per year than commuters who drive to work, and transit availability and use can annually save $8,400 in a household budget, according to PublicTransportation.org http://www.publictransportation.org/default.asp

Contact government officials. Let local and federal officials know you support public transportation in your community. Voter support helps build political momentum for mass transit funding.

Get involved. There are any number of ways to actively support public transit. Need something small and easy? Wear a button supporting public transit http://www.publictransportation.org/contact/support.asp . If you're really dedicated, volunteer for your community's transportation advisory board.

Sue Mellen is a longtime writer and editor who splits her time between a townhome in Massachusetts and a bungalow in Florida. She is a frequent rider on Boston's MBTA commuter rail and Amtrak's high-speed Acela Express.

Hidden Costs of a Two-Story Addition

Kristof Tabor (RE/MAX Realty Professionals) — Wed, 21 Apr 2010 17:32:15 -0700

(New!)

Hidden Costs of a Two-Story Addition

A two-story addition project is fraught with cost variables. Here’s how to anticipate the hidden costs and stay on track. Read

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Homeowners Insurance: Is Mold Covered?

Kristof Tabor (RE/MAX Realty Professionals) — Wed, 21 Apr 2010 17:27:40 -0700

Homeowners Insurance: Is Mold Covered?

Whether mold is covered by homeowners insurance often comes down to the source of moisture and the wording of a policy. Read

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Home Prices in Clifton, NJ

Kristof Tabor (RE/MAX Realty Professionals) — Thu, 18 Dec 2008 10:29:24 -0800

12/18/2008 Clifton, NJ

“Are we at the bottom of the Real Estate market at this point in time?” and “How much lower can the prices of homes in Clifton, NJ go?” are probably the two questions that I hear the most from both the buyers and the sellers. My answer is “I do not know”. We all know that there are some models out there showing the prices declining another 10% or even 20% from today. There is also some anecdotal evidence that the market is bottoming at this point. I think the buyers are beginning to see the advantage of buying something now when they compare the rental cost to the purchase cost in our area.

Case in point: I just had a price reduction on a three bedroom Cape Cod in the Albion section of Clifton. See the listing here http://clifton-nj.com/55PlochRd/index.htm. The price was reduced by $15,000 from $289,900 to $275,000. After about a week after the reduction we had five offers on the table. Five offers in this market isn’t this something!

After that, I ran the numbers for a purchase of this home with 20% down ($55,000 down, $220,000 mortgage at 5% interest $5,600 for tax and $800 for insurance) and compared it to a rental situation (I think this home should rent for $1800 per month). Even at the full price purchase the total payment comes to $1,713. Now add the $7,500 government incentive and this looks really good for a buyer.

Kristof Tabor

Broker Salesperson

RE/MAX LEGEND

1-973-930-5222 Mobile

1-973-778-9900 Office

1-866-373-3740 Direct Fax
email: nt74f3@yahoo.com
web:www.clifton-nj.com

Home Prices in Clifton, NJ

Kristof Tabor (RE/MAX Realty Professionals) — Tue, 09 Dec 2008 10:47:54 -0800

I just updated my sold statistics for Clifton, NJ and no surprise there; the prices are again sliding down. In the past three months single-family homes in Clifton lost about 3% of their value. The annual decline is about 11% (from November of 2007). There were only 20 closings for single-family homes in November 2008. This is an extremely low number for Clifton even at this time of a year. Another, disappointing news was that the average time on the market increased to 93 days from 77 days one month ago. Also the statistics show the difference between the average asking price in November which was $351,000 and average Sold Price of $322,000 increased dramatically. The difference is equal to 8.3%. This number is really alarming since it usually stays around 3-4% (in 2007 the average was around 4% and until October 2008 the average was around 4.5 %.) This high number means that there are many sellers willing to substantially cut the price in order to unload the property.

You can see all of the statistics here: http://clifton-nj.com/Statistics.htm

I have been selling homes since 1996 and to be honest with you I have never seen such a market in our area. What is even worse that there are some real estate models, from well respected sources, showing the prices in the New York City Metropolitan area declining another 15% to 20% in the next 18 months. The news is bad for sellers. The buyers on the other hand... :)

Kristof Tabor
Broker Salesperson
www.clifton-nj.com
RE/MAX Legend
730 Clifton, NJ 07013 Clifton, NJ
Office: 973-778-9900
Mobile: 973-930-5222
Contact Me by E-mail

Statistics and charts are based on gsmls.com closed transactions data for Clifton, NJ single-family homes only. Information deemed reliable but not guaranteed. Each RE/MAX office is independently owned and operated.

Kristof Tabor's Blog

Rainy Season Ready?

Understanding Foundation Problems

Fast Fixes for Common Gutter Problems

Protect Yourself and Your Home from Flooding

7 Signs You May Have a Drainage Problem

8 Solutions to Common Wet-Basement Problems

Public Transportation Adds Value to Your Home

Public Transportation Adds Value to Your Home

Riding the rail to increased property values

Will it bring crime?

What you can do

Hidden Costs of a Two-Story Addition

Hidden Costs of a Two-Story Addition

Homeowners Insurance: Is Mold Covered?

Homeowners Insurance: Is Mold Covered?

Home Prices in Clifton, NJ

Home Prices in Clifton, NJ