Year of Hard Choices

Over the last year I've had the opportunity to participate in radio interviews and blog on North Country Public Radio about what it has been like to live through the recession. Today NCPR aired a follow-up interview You may listen to my interview with Jonathan Brown at:

http://www.northcountrypublicradio.org/news/story/15089/lessons-learned-from-a-year-of-hard-choices-in-adirondack-real-estate

BBQ in North Creek

A roadside BBQ opened up Saturday morning. Named J Bobs Tennesee BBQ, it's located directly across the road (Rte 28) from my office. Watch for a portable smoker and a food service van with a serving window. I've only had their smoked wings so far, but they are large and the meat is fall off the bone tender. The owner is a nice guy who owns a restaurant in Ballston Spa. His planned schedule is Thursday-Sunday 11am to 7pm. It sounds as if closing time may be a bit flexible as he tests the market. Might be open more days during the holiday weeks. Take dinner home after skiing or back to your vacation home. It's great to have another dining option.

Customer Service and Loyalty in the North Country

The last couple of nights we've experienced sub-zero temperatures. -16 the night before last and a balmy -8 last night. On the way home from a night out, I had a gut feeling that I should check one of my client's homes. They had experienced furnace problems last weekend and felt confident that they had solved them. Since low temps stress everything man-made and otherwise, I was concerned. At 9:30 I found the house at 28 degrees and the furnace wouildn't fire. I called all of my heating contractor resources. The one that I reached refused to come out of his home in an adjoining town that starts with M and ends with a. I was informed that he would only provide emergency service for customers who had used him for routine maintenance. I explained that the owners just closed on the house and hadn't had an opportunity to order his preventive maintenance. He still refused to help. I wonder what would happen if I felt that way when my ambulance pager goes off in the middle of the night? I called 3 others with no answer. Apparently the cell phone for my "go to guy" acted up and didn't ring when I tried him. Trying him again at 7am I awakened him, gave him directions and he was here in 60 minutes. (He lives a good 30 minutes away). Problem solved and heat within 20 minutes of arrival.

Buckman Family Fuels in Chestertown is the only fuel oil dealer that I recommend because of this great service. They do excellent routine maintenance and they respond when called for an emergency! I first met them about 10 years ago when I called on them for an emergency fuel delivery at a home I was sharing. I wasn't a customer and the owner of the house had let the oil run out by mistake. His dealer at the time miscalculated and wouldn't make a Saturday morning delivery. Buckman's saved me then too. These guys just do it right without fail!

Gore Shuttle and the great gold parking controversy

From the Adirondack Almanack (www.adirondackalmanack.com

 

Monday, December 14, 2009

North Creek-Gore Mountain-Ski Bowl Shuttle Slated

NYS State Police: Your Local Private Security

From the Adirondack Almanac.....

 

Wednesday, December 09, 2009

NYS State Police: Your Local Private Security Firm

Upper Hudson Bike Trail

I recently began working on a new community project. Here is some of our recent press and a link to a website with lots of good information:

 

Proposed three-county rail trail gets planning aid

By DAYELIN ROMAN droman@poststar.com | Posted: Thursday, November 26, 2009 8:30 pm

While Warren County supervisors wrestled over how to fix a section of railroad track in Riparius last summer after it was washed out, Curtis Austin dreamed up a plan to use 29 miles of rails from North Creek to Tahawus.

"It would be an awesome trail," he said. "This one goes into the heart of the Adirondacks."

Austin, a Chestertown resident and former manager and engineer for General Electric, formed the Friends of the Upper Hudson Rail Trail, and is working toward building a bike path where unused rail lines now sit.

Recently, the project was chosen to receive assistance from Parks and Trails New York in the form of planning, fundraising, grant writing and other activities.

"They'll be free consultants," Austin said. "It's an extremely valuable thing."

The D&H Rail Trail in Granville was also chosen, and will get help with promoting the trail.

The Upper Hudson Rail Trail would wind through the Adirondack Mountains and along the Hudson River in three counties -- Warren, Essex and Hamilton -- from North Creek to Indian Lake and Tahawus, a hamlet in the town of Newcomb.

