Pittsburgh, PA

I visited the Riverside Mews Condominium project on Pittsburgh's South Side a few weeks ago. These LEED certified, high-end condos being built by Sota Construction show exactly how beautiful and high-quality a green home can be. The first thing you notice about the project is the modern geometric styling that incorporates outdoor space in every home. Plans call for a total of 48 units to be built between 18th and 19th Street on Pittsburgh’s South Side.

The homes were voted Best Green / Energy Efficient Homes under 500K by the Builders Association of Metropolitan Pittsburgh in 2008. And rightfully so, they incorporate the latest energy-efficient building techniques and materials, as well as amazing luxury finishes. Low-VOC paint throughout, bamboo floors, sustainable produced ceramic tile in the spa-like bathrooms, granite countertops and stainless ENERGY STAR appliances are all standard.

To get maximum energy-efficiency the homes are insulated with Bio-spray foam, which both seals and insulates all exterior walls, and wool batting between the units to insulate from the neighbors. High-efficiency heat pumps, sealed ductwork and tankless water heaters are standard on all units. Even the driveway is made of recycled cobblestone that was found on site and repurposed as pavers. The aggregate in the concrete was once at the bottom of the rivers, before it was dredged and used to form concrete block for the project, and the metal work was fabricated locally from recycled aluminum.

Their new model is a showpiece of green and sustainable design, but the most unique unit is the planned zero-energy home which is heated by a geo-thermal heat pump and lit throughout with LED lighting. All the condos are, or will be, ENERGY STAR labeled with HERS ratings in the mid 50’s all the way down to the 20’s.

Riverside Mews also benefits from a great central location (A walk score of 95 out of 100) with an easy commute to downtown or Oakland by bike or on foot. Plus with all the Southside restaurants, clubs and shopping it will be easy to leave your car parked.

Want to see Riverside Mews for yourself? Call Christa Ross from RE/MAX Select Realty, your certified green agent and RE/MAX green specialist at 724-933-6300 x214 or visit my website at www.greenhomespgh.com.

PA FHA Cash-Out Refinance, is often the best route for Pennsylvanians to go when refinancing their homes to consolidate debt, pay off a 1st and 2nd mortgage (be it a home equity loan, line of credit, or equity note), or to simply pull out some cash. Cash can be used for any reason, be it for home repairs, investments, or college tuition. The main reason a PA FHA Cash-Out Refinance often makes the most sense is because Fannie Mae loans often have high pricing adjustments for credit scores falling under 740, and loan to values over 60%. A loan-to value is the amount of money borrowed, divided by your homes appraised value. With a PA FHA Cash-Out Refinance, fewer pricing hits apply all the way up to a loan against 85% of a home's value.

Many consumers hear PA FHA Cash-Out Refinance and the first thought many consumers have is "I don't want to pay monthly mortgage insurance and I don't want a Mortgage Insurance Premium of 1.75%". While it is true you WILL have both monthly MI and a Mortgage Insurance Premium on ALL 30 Year PA FHA Cash-Out Refinances, even those below an 80% Loan to Value, it may be more cost effective to go with an PA FHA Cash-Out Refinance rather than a traditional Fannie Mae loan. Keep in mind as well, a 15 year FHA loan may not have monthly mortgage insurance if the loan-to-value is under 90%. The Up-Front MIP is still required. Here are a couple comparisons of 30 year loans based on pricing as of 9/11/2009*:

#1: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 639

FHA Loan 5.25% (5.83% APR) 0 pts 1.75% MIP .55% Monthly MI

Fannie Mae Loan 5.625%(6.068 APR) 4pts N/A MIP NO MI

Fannie Mae pricing adjustment: 5.75 points, credit score under 640 to an 80% LTV

#2: 30 Year Fixed Rates, 200k loan, 250k Home Value, Credit Score 675

FHA Loan 5.25% (5.79% APR) 0 pts 1.75% MIP .55% Monthly MI

Fannie Mae Loan 5.625%(5.88% APR) 2.5pts N/A MIP NO MI

Fannie Mae pricing adjustment: 4 points, credit score under 680 to an 80% LTV

These 2 cases can be argued to be a bit extreme, but the point is made: rates advertised often for Fannie Mae rates often don't take into account credit score and loan-to-value adjustments made on loans these days. This is particularly true for cash-out loans, even if you are just paying off a non-purchase money 2^nd lien. Couple this with the fact that FHA loans allow for a PA FHA Cash-Out Refinance up to 85% of a home's value and allow credit scores as low as 620 currently, and you will find an FHA loan will benefit more consumers. Another option gaining more notice as of late is the FHA 5/1 ARM as well, which offers interest rates in the 4's currently for PA FHA Cash-Out Refinance financing as well.

