It may not be the Copa Cabana, but singer Barry Manilow has relisted his Malibu home for sale at $6.950 Million in order to sell his beachfront pad.  The home has seen several price adjustments since originally being listed for $10.9 Million back in 2009.  Manilow has reportedly had several health issues and has cancelled several recent performances in New York this year.  He has recently appeared at Radio City Music Hall in April and had no problems at that time.  No word if the price drop on his Malibu relates to any urgent health issues, but the current listing price represent the 4^th or 5^th price reduction.

Manilow’s beachfront home in Malibu has a main house with 4 bedrooms, and extensive walls of glass overlooking the Pacific Ocean.  The property also contains a guest house and private courtyard.  The home is well known in the area for its privacy with its high fences and uber-rich location on Malibu Road.

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Many mortgage brokers are reporting that there is virtually no financing above $1 Million for Jumbo mortgages, a huge shift from 2006.  According to HousingWire, in 2006 Jumbo loans accounted for 50% of the mortgage market, now they represent a paltry 5% of the market.  Part of the change, according to mortgage experts are the new changes in mortgage underwriting issued by the finalization of the Dodd-Frank Bill.  Other mortgage expert point out the fact that since rates have been at nearly 0% interest, there is not enough of a profit spread to make it worth the risk for lender.

Lenders are still feeling the sting of the mortgage meltdown when a large percent of defaulting borrowers held Jumbo-type loan products.  The higher default numbers with already risky Jumbo loan has further stigmatized the market.  Since 2007, the federal mortgage market has been over 90% funded by housing giants Fannie Mae, Freddie Mac and FHA.  In 2012, new lending standards placed on FHA loans have further restricted the market.  Prior to 2011, loan underwriting limits were set at $729,000 for an FHA loan.  Congress has since restricted the lending limit to be no more than 125% of the median home price.

Finalization of the new lender standards set aside in Dodd-Frank are expected to be finalized in June 2012, making it easier for lenders.  Once the standards have been set this year, lenders are expected to be more likely to fund Jumbo loans.  The highest qualified borrowers offering the highest credit scores and down payment of cash are most likely to be the first segment of borrowers to be issued Jumbo loans.

While banks continue to sort their way through the housing crisis, they had expected a wave of “strategic defaults” that has never materialized.  Many real estate pundits had proclaimed that strategic defaults would become common among borrowers who were stuck in properties that had decreased in value.  Most mortgage expert are predicting that once a clear set of lending and underwriting standards has been established, we will see a gradual return of Jumbo mortgages to the U.S. markets.

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The Sultan of Swat, baseball legend Babe Ruth lived in quiet suburban Sudbury, Massachusetts after he played for the Boston Red Sox and was infamously traded to the New York Yankees.  Infamous trade was supposedly the curse that kept the Boston Red Sox from winning a World Series, until they broke the curse in 2004 with a World Series win.  The Big Bambino was known for his lavish style, heavy drinking and partying as well as his home runs.  The home is for sale for $1.65 Million and boast of over 5,100 sq. ft. with lots of room for memorabilia.  There’s even a room on the second floor that the current owner set up to house memorabilia from The Babe.

The home is known as ‘Home Plate Farm’ and is a 5 bedroom 3.5 bath Colonial that looks like an ideal New England country home.  The home was originally built in the 1800s, but has seen extensive renovations including a gourmet kitchen, updated baths, and other additions.  The home is a unique piece of architectural and baseball history, and has been transformed to have all the modern features a buyer might look for today.  The property also has a barn that can be used for multiple purposes, and is located by nearby Willis Pond.

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Mortgage markets in United States are well developed and have a wide range of mortgage products. Today, mortgage services in United States are being provided by a number of entities including mortgage lenders as well as banks and credit unions. Mortgages that are most commonly used in United States include: Fixed-rate mortgages, ARMs and Jumbo mortgages.

A fixed rate mortgage is a form of mortgage in which the rate of interest remains constant throughout the entire life of the loan. On the other hand, variable rate mortgage is a form of mortgage in which the rate of interest is not constant and instead changes throughout the life of the loan depending on the economic conditions. According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS), currently average fixed mortgage rates are at new all-time record lows which in turn is sufficient to keep the homebuyer affordability quite high even in difficult market conditions.

