10 Easy Upgrades to Add Style & Value to Your Home

10 Easy Upgrades to Add Style & Value to Your Home

Sometimes, it’s the little things that make the biggest difference in the value and appeal of your home. Whether you’re trying to sell your home of just spruce up the place, here are 10 easy ways to get started.

1.Update hardware on cabinets and drawers
2.Replace towels and rugs in the bathroom(s)
3.Add overhead lighting or wall sconces to brighten rooms
4.Declutter small spaces and closets
5.Wash or power wash the exterior of your home (especially windows)
6.Add area rugs to throw in a hint of color
7.Hang a mirror in small rooms to give the illusion of more space
8.A fresh coat of paint on walls and trim brighten any room
9.Try a fresh new color on your front door for character
10.Mow and mulch your lawn even in the cooler months

source: american home shield

First Phase of Second Avenue Subway Tunneling Complete

First Phase of Second Avenue Subway Tunneling Complete

Rendering of the Second Avenue Subway Today, the Metropolitan Transportation Authority will finish tunneling the first phase of the Second Avenue Subway, the Wall Street Journal reported.

Trains won't be running on the new subway line for at least five years, but that's just a blip in the long history of the project, which was first proposed in the 1920s and has been kicked around ever since.

For now twin tunnels have been dug between 63rd and 96th streets. Next, construction crews will blast out three stations, finish the tunnels with concrete and lay the tracks.

All told the project costs $4.45 billion, and will extend the Q train north to the Upper East Side. Though the MTA hasn't secured all the necessary financing, it has agreements with federal authorities that should compel the agency to complete this phase.

source: wall street journal

Lower Manhattan leads the way to becoming the world’s first 21st-century neighborhood where affordable housing mixes with luxury, high-tech merges with history, and people of all kinds come together in harmony.

Celebrity Appeal In Lower Manhattan

Leo DiCaprio likes it. So doesTyra Banks. They live in the Riverhouse, an eco-friendly building in Battery Park City. Russell Simmons owns a loft in a building on Liberty Street. Super chef Thomas Keller and supermodel Melyssa Ford call 20 Pine home. The Brangelina crew would look mighty good in a 73rd-floor New York by Gehry penthouse, when they’re finished this fall. Brad Pitt and architect Frank Gehry are old pals.The rebuilding of Lower Manhattan could be the most successful example of urban planning and public and private investment in the world. The result is a neighborhood that defines mixed-use with residential buildings, office space, retail, nine million tourists per year, and as many public plazas as anywhere in New York City.

Stone Street

There might not be a more quaint, boisterous and fun adult playground in all of the city than Stone St. One block long with outdoor drinking and dining, the street is home to four pubs, a steakhouse, pizza joint, wine bar and patisserie. Cobblestones below historic loft buildings give this hidden corner of New York nightlife an edge over crowded Williamsburg and the touristy Meatpacking District. Ulysses Folk House (58 Stone St.) is the late-night anchor. Harry’s Steak and Café (One Hanover Square) is the culinary center. Vintry Wine & Whiskey (57 Stone St.) is the relative newcomer. Hit them all. If you’re single, this might be the best street in New York to meet people.

East River Waterfront Esplanade

The latest downtown park, the East River Waterfront Esplanade, was championed by NYC City Planning director Amanda Burden and the New York City Economic Development Corporation. The first few blocks of the park opened in July. Designed by downtown-based SHoP Architects, the park has steel bar stools leaning against a wooden rail overlooking the East River. The design uses the FDR Drive as shelter and work of art. Wooden seats, some reclining, and steps leading down to the splashing river are just two unique features that give this park world-class status among urban park watchers. For daytime workers it’s a lunch getaway. For residents, it’s a 24-hour heaven. Located at South St. and Maiden Lane.

World-Class Architecture

Blessed with some of the most important Gilded Age skyscrapers and the city’s most ornate buildings, the Financial District has become a tourist destination for design lovers. The Woolworth Building by Cass Gilbert; McKim, Mead & White’s Manhattan Municipal Building, and Trinity Church are some of the finest historic buildings in the nation. (At right, the Freedom Tower, Getty). New buildings will wow us forever − such as the rental tower now known as New York by Gehry, the $3.8 billion World Trade Tower Center Transportation hub by Santiago Calatrava, and the $3.1 billion 105-story Freedom Tower by David Childs at Skidmore, Owings and Merrill. For progress on all downtown construction, go to lowermanhattan.info, a site that consistently updates the public.