If you are considering refinancing, contact a mortgage professional who knows their way around the guidelines and pricing adjustments for various programs.

* Not a commitment to lend. Rates for illustrative purposes only. Other programs available. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA, NJ, NY,PA,TX,SC,VA

New jersey Jumbo Loans Mercer County NJ Jumbo Mtgs Stated Income Mortgages

Being from a high volume REO listing office, and focussing on buyer and seller representation of REO properties, my phone is constantly ringing with calls from out of state investors who know a good thing, when they see it. I maen where else in this country, today, can you spend under 100k, and pick up a 4 unit building that has a $2,400 dollar a month rent roll. It's almost unheard of.

My phone also rings with calls from out of state investors who have the right idea, but not neccessarily the right product. The Investors who think they may have a jump on the game, and have a fair amount of cash in hand, and got the inside track on wholesale deals have started chiming in now too, and if you ask me, the new is not so good.

About 2 months ago, I received a call from a couple of guys out of New York. They had recently purchased one of my REO properties I had listed in Verona, PA., and had done so in a wholesale purchase which included multiple properties. My asset management company, themselves, were still not aware that the property had been sold off. The guys informed me of the details of the sale, and I came to find out that they had purchased a few properties here in PA. My listing had initially come out on the market in the 40s, which I knew was way too high for what it was. (So much for completing actual value BPO's.) Eventually, the property settled in at the price it would have sold for 6 mos earlier, at 20k, but by this time the property had such shelf life, it was stale, so over the next couple of months, we recieved offers, which were countered, and rejected until the price got down to where, had the initial offers had been accepted, the bank would have made more money, or at least as much as I had contiplated during my initial BPO.

Long story, boring, the Wholesale investors picked the property up for just under 10k, and had high hopes that the property was worth 40k. NOT! And how do I know this, because what I did not tell you was that while we were marketing the propety at 20k, we did go under contract for a hot minute with a young spry twentysomething guy, who wanted to live the rehab dream... or nightmare, as it sometimes is. There were some issues with the property that were beyond his area of expertise, and after 3 days, he dropped out of the contract, and the deal crashed.

So for this particular property, and the functionality of this lesson, let's call our baseline 15k; That's what the property is worth in "as is" condition. If these investors spent 9k on it, after averaging out what they paid for the lot, and picking it up as a "deal," and then they try to sell it at 20k, "as is," and they get the offer of, let's be genorous and say 17k, after they pay a sometimes typical total minimum commisssion, of say $2,500, as a corporate entity, or $4000 as an individual, or an LLC, they will be looking at having netted between $13,500, to $11,000. There are some other incodental fees, and costs involved there too, deflating the gain that much more.

I suppose, if you are buying 50, or 100 houses at a whack, the numbers might add up decently enough to make sense, but what I fear is that these toxic assets end up being purchased by the guy, or gal who is playing with their retirement, and jumps in head first, buying these properties off of BPO values which through their previous exposure in the marketplace, have proven to be over valued.

This brings me to the conversation I had with a woman out of California, who had the sense enough to call me first, and pick my brain, asking, "what would you say (property X, Y Z, A, and B) are worth?" I told her, and she was able to avoid what could have proved to be a very expensive mistake. Sure, there may be somebody else out there, who will say, "Yeah, I can get you that BPO value for that house, and maybe they can... after 12 mos. but by that time, just how much have you really made or lost???

Just as I'm blogging, the phone rings with another company who wholesale REO properties. Interesting conversation, lots of inventory, and really nice rep. on the phone. Possibly some real good deals too, but I need to do a little more research, and come to a better understanding of how they work, before I pass any judgement, good or bad, on them.

In the meantime, Buyer Beware! Nobody wants to say where, or how they're getting their deals. Addresses are held close to the heart, like Grandma's diamond broach, and lips are as tight as sardines packed in a can, and that's fine, but before you jump into this business, you best talk with somebody who can at least give you a rough idea of what you may, or may not be buying, because when things are too good to be true, sniff around a bit. They may smell a little fishy too.

My old Broker, Jan Bronstine, in Denver, CO. once told me, If it walks like a duck, and quacks like a duck, be damned sure, it's a duck!

