Is This the End of the McMansion Era?

According to Inman news, as well as the National Association of Realtors, the housing slump has led to a reduction in new nome sizing as well as pricing" "The cost of furnishing a bigger house, heating and cooling the structure, and even the commutation between it and the place of employment was always imposing, but now there is no longer the appreciation factor that in the past made the situational sacrifice worth it."

Why January is the Best Time to Buy

If you are looking to buy a home, then you probably want to get the best deal. January is the best time to be purchasing a home. Let me explain why.

A lot of people put their homes on the market in January. In addition, there are very few people looking to buy a home in January. This is because most of the people transferring for a job have already bought a home. Their companies want them to have purchased by the end of the year so they can write it off on the corporate tax bill.

The remaining buyers are usually waiting until Spring to go house hunting again. This gives you 2-3 months of prime negotiating time.

It is more than likely that you will be the only offers most sellers will see until Spring. But, guess what happens in Spring? All of the other buyers start looking at homes and making offers. Those home sellers now have other options. Your offer isn’t the only one they have on the table. As a result, the seller might pass on an offer that they would have accepted in January. So, if you are looking for a home, get out there and start looking. Don’t let the cold stop you from finding a great deal.

You probably won’t find home prices this low for a while. Everyone is expecting the economy to finally pick up in 2011. This will drive home prices higher..

10 Ways to Start Saving Energy at Home

If your New Year’s resolution is to save energy, money, or both: pay attention. You don’t need major investments in solar panels or wind turbines to start cutting energy use and costs. Instead, look for places where you can make small improvements that, collectively, add up to big savings on your monthly bills, while improving your home’s environmental picture. Here are 10 home energy improvements that aren’t out of reach.
1. Beef up insulation: There are quick ways to gauge whether your insulation is up to par, according to the U.S. Department of Energy. For example: if your home was built before the 1980s, if you find yourself shivering/sweating profusely inside your home on a regular basis, or whether your neighbor’s Pomeranian sounds like it’s barking in your living room. Putting the right level of insulation in your walls and ceilings can reduce your heating bills by 20% to 30%
Emagazine wraps up tips 2 through 10 here:

How To Lower Your Mortgage Payment Without A Refi

Yes, You Can Beat The System!

A lot of people in today’s lending market are stuck. They locked in their interest rate when rates were higher. Now, they are barred from refinancing because they are upside down on their house. Whenever they apply for a new loan, the first thing the lender says is, “The current property value is less than what you owe. We can’t lend you enough money to pay off your old lender.” Do they have any options?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Their best option is probably a loan modification. Their lender is more than likely to work with them since their home dropped in value.

They may have to stop making payments before their lender will approve a loan modification. But, some lenders are even modifying loans that are current.

Some Bloomfield homeowners are stuck with a loan where the payments are going to gradually increase over time. Their current interest rate is 6%. But, it is going to increase by 1% a year until it hits 9.5%.
They can afford the home at the current interest rate. But once it goes higher, they will have to do something. Why not do it now? Take the onetime credit hit and lock in a reasonable interest rate. Some people have been able to get their interest rates on jumbo loans reduced to between 4% and 5%.

Many loan modifications will even reduce your interest rate as low as 2% for 5 years. But, stick to your guns and lock in a reasonable rate for the remainder of the loan. You don’t want to have to apply for another loan mod in 5 years. (Most people don’t see how interest rates could possibly go any lower.)

We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute's Loan Modification Insider Secrets Guide.

* An easy to understand, Step By Step Guidebook.

* How to write a Hardship Letter that gets your loan modification approved.

* Three big loan modification mistakes and how to avoid them.

* Loan Modification from the lenders point of view.

* How the Making Home Affordable Program can help you.

* What not to do so you don't risk being carted off to jail.

* How to calculate your budget properly to increase your chance of success.

To request this kit, please click here to request a copy.

Thinking about a short sale? I can help you short sale your NJ property and never pay the bank another penny. Send me an e-mail at geoffgove@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (973) 748-1475

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
geoffgove@gmail.com.

Hemp Houses - the Next Step in Green Building

Dozens of hemp homes have been built in Europe in the past two decades, but they're new to the United States, says David Madera, co-founder of Hemp Technologies, a company that supplied the mixture of ground-up hemp stalks, lime and water.

The industrial hemp is imported because it cannot be grown legally in this country — it comes from the same plant as marijuana. Its new use reflects an increasing effort to make U.S. homes not only energy-efficient but also healthier. Madera and other proponents say hemp-filled walls are non-toxic, mildew-resistant, pest-free and flame-resistant.

E+Co Named Finalist for the Zayed Future Energy Prize

The Zayed Future Energy Prize announced yesterday that Bloomfield based E+Co has been selected as one of six finalists for this prestigious prize, which honors and rewards individuals, companies, or organizations that are tackling pressing energy issues. The winner, as well as two runners-up, will be announced in Abu Dhabi on January 18th during the World Future Energy Summit.

