LifeandHomes Central NY January 2023

Stay Buckled Up

Home prices are expected to drop by roughly 4% in 2023 the first drop since 2012, though not surprisingly, homes will be less affordable than they were before the pandemic homebuying boom. “Taking next year’s projected prices and mortgage rates into account, the typical homebuyer’s monthly payment will be about 63% higher in 2023 than it was in 2019, just before the pandemic began,” says Taylor Marr, deputy chief economist for Redfin.

Real estate still tops the list of Americans’ preferred way to invest money not needed for 10 or more years, coming out on top for the third time in the past 4 years, according to a mid-year survey from Bankrate.com. “Despite a housing market that is coming off the boil, preference for real estate remains high”, especially among Millenials, says Greg McBride, CFA, Chief Financial Analyst for Bankrate.

Lawrence Yun, NAR chief economist and senior vp of research, weighed in, forecasting the median home price in 2023 will reach $385,800 – encouragingly an increase of just 0.3% from 2022 ($384,500). He does however expect rent prices to rise 5% in 2023, following a 7% increase in 2022.

It looks like the ride isn't quite over for us yet. Adversity builds character. Through it all, we've seen encouraging examples of individuals and businesses overcoming adversity, adapting, defying the odds, and going on to inspire the rest of us. We're looking forward to hearing more of those tales in the coming year.

Table of Contents

Applewood 4

Lori Hamlin 4

Dominion Homes 4

Richard Parent 5 Barbara Owens 5 _________________________________________________________________________________________

Diedrich Associates 6 Cherrywood 6

Gentry Realty 7

KD Homes 7 Joanne Zennamo 7

1st Rome Realty 8 Coldwell Banker Prime 9

Superior Quality Home Insp. 10 Real Estate Inspection 10

Odd & Ends 11

Michele Reid 11 Ann McGrath Law 11

Pondra's Home Hearth 12

Pavia 13

RA Wilkes 14

Paul Sacco 15 Mark Canter 15 Rescue Mission of Utica 15

Caroline Marino 16 Azza Giorgi 16 _________________________________________________________________________________________

Susan Alberico 17 InspectCNY 17 Julie Sestito 18 Abone Realty 18 _________________________________________________________________________________________

Professional Career Ctr 19 _________________________________________________________________________________________

Amodio Realty 20-21 _________________________________________________________________________________________

Urbanik Paint 22 Matthew Pryputniewicz 22

Advanced Home Inspections 23 Debra Fontes 23 _________________________________________________________________________________________

John Brown Team 25

Lori Frieden 25

Lawless Real Estate 27 Bird's Adk RE 27

ADK Realty 28-29

Fulton Montgomery 30 Michelle Thompson 30

PMD Business Groups 31

Upstate Premier Mtg 31

Generation Electrical 32-33 MLS Directory & Professionals 34-35 Products & Service Directory 36-37

Great North Lighting 38 Ms. Sam's Tutoring 38 _________________________________________________________________________________________

Mike's Floor Store 39 _________________________________________________________________________________________

HUNT 40

Life and Homes

ONEIDA, HERKIMER & MADISON COUNTIES

Corporate Office

Lisi Merchant Solutions, Inc. PO BOX 18 HOLLAND PATENT, NY 13354 315-865-5845 www.LifeandHomes.com

Owner

DAVID P. LISI Davidplisi7@gmail.com

Corporate Editor KIM LISI kim.lisi.79@gmail.com

Advertising Deadline

February 2023 Issue

Ad Due January 20, 2023

Senior Account Executive

David Lisi, RMC Davidplisi7@gmail.com P: 315-865-5845

Sales Representative Doug Benson, RMC dbenson@LifeandHomes.com P: 315-368-5040 (call or text)

Sales Representative Joseph Krongold, Lic. Assoc. RE Broker New Abode joe.krongold@gmail.com P: 518-867-1299

LifeandHomes™ is published monthly by Lisi Merchant Solutions

This information has been compiled from public records and other sources we believe to be reliable, but we make no guarantee with respect to its accuracy or completeness or the absence of restrictions on use and are not responsible for any liability, loss, or risk that subscribers may inquire, directly or indirectly, from using the contents of this site.

