That house at 1077 Glenwood Blvd finally sold.

It's assessed for $182,000, the mayor prefers to give tax exemptions to his millionaire cronies downtown and thus refuses to do a reassessment.

The city claims the house would sell for $147,967.  

It was listed for sale since October 2012.   Two years to sell a house in the city, really it is a nice house if one likes that style.

The mayor had it listed multiple times on his taxpayer subsidized gala bus tour

But the mayor's tax deadbeat real estate gal (and STAR double dipper that rendered decisions on STAR exemptions sitting on the board of assessment), could not sell the house.   She was the actual agent.

Owners ended the attempt to sell at the beginning of May

Not sure who they had find a buyer, but it sold to someone in NYC for just a puny $101,760.   Remember, the city claims it would sell for $147,967.

Maybe word via friends or relatives, owners have an FHA mortgage which I've assumed (and might be wrong) that requires owner occupancy.   These owners ARE MANDATED TO HAVE TAXES ESCROWED !!!!!!!!!!

Mortgage IS 30 yr and is for $99,900 (wow, not even $2,000 for a down payment) which means monthly mortgage of about $475 per month, add roughly $40 MIP,  Then on top of that, the confiscatory taxes if just about $9,000 on that place will be just about $750 per month and not only no garage, but not even a driveway!  


Oh it's the renaissance, the city leaders are doing such a wonderful job because a house sold for 50% less than the city's claimed market value.  They could have bought a house in Rotterdam actually, with lots more land, off street parking, and pay one-third of the taxes (gee does that mean I'm praising Rotterdam?  They could have moved to another county locally and paid less taxes.  

Wonder how soon they will be underwater on their mortgage

Quoted from mikechristine1

That house at 1077 Glenwood Blvd finally sold.
It's assessed for $182,000, the mayor prefers to give tax exemptions to his millionaire cronies downtown and thus refuses to do a reassessment.
The city claims the house would sell for $147,967.  
It was listed for sale since October 2012.   Two years to sell a house in the city, really it is a nice house if one likes that style.
The mayor had it listed multiple times on his taxpayer subsidized gala bus tour
But the mayor's tax deadbeat real estate gal (and STAR double dipper that rendered decisions on STAR exemptions sitting on the board of assessment), could not sell the house.   She was the actual agent.
Owners ended the attempt to sell at the beginning of May
Not sure who they had find a buyer, but it sold to someone in NYC for just a puny $101,760.   Remember, the city claims it would sell for $147,967.
Maybe word via friends or relatives, owners have an FHA mortgage which I've assumed (and might be wrong) that requires owner occupancy.   These owners ARE MANDATED TO HAVE TAXES ESCROWED !!!!!!!!!!
Mortgage IS 30 yr and is for $99,900 (wow, not even $2,000 for a down payment) which means monthly mortgage of about $475 per month, add roughly $40 MIP,  Then on top of that, the confiscatory taxes if just about $9,000 on that place will be just about $750 per month and not only no garage, but not even a driveway!  
Oh it's the renaissance, the city leaders are doing such a wonderful job because a house sold for 50% less than the city's claimed market value.  They could have bought a house in Rotterdam actually, with lots more land, off street parking, and pay one-third of the taxes (gee does that mean I'm praising Rotterdam?  They could have moved to another county locally and paid less taxes.  
Wonder how soon they will be underwater on their mortgage

Well if it is an FHA (how do you know this is fact??, down payment at selling price you quoted (if that is accurate)
would need to be $3,561.60 MINIMUM, plus closing costs/points.

Quoted Text

FHA Down Payment Rules
One commonly asked FHA loan question involves down payment requirements. Many people want to know what the FHA loan down payment rules are for a particular state or zip code.
There's a mistaken impression among some FHA mortgage loan applicants that FHA rules for down payments vary from state to state, but the truth is that FHA loan rules require a minimum down payment of 3.5% for new purchase loans.
According to FHA.gov, "Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties."
One source of the confusion on the down payment issue? Many borrowers find there are additional factors that affect the amount of the down payment. For example, those who do not qualify for the most competitive loan terms may not be able to get the lowest required down payment. Credit issues or other factors may affect the lender's perception of your credit worthiness. That can affect the terms, rates and down payment you're qualified for from that particular lender.
Also, participating FHA lenders may also have a higher down payment requirement based on other issues--the FHA minimum isn't a guarantee that you'll be offered that by a particular lender.
FHA rules for down payments don't vary from state to state, but the amount of your down payment could vary depending on individual circumstances. Borrowers should not expect to be given the same terms or conditions on an FHA loan as a friend or fellow borrower, and the lender's requirements could vary from loan to loan for a variety of reasons.  

ALSO:

Quoted Text

Two mortgage insurance premiums are required on all FHA loans: The upfront premium is 1.75 percent of the loan amount and is paid when the borrower gets the loan but can be financed as part of the loan amount.
The second is the annual premium, which varies based on the length of the loan, the amount borrowed and the initial loan-to-value ratio (LTV). The current annual premiums for loans less than $625,500 are:
15-year loan, LTV more than 90 percent: 0.70 percent
15-year loan, LTV 90 percent or less: 0.45 percent
30-year loan, LTV more than 95 percent: 1.35 percent
30-year loan, LTV 95 percent or less: 1.3 percent

ALSO:  Flippers can buy foreclosed homes with FHA loan (up to 4),
so it appears residence is not a requirement.

Add up all those numbers and picture is different than you paint (as usual)!!!

The fact of the matter is this home sold for sh*t...No one in their right mind would pay anywhere close to assessed value on a home where the taxes you pay are higher per thousand than ANY county in the area...it's idiocy...All the while businesses downtown get sweetheart tax deals and the residents that are left have to pay the freight.