Wall Street

Wall St. is still Wall St., the most well-known and powerfully branded road in the world. On any given day, the street, most of which is closed to vehicle traffic, experiences smiling tourists taking photographs of the Stock Exchange, New Yorkers running from work and home, and crowded luxury retail such as Tiffany & Co., Hermes, Canali, Thomas Pink and True Religion. For fine dining, SHO at the Setai is the area’s first Michelin-starred restaurant; Cipriani’s holds world-class events and has a dining terrace with massive columns invoking Italy’s oldest structures.

The Water
Nowhere in New York City with the exception of stretches of upper Manhattan, is the island so thin. That means water is within a five-minute walk no matter where you work or live. The Staten Island Ferry is free, and weekend ferries to Governors Island provide great respite and views of the lower Manhattan skyline. From almost anywhere, the waterfront facing east, west, and south is available for public enjoyment.

Downtown Alliance
Solely in place to further the growth of Lower Manhattan, the Downtown Alliance is the strongest “business improvement district” in the United States. Its promotion of the neighborhood as a commercial, residential and cultural destination has helped turn this once quiet part of Manhattan into a 24-hour wonderland. In operation since the mid-1990s, the Alliance placed 13 wireless hot spots in public plazas all over the neighborhood. They provide comprehensive maps of the latest restaurants, shops and bars. They pushed for outdoor tables at Stone St. They also provide security and run the Downtown Connection, a free bus chaperoning people around the neighborhood. Researching key demographic data (such as many of the figures cited in this story), the Alliance has become a force in neighborhood growth.

Transportation
There isn’t a greater concentration of subway stops and merging subway lines anywhere else in New York. Almost no matter where you are in the city, Lower Manhattan is accessible within an hour. In Manhattan, you can get there within 25 minutes from anywhere. Below Chambers St., we count 17 subway stops connecting 12 different lines. That doesn’t include the PATH or Staten Island Ferry. According to real estate agents, their clients work in other city areas but live here because its so accessible.

source: the daily news

FINANCIAL DISTRICT IS A HOT HOT HOT SPOT.

Some Thought The FINANCIAL DISTRICT Would Never Survive 9/11. They Were Wrong.

10 years ago, after stunned, ash-flaked New Yorkers marched wearily over the Brooklyn Bridge to escape the ravages of Ground Zero, many thought the Financial District would be collateral damage. Besides the death toll (2,753), physical damage (14 million square feet of office space) and jobs lost (65,000), more than 20,000 residents were, at least temporarily, uprooted. Many had only the clothes on their backs. Those who were banking that FiDi would become the next thriving residential neighborhood had to rethink the whole proposition. And yet, 10 years later, the neighborhood has more than doubled in size. (The Downtown Alliance puts the population at 56,000.) After years of squabbles, the World Trade Center site is moving forward. Hotels, rentals and condos have risen. Restaurants are open late. Strollers bump around in morning rush hour.

The 1990s
Giuliani was trying to do a modernization of downtown. Commercial vacancies were 40 percent. The city gave developers things like utility breaks & real estate tax abatements. Developers compensated for the neighborhood’s lack of services: a lounge with a flat-screen, a party room & rooftop terraces.

9/11/01 Panic & Mass Exodus
Will the towers fall? Tenants evacuated. The Fire Department came knocking door to door. They thought that the Millennium Hilton was going to come down,...they thought One Liberty was going to come down. In many cases, people just left. They left their leases. The mass exodus was really traumatic.

The Aftermath
For months, FiDi was a police zone; residents weren’t allowed in their homes. Many weren’t eager to return. Rents were drastically reduced. But values and prices sort of jumped back pretty quickly. The two big factors behind the bounce-back: The $20 billion federal cash infusion and the housing boom which went on from 2002 - 2008. There was a pioneering spirit and some people who wanted to be a little ahead of the curve. Ultimately those who bought decided that there was a clear effort by the city and the federal government to put a lot of money into rebuilding downtown. People realized, even after 2001 and the disaster of it, that the neighborhood was going to be rebuilt.

Becoming A Neighborhood & Big Commercial Tenants Arrived Too.
It was relatively busy during the day, but desolate at night. There were police officers around with machine guns. It was like having a private police force. Then the Amish market opened on John Street. The delicatessen began staying open to 12 o’clock. BMW came. Hermes came. Canali came. Restaurants came. The W Hotel opened & brought the BLT Bar & Grill & a lounge that's a credible nightlife destination. Whole Foods came on the edge of TriBeCa and Financial District. Even after the recession hit, buildings kept coming, from the massive to smaller boutique developments.

