South Woods Condominiums

Friday, April 8, 2011 V Residential & Commercial Real Estate Page F1 V RentalsVVacation Properties

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Realtor Inside: Feature Home of the Week Q&A Start by keeping a budget

Q.: We really want to purchase a home in 2011 but we still have doubt that this is a good time for us to buy. We say we have a budget but it seems to fl uctuate depending on what we decide to buy or do. How do we begin? A.: The key to all fi nancial investments is to have a plan with attainable goals. Long term, pur- chasing real estate is your largest investment. It’s the largest purchase most South Woods Condominiums people make in a lifetime so you want to have your A Residential Community, on 65 fi nancial house in order, acres in Chester, New Hampshire, thereby assuring you the greatest confi dence and offers the best of both worlds…. success. upscale condominium living in a rural Sit down and examine your income and expens- country setting away from the hustle es. Cut your debts. Every and bustle of city living. dollar that is not spent Information, photos, Page F4 on a debt can be invested somewhere else. You can decrease costs by fi nding ways to put more money in your pocket like bring- ing your lunch, less shopping trips for unneeded Foreclosures items, plan trips in the car for shopping, that save Investors gas, money and time, etc. David Galfetti, have narrow Can you imagine saving as much as $80 a month left, and Alton by making your own Swann joke morning coffee? If you during the range of buyers focus, it will amaze you at foreclosure how much we spend on auction at .28 percent of all home sales: The incidentals. Horry County large number of foreclosures is attracting Build an emergency Government fund. Most fi nancial ana- and Justice short-term investors. lysts recommend having Center in six to 12 months worth Conway, S.C., By ALAN J. HEAVENS of living expenses in a on March 7. The Philadelphia Inquirer liquid account earmarked for emergencies only. PHILADELPHIA — Foreclosures, sad to say, are a This would avoid dipping fact of life in today’s housing market. into long term savings or The number of U.S. homes in various stages investment money to pay MCT of mortgage delinquency, though not growing as for unexpected costs. quickly as in the past three years, now stands at When you are building 1.8 million, according to CoreLogic, a business- a portfolio the most dif- services and -information company. fi cult thing to do is start. New twist on flipping game This “shadow inventory” — about nine Once you see a routine months’ supply — includes 470,000 houses al- is in place, you can see ready repossessed by lenders. .Buy low, sell higher: the amount you are those during the real estate boom different forms over the years, and Last year, 28 percent of all homes sold in the paying for rent, monthly There’s a new generation of who took advantage of rapidly it hasn’t always had that name. United States were properties repossessed by expenses, daily stops in a more cautious, less casual increasing prices and were fueled Boling said she sees some differ- lenders, said Rick Sharga, chief economist at convenience store, etc. by loose lending regulations, said ences between today’s fl ippers and RealtyTrac, a California fi rm that tracks foreclo- Plenty of informa- home flippers. Tom Maeser, a real estate analyst those during the boom, including sures. In a normal year, he said, distressed homes tion is available about with the Coastal Carolinas Associa- their knowledge of the market. would have been just 5 percent of the sales. what it costs to own and By ADVA SALDINGER tion of Realtors. When the market “They are really doing their In much of the country — especially Florida, maintain your own home McClatchy Newspapers collapsed, many of those fl ippers homework on what prices are,” she Arizona, and Nevada, the states hardest hit by including tax benefi ts. were stuck with properties they said. “Before, the market was going foreclosures — the chief buyers of repossessed Ask your real estate MYRTLE BEACH, S.C. — What start- couldn’t afford, he said. so fast no one was looking.” houses are either investors able to put down all broker about the many ed as a hobby for Keith Gamble is “That really irritated a lot of Many of the foreclosure fl ippers cash or the 25 percent that lenders typically re- free home buyer seminars now a risky, exciting, full-time job: people and caused problems,” will attest to the hours of work quire, or fi rst-time purchasers using mortgages offered around the state. buying properties at the monthly Maeser said. they put in; several said they spend insured by the Federal Housing Administration. They are conducted by foreclosure sale and fl ipping them. The fl ippers during the market upwards of 60 hours leading up Nationally, investors gobble up more than half New Hampshire Hous- Gamble, and others like him, peak would often buy a property to the auction doing research and of the bank-repossessed properties. ing and NeighborWorks. are a new generation of property before construction, wait for it trying to see properties they might “Most are rehabbing and renting them quickly The focus is on budget- fl ippers who buy at low prices at to be built, hold onto it for a few want to buy. Unlike a typical prop- to obtain a positive cash fl ow, then refi nancing ing, saving, how to cure a foreclosure auction, clean up a months and then sell it for a profi t. erty purchase where a buyer can the property and taking the cash to buy another credit problems, what’s property and sell it for a profi t. Today the fl ippers are buying at see the property and get a home one,” Sharga said. involved in the purchase “Some people’s bad fortune low prices, doing some minor inspection, often a buyer of a fore- They are looking at three- to fi ve-year invest- of a foreclosed property is other people’s opportunity,” repairs and then trying to sell the closure at auction has little access ments, he said, “so the current short-term de- or short sale, and more. Gamble said. “I know that sounds properties quickly. The profi ts to a property and sometimes must preciation of real estate values isn’t a big deal.” These Seminars often callous. ... I know people doing aren’t as large but the fl ippers may bid without seeing the inside of it. Other investors are doing wholesale fl ipping, offer great information what I’m doing at the courthouse be selling more properties in a “There’s just a lot of research Sharga said, buying “the most absolutely dis- with answers to questions each month are there to take year, said Penny Boling, the bro- involved in it,” said Johnny Buxani, counted properties, doing minor repairs and you hadn’t thought of yet. advantage of that opportunity, but ker-in-charge of Century 21 Boling a Realtor who also fl ips foreclosure fl ipping to another investor, buying 20 cents on Your broker can also I also feel we provide a backstop to and Associates in Myrtle Beach. properties. He will look through a the dollar of the last sale price and selling for 50 recommend a loan of- the market.” Doing the homework list of properties for sale, identify cents.” fi cer you can consult to Today’s fl ippers the ones he is interested in and But in the Philadelphia region, especially the VSee Realtor Q&A, Flipping properties isn’t some- then try to drive by them to see northern and western suburbs, where Pruden- Today’s fl ippers differ from thing new, she said; it’s just taken VSee Flipping, Page F2 VSee Foreclosures, Page F2

