Home Builders In Ny Ny New York

I am considering purchasing a home in Nassau County, Long Island (New York State). However, I would like to know if I am supposed to pay the Real Estate Transfer tax, or if the seller of the home is. The house is brand new construction, and we are purchasing it straight from the builder. Thanks.

I am in the same boat, the person I am working with said we (buyer) would have to pay the transfer tax since it is a new construction, usually the seller is the one who would pay it since it is an old house. They quoted that we would have to pay 1.825% of the sale price of the home, which is actually a lot of money based on your home price.

2007-04-20 15:06:37 by Palangat R

Hudson Valley NY Custom Built Affordable New Houses Starting At Only $156k + Land Or On Your Lot Call 1-800-664-0304 Custom NY Home Builder ...

2003, that is, when the New York Times ran this article on proposed reforms to Fannie Mae and Freddy Mac:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. ...

The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session. ...

''The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies. ...

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Maybe it's too much to expect anyone to remember the distant past--2003--but still, it seems remarkable that Barney Frank can make the rounds of the television talk shows, pontificating on the current crisis, without being reminded of his own role.

read the rest... http://query.nytimes.com/gst/fullpage.ht ml?res=9E06E3D6123BF932A2575AC0A9659C8B6 3&scp=1&sq=%22barney+frank%22&am p;st=nyt

This whole thing started out with a noble concept: Making the American dream of home ownership available to everyone. It ran amok because the greedy and unsavory among us saw it as a way to make money off of the less fortunate without actually victimizing them (in their minds). Add to the mix people with reasonable credit who found out they could buy a house bigger and better than they had ever dreamed of just by being a little "creative" with the loans, and there was even more money to be made and even less of an incentive to pull the plug. This is another example of there being no such thing as a victimless crime, as so many people face futures without homes of their own and with ruined credit ratings, not to mention what it's done to the rest of the country. I believe violating the public trust and purposely mismanaging a government agency ought to be a federal crime, and I hope charges will be brought.

I know I'm preaching to the choir, but there is a lot to be said for being content with what you have and not overextending yourself for the purpose of feeling better about your life and impressing others. This desire to appear well off appeals to Americans, and what better way to achieve this than by owning a home, especially a big, beautiful one? I'm not too proud to admit I've felt pangs of jealousy from time to time when I see people who earn less than we do living in a better house than ours. I want to move out of my home for many reasons, and I'm working on making that happen right now. It may not work out for me, but that's okay. When it comes down to it, I have everything I need and enough of what I want, and when I wake up in the morning I remind myself that I have absolutely nothing to complain about.

My opinion of the article: Outstanding. I first learned about questionable lending and predatory lending several years ago by asking friends in the business how a family whom I know for a fact earns $60,000 a year purchased a $400,000 home. People I talked to back then, about four or five years ago, said this was a house of cards, and I find it impossible to believe that Congress didn't know it too.

2008-09-24 19:42:36 by Yak Rider

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Following article extracted from NY Times, written by David Barboza, Friday, January 8, 2010,


James S. Chanos built one of the largest fortunes on Wall Street by foreseeing the collapse of Enron and other highflying companies whose stories were too good to be true.

Now Mr. Chanos, a wealthy hedge fund investor, is working to bust the myth of the biggest conglomerate of all: China Inc.

As most of the world bets on China to help lift the global economy out of recession, Mr. Chanos is warning that China's hyperstimulated economy is headed for a crash, rather than the sustained boom that most economists predict. Its surging real estate sector, buoyed by a flood of speculative capital, looks like "Dubai times 1,000 -- or worse," he frets. He even suspects that Beijing is cooking its books, faking, among other things, its eye-popping growth rates of more than 8 percent.

"Bubbles are best identified by credit excesses, not valuation excesses," he said in a recent appearance on CNBC. "And there's no bigger credit excess than in China." He is planning a speech later this month at the University of Oxford to drive home his point.

As America's pre-eminent short-seller -- he bets big money that companies' strategies will fail -- Mr. Chanos's narrative runs counter to the prevailing wisdom on China. Most economists and governments expect Chinese growth momentum to continue this year, buoyed by what remains of a $586 billion government stimulus program that began last year, meant to lift exports and consumption among Chinese consumers.