The Future. The Rebirth.
What will become of the World Trade Center site? There’ll be a great open space that will be really connected with Battery Park City. 1 WTC will be much better, more efficient and certainly more environmentally friendly. There’ll be much more light, much less heat, higher ceilings. Condé Nast is leasing 1 million square feet in the new WTC. There will be 10 million square feet of office space. There’s also going to be about half-a-million square feet of retail.

source: ny post

10 BEST CITIES TO BUY A RENTAL PROPERTY

1. LAS VEGAS
Average home price (2011): $130,100
Projected home price (2014): $120,000
Gross rent (2011): $922
Projected gross rent (2014): $966

Las Vegas has the highest foreclosure rate in the nation -- and many of those former homeowners now rent. Much of the large workforce in the casino industry consists of renters; the home ownership rate is a low 55%. While the rental market in Sin City remains robust, rents have been squeezed, falling about 10% since 2007. Part of the problem is unemployment, which reached 12.4% in May, one of the highest rates of any U.S. metro area. Experts expect the rate to fall gradually and that should mean rents will start climbing again. The forecasts for Las Vegas residential investment properties will yield returns that are 4.7% above the national average.

2. DETROIT
Average home price (2011): $97,800
Projected home price (2014): $94,600
Gross rent (2011): $681
Projected gross rent (2014): $764

The auto industry's troubles, which began in the mid-2000's, helped send unemployment soaring and Detroit area home prices plunging some 37% from their peak. Unfortunately, the industry's modest recovery has done little to drive home prices in the area higher forecasting a falloff of another 3% over the next three years. Rents, though, are expected to rise about 12% over that time. The average return on rentals will be about 4.4% higher than the national average. One risk for real estate investors looking to cash in: The area's unemployment rate is still high -- 11.6% in May -- and the metro area's population has also shrunk, by about 4% since the recession started, as residents fled the bad economy, poor schools and high crime rate, reducing demand for both rentals and sales.

3. WARREN, MICH.
Average home price (2011): $106,400
Projected home price (2014): $105,200
Gross rent (2011): $648
Projected gross rent (2014): $736

Home prices in Warren, Mich. have dropped at a rate that is almost as severe as nearby Detroit. Prices have declined by about 35% from the peak as a result of its reliance on the auto industry. Warren is home to a major automotive research facility, which used to employ a large percentage of the population. Many of the homes for rent here are well-kept and located in tidy neighborhoods, making them attractive for renters. For real estate investors, there are fewer risks involved in buying rental properties in suburban Warren. The area experiences less crime and has better schools. The population is also more stable. The average investor can expect a return of about 3.3% above the national market.

4. ORLANDO, FLA.
Average home price (2011): $165,200
Projected home price (2014): $166,200
Gross rent (2011): $980
Projected gross rent (2014): $1,148

The real estate market in Orlando, home to Disney and a slew of other theme parks has been anything but magical lately. Prices have plummeted 43% since 2006. Experts project little in the way home price gains Orlando over the next three years. Rents, on the other hand, are expected to climb by a healthy 17% clip. The area's ties to tourism should help as the economic recovery gains traction, he said. Visitors keep coming to the theme parks here, despite the lukewarm national job picture. If employment ever heats up, the area will attract even more visitors and that means more jobs for local residents. Real estate investors will net about 3% above the national average.

5. BARKERSFIELD, CALIF.
Average home price (2011): $131,000
Projected home price (2014): $128,500
Gross rent (2011): $736
Projected gross rent (2014): $829

After the housing market bubble burst, Bakersfield, Calif. became one of the nation's sickest housing markets, with plunging prices, high delinquency rates and many foreclosures. Unemployment here soared to more than 15%. The local economy, which had previously relied on the rich farmlands nearby, became dependent on real estate development during the boom. When that industry vanished, it took a lot of jobs with it. Home prices have been cut in half since 2006. With employment improving slowly rents are estimated to climb higher. Real estate investors could expect to see average returns that are 2.5% higher than the national average.

6. TAMPA, FLA.
Average home price (2011): $152,700
Projected home price (2014): $147,200
Gross rent (2011): $832
Projected gross rent (2014): $933

As home to many of Florida's retirees, rents in Tampa have bounced up and down a little, but have remained basically flat the past three years. But with the local labor market on the mend rents are expected to take off, increasing about 12% over the next three years. Right now, the biggest housing problem in the area is that there is too much of it. Last year, home prices dropped about 10% due to an oversupply of investment properties built during the boom. Investors should still exceed the national average by about 2.4% a year.

