Decorating for DIY homeowners can be tricky. Wall mounted shelves are a boon as they, obviously, take up less space than wall units and IKEA bookcases.
Here's an article from the NY Times that should make your life easier.
When you need a little extra storage or display space, a weighty bookcase can sometimes be overkill. A wall-mounted shelf might do just as well, if all you want is a place to show off small accessories or stash a few novels — and it won’t hog floor space or overwhelm a room.
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.
For your next title order or
if you have questions about what you see here, contact
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.
Having insured thousands of purchases and refinance mortgages in Hoboken, we can attest to the accuracy of this article's headline.
Buying or refinancing in Hoboken or anywhere in New Jersey, think of Vested Land Services LLC.
A man enjoys the view of the Hudson River and the Manhattan skyline from a bench at Maxwell Place Park in Hoboken. Photo: Claudio Papapietro for The Wall Street Journal
By
Kate Miller first moved to Hoboken, N.J., in 1997, right out of college.
“It was the place to be,” said Ms. Miller, a vice president at Scripps Networks Interactive in Chelsea. “It was young and hip. There were bars everywhere.”
Twice she left for nearby suburbs and twice she came back to this city on the banks of the Hudson River.
“It always called me back,” said Ms. Miller, who now owns a two-bedroom condominium in uptown Hoboken. “The commute can’t be beat. It’s a cool town with lots to do. I’m from New Jersey—I never wanted to take the leap to Manhattan because I’m always visiting family.”
Known as the Mile Square City, Hoboken has 1.275 square miles of land, incredible views of Manhattan and about 53,000 residents, according to census data.
“It feels like one big neighborhood—very safe, and it’s very walkable,” said Farah R. Alli, managing director of sales and relocation at Berkshire Hathaway Hudson River Properties in Hoboken.
Washington Street serves as the main commercial strip, with lots of shops, restaurants and bars.
“I would say that the Hoboken market is booming, and it’s been strong for a number of years,” Ms. Alli said.
Through July this year, 321 apartments were sold in Hoboken, with a median price of $625,000, compared with 309 sales and a median price of $565,000 for the same period last year, according to figures from the Hudson County Multiple Listing Service.
Washington Street is the main commercial stretch in Hoboken. Photo: Claudio Papapietro for The Wall Street Journal
Homes on Hudson Street at the intersection of Ninth Street. Photo: Claudio Papapietro for The Wall Street Journal
A typical one-bedroom apartment rents for about $2,500, and two-bedrooms start around $3,200, Ms. Alli said. As far as studio rentals, “if you can find one for $2,000, that would be great.”
Known as the birthplace of Frank Sinatra, Hoboken was an industrial hub in the late 1800s and for much of the 20th century.
Many residents still remember the constant smell of coffee in the air because Maxwell House had a factory here until 1992. The Lipton tea company also had a factory in the city that has since been converted to high-end apartments.
In recent years, the city has become a magnet for young professionals.
“The majority of the buyers I’m seeing are ones who have been priced out of New York City,” said Paul de Zagon, an agent with Berkshire Hathaway Hudson River Properties. “They’re moving to Hoboken to get a much bigger bang for their buck than what they can find in the city.”
Jen Bulvanoski, a vice president at A+E Networks, moved to Hoboken in 2001, when she was a few years out of college.
“It was the perfect place for me,” she said. “I didn’t see going anywhere else. I couldn’t afford anything else.”
Addison Zenk, 18 months old, with her grandmother Susanne Hillier at Elysian Park. Photo: Claudio Papapietro for The Wall Street Journal
Now she and her boyfriend, Travis Kahn, are raising two children, 2 and 4 years old. As they have outgrown their one-bedroom and then two-bedroom Hoboken apartments in recent years, she and Mr. Kahn have been debating the merits of staying in the city (her choice) versus a house with a yard in the suburbs (his preference).
“I desperately want to stay in Hoboken,” said Ms. Bulvanoski, who likes her relatively easy commute to the East Side of Manhattan. “It’s a lovely community we’ve become a part of.”
For now, they have decided to stay in Hoboken for at least a few more years, and they just bought a three-bedroom condo in downtown Hoboken.