The Prize recognizes and rewards outstanding work in renewable energy and sustainability. The goal of the annual prize is to educate and inspire future leaders and innovators to combat climate change and global warming, and ensure clean, livable environments for future generations.

Working from a total of 391 submissions from 69 countries, each submission was evaluated based on three key components – long-term vision, innovation and leadership. A shortlist of the top 100 candidates was narrowed to the following finalists, including E+Co. The winner will receive US $1.5 million, with two runners-up receiving up to US $350,000 each.

E+Co is a US based investor in small and growing clean energy enterprises in Africa, Asia and Latin America. With eight regional offices staffed locally, E+Co provides support and capital to enterprises for the purpose of reducing the impact of climate change and energy poverty. Since 1994, E+Co has made 268 investments in 20+ countries totaling US $40 million, bringing clean energy to 6.2 million people and reducing carbon emissions by 4.6 million tons.

For more information please visit www.ZayedFutureEnergyPrize.com.

Banks Encourage Local Groups to Buy Foreclosures

The National Community Stabilization Trust facilitates the transfer of foreclosed and abandoned properties from financial institutions nationwide to local housing organizations to promote productive property reuse and neighborhood stability. In collaboration with state and local governments, the Stabilization Trust builds local capacity to effectively acquire, manage, rehab and sell foreclosed property to ensure homeownership and rental housing are available to low- and moderate-income families.
The National Community Stabilization Trust has developed the tools necessary to foster neighborhood recovery in the wake of rising foreclosures and property abandonment across America.

The Landslide Vote for Conservation

Despite a bad economy, Americans passed 29 of 35 state and local conservation funding measures this election day for a passage rate of 83 percent, making it the most successful year for conservation ballot measures since 1989. The measures passed in these states will result in dedicated funding to protect and restore land and water.

“Americans recognize that even in a tough economy, protecting the waters and lands we need to survive is a top priority,” said Mark Tercek, President and CEO of The Nature Conservancy. “People value clean water and healthy land and are willing to invest to protect them. Congress should follow the voters’ lead and pass conservation legislation before the end of the year.”

Bank of America Shifts from Origination to Modification

In an effort to deal with the massive influx of loan modification applications and the new, more stringent regulation and supervision of these modifications and approvals, Bank of America is cutting down the size of its loan origination department in favor of altering the state of existing loans instead. Loan originators, who help lenders determine qualifications for mortgages and assist borrowers in obtaining new loans, have had far less to do lately thanks to strict credit requirements and hefty, mandatory down payments. However, since loan modification essentially involves creating new terms for a loan, loan originators are entirely equipped to do this job as well, argues BofA. “The integration of these experienced mortgage professionals will provide Bank of America with a significant surge in servicing capacity,” explained on BofA representative via email.
The lender plans to move around 2,500 employees out of origination and into modification and allow them to remain there for “the majority of 2011.” With the addition of new hires, this will triple BofA’s default service staffing level. BofA also officially assured customers seeking mortgages that their needs will be met quickly and effectively in 2011. Unfortunately, for now, there are just far more modifications needing to be addressed than new loans to be made.
This move reminds us of recent geoplitical events that resulted in our troops being redeployed from Afganistan to Iraq. One can hope the results are more favorable for homeowners.
Posted by Berel News   

You Can Pick Habitat's Most Deserving Community

American Home Shield® has launched the national AHS CHALLENGE FOR CHANGE, an online voting contest that will award $10,000, $15,000 & $25,000 to the three Habitat for Humanity affiliates that receive the most online votes for their neighborhood revitalization initiatives. All participating projects support building and strengthening sustainable communities and will truly change lives. Just by casting your vote, you can help transform a community.
You can vote everyday this month, but today happens to be Double Points Friday. Right now the leaders are in Columbus, O, and Tacoma, Wa., but Morris County,NJ, still has a chance.

N.J.’s First True ‘passive house’

Teaneck resident Ray Evangelista is building a 4,400-square-foot, two-story colonial that's got everything a homeowner could want except a furnace. The house has been designed so that there will be no need to heat the home in winter or cool it in summer. (Click on diagram to enlarge) from Glen Rock Gazette
An extensive NY Times article goes into detail about what is involved in such projects.

Rock Bottom?

The advent of QE2 has led many pundits to make hopeful predictions that Mortgage rates would decrease through the winter -- or at least stay at current record lows. In the past few days, we've seen 30 year rates as low as 4.05%.
Now, some are predicting that the Fed's efforts could backfire in it's effect on long term interest rates. They fear that bond holders and buyers might rebel against the lower rates, which could result in rates rising sooner that anticipated. Today's 4.14 Zillow rates (at the right) may just be the beginning. Stay tuned...