Copyright © 2023 Lisi Merchant Solutions, Inc

Reverse Mortgages - What You Should Know

A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older.

A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. Also like a traditional mortgage, when you take out a reverse mortgage loan, the title to your home remains in your name. However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows. With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their principal residence, and keep their house in good condition.

With a reverse mortgage loan, the amount the homeowner owes to the lender goes up–not down–over time. This is because interest and fees are added to the loan balance each month. As your loan balance increases, your home equity decreases.

A reverse mortgage loan is not free money. It is a loan where borrowed money + interest + fees each month = rising loan balance. The homeowners or their heirs will eventually have to pay back the loan, usually by selling the home.

If you move out of your home for any reason + such as to live in a nursing home, or downsize to a smaller house + and your spouse or the person living with you is a coborrower on the reverse mortgage loan, they can stay in the home and continue to receive

loan disbursements as long as they fulfill the ongoing obligations of the reverse mortgage.

If your spouse or partner is not a co-borrower and you move someplace else for the majority of the year, the reverse mortgage loan will need to be paid back. The most common way to pay back a reverse mortgage is by selling the home, in which case your spouse or partner will have to move, depending on the legal agreement you signed.

Note: this information only applies to Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan.

For your protection, contact an attorney or HUD-approved housing counseling agency before signing any reverse mortgage documents. (consumerfinance.gov)

Plan Ahead For Your Perfect Deck

A big part of building your dream deck is the planning. In fact, a typical deck project can take six months (or more) from inspiration to installation. To help make your dream a reality, the following are tips for keeping your deck project on track, on-trend, and on budget

Visualize the Possibilities - When it comes to your deck's design, there are countless possibilities - from simple ground-level styles to more elaborate multi-level decks. Ultimately, a deck should be designed around how you plan to use it. In addition to function, consider your views, neighbors, the prevalence of sun or shade, as well as the entrances and exits from the home and into the yard. All these factors will have an impact on your deck's size and configuration. Once you have a general design in mind, there are great tools available to help bring your visions to life. Trex offers an AR visualizer app that allows users to experiment with different decking shapes, board colors, and railing combinations against the backdrop of their own house. There are also hundreds of downloadable deck plans and

other resources available online to help guide you through your deck-building journey.

Consider Codes and Permits - Consult your state, county or city offices regarding building code requirements and to learn what permits are necessary for building a deck in your area. Factor permitting into your project timeline so that progress is not stalled by waiting for inspections and approvals. If your neighborhood has a homeowner association (HOA), make sure you understand any rules regarding deck size, color, product type or design. And don't forget to check with your local utilities to locate any underground cables, wires or pipes before construction begins.

Be Mindful of Materials - When choosing materials for your deck, think long term. It's important to choose quality materials that will withstand years of wear and tear from both weather and use. High-performance, wood-alternative composite decking is resistant to fading, staining, scratching and mold. And, unlike wood, it never has to be sanded, stripped or stained, resulting in less maintenance and more time for outdoor enjoyment. High-performance Trex® composite decking is also sustainably made from 95% recycled and reclaimed materials, making it an eco-conscious choice that feels as good as it looks. Sample boards may be ordered online so you can see firsthand how different colors and collections work with your home's architecture and style.

Budgeting and Beyond - When it comes to budgeting for a new deck, keep in mind that several factors will affect costs, including the size, shape and elevation of the deck, along with labor and the materials you choose. For the latter, you can use an online cost calculator to get a rough estimate for material costs based on the size, substructure and decking products being considered. As for labor, do your research and request multiple quotes to ensure you find the best contractor for your project and budget. Keep in mind that quality deck builders book projects well in advance and often have a waiting list by spring.