“I think the real estate is the biggest change I’ve seen over the last 20 years,” Ms. Miller said. She remembers abandoned buildings that were torn down and replaced with “these sleek, super-modern buildings, sometimes sandwiched between two old brownstones.”
“You’ve got a really great mix of old and new now,” she said. “It’s the real Hoboken, it’s really cool.”
Tracee Kimbell and her husband, Matt Kimbell, have an early dinner at Anthony David's. Photo: Claudio Papapietro for The Wall Street Journal
Schools: The Hoboken school district has three elementary schools, and the Joseph F. Brandt Primary School offers preschool and kindergarten. The Hoboken Junior Senior High School has students in grades seven through 12. According to Niche.com, a rating site, 53% of students in Hoboken schools are considered proficient in math, and 54% in English. The city is also home to the Stevens Institute of Technology, which offers undergraduate and graduate programs.
Transportation: Commuters have a wealth of ways to get into Manhattan. PATH trains run from Hoboken Terminal to 33rd Street in about 14 minutes and to the World Trade Center station in about 10 minutes. NY Waterway operates ferries from two terminals in Hoboken. NJ Transit has bus service to the Port Authority Bus Terminal. The Hudson-Bergen Light Rail makes three stops in Hoboken. Drivers can choose between the Holland Tunnel in Jersey City and the Lincoln Tunnel in Weehawken. The Hoboken Terminal is a regional hub for many suburban train lines, with service into New York Penn Station.
Parks: The waterfront Pier A Park has a large lawn and a gazebo. There is a lighted soccer field and outdoor amphitheater at Sinatra Park. Pier C Park has a fishing pier, promenade and water play area. Maxwell Place Park has a beach area with free kayaking on weekends and a waterfront walkway. Columbus Park has basketball, tennis and a playground. There is a baseball field at Stevens Park. Elysian Park has basketball and a dog run.
Dining: The Elysian Cafe, said to be the oldest continually operated bar and restaurant in Hoboken, has a French bistro-style menu. Anthony David’s serves Italian classics and seasonal fare. Carlo’s Bake Shop, featured on the TLC show “Cake Boss,” is known for its pastries and cakes.
Entertainment: This year’s Hoboken Fall Arts & Music Festival will be held on Washington Street on Sept. 25. In summer, there are free outdoor concerts in Sinatra Park and free outdoor movies in Pier A Park. Pier 13 Hoboken has beer, food trucks, movie nights and live music. A Harvest Festival will be held on Oct. 22 in Pier A Park. The Hoboken Historical Museum, in the former Bethlehem Steel shipyard, offers exhibits, tours and lectures.
If You're Browsing for a Home...
$575,000
228 Jefferson St., Apt. 2 This fully renovated two-bedroom, one-bathroom condo is in a four-unit self-managed building. The kitchen has stainless-steel appliances, granite counters, subway tile backsplash and modern cabinetry. Open floor plan with separate dining area. The large master bedroom has two closets and exposed brick.
Year Built: 1901 Square Footage: :897 Property Plus: Hardwood floors throughout, washer/dryer and central air-conditioning Property Minus: Parking isn’t included. Listing Date: Aug. 5 Listing Agent: Richard Turnbull of Keller Williams City Life Realty Open House: By appointment
$699,000
1500 Washington St., Apt. 6C This one-bedroom, one-bathroom condo is in the waterfront Hudson Tea Building, once a Lipton tea factory. It has 13- to 14-foot ceilings and faces south, with great sunlight. Building amenities include 24-hour concierge service, fitness center, children’s playroom, on-site dry cleaner and private shuttle to PATH train.
Year Built: 1916 Square Footage: 895 Property Plus: The building is very close to the ferry to Manhattan. Property Minus: The kitchen and bathroom haven’t been renovated. Listing Date: Aug. 4 Listing Agent: Paul de Zagon of Berkshire Hathaway Hudson River Properties Open House: By appointment
$998,800
87 Park Ave., Apt. 2B This two-bedroom, two-bathroom apartment has an open floor plan, with hardwood floors throughout. It has a gas fireplace in the living room and California closets. It is a corner unit with lots of light. Garage parking spot.
