Real Estate Information

The sun was shining brightly on Saturday, April 28^th, as members of the community came out en masse to beautify the town as part of Ringwood’s 27^th Annual Caring for Ringwood Day.  It was certainly gratifying to see all the local residents, scouting groups, athletes and members of civic organizations who came out to lend their support to this popular annual event.

For the 4th year in a row, Orly Steinberg and her team, of Coldwell Banker Residential Brokerage provided the services of All-Shred, a professionally bonded shredding service which allowed residents to securely dispose of their confidential documents and old paperwork.

 There was plenty of good natured ribbing as residents vied to see who had the largest amount of paper to shred, and the Library, many local business owners and several community groups brought paperwork from their archives to destroy. Since Orly had offered the shredding services to Wanaque Residents too, a record turnout was realized.  As a matter of fact, in excess of 3 TONS of paperwork was shredded onsite and when the Shredding Truck left Ringwood there was no room left for more!  Next year, the company has already promised to bring a larger truck to make sure no one is disappointed!

Identity theft experts have said that holding on to unsecured confidential information around your home or disposing of it improperly by not shredding it first is a first-class ticket to becoming a victim of fraud.

“People who don’t shred are acting extremely unwisely,” said Adam Levin, Chairman of Identity Theft 911, an identity theft education company located in Scottsdale, AZ. “Once someone gets their hands on your name, address and SS#, they own you”.

As a matter of fact, Orly, a Ringwood Resident of over 30 years was first inspired to donate this service to the community after facing the need herself. “When I realized the amount of paperwork I had accumulated over the years, I knew I couldn’t just throw them in the garbage or recycle, so I began looking for a professional method of destroying my family’s personal documents.

 The response has been overwhelmingly favorable from the community and you can count on me to continue to provide the Shredding Truck in conjunction with Caring for Ringwood Day for many years to come.

According to Stuart Hoffman, chief economist for PNC Financial Service, home prices are expected to flatten out by the third quarter and start climbing by next year. Buying a home may never get cheaper than what it is now. Several housing experts are predicting that this will be the last year to obtain housing deals of the weak housing market. Mr. Hoffman added that a number of factors will help bolster the housing market such as a decline in the number of foreclosures and continued job growth. He also said that in addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

Jed Kolko, economist at Trulia, is expecting home prices to pick up more quickly. To support this expectation, Mr Kolko said that data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared to the last three months of 2011. David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and rise 4.2% for the 12 months through September 2013.

Stan Humphries, chief economist from Zillow, said that the percentage of mortgage loans with payments in arrears for 90 days or more is a good predictor of future foreclosures “falling fast”.  According to Mortgage Bankers Association the percentage dropped 15% year-over-year to 3.1% through the end of 2011. The decline is accelerating. More than 70% of the decline came in the last three months of the year.

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being bought up by the investors who are fixing them up for renting out. According to Alex Villacorte, the director of analytics for Clear Capital, that helped to lift prices on the foreclosed properties.

This is especially true at the New Jersey Botanical Gardens. Every day in spring time is a new view. I enjoy walking the gardens. When I have time, I try to get there a couple times a month during the spring just to watch the advancement of the plants.

In May, the Lilac Gardens are completely aromatic. There are so many lilacs all with their own fragrance and make-up. Prefer something a little more natural? Visit the Wild Flower Gardens. Beautiful wild flowers spread and bloom creating a natural canvas of colors. Gorgeous. There are at least 8 other gardens to see too.

Once you have have toured the gardens you must visit the Manor House. Designed in the mid-1920s, this home was designed to actually look older than it is. Each room has a story from the Dining Room to the Drawing Room. So much history. I enjoy going again and again and find that I have learned so much about Ringwood History and the famous tenants of the Manor House. It is an historical landmark and not to be missed.

The New  Jersey Botanical Gardens sits on 96 acres that Francis Lynde Stetson assembled from frontier farmland in the Ramapo Mountains. Most of the trees that you see now were planted back then and are still a site to see.

