Gary`s Blog in South Jersey

Happy holidays to everyone! A time of heartfelt thanks...

Wish to thank all my clients, friends, my super co-workers, you are all so awesome!-Everyone rocks! My heartfelt thanks for helping me accomplish my 34th year in the real estate business. I am not that old now ! :) --Remember I have been licensed to sell real estate since 18 years young, and a broker since 23 years old, I have worked through 4 recessions now, our office is still leading the way, with the super help from my co workers and good client cooperation, we found ways to make people happy and get the job done right. -THANK YOU- I appreciate your business and timely thoughtful buyer and seller referrals.

Just have to mention, super time to be a Philadelphia sports fan now--The Eagles, Flyers playing in top form and how bout those Fabulous Phillies getting pitcher Cliff Lee back!-Awesome early holiday gift for us Phillies fans.  Heck- even the 76ers tonight, almost just beat the NBA leading Boston Celtics with their new improved defense of late. They may not make the playoffs like the other Philly teams but they are quickly getting more respectable each week.

Hope everyone`s holiday season is filled with alot of love and happiness that bring alot of fond memories for you and your family. May you have a super 2011, The south Jersey shore area, Atlantic and Cape May counties should show improvement in sales, with an overall slow improving economy. Be safe and keep warm--it`s cold out there!--But remember it`s usually the best time- right now-to get that timely great bargain--smart investment you always wanted. Low bargain interest rates and low prices can`t last like this perfect buying storm forever now.  Here to help! In Appreciation--My Best  Gary Simmens

FHA now accepts e-signed third party documents, including real estate contracts

Federal Housing Administration to Accept DocuSign for Real Estate Contracts Nationwide

Buyers, Sellers, Agents and Lenders Will Save Significant Time and Money on Mortgage Document Approvals with DocuSign eSignature Services

SEATTLE – April 8, 2010 - DocuSign^®, the leader in on-demand electronic signature solutions, today announced that e-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA).  DocuSign spearheaded an industry-wide effort to move the FHA to formally recognize e-signed third-party documents. The April 8, 2010 dated FHA mortgagee letter is the first in what is expected to be a series of responses to this initiative. With this policy statement from the nation's largest mortgage insurer, real estate professionals can use DocuSign to get real estate contracts, addenda and other documents signed electronically, and their buyers can apply for FHA insurance with confidence. The FHA mortgagee letter can be found at http://nhl.gov/offices/adm/hudclips/letters/mortgagee/files/10-14ml.pdf.

"We commend FHA's action today. By clarifying its position on electronic signatures, the process of buying, selling and financing of homes across the country will be greatly improved," said Ken Moyle, chief legal officer at DocuSign.  "Buyers, sellers and agents can use DocuSign's online process to eliminate the time, expense and environmental impact of printing, delivering and signing large stacks of paper documents, and mortgage lenders can take comfort in knowing that DocuSign's e-signature process is designed for legal compliance in all 50 states and is fully evidenced by a comprehensive audit trail."

Real estate agents can quickly access the DocuSign e-signing service from any laptop with Internet access, drag and drop familiar yellow StickEtabs® onto the contract and send the envelope. The recipient immediately receives an email notification that can be accessed through a computer or any Web-enabled mobile device, including Apple® iPhone®, RIM® BlackBerry®, Google® AndroidTM, Windows Mobile®, adopts an e-signature and signs the document. Once completed, an email notification is sent to all parties with a link to the final executed document. The result is a legally binding, fully ESIGN-compliant document supported by a comprehensive audit trail.

As on-demand software-as-a-service (SaaS), DocuSign requires no additional software or hardware purchases and no downtime for training. DocuSign eSignature service offers users one of the easiest, most simple to use and safest electronic signature experiences available today

How To Get Less Spam Email

 "E-Mail Tracker Programs -- Very interesting and a must read!!!

The man that sent this information is a computer tech.  He spends a lot 
of time clearing the junk off computers for people and listens to 
complaints about speed.  All forwards are not bad, just some.  Be sure 
you read the very last paragraph.  
 _________________________________________

He wrote:

By now, I suspect everyone is familiar with snopes.com and/or 
truthorfiction.com for determining whether information received via 
email is just that:  true/false or fact/fiction.  Both are excellent 
sites.

Advice from snopes.com   VERY IMPORTANT!!

