If You Want A Rental With Storage…

Westbury
289 Post Ave., Apt. 207
$1,900 a month

Situated in the village, this one-bedroom apartment is in a new, three-story, 16-unit building called The Legacy. It has a lobby with an elevator, an intercom system, 24-hour video surveillance, a plasma TV and Wi-Fi.

The basement will contain a laundry room with coin-operated machines as well as separate storage space, which will be available for a fee. The storage space will come with a lock and key and is available by request, the listing agent says, noting the tenant can choose the size. Pricing has not yet been determined.

Other features include a kitchen outfitted with mahogany cabinets with self-closing drawers, granite countertops and stainless-steel appliances. The bedroom of this second-floor unit can accommodate a king-size bed. The bathroom is designed with tumbled marble. Each unit has 9-foot ceilings with recessed lighting and crown molding. The tenant is responsible for the electric bill. A two-month security deposit is required.

Jessica Spellman, Heidi Spellman Realty, Port Washington, 516-767-0200

If You Want A Rental With Storage…

Westbury
289 Post Ave., Apt. 207
$1,900 a month

Situated in the village, this one-bedroom apartment is in a new, three-story, 16-unit building called The Legacy. It has a lobby with an elevator, an intercom system, 24-hour video surveillance, a plasma TV and Wi-Fi.

The basement will contain a laundry room with coin-operated machines as well as separate storage space, which will be available for a fee. The storage space will come with a lock and key and is available by request, the listing agent says, noting the tenant can choose the size. Pricing has not yet been determined.

Other features include a kitchen outfitted with mahogany cabinets with self-closing drawers, granite countertops and stainless-steel appliances. The bedroom of this second-floor unit can accommodate a king-size bed. The bathroom is designed with tumbled marble. Each unit has 9-foot ceilings with recessed lighting and crown molding. The tenant is responsible for the electric bill. A two-month security deposit is required.

Jessica Spellman, Heidi Spellman Realty, Port Washington, 516-767-0200

We All Wish You the Warmth of Home, the Love of Family and Friends, the Deepest Joys of the Season and a Very Happy, Healthy, Prosperous New Year

With the deadline to file drawing near many Homeowners aren’t aware of the different exemptions that Nassau County offers to help reduce their property taxes.  Check out the exemptions below to see if you qualify for one or more tax exemptions that you didn’t even know about. But remember…the deadline to file is January 2, 2012.

Basic STAR Exemption

All homeowners, regardless of age and with an annual income of less than $500,000, may apply for the Basic STAR Exemption which is the New York State School Tax Relief program.

Enhanced STAR Exemption

Homeowners age 65 and over with annual gross adjusted incomes of less than $79,500 may apply for the Enhanced STAR Exemption for additional savings.

Veterans Real Property Tax Exemption

Eligible applicants will receive an exemption from county and town taxes, but not from special district or school taxes. The exemption is equal to 15% of your assessment for service during war-time and an additional 10% for service in a combat area, or for having received an Expeditionary Medal.

Cold War Veterans Exemption

The exemption provides a partial property tax exemption (as adoption by the municipality) to veterans who served during the Cold War period. The law also provides an additional exemption to disabled veterans, equal to one-half of their service connected disability ratings. The basic exemption is limited to 10 years, but there is no time limit for the disabled portion of this exemption. In both instances, the exemption is limited to the primary residence of the veteran, and is applicable only to general municipal taxes, not to school taxes or special district levies.

Volunteer Firefighter/Ambulance Worker Property Tax Exemption

The primary residence owned by an enrolled member of an incorporated volunteer fire company, fire department or ambulance service will be granted a partial exemption from municipal/school taxes and special ad valorem tax levies. So long as the property owner has been a member for at least five (5) years. Nassau County offers a lifetime exemption to members with over 20 years of volunteer service.

Home Improvement Property Tax Exemption

The Home Improvement Exemption is an eight year decreasing exemption on alterations, reconstructions or improvements that increase the assessed value of a one or two-family home. For the first year of the exemption, 100 percent of the assessed value of the improvement is exempt. In the second year 87.5 percent; in the third year, 75 percent; and so on.

