5/07/2007

Wait a minute...

Let's see...presumably Scott Weinstein and David Serotta signed the following statement upon receiving word that St. Matthew's would soon belong to them.
IMG_7038[1]
click here to read a larger version
Will the City's new rules be enforced? Wait and see. Here's all the background and links - Flipping (off) Jesus - Part II.

Special thanks to a fixBuffalo reader...for faxing the above statement to me, just moments ago.
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13 comments:

Anonymous said...

These agreements are signed the day of the auction before the City even accepts the 20% downpayment for the property. Perhaps additional phone calls to the Mayors Anti-Flipping Task Force at 716 855 0203 would be helpful in bringing a little attention to this situation.

Mlystad said...

i fear as they transfered the property to an llc or corp they probably circumvented that law. technically they sold it to the llc for 3500 and the llc is selling

MJ said...

"These restrictions shall run with the land and are not personal to the grantee"

seems to close the option of selling it to the LLC and then reselling it.

Tom Geller said...

In California (where I live and hold a real estate broker's license) the way to ensure enforcement of such a clause would be by simply recording a lien on the property, as part of the purchase procedure.

That lien would remain with the property, so any subsequent buyer would have to pay it off if the seller didn't. Of course an intelligent buyer would discover the lien by running a title check or visiting the county courthouse... and then discount the price of the property by the amount of the lien.

I'd be astonished if something similar weren't common practice in NY. If so, and the city failed to file such a lien, then they're obscenely incompetent.

Does anyone know where such liens might be filed? Could this be looked up online?

(Note: I'm not a lawyer, and this isn't legal advice. I'm speaking only from the knowledge I have of California real estate that I've gained as a licensed broker in that state. Whew!)

Anonymous said...

It so obvious how easy this is to circumvent. Remember, there are only obstacles, not roadblock!

He can sign a purchase agreement with a buyer and close on the property the day after the six month period ends. There is nothing stopping him from getting an agreement in place and tranferring title later!!

I continue to say over and over... you can only beat these people by having high priced lawyers and pounding down the doors at city hall. Ask Art Robinson from Seneca-Babcock how it's done. That guy basically is at City Hall everyday and he has major pull because he's vigilant about his neighborhood and they see his face everyday. Does David and his FixBuffalo blog have an organized block club that meets every month and a city councilmember and county legislator attend? Art Robinson does because he MAKES them come. Every month (at least the last I knew) his block club meets and the county rep and two city reps Fontana and Fronczak (because his neighborhood is in two distrcits)regulary attend! And a couple years ago he got a sitdown with Hillary Clinton on issues in his neighborhood.

Blogs are a good means to disseminate info and post opinions but it's certainly not something that can impact policy and decision making.

Michele J said...

I dont agree that blogs cant make an impact..Hamilton Ward House,flipping etc...would of never gotten the exposure without them...
Art Robinson who happens to be a friend of mine is an amazing asset to the Seneca Babcock neighborhood.We need 10 more just like him!

Anonymous said...

Blogs are seen politically and by policymakers as rabble rousing and they're taken with a grain of salt until someone has the gumption to come forward and be vocal and show their face. Policy makers don't respond to blogs. What politician would say "I'm sponsoring this resolution because some guy who I don;t know wrote a blog complaining about housing conditions."

They serve a purpose but critical mass is needed in city hall to create change.

I emailed the seller on this and this is the response I got when asking about the no-flipping agreement

Response from widgetfactory
widgetfactory( 78)
Positive feedback: 100%
Member since: Aug-26-99
Location: NY, United States
Registered on: www.ebay.com


Item: HUGE! Romanesque CHURCH Development Property (330117130628)
This message was sent while the listing was active.
widgetfactory is the seller.



We signed it last year. The 6 months has expired.

Michele J said...

Anon: What politician is going to give credit to anyone else? lol

Anonymous said...

Did you report the possible violaion to ebay? that would pull or at least tag the listing...

MJ said...

The document though says from the time of the deed, which was only last month? Not the date on which they signed this document.

Honest Real Deal said...

The response in the community is far from "beserk", it is a cogent questioning of the terms under which the building was bought and is now being offered for sale.

It is my understanding that the buyer agreed that the building can be sold for up to $4200 within 6 months of the deed transfer from the City. After that period of time the sale price is open for the seller and buyer to decide.

As to the other issues raised by "Anonymous" (Weinstein?) vacant, delapidating buildings such as the Church in question exacerbate and sometimes harbor the problems.

Mr. Weinstein & Mr. Serotta, please secure and insure the building, and sell it to a reputable owner under the conditions you agreed to. The other business you have [ O RESTAURANT AND LOUNGE - 3047 Sheridan Drive Amherst NY 14226 716-332-4656 ] and your reputation depend on the transparent resolution of this debacle.

Anonymous said...

I would say the Buffalo property owners have more pressing issues they need to deal with than this. As the city falls down around them and drugs, crime, arson, murder, and worse are going on there is outrage over this flip. People don't go this wild over thrie children going to school and seeing crackheads and burned out bulidings as their future. Something is wrong in Buffalo.

MJ said...

All part of the larger issue. These "no-investment" flippings are one of the reasons the houses remain vacant, continue to deteriorate, breed crime, and lower other property values ensuring the cycle continues. A building of this profile deserves to be a poster child for what is happening.