With proper planning, it's possible to make all your outdoor living dreams come true. For more information and inspiration, visit Trex.com/Academy. (BPT)

Valerie Duncan 315-868-6924

Geri Simonette-Hendrix 315-868-4833

Michael Steele 315-941-0890

Clyde Diedrich /Broker 315-868-4339

7,500

Located on a very busy mixed-use corridor is this professional retail and office complex. 7,000 ± SF former Fastenal and 1,500 ± SF office space. available.

For

Meticulously

Lake Road, Boonville ~Rental~

For Lease: 9225 River Road, Marcy

± SF retail space within the Marcy Towne Center. High traffic and visibility. Proposed Ashley Furniture to anchor the center in near future.

For Lease: 2150 Oriskany Street, Utica

Sale: 203 S. Frankfort Street, Frankfort

cared for 5-unit multi-family property located in a quiet neighborhood with many updates. Family owned for over thirty years and fully occupied.

For Lease: 310 Broad Street, Utica

For Lease: 125 Business Park Drive, Utica

Amber Platt Licensed R.E. Salesperson

413 Elm St - Rome $174,900

This is a lovely 2-story home that is warm and inviting. This home has gorgeous hardwood flooring on both levels. As you enter this home you will find a charming front porch for relaxing and catching up with friends and family. The living room opens up to a large dining room with a gorgeous light fixture. The kitchen is spacious and bright. Plenty of room for all of the cooks to gather! Off of the back of this home you will find a mudroom and 1/2 bath. As you go up the beautiful natural wood staircase you will find 3 bedrooms and 1 full bath. Additional large hall closet for extra clothing or storage. Full walk-up attic is just steps away. This home has a newer roof, windows and is vinyl sided. OVERSIZED 2 stall garage. MLS# S1447251

6851

Come see this wonderful location to start or move your business to. Previously used as a hair salon but this very open concept would be easy to remodel for your personal or professional needs. Left side of property is a studio or great area for 2nd o ce rental. There were 6 booths-4 in the main area and 2 with shampoo sinks that remain. Cherry hardwood ooring. This is an updated building that is in a high tra c location just o of the Rt 49 on-ramp. Alarm system and timer for outside lights. Ramp on the back of the building to stay. MLS#S1426518

6836

This very unique property has been owned by the same family for many years operating as Williams Rome Grown Garlic. Several buildings that have many uses such as a garage 30x24, small building 86x30, 6 10ft x25ft open bays, a “salt” building at 20x48, 30x64 open barn and last but not least another structure that is 37x66. This property has over 62 acres of land. 34.50 acres is o of Rt 365. 19.59 acres run parallel to the 365 property. The Garlic Farm building sit on 3.3 acres and then a 4th lot at 5.44 acres. All measurements are to be veri ed. Just imagine your next business venture on this amazing piece of property. MLS# S1426467

216 N. George St - Rome 184,900

This is a meticulously maintained

Stanwix Ave - Rome $119,000

S. James St - Rome $267,000

Stephen J. Amodio

Lic. R.E. Broker/Owner

Office: (315) 336-7000

StephenAmodio@AmodioRealty.com

Sara M. Moran

Lic. R.E. Salesperson

Cell: (315) 794-1724

SaraMoran@AmodioRealty.com

Joseph M. Orr

Lic. R.E. Salesperson

Cell: (315) 982-7806

JosephOrr@AmodioRealty.com

Introducing... The Gansevoort. This 2-story floor plan features open-concept living & dining, and a beautifully appointed kitchen with stunning quartz countertops, shaker-style cabinetry & stainless appliances. Also on the main level, you will find a Master Suite complete with a dual sink vanity, ample shower & a spacious walk-in closet. A private office, half bath & laundry room round out the first floor. Upstairs, you have 2 more bedrooms & another full bath. The full basement is equipped with an egress window, should you decide to add more living space. (*Units sold unfurnished. Interior furnished photos are for concept only.)