page 5UL0101F0408 CMYK Page F4 • NEW HAMPSHIRE UNION LEADER • Friday, April 8, 2011 Avenues

South Woods Condominiums, These Colonial style condominiums offer floor plan selections with first floor master bedrooms, 2 car attached garages, walk out basements and square footage ranging from 1600 to 2500. Brady Sullivan has completed each home with quality finishes of granite countertops, wood and tile flooring, designer carpet, upgraded kitchen cabinets and stainless steel appliances. Other standard features include forced hot air by gas heat, central air, gas fireplaces, vinyl siding, maintenance free decks, brick and granite walkways, architectural shingles, cathedral ceilings and low monthly maintenance fees. No more hassles of snow removal and landscaping. Conveniently located on Southwoods Road in an easy commuter location off Route 102 in Chester, these newly completed condominiums offer the feel of a detached home with the convenience and low maintenance living of a condominium. Take advantage of the grand re-opening prices offered by Brady Sullivan as the new Developer and select your home at prices from $239,000 to $289,000. These prices include all completed premium upgrade selections at no additional costs to you. (These homes previously sold for $355,000 to $504,000.) Visit the furnished models at 14 Granite Lane in Chester on Tuesday, Friday and Saturday from 10:00 am to 5:00 pm. or by appointment. Or view online at www. southwoodscondominium.com. For a private showing, contact Patricia Simpson at 670 N. Commercial Street .BODIFTUFS /)r 603.657.9728 MLS # 4036753 . www.bradysullivan.com