Squirrel Hill is a prosperous and easygoing middle-class neighborhood located east of Downtown Pittsburgh. The area features an established shopping district filled with small businesses, evenly mixed with local and national chain stores. Best know as a center for Pittsburgh’s Jewish community, it caters to diverse group of residents in age, income, profession and ethnic background. In the beginning, Squirrel Hill was the ‘burbs, and it still retains its wide, leafy residential streets and beautiful brick and stone homes. Squirrel Hill is served by the Pittsburgh Public School District and several prestigious private schools.

Walk-ability: Squirrel Hill ranks as a Walker’s Paradise with a walk score of 98 out of 100. One trip to the area makes it easy to see why. Almost every imaginable need is located in a 10 block area. Local favorites like The Squirrel Hill Café (also known as the Squirrel Cage) and Gullifty’s mix with boutiques, bookstores, coffee shops, a library, cinema, bike shops and almost anything else you could imagine.

Commute: Squirrel Hill is centrally located less than four miles from downtown and a mile and a half from Oakland. Many of the roads are wide and have bike lanes or sharrows (lanes that are shared by both cars and bikes) to make commuting by bike easy. The neighborhood is well served by PAT buses with stops on Murray and Forbes Avenue and near Schneley Park. For students, there is an intercampus bus service that picks up near Chatham University and drops off in Oakland.

Outdoor Space: The tree-lined streets and inviting front porches are repeating features of the neighborhood which is sandwiched in-between two large city parks. Schenley Park to the west and Frick Park to the east give residents over 1,000 acres of trails, fields, streams and playgrounds within a few miles of their homes. The 151-acre Frick Woods Nature Reserve offers an opportunity to see Pennsylvania's native plants in its meadows and woodlands. On-road bike lanes run throughout the area and off-road trails in Frick and Schenley Park are good for mountain biking. Finally, sidewalks make for lovely evening strolls.

Environmental Activism: With its diverse mix of families, students, artists, immigrants, liberals, intellectuals and young professionals, Squirrel Hill is almost predestined to be a neighborhood full of optimistic environmental activism. The Frick Environmental Center serves as the starting point of an extensive trail system—including a handicap-accessible trail through the woods. It is used for environmental educational programs, day camps, school and family programs and nature walks. The Group Against Smog and Pollution (GASP) a non-profit citizens’ group in Southwestern Pennsylvania working for a healthy, sustainable environment is based in the neighborhood. As is The Urban Forest Committee of the Squirrel Hill Urban Coalition, which works to establish, maintain and protect the shade tree canopy on every street in the Squirrel Hill residential and commercial districts.

Housing: Squirrel Hill is the traditional neighborhood that all the proponents of New Urbanism and TNDs (Traditional Neighborhood Developments) seek to recreate in many of today’s newer projects. The homes have a wonderful mix of shapes, styles and materials. One will find small and large single family homes, brick mansions, duplexes and apartments all sitting next to each other. Because of this, the streets of Squirrel Hill have a culturally and economically diverse population that includes a harmonious mix of lifestyles. Traditional style brick and stone homes sit next door to contemporary urban homes which sit next to charming bungalows. While much of the existing housing stock is older, and likely in need of energy efficient updates, the neighborhood is also home to one of Pittsburgh’s first sustainable development projects. Summerset at Frick Park sits on a reclaimed industrial site near the back of Squirrel Hill, along the edge of Frick Park. This plan of 300+ newer homes seeks to capture much of the traditional neighborhood in a new housing plan, and incorporates every style home from condominium to estate. The homes are built to be highly energy-efficient with tests showing they are 30% more efficient to heat that a typical new Pittsburgh home. An expanded selection of green living features are available for buyers interested in sustainable design materials and technologies, including tankless water heaters, tile and carpet made from recycled content and low VOC countertops, cabinets and paints. Homes in Squirrel Hill sell for an average price of $235,000 but range from well over a million to around $100,000.

Want to find a home in Squirrel Hill that is good for your family, wallet, health and planet? Call Christa Ross from RE/MAX Select Realty, your certified green agent and RE/MAX green specialist at 724-309-1758 or visit my website at www.greenhomespgh.com.

