Even when we give to charity, we get screwed

Thursday’s advance had a story about the city buying foreclosures. Since I sell foreclosures I was very interested.
• City using federal $$ to buy foreclosed homes
STATEN ISLAND, N.Y. -- The city will embark on a $24 million emergency program to salvage foreclosed homes, including on Staten Island, where the mortgage meltdown has had a particularly profound impact

Well it turns out, according to the article, that a "not for profit" is buying the foreclosures, Restored Homes, and they bought two properties on Staten Island.

82 Blackford Avenue was first listed on the MLS on March 17, 2008, as a two-family detached, on a nice block in Port Richmond, for $234,900. The house was a real good price and it was accepted on March 20th, just three days later.

However, a few months later on July 22nd, the house was back on the market, and the price was lowered to $219,900. When it came back on the market, I showed it right away. The house was being used as a one family, but had two sets of utilities. Upstairs had a finished attic in addition to the two bedrooms, so it would have been good as a rental. But, you go down the basement, and someone had poured concrete, so much concrete that you could not stand up. The two boilers were in “wells” because they didn’t pour the concrete into them. Not having a full basement is not terrible, means that no one can live down there, and it can only be used for some storage. No biggie. But it was turning off all of my customers. This is when I realized that although foreclosures are sexy as a concept, the units themselves, the really good deals, aren’t. In fact a lot of the houses are just plain ugly.

But anyway, by August 6th, there was another acceptance.

But on October 6th, the house was back on the market, and the price was now lowered to $174,900.

So on October 6th, I sent out a Lasher’s List showing this house as time to buy, great deal, yada yada yada. By October 6th, I am an old pro at this, and I know when its “time for the vultures” - the customers with a lot of money, who make the all cash offers, who wait until the house has been on the market for a while, been accepted a couple of times had deals that keep dying, and know that there is a problem., and know that the bank is ready to make a deal.

So true to form, on October 7th, I submit an offer for one of my customers, a low ball offer, at $87,500, all cash, close in two weeks, as is.

A few days later when I call to find out about the offer, the broker tells me that there is a question about whether it is a legal one or two, but my offer is a little light, try to get my customer up a little, low 100's should do it.

Then on October 15th, before we resubmit our next offer, the status of the property changed to “HOLD”, and somehow the property had become a one family.

So it turns out that the reason for the hold was that the bank sold it themselves to the NFP, i.e. the City, with federal funds, (our tax dollars), and as usual, once again, we overpaid.

Moral of the story- use me to buy your foreclosures and you will get a better price.
Moral of the story 2- so that the banks don't get stuck with bad real estate, the government will buy them, and pay full asking price. Reminds me of an old Woody Allen Joke- the only sin in my family growing up was paying retail.

Good Night Irene.

……………………..to be continued

So who is Alan Lasher and why is he sending me all of these emails?

Hello again.

This is the email where I talk about myself.

I am Alan Lasher. I am a 4th generation Staten Islander, Licensed Real Estate Broker in New York and New Jersey, in the same building where my family operated the Meiers Corners Department Store.

I come from a very civic minded family. My mother, Audrey Lasher, was a Staten Island Advance Woman of Achievement; and the Deputy Commissioner of the NYC Dept of Ports and Terminals.

My father, Richard Lasher, was one of the founders of the Mid Island Little League, and the South Shore Swim Club, but his favorite cause was the Richmond County Bar Association which he single-handedly ran for decades.

My parents were recently written up in the Memories column of the Sunday Staten Island Advance-

Remembering ...

When my father had a stroke in 1987, I continued to “ghost write" the Bar Association Newsletter under his name for 8 years, and for another 8 years after he died using my own byline. I am especially proud of the issue that I wrote right after September 11, 2001.

http://www.richmondcountybar.org/newsletter/pdf/fall2001.pdf

I miss writing, and that’s why I came up with Lasher's List.

Anyway, I have been in the Real Estate Business for the past 30 years, having developed numerous parcels of vacant land; built new homes and renovated many buildings, and received numerous building awards, and accolades

I don't accept NO as an answer when I think the answer should be something else. I don't accept that you can't do something, when I think that you should be able to. I have taken on numerous projects, and obtained approvals, after everyone else had given up after hitting stone walls.

Many say that I single handedly turned Westerleigh around when I rehabilitated the stores 264-286 Watchogue Road in 1985 & 1986. It took years to get the project started because the architects and contractors said to forget about it, or I was told to just tear it down and start over again.
After the rehabilitation of 264-286 Watchogue Road virtually every house in a two block radius was renovated. Channel 5 called it non-governmental urban renewal.

Meanwhile at the end of the 80’s/early 90’s, some of you may remember there was a real estate crash. So many banks failed that the government started the RTC (Resolution Trust Corp) to handle to sale of the assets of the banks that went under, and the properties being foreclosed. Staten Island lost two local banks: Westerleigh Savings & Loan, and Community National Bank. The price of homes fell dramatically for the first time in anyone’s memory. The short sale was developed to help people who owed more than their houses were worth.

The price of real estate fell everywhere- except Westerleigh- where the price of homes remained steady, or rose.

Anyway, that’s about enough of me.

So here is a little tidbit:

100 years ago or so when people gave directions through Westerleigh, there was a huge Oak Tree that was the landmark. Directions would be to Watch for the Oak Tree- over time Watch Oak became Watchogue Road.*

So stay tuned for more interesting useful and useless information to entertain, educate, and inform.

Please feel free to send in any questions about anything that you may have, if I don’t know the answer I will find it out, especially about Real Estate.

Thanks for listening, see you next time.

……………………..to be continued