Still, betting against China will not be easy. Because foreigners are restricted from investing in stocks listed inside China, Mr. Chanos has said he is searching for other ways to make his bets, including focusing on construction- and infrastructure-related companies that sell cement, coal, steel and iron ore.

Mr. Chanos, 51, whose hedge fund, Kynikos Associates, based in New York, has $6 billion under management, is hardly the only skeptic on China. But he is certainly the most prominent and vocal.

For all his record of prescience -- in addition to predicting Enron's demise, he also spotted the looming problems of Tyco International, the Boston Market restaurant chain and, more recently, home builders and some of the world's biggest banks -- his detractors say that he knows little or nothing about China or its economy and that his bearish calls should be ignored.

"I find it interesting that people who couldn't spell China 10 years ago are now experts on China," said Jim Rogers, who co-founded the Quantum Fund with George Soros and now lives in Singapore. "China is not in a bubble."

Colleagues acknowledge that Mr. Chanos began studying China's economy in earnest only last summer and sent out e-mail messages seeking expert opinion.

But he is tagging along with the bears, who see mounting evidence that China's stimulus package and aggressive bank lending are creating artificial demand, raising the risk of a wave of nonperforming loans.

"In China, he seems to see the excesses, to the third and fourth power, that he's been tilting against all these decades," said Jim Grant, a longtime friend and the editor of Grant's Interest Rate Observer, who is also bearish on China. "He homes in on the excesses of the markets and profits from them. That's been his stock and trade."

Mr. Chanos declined to be interviewed, citing his continuing research on China. But he has already been spreading the view that the China miracle is blinding investors to the risk that the country is producing far too much.

"The Chinese," he warned in an interview in November with Politico.com, "are in danger of producing huge quantities of goods and products that they will be unable to sell."

In December, he appeared on CNBC to discuss how he had already begun taking short positions, hoping to profit from a China collapse.

In recent months, a growing number of analysts, and some Chinese officials, have also warned that asset bubbles might emerge in China.

The nation's huge stimulus program and record bank lending, estimated to have doubled last year from 2008, pumped billions of dollars into the economy, reigniting growth.

But many analysts now say that money, along with huge foreign inflows of "speculative capital," has been funneled into the stock and real estate markets.

A result, they say, has been soaring prices and a resumption of the building boom that was under way in early 2008 -- one that Mr. Chanos and others have called wasteful and overdone.

"It's going to be a bust," said Gordon G. Chang, whose book, "The Coming Collapse of China" (Random House), warned in 2001 of such a crash.

Friends and colleagues say Mr. Chanos is comfortable betting against the crowd -- even if that crowd includes the likes of Warren E. Buffett and Wilbur L. Ross Jr., two other towering figures of the investment world.
Hi Cutie, good thoughts. Shouldnt all fortune tellers give a time frame of predictions ie telling that someone would become a billionaire in 2010 or in 20100?
Longlive, thanks for the valuable contribution, as always.
Mr Hex Vision, good points, cant agree with you more, adding to everything mentioned information and news are not so easily accessible by the locals which hindered local investors' decisions wisely. Bottome line, when will the burst?

I love carnival fortune tellers. They are so marvelously entertaining with their predictions of the future. They read your palm or look into a crystal ball and make up an entertaining story. Most carnival fortune tellers charge $10, but this man hopes to make much more. Many people are excited about investing in China, while others are jealous of China's success, so this man sensed an opportunity to make money by fabricating a fortune telling story about China.

No one can foretell the future. Anyone who claims they can see into the future is either an entertainer (fortune teller), financial opportunist (stock manipulator), or insane. Since this man is a hedge fund operator, isn't it obvious that he is trying to spread negative rumors about China in an effort to briefly create a buying opportunity for himself in Chinese stocks? Because he actually believes China has a great economic future?

Your article says this man lives in New York, but he predicts the future of a distant country that he knows nothing about. That's like my voodoo worshiping maid who has claimed for 22 years that the Moon will split in half. Her name is Bong Bong, but her friends call her Bong. She foresees the future all of the time, but none of her predictions ever come true.

Sorry to burst your bubble of naivete, but when someone on Wall Street opens their mouth it is for the sole purpose of enriching themself. People lie all of the time. No one can foresee the future. In other words, this fortune telling man is a fraud.

2010-01-09 11:33:23 by Don

Price: $24.95