Ben

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Location:	New York

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Ben's Answers (32)

I recently signed a 6 month contract with a broker to sell my 1 bedroom greenwich village condop

Asked Wed Oct 22 2008, 15:07 by David Gellman - New York - Home Selling - 8 answers

Ben answered:

Since she owned the 1 bdrm apartment for 20 years, she should be sitting on a nice bubble profit. Sell the apartment at a lower price. There is always a buyer if the price is low enough. - Fri Oct 24 2008, 11:06

700 billion bailout and nothing for the troubled home-owners - what is the Congress thinking?

Asked Sun Sep 28 2008, 20:52 by Peter - 94539 - Home Buying - 7 answers

Ben answered:

Homeowners cannot be bailed out, at least not without some stiff penalty. For each homeowner who is about to be forclosed on, there are many other homeowners who are sacrificing to pay their mortgage. If the trouble homeowner gets bailed out, then what is the incentive to continue to sacrific. Suddenly, many more will claim hardship.

There is nothing the government can do to prop up housing prices. The best they can do is slow the decent to spread the losses out to more people and over a longer period of time. Artificially propping up housing prices will keep the first-time buyers out of the market longer. - Tue Oct 14 2008, 10:36

NYC Condo Owner Needs Help to Rent Apartment

Asked Mon Oct 6 2008, 13:37 by Laura - 10280 - How To... - 12 answers

Ben answered:

Jr 1-bdrm rent for around $2500/mon in BPC. If you use a management company, they take a cut of a few percent.
Do you really want to be an absentee landlord and paying $1200/mon to hold on to the apartment?
If your unit is in one those buildings where the ground rent is up for renewal soon, e.g. Battery Pointe and The Soundings in 2012, your CC will increase signifgantly.
Finally, how many of your neighbors work in the finance industry? Quite a few I bet. - Wed Oct 8 2008, 13:50

Is a Co-op a good idea for a first-time home purchase?

Asked Tue Oct 7 2008, 20:04 by Bobby Diebold - New York - Home Buying - 11 answers

Ben answered:

"Mortgage rates are good and the prices have declined...so why not?"

Why not? Lets see...
1) Prices still declining with no end in sight
2) Financial meltdown in progress
3) Houses still priced out of most first-time buyers reach

Bobby, you think renting is wasting money? Follow the link and see how much more money you would be wasting as a loan owner, opps home owner.
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAP… - Wed Oct 8 2008, 06:52