Austin said the line is full of history, as it was long used by mines in the area and is near the setting for a hiking trip by then-Vice President Theodore Roosevelt soon after he learned of President William McKinley's death.

Using the line for a bike trail is not in itself a new idea, but the Friends have committed themselves to making it happen, Austin said, and have set a target date of June 4, 2014, to open the path.

In the meantime, Austin said, he is working toward the two main steps to get the project in motion.

The first is gaining control of the railway.

"Rails are legally messy," Austin said.

In this case, Austin said National Lead Industries owns it, and are willing to part with it.

The next step is the actual construction of the trail, which Austin estimates would cost about $7.25 million if it is paved.

"Step two is almost too far to look at," he said.

Somewhere in between, clearance must be gained from the Adirondack Park Agency.

The group has gained the support of Johnsburg Town Supervisor Sterling Goodspeed, who said the project is at an early stage, but there is much support for it.

"The timing couldn't be better," he said.

Goodspeed said county officials originally planned to join the rail with the Upper Hudson River Railroad, which departs from North Creek. But with the economic troubles at the county level, any funding for that has dried up.

"You have this beautiful expanse of wilderness - not developable as a railroad," he said. "That proposed use is not realistic anymore."

And having a bike trail begin where the tourist train ends will also be an economic boon to the town, Goodspeed said, granting not only an option for a bike trail, but access to high peaks camping.

"I think it's another piece of the puzzle," he said. "There's unique opportunities there."

But Goodspeed said there are plenty of hurdles to overcome, including legal issues with purchasing the line and engineering complexities with the bridge that crosses over the Hudson.

But Austin said he just wants a bike path in the area.

The Friends have set up a Web site at www.upperhudson.org, with maps and information on the trail.

"It's meant to be used by as many people as possible," Austin said. "This is the sort of trail people travel to come to."

New York's REALTORS applaud Senators Schumer and Gillibrand for their leadership on homebuyer tax credit extension

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New York's REALTORS applaud Senators Schumer and Gillibrand for their leadership on homebuyer tax credit extension Statement from NYSAR President Daniel J. Hartnett On behalf of the 56,000 members of the New York State Association of REALTORS, today I express our sincere gratitude to Senator Charles E. Schumer and Kirsten E. Gillibrand for their vision and leadership in addressing the continued recovery of our housing industry and, ultimately, our economy. Yesterday, Senators Schumer and Gillibrand voted to approve the extension and expansion of the homebuyer tax credit that was included in a wide-ranging piece of Senate legislation that extended unemployment benefits. Both Senators have a long-history of supporting REALTOR issues, and none in recent history has been more important than this tax credit.  REALTORS know that the tax credit is working to revitalize the housing market and position it to once again lead our economic recovery. The legislation extends the availability of the tax credit to purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The credit will remain $8,000 for first-time buyers, while repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be eligible for a credit of $6,500. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. We are hopeful that the House will pass this legislation in the near future and that President Obama will sign it into law.

Upper Hudson Rail Trail

A new group calling itself the "Friends of the Upper Hudson Rail Trail" has just formed to advance a project of creating a bike and walk trail from North Creek to Newcomb along the unused railroad tracks. This looks like a wonderful project that will offer 29 miles of traffic free biking with moderate grades and spectacular scenery. Check out their website http://upperhudson.org/

SONYMA Offers Mortgage Credit Certificate Program

New York State's Mortgage Credit Certificate (MCC) Program is an alternative way for SONYMA to assist first-time homebuyers.  With an MCC, 20% of your annual mortgage interest can be converted into a tax credit and deducted dollar for dollar from your Federal income tax liability.  The remaining 80% of mortgage interest continues to qualify as an itemized tax deduction.  The credit can be taken to reduce your tax burden every year for the life of the mortgage loan as long as you continue to live in the home. The feasibility of the MCC and the degree to which it can provide housing assistance is totally dependent upon the extent to which you have a Federal tax liability, which can be offset by the MCC tax credit. 

