Wednesday, January 9, 2013


Hackensack approves State Street redevelopment

-Bergen Record, Hackensack - The City Council gave unanimous final approval Tuesday night to a redevelopment plan for a portion of State Street designed to attract high-density residences and businesses.

The plan allows for mixed-use development with up to 230 residential units on several lots between Warren and Bergen streets. The approval is a key step in a larger plan to transform the city’s downtown into a more modern shopping, work and living area, officials said.
“Hopefully, this is the first step and the project that will kick off the overall Main Street development progress, Mayor Mike Melfi said. “We’re hoping for a quick shovel in the ground and to see others join quickly to move this redevelopment forward.”
The plan calls for apartment or condominium buildings of up to six stories with specific amenities, including a fitness center, a common room on each floor, and rooftop perks “with at minimum a fireplace or fire pit.” The plan also allows for ground-floor storefront businesses.
The State Street redevelopment area now is home to a bank and gravel lots. Two vacant single-family homes that had been divided into several apartments and had empty ground-level commercial storefronts were demolished recently by the Building Department for safety reasons, officials said.
The State Street redevelopment plan is part of the Downtown Rehabilitation Plan that the city approved in June. That plan eased zoning, parking and other restrictions in a 39 block-area known as the city's Main Street corridor to encourage mixed-use development.
It’s designed to encourage a contemporary brand of downtown development where people can live, work, shop and find entertainment, all a short distance from mass transit and in a pedestrian-friendly setting.
Councilwoman Karen Sasso, a trustee on the Main Street Business Alliance board, said the State Street plan would be the “spark that will help other development and help realize dramatic change.”
City Manager Stephen Lo Iacono said he has been talking regularly with developers interested in investing in the city’s downtown. With the State Street approval in place, he said, developers and property owners can start submitting plans to the city’s land-use boards. The new residences, he said, would support local businesses and make the area more valuable.
The plan can be found online at mainstreethackensack.com

You can read the entire article here and as always, don't hesitate to let us know how we can help you.

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Friday, December 14, 2012


Short sales jump ahead of tax hike

A soon-to-expire tax break for troubled homeowners is helping drive a spurt in "short sales."

-December 6, 2012 - During the three months ended Sept. 30, short sales in which homeowners had fallen behind on mortgage payments soared 22% over last year, according to a report released Thursday by online marketing company RealtyTrac. By comparison, short sales by people current on their payments went up 17%.
In a short sale, homeowners sell at a price that is less than what they owe the bank, and the bank agrees to absorb the loss. The bank unloads the house and the homeowner gets out of a mortgage he can't afford.
And currently, homeowners don't have to pay federal tax on the unpaid mortgage debt because of a bailout-era law known as the federal Mortgage Debt Forgiveness Act.
But the act expires on Dec. 31 and, unless it is extended, the IRS in January will start treating unpaid mortgage debt as taxable income for many borrowers. The average amount of forgiven debt in a short sale is about $95,000, according to Blomquist. The tax on that could go as high as $33,250, even more if the Bush tax cuts expire.
Read the rest of the article here and let us know how we can help you navigate through a short sale!
-Daniel Barli, Esq.


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Tuesday, November 27, 2012


Tips on landing a home equity line of credit

11/16 - Property Management Software 
As home prices began their long slide, banks pulled the plug on home-equity lending. Homeowners who had already snagged home-equity lines of credit lost out, too, as many received notice that their lines of credit had been frozen. Home-equity loan originations are still 80% below their peak, according to a recent report from Moody’s Analytics and Equifax. But as the housing market emerges from the doldrums, home-equity borrowing is beginning to perk up, too.
Pick your flavor. A home-equity loan, which usually comes with a fixed monthly payment and interest rate, is best for projects or purchases with a one-time, fixed cost, such as con­solidating debt. Home-equity lines of credit, or HELOCs, make sense for ongoing expenses, such as long-term home-improvement projects or college-tuition payments. HELOCs usually have a variable rate that’s tied to the prime rate, plus or minus some percentage. On a fixed-rate loan, a borrower with good credit (with a FICO score of about 720 to 740) may pay 6.5%; that same borrower would likely pay the prime rate (currently 3.25%) plus 1.5 to 2 percentage points on a HELOC, says Keith Gumbinger, vice-president of HSH.com, a mortgage-information site.
Shop smart. Compare terms from several lenders, including banks with which you already have accounts or loans. Those lenders may be willing to give you a break on rates or fees, says Nessa Feddis, vice-president and senior counsel of the American Bankers Association.
HELOC shock. With a home-equity line of credit, you can usually choose to pay only interest during the draw period, which typically lasts five or ten years. After that, payments of interest plus principal kick in for ten or 20 years.
If you qualify to refinance the first mortgage, lenders that hold home-equity loans or HELOCs will typically work with you, Arnold says. If you’re not able to refinance your first mortgage, you may be able to negotiate to pay less than the full balance on your second loan.
You can read the entire article here and don't forget to let us know how we can help you with any situation you are facing.

