Legacy Land and Homes LLC

Great Opportunity to own your own land!

•  lot / land - MLS® $16,800 - Price Reduced

Beacon, Dutchess County  -  Attention outdoor enthusiasts... Imagine your campsite set up along the Fishkill Creek on your very own 1.3 acre parcel of land. Borders over 400 acres of State land at the base of Mount Beacon. Located at the end of a dead end street. Great for hiking, camping, fishing! Owner-financing available!!! Broker/Owner.

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Beacon, Dutchess County  -  Announcing a price reduction on 134 Greenwood Drive, a lot / land. Now MLS® $16,800 - Price Reduced.

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Poughkeepsie, Dutchess County  -  Announcing a price reduction on 4 Edwin Road, a 1,426 sq. ft., 2 bath, 3 bdrm ranch. Now MLS® $216,000 - Price Reduced!.

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I've been reading some very misleading articles lately about the current condition of the Real Estate market in NY. Many articles are misleading readers. I'd like to acknowledge Brandon Moore, CEO of REaltyTrac for his clear understanding of the statistics and giving an honest and clear picture of our current market conditions. Although the number of foreclosure filings was down in 2011 compared to 2010, those figures are misleading. The truth is the average foreclosure in the fourth quarter of 2011 took over 33 months, that's almost 3 years. And that's the problem, because the process has been extended and in some instances, stalled completely, we've seen a short term decrease, but the number of people not paying their mortages is increasing. 

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

New York State, which follows a judicial foreclosure process, had the longest average foreclosure process in the nation during the fourth quarter, up 37 percent from the same time in 2010. New York properties foreclosed in the fourth quarter took an average of 1,019 days to complete."

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets,” said Moore. “We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

As Moore states above, NY has the longest foreclosure process in the nation. Allowing people to stay in houses for almost 3 years without making payments isn't a solution. Until we clear out the existing REO inventory (and shadow inventory coming in the near future), this down market will far exceed previous down markets. This will continue to hurt the economy and keep unemployment at historic high levels. Unfortunately I feel like we're stuck in the old "chicken or the egg" situation. Do we need the real estate market and economy to turn around so we businesses can start hiring, or do we need businesses to start hiring so the real estate market and economy can turn around?

• 920 sq. ft., 1 bath, 3 bdrm 2 story - MLS® $47,500 - Priced For Immediate Sale

Poughkeepsie, Dutchess County  -  This 1800's brick home in the City of Poughkeepsie is in need of a complete renovation. Priced for immediate sale, just a few minutes walk from Marist College and the Hudson Valley Walk Bridge. Originally a 2 bedroom, the seller has architectural plans for a 3 bedroom which are included in the sale. Great opporunity for rental income. Needs major renovation but worth the investment.

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Foreclosure!

• 1,424 sq. ft., 2 bath, 3 bdrm ranch - MLS® $254,900

Poughkeepsie, Dutchess County  -  **Foreclosure**

Attention buyers searching for that great opportunity. This three bedroom brick home offers a screened-in porch, covered entry, central air and much more. The home needs some minor TLC to make it shine. Sold as-is.

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Foreclosure!

• 1,188 sq. ft., 1 bath, 3 bdrm 2 story "Raised Ranch" - MLS® $199,000

Lagrangeville, Dutchess County  -  **Foreclosure**

Handyman special! Great opportunity to bring this wonderful Raised Ranch style home back to life. Offers a two-tier deck, aboveground pool, attached two-car garage and a basement ready to be finished. Needs lots of work, tree damaged the roof. Sold as-is.

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$11,000 Towards Your Closing Costs!

• 1,864 sq. ft., 1 bath, 3 bdrm 2 story - MLS® $185,000

Poughkeepsie, Dutchess County  -  ATTENTION BUYERS!
The Federal Home Buying Credit has expired, but this seller feels you still deserve it. So he's going to give you $11,000 towards your closing costs! This fine home has freshly painted interior and exterior as well as refinished hardwood floors. This home offers stainless appliances, covered entry, covered rear porch, fenced-in back yard, seasonal views of the river, and two additional rooms in the attic for storage. All this in walking distance to the train, hospital and river front! Hurry, before it’s gone!

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Foreclosure!

• 3,040 sq. ft., 3 bath, 4 bdrm colonial - MLS® $429,900

Wappingers Falls, Dutchess County  -  **Foreclosure**

Attention buyers, this sizeable Colonial is in need of your love. With a little TLC you can make this your dream home. It offers a fireplace, deck, finished walk-out basement with a wet bar and full bathroom. Perfect for entertaining. Sold as-is.

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Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. 
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed.  There will be no gap between June 30 and the date the President signs the bill into law. 