Year Built: 1997 Square Footage: 1,504 Property Plus: It is a short walk to the PATH station. Property Minus: The unit is up two small flights of stairs. Listing Date: July 7 Listing Agent: Ingrid Hart of Prominent Properties Sotheby’s International Realty Open House: By appointment
Photos: Dean Pellicano; H5 Property; Jump Visual
For your next title order or
if you have questions about what you see here, contact
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. Vested Land Services LLC can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you. Contact us at 973-808-6130.
A Smaller Down Payment, and No Mortgage Insurance Required
Does the need for a 20% down payment to purchase that home have you stymied? Well, mortgage insurance, an expensive proposition, is on way. But this article from the NY Times has a solution.
How did they do it? They took out one loan equal to 80 percent of the
purchase price, and another loan for 10 percent — something that has
traditionally been called a piggyback loan or a second mortgage.
The key is to be within the income requirements of the lenders offering this program.
So, don't despair, get out your calculator, see if you qualify, and start looking for your home.
And don't forget to call us for the title insurance!
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us at Vested Land Services LLC. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.
* * * * *
The New York Times real estate section takes an educated guess at what the real estate market will be like in 2016.
Some predictions:
Home price appreciation will slow down.
Buying will beat renting.
The mix of buyers will change.
How does that affect you? Read the full article here.
For your next title order or
if you have questions about what you see here, contact
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.
For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow AT vested.com
In-House Counsel
Red Flags Rule and Identity Theft Protection Compliance
Tyler W. Mullen, The Legal Intelligencer
Have you ever been many miles from home, perhaps on vacation, when suddenly your bank notifies you that your credit card account has been frozen? Such occurrences always seem to happen at the most inopportune moments. However, the credit card freeze may simply be the bank's attempt to comply with the so-called "Red Flags Rule."
In our ever-evolving technological landscape, consumer information may be more vulnerable now than ever before. Instances of identity theft—using another's personal data fraudulently or deceptively, usually for financial gain—occur at an alarming rate. In 2014 alone, an estimated 17.6 million U.S. residents experienced some form of identity theft, according to the Bureau of Justice Statistics. In an effort to curb the identity theft epidemic, various federal regulators administer the Red Flags Rule, requiring certain financial institutions and creditors to take extra care in protecting consumer financial information. Although general counsel of banks, savings and loan associations, and credit unions clearly should take note, the rule is very broad, and less obvious entities may also need to comply with the rule.
What is the Red Flags Rule?
The Red Flags Rule, originally born under the Fair and Accurate Credit Transactions Act and implemented by the Federal Trade Commission, is a regulation designed to combat consumer identity theft. Although first implemented only by the FTC, Dodd-Frank expanded the number of agencies responsible for enforcing the rule. Now, many agencies including the FTC, U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission (CFTC) and Federal Deposit Insurance Corp. (FDIC) each enforce substantially similar versions of the rule within their respective regulatory spheres.
The rule requires covered persons and entities to implement written identity theft prevention programs designed to detect, prevent and mitigate identity theft by monitoring "red flags." Red flags are patterns, practices, or specific activities indicating the possible existence of identity theft. Some examples of common red flag categories include unusual account activity, inconsistencies in personal information, or alerts from credit reporting, according to the FTC's "Fighting Identity Theft With the Red Flags Rule: A How-To Guide for Business."
Which Entities must Comply?
Financial institutions and creditors offering or maintaining covered accounts are subject to the Red Flags Rule. Therefore, the first step in determining whether the rule applies involves identifying whether an entity constitutes a "financial institution" or "creditor." The second step is to decide whether such financial institutions or creditors offer or maintain "covered accounts."
• Financial institutions or creditors.
Financial institutions include banks, savings and loan associations, mutual savings banks, credit unions, and other person or entities holding consumer transaction accounts. A transaction account is an account from which owners may make multiple payments to third parties. Furthermore, under the SEC's version of the rule, financial institutions includes certain brokers, dealers, investment companies and investment advisers.
