Michael A. Corley

Hi Michelle,

Crime in emerging neighborhoods in New York City have always been deliberately skewed in its reporting.

I've always marveled at the under reporting of crime that occurs in predominately white neighborhoods, as the impression given to the general public is that violent crime occurs disproportionately in neighborhoods of color.

My only advice is that you should visit a restaurant in Bedford Stuyvesant, Brooklyn called TINY CUP, on Clifton and Nostrand. It happens to be the meeting spot for a thriving artist community of white resident transplants from super expensive neighborhoods. And they are happy to be there and have embraced the community, as well as the community has embraced them.

The precinct that offered their opinion on the criminality of that community will always see it through one lense ONLY, because its their job. The majority of this city's police officers live on Staten Island or Long Island, having very little engagement with the community outside of the narrow scope of their jobs.

I've lived on a block in Crown Heights, Brooklyn for 11 years and there has been a white family on this block since the 1930's who have embraced the community throughout its transition from a predominate jewish neighborhood to a majority african / carribean american population.

I wish you well in your decision and encourage you to make it according to YOUR criteria, not by those who don't live, shop, eat, play or contribute to the community.

Michael Corley
V.P., Sales and Marketing
Corley Realty Group Inc.
http://www.CorleyRE.com - Sun Jul 13 2008, 17:19

Hi Pat,

Your property is located in the up zoned 4th avenue corridor between Flatbush ave and 21st street.

With that in mind, your property has significant air rights for developers interested in the location, along
with the vacancies your properties possess.

Here is the bad news: Your building's true value is dependent on the registered rent roll with NYS Department of Housing and Community Reinvestment, or affectionately known as DHCR.

Your ultimate buyer's valuation and offer of your property will depend on its use value.

I've marketed small multi unit properties in Gowanus and Bedford Stuyvesant to developers who have filed and initiated condo developments.

I'd be happy to discuss the location potential and its ultimate value to several end users.

You can contact me at (888) 360-5757 ext. 85 or email me at mcorley@corleyre.com.

Michael Corley
V.P., Sales and Marketing
Corley Realty Group inc.
http://www.CorleyRE.com - Sun Jul 13 2008, 17:05

Hi Nancy,

If your brother in law is thinking about his mortgage payment then encourage him to do so.

If he has no idea why he's contemplating such an audacious placement of funds in a condo
(which, if he wasn't aware of it before, I'll explain in greater detail) he's making a helluva bet
on the building's community and values going forward.

Cash is king. Therefore, keeping your cash and placing a nominal down payment for the best
loan terms and monthly payments, with a contingency to get out just in case the condo begins
to show signs of insolvency

(the unwritten story to today's foreclosure crisis is the number of condo owners who have purchased
in new development that are falling into foreclosure - putting new buildings with fledgling resources
at great risk)

Now, I can appreciate Tom's candor when it comes to this. After all, we're all for a brief time in this
earthly phase. However, stewardship of our resources is the difference between HOME SWEET HOME
and BED NO. 421 AT THE ATLANTIC AVENUE SHELTER FOR MEN.

Michael Corley
V.P., Sales and Marketing
Corley Realty Group Inc. - Sun Jul 13 2008, 16:47

Hi Peggy,,

Kensington's a great neighborhood. I sold quite a few coop units along Cortelyou Road off Coney Island Avenue going west to Ocean Parkway.

It appears the unit is fairly priced on the surface without knowing anything else, such as:

1. How many bedrooms?
2. What floor?
3. How many units owned in the building?
4. What views/exposures the unit in question enjoys?
5. Amenities on premises?
6. Is the building Pet Friendly?

And the list could go on. Fact is, the best way to determine the unit's value is the motivation of
the seller and their agent, as well as available financing for mortgage money for the particular
building.

My colleagues gave some great answers, but I do think you should have an agent assist you in
this process.

Preparing for Board Interviews, as well as your board application/package could become an
expensive NO for you.

Buying a coop is nothing like buying a condo or townhouse.

If you have any further questions, just give me a call at (888) 360-5757 ext. 85 or email me at
mcorley@corleyre.com.

Michael Corley
V.P., Sales & Marketing
Corley Realty Group Inc.
http://www.CorleyRE.com - Sun Jul 13 2008, 16:35

Hi bnnttderri,

I am really sorry to hear about the outcome of your home.

New York State does not permit property owners the right to redemption, or put another way, the right to re-purchase the home from them after it was sold at a courthouse auction.

As for the tenant, if the buyer was the bank that repurchased, they will begin eviction proceedings. If the buyer was an individual or other entity, they will also begin eviction proceedings against JOHN and or JANE DOE.

Absent an executed lease agreement, they are subject to the legality of the lease agreement in the eyes of the court. - Tue Jul 8 2008, 22:54