2009 Teddy Bear Collection for Children

Around this time every year our office serves as a teddy bear drop  spot in coordination with the Middlesex County Association of Realtors community service committee.

We help select charities where and when we can, sometimes through civic service, sometimes donations but either way Realtors always give back to their communities and this is one small but important way to give back.

We collect new or “used but clean” and in good condition teddy bears that have been emotionally starved lately and still have the ability to spread some joy to children ready to shower them with love who are in need of a smile and some cheering up themselves.

These bears will be donated to the Child Life Program at Robert Wood Johnson University Hospital where specialists care for outpatients and overnight patients at the Bristol-Myers Squibb Children’s Hospital at Robert Wood University Hospital.

Buy a new bear or donate one that has already brought joy to children elsewhere but is still in excellent condition to spread more joy.

Teddy Bear Collection Dates

NOW thru Tuesday 12/8/2009

Please Note: Dirty, dusty, smelly old bears will be disposed of, as these bears cannot be handed to sick children.

 

 

Out office is located at:

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330

Office: 732-650-9911 Ext.302
Contact: Victor Kaminski

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

Click here for Door to Door Directions

Teddy Bear Collection Dates at additional drop spots
Tuesday 12/1/2009 thru Tuesday 12/8/2009

Additional Drop Off Locations:

• Gloria Nilson GMAC, Monroe Twp.
  (609-395-6600) Contact: Regina Haimer
  1600 Perrineville Rd., Suite 30, Monroe Twp.,NJ
• Gloria Nilson GMAC, Kendall Park
  (732-398-2602) Contact: Anthony Doceamore
  3430 Route 27, Kendall Park, NJ
• Prudential Fox & Roach
  (732-297-5000) Contact: Roy Minieri
  1500 Finnegans Lane, North Brunswick
• Coldwell Banker, East Brunswick
  (732-254-3750) Contact: Dorothy Bellas
  269 Route 18 South, Suite A, East Brunswick, NJ
• Century 21 Charles Smith Agency, South Amboy
  (732-721-9000) Contact: Peggy Yanuzzelli
  150 Morgan Avenue, South Amboy
• Re/Max Hometown, Metuchen
  (732-548-5555) Contact: Murielle Ferino
  195 Main Street, Metuchen, NJ
• Petra Best Realty, Perth Amboy
  (732-442-1400) Contact: Rosanna Moquete
  329 Smith Street, Perth Amboy, NJ

Tax Credit Boosts October Home Sales 10.1%

A last minute rush of home purchases by first time home buyers wanting to take advantage of the expiring federal housing tax credit was the cause of home sales far exceeded expectations last month, surging to the highest level in 2 1/2 years.

The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.

The tax credit of up to $8,000 for first-time owners was originally set to run out on Nov. 30, but Congress renewed it earlier this month and broadened its reach. Now even existing home owners who have owned their current homes for at least five years can now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30.

The Realtors report on October home sales reflect offers made before buyers knew the tax credit would be extended. "There was a lot of rush and hurry to complete sales" before the deadline.

Home sales are likely to drop over the winter as buyers hibernate for a few months without the looming tax credit deadline making this winter possibly the best time to begin shopping for a home. 

With a large inventory of homes for sale and limited time for sellers to sell with the threat of foreclosure hanging over their heads, there just may be some spectacular deals to be had and many options to choose from with little competition from other buyers.

The new deadline means that we're going to see some good activity coming out of the spring.

Sales, which were nearly 24 percent above last year's level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters.

The median sales price was $173,100, down 7.1 percent from a year earlier and off 1.6 percent from September.

In addition to lower prices, mortgage rates have been hovering around 5 percent since the spring, largely because of government intervention. That has helped restore housing affordability in large swaths of the country.

The inventory of unsold homes on the market fell about 4 percent to 3.6 million. That's a 7 month supply at the current sales pace, and close to a healthy stock of about six months.

Over the summer, the housing market started to rebound from the worst downturn in decades, aided by aggressive federal intervention to lower mortgage rates and bring more buyers into the market.

But experts forecast that prices will fall again. Most say they will hit  a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market.

But the government support can't last forever. For example, the Federal Reserve is likely to curtail its effort to push down mortgage rates next year. If rates then rise too high, it would make home purchases less affordable and dampen housing demand.

"When we do kick those crutches out from under the housing market, will it be able to stand on its own?" said Mark Fleming, chief economist with real estate information company First American CoreLogic. "It's really hard to tell."

A record-high 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September, the Mortgage Bankers Association said last week. The worst damage is still concentrated in the states hardest hit from the start: Florida, Nevada, California and Arizona. Together, they accounted for 43 percent of new foreclosures.

