👷‍♂️ New Hotel in Yorktown

Listing of the week
📍3270 BAKER ST, MOHEGAN LAKE, NY 10547

I had the pleasure of hosting an open house for this property on saturday.
🧼 3 bed - 3 bath on .25 acres.
🏡 brand new construction - project started in 2022 and will be delivered complete 2 weeks after contract date. open-concept floor plan & walk-up attic. buyers to choose flooring downstairs, kitchen appliances, & can customize final features of home. 2 car garage. builder will pay $5,000 towards closing costs.
💧Utilities & features: propane, municipal water, municipal sewer, central a/c, forced hot air, electric stand-alone hot water.
💰 by the numbers: listing price - $725,000, taxes - $17,800 w/o STAR.

DEVELOPMENT GOING UP
📍1952 COMMERCE ST, YORKTOWN HEIGHTS, NY 10598

there are various developments underway in yorktown.
the “gardena hotel” ,which will be going up in the business corridor of yorktown, is by far the most unique. Check out the renderings here.
the deal was made possible after the yorktown board approved a zoning amendment in june 2023. The plan is in early stages and there is currently no expected completion date.
here are the details:
🦺 1 new building, 18 total units, 0.3 acres
🅿️ 18 parking spots
🥃 rooftop bar & grill
🔨 engineers & planners: site design consultants

TYPES OF AGENCY
🏡 DOES YOUR AGENT REPRESENT YOU?

agency - the fiduciary duties that a real estate agent has to their clients during a real estate transaction. agents are legally obligated to act in their clients’ best interest.
There are 4 different types of agency you should be aware of:
1️⃣ Seller’s agent - the agent represents the seller. Also known as the listing agent.
2️⃣ buyer’s agent - the agent represents the buyer.
3️⃣ dual agency - the agent represents both the buyer & seller.
you might be thinking this sounds slightly odd— isn’t there a conflict of interest? you’d be right to think so.
in some states, dual agency is illegal. however, in new york, dual agency is legal. some agents voluntarily decide to not engage in dual agency because of the conflict of representing both the buyer & the seller.
if an agent chooses to represent both parties in the transaction — it is extremely important they disclose that information to both the buyer & the seller — who must agree to be represented in this manner.
4️⃣ dual agency with designated sales agent - in this scenario there are 2 agents, one agent represents the seller, and one agent represents the buyer.
however, these agents would be working out of the same brokerage office. as an example, i am an agent with coldwell banker. in order for me to show other listings by coldwell banker agents (same brokerage/office) i need to disclose I am acting as a “dual agent with designated sales agent.”

from the start of your relationship with an agent, they should clarify & disclose how they will be representing you in a transaction.

the form above is the “ny state agency disclosure form”.
this does not obligate you to work with an agent — as seen on the top of the first page — “this is not a contract”. the document is simply for your benefit to ensure clarity about how you are being represented.  

UNDERSTANDING MORTGAGES
💰 AMORTIZATION OF A LOAN

when buying a home, most people pay for it with a mortgage, or a loan.
the big encouragement to buying property is that you will build “equity” or ownership in the property.
but how fast do you build equity in a property?
you may be paying monthly mortgage payments, but understand that your equity is only slightly building in the first few years of payments.

amortization - paying off debt over time in equal installments.

at first, your monthly mortgage payments will be going toward interest on the loan. over time, your monthly payments will be going toward principal. towards the end of the loan (standard is 30 years) your percentage of ownership in the property will increase rapidly.

here is a breakdown from bankrate on the below loan:
loan amount: $400,000
loan term: 30 years
Interest rate: 6.0%

Looking forward to sharing more next week.
have a great week everyone.