Tom Crimmins Realty Blog

Tom Delese Kawing Chiu(l. to r.) Tom Delese, Tom Crimmins, Kawing Chiu

Yesterday, March 13, 2014, SIBOR hosted a recognition breakfast for top producers. Our very own Tom Delese received the first Rising Star Award, as well as Top Producer Bronze, for his accomplishments in the real estate community.

Delese, who has hosted the Halloween family photobooth on behalf of Tom Crimmins the past 3 years at the Staten Island Zoo, started his career as an Industrial Designer working as an educational toy and display designer. Delese then worked as a retail advertising account executive at Staten Island Advance for 34 years. In December 2011, Delese started working at Tom Crimmins Realty and continues at performing excellently as a NYS Licensed Real Estate

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Fact and MythThere are a number of myths floating around regarding the home buying process. Such misconceptions have kept many would-be homeowners from realizing the personal and financial rewards of owning a property.

To clear things up, here are a few myths about buying your first home that simply aren't true.

Myth #1 - "It's Cheaper To Rent Instead Of Own"

If you buy a property that is within your budget and your mortgage terms allow you to make comfortable monthly payments, the cost of rent can often be higher than mortgage payments. Sure, there are other expenses associated with owning a property that you wouldn't be responsible for if you were renting, but one thing that many people forget is the fact that renting does not allow you to build equity. The

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Real Estate Luxury HomesThe fantastic team at Tom Crimmins Realty, with listing agents Marion Alameda and Tony Vega, continue to bring successful results, such as the closing of title for the luxury condo located at 121 W 19th Street in Manhattan.

Our Staten Island office has an array of luxury real estate to offer and hold the proud distinction of recently closing on a penthouse duplex in the iconic area of Chelsea, Manhattan. This successful closing of title was no simple feat, but our state of the art technology & honest delivery was able to catapult us over the competition.

Staten Island Realtors® Marion Alameda and Tony Vega were able to prove their value over high profile firms commonly featured in high-end real estate magazines, HGTV shows and television programs

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Staten Island's real estate market is still on the upside. February had a small sale side decrease compared to last year's month.

Staten Island February 2014 Real EstateLast month, the Island had 209 sale sides with a monthly volume of $91,393,599. This differentiates to February 2013's 236 with a monthly volume of $91,187,983. 

Month Year Monthly Sales Monthly Volume Avg List $ Avg Sale $ Median Sold $ Avg DOM
February 2014 209 $91,393,599 $465,820 $437,289 $410,000 127

Staten Island wrapped January up with an average sale price of $437,289. This is a significant increase from the $386,389 that was raked in in February 2013. 

Month Year Monthly Sales Monthly Volume Avg List $ Avg Sale $ Median Sold $ Avg DOM
February
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Baby Proofing HomeThe number one reason children under three years old visit the emergency room is accidental household injury. This can be avoided with supervision and a lot of baby-proofing. Follow these guidelines to make sure your little ones stay safe:

Think Like A Toddler

The first step is to your home is to think like your child. Numerous parents say: get down on your baby's level and crawl around. You’ll see just how dangerous it can be. Take note of exactly which countertops, cabinets, and tables are reachable from your child’s level. This establishes what needs to be protected.

Identify The Enemy

Kids bump their heads, that’s a fact of life. But there are bigger threats lurking in your house. Think of the first thing your child does when he or she

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Home IssuesThere are some unexpected problems when buying real estate.  Generally, these issues revolve around plumbing, wiring or sticking doors and windows.  Although they aren’t as expensive to fix, there’s always a possibility that they lead to bigger problems. 

Sticking Doors/Windows

Check the hinges and locks.  Spotting wear and tear on doors and windows is fairly easy. Squeaking hinges or locks that stick indicates wear on seals and metal. 

Although sticking doors and windows aren’t a big deal in and of themselves, these issues can be indications of moderate to severe foundation problems. If you find these issues in real estate, make your way to the basement and look for cracks or dips in the floors and walls. If you’re at all uneasy, have an

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Home Equity CalculatorHome equity is the difference between what your home can sell for and what you owe on it. You can calculate your equity by subtracting the amount still owed on the mortgage loan(s) from the market value of your property.

Generally, the longer you own your home, the more equity you build. If you can’t make the payments, you can lose your home. This is why you have to use your home equity in smart ways.

  1. Remodel your home. If you’ve wanted to add on a family room or modernize your kitchen, consider using your home’s equity to fund the project. Home improvements usually increase your home’s marketability and value.
  2. Make major repairs where need be. Your home’s equity can be a funding source for major repairs like plumbing problems and re-roofs.
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Money BagFannie Mae and Freddie Mac have been in the news recently, so it’s a good time to do a refresher on who they are and what role they play.

Who Are Fannie Mae And Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. FNMA is a federally chartered enterprise owned by private stockholders that purchase residential mortgages and converts them into securities for sale to investors. Freddie Mac is the Federal Home Loan Mortgage Corporation. The FHLA, also federally-chartered, is a corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds for new homebuyers. They were originally created to raise homeownership levels and increase the availability of affordable housing.

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By Timmy Rail of Citybrook Corp.  NMLS•: 12812

Passing KeysSome important tips that first-time homebuyers should be aware of as this year's "Spring­ Buying Season" approaches:

  • Your credit profile is made up of 3 scores from the 3 main credit bureaus, Equifax, Experian and TransUnion; lenders will use your middle (average) credit score
  • A huge part of getting "pre-qualified" is to take an early look at your credit scores and credit profile, in-case there are errors or items on your report that you can "clean-up" before you find homes you like and want to put an offer on
  • Lenders generally take your "unreimbursed employee expenses," found on the "Schedule A" of your tax return (generally, page 3, line 21), off the top of your gross income (these may be
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Shooters Island Staten IslandShooters Island, Courtesy of Jim.henderson

Originally a hunting preserve, George Washington turned Shooter’s Island became "a drop-off point for messages, and the place became a haven for spies" during the Revolutionary War. After the War, the island picked up industrial traffic that included storage and shipping companies.

During World War I, industries and companies that occupied the island decided to produce sensible means regarding the war. Following WWI, the manufacturing of steel cargo ships stopped, and the island became a dump for damaged vessels. In the 1960s, a local politician wanted to decimate Shooter’s Island to make ship navigation easier.

However, the proposal never passed and with the help of the Clean Water Act of

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