Interesting:
May 2014 this was on market for $107,000
Zestimate®:  $118,748

Quoted Text

Zillow predicts 12308 home values will rise 0.9% next year, compared to a 0.5% rise for Schenectady as a whole. Among 12308 homes, this home is valued 7.7% more than the midpoint (median) home, but is valued 32.4% less per square foot.

Foreclosures will be a factor impacting home values in the next several years. In 12308, the number of foreclosures waiting to be sold is 7.5% higher than in Schenectady, and 106.2% higher than the national average. This higher local number may prevent 12308 home values from rising as quickly as other regions in Schenectady.

Quoted from mikechristine1

That house at 1077 Glenwood Blvd finally sold.

It's assessed for $182,000, the mayor prefers to give tax exemptions to his millionaire cronies downtown and thus refuses to do a reassessment.

The city claims the house would sell for $147,967.  

It was listed for sale since October 2012.   Two years to sell a house in the city, really it is a nice house if one likes that style.

The mayor had it listed multiple times on his taxpayer subsidized gala bus tour

But the mayor's tax deadbeat real estate gal (and STAR double dipper that rendered decisions on STAR exemptions sitting on the board of assessment), could not sell the house.   She was the actual agent.

Owners ended the attempt to sell at the beginning of May

Not sure who they had find a buyer, but it sold to someone in NYC for just a puny $101,760.   Remember, the city claims it would sell for $147,967.

Maybe word via friends or relatives, owners have an FHA mortgage which I've assumed (and might be wrong) that requires owner occupancy.   These owners ARE MANDATED TO HAVE TAXES ESCROWED !!!!!!!!!!

Mortgage IS 30 yr and is for $99,900 (wow, not even $2,000 for a down payment) which means monthly mortgage of about $475 per month, add roughly $40 MIP,  Then on top of that, the confiscatory taxes if just about $9,000 on that place will be just about $750 per month and not only no garage, but not even a driveway!  


Oh it's the renaissance, the city leaders are doing such a wonderful job because a house sold for 50% less than the city's claimed market value.  They could have bought a house in Rotterdam actually, with lots more land, off street parking, and pay one-third of the taxes (gee does that mean I'm praising Rotterdam?  They could have moved to another county locally and paid less taxes.  

Wonder how soon they will be underwater on their mortgage

It does have a garage. The west alley is in the rear with a detached garage and small parking area.

Still sold well below what a house of its caliber would sell anywhere else.

Quoted from Parent

It does have a garage. The west alley is in the rear with a detached garage and small parking area.

Still sold well below what a house of its caliber would sell anywhere else.

Oh, thank you, Parent, my mistake.  I keep forgetting about those alleys.  

Curious, are those alleys paved?

Quoted from joebxr

Well if it is an FHA (how do you know this is fact??, down payment at selling price you quoted (if that is accurate)
would need to be $3,561.60 MINIMUM, plus closing costs/points.


ALSO:


ALSO:  Flippers can buy foreclosed homes with FHA loan (up to 4),
so it appears residence is not a requirement.

Add up all those numbers and picture is different than you paint (as usual)!!!

Quoted from joebxr

ALSO:  Flippers can buy foreclosed homes with FHA loan (up to 4),
so it appears residence is not a requirement.

The house was NOT a foreclosed home, neither by bank nor by taxes.

Quoted from joebxr

Well if it is an FHA (how do you know this is fact??, down payment at selling price you quoted (if that is accurate)
would need to be $3,561.60 MINIMUM, plus closing costs/points.



Add up all those numbers and picture is different than you paint (as usual)!!!

How do I know this is fact?     You really have to ask?


If the mortgage has an FHA case number, does that mean it is NOT an FHA mortgage?

Quoted from mikechristine1

The house was NOT a foreclosed home, neither by bank nor by taxes.

Didn't say it was, don't put words in my mouth...gave FHA information...are you reading challenged. If I'm mistaken,
show me that I am claiming this was foreclosed and I will be glad to apologize!

Quoted from mikechristine1

How do I know this is fact?     You really have to ask?


If the mortgage has an FHA case number, does that mean it is NOT an FHA mortgage?

Oh good one...you got me there. Apparently I have better things to do than seek out
individual mortgages to understand how someone purchased a home....see I have a life
and much better things to do. I bow to you, the Queen of cut-n-paste and Princess
of mortgages/taxes!

Quoted from joebxr

Oh good one...you got me there. Apparently I have better things to do than seek out
individual mortgages to understand how someone purchased a home....see I have a life
and much better things to do. I bow to you, the Queen of cut-n-paste and Princess
of mortgages/taxes!

We have other things to do to, but people seem to ask us for evidence lately, like you, ask for FACTS.   As if we don't provide them.   We are not like the BIG dem cheerleader who posts all over the place saying the city is in a renaissance, claiming taxes are going down, but refuses to provide one shred of evidence of anything he says.  

Quoted from mikechristine1

We have other things to do to, but people seem to ask us for evidence lately, like you, ask for FACTS.   As if we don't provide them.   We are not like the BIG dem cheerleader who posts all over the place saying the city is in a renaissance, claiming taxes are going down, but refuses to provide one shred of evidence of anything he says.  

Good one...I'll remember this....MC1 the PUBLIC SERVANTS, Robin Hoods of Schdy!!!!!

right JB...these people have no lives.....they travel around the city daily ..looking for whatever.....

if you have so much time...volunteer at something that would help others....

Quoted from mikechristine1

Oh, thank you, Parent, my mistake.  I keep forgetting about those alleys.  

Curious, are those alleys paved?

Yes they are, they are quite narrow though.