Woodhaven offers a very UNIQUE opportunity with thousands of dollars in TAX SAVINGS over the course of the PILOT PROGRAM. How amazing would it be to save on gas by shortening your commute to Griffiss, while taking advantage of HUGE SAVINGS on property taxes thereby reducing your overall mortgage payment?!

Introducing... The Woodstock. One level living in a highly energy efficient package. Open-concept living & dining with a beautifully appointed kitchen featuring quartz countertops, shakerstyle cabinetry & stainless appliances. The open staircase entry to the basement is finished and the full basement is equipped with an egress window & roughed in plumbing for future finishing. The master suite boasts a spacious shower, dual sink vanity & a roomy walk-in closet. Rounding out this beautifully functional floor plan is a 2nd bedroom, another full bathroom, and an amplesized laundry room. (*Units sold unfurnished. Interior furnished photos are for concept only.)

Woodhaven offers a very UNIQUE opportunity with thousands of dollars in TAX SAVINGS over the course of the PILOT PROGRAM. How amazing would it be to save on gas by shortening your commute to Griffiss, while taking advantage of HUGE SAVINGS on property taxes thereby reducing your overall mortgage payment?!

Should I Buy or Rent a Home?

If you’re feeling stressed about rising rents and interest rates, you are not alone. Most American renters say their rents increased in the past 12 months, and for many, their wage gains didn’t keep pace. In addition, mortgage rates have reached a two-decade high.

This means that for those in the market to rent or buy a home, there is a lot to consider. According to Freddie Mac, deciding whether to rent or buy depends on your financial situation, future plans and lifestyle. You should also carefully assess the benefits and financial commitments that come with each option.

Why Buy? If you plan to stay in your home for at least five to seven years, buying can make financial sense. Homeowners may be eligible for certain tax benefits, and increases in home equity are important to building long-term financial independence. Plus, for those with a fixed-rate mortgage, stable monthly payments provide important predictability when creating a budget. Another benefit to homeownership is the freedom to make decisions about your house that best suit your needs without the approval of a landlord.

Why Rent? Compared to owning,

renting is flexible and is usually low risk. Renting can require less money up front and provides you immunity to declining home values. It’s also a good option if you enjoy the ability to move relatively quickly. Not handy? Renting is also great if you prefer to leave home repairs to someone else.

Next Steps:

As you make your decision, here are a few questions to ask yourself:

1. Am I ready for homeownership? Mortgage-ready homebuyers typically have not had a foreclosure or bankruptcy in the past seven years and no severe delinquencies in the past 12 months. Potential buyers are also often required to have credit scores and debt levels that meet certain criteria. To learn more about credit scores and managing credit, consider using free educational resources from Freddie Mac.

2. How much can I afford? Free online tools can help you get a better idea of

how much you can afford based on your personal financial situation.

3. Do I have enough saved? Determine how much you have saved for a security deposit or down payment. Look into down payment assistance programs, low down payment mortgage programs and learn more about budgeting for upfront rental costs.

If you’re still unsure which path is right for you, check out My Home by Freddie Mac, which offers financial education resources. Compare costs with the site’s Rent vs. Buy Calculator, and explore the tips and tools geared to those who are renting or buying. Visit myhome.freddiemac.com to get started.

Whether you choose to rent or buy, it’s important to keep an eye on your longterm financial goals. Building good credit and making a savings plan today can better position you for the future.

(StatePoint)

14th Annual Walleye Challenge on the Great Sacandaga Lake on

February

Things will look a little different next year as Lanzi’s will be closed for renovations but the best parts remain the same- fishing, fun, hourly cash prizes, and big UTV and ATV raffle.

Cash prizes and recreational vehicles will be announced at 4:00pm day of contest AT SPORT ISLAND PUB, 108 RIVERSIDE DRIVE NORTHVILLE.