For details, click here to read our term sheet for the program.

The benefits of an MCC to a first-time homebuyer can be significant. For example, for a mortgage of $200,000 with an interest rate of 5.5%, the mortgage interest paid in the first year is $10,933.  With an MCC, 20% of interest, $2,186, can be converted to a direct tax credit, a savings of $182 per month.  Note that the MCC amount will decrease slightly each year as the amount of interest paid decreases.  To calculate your potential savings with an MCC, click here.

Federal law prohibits SONYMA from combining MCCs with its own mortgages.  However, MCCs can be used with other fixed-rate mortgages that lenders offer, such as: 

• Conventional loans (Fannie Mae/Freddie Mac);
  
• FHA-insured loans;
  
• VA-guaranteed loans; or
  
• Other fixed-rate products.

To take advantage of this program, you must file IRS Form 8396 with your Federal tax return for each year.

Mortgagor(s) receiving an MCC can also take advantage of the $8,000 Federal tax credit - which is available for loans closed by November 30, 2009.

All SONYMA Mortgage Credit Certificate Program participants must meet certain Household Income and Purchase Price limits.

• SONYMA's Purchase Price Limits.
• SONYMA's Household Income Limits.
  
• Learn about special incentives in Target Areas.

How Do I Apply?

To apply for the Mortgage Credit Certificate program you must:

• Contact one of our MCC Participating Lenders; and
  
• Apply for a Mortgage Credit Certificate at the same time you apply for a mortgage from one of our MCC participating lenders listed above.
• If you are approved for an MCC, you can take a dollar-for-dollar tax credit equal to 20% of your annual mortgage interest costs when you file your Federal income tax return.
• The remaining 80% in annual mortgage interest costs remains tax deductible.

All SONYMA Mortgage Credit Certificate Program participants are subject to the Federal Recapture Tax.

• SONYMA's Mortgage Credit Certificate Federal Recapture Tax Provisions.

Click here for more MCC FAQ's.

RealtyTrac Review

Product Review: RealtyTrac

Editor's note: This product review focuses on a free trial of RealtyTrac.com, an online real estate site that maintains information on U.S. properties in a foreclosure process. The site also features information on bank-owned, for-sale-by-owner, resale, new construction and multiple listing service properties.

Click here [1] for a description of the product rating and review process. Please send your feedback, and recommendations for products to review, to productreview@inman.com [2].

Product: RealtyTrac.com seven-day free trial.

About: RealtyTrac, an online real estate site, offers information on more than 1.5 million properties and attracts about 3 million unique monthly visitors. The company's data has been used by several government agencies to aid in evaluating foreclosure trends, and RealtyTrac also supplies data through partnerships with a range of real estate Web sites, including Yahoo Real Estate and The Wall Street Journal's Real Estate Journal. The company was founded in 1996.

Cost: The company offers some free property information, with more detailed information and additional tools available through a paid subscription. The base price for a monthly subscription is $59.95, though the site currently advertises that discount pricing is available. In a recent test the site offered a $49.95 monthly subscription rate, and in an earlier test the offer was for a $39.95 monthly subscription. Also, the site offers a seven-day free trial.

Review team: Deb Agliano [3] (leader), Anita S. Crum [4], Mark Bergman [5].

Ratings: Ease 83, Value 73, Power 75 (100 is the highest possible score in each category).

RealtyTrac.com, which offers access to a range of property information including data on foreclosure and bank-owned properties, received highest marks from a three-member product review team for its ease of use.

The reviewers tested the site's features and functionality during a seven-day trial period that began in late July. All of the reviewers are active real estate professionals and are not employed by Inman News.

Deb "DebOnTheWeb" Agliano, the team leader, gave RealtyTrac 90 (out of a maximum 100) points for "Ease," which measures the site's learning curve and ease of use. "Ease" is one of three categories that team members use in evaluating products.

"The Web site is straightforward.  Put in your search criteria and you get a list of properties. There should be no learning curve," Agliano wrote in her review.