Hot properties: John Schneider seeks an easy ‘Smallville’ life

.On the market: fi replace and the handmade ard Franklin is listed at $7.5 bar next to it. million. Groucho Marx’s, Jane “The fi rst thing I did when The renovated 1990 house Wyatt’s former homes are we got the house was put up has been rented long- and the largest mirror you can short-term to a string of en- hot properties. buy,” he said of the piece over tertainment fi gures including the mantel. “That’s where actor Fabio, hip-hop label By LAUREN BEALE everyone would congregate Def Jam cofounder Russell Los Angeles Times around the piano.” Simmons and rapper Sean Schneider, 50, commutes Combs. John Schneider, whose ca- to Vancouver, Canada, for Designed as a bachelor pad reer has spanned “The Dukes episodes of “Smallville,” and photo studio, the 6,500- of Hazzard” in the ’80s, “Dr. which is in its fi nal season square-foot home features Quinn, Medicine Woman” in after fi rst airing in 2001. He a two-story disco, a theater the ’90s and the still-running is in preproduction on a fi lm with a fl oor-to-ceiling movie “Smallville,” has listed his to be shot in Louisiana in the screen, a casino, a gym and Agoura Hills, Calif., home for fall and recently sold a sitcom an eagle’s nest deck at the top sale at $2,199,000. to Nick at Nite. of the house. The actor raised his three Public records show he The seven-level house was children on the three-acre purchased the house in 1999 built in 1990 and updated spread, which has a creek for $1.25 million. over the years. Outdoor ame- that leads to the area where nities at the four-bedroom, 5 “Dukes” (1979-85) and “Dr. -bathroom house include a Quinn” (1993-98) were shot. Groucho Marx’s home grotto with a hot tub, a pool Schneider described the and a deck. LOS ANGELES TIMES English-style ivy-covered sells for $5.8m John Schneider, whose career has spanned “The Dukes of Hazzard” in the ‘80s to “Dr. Quinn, Medicine house of nearly 7,000 square Jane Wyatt’s old digs Woman” in the ‘90s to the still-running “Smallville,” has listed his Agoura Hills home for sale at feet as having “an East Coast The Beverly Hills home $2,199,000. kind of fl air.” where former owner Groucho on market for $23m “We have fall at the house,” Marx left his marks — initials he said. “You have to rake carved into concrete on the Talent manager turned leaves. driveway and near the pool home remodeler Sandy Gal- “I’m defaulting toward an — has sold for $5.8 million, the lin has parted ways with his easier life,” he said, referring Multiple Listing Service shows. latest residential project in to the upkeep of the large The 1927 Spanish-style Bel-Air, Calif., for $23 mil- house. “I’d rather deal with a estate had been maintained lion. fairway in my backyard than by the same family for the The late-1930s Paul a creek.” last half-century. Williams-designed home The family home, the site The two-story residence belonged to “Father Knows of annual Christmas parties has about 6,000 square feet Best” actress Jane Wyatt until and a tour benefi t for hospice of living space on more than her death. Gallin bought the care, has a large dining room an acre of grounds with a house in 2007 for $7 million with a fi replace and a game swimming pool and mature and remodeled and expand- room. trees, including some fruit ed it into a seven-bedroom, The gated property in- trees that Marx planted. 12-bathroom home that cludes detached offi ces, The house, which had blends Williams’ traditional a guesthouse, an outdoor come on the market in June style with the contemporary entertainment center, an at $6,995,000, has eight architecture of Scott Mitch- infi nity pool, a fenced pasture bedrooms and six bath- ell. for horses and three- and rooms. Among the signature Wil- two-car garages. Marx made more than a liams design elements is a Besides adding the pool dozen movies as part of the two-story circular entryway and pool house to the prop- Marx Brothers. He died in with a sweeping staircase. erty, Schneider also sound- 1977 at age 86. Gallin replaced Wyatt’s proofed a recording booth in terraced gardens with a flat the offi ce and set up a studio Hollywood Hills yard and built three sets for editing. “I did my Home of retaining walls, one of Depot voice-overs from palace listed for sale which runs along the infin- there,” he said. ity pool. But his favorite parts of the A Hollywood Hills party The 12,000-square-foot LOS ANGELES TIMES house are the grand entry, the palace owned by English mansion was originally listed A former home of film comic Groucho Marx was on the market in Beverly Hills at $6,995,000. poured stone and concrete glamour photographer Rich- at $32 million.

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