Door prizes will be awarded throughout the day at the NORTHVILLE/SPORT ISLAND PUB Weigh Station.

At the NORTHVILLE/SPORT ISLAND PUB Weigh Station, there will be a whiteboard that will list all of the numbers of the winners throughout the day (corresponding to tags).

Entry fee is $50 with pre-registration required. Payment and registration is due NO LATER THAN DECEMBER 31, 2022 with NO EXCEPTIONS. Registration is on a first-come, first-served basis.

Please like and Follow Fulton Montgomery Regional Chamber of Commerce Facebook and Instagram pages for updates on Walleye Challenge.

Take a moment to read the rules posted on our Fulton County Tourism Website: https://www.44lakes.com/ category/fishing/

It is a privilege to continue this premier event in Fulton County and we are looking forward to seeing familiar and new faces at the tournament. See you in 2023 and good luck! Any questions please call 518-725-0641 or email tourism@fultonmontgomeryny.org

Cost segregation is a way for commercial property owners to accelerate their tax deductions.

Through this method, a real estate owner is able to depreciate the individual components that make up their property in the shortest amount of time possible.

Cost segregation is the method of re-classifying components of your commercial building from real property to personal property.

This process allows the assets to be depreciated on a 5-, 7-, or 15-year schedule instead of the traditional 27.5- or 39-year depreciation schedule of real property.

The Owners current taxable income will be greatly reduced, and there cash flow could increase by 5% – 8% of your building’s cost.

Commercial building and income property owners have used cost segregation studies for years. These studies have resulted in advantageous depreciation deductions for taxpayers and have become a common method of depreciation.

DecKa Real Estate COST SEGREGATION Division provides Cost Segregation services to commercial property owners so they can significantly increase their cash flow NOW!

Time Value of Money!

Amy

Jeanette Denney

Lic. Associate R. E. Broker/Office Manager 315-240-3814

jdsellsrealty@tobringyouhome.com

Berkshire Hathaway HomeServices – Utica Office

Clyde Diedrich

Lic. R.E. Broker

315-868-4339 rcentur3@twcny.rr.com

Pamela

Katie

Sharon

Patricia

Diedrich

Associates Valley Realty

David Drapalski

Lic. R.E. Assoc Broker

315-868-3233 superdd527@aol.com

Bruce Ward & Company, Inc.

Valerie Duncan

NY Licensed Assoc. R.E. Broker 315-868-6924 V77duncan@gmail.com

DIEDRICH ASSOCIATES

VALLEY REALTY

Janet L. Giacovelli

Lic. R.E. Salesperson 315-404-7108 janetgiacovelli@howardhanna.com

Howard Hanna Utica/New Hartford

Azza Giorgi

Lic. Assoc. RE Broker 315- 534-2709 azzagiorgi@gmail.com

Howard Hanna CNY IncUtica/New Hartford Office, NY

Bruce Graham

Lic. R.E. Broker (315) 696-5758 bgraham13@twc.com

Bruce Graham Real Estate, LLC

Christopher Greene

Lic. R. E. Salesperson 315-225-6037 cgreenesells@gmail.com

Miner Realty & Property Management LLC

Ryan Hastings

Lic. R. E. Salesperson 315-219-3116

ryan@centralnewyork.com

Coldwell Banker Faith Properties

Miner Realty & Property Management LLC

Robert Lawless

Lic. R.E. Broker (315) 724-7474

boblawlessrealestate@gmail.com

Lawless Real Estate

Bill Macri

Lic. Associate R. E. Broker 315-360-1920 bill.joemacrirealty@gmail.com

Joe Macri Realty

MLS BROKER/AGENT DIRECTORY MARKETING

John Macri

Lic. R. E. Salesperson 315-866-2521

Mike Miner Team

NY Licensed R. E. Broker 315-271-5145

admin@miner-realty.com

Miner Realty & Property Management LLC

Monica Munford

Lic. R.E. Salesperson 315-822-6666

pmumford@twcny.rr.com

Bruce Ward & Company, Inc.