1) Any time you see an email that says "forward this on to '10' (or 
however many) of your friends", "sign this petition", or "you'll get 
bad luck" or "you'll get good luck" or "you'll see something funny on 
your screen after you send it" or whatever --- it almost always has an 
email tracker program attached that tracks the cookies and emails of 
those folks you forward to.  The host sender is getting a copy each 
time it gets forwarded and then is able to get lists of 'active' email 
addresses to use in SPAM emails or sell to other .  Even when 
you get emails that demand you send the email on if you're not ashamed 
of God/Jesus --- that is email tracking, and they are playing on our 
conscience.  These people don't care how they get your email addresses 
- just as long as they get them.  Also, emails that talk about a 
missing child or a child with an incurable disease "how would you feel 
if that was your child" --- email tracking.  Ignore them and don't 
participate!

2) Almost all emails that ask you to add your name and forward on to 
others are similar to that mass letter years ago that asked people to 
send business cards to the little kid in Florida who wanted to break 
the Guinness Book of Records for the most cards.  All it was, and all 
any of this type of email is, is a way to get names and 'cookie' 
tracking information for telemarketers and spammers -- to validate 
active email accounts for their own profitable purposes.

You can do your Friends and Family members a GREAT favor by sending 
this information to them.  You will be providing a service to your 
friends.  And you will be rewarded by not getting thousands of spam 
emails in the future!

Do yourself a favor and STOP adding your name(s) to those types of 
listing regardless how inviting they might sound! Or make you feel 
guilty if you don't! It’s all about getting email addresses and nothing 
more.

You may think you are supporting a GREAT cause, but you are NOT!
you are helping the spammers instead, you will be getting tons of junk mail later and very possibly 
a virus attached!  Plus, we are helping the spammers get rich!  Let's 
not make it easy for them!
 
Use Bcc at all times unless you absolutely want the others recipients 
to know whom you are also sending to.

ALSO: Email petitions are NOT acceptable to Congress,  or any other 
organization - i.e. social security, etc. To be acceptable, petitions 
signed signature" and full address of the person signing 
the petition, so this is a waste of time and you are just helping the 
email trackers.

Northfield,NJ sold homes and under contract of sale for 1st quarter 2010.

NORTHFIELD UNDER CONTRACT FROM JANUARY 1 TO MARCH 31, 2010

ADDRESS ASKING PRICE BEDROOMS BATHS

2305 Burroughs $497,000 5 3.5

3023 Cedarbridge $339,900 4 2.5

302 Cresson $149,900 3 1

509 Fairbanks $139,000 3 2

211 Glencove $179,500 3 1

216 Surrey $208,000 3 1

Please disregard if your property is listed with another broker. This information is complied from the SJSRMLS system for the past 90 days. This information is based in

whole or in part on data supplied by our SJSRMLS system. That system does not guarantee accuracy for the information supplied. Data maintained by SJSRMLS may

not reflect all real estate activity in the market.

THE LOSCO REPORT

NORTHFIELD SOLD FROM JANUARY 1, TO MARCH 31, 2010

ADDRESS ASKING PRICE SOLD PRICE BEDROOMS BATHS

300 Argo $800000 $750,000 4 3.5

2031 Cedarbridge $219,900 $209,900 3 1

2048 Cedarbridge $224,000 $205,000 3 2

15 Cove $124,900 $113,000 3 1

610 Dolphin $205,900 $205,000 4 3

2800 Gail $185,000 $190,000 4 1.5

1 Holly $275,000 $275,000 3 2

11 Mazza $235,900 $225,000 3 2

240 W. Oakcrest $204,900 $195,000 4 3

6 Oakview $294,700 $288,500 4 2.5

505 Roosevelt $125,000 $112,500 2 1

1315 Shore $204,900 $180,000 3 2.5

528 Walnut $189,900 $180,000 3 1

2104 Zion $225,000 $180,000 3 2

1216 Zion $325,000 $300,000 3 2.5

Highlighted properties are transactions that our company participated. The Realtor sponsoring

this community information service ad is not making any representation that they were involved in any other

particular transaction whatsoever as printed in this report except for the highlighted properties.

Hard Rock Casino may build in Atlantic City, NJ

ATLANTIC CITY — A new casino may rock Atlantic City out of its economic doldrums.

Hard Rock International, one of the best-known brands in the gaming and entertainment industry, announced tentative plans Tuesday to develop one of its signature music-themed casino hotels on the Boardwalk.

The company said it has formed a partnership with the New York-based investment group Och-Ziff Real Estate for a $300 million project at the foot of the city’s Route 40 entryway.

The gaming property would include a luxury hotel, upscale restaurants and entertainment attractions, a beachfront pool and a spa. The number of hotel rooms would be determined later.