She noted that the site allows users to save searches and to view a list of recently viewed properties.

But she said she found examples of erroneous data. "As with all foreclosure Web sites, there are inaccuracies. I found one home under the bank-owned tab of my search that showed that no sales price had been set yet for the property. However, I found the same house under the next tab, 'Homes For Sale,' with its correct list price."

Agliano's lowest rating, a 70, was in the "Value" category, which is a measure of how helpful and useful the site is to real estate professionals and to consumers/clients.

RealtyTrac has "a good library of information for people looking to learn more about buying foreclosed properties" and does "a good job of pulling together information from a variety of sources so that you can have a list of preforeclosures and foreclosures without spending a lot of time," she stated in her review. ...CONTINUED

[pagebreak]

But the quality of the information is a "weakness in value," and she said she was disappointed by the site's choice of comparable sales for a foreclosure property she examined.

"There are plenty of comps in the same city, but of the five comps the system showed me, only one was in the same city, making the information virtually worthless," Agliano stated.

For "Power," a measure of the power of the site's features and its innovation, scalability, advanced features and potential for changing the industry, Agliano gave RealtyTrac a rating of 80.

Its strengths include its large database of properties and "interesting statistical information" available through a "Trends" tab. Also, Agliano noted that agents can sign on as a RealtyTrac "affiliate" to add a foreclosure search on their own Web sites. She also noted that the "search feature was consistently slow each time I tried to use it," whether she was using the Firefox or Internet Explorer browser.

Like Agliano, review team member Anita S. Crum offered the highest score -- a 90 -- for RealtyTrac's ease of use.

"The average user should develop a comfort level within 30 minutes, a more proficient user within 10-15 minutes," she said.

The search is prominently featured on the main page of the Web site, and the "overall layout and presentation is good and easy to follow," she stated, adding that the availability of personal search results on the main page "is even nicer" and the ability to save notes on individual properties "is a definite plus."

Crum said that many links opened up as pop-up windows, which "was a little annoying" and "too reminiscent of advertising pop-ups, which, in a way, many of these were."

Some items listed under a "Tools & Services" section at the site "were either links to third-party vendors or to other data and services provided by RealtyTrac at an additional cost," she also noted.

And there were many sponsored links at the bottom of the page, she said. "I stopped bothering to 'page-down' all the way after the first few times of seeing it."

For "Value," Crum rated the site as an 85. The information on preforeclosure properties "could especially be useful to investors" who seek to purchase homes before they are listed for sale, she stated in here review.

Like Agliano, Crum said the site's "Trends" section provides interesting information, including charts and graphs.

And she agreed with Agliano that "As with other foreclosure information sites, this site also suffers from a degree of inaccuracy in data. Not all the properties I reviewed were current on status; however, the percentage of inaccuracies noted were less than those of other sites I have used in the past."

She added, "As an industry professional with access to other methods of obtaining information, I find this product to have limited reliability," while it "does provide a good general overview and some helpful tools but not anything I couldn't produce through other means."

She said a Home Value Analysis Feature at the site "was a nice surprise," and showed a median home value about 4.3 percent below that of a local MLS report. ...CONTINUED

[pagebreak]

A tool at the site offers "Renter Alerts" -- a service that tracks a property for 12 months and provides notification "if your landlord goes into foreclosure," Crum stated.

And she said the e-mail alerts offered by the site "were a nice touch" and "its strengths lay, in part, on the amount of good information available in general."

A foreclosure prevention section at the site "was a little disappointing," Crum said, adding that a "get help now" section leads to a form that requests information "from an unidentified third-party source."

And a "find and agent" section at the site also leads to an online form requesting information from the user.

A "contact owner" button at the site, available on preforeclosure properties, "did not seem to work for me," Crum stated, and the "contact agent" feature for bank-owned (REO) properties "does not actually connect you to the listing agent but rather sends you to (an online) form."

RealtyTrac is "a good research tool for checking trends in a particular area and for doing preliminary research of properties," though "I don't foresee this product replacing anything currently used by the industry unless it can ensure more accurate data," she concluded.