Physically Disabled Tax Reduction Program

The real property tax exemption granted is equal to the amount of any increase in value of property attributable to improvements made for the purpose of facilitating and accommodating the use and accessibility of the property by (a) a resident owner of the property who is physically disabled or (b) a member of the resident owner’s household who is physically disabled if the member of the household resides on the property.

Senior Citizen Property Tax Exemption

Senior Citizen homeowners in Nassau County whose incomes are $37,399 or lower are eligible to receive an exemption on their real property taxes. In order to participate in the exemption program, at least one property owner must be 65 years of age or older and the combined income of property owners must fall within the required guidelines. Renewal applications have been sent to residents already receiving senior citizen property tax exemptions.

Persons with Disabilities and Limited Income Partial Property Exemption

To be eligible, homeowners whose incomes are $37,399 or less must have physical or mental impairment not due to current use of alcohol or illegal drugs. Proof of disability is required. Note: if your property is receiving an exemption under the low income senior citizens’ exemption, it cannot receive this exemption.

(Information provided by Nassau County)

It’s hard to believe that during the happiest of seasons more than 1,500 people get injured. Even worse—around 400 lives are lost. The good news is that many holiday hazards can be avoided. Take a moment to familiarize yourself with the safety issues listed below so you and your family can make it a happy and healthy holiday season.

Trees All Aglow~

About 250 home fires a year are caused by holiday trees that catch fire. Getting a real tree can be a great family tradition, whether you venture into the woods to find one or you go to your local tree lot. Real trees can dry out quickly and become perfect kindling for a fire so make sure you get the freshest tree possible when shopping. Artificial trees might be convenient to store and use, but they can catch fire just as easily. Make sure you read all warnings on the box and verify that the tree is made from a flame retardant material.

 Safety Tip:

• Make sure any electric lights on the tree are in proper working order and are not overloading the outlets.
• Sweep up and dispose of any needles that have fallen from the tree because they too are a fire hazard.
• Never place the tree near a fireplace, wood burning stove, or even a heating vent.

Decorating Downfalls~

If you’re one of the more than 80% of people who decorate their homes during the holidays, then be careful. About 5,800 people a year seek emergency help after falling during holiday decorating. Falls from ladders account for 43% and falls off the roof account for 13% of injuries.

Safety Tip:

• Set up ladders securely by locking them in place. Always put them on stable ground.
• Don’t climb up to the tippy top—those top two rungs are the most dangerous.
• If you need to get on the roof, then extend the ladder three or more feet beyond the roofline.
• Don’t overdo it and reach too far to put up that perfect decoration, this could cause you to lose your balance.

Avoid Candle Catastrophes~

The warm glow of a candle can be a symbolic and beautiful way to usher in the holidays. The downside, of course, is that candles are related to 15,000 fires annually.

Safety Tip:

• Keep candles clear of decorations and fresh or artificial trees.
• Place candles in low-traffic areas where someone can’t knock them over.
• Like always, don’t leave burning candles unattended.
• Instead use battery operated candles.

Blazing Lights~

While holiday light displays can be enchanting, they are linked to 170 fires each year both inside and outside.

Safety Tip:

• Don’t use any lights with frayed wires, broken sockets, or obvious wear and tear.
• Check the packaging. Does it allow for more than three strands of lights to be linked together? If not, or if you don’t know, stick to three maximum.
• Plug your linked strands to an extension cord before connecting to an outlet to avoid overloading.
• Turn off your dazzling display if you’re leaving home or going to sleep.

Following these tips will help reduce your chances of a fire this season, but there’s one more piece of advice you can’t ignore. Make sure your smoke detectors are installed correctly. Test them regularly and replace any old batteries. This way, you can keep a holiday mishap from becoming a holiday tragedy.

CHECK YOUR HOLIDAY LIGHTS

According to the U.S. Fire Administration, holiday lights claim the lives of more than 400 Americans each year. Since many of you are preparing to get those festive lights up, it’s a great time to do a quick check of all of your lights to be sure they’re working properly. If you have any damaged wires or loose connections, throw the entire string out. And, of course, replace any broken or missing bulbs.

GET YOUR CHIMNEY CLEANED

Fire safety officials recommend cleaning your fireplace and chimney at least once per year. And with good reason. Inefficient wood-burning leads to a buildup of creosote inside your chimney. If left unchecked, it could potentially ignite. Fires in a fireplace are fabulous. Fires in your chimney… not so much. So get yourself a chimney sweep… FAST.