But Hard Rock stressed that its project largely depends on approval of proposed state legislation that would allow for construction of four smaller, less expensive casinos in Atlantic City. The Florida-based company has been playing with the idea of building in Atlantic City for some time, but said the new legislation would allow it to develop a casino at a greatly reduced cost.

“We are intrigued by the newly proposed legislation, which makes entering the marketplace more manageable,” Hard Rock International Chairman Jim Allen said. “Despite current headwinds, Atlantic City remains the second-largest gaming market and would be an exciting location for a Hard Rock Hotel and Casino.”

State Sen. Jim Whelan, D-Atlantic, introduced legislation Monday that would lower the requirement for casino-hotel construction from the current minimum of 500 rooms to just 200. Whelan, a former Atlantic City mayor, will have to overcome objections from Republican opponents and some of the current casino operators to get the bill approved.

“I’ve talked to the leadership on both sides of the aisle and in both houses,” Whelan said, aiming for bipartisan support. “There are people who support it and some who have reservations about it. As we work through the process, we hope we can address any concerns.”

Whelan said he had been discussing the casino project with the Hard Rock group for months, but decided to introduce the legislation when the company’s plans grew serious.

“No one has gotten to the level of being where Hard Rock is,” Whelan said.

Mark Juliano, chief executive officer of the three Trump Entertainment Resorts Inc. casinos, has denounced Whelan’s bill as a “ludicrous” idea that would cheapen Atlantic City’s image and undermine efforts to develop a more high-end tourism market.

Don Marrandino, president of the Bally’s, Caesars, Harrah’s Resort and Showboat casinos owned by Harrah’s Entertainment Inc., said his company will consider giving its support to the legislation if it is a catalyst for nongaming amenities that would enhance Atlantic City’s visitor base.

“If someone came up with some really cool stuff — like the exhibit of aquariums at Mandalay Bay in Las Vegas, or a shark tank or amusements or big concerts — then I think we would take a look at it,” Marrandino said. “But if they came in with just 200 hotel rooms and a casino, we wouldn’t be interested in it.”

Whelan’s legislation is part of efforts to revive Atlantic City’s gaming industry, now mired in a three-year slump caused by the fragile economy and competition from Pennsylvania’s slot parlors. His bill would lead to a new generation of cheaper, boutique-style casinos, making it much more affordable for developers to build.

Allen emphasized the importance of the legislation for Hard Rock’s project. He also said the company is attracted by New Jersey’s historically low casino tax rate and the potential gains for the Atlantic City market once the economy recovers.

“We really do believe in the market,” Allen said. “We believe there is a lot of upside.”

Hard Rock International, which operates 13 casino hotels and 130 cafes around the world, is one of the most recognized brands in the entertainment business. The company’s extensive collection of music memorabilia is displayed in its clubs and casinos. The Seminole Indian tribe in Florida owns the Hard Rock empire.

If built, Hard Rock’s Atlantic City casino would rise at the southern end of the Boardwalk, at the Albany Avenue terminus of the Route 40 corridor. Years ago, the property was the site of the ill-fated Dunes casino, which was torn down after the developer went bust during construction.

Hard Rock would operate the casino and the Och-Ziff investment group would finance it, Allen said. Och-Ziff is a private equity fund that has nearly $25 billion under its management. It owns the development site as part of an investment group that includes hotelier Curtis Bashaw. The Hard Rock casino would take the place of a $2 billion megaresort that Bashaw had once hoped to build, which was stopped cold by the recession and global credit crisis.

Bashaw has tentative plans for another casino project linked to the Whelan proposal. The legislation also raises the possibility of existing noncasino hotels being converted into boutique casinos. Bashaw is thinking of converting his posh Chelsea hotel, which overlooks the Boardwalk at Chelsea and Pacific avenues, into a casino hotel.

How Warm Will The East Get This Week?

Warmer air will continue spreading eastward across the country the rest of the week, sending temperatures soaring well above normal from the Plains to the Northeast and mid-Atlantic. The warm-up in the East will span through Saturday, making for a beautiful first day of spring.

For many places in the Northeast, temperatures Friday and Saturday will be the warmest they've been since November or early December. Temperatures in Philadelphia and Washington, D.C., are expected to reach 70 for the first time since the middle of November.

High temperatures will reach the 60s across a large portion of the Midwest and mid-Atlantic Thursday through Saturday. Across much of the Carolinas, Virginia and Maryland, highs will reach the 70s Friday and Saturday.

High temperatures in New York City and Pittsburgh are expected to be in the 60s Wednesday through Sunday, making this the longest stretch of days with temperatures over 60 degrees since late October.