Krystalea Nestle

NY Licensed R.E. Salesperson 315-868-0127

Krystalea.nestle@gmail.com

Joe Macri Realty

Robert Paul

Lic. R.E. Salesperson

315-717-3527

rpaul07@yahoo.com

Bruce Ward & Company, Inc.

Art Pratt

GRI, Lic. R.E. Broker 315-366-3600

PrattRealty@ArtPratt.com

Pratt Realty

Paul Sacco

Lic. RE Salesperson (315) 525-1377

paulsacco1013@gmail.com

Howard Hanna Utica/ New Hartford

Alex Sen

NY Licensed R.E. Broker 315-725-7167

asensre@gmail.com

Senshine Real Estate LLC

Joel Siegfried

Lic. R. E. Broker 315-796-2258

joelsiegfried@gmail.com

SBG, Inc.

Tonya Smith

Lic. R. E. Salesperson 515-631-9331 smithtonya247@gmail.com

Van Billings Real Estate, LLC

Michelle Gorea Thompson

Lic. R. E. Salesperson 315-794-3260 saratogaunion@aol.com Coldwell Banker Faith Properties - John Brown Tream

Carol Spisak

Lic. R.E. Salesperson

315-269-6933 carol1320@aol.com Bruce Ward & Company, Inc.

Ciro “Jerry” Vitiello

NY Licensed Assoc. R.E. Broker 315-868-9666

jerry@jerrysellscnyrealestate.com

Coldwell Banker Faith Properties

K Bruce Ward

Lic. R.E. Broker 315-796-4425

bward@brucewardusa.com

Bruce Ward & Company, Inc.

Denise Witchley

Lic. R.E. Broker 315-335-6971

witchleydenisem@hotmail.com

HomeComing Realty

James F Woodrick

Lic. Associate R. E. Broker

315-866-0258

jwoodric@twcny.rr.com

Bruce Ward & Company, Inc.

Farm

SUPERIOR QUALITY HOME INSPECTIONS

315-794-1565

Home Inspections for Buyers & Sellers. Radon testing, septic system dye testing & well water flow/well water quality testing. Patrick Rightmier. NYS Lic 16000066870. www.sqhi1.com

REAL ESTATE INSPECTIONS, LLC

315-868-8287

Comprehensive Residential Inspections, Real Estate Inspections, Septic Dye Tests, Radon Testing , Water Flow Testing, Water quality testing. Al zennamo. www.alshomeinspections.com

Modular Homes

KD HOMES

Insurance

PROTECT NY INSURANCE AGENCY

315-795-4900

Homeowners, Automobile, Business, Landlord Insurance. Jordan Roorda, Principal Agent. www.ProtectNY.com

MLS CNY LIFEANDHOMES MLS

315-865-5845

315-792-8021

Member Since 12/21

Painting

Upstate Premier Mortgage opened its doors in August 2013, with the concept of providing exceptional customer service. NMLS # 556647

URBANIK’S PAINT CO.

315-724-5129 315-336-0400

Member Since 07/15

Largest selection of paint and wallcovering in Central NY. Rentals: floor sanders, polishers, airless sprayers, power washers, edgers. 1420 Oriskany St. Utica

Wells/Water Conditioning/Pumps

AMBER WATER PROS

home built with pride & integrity by professionals. www. kdhomesny.com 315-841-8700

Serving the Oneida, Herkimer & Madison counties, we have a simplified and centralized database of area listings to help you promote your new listings and buyer needs to cooperating agents and brokers, plus off-market, solds and historic info.

315-484-5959

Member Since 12/21

Member Since 11/13

For over 53 years …We've helped customers with superior services, including well drilling, pump installation, water conditioning and more. Water Emergency? Call or Text us 24/7.