The 30-year fixed rate mortgage averaged 3.84 percent, down from its earlier all-time record low of 3.87 as registered on February 9, 2012 whereas the 15-year fixed rate mortgage averaged 3.07 percent, falling below its earlier all-time record low of 3.11 percent as registered on April 12, 2012. The 1-year ARM (Adjustable Rate Mortgage) is also found to be averaged a new all-time record low in PMMS at 2.70 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, in an interview with ‘World Property Channel’ states that economic slowdown and higher inflation figures allowed yields on Treasury bonds to ease somewhat which in turn has resulted in the breakdown of most mortgage rates to new all-time record lows in this year. Such lucrative mortgage rates can probably trigger a boost to the housing market in coming days.

Monthly Average Commitment Rate and Points on 30-Year Fixed-Rate Mortgages Since 2010

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May 3RD 2012 | Source: The Real Deal | Local Connecticut agent Marilyn Katz, formerly a salesperson at Prudential Connecticut Realty, will run the Westport office…Here’s the link– http://therealdeal.com/blog/2012/05/03/heddings-debuts-westport-conn-office/-expansion/

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May 3RD 2012 | Source: CRE-NEWS | Heddings Property Group is continuing its suburban expansion…Here’s the link– http://www.cre-news.com/18989/heddings-debuts-westport-conn-office-expansion/

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NEWSFLASH!!!!

I just used the Click and Improve service to schedule a minor plumbing repair at my home and they will be arriving at 4PM tomorrow!

CLICK AND IMPROVE OFFERS GUARANTEED, QUALITY HOME REPAIR AND HOME IMPROVEMENT SERVICES TO METRO NEW YORK

New Hassle-Free, Worry-Free Way to Purchase Home Solutions Online from Reliable, Pre-Screened Local Service Professionals, with Customer Satisfaction Guaranteed

LONG ISLAND CITY, N.Y. – April 12, 2012 – One of the area’s most successful and reputable building contractors is leveraging its skill, experience and contacts to bring New York metro homeowners quality home repair and home improvement services – guaranteed. The new service is a first-of-its kind in an industry where unscrupulous and unqualified workers have given reputable ones a bad name.

Click and Improve (http://www.ClickandImprove.com) takes all of the guesswork, stress and time-drain out of sending experts to your home when, for example, a faucet leaks, a room needs painting, you get locked out, or a fixture needs installing – with a firm price established in advance, and the work guaranteed by withholding payment to the service professional for up to seven days until the homeowner confirms their satisfaction.

Click and Improve offers hundreds of services online at fixed competitive rates. Diagnosing the problem or project, recommending a solution, pricing the job and taking payments are all handled quickly and easily online, followed by an email confirmation and phone call within the hour from a Click and Improve customer service specialist to schedule an appointment. The work is then performed by a carefully screened, bonded, licensed and insured local service professional. With the price pre-established, there is no financial transaction between the homeowner and the service professional, and Click and Improve withholds their payment for a week to ensure that the work has been done properly.

Click and Improve was created and is managed by a team of hands-on professionals, Avi Zikry, Jesse Friedman and Alex Ushyarov, partners in New York Construction Co., a Better Business Bureau A+ rated firm.

“My partners and I have seen and fixed many botched jobs, and saw an opportunity to reinvent the way people research, negotiate and purchase home improvement and repair services,” said Avi Zikry, co-founder of Click and Improve. “Finally, there’s a way to guarantee quality work at fair, pre-negotiated prices.”

The entrepreneurial trio found that the average homeowner, already leading time-crunched, stressful lives, was completely unaware of the costs and service requirements for common home improvement and repair projects, putting them at a major disadvantage in an industry with a notorious reputation for price manipulation, bait and switch service, and unprofessional behavior.

“Having grown up in an era when the Internet and technology have transformed the way we buy and sell goods and services, we saw an opportunity to help level the playing field between homeowner and service professional,” said Jesse Friedman, co-founder of Click and Improve. “Click and Improve puts homeowners first and gives them the upper hand, at last.”

Click and Improve stands behind the work through their Satisfaction Guarantee and Money Back Guarantee. The company will hold back payment for up to seven days, until the homeowner is satisfied that the job has been done right, or the service professional returns to make it right. And, if the job was misdiagnosed online, Click and Improve offers a full money-back guarantee.

“Unfortunately, many homeowners experience a less-than-satisfactory job, and see their service man take the money and run,” noted Alex Ushyarov, co-founder of Click and Improve. “That’s what separates Click and Improve from everyone else — the money isn’t handed over until the homeowner is satisfied the job promised is the job delivered.”