You can also come to the gardens to learn. Find out about how to best take care of your own plants and trees, when is the best time to trim or transplant, how do you keep out the bugs. A complete list is available on their website at:   New Jersey Botanical Gardens

New Jersey Botanical Garden
P.O. Box 302
Ringwood, NJ 07456-0302
Ph: (973) 962-9534

Ringwood is situated in the Ramapa Mountains more or less 40 miles northwest of New York City.  Ringwood is a picturesque quant town, surrounded by West Millford to the west, Mahwah to the east, and Oakland & Wansque to the south. The area in which Ringwood is located has also been known as the “Highlands”.

The location of Ringwood is at latitude is 41 04 48 North and longitude 74 14 45 West and the elevations above sea level are between 300 and 900. Roads may be closed in the wintery month due to the snow capped mountains.

The library also known as the “Jewel of Ringwood” and caters to all literary needs.

Annually, on the third Saturday in March the town hosts St. Patrick’s Day Parade. This parade has a lot of pomp and sermon, including bagpipes, floats, Irish step dancers, the sheriff’s equestrian unit and a multitude of different activities. The Grand Marshall & Citizen of the year are elected by the Parade Committee and honored at the Unity Breakfast.    

The Botanical Gardens contribute to the exciting life of Ringwood, where you can wander through the well-designed & attractive gardens. Enjoy the tranquil, winding paths in the woods.  You can also experience the vibrant colors of the lush gardens. This is an exciting and fun filled break away for the entire family from daily routine throughout the year.

The Sheppard Lake Recreation area provides spring-fed waters which are vigorous and revitalizing.  Swimming is permitted in the period from Memorial Day to Labor Day between 10 am and 6 pm. Only Coast Guard swimming aids are allowed. This outing can be enjoyed by you and your pet.

What is exceptional about Ringwood?

• High quality schools
• Proximity to cities, e.g. New York
• Proximity to shopping malls
• Great outdoor activities
• Enjoy the small town feeling, while working in the hustle and bustle of the city.

Ringwood has a very welcoming and warming environment with its close-knit and hospitable community. Come and be part of this relaxing and enjoyable atmosphere.

This is the place to be!! 

It makes perfect sense that distressed properties will impact the values of other properties in the same area. It seems that the more posh areas are now dealing with distressed homes entering the market as foreclosures. It is a common belief that mortgage payment failures are amongst the middle to low income neighborhoods. Research shows that the mortgage payment failure is exceeding the percentages in middle to low income areas. Your Real Estate Agent is an expert on short sales and Real Estate Market trends and can assist you if your mortgage payments are in arrears.

The findings in a recent Mortgage Monitor issued by LPS indicated that the largest increase in both foreclosures and mortgage payment failures are in the Jumbo Mortgages. Wikipedia explains: “a Jumbo Mortgage is a loan in an amount above conventional conforming loan limits” and “The limit being $417,000 for most of the US”. This loan amount can be $620,000 and more. The higher priced homes in the market place justify loans to that amount.

The LPS reported the percentage increase in Jumbo Mortgages as follows:

·         Delinquencies: 281% increase

·         Foreclosures: 589%

These percentages are bigger when comparing it to other types of loans such as Option ARM and Sub-prime loans.

Some homeowners feel that the value of their property is decreasing and to keep on paying it does not make much sense. In this article, they explained: “The ratings agency Moody’s said that based on its analysis of mortgage-backed bond portfolios, homeowners with jumbos now constitute “greater strategic default risk” than any other type of borrowers, including subprime. That’s because an exceptionally high number of jumbo owners — many in high-cost markets hit by real estate deflation over the past several years — are stuck with persistent negative equity.”

According to an article in the Washington Post FICO now has a system to pick up potential strategic defaulters before they hand back the house keys. The Washington Post reported that “At least four of the 10 largest lenders and servicers are already using it, contacting high-risk borrowers and offering financial solutions plus information about the costs associated with strategic ways out. The company claims its score can spot the riskiest homeowners, some of whom show characteristics that make them as much as 110 times as likely to walk away as the least-risky borrowers”.