By Saturday, temperatures across southern Virginia and northern North Carolina will reach the upper 70s. It is possible that a few places reach 80 degrees for the first time this year.

The warmth is also being felt across much of the Midwest and northern Plains. Temperatures will remain 10 to 20 degrees above normal with highs in the 50s and 60s across these regions over the next couple of days.

A cold front will, however, bring an end to the warmth as it heads eastward across the northern Plains Thursday into Friday and the Midwest over the weekend. This colder air will reach the Eastern Seaboard early next week.

Thunderstorms, some strong, are expected to develop ahead of this front as it crosses the nation. In its wake, snow will fall across areas from the Rockies to the upper Great Lakes as temperatures plummet into 20s and 30s.

Taxpayers Seeking Homebuyer Tax Credits - Read This

Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper By Broderick Perkins

Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements.   Earlier this year, the Internal Revenue Service (IRS) deployed new home buyer tax credit forms and instructions requiring forms that will force taxpayers to file on paper, rather than electronically.   The new home buyer tax credit filing rules are to ward off a repeat of 90,000 taxpayers who fraudulently claimed the credit, according to the U.S. Treasury.   Under the new and expanded home buyer tax credit rule , the credit is worth up to $8,000 for first-time home buyers and up to $6,500 for qualifying existing home buyers, in both cases, who buy a primary residence or have one built. The tax credit is refundable. A credit that is larger than the taxes owed is returned to the taxpayer in the form of a refund.   The home can cost no more than $800,000 and qualifying income is limited to a maximum of $125,000 for single taxpayers and $225,000 for joint taxpayers.   Get the full scoop online from the IRS' "First-Time Homebuyer Credit" page online.   All taxpayers (first time and move up buyers) seeking a credit or refund, must use the new IRS Form 5405 "First-Time Homebuyer Credit and Repayment of the Credit" (Taxpayers must pay back the credit if they sell the home within three years). The instructions, which teach taxpayers what documents are required, are available on IRS FORM i5405.   In addition to Form 5405, also include at least one of the following documents:

A copy of the HUD-1, Settlement Statement, showing all parties' names and signatures, property address, sales price, and date of purchase. For mobile home buyers who don't get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase. For new home buyers who don't get a settlement statement, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.   Existing home owners applying for the $6,500 maximum tax credit must additionally prove they lived in their old home for the required period.   To do so, options are: File IRS Form 1098, "Mortgage Interest Statement." IRS Form i1098 offers the instructions. Also, supply mortgage interest statements or property tax records or homeowner's insurance records.   Again, because some of the documents required are not standard tax forms, taxpayers seeking the credit cannot file electronically.   They can, however, use off-the-shelf tax software or the IRS Free File online software to prepare returns, but they must still print out the return and mail it in with the required documents.   In addition to accuracy and compliance, the only other way to speed up any refund is to request, with the return, that the home buyer tax credit refund be deposited directly into a bank account.

NJ Gov. Christie getting tuff on costs-lobbyists.

Gov. Chris Christie has called on Tuesday told all state agencies, authorities, boards and commissions to stop hiring lobbyists.
He also said his administration will review whether certain authorities should be eliminated.
At a news conference, Christie signed an executive order that forbids authorities from signing new contracts with lobbying firms, and orders that existing contracts must expire or be legally terminated as soon as possible.

In making the rule, Christie blasted what he called "the shadow government economy," namely the work of around 700 state authorities, boards, agencies and commissions, whose members are not elected but administer large budgets.
"They spend billions of dollars every year of taxpayer money, fee-money, toll-money that is collected from the people of New Jersey and others. I have been... significantly disturbed by the reports of some of things we've seen going on, the ways that some of that money is expended."

The Press of Atlantic City reported on Monday that Christie vetoed budgets of the state thoroughbred and standardbred horse breeding associations in part because the thoroughbred group planned to spend $40,000 on lobbying.
The order further says that each authority must provide a list of all its lobbying contracts to the Governor's office by March 1.

And by May 15, each head of a government department must recommend to the governor which of the authorities in the department should survive. The governor said unnecessary authorities could be scrapped.
Christie specifically said the order extended to the two horsemen's associations, both registered as 501c3 non-profit organizations. As 501c3s, those groups are allowed to spend a small part of their budget on lobbying.

But Christie said he wanted to see those groups cease lobbying altogether.
"We're telling them not to be spending their money on lobbyists. And the tax code may have it be permissible, but this governor is not going to have it be permissible."
The governor on Tuesday also capped all travel by employees of the authorities at $250 unless otherwise approved by the governor's office.