For more information about Click and Improve, or to book a home repair or improvement project, please visit: www.ClickandImprove.com.

About Click and Improve:

Click and Improve® (www.ClickandImprove.com) delivers a new hassle-free, worry-free way to purchase home improvement and repair services online. The company is led by an experienced hands-on management team, Avi Zikry, Jessse Friedman and Alex Ushyarov, partners in New York Construction Co.

Click and Improve offers hundreds of home improvement and repair services at fixed, competitive rates, so consumers know the exact service and exact price before anyone visits their home. Using a carefully screened roster of bonded, licensed, insured and reputable local contractors, repairmen and expert services professionals, Click and Improve puts homeowners first- saving time, protecting money, and ensuring satisfaction.

Click and Improve services are backed by its Satisfaction Guarantee and Money Back Guarantee, ensuring that the job is done right, for the price promised, and to the satisfaction of the homeowner. For more information, please visit: www.ClickandImprove.com, Facebook at www.Facebook.com/ClickandImprove and follow us at www.twitter.com/clickandimprove.

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As they are shown around properties, potential buyers in New York City can come up with a whole range of questions that brokers really need to have answers for. Too often we hear the buyer has been short-changed; the broker says the first nonsense that comes to mind or says he or she will ‘get back to them’ but never does. To give a potential buyer as full a possible set of answers to their sometimes – let’s face it – bewildering set of questions might not be what clinches the sale. However, to serve our clients we should have as many answers to hand as possible. Today more and more owners in NYC and the Hamptons are adding solar panels to their properties, so it is something that brokers need to be clued up on. Buyers will expect to hear something about costs, savings and maintenance of solar panels from the real estate broker just as they would expect to hear about mortgage protection from the mortgage broker.

Why New York?

Solar power is on the rise throughout the US. According to the Solar Industries Association, more solar installation took place in the third quarter of 2011 than the whole of 2009. As one of the 25 cities designated by the Department of Energy as Solar America Cities, New York City receives special support and incentives to increase solar power initiative. In addition, Mayor Bloomberg’s long-term sustainability plan, PlaNYC, recognised that while solar and wind generation was unlikely to play a big role in New York in the short term, it could and should play an increased role. With this impetus, financial incentives and a yen for green, many commercial and residential property owners have turned solar.

How do they work?

There are two types of solar energy that commercial and residential properties can generate: photovoltaic and thermal. Photovoltaic (PV) technology harnesses sunlight using solar cells made from semi-conductor materials. During daylight hours they convert sunlight to electricity by absorbing photons of light and converting them into electrons. Another key word for brokers would be ‘array’, which is the term for the arrangement of panels on a building. With solar thermal energy, flat panels or tube collectors are installed usually on the roof to heat fluids.

What’s the deal?

Many of the financial incentives such as federal and local tax credits relate to installation. The Pratt Center for Community Development says that “financial incentives from NYSERDA [New York State Energy, Research and Development Authority], the federal government, and others can cover as much as 62 per cent of the costs of installation and in some cases more”. Installation breaks, of course, are unlikely to benefit a buyer where a solar system is already installed.

However, buyers of properties in New York City with panels already installed will be interested to hear that they are entitled to property tax abatement. The Department of Buildings deals with applications, which must include maintenance plans. With all the support available to New Yorkers at this time, planning maintenance and finding qualified professionals is not a problem.

Buyers of properties with panels already installed will also be interested to hear that the energy generated can seriously cut heating bills. For example, the Pratt Center says that thermal system will typically provide 50-80 per cent of residential hot water. Furthermore, by selling back the excess energy that they generate, panel owners have a further financial incentive.

The topic is hot. Possible mayoral contender and Manhattan Borough President Scott Stringer has criticized Bloomberg for “moving slowly”. A report he just released says solar panels on schools alone could increase solar capacity in New York City by 2,500 per cent – the equivalent of planting 400,000 trees – and create 5,423 jobs.

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April 11, 2012 | Source: WellcomeMat | WellcomeMat is proud to announce that one of our greatest long time advocates, Doug Heddings, has signed on as an Enterprise partner… http://blog.wellcomemat.com/heddings-property-group-partners-with-wellcomemat-a-video-success-story-agent-to-brand-owner/

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