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Crown Heights

Home Buyers Always Make This Mistake

by Michael CorleyJanuary 11, 2010

Over the last 7 years I’ve been on more than 600 appointments with buyers to view properties. Each time I’ve taken customers to view a home I always look to see if this time it might be different. I open the door, welcome them in and look to see if they’re fully prepared for the showing. And as with others they’re not. What are all home shoppers doing wrong?

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An Open Letter to Colvin W. Grannum on Al Vann

by Michael CorleyJanuary 8, 2010

Councilman Vann has served in office long enough to witness his constituents become the target of Ponzi schemes by unsophisticated operatives who have mastered the loopholes in New York City’s deed recording process. And having lived in Bedford Stuyvesant for many years, he’s seen Mortgage Discrimination occur in central Brooklyn in different forms: Redlining in the 70’s and Predatory Lending in the 90’s. Since his re-election, what should we expect from the incumbent?

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Difficult to Separate the Two in Brooklyn

by Michael CorleyDecember 15, 2009

How do you avoid the subject of politics in any discussion regarding real estate in New York City. Take a look around you. In the last 5 years we’ve seen an enormous amount of luxury condominium development concentrated in Manhattan and Brooklyn. Should we bail out real estate developers who made bad business decisions?

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Just One More Thought on the Reason Why

by Michael CorleyDecember 14, 2009

Throughout my career I’ve witnessed how real estate deals are negotiated and financed. Inside those experiences are the untold stories about the process and the players involved. I’ve also seen the vital role real estate plays in a city like New York and where politics can often become involved (and when it shouldn’t). Have any idea when?

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Are Banks Interested in Modifying your Existing Mortgage?

by Michael CorleyDecember 11, 2009

Since the U.S. Treasury implemented a series of programs designed to encourage lenders and mortgage servicers to offer Loan Modifications in 2007, there have only been approximately 30,000 homeowners nationwide who have received Loan Modifications of their existing mortgages. As of June 2009, there have been 1.9 million NEW foreclosure filings by lenders. Have we reached a breaking point?

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How They Got it Done in Weeksville, Brooklyn

by Michael CorleyDecember 7, 2009

Upon reaching Brooklyn and other parts of New York City, they soon discovered there were few places welcoming their arrival as new residents. Weeksville, a thriving, self sufficient African American community, were one of a few where those migrating from the south were welcomed.

It is in Weeksville, Brooklyn, (currently known as Crown Heights) where you witness an enlightened agenda existing among its inhabitants that was birthed out of necessity, which could easily be termed: SELF PRESERVATION.

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172 Brooklyn Avenue: Whose in Charge of this Eye Sore?

by Michael CorleyDecember 4, 2009

Since 1970, this property has changed hands 15 times and had Lis Pendens (law suits) filed with property liens to foreclose for non payment of property taxes 4 times.

It experienced a Lis Pendens filing for mortgage default only once. The city has defended its claim to unpaid property taxes more times than it engaged in enforcement action through the Department of Buildings for unsafe building conditions, which only occurred 2 times (2001 & 2006). So why does it still look this way?

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Is NYC Overcharging You in Property Taxes?

by Michael CorleyDecember 2, 2009

How much are you being charged for Property Taxes in New York City?

I’m sure the thought has crossed your mind. However, we understand why property tax is collected. It takes a lot of money to run a City that never sleeps.

Property Tax in New York City funds public school education, police and fire protection, emergency services, garbage pick up, public health care and hospital services, roadway and street maintenance, etc…

And while New York City has diverse sources of revenue (Sales Tax, Transfer Tax, Fees, Fines, etc…), its largest source is Property Taxes.

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If There Was Any Doubt Why Real Estate Agents Matter

by Michael CorleyNovember 25, 2009

Gone are the days when it was easy for homeowners to post a sign in their window or yard announcing “House for Sale” and it would cause a small stampede. Everyone from neighbors to passersby rang the bell or called the phone number provided to find out the asking price, even real estate agents.

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Why Declining Property Values are Hazardous Where You Live

by Michael CorleyNovember 19, 2009

During 2007, New York City appeared resilient in the face of the national foreclosure crisis experienced in other states and major cities. In California, Nevada and Arizona, the number of homeowners defaulting on sub prime mortgage loans threatened the financial stability of each state.

However, 2009 finds New York City at the place that each of the states mentioned were, back in 2007. And each are in far worst shape than we are today. Which should cause great concern for the prophetic nature their misfortune bodes for New York City as we implement the same measures they attempted.

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