A few weeks ago, we did a posting dedicated to the people crushing on Newburgh from afar. That means people who are interested in Newburgh, google the heck out of Newburgh but, they still haven’t made a decision on seriously considering moving here. In an effort to help all of you have someone to relate to, we present to you, soon to be married Sherry and Eddie who after crushing on Newburgh for quite some time, have finally bought their dream home!

One of the things that is really great about their blog is that they have chronicled the ups and downs of trying to buy a home in Newburgh. They have great information on the loan process and the different grants and programs available for first time home buyers in Newburgh. The information they give is truly insightful.

PS- I am seriously jealous of their home! It’s gorgeous!

Meet: Sherry and Eddie of the blog My Second Favorite Organ
Can you tell me about you and your fiance’s career or educational background?
I graduated from Boston University with a BA in International Relations then, I got my Master’s from the New School in International Affairs. That’s where I met my fiancé, who also got his Master’s from the same program. I work in fund raising at NYU and am getting another Master’s degree at NYU – in Social Work. Eddie worked as a program manager for CabWatch, a now-defunct program at Citizen’s Committee for New York City. Then he worked as a Research Analyst at a finance/investment company. Now, he is working with his brother in construction and could not be happier.

Their kitty named Tracer that will be making the Newburgh move too!

Where are you guys moving from? From Ditmas Park in Brooklyn. It’s a great neighborhood and the location of our favorite restaurant – Purple Yam!

What made you start to consider Newburgh out of all places?
Our weekends away from NYC had mostly been to towns upstate along the Hudson – Tarrytown, Hyde Park, Rhinebeck, Redhook, etc., and we loved it! Then my dear friend, Margaret, moved to Ossining, and we thought, “Wait, WE could move upstate.” We had been looking to buy something in Brooklyn, but nothing was in our price range. Margaret suggested other towns she and her husband had looked at: Fishkill, Newburgh and Peekskill. She also recommended this design blog, Door Sixteen, whose author lives in Newburgh. I fell in love with her house! Then I realtor-dot-commed the heck out of Newburgh.

How long had you been watching Newburgh? Since March of 2008.

How did you research the area and who did you speak to to find out about the city?
We drove up and looked around the city. The first thing we noticed was the mix of good and run-down neighborhoods, which changes from street to street or even mid-street. We went to an open house with river views and spoke to the realtor. She was very nice, but it wasn’t until we met Chris Hanson, another realtor, that we got really excited. He was showing a place on Henry Street, and he took a good hour first explaining all the developments happening in Newburgh. Knowing that things were changing and that we could be a part of the change really excited us.

What sealed the deal that you were going to buy a house in Newburgh?
Finding the house that we finally bought. It’s a three-story Victorian with small backyard.

How long did you take to find a house?
In the end, it took us from March 2008 until December 2009 to actually buy a house. 21 months!

What were some of the dilemmas you faced in the buying process? We saw at least three places we wanted to buy! The only problem is that the best real estate deals are not straight-forward purchases. There was an awesome mixed-use building on Liberty Street, but because of its zoning, we couldn’t get a regular mortgage. Chris (our amazing realtor) suggested the 203k loan because you can buy a mixed-use property with it, AND it allows you to borrow money for renovations (but you can’t renovate the commercial part of the building with that money), AND it doesn’t require a full 25% down payment needed for commercial real estate loans. Unfortunately, the deal fell through because of various reasons, including our own inexperience. Then we saw an amazing house that was a foreclosure. It was in great condition but the price was a little high. I kept watching the property, and the price was reduced a few times, so we finally put in an offer when it seemed within our budget. A major setback, though, was that the house had been vandalized since we first saw it and needed a lot more work. Again, we couldn’t take out a straight loan because we didn’t have enough for a traditional down payment AND we needed money for renovations. And again, the deal fell through. This time it was because the 203K loan takes a long time to secure, and the bank that owned the house didn’t want to wait that long. We kept working on the loan, thinking we could secure the loan and then approach the bank again to buy the property. We would have succeeded, too, but right when we got the loan, Eddie lost his job and we didn’t want to have a mortgage on a one-person income. Then in October 2009, I saw that the same house had been auctioned online at a much, much, much lower price. The auction had closed and the property had been sold, technically, but because I knew how difficult it is to close on time when dealing with a bank, I obsessively trawled the internet to see if the deal fell through. And it did! The bank’s website listed the property in mid or late October and we made an offer. This time we decided to buy it outright with cash and figure out how to find money for renovations later.

What are your thoughts about moving to a city like Newburgh that has urban blight and is still in the restoration process? Or, why has Newburgh’s turbulent history not stopped you from buying a house there?
Eddie still has his reservations, especially with the recent news stories that have brought Newburgh to national attention. I know it will take time to reverse the urban blight, but you have to buy into change to make it happen, and we’re buying in! We also just kept meeting people who were enthusiastic about Newburgh. Chris, our realtor; Anna and Evan from Door Sixteen; the owners of Newburgh Art Supply; the owners of The Wherehouse; and, of course, you (Newburgh Restoration)! Newburgh offers an opportunity to be part of a dynamic, diverse community with really noble goals that I haven’t found anywhere else.

What progress or positive things have you seen first hand?
SUNY Orange County’s groundbreaking was a big sign for us that despite the recession, projects were still moving ahead. I know that Leyland’s Waterfront project has suffered some setbacks, but it’s still going to move forward on a smaller scale.

What would you say to people who are skeptical about buying a house in Newburgh?
It’s good to be skeptical. There are going to be a lot of obstacles, the commute to Manhattan is going to be tough, and Newburgh politics are messy, but it’s a chance to revive a city and to own an amazing home.

Tell me a little bit about your house like: The restoration the house will need?
For starters…the house needs windows (55, to be exact), plumbing (all the copper was stolen), heating, and electric work. The roof needs major repair work, and we need to replace the gutter system.

When can you move in? Hopefully October of this year (2010).

Was it love at first sight? Yes! The tall ceilings, the five fireplaces, the beautiful brickwork, the cast-iron tub…it was my dream house!

Thank you so much Sherry for taking the time out for this interview! If you know anyone else who recently has bought a home in Newburgh and would like to share their experience please email me at NewburghRestoration{at}gmail{dot}com.