7. PHOENIX
Average home price (2011): $155,600
Projected home price (2014): $148,200
Gross rent (2011): $834
Projected gross rent (2014): $936

Phoenix was the poster child for the housing bubble: Speculation sent home prices soaring by annual double-digit increases for three years until the bubble popped in 2007 and they have fallen more than 47% since. Foreclosures have been a big problem here and many people who lost their homes are now renting. As a result, rents are on the rise. Estimated rents will increase by more than $100 a month over the next three years. The two biggest positives for those looking to invest in rental properties in Phoenix are that the job market is growing again and people are still moving to town. In fact, the population has grown by 8% since 2006. Rental investments are expected to pay 2.3% bigger return in the Phoenix metro area than the national average.

8. FORT LAUDERDALE, FLA.
Average home price (2011): $200,500
Projected home price (2014): $189,200
Gross rent (2011): $1,090
Projected gross rent (2014): $1,195

Even though home prices in this pricey part of Florida are expected to fall further, rental rates are going strong. Rents in Fort Lauderdale average nearly $1,100 a month and are projected to increase by nearly 10% over the next three years. Like much of the state, Fort Lauderdale was severely overbuilt during the housing boom and the inventory overhang has depressed markets for years. That inventory will have to be worked through before the market will turn positive again. Until then, real estate investors may want to rely on the expected 2.3% premium over the national average return for rental properties.

9. ROCHESTER, N.Y.
Average home price (2011): $150,500
Projected home price (2014): $155,500
Gross rent (2011): $825
Projected gross rent (2014): $947

Rochester's housing market never sputtered as badly as some of the other cities on this list. Home prices are slightly higher than they were during the market boom and unemployment, at 7.1% in May, is well below the national level. The Rochester area, however, is a slow-growth place with many of its old industrial powerhouses, like Eastman Kodak, employing far fewer workers than in the glory days. Like a lot of cities in the Northeast, its industrial infrastructure is being re-purposed. Small businesses are moving in to old sites. The economy is improving a little.
Even during the down years, rents have held up fairly well and are projected to get stronger rising about 15% by 2014 as unemployment eases over the next few years.

10. STOCKTON, CALIF.
Average home price (2011): $157,100
Projected home price (2014): $150,000
Gross rent (2011): $821
Projected gross rent (2014): $915

Like Bakersfield, Calif., Stockton is a Central Valley city where speculation pressure spilled over from more expensive coastal markets and drove local prices into a frenzy during the bubble. That's long over and Stockton prices have declined a whopping 57% from peak. That has made single-family homes affordable again for local residents but also attractive for investors. Patience should pay off. The economy in California is improving faster than in some bubble areas, such as Florida. Rising rents, forecast to go up 11% over the next three years, should add to investor gains but buyers won't turn a profit on sales for many years. Home prices are expected to fall another 4% or so by 2014.

source: money magazine

RENTAL MARKET IS THE STAR! Cashing In On Rentals.

Most of the news lately about real estate has been dismal: Home prices are swooning, foreclosures ballooning.

There is, however, one bright spot: the rental market, where demand is up and rents are rising. That's partly because those foreclosures have turned more than 4 million former homeowners into renters, but also because many other prospective homeowners, worried about losing their jobs or housing prices falling a lot further still, are reluctant to buy now.

As with many investments, the best time to get in is when most others are sitting on the sidelines. To figure out whether you can benefit by investing in rental property, here's what you need to know.

THE CASE FOR BUYING NOW

Many factors make this a great time to invest. Mortgage rates are at a 40-year low, and homes in many areas are ultra-cheap. Meanwhile, demand for rentals has risen in more than 500 cities, according to recent Census data. That, in turn, has enabled landlords to charge more. Hotpads.com, a real estate research firm, reports that rents nationwide jumped 11.6% in 2010, to $1,320 a month.

You'll need that rental income to tide you over until home prices bounce back; in fact, the typical investor today plans to hold for 10 years, according to a survey by the National Association of Realtors.

If you can hang on that long, you've got a good shot at solid gains, especially if you're financing the home purchase. The big catch: Can you afford to hold the property that long and not need the equity for other important needs.

You'll also face some tough financing rules. Most banks now require a down payment of at least 20% to 25% and evidence you have enough cash to cover six months' worth of mortgage, tax, and insurance payments.

HOW TO FIND A GOOD DEAL

Investment real estate is like produce: It's best bought locally. Familiarity with the neighborhood also limits nasty surprises like a noisy bar or a nearby development competing for renters.

Work with a local realtor who has experience with rentals and can help you assess how attractive a given home will be to tenants.