POWER UP YOUR WINTER TOOLS

Brrrr. It’s that time of year when the colder areas of the country are getting… well, COLD. That means snow is on the way! And that means you’d better get that snow blower tuned up with your snow shovel stored in a handy place in your garage.

WRAP YOUR HEATER IN A THERMAL BLANKET

Boost your water heater’s efficiency by wrapping it in a thermal blanket. According to the U.S. Department of Energy, adding an insulating wrap to your water heater can reduce heat loss by as much as 45 percent and save as much as 10 percent on water heating costs. If unsure whether or not your water heater needs a wrap, give your tank the “touch test”. Tanks that are warm to the touch are losing too much heat and could benefit from additional insulation. Thermal blankets are relatively inexpensive and can be purchased at most hardware stores.

HAVE LAWN-IRRIGATION SYSTEMS PROFESSIONALLY DRAINED

Irrigation systems are in serious danger if not drained properly. Water left in the lines will expand as it freezes and can cause your pipes to burst. To ensure all water is cleared from your pipes, use an air compressor to force water out of the system. This process, known as “blowing out,” should be done by a professional. The amount of pressure needed to blow out the water will vary from one system to the next, and if not done correctly, it can cause considerable damage to your pipes and other components.

“Back in 2005, none other than Barbara Corcoran, the queen of big firms who built the multibillion-dollar Corcoran Group from a $1,000 (borrowed) investment, declared in a Business Week interview, “I think the future belongs to small brokers.”

She acknowledged that not many people held that view but went on to argue that while the big firms were richer and had more resources, the little ones were more creative and nimbler, having far less bureaucracy and layers of management. “We need to be responsive to a changing market,” Ms. Corcoran said. “And more often than not, the little guy can move. The big guy is still thinking about it.”

Reached last week, Ms. Corcoran, who sold her firm in 2001, stood by her pronouncement. “Definitely,” she said. “On the Internet everyone is equal. The small agent can look as classy as the big agent.” She added, “Ten years ago, if you wanted your property noticed you were far better off with large brokerage firms because they were the big buyers on the print ads. Thats out the window now.”

BBB letter grades represent the BBB’s opinion of the business. The BBB grade is based on BBB file information about the business. BBB assigns letter grades from A+ (highest) to F (lowest).

As a result of their outstanding service and professionalism Heidi Spellman Realty, LLC’s received a BBB grade of an A.

BBB has determined that Heidi Spellman Realty, LLC meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business’ products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business’ product quality or competency in performing services.

Watching Fox News today an interesting topic caught my attention. Bob Massi was a guest and talking about real estate and predictions of 2011.

Higher Interest Rate: In some point in time rates will go up.

More Forclosures: We’re not finished with foreclosures yet.  There are 10, 7 & 5 year ARMs that are adjusting this year.  A lot of these homes are “underwater”, so refinancing isn’t an option.  And homeowners who are on the edge of maintaining their payments won’t be able to afford higher rates and will be forced into foreclosure.

Strategic Foreclosures (Buy, Rent, and Dump): Homeowners with good credit but who are underwater will buy a second home at bargain prices and move out of their “underwater” home.  They will rent their original home and do a “strategic foreclosure” by pocketing the rental payments for the year or so the bank takes to go through the foreclosure process.

Mortgages will be hard to get because of all the above prediction, lenders will tighten requirements and money for real estate and it will be harder to get. This time is also a great oppurtunity for investors.  Investors who have the cash or financing will take advantage of this opportunity.  The strategy:  Buy and hold for 3 – 5 years & make a fortune.

Question and Response

Viewer: “My wife and I bought a house with a conventional loan and have a home equity loan also, neither of which is paid off. My wife died last summer and we didn’t have mortgage life insurance. If I notify the lender she died will they call the mortgage even though I am current? Can they force me to reapply for the loan or even foreclose?

Massi: “First of all I am sorry for your loss and I will tell you, you don’t have any obligation to let the lender know your wife has passed. Both of you have signed the mortgage and loan papers, which you told me in the email. You are current on the payments as a result of that you don’t have any obligation. You don’t have to worry about foreclosure as long as you remain current on the payments. You are not threatened to lose your house . So, as a result no obligation to call, you should be fine just continue to make the payments.”