-Daniel Barli, Esq.


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Thursday, November 15, 2012


“Thank You” Thursday: Daniel Barli of Barli & Associates

Posted on November 15, 2012 
Looking for an attorney who can work with you and explain the process of buying a home in your native tongue? Daniel Barli is trilingual in English, Spanish, and Russian! As a member of both the New Jersey and New York State Bar and leader of his firm, Mr. Barli provides each and every client with years of expertise.
This Thursday, our big “Thank You!” goes to Daniel Barli of Barli & Associates!
Call Mr. Barli today at: 201-741-3627

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Sunday, November 11, 2012


Working CO, smoke detectors are mandatory

November 1, 2012, NORTHERN VALLEY SUBURBANITE
"Ask the Realtor" is a weekly column from the 3,000+ member RealSource Association of Realtors.
Q: My Realtor told me that if the smoke detectors are too old that they will need to be replaced for the town inspection and that I need carbon monoxide detectors. Is that true?
Roberto A.

A: Your Realtor is correct. You will need to have working smoke and carbon monoxide detectors in order for the issuance of a certificate of occupancy (CO) and the successful transfer of a home in New Jersey. Any owner of real estate who sells, leases or otherwise permits occupancy of a dwelling unit without having working smoke and carbon monoxide detectors will be subject to a fine. Even though I'm confident your Realtor mentioned this, it is always recommended that you check the rules and regulations of local governments when it comes to smoke and carbon monoxide detectors. For example, town rules could require such things as: 1) smoke detectors be on every level of a home including the basement, excluding crawl spaces and unfinished attics, 2) smoke detectors in the basement should be placed on the ceiling at the bottom of the basement stairs, 3) smoke detectors on the first floor should be placed on the ceiling above the first step going up to the second floor, and 4) smoke and carbon monoxide detectors should be no more than 10 feet outside from each bedroom door.

If you have any questions that you would like us to post the answers to, please email us here. 

-Daniel Barli, Esq.
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Sunday, September 30, 2012


Mortgage rates hit record low, AGAIN!

NEW YORK (CNNMoney) -- Mortgage rates again fell record low levels this week, as the Federal Reserve's decision to buy billions in home loans for the foreseeable future continued to lower costs for would-be home buyers.
Mortgage finance backer Freddie Mac's weekly survey showed the average 30-year fixed-rate mortgage fell to 3.40% from 3.49% the previous week, which had matched the previous record low set in July
The fixed-rate 15-year mortgage also hit a record low of 2.73%, down from the previous record of 2.77% a week earlier.
The Fed announced Sept. 13 that it would be buying $40 billion in mortgage-backed securities each month for the foreseeable future. The idea of the purchases, popularly known as QE3, is to spur economic activity by pumping more cash into the economy and driving down rates. Those taking out new home loans, either to purchase or refinance, will be among the first beneficiaries of the Fed's policy.
Read the rest of the article here and let us know how we can help you with your purchase of a home!

-Daniel Barli, Esq.


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Monday, September 3, 2012


Home prices signal recovery may be here


CNN - "A sharp boost in home prices during the spring could signal a recovery in the long-suffering U.S. housing market, according to an industry report issued Tuesday.
The S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the United States, climbed 6.9% in the three months ended June 30 compared to the first three months of 2012.
"We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change," said David Blitzer, a spokesman for S&P, in a statement. "The market may have finally turned around."
Read the rest of the article here.
This is GREAT news and would really be a boost for our economy. Don't hesitate to let us know how we can help you with your purchase of sale.
-Daniel Barli, Esq.

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