The question is will this matter... the answer? Not really. Yes this will help those buyers that met the April 30th deadline but are having a difficult time closing. This is a good thing. But since a buyer already had to be in contract, this will not stimulate any future purchasing.

In my opinion the home buyer credit did nothing to stimulate the real estate market. Did sales increase during the program? Yes, the numbers will support that. But it did it artifically, there was no change in the market itself, therefore the rules of supply and demand will take over once the deadline has expired and we will see the market drop even lower than expected. Why... because we took the demand in the market and artificially moved it it forward, but the demand did not change. Therefore the home buyers credit will create a vacuum and the real estate market(s) will free fall until they come back in line with the natural demand in the market.

The moral of the story... Hang on kids, this bumpy ride isn't over yet!

Hyde Park, Dutchess County  -  The 2 story at 128 East Market Street has been sold.

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Poughkeepsie, Dutchess County  -  The single story at 19 Chestnut Street has been sold.

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The new Health Care legislation has been a very hot topic lately. Regardless of which side of the fence you fall on, it's important to know how this legislation will affect you individually. Unfortunately this is easier said than done, even the Politicians that voted it into law don't know the in's and outs of this legislation. I believe it was Nancy Pelosi that said "We have to pass this bill so you can find out what's in it" .... really, is that the best way to create law? Since this isn't a political blog I'll leave that one for the Pundits.

 We all know this will affect our health care. For some it will make it better for others it may make it worse. Some people will have to pay more while others will pay less. I run a small business so all of this is very important to me, but what really concerns me is will this affect the Real Estate Market?

 As we found out with the mortgage crisis, as the real estate market tumbles, the economy is likely to follow. There is so much tied to the real estate markets, new construction, residential resale to the rental market. Jobs are on the line, financial markets are on the line, and much more. It's important for Politicians to understand the side effects of the laws they pass. What has caught my attention is the drastic increase in the Capital Gains Tax.  This new legislation calls for major increases in the Capital Gains tax to help pay for it.

I'm told we are currently experiencing a "Jobless Recovery" from the current recession. Sounds like an oxymoron to me, but I don't hold one of those fancy "EXPERT" titles. I've tried applying but keep getting turned down based on my excessive use of common sense. Sorry I digress! So we have a recovery taking place even though unemployment is at record levels. Real estate prices are extremely low in many parts of the country and interest rates are being kept artificially low even with the threat of inflation. My experience, most buyers currently in the market are investors and first time homebuyers that were priced out of the market previously. An increase in the capital gains tax won't affect first time homebuyers purchasing homes to live in (at least in the short term). THAT'S A GOOD THING! But we have a large percentage of buyers purchasing as investments, either to fix and resell homes to owner occupants or purchasing rentals. According to Christopher Neefus of CNSNews.com the new law calls for an increase in "Unearned Income" from the current rate of 15% to 20% in 2011 and then 23.8% in 2013. That equates to a 58.6% INCREASE in capital gains THAT'S A BAD THING! In my opinion, there is no way this will NOT affect the real estate market.

Many real estate investors look for a minimum 8-10 % return on their investment when purchasing real estate.... with this new increase they will be earning 0-2%. Would you spend your money on an investment, have to worry about tenants damaging your investment, risk possible frivolous law suites for a 0%-2% return? Of course you wouldn't, no one would. Investors can get a similar return in a Money Market account without any of the risk. As I see it, there are two options. First, investors move out of real estate as an investment vehicle.... again NOT GOOD and second, investors will only purchase properties where they can get an additional discount to account for the additional tax. This will undoubtedly decrease the number of homes purchased by investors.

Less demand (less buyers), greater supply (the number of foreclosures in 2010 is expected to increase dramatically over 2009.... and we saw historically high foreclosures in 2009), it doesn't take a MBA from Harvard to figure out this recovery is going to take years.

Please understand, I'm no expert, and I certainly don't know the Health Care Legislation inside and out. But if the information I have related to capital gains is correct we're in for a long ride. The old saying "Buyer Beware" couldn't be more true, but now Buyers must beware the new Health Care Law, because I believe it does relate to Real Estate! 

What are your thoughts, I'd love to hear from you.

Foreclosure!

• 1,382 sq. ft., 1 bath, 3 bdrm 2 story - MLS® $79,900

Amenia, Dutchess County  -  **Foreclosure**

Attention investors and first time buyers! Great opportunity to restore this wonderful old style home located near the train station and golf course. The home offers lots of potential but needs work! Prices like this don't come around often so hurry, before it’s gone! Sold as-is. Cash offers may be eligible for an express cash closing timeframe of fifteen days.

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