The definition of creditor is relatively less clear and likely more inclusive. Creditors are determined by conduct under the rule, not class. Creditors include any entity or person that, regularly and in the ordinary course of business, extends or arranges for credit and (1) obtains or uses consumer reports in connection with a credit transaction, (2) furnishes information to consumer reporting agencies, (3) advances funds to or on behalf of a person based on a repayment obligation, or (4) offers or maintains credit accounts subject to reasonably foreseeable identity theft vulnerabilities.
Thus, the definition of creditor is extremely broad and covers a wide spectrum of businesses, from banks and finance companies to automotive dealers and utility companies. The definition does, however, expressly omit those who advance funds for expenses incidental to services provided by the creditor, which shelters many professionals who allow delayed payment for services. However, determining whether an entity or person constitutes a creditor is ultimately a fact-specific inquiry with no bright-line rule.
• Covered accounts.
Finally, as mentioned above, only financial institutions or creditors offering or maintaining covered accounts are subject to the rule. Covered accounts include both (1) consumer accounts used for personal, family, or household purposes involving multiple payment transactions, or (2) any account entailing a reasonably foreseeable risk of identity theft, or risk to the safety and soundness of the financial institution. Credit card accounts, mortgage and automobile loans, and checking and savings accounts fall into the first category; they are all consumer accounts from which multiple payment transactions can be initiated.
The second covered accounts category is the catch-all. Individual risk assessments should be performed to determine whether accounts involve reasonably foreseeable identity theft risks. Common factors to consider include how the account is opened or accessed. For example, accounts that may be accessed remotely are typically higher risk than accounts requiring the physical presence of the account holder.
Penalties for Noncompliance
Beyond exposing consumers to the ever-increasing threat of identity theft, failure to comply with the Red Flags Rule can prove costly for businesses. The FTC may seek monetary penalties of up to $2,500 per knowing violation of the rule, or injunctive relief requiring the entity to comply with the rule. Penalties are assessed based on the degree of culpability involved, history of prior conduct, ability to pay, the effect on the business's ability to continue, and other factors as justice requires. Additionally, as many general counsel know, disputes with federal regulators typically involve hefty legal expenditures and opportunity costs.
How do Covered Entities Comply?
So, how can covered entities protect their customers from identity theft while also protecting themselves from administrative enforcement? Simple: Covered entities must implement a written identity theft prevention program consistent with the Red Flags Rule. The rigor and comprehensiveness of a particular entity's program can be commensurate with the level of risk posed to consumers. However, each program should include four basic elements.
First, programs must identify relevant red flags, which may vary depending on the nature of the business and type of account. For instance, a common red flag indicating stolen account information involves purchases in locations not typically associated with the account. The rule gives some guidance on categories of common red flags, which include alerts from credit reporting companies, suspicious documents, inconsistent personal identifying information, unusual account activity, and notices from law enforcement or customers.
Second, programs must be designed to detect relevant red flags. Perhaps the most common method of detecting red flags involves personal identity verification procedures. You may have applied for a credit card recently, only to spend what seemed like an eternity answering detailed questions about your past addresses or employers. Such procedures—though mildly annoying—are designed to protect consumer information. Other methods, such as password encryption, PIN number usage, and restricting the ability to open accounts from telephones outside an applicant's home, may also be employed.
Third, programs must dynamically respond to red flags to prevent or mitigate identity theft. Freezing the account, contacting the account holder to verify account activity, or simply monitoring the account for a specified period of time may be appropriate. However, even measures as drastic as notifying law enforcement may be necessary.
Finally, programs must include procedures for periodic reassessments and updates as necessary. Identity theft techniques will evolve as technology develops and criminals become more tech-savvy. Means of preventing identity theft will also undoubtedly evolve. Each program should be revisited periodically in order to stay abreast of any relevant developments.
Such identity theft prevention programs must be approved by a company's board of directors, or other senior management if no board exists. Programs should also outline applicable staff training procedures, teaching the appropriate people to implement the programs and identify red flags. Periodic oversight by either the board or senior management is also highly advised.
In light of recent technological advancements and the need for protecting sensitive consumer information, identity theft compliance, as governed by the Red Flags Rule, is an important consideration for general counsel. •
wsj.com
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