Look to see what your cell phone can do.

http://www.dailymotion.com/video/x5odhh_pop-corn-téléphone-portable-micro-o_news

Interesting-Click the link above please to see how a cell phone can make popcorn pop.

Economic Highlights for the Week Ending January 29, 2010

Volume 16, Number 3 Economic Highlights for the Week Ending January 29, 2010

MONDAY, January 25th Existing home sales plunged a record 16.7% in December to an annualized pace of 5.45 million. The large decline followed several months of strong sales gains that were primarily driven by the first time homebuyer tax credit which was originally slated to expire on November 30. The tax credit has since been extended and expanded but not before impacting sales immediately afterward in December. Despite the sharp decline in December, total sales are still 15.0% above their year ago level. For all of 2009, sales increased over 5% from 2008, their first annual gain since 2005.

TUESDAY, January 26th The S&P/Case-Shiller 20-city home price index increased 0.2% in November from October and gained 5.3% from November 2008. 14 of the 20 metro areas tracked gained on a monthly basis, seasonally adjusted, and 4 of the 20 areas posted annual gains. The rate of decline slowed in most all areas which is indicative of some price stabilization. Nationwide, home prices are akin to 2003 levels. Consumer confidence increased to 55.9% in January from a level of 53.6% in December. A solid gain in present situation ratings led the index higher although expectations scores rose slightly as well. Even with a better-than-expected reading this month, confidence levels remain depressed as weak labor and housing markets continue to weigh on consumers' attitudes about the economy.

WEDNESDAY, January 27th The MBA mortgage applications index fell 10.9% to 513.0% for the week ending January 22. The purchase index slipped 3.3% as the refinance index tumbled 15.1%. With this week's decline, mortgage application activity is 29.9% lower than its year ago level which suggests stagnation in what was a modest housing market recovery. New home sales declined by 7.6% in December to an annual pace of 342k after an upwardly revised, but still dismal annual rate of 370k in November. Substantial back-to-back monthly declines have left new home sales near their record low rate of 329k registered in January last year. New home sales are tanking again after many months of recovering at a modest pace. Hopefully, the housing market will rebound once again supported by the extended homebuyer tax credit, high affordability, looser mortgage credit and improving jobs picture. The FOMC voted to keep rates in an exceptionally low range of 0% to 0.25% in order to support ongoing recovery in the economy. The Committee acknowledging moderate economic expansion but with substantial resource slack which is likely to restrain inflation at this time. Policymakers maintained their commitment to buying up to $1.25 trillion of agency mortgage backed securities and up to $175 billion of agency debt. In addition the Fed anticipates that most of their special liquidity programs will expire on February 1, 2010 but are prepared to modify these plans if necessary. The Fed and fiscal and market forces have generated the beginnings of an economic recovery and resolved much of the distress in financial markets. With their mission largely being accomplished, details of the exit strategy are emerging.

THURSDAY, January 28th Jobless claims fell 8k to 470k for the week ending January 23. Expectations were centered on a bigger decline to a level of 450k. Consequently claims remain elevated which may indicate renewed weakness in labor market conditions. It may take several weeks for the data to settle down from the fluctuations caused by the holidays.

FRIDAY, January 29th The economy grew at a 5.7% pace in the fourth quarter according to the advance estimate for GDP. This was the strongest pace of economic growth in more than six years. This follows 2.2% growth in Q3. The Q4 expansion was driven by inventory investment which added 3.4 percentage points to growth. Final demand was positive last quarter but still fairly weak. With inventories being cyclical in nature it is questionable whether the current strong growth pace can be maintained in the near-term.

Stock Market Close for the Week

Index Latest A Week Ago Change DJIA 10067.35 10172.98 -105.65 or -1.04% NASDAQ 2147.35 2205.29 -57.94 or -2.63%

WEEK IN ADVANCE

Robust Q4 growth is not expected to continue in the current quarter. Data in the coming week will provide the first look at the economy's footing in the New Year. The employment report for January, due out on Friday, highlights on the economic calendar.

Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 3.25 3.25 3.25 Fed Discount 0.50 0.50 0.50 Fed Funds 0.13 0.15 0.19 11th District COF 2.094 1.832 3.155 10-Year Note 3.59 3.67 2.75 30-Year Treasury Bond 4.50 4.49 3.45 30-Yr Fixed (FHLMC) 4.98 5.25 5.10 15-Yr Fixed (FHLMC) 4.39 4.69 4.80 1-Yr Adj (FHLMC) 4.29 4.80 4.90 6-Mo Libor (FNMA) 0.42969 1.11125 1.7500 Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco