In today’s highly competitive, tightly regulated mortgage marketplace, borrowers often wonder if they should go directly to a bank or consult with a mortgage broker to secure a home loan. In fact, as a real estate attorney in the New York-metro area, that is one of the most frequently asked questions home buyers ask me when beginning the process of securing their financing for an upcoming purchase.
The housing crash and subsequent banking crisis didn’t help the image of the mortgage industry and the over zealous broker. However, recent legislation and improved industry practices have actually weeded out the professional, licensed expert from the not-so-professional “broker.” As an independent broker not working for any one lender, today’s mortgage professional has access to a variety of products on the market from all different lenders. As a result, today’s practicing, licensed mortgage broker acts as a middleman who works with a variety of lenders, shops around for the most flexible program for their client and works to find the best match.
In one of the oldest courtrooms in Hackensack, Samantha Perelman, the heiress of billionaire and Revlon Chairman Ronald Perelman, is battling her uncle, James Cohen, over her claims that he manipulated and influenced her late grandfather, Hudson News patriarch Robert Cohen, into changing his will before he passed away.
I was recently at a comedy tribute event for the legendary comedienne Gilda Radner in which all of her fellow Saturday Night Live alums took the stage to reminisce and tell a few jokes from back in the day. One such comedian commented about real estate in Hollywood and among celebrities. Apparently, according to this particular A-lister, the former owner of a property is just as valuable as the homes’ amenities. So it’s not just all about location, location, location after all, but rather who lived here before? Well, here’s some eye-popping properties for sale that top the list for star power:
Celine Dion’s $72.5 million estate in Jupiter, Florida boasts several pools, patios, a bridge and floating river between two waterfront homes.
As today’s low interest rates make the search for investment income more challenging, financial advisors across diverse industries are turning to alternative investments to boost returns. As this trend moves from stocks and bonds to private equity and hedge funds, where does the bricks and mortar real estate investment fit into a portfolio?
Overall, the housing market is continuing to strengthen and on a risk-adjusted basis, it has a relatively low risk and high yield in the range of investments with an immediate return. That said, markets vary in profit-margin based on the pricing, opportunity and available capital. To this end, investors should consider opportunities based on the project and it’s ability to generate yield, not just the city.
A recent article in The New York Times chronologies the life and death of Huguette Clark, a copper heiress and Manhattan socialite who died at the ripe old age of 104 in 2011 and whose $300 million estate is now being contested by distant, disgruntled relatives who feel jipped.
Although the details are intriguing and scandalous, the point is that many families face the same issues: how is wealth transferred in later generations? What does an elderly individual owe distant relatives who never kept in touch? Do family ties financially bind relatives who never met?
All families are different and relate to one another in their own way. However, whether your estate is large or small, the best way to ensure that your will is executed according to your wishes is to have it properly set up and protected. To speak with an estate planning professional or for more information on how to protect your assets, please contact Felix Nihamin & Associates, P.C. at 212-502-4868 ext. 302.
With the Back to School season in full force, the slower pace of summer days is already a distant memory. However, earlier this summer I was fortunate to spend some time at the Jersey Shore and was relieved to notice that despite the devastation that Sandy wreaked, it was business as usual in most beach communities….at least in spirit.
Yes, the people of Jersey seem to be “Stronger Than the Storm,” but it was heartbreaking to see the destruction and erosion in towns such as Mantoloking where stately oceanfront homes that once stood on the edge of the sea were battered, beaten and swept away. And although these communities are rebuilding at an impressive pace and incorporating preventative measures, the damage that was done will be felt for a long time.
With the official start of summer kicking off a season of beach days and warm nights, this time of year I usually begin to feel the itch between my toes for hot sand and cool waves. And despite Super Storm Sandy, which ravaged the east coast, I am only that much more determined to spend my time and money at the Jersey Shore this summer. And I don’t think I am alone.
Although the memory of Super Storm Sandy seems like a distant memory that many of us may prefer to forget, there are still reminders of its devastation throughout the New York metro-area. Some unfortunate few are still displaced from their homes, while others rebuild; Governor Christie insists we’re Stronger Than the Storm and on Memorial Day Weekend the crowded beaches of the Jersey Shore proved that just may be true.
You’ve been hearing the buzz that the NYC housing market is back. With a limited inventory, rising demand and competition from not only fellow city dwellers but also an increasingly international buyer pool, it was only a matter of time before bidding wars were back on. And on they are.
As a New York real estate attorney, I have not seen the bidding market this healthy in a while and the competition is only heating up as we enter a busy season. So here’s a few tips I have shared recently with many of my clients looking to secure and successfully close a deal in today’s market: