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Gettry Marcus, a Leading Real Estate & Forensic Accounting Firm, Discusses Questions to Help Evaluate if a Cooperative Housing Unit is Financially Sound for Purchase

Saturday, January 18th, 2014

Woodbury, NY (PRWEB) January 06, 2014

Gettry Marcus CPA, P.C., discusses common questions that will help evaluate if a cooperative housing unit is financially sound for purchase.

Before purchasing a cooperative apartment, working with an accounting professional will enable you to identify important questions a buyer should consider in order to develop a clear picture of the financial health and value of their potential purchase, says Joel C. Dressner, CPA and Partner at Gettry Marcus CPA, P.C., a leading real estate and business valuation firm.

What do the financial statements tell you?

It’s important to review the financial statements to determine the financial condition of the property. Does it generate sufficient cash flow? What are the liabilities? Has a reserve fund been established for future repairs and replacements? The primary responsibility of the cooperative housing corporation is to maintain and preserve the common property at a cost that is shared by all the owners.

Should I be concerned about uncollected maintenance?

Uncollected maintenance charges at the end of the month are typical and are not necessarily a cause for alarm. However, maintenance receivables that accumulate may indicate that management is not actively pursuing late payers and poor cash flow may result.

What kinds of improvements have been made to the property?

Major improvements such as a new roof or boiler indicate that the property is being well maintained and the investment is being cared for. In addition, new equipment such as a boiler should be energy efficient and reduce future operating costs.

Are reserve funds sufficient to provide for future major repairs and replacements?

This is not an easy question to answer, but an important one to raise. Has a detailed study been done that describes the condition of the major building components and service systems? How does the Board plan to fund anticipated future capital improvement and repair projects? Are the reserve funds sufficient to pay for them? Will additional financing be required or will a special assessment be imposed? If so, what effect will they have on the monthly maintenance charges? After repairs and improvements are made, is there a plan to replenish the reserve fund? Are flip taxes being considered as a source of additional income at the time an apartment is sold?

Are the liabilities a liability for me?

Are liabilities higher from one year to the next? Do they seem excessive? The explanations may be simple. Or are unpaid bills accumulating because of inadequate cash flow? The largest liability of the co-op is the underlying mortgage. The notes to the financial statements will provide the term of the mortgage, the rate of interest, and the maturity date. Is the rate competitive with current market rates? If the loan is maturing, will refinancing result in increased debt service payments that could increase maintenance charges? If refinancing conditions are favorable, will a prepayment penalty be imposed when the current mortgage is repaid?

With the help of an accounting professional and through a critical analysis of the information described above, a potential buyer can develop a clear picture of the financial health and value of their desired purchase.

For the full article on analyzing a cooperative purchase, visit the Gettry Marcus website.

Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients businesses, to better understand their goals and problems and to help them attain the vision they have for their company.

Gettry Marcus is “Always Looking Deeper” to build value for our clients.

Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or via email at fdietchweiler(at)gettrymarcus(dot)com.







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Jamie McCourt Announces Purchase of 22-acre Property and Vineyard in Napa County, California

Thursday, December 19th, 2013

(PRWEB) November 18, 2013

Investor Jamie McCourt, owner of venture capital firm Jamie Enterprises, has purchased a 22-acre vineyard and estate in the town of Rutherford in Napa County, California.

The main house on the luxury property was designed by award-winning architect Scott Johnson of Johnson Fain, who was also principal designer of the nearby and highly praised Opus One winery for Robert Mondavi and the Baroness Philippine de Rothschild. The property features a garden of sculpted, mature trees and a dramatic 75-foot lap pool, which runs perpendicular to the main house. The estates guest house, which won an AIA award, was designed by noted architect Stanley Saitowitz.

Sothebys International Realty Wine Country agent Ginger Martin represented McCourt in the transaction.

I was drawn to the property by the promise of its remarkable vines, but my decision to buy was strengthened by the stunning contemporary architecture, which beautifully blends into its natural setting, and by the propertys spectacular, expansive views of the surrounding Napa countryside, Jamie said. The vineyard, which was carefully planted and nurtured by its previous owners, is one of the most precious and one of the best in the Napa Valley. Robert Parkers 93-point score for the vineyards 2008 Cabernet Sauvignon and his 92+ score for the 2007 vintage made the wine world stand up and take notice of what was being grown at this elegant address in the Napa Valley. I intend to continue and expand that reputation for excellence, and Im thrilled that David Abreu will be my vineyard manager.

The hillside property, which overlooks the world-famous Auberge du Soleil resort, will be operated as a commercial venture. Wines from the property have appeared on the prestigious lists of many elite restaurants, the Mandarin Oriental and Ritz Carlton Hotels in San Francisco, the Four Seasons Hotel in Santa Barbara, and the Beverly Wilshire Hotel in Beverly Hills.

Jamie McCourt is a respected food and wine connoisseur. She trained in the South of France with the legendary and visionary Madeleine Kamman. She is also an investor in a variety of culinary ventures including Bouchon of Beverly Hills, founded by her friend, the celebrated Thomas Keller of French Laundry fame.

About Jamie Enterprises

Investment firm Jamie Enterprises principally invests in high-value real estate, biotechnology ventures, and early-stage technology start-ups. Jamie was an early stage investor in ZipCar, now the nations largest peer-to-peer car sharing service, and is the owner of Jamie M Vineyards in the Napa Valley of California.

Jamie McCourt is the former co-owner, President and CEO of the Los Angeles Dodgers and an attorney who has practiced law in the States of New York and Massachusetts. She graduated with a degree in French from Georgetown University and has studied language and French literature at the Sorbonne in Paris, France. Jamie is an MBA graduate of MITs Sloan School of Management and serves on the Sloan Schools North America Executive Board.

As an active philanthropist, Jamie serves on the Board of Trustees of the Los Angeles County Museum of Art, as well as its Finance Committee. She is a member of the Centre Pompidou Foundation and is on the National Board of Directors of the American Friends of The Hebrew University. She was a visiting professor for four years at the graduate level in the UCLA Anderson School of Management and currently serves on the Executive Board of the Anderson School. She is also a member of the Board of Trustees at the University of Southern California.

The Jamie M Foundation focuses its giving on promoting the role of women in senior management, business education, contemporary art and support for the worldwide Jewish community.







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Gibsons Public Market Team Announces They Have Raised $178,000 in Donations Towards the Purchase of the Market Property

Friday, December 13th, 2013


Gibsons, BC (PRWEB) November 13, 2013

The Gibsons Public Market Team announced today that, as of October 31st, over $ 178,000 in donations has been raised from more than 60 families in the Gibsons and surrounding communities. Donations have ranged from $ 25,000 for a life Founder to groups of people who have each donated $ 250 towards together becoming a $ 5000 bronze Founder. These funds are to be donated to the Town of Gibsons and go towards the Town owning an equity interest in the Gibsons Public Market building i.e. the old Yacht Club building in Gibsons Landing. At a meeting on September 10th, the Gibsons Town Council agreed that a target of $ 250,000 was required to support the Towns objective of becoming the largest equity owner of the property. This outpouring of community financial support now makes that requirement likely attainablebefore mid-December when the proponents need to remove final subjects on the real estate.

I am very pleased with the response we have seen to the idea of establishing a public market in Gibsons, said Wayne Rowe, Mayor of Gibsons. While we have not yet met our target, having achieved $ 175,000 at the end of October, we have proven the viability of the concept. To have amassed that level of contribution from the large number of families behind those commitments, in just over 6 weeks, the community has clearly told us they want a Public Market in Gibsons that serves the Sunshine Coast.

The level of engagement we have seen in the community is quite astounding, says Brian Smith, Executive Director of Community Futures, one of the proponents of the market along with the Zipursky and Sonntag families in Gibsons. Not only have these donors agreed to put their hard earned money forward through donations to the Town but everyone has expressed strong support for the establishment of a community Hub at the Market. This has been an extraordinary community effort, one that is indicative of the level of support for the Market. People from up and down the coast want public spaces to gather, to celebrate and to enjoy local art, produce, food and entertainment. The Gibsons Public Market will be that space.

Community Futures and the two Gibsons families, who have each committed to invest $ 100,000 towards the purchase of the property, spawned the Gibsons Public Market idea almost a year ago. Through a series of small parlor meetings with Gibsons residents plus presentations to a number of community organizations, over 600 local residents and groups have had the opportunity to offer ideas on the Market, and in many cases became engaged by providing pro-bono professional skills, sweat equity and materials to help make the Market a reality.

We are now at a stage where people are asking how they can get more involved in the initiative. Not just in the provision of funds but also in working together with others in the community to create a place where individuals and families can meet for a diversity of activities from shopping to eating to enjoying local entertainment, says Gerry Zipursky the team member who has taken the lead in formulating the overall program. We have been encouraged and touched by the ground swell of support and donations to the Market fund raising program over these last few weeks. Along with the Town, we are very optimistic we will meet the target of $ 250,000 by the middle of December. This will then allow us to proceed with the purchase of the property and the establishment of a non-profit society that will develop and run the Gibsons Public Market. It is an exciting time for all of us.

The Gibsons Public Market Team is accepting donations from $ 250 to $ 25,000 to cover the final $ 72,000 needed to meet the $ 250,000 goal set by the Town. The levels are Life – $ 25,000; Platinum – $ 20,000; Gold – $ 15,000; Silver – $ 10,000 Bronze – $ 5,000; and Donor – $ 1000 to $ 250. Anyone who is interested in learning more about the Gibsons Public Market and/or contributing a donation should contact either:

Gerry at 604 886 6664/email gzipursky(at)gmail(dot)com or

Nick at 604 886 2199/email nicholas(at)sonntag(dot)gmail.com.







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Maximum One Realty Shares 13 Reasons to Choose Gwinnett County for a Home Purchase During this Holiday Season

Thursday, October 10th, 2013


Gwinnett, Georgia (PRWEB) September 27, 2013

Gwinnett County is undeniably one of Americas booming counties. It placed 9th under the fastest growing county. Buying a home in Gwinnett County is an intelligent choice. Home values are soaring high with a whopping 10 percent increase in July 2013. Check homes in North Atlanta for reference.