So what does this mean for New Jersey home buyers? It’s hard to say but not being at the top of the foreclosure list of states could possibly mean we’ve hit bottom or already very close, couple that with very low mortgage rates and buyers will need to decide if now just may be the optimal time to make a purchase or wait to see if prices drop a little more and risk higher interest rates in the spring.

The great news is New Jersey has several local state, county and federal finance assistance programs available that could add up to $20,000 in home purchase discounts in the form of government grants. (depending on your location, price, income etc. and of course the knowledge of these programs available by your realtor and mortgage representative.)

Whenever your ready, Marivic GMAC Real Estate will be here to keep you informed and let you decide, remember we’re here to help.

www.MarivicRealty.com
Local: 732-650-9911
Toll Free: 1-866-745-GMAC(4622)
Facebook Blog: www.realrep.com

This article is based on excerpts of a 11/23/09 story by ALAN ZIBEL
AP Real Estate Writer. Additional story contributions from Victor Kaminski Broker of Record of Marivic GMAC Real Estate.

Commercial real estate crisis a buyer opportunity

There may just be some great deals to be had for commercial property investors. Is now a good time to start a business?

One mans loss is another's gain, with commercial real estate that  old adage holds true as well. With prices dropping and more foreclosures in the commercial real estate sector and incentives for employers and business expansion coming about it just may be. 

“Here come the real estate vultures”

“(Fortune Magazine) -- These are tempting times for real estate bargain hunters. Whether it's the tony house down the street with an asking price that keeps dropping or office space at a deep discount, if you have the means, there are deals to be had. Individual investors snapping up foreclosed houses have helped boost home-sale figures sharply in recent months (although prices have remained depressed). And now some real estate investment trusts are raising money to fund acquisitions of distressed commercial properties.”

By Michael V. Copeland 
June 22, 2009
Fortune Magazine Full Article here

“Distress among commercial real estate mortgages in New Jersey is intensifying”

“with more properties in the state going back to the lenders. Some industry insiders say a crisis may be in the works if the economy continues to falter.

You’re certainly seeing an increasing rate of foreclosures, and of lenders taking back properties,” said David Bernhaut, executive vice president at the East Rutherford office of Cushman & Wakefield, a commercial real estate brokerage. “It’s distress that everybody feels and senses.

New Jersey currently has nearly $3.6 billion of distressed commercial assets, according to Real Capital Analytics, a New York-based research and consulting firm. Distressed assets include those in foreclosure or bankruptcy, have been restructured or modified, or have been taken back by the lender through foreclosure. “

So can now be a great time for the commercial investors to begin peaking their heads out? I would say that it depends on your financial ability to maintain the property if it should experience a lower than normal occupancy for a while.

“Lenders are currently lending at a 50 percent to 65 percent loan-to-value ratio, compared to 70 percent or 75 percent five years ago, said Kenneth Pasternak, chairman of KABR Real Estate Investment Partners LLC, a Paramus-based opportunistic real estate investment fund. Meanwhile, real estate is being appraised at values that are off by 25 percent of what they were five years ago, he said.”

 

Source: NJ Biz Article by Evelyn Lee 11/9/09
Full Article here: Fearing a commercial Real Estate crisis

This may just be putting current owners between a rock and tight place presenting the kind of opportunities and deals investors generally look for.

www.MarivicRealty.com
Local: 732-650-9911
Toll Free: 1-866-745-GMAC(4622)
Facebook Blog: www.realrep.com

Home Buyer Tax Credit Extended and Expanded

Good news for home buyers, Not just a first time buyer credit anymore. Once again Uncle Sam is firing up the printing press to give home buyers money as incentive to purchase a first home or to move and buy another (not for investors). The federal housing tax credit (H.R. 3548) for buying a home has been extended from the November 31st deadline to June 30, 2010 and now expanded to offer the credit to current home owners looking to move.

TAX CREDIT OVERVIEW

Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

 
What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

• They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
• They do not use the home as your principal residence.
• They sell their home before the end of the year.
• They are a nonresident alien.
• They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.

Below is a quick overview of the program and the changes, for details or to get the info from the source see these resources.

www.MarivicRealty.com
Local: 732-650-9911
Toll Free: 1-866-745-GMAC(4622)
Facebook Blog: www.realrep.com

TAX CREDIT ADDITIONAL RESOURCES
Government Site http://www.federalhousingtaxcredit.com/
NJ Home Buyer info site http://www.realstorynj.com/
Tax Credit FAQ’s - PDF document

ADDITIONAL REAL ESTATE NEWS RESOURCES
Marivic Realty Facebook info page http://www.realrep.com
Realty News Videos http://realtytimes.com/
Inman News http://www.inman.com/
WSJ Real Estate http://www.realestatejournal.com
NJ Real Estate Report Blog http://njrereport.com/
Star Ledger NJ.com Real Estate http://realestate.nj.com/
NJ Business & Economic Issues http://www.njbiz.com/