December 2013

Found 3 blog entries for December 2013.

In the Snug Harbor area, you can find the Dr. Samuel MacKenzie Elliot House, which is a New York City Landmark.  This house is located at 69 Delafield Place, not far from Walker Park and the Snug Harbor Cultural Center and Botanical Gardens.

This house was erected by and for Dr. Samuel MacKenzie Elliot around the 1840s and 1850s.  It wasn’t the only house he built, though.  Dr. Samuel MacKenzie Elliot was born in Scotland and didn’t move to America until he was much older.  Around the late 1820s, he graduated with an M.D. from the Royal College of Surgeons with a specialty in eyes in Glasgow, Scotland.  Around the early 1830s, he moved to America and first lived in Cincinnati.  He then moved to Manhattan to open an oculist office, which was where people

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Last month alone, we saw some slight decreases in the monthly sales and monthly volume, the average listing and selling prices, the number of homes on the market, and the amount of time it would take to sell all the homes on the market in October.

The average cumulative number of days on the market for those homes rose just slightly, while the median sale price and the percentage homebuyers were paying from the listing price stayed the same.Si Market Report

With the revision to the amount of homes sold in October, the decrease for November is a bit less than what it could have been, but it is still much lower than we may have guessed.  According to the report, the number of homes sold in November was 264, which is a little more than eleven percent less than October’s

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With the news release of Governor Andrew Cuomo having introduced the notion of Shared Appreciation Mortgage Modifications, Americans have concluded to have mixed emotions about the new regulation.  Shared appreciation modifications allow banks to lower the amount of principle outstanding on a home, in exchange for a percentage of the home’s future value increase.  Sounds dreamy, no?  Seemingly a “happily ever after” for homeowners nearing foreclosure, this proposal allows for a way out.

The proposed regulation limits the mortgage investor’s share to either the amount of the reduction plus interest, or half of the appreciation amount in market value—whichever is less.  This important limitation—while solving the problem at hand—has investors skeptical. 

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