Homeowners have mixed feelings about their homes losing value. Obtain assistance from professional Real Estate agents who are knowledgeable in regards to. Foreclosures and short sales dominate the real estate market. The media, newspapers or television, announces monthly the news of foreclosures that are increasing, homes that are losing value, government programs that are failing to assist homeowners, banks tightening their lending criteria and the big question remains: When will we hit the bottom?

This week the Miami Association of Realtors, in coordination with the National Association of Realtors (NAR), hosted the annual International Real Estate Congress in Miami, which was attended by hundreds of real estate professionals from far away as Russia, Brazil, Mexico, France, Spain and China. Over the course of this 2-day conference many local, national and international real estate economists, practitioners, developers, bankers and lawyers learned what to expect from the U.S. housing market in 2012. According to Yun, “U.S. home sales are now running parallel with sales levels from 13-years ago, yet there are approximately 3 million new people added to the U.S. population each year, creating an enormous pent-up demand yet to be realized in the marketplace. Yun further stated that over 40 million multi-generational family members and friends are now "doubling-up" and living together because of tough economic times--such as, kids moving back in with parents or grandparents, or multiple families sharing a single residence -- who would typically buy homes under normal market conditions”.
 

The realism is that the value of a home only matters if it is for sale, if you want to buy or when you have to pay taxes on it. A home can add value over time. Many homeowners are still in the situation where they can sell their homes and still make money. Maybe not as much as years ago, but then they could not buy as much value as they can today. The worst thing is to get discouraged by the negative market predictions and reports. The best thing is to take advantage of the current lower prices at stores and add value to your home. Continue to make improvements. Value is in the quality of life.

Finding the right home in the area of your choice is exciting. Buying the right home should not be an emotional decision. Do a little extra work:

• Drive by the home of your choice during day time and night time. You might learn that the quite street you visited day time transformed into a noisy place at night time.
• Talk to people living in the neighborhood. They will give you more information about the safety of the area.
• Do not go with how you “feel” about the house. Visit the house at least two or three times. Make sure to ask questions about the plumbing, electricity and roof. Keep your eyes open for marks on the ceiling which can indicate roof leakage. Windows and doors that are “sticky” can be because of the building’s foundation.

Once you arrived at your new home and you are ready to move in, there are a few more things you have to do:

• Remember to replace the locks of the entry and exit doors. You do not know who has spare keys to the doors;
• Make sure your utility services are connected;
• Ensure the smoke detector  and security system are in working order;
• Confirm with your previous Post Office that your mail will be forwarded to the new address;
• All electrical appliances should be inspected for possible damage in order to make an insurance claim.
• All electronic devices should be inspected as soon as possible for damages in order to make the necessary insurance claim.

Your Real Estate Agent will assist you in finding the best suitable home where you can live your happiest moments.

Alterations and renovations not only add to the value of your property, but also improve your living environment. It is always a pleasure to improve one’s living conditions. People tend to move less since the property market dip. The author of “Location, Location, Location”, Phil Spencer, emphasized in his new book: “Adding Value to Your Home” the importance of “enhancing your property so it is a place to take pleasure from; it is not about simply turning a fast buck with some profit on top”. He said: “There is no point improving your home just before you sell. You might as well do the work straightaway if you can and get the benefit out of it yourself”. Most importantly, be smart on how you add value to your home.

The well-known Real Estate author suggests that you consider long-life ideas such as: adding an extension; converting the loft or basement; or knocking down a wall to gain more light and space. Space is cheaper to build than to buy. Phil says: “Square footage equals money”.

An extension can add what Phil calls “no-nonsense” space: a proper kitchen, extra bedroom, utility room, home office, garage or a bedroom if your family is bursting at the seams. But Phil also applauds “an extension that simply brings delight to your life”, a bonus room. “We work terribly hard and should remember that our homes are sanctuaries from the outside world.” Building yourself a new mini-gym, garden, steam or hobby room will give you pleasure and in many cases can add value later on when you sell. Make better use of your existing space, reorganize rooms and, if practical, knock down some internal walls to create flow. Phil has removed wood panels to open up a boxed-in staircase in his house, ending up with a smart first impression and focal point for the hallway. Once you’ve taken care of the basics, you may choose to install some breathtaking features. Phil’s top tips are:

