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Archive for the ‘New York’ Category

A Peek at US Home Builder

Tuesday, June 19th, 2012

M/I Homes is a United States home building company founded in 1976 as M/I Schittenstein. M/I Homes now operate under three brands: M/I, Showcase, and Shamrock and is based in Columbus, Ohio. As of 2008, they are the 21st largest home builder of single-family homes in the nation. Chances are M/I Homes probably has a community for sale near you.

With innovative designs, superior customer service, premium locations, and quality construction, M/I have established an exemplary reputation. No matter what kind of buyer you are, if you are a first-timer, a luxury buyer, a mover-upper, or just an empty nester looking to down size, M/I will follow their three founding beliefs when selling you a home; People should only buy from a builder they can trust, a builder who cares, and a builder who has a reputation for integrity and quality.

When you are buying a home you look for one that has the ideal location, community, school district, or amenities. With M/I communities you get all that and more. M/I Homes offer the best locations in great communities with fabulous amenities.

M/I offer hundreds of floor plans to fit every lifestyle. Each designed with the buyer in mind. M/I constantly strive to provide home buyers with premier neighborhoods and the latest trends in home design. They give you the options of personalizing your new home with their Design Centers. This allows you to pick through many design choices from choosing a color scheme for your new home to deciding what tile you would like in your new shower. A M/I Homes Professional Design Consultant will help you every step of the way.

M/I realizes that building/choosing a new home can be overwhelming, so they designed an exclusive Confidence Builder Program, just chose your state and see what programs can help you.

New York Real Estate

Wednesday, March 28th, 2012

Young professionals and blue class workers are fueling what’s left of the real estate market in New York City (with the exception of Manhattan). Nationwide (including the boroughs) real estate prices have been declining for most of 2007. This is primarily caused by delinquencies in mortgages made over the past 4 years to subprime and no income verification borrowers. Increased foreclosures combined with tightening mortgage underwriting standards have drastically increased the inventory of homes currently on the market.

In addition, this past summer’s mortgage meltdown has made securing a Jumbo mortgage much more difficult. A Jumbo mortgage is one that is larger than the conforming loan limit of $417,000. Since New York City real estate prices are in many cases higher than $417,000, sales have lagged due to buyers having difficulty qualifying for Jumbo mortgages. All of these factors have contributed to “the bubble finally bursting”.

There has been however, one sweet spot in the New York City real estate market. Affordable living is making a comeback. Smart developers have stopped over building million dollar houses in middle class areas and instead begun developing affordable condo apartments throughout the boroughs. Studio to 3 bedroom apartments can now be bought from the high 100,000’s to the mid 300,000’s.

Some of these condos have been gut renovation conversions of apartment buildings like Zinfandel Condominium in Crown Heights and others have been ground up new construction like 580-586 Van Siclen Avenue Condominium in East New York. Affordable condos are the hottest area of New York real estate right now. Many developers who were building 3 family houses throughout the city have now decided to convert the complexes into condominiums because of the current market condtions. It is more profitable for the developers and more affordable for the end buyers.

Owning instead of renting is the first step towards financial freedom. Renting only gives a landlord a mortgage interest tax deduction and the tenant a rent increase each year. Plus real estate will appreciate over time so it is a great long term investment. With the recent slowdown in the real estate market combined with many people who have recently lost their homes to foreclosure entering the renters market, rents have begun dramatically increasing as the citywide demand for apartments increases.

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