“I haven’t seen a better time to be a first-time buyer in about a decade,” Sarah Burke, vice president for sales and marketing at The Developers Group in Brooklyn, told the
New York Times last Sunday. “First-time buyers have time to get their ducks in a row. A year ago, there were a lot of people who all wanted the same apartment. You have time now to really review the contract with an attorney. You have time to ask questions. You don’t need to decide on the spot,” she continued.
This sentiment echoed throughout the cover story in the New York Times’ Real Estate section last Sunday. But for every delicious omelette, there are going to be a few cracked eggshells. Thus, the writer also highlights the intensive scrutiny first-time homebuyers are put through now, in the midst of the credit and mortgage crisis.
Unlike even just six months ago, there is now a disproportionate amount of weight placed on the potential first-time buyer’s credit score, which essentially cannot dip anywhere below 700 points (on a scale of 500-850). And even for those with good credit scores, some borrowers are being forced to complete tasks, like online courses, never before required, the Times points out.
One exception however was Douglas Diaz, who wanted to buy a $427,500 one-bedroom apartment in Clinton Hill. His credit score was below 700, and he only had $20,000 for a down payment, much lower than most lenders would allow. But he managed to secure a loan from HSBC, thanks to a program that lends to people buying in certain ZIP codes with high minority populations.
Even with Diaz’ loan, the sellers were unsure and continued to keep the apartment on the market until Diaz signed the papers and handed over the down payment. But it was these delays that made the sale easier for Diaz.
“I don’t know, a year ago, if I would have been as comfortable doing this,” Diaz told the Times. “This caution has let me sit down and ask a lot of questions about what I can really afford.”
This brings it back to the beginning: Even with increased hardships in borrowing, now certainly seems like a great time for first-time buyers. Assuming a buyer can secure a loan, the usual pressure and rush to close a deal buyers feel (especially in New York City) seems to have lessened, giving buyers more time to think things over and make sure all their “ducks” are “in a row.”
A three-alarm fire erupted within the factory building at 799 Kent Ave. around 4:30 a.m. Monday morning, according to multiple reports. Over 100 firefighters had the flames contained by 7:30 a.m., less than an hour after it was reported, according to
GowanusLounge.com and
TheYeshivaWorld.com.
No one was reported injured, but the extensive smoke damage will force the Krula Cheder yeshiva, housed in the building, to relocate.
The fire’s cause is under investigation, but officials said the fire started in the Satmar Matzoh Bakery in the basement of the building, sources reported.
Something about a fire-hazardous basement matzo factory on Kent Avenue sound familiar?
Less than a month ago, officials said a matzo bakery in the basement of a building in Williamsburg, also on Kent Avenue, had serious potential to cause a fire. For that reason and others, they evacuated everyone from the illegally converted building at 475 Kent Ave. It turns out that the officials were right about a basement matzo bakery on Kent Avenue catching fire, but picked the wrong building where it would happen first.
— Compiled by Jacqui Ryan
© Brooklyn Daily Eagle 2008
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Just a reminder, though -- It’s not considered polite to paste the entire story on your blog. Most blogs post a summary or the first paragraph,( 40 words) then post a link to the rest of the story. That helps increase click-throughs for everyone, and minimizes copyright issues.
So please keep posting, but not the entire article. arturc at att.net
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