Student Housing in the White Coat Neighborhood

Last week it was 70 degrees out and today there is more than 2 feet of snow on the ground.  That is typical March in Rochester, NY.  And while the weather is not predictable, one thing you can count on..... a new crop of smart, young doctors canvassing the Rochester area looking for a place to live while they complete their residency at the Strong Medical Center.

Many of them end up in the Rochester's White Coat Village, which is named for the many medical professionals that choose to live there to be close enough to walk to the University of Rochester Medical Center.

Besides being close to the hospital, this neighborhood is bordered to the south by the Erie Canal that features a great walking and biking path and is less than a mile to City Gate, a brand new shopping and dining center.  To the west, there is the Genesee River that boast the River Walk Trail that offers a biking and walking trail to the north through downtown Rochester, past several gorgeous waterfalls and ends up at Lake Ontario.  Across the River is the Genesee Waterways Center that offers canoe and kayak rentals.  

Just north of the neighborhood is College Town, a mixed use district with loft apartments, fine dining, puts and shopping.  During the summer months, College Town provides free live concerts and outdoor movies.

Also close by are two beautiful parks designed by Frederick Law Olmsted.  To the west, Genesee Valley Park has two golf courses, soccer fields, baseball diamonds and picnic shelters.  Highland Park, located to the east, is home to more than 1,200 lilac bushes, plus Warner Castle with a sunken garden and Lamberton Conservatory.  

With so much to do, it is no wonder that the White Coat Neighborhood is a very popular place to live.  There is great demand on the local real estate market.  For more information about living in the White Coat Village, contact Mary Shelsby with ReMax Realty Group at 585-414-5513.

Sad Day in Honeoye Falls

General Motors announced that it is closing its Fuel Cell Facility in Honoeye Falls today. This will have a huge impact on this tiny village's economy. GM has offered jobs in Michigan to many of the workers but I'm betting there will soon be a flood of nice homes on the market in Honeoye Falls and Mendon.

Buying Based on Property Taxes

"The biggest disparity between New York and the rest of the country is the property tax."

That's what the front page of today's Democrat and Chronicle reported! No sh#%t!!! I talk to people all the time that are considering relocating to New York and once they get a peak at the property taxes, well, I need to bring out the smelling salts!

Case in point, last week I got a call from Costa Rico from a gentleman considering waterfront property in the Finger Lakes. He picked out two properties, similarly priced, located about a mile apart. One has annual property taxes of approximately $8799 and the other tax bill runs about $11,500. Interestingly, the house with the lower taxes has an asking price of $11,000 more than the other and from the questions that this buyer was asking, I got the feeling that he was leaning towards the more expensive house with lower taxes.

The house with the lower taxes was assessed for approximately $90,000 less than it's competitor. The reason, it has approximately 1800 sq feet of living space compared to 2500 in the other house. Both houses have similar lots and were close in age. So, while no one likes paying higher taxes, the larger house with the lower list price is probably the better deal.

It's All About Timing

I often tell my clients that the closing date on a purchase contract is much like a baby's due date. Not very many babies come into the world on their due date and not many houses close on the exact date in the contract.

"If you have to pick a perfect moving day, what would it be?" is generally how I start a discussion with a new client. And from there we try to put together a game plan that will accomplish their real estate agenda as close to the target date as possible. There are a lot of variables that come into play and it often gets complicated and unnerving. A current client of mine suggested that I address this topic in my blog and so here goes. Please keep in mind that there are no steadfast rules for real estate timing.

Usually the simplest transaction is a renter purchasing a single family home. Of course the first objective is to find a house. Some buyers will find them the first day out, but more likely buyers can plan on 2 to 3 weeks or more to locate the home of their drams. (And yes, I've have had clients with special needs that have taken more than two years to find exactly what they are looking for!)

The next step is coming to terms with the seller. Usually price is the biggest obstacle as the buyer wants as much money as possible and the seller wants to pay as little as possible. There are, however, other important terms of the contract, including type of financing, timing (does the seller have a place to go?), inspections and personal property included. My experience with negotiating contracts has been that by aiming for a win-win situation, will result in a smoother transaction from start to finish.

Every purchase contract should state a closing date, and as stated above, that date is simply a target that all parties aim for. Usually, financing dictates the targeted closing date, with most FHA and conventional mortgages requiring 45 to 60 days to close. It is not unusual for cash purchases to close in 30 days and SONYMA loans requiring 90 days.

Most contracts require that inspections be completed within a week of the contract being accepted and generally there are three days after the inspection for the buyer to request repairs in writing. If there are major deficiencies in a property, a deal can die here.

Most contracts require that the buyer apply for financing immediately upon acceptance of the contract and has a stated date to provide a mortgage commitment. In most cases, mortgage commitment is presented within three weeks of the contract being accepted.

Once that happens, the attorneys get busy with title work. Sometimes there are title surprises that can cause a delay. Things like fence agreements and mortgages that were not discharged are easy to take care of but take time that was not planned for. Once title issues are cleared up, the bank will issue a clear to close and closing is set.

An interesting twist to real estate timing is when buyers are relocating to the area to take a new job. Most banks will require a paycheck stub before they will issue a clear to close. This creates an interesting dilemma. Usually, you can't start to work until you have a place to live and you can't buy a place to live until you start to work. If you fall into this trap, your realtor may be able to help find temporary housing while you wait for your first check stub.

Another timing challenge is if you have a house to sell. There is no crystal ball to say exactly how long it will take to get an offer on your home and whether or not that buyer has a home to sell or other contingencies.

Relocating to Rochester

It's been 19 years since I relocated to Rochester, NY from Laurel, Maryland (same town as Rochester's current police chief!) To me, it was huge! I was in my early 30's and had never lived outside of the state of Maryland. I remember being here about a month and one day simply breaking down and crying. I was so tired of being lost and among unfamiliar surroundings and people. Obviously, I got over the homesickness, and learned to love Rochester.

This past week, many memories of relocating came back to me as I helped a new client buy his first home in anticipation of moving to Rochester this fall to take a job with the University of Rochester. My contact with him started with an e-mail in which he inquired about one of my listings that had already sold. I offered to e-mail him some similar properties that were on the market and from there, we began to correspond several times a day.

I encouraged him to come to Rochester to spend a day looking at houses and becoming familiar with the different neighborhoods and what various types of houses cost. He accepted my invitation and so I set up a tour of nine homes, that started in the city, then went to W. Brighton, Chili, Irondiquoit, Brighton, Penfield and Henrietta. We saw colonials, capes and ranches. And much to my surprise, by the end of the day he found the house he wanted to call home.

Once back in New Jersey, Ted e-mailed me and said he couldn't stop thinking about that house and wanted to put in an offer. And so I drew up the paperwork, e-mailed it to him he signed it and faxed everything back. I then presented the offer to the listing agent and then we had about 24 hours of pins and needles waiting to hear the seller's response. She accepted!

The next day, Ted headed back to Rochester so that he could attend the engineer's inspection. Once the house received a relatively clean bill of health, we headed over to Premium Mortgage Corp so that he could complete his mortgage application.

Relocating is not that new for Ted. In 1996 he relocated to the United States from Japan. In the back of his mind, he always thought his first home would be in Japan and so making the decision to put in a purchase offer was not a simple one for him.

It was a whirlwind two weeks, from the time he sent his first e-mail until he had bought a home and applied for a mortgage. Fortunately, Ted has several friends in Rochester and has visited here many times, which should make his move here much smoother than mine 19 years ago!