The Real Estate market has its share of ups and downs and is now seeing a increase in inventory of homes available, as well as, the sheer amount of home buyers being reduced, particularly during the holidays and the end of the year.

Usually any homebuyer that is listing their home for sale during this time has a big reason why they must move. This puts a new buyer in great position to negotiate.

Gwinnett County in North Atlanta Georgia has been pegged as:

1. One of the ten hot cities for job growth.

2. One of the 50 smart cities to live.

3. One of the best states for business.

4. Ranked number one under the least expensive cities category.

5. The most opulent suburb of the South, North Atlanta is the perfect place to live. The climate is favorable. The cool breeze of the air will fascinate anyone. Have a home in North Atlanta provides a paradise with nearby hotspots, spectacular parks, historical sites and world-class museums.

6. Their botanical gardens are truly incredible. Their local and international markets produce mouthwatering foods as well.

7. The extravagant and affordable housing options make it ideal for anyone. The community provides the best living conditions such as sidewalks, safe neighborhood, picnic areas and a lot more.

8. North Atlanta residents are lucky because they have access to state-of-the-art medical facilities.

9. Education is an integral component in North Atlanta. Gwinnett County has some of the best teachers for public and private schools. The students in Gwinnett continue to have the highest states test scores and graduation rates.

10. The flourishing economy attracts more businesses that create an atmosphere of success. Small businesses are supported; in fact most of their programs are made to meet the needs of the entrepreneurs. This area is also known for its highly-skilled workforce.

11. Gwinnett County celebrates Annual Festival of Cultures. Volunteers from Jamaica, Puerto Rico, Columbia, Korea, Mexico and more dress in authentic costumes and showcase their talents.

12. On weekends or holidays, residents have superfluous recreation opportunities. The members of Gwinnett County Parks and Recreation ensure the residents will experience the tranquility of nature and offer them remarkable places to stay and relax.

The real estate market in Gwinnett County can provide homebuyers with many advantages this holiday season. Homebuyers should be able to find any home in North Atlanta to suit their needs and budget.

From a single professional, a growing family, or retirees, Gwinnett County is a place to enjoy.

GwinnettCounty is attracting savvy homebuyers being it is a marvelous place to retire, raise a family, and start a new business, while living in a peaceful, lovely and prosperous community.

The urgency during this holiday season, coupled with important facts above, are great reasons why to consider Gwinnett County for you next home purchase during this holiday season.

Cati Ragauska, Realtor at Maximum One Realty can provide expert assistance for any homebuying needs based on years of experience in assisting clients in the purchasing and selling of homes in the north metro area of Atlanta, ranging from first time Buyers to million dollar homes: as well as investor homes and vacation homes.

(404) 784-2631

CATISELLS.COM







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IRA Financial Group Clients Using Self-Directed IRA and Solo 401(k) Plans to Purchase Detroit and Puerto Rico Debt, According to an IRA Financial Group Monthly Report

Tuesday, October 1st, 2013


Miami, FL (PRWEB) September 24, 2013

IRA Financial Group, the leading provider of checkbook control self-directed IRA and Solo 401(k) Plans announces the finding of its monthly report which found that an increasing number of retirement investors were looking to purchase distressed municipal debt, such as Detroit and Puerto Rico debt using their self directed IRA LLC or Solo 401(k) Plan accounts. We have seen a surge in interest from retirement account investors looking to use a tax-deferred self-directed IRA or Solo 401(k) Plan account to buy Detroit and Puerto Rico bonds at depressed prices, Stated Adam Bergman, a tax attorney with the IRA Financial Group. Detroit’s bonds have become a very hot topic with self-directed retirement investors since the Motor City filed for the largest municipal bankruptcy two weeks ago, stated Mr. Bergman.

According to Mr. Bergman, many retirement investors who have some experience investing in troubled or bankrupt companies think these bonds will turn out to be lucrative in the long run.

The problem is there aren’t that many available. Typically when a taxpayer purchases a municipal bond, such as Detroit, one of the advantages is that the interest generated by the bond is exempt from tax, which is quite attractive to high net worth individuals. Such a tax exemption is typically not very attractive to tax-exempt investors, such as a pension plan or IRA since they are already exempt from tax. Interestingly, retirement investors have shown strong interest in purchasing tax-exempt municipal debt, such as Detroit, Puerto Rico, and Illinois even without the added tax benefit, stated Mr. Bergman.

The primary advantage of using a Self Directed IRA LLC and Solo 401(k) Plan to make investments is that all income and gains associated with the IRA investment grow tax-deferred.

Using IRA Financial Groups self directed IRA LLC with checkbook control solution to make investments offers a number of very interesting investment opportunities, including the ability to diversify ones retirement portfolio with real estate, precious metals, and other alternative investment options. With IRA Financial Groups self directed IRA LLC solution or Solo 401(k) Plan, traditional IRA or Roth IRA funds can be used to make non-traditional investments, such as real estate to better diversify themselves from a falling stock market.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.







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