Mark Bergman, another review team member, said entry-level users may prefer basic, "preformatted searches" using the site, while more experienced users "may enter very targeted, detailed searches" such as county-specific searches.

Bergman said he was distracted by the volume of ads at the site: "From the time of signup one is bombarded with offers and adds for services ... so many ads on a paid site is obnoxious."

He offered the lowest ratings in all three categories among the three reviewers: a 70 for "Ease" and 65 for "Value" and for "Power."

Like the other reviewers, Bergman questioned the accuracy of the information provided at the site. "Accuracy of the information presented is inconsistent," and "MLS updates or connections are inconsistent," adding that the site should seek to acquire "complete and accurate (Internet Data Exchange) feeds."

He also stated in his review that the information provided at the site doesn't empower users "with enough information to go out and buy or sell foreclosures," though he acknowledged, too, "I have no doubt that tracking foreclosures is, at best, a real challenge for any service provider."

Even so, he added, "I've used other foreclosure tracking sites that are superior."

Click below to view individual reviews: [7]

Deb Agliano [7]
Alicia S. Crum
Mark Bergman [9]

For details on the Inman News Product Review process, please click below:

Inman News Product Review Rules [1]

Oscar's Smoke House

Breaking news - as of 6pm today- Oscar's Smoke House in Warrensburg is an active structure fire. Reports from scene indicate that it is already a total loss. This is one of my favorite businesses in the area. I'm sure that may of my clients and customers will miss them. Let's hope that they recover and rebuild quickly. The best news is that there have been no reports of injuries so...hopefully everyone got out of the building safely and hopefully all of our fire and EMS crews will finish this disaster without injury.

Cellular in the Adirondacks

Spend any time in the Adirondacks and one quickly learns that cellular coverage is marginal at best. Many people think that we have no coverage, but we have some coverage. Around North Creek, cellular users learn where they can park to make calls or what section of Main Street has coverage. Since it's virtually impossible to conduct business without cellular, I've long used a cellular amplifier in my car and my office. The concept is simple; if there a bit of cellular signal these devices will "boost" the signal to a usable level.

I now sell Wilson cellular amplifiers. They are available both for "in building" use and for mobile use. A Wilson DB Pro amplifier may provide a usable cell signal in your vacation home. Some homeowners have even avoided the added cost of a land line. My mobile amplifier provides me with coverage across about 85% of the local town. Furthermore, as I travel I find that the mobile amplifier reduces the incidence of dropped calls.

 Amplifiers are available to work wirelessly with all cell phones. Additionally, a couple of compact amps have just been introduced for the iPhone and Blackberry Curve. I've obtained a special introductory price on a couple of iBoosters for the iPhone. I have two units available on a first come, first served basis. For information on these amps and others, call me at 518.251.2122. I offer discount pricing as a service to my customers and clients.

 More info at: www.wilsonelectronics.com

Register to Vote in Johnsburg (North Creek) to Impact Our Future

This great AP article appeared in the Glens Falls "Post Star" today. It really struck a chord. If you own real estate here in Johnsburg and you register to vote here, your vote will likely carry a lot more weight than it will in the community where you own your other home. Johnsburg elections are often determined by slim margins. Local politics is dominated by a small group and characterized by very long incumbencies. If you'd like to see some changes, this is one place where you can really help.

Click here to download a NYS Voter Registration Form

Click here for information on absentee ballots

 

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More Good News for First Time Home Buyers

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Don't Miss the Bottom of the Market

Builders, mortgage officers and other Realtors are all reporting a frenzy of activity this week. Perhaps buyer confidence is being buoyed by the stock market's recent performance and further supported by several months of improved housing sales stats. Even sales of new construction are up. There is a pent up demand and desire to buy. So many prospective buyers have been sitting home wanting to buy, but hesitant to buy before the market hit bottom. Now we're hearing from buyers who want to buy now so that they don't miss the bottom. Buyers - come on back. When the sellers hear that the market has hit bottom, prices will begin to increase.