New And Existing Home Sales Rising Faster Than Expected

Some relief may be in store for buyers and sellers spooked by gloomy housing market reports. Sales of new homes climbed 6.6 percent in September. The figures released by the government on Wednesday revealed the second straight month of gains, yet still below the pace when a tax credit existed.

Sales of new single-family homes rose 6.6 percent to a seasonally adjusted annualized rate of 307,000, which is stronger than the 300,000 that economists expected in a MarketWatch-compiled poll.

On Monday, a National Association of Realtors® report showed sales of existing homes also were stronger than expected, rising 10 percent, and the two reports lend support to some economists who believe housing demand hit a bottom in late summer. Existing-home sales rose again in September, affirming that a sales recovery has begun, according to NAR®.

Existing-home sales which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August,

Mega-Mortgage Holders Dropping the Ball With Home Owners

Yesterday, I talked to the owner of a 3 family homer who had fallen behind on his mortgage. He had lost his job and two of his tenants . After getting a lower paying job, he managed to get an agreement for a trial loan modification program through his mortgage holder.He told me that he has made last 5 timely payments on a trial Loan Mod, partly by digging into his savings and was still waiting for closing date. Every time he called for an update, he was referred to an office in a different state. He wound up hiring a lawyer.
Today's NY Times has a story about screw ups by another of the major banks that help explain why the housing market is in such a mess. One of their conclusions is is that if you're facing foreclosure, hang in there! The bank may not even be able to prove they own your mortgage.

Developent Planned Along Third Riverbank's Newest "Pond"

This weeks Bloomfield town council conference meeting saw several developments on a major new development. On the agenda was a discussion of issues related to planned mega conversion of Bloomfield's former National Starch Factory complex at 225 Belleville Ave -- across from Oakside Mansion Recently christened "Oakes Pond," the developer is projecting as many as 390 rental units.to replace a dozen "light manufacturing." facilities. The plan was moved into the Closed Session part of the meeting due to land acquisition and abatement issues that needed to addressed. In the public comment section of the meeting Trish Comstock spoke about traffic problems that already exist in the Belleville Ave. neighborhood. "During rush hours, traffic is frequently backed up (from Broad St.) to Woodland Road."
The current plan by Garden Commercial Properties is to create two buildings along the lower bend of the Third River, four stories each with a parking deck beneath, to serve as luxury one- or two-bedroom apartments. The developer, has said that the properties could begin as rental units and potentially become condominiums. when the real estate market improves.

Commenting on the news of a $100,000 grant received for studying the causes and cures of flooding along Bloomfield's segment of the Third River, Councilman Nick Joanow asserted that "You don't build on a floodplain. There's a cost/benefit analysis that needs to be understood …. Homes along that river have lost 5 to 10 feet of their property due to riverbank erosion. There are homes that are consistently flooding…the water has to go somewhere." He referenced the township's 2002 Master Plan which included the Army Corps of Engineers conclusion that
"The increase in the intensity and number of 100 year and 500 year flood events can be attributed to the way that development has occurred in Bloomfield. Impervious surface coverage along stream corridors in wetlands and floodplain areas leaves stormwater with no place to go. Generally these areas would absorb and filter the waters acting as a natural detention basin for the surrounding community. In Bloomfield, storm water travels through streets, driveways, and sometimes basements, rather than vegetated riparian corridors and wetlands."

Councilman Robert Ruane asserted that arguments on flooding issues caused by development plans along the Third Rive were a diversion for the "fact that the river is full of debris and it has never been cleaned up or dredged." River liaison Bernard Hamilton refuted Ruane by stating that he has personally been involved with several river cleanups. The Mayor concurred with Hamilton.

Local Pols Beat Averages for Eco Scorecard

Most legislators posture themselves as being green, but Environment New Jersey, a state-wide citizen-based advocacy group, decided to find out just who was walking the environmental walk -- and who wasn't. In a recently released "scorecard," each member of the state's 213th legislature received a grade from ENJ. "It's important for voters to know where their elected officials stand on the environment. We want to make it easier for them to decide how much the green rhetoric of legislators is matched by their voting record," explained Doug O'Malley, the organization's field director.

The good news from O'Malley is that our local legislators scored pretty well.
While none of them hit the 100% mark (maybe next year?), all but one ranked above average; Senator Kevin O'Toole, (R ), scored a failing 50% in both 2009 an 2010.
Snaps go to our political green champs -- especially the two top scorers -- Ronald Rice and John McKeon. Keep up the good work, fellas.

Ralph Caputo(D), 63%
Joseph Cryan(D) 63%
Sheila Oliver(D) 63%
Dick Codey(D) 63/75%
Ronald Rice(D) 75/75%
John McKeon(D) 88%.