And while prices on multifamily dwellings haven't dropped as much as they have on single-family homes, don't ignore plexes: Intake from a few rents instead of just one will boost your cash flow; a single vacancy won't hurt as much; and you could benefit from economies of scale for things like appliances and painting. But stick to buildings with four units or fewer to avoid stricter financing requirements, such as a bigger down payment and higher mortgage rates.

Once you've identified candidates, crunch the numbers. The goal: to make sure your rental income will at least cover your loan payments, plus a 20% cushion to handle repairs, vacancies, and property management.

To figure out what you'll garner in rent, ask sellers for recent leases, and double-check their numbers by perusing sites like Rentometer and Craigslist for similar rentals in the neighborhood.

Assume your mortgage rate will be at least a half-point higher than rates on owner-occupied properties. Factor in insurance and property taxes, and bank on a 5% vacancy rate. Otherwise one empty month can kill you.

KNOW WHAT YOU'RE IN FOR

Brush up on your people skills: Owning rentals also means responding to tenant complaints, like the 2 a.m. phone call about a broken toilet. Want to palm off the grunt work? You can hire a handyman (around $45 an hour) or a management company (8% to 10% of monthly income plus a half-month's rent for filling vacancies), but the luxury will eat into cash flow.

To find your own tenants, creative ads on Craigslist are your best bet. Run credit and reference checks (National Tenant Network, at ntnonline.com, can help). And invest in small touches to make your place stand out, such as cool lighting fixtures or antique door hardware. Those will pay off when it's time to sell too.

Source: Money Magazine

Rates for 30-year conforming mortgages averaged 4.15% during the week ending August 18th, the lowest level in the history of Freddie Mac’s survey.

30-Year Mortgage Rates at Record Lows
• Rates for 30-year conforming mortgages averaged 4.15% during the week ending August 18th, the lowest level in the history of Freddie Mac’s survey.
• The recent intensification of the global debt crisis and stock market decline has led many investors to purchase U.S. Treasuries, bringing their rates down. Since long-term Treasuries are the basis for mortgage rates, this has led to a sharp decline in the 30-year rate over the past month.
• A year ago, 30-year conforming rates averaged 4.42%.


City Employment Rises by 61,000
• Employment in New York City rose by 61,000 from July 2010 to July 2011, a 1.6% increase.
• Gains were led by education and health services (+31,600) and professional and business services (+23,000).
• Total private-sector employment rose 2.0% over the past year, compared to a 1.7% increase in the U.S.
• Job losses were led by the federal government (-11,000), although the city government did add workers (+12,700).


Unemployment Rate Holds at 8.7% in NYC
• New York City’s July unemployment rate of 8.7% was unchanged from June.
• This was the fifth straight month the local rate was lower than the nation’s.
• The national rate fell slightly, to 9.1%.

http://media.halstead.com/pdf/Halstead_HeymReport_august11.pdf

The Top 20 Towns in New Jersey (August 2011)

None of our Gold Coast towns are in the top 50 but Essex Fells ranked 9th & Glen Ridge is mentioned as the 7th wealthiest town but ranked at 83rd.

For most of us, there’s no place like home. Then again, the market for homes is not what it used to be. Falling home prices, rising taxes and the financial pressures facing most towns have reshaped the nation’s real estate landscape.

Of course, some towns are more susceptible than others to the latest shift. Our 2011 list of New Jersey’s Top Towns reflects that reality—with the state’s most affluent towns dominating the rankings. What’s more, the top-ranked towns in our list are generally in northern counties such as Bergen, Morris and Somerset, where much of the state’s wealth is concentrated. Conversely, the rural and southern counties—hard hit by job losses and foreclosures—fare poorly.

source: new jersey monthly

Rank	Municipality	County	Population, 2010
1	Ho-Ho-Kus	Bergen	4,078
2	Peapack Gladstone tone	Somerset	2,582
3	Bernards Townshipship	Somerset	26,652
4	Boonton Townshipship	Morris	4,263
5	Rumson	Monmouth	7,122
6	Florham Park	Morris	11,696
7	Berkeley Heights hts	Union	13,183
8	Bernardsville	Somerset	7,707
9	Essex Fells	Essex	2,113
9	Franklin Lakes	Bergen	10,590
11	Pequannock	Morris	15,540
12	Westfield	Union	30,316
13	Tewksbury	Hunterdon	5,993
14	Fair Haven	Monmouth	6,121
15	Chatham Townshipnship	Morris	10,452
16	Summit	Union	21,457
17	Caldwell	Essex	7,822
18	Long Hill	Morris	8,702
19	Bedminster	Somerset	8,165
20	Wyckoff	Bergen	16,696