East Liberty is a historic and culturally diverse neighborhood located in Pittsburgh’s East End. Through its history East Liberty has had some big ups and downs. One look at the amazing East Liberty Presbyterian Church (my daughter calls it a princess castle) and architecturally interesting buildings on Penn Avenue and it is easy to glimpse East Liberty’s booming past. Unfortunately, this area was also the victim of misguided urban development policy. By the mid 1970’s it was best known for abandoned storefronts and high crime. The good news is that East Liberty has been working its way back up the ranks of Pittsburgh neighborhoods, thanks in part to an aggressive nonprofit community development corporation, East Liberty Development, Inc. (ELDI). ELDI has spearheaded the recovery of the area with a strong emphasis on sustainable commercial and residential development. The neighborhood is comprised of a mix of older homes, newly built energy-efficient properties and a commercial shopping district. Great bargains are available for those who want to invest some elbow grease, and the new homes are affordably priced. The area is served by the Pittsburgh Public School District and a number of highly regarded private schools.

Walk-ability: East Liberty comes in with a high walk score of 86. Once known as a major shopping area for the city, recent development are bringing East Liberty back to its roots. The area has landed big box stores, like Home Depot, Trader Joe’s, Borders, and Whole Foods (and coming soon a Target), which anchor the ends of the shopping district. For those that need to shop at a big box, these are some of the only ones you will find inside the Pittsburgh city limits. In between the boxes, you will find eclectic local businesses and restaurants, with more popping up everyday. For entertainment, you can visit the famous Kelly-Strayhorn Theater, Pittsburgh Glass Center or a branch of the Carnegie Library, all of which can be reached easily on foot or bike.

Commute: East Liberty is centrally located less than four miles from the heart of Downtown Pittsburgh, two miles from Oakland and a mile and a half from Children’s Hospital in Lawrenceville. Commuting in the city by bike is likely as fast, or faster, than by car. East Liberty is a transportation hub for PAT and is well served by 42 routes that run through the area. By bus, you can get just about anywhere from here. East Liberty is one neighborhood in Pittsburgh that you could easily get to everything you need without owning a car. But if you occasionally need a car, you can sign up for a Zipcar and pick it up at one of four Zipcar locations in the area.

Outdoor Space: As a true urban neighborhood, East Liberty has more roadway than green space. However, it would be unfair not to mention several parklets and plans to connect each with tree-lined, pedestrian friendly walkways. One significant park within the boundaries of the neighborhood is Mellon Park, which it shares with Shadyside. This slice of land between Penn Avenue and 5th Avenue is the site of a new bike trail which will connect all the East End parks from Highland Park to Mellon Park; and then connect to Frick, and on to Schenley. A mile or so up Highland Avenue you can find Highland Park, home to the Pittsburgh Zoo, walking and biking trails and a beautiful Victorian-style entry garden. For another type of garden you can visit the community garden located on St. Clair Street.

Environmental Activism: Activism of all types is common in East Liberty. Many of the green initiatives are coupled with community development goals. One example is the GTECH project which has the goal of reclaiming and revitalizing vacant land, implementing innovative green strategies such as planting bio-fuel feedstock, and providing education and green collar job training services. The community garden project lets students from the Kentucky Avenue School sell the produce they grow at East Liberty’s monthly farmers market and then donate the money to charity. Trail and park developments are as much about creating green space as creating livable neighborhoods. Perhaps the most obvious example of East Liberty’s desire to be a sustainable community is the fact that ELDI employs a Sustainable Policy Coordinator who works on issues as diverse as storm-water usage, green space and LEED community development.

Housing: East Liberty is a neighborhood in the midst of revitalization. ELDI has worked hard to keep affordable housing options in the area by developing a variety of mixed-income housing. This has resulted in an economically diverse population of with a mix of renters and homeowners. Residential housing is a key element of ELDI’s plans for the area, and the homes they are building are some of the most interesting and energy-efficient in the city. The current project, named Historic Enclave, is made up of new green and efficient homes, priced to start in the low $200’s, and designed as a mix of traditional and trendy. Some beautiful existing homes have also been singled out for renovation within the Historic Enclave project, as opposed to demolition. The next project on the drawing board is called Mellon’s Orchard South, a planned nine-acre development with up to 84 units of green housing. The development aims for zero water run-off and will make use of technologies such as geothermal heating and cooling. This project is one of just five Pennsylvania projects that are participating in the new LEED-ND (Neighborhood Development) pilot program. For those that are looking to green an existing home, East Liberty still offers great houses at reasonable prices. The average sale price in the area is $130,991. If energy-efficiency is important to you then be sure to conduct an energy audit when you purchase and make plans to improve the sealing and insulation in these older homes.

Want to find a home in East Liberty that is good for your family, wallet, health and planet? Call Christa Ross from RE/MAX Select Realty, your certified green agent and RE/MAX green specialist at 724-309-1758 or visit my website at www.greenhomespgh.com.