The bad news: The average score for both the State Senate and the State Assembly took a big dip from 70% and 75% respectively to 55%. O'Malley, noted that "this drop reflects an increase in attempts - some successful - to rollback existing environmental protections." He adds that despite this decline in green performance, "there were some stand-outs who were willing to defend the environment time and again, who scored 100% on the scorecard; Asm. Peter Barnes (18), Asw. Linda Greenstein (14), Sen. Bob Smith (17) and Sen. Shirley Turner (15)." Another significant factor in the downward trend are 4 Republican Assembly members -- Asw. Allison Littell McHose (24), Asm. Gary Chiusano (24), Asm. Jay Webber (26) and now retired Asm. Rick Merkt (25), who scored big zeros, bringing the average down considerably.

No scores here for Governor Christie, although he has undertaken several actions that are seen as a step backward by other environmental groups.

The Bloomfield Real Estate Market c.1900

A century before the Multiple Listing Service and Realtor.com, the best way for a prospective home buyer to find out what was for sale was to walk into a Realtor's shop and see what he had to sell. If he was lucky,he could look at a single black and white print from a 5 x 8 glass plate negative.
Nathan Russell, a turn-of-the-century Realtor, photographed his listings from about 1890 until his death in 1917.  Many were newly constructed when he photographed them. When he died, the pictures remained in his house at 216 Ridgewood Avenue. The day before the demolition began for the new high school, Syd Wilson literally commandeered his good friend Tom Booth to rescue thousands of photos (annotated in Russell's hand) and 5" x 8" glass negatives, each weighing a quarter of a pound, a herculean task.The Russell Collection is now in the Glen Ridge Public Library. 
His listing descriptions contain many selling points that are specific to his day:

"Stable,3 stalls hold 15 tons of hay, 90 bags of oats -- enough to keep 3 horses for one year, Barn on 2nd floor connected by shute to 1st floor...Butler's pantry. In 1904 10 tons of coal used to heat the house & 6 for range... stationary tubs in basement...stable for two horses and two carriages. 'Thatcher' furnace and range...cesspool connection, attic with manhole, chicken coop, trunk room,"

Rich Rockwell, a member of both the Bloomfield Zoning Board and the Historical Society of Bloomfield, has scanned and digitized many of them and put them on the Society's web site.   Many of the photos are indexed by street and house number, but there are nearly 200 that are unidentified. Anyone recognizing any of the photos can comment on them on the web site.  As more are identified, they will be added to the index.

NJ Still Leads The Toxic Waste Race

As we focus our attention on the overwhelming oil pollution crisis in the gulf states, we shouldn't forget that New Jersey is still the home to the largest number of toxic waste sites in the U.S.

According to The Star Ledger, the state has received over 3 Billion from the national Superfund in the past 30 years including 150 million from the recent stimulus package. Yet only 29 of the designated 142 hazardous waste sites have been completely cleaned up. Authorities are now predicting another 15 to 25 sites could be added to this list over the next 5 years.

The photo above was taken less than 100 yards from my Bloomfield home four years ago. Not sure if it is still considered a Superfund site since extensive funds were laid out by the former owner, Scientific Glass, to clean it to residential standards. They never quite finished the job, though, and the DEP required that tarps cover up what was left as the real estate developer shelved his townhouse plans due to the economy. Meanwhile, the torn tarps and mounds of polluted soil remain.

Balancing the Scales on Renting Vs Buying

If recent activity is any indication, there are significantly more prospective renters out there than buyers in today's housing market. While there are many reasons folks may have little choice in the matter, there may never be a better time than the present to invest in your own home.
If you crunch the numbers on the mortgage calculator to the right, you will find that you can now get a 3 bedroom entry level home in many Essex Co. suburbs for a monthly payment as low as $1,000 per month. Most 2 BR rentals, on the other hand, start at $1100. Of course property taxes can add $400 to $700/mo to that figure -- you'll get a good chunk back from the IRS from that beloved Homeowner's Deduction.
Combine this with the landlord restrictions on such factors as pets, private driveways, and larger families and renter choices can be very limited. The bottom line is that interest rates have never been lower and have nowhere to go but up.

Spring Greening Recycling Design Finalists

After weeks of deliberation on an incredible array of creative reuse projects Inhabitat has just announced the finalists of their 2010 Spring Greening Design Competition.... This year's competition turned up an amazing crop of over 350 entries and after much consideration they've narrowed them down to just 21 finalists who demonstrated an amazing amount of ingenuity, resourcefulness, and creative approach to design reuse. One of my own favorites is above. Can you guess what the source material is before opening this link? Now its up to you to decide who will be the winner of international fame and a $250 gift certificate to the Inhabitat shop -- so cast your vote for your favorite Spring Greening finalist today!