• Invest in a superb sliding door system that takes up a large part of the back wall of your house and leads visitors out onto the terrace, patio or garden. For light and an all-year-round uninterrupted view of the garden it can be worth the money you spend. Add skylights for drama and much-needed light to dreary corners.
• Replace internal doors with floor-to-ceiling doors. This makes the house look bigger; the ceiling feels higher and gives a rather grand effect. Opt for smart wood in a period property.
• Layer blinds in natural fabrics – a developer’s trick. Use the same color as the walls to make the room look larger and more streamlined, or opt for rich colors to lift the room out of the ordinary. Good-quality shutters can add timeless elegance.

“Do the job properly,” Phil implores. “Spend money on a good boiler and quality taps, as there’s nothing worse than a leaky tap”. This way you will enjoy using them and future buyers will recognize what you’ve done. Simply maintaining your property regularly is another wise way to add to its worth.

It is difficult to imagine anything more nourishing to the soul than family life (by Thomas Moore).The economy is a living breathing entity one constantly needs to adapt and overcome. Pealing back the complexities of the economy and narrow down the fiscal policies, one will get to the naked chore of what America is all about. To provide, and if possible in abundance, to those closest to you: family. A dream you ought to live to the fullest. Now is a great time to invest in a home. Speak with a local real estate agent who holds these family principals in high regard.

At the peak of the housing boom, homeownership in America reached an all-time high at 69.2 percent. Today that number has plummeted to fewer than 67 percent, which may not sound like a huge drop, but that represents roughly 3 million households that were owner-occupied and are now tenant-occupied. The percentage of renters is on the rise, the number of households is increasing, and more Americans are downsizing, all of which point in a single direction: rents are on the rise. In order to take advantage of the current home supply in the market you can make an offer while the home prices are low and move closer to achieving your investment objectives.

Make an offer to purchase a home at a real estate agent. You can get an analysis of every potential property. Obtain the detailed pricing, location and rental income to growth potential and more. Make an offer subject to inspection. The analysis of the figures is of utmost importance. You need a truthful and exact indication of what to expect from your property investment. You should be able to make an educated decision on your property investment. Good communication with your real estate agent is vital. A lapse in communication can sometimes tear a deal apart. This is another reason to let a real estate agent manage the process.

When you think of making and starting a new home, you would not want to miss to take into consideration the property location.  What are the pros and cons about the place? How are the education, facilities and security system? Is the neighborhood the one you would like to live in?  Is the place free from any disturbances?  Would you be able to get around easily?  Is the place easily accessible?

Careful Consideration:

After you have visited a property or home, you could rate the home from one to ten. 

·         What are the strong and negative points? 

·         What are the important parameters missing? 

·         What is the home made of? 

·         What is the other future maintenance especially when it involves cost? 

·         What are the added features on the housing package that you do not actually need? 

·         Would you be willing to pay more and charge it on your card than saving it for future monthly payment? 

·         Is the nearest school nearby?  Is it a good and reputable school? 

·         Is the nearest grocery, hospital, or church accessible?  Where are the recreational areas? 

·         How far are the train or bus stations in case of car repairs?

 Before deciding on buying a new home, visit the property twice before deciding on getting and actually paying for it. Your Real Estate Agent will assist you to ensure that you buy the right home. You will fall in love with Ringwood. This warm, friendly city welcomes you.

This happening in Ringwood:

• Monday, February 27^th Craig Finn at Live at Drew's, Ringwood, NJ. This event is under the category of Arts and Entertainment.
• Remember the Board of Education Business Meeting on Feb 27, 2012 at 7:30pm at 130 Valley Road, Ringwood, NJ.  This meeting is by Ringwood Public School District and is under the category of Schools and Libraries.
• Do not miss the Lakeland Lancer Band Association Tricky Tray on Mar 3, 2012 at 6:00pm at 205 Conklin towns Road, Ringwood.  The venue is Lakeland Regional High School and it is under Schools and Libraries.

Ringwood is a great place to live in. We encourage you to contact us for Real Estate Related advice and assistance.