Daily Archives: May 26, 2011

Chappaqua NY Real Estate Mortgage rates ease again to new 2011 low | Inman News for Chappaqua NY Homes for sale

Chappaqua NY Mortgage rates ease again to new 2011 low

Demand for Chappaqua NY purchase loans up slightly from year ago

 Rates on fixed-rate mortgages dropped slightly this week, hitting new lows for the year, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

While lower rates often trigger applications for refinancing, purchase loan demand also picked up last week and was slightly stronger a year ago, a separate survey by the Mortgage Bankers Association showed.

Freddie Mac’s survey showed rates on 30-year fixed-rate mortgage averaged 4.6 percent with an average 0.7 point for the week ending May 26, down from 4.61 percent last week and 4.84 percent a year ago.

Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.

Rates on 15-year fixed rate mortgages averaged 3.78 percent with an average 0.7 point, down from 3.8 percent last week and 4.21 percent a year ago. Rates on 15-year mortgages hit an all-time low in records dating back to 1991 of 3.57 percent in November.

For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 3.41 percent with an average 0.5 point, down from 3.48 percent last week and 3.97 percent a year ago. The 5-year ARM hit a low in records dating to 2005 of 3.25 percent in November.

Rates on 1-year Treasury-indexed ARM loans averaged 3.11 percent with an average 0.5 point, down from 3.15 percent last week and 3.95 percent a year ago.

Looking back a week, the MBA’s weekly Mortgage Applications Survey showed applications for purchase loans climbed a seasonally adjusted 1.5 percent during the week ending May 20 compared to the week before. Purchase loan applications were up 3.1 percent from the same time a year ago.

Demand for refinancings was also up slightly, to the highest level since Dec. 10. Requests for refinancings accounted for 66.8 percent of all mortgage loan applications, the highest share since Jan. 28.

In a May 18 forecast MBA economists said they expect rates on 30-year fixed-rate mortgages to rise to an average of 5.5 percent during the final three months of this year, and continue a gradual rise to an average of 5.9 percent during the fourth quarter of 2012.

   

Survey: Next 2 years is prime time for real estate investors in North Salem NY | Inman News for North Salem NY real estate buyers

Survey: Next 2 years is prime time for North Salem NY real estate investors

18.5% plan to pay in cash for North Salem Investment property

Flickr image courtesy of <a href=Flickr image courtesy of LuMaxArt.

Real estate investors are likely to be three times more active than other types of homebuyers in their local markets within the next two years, according to a nationwide survey from Realtor.com operator Move Inc.

Market research firm GfK Custom Research North America conducted the survey on behalf of Move from April 11-15, 2011. The survey included telephone interviews of 1,200 U.S. adults, of which about 200 were identified as real estate investors. Data was weighted by age, sex, education, race and geographic region.

A third of real estate investors are planning to buy in the next 24 months, compared to 8.6 percent of typical homebuyers — those planning to purchase a primary residence, vacation home or retirement property. Another 9.1 percent of typical homebuyers, and 28 percent of investors, plan to purchase between two and five years from now.

Among the investors, half plan to hold their properties for five or more years while 11 percent expect to sell within a year of purchase, according to the survey.

Some 56.5 percent of investors said the repair and maintenance of their property has not been difficult, and 42 percent plan to spend their own time and energy for that upkeep going forward.

Among the rest, 29.5 percent said they would hire a contractor for repairs and 28 percent said they would purchase move-in-ready properties. About 65.7 percent don’t expect repair costs to surpass 20 percent of the property’s purchase price, the survey said.

“This data suggests today’s climate is hot for investing and is attracting a lot of new people that don’t fit the stereotypical deal-driven flippers who buy and sell properties quickly,” said Steve Berkowitz, Move CEO, in a statement.

“They’re mostly entrepreneurial individuals who will make vital contributions to local communities by investing their own money and sweat equity to improve and maintain properties. These personal sacrifices made over the long run will help improve housing stocks, home values, property tax bases, and thousands of local communities.”

More than half of investors, 53.5 percent, expect home prices to remain the same in the next six to 12 months. Of the rest, 23 percent expect prices to fall. About 69 percent expect it would be easier to find properties in the next six months, though 43.5 percent expect it would be harder to find bargains.

Some 41.5 percent of investors expect it would be easier to sell their properties in the next six months, the survey said.

Only 18.5 percent of investors said they will engage in an all-cash purchase, while 75.5 percent plan to combine cash and credit to purchase a property. More than half (59.5 percent) plan to put down cash but finance more than half of the purchase.

Sixteen percent plan to put down more than 50 percent in cash and finance the rest. Of the cash-only buyers, eight out of 10 expect discounts from sellers.

About 65.5 percent of investor respondents expect the financing difficulties first-time buyers are having will make it easier for them to compete for properties, according to the survey.

“The fact that most real estate investors plan on combing cash and credit for their purchases goes against the conventional wisdom that investor transactions today are mostly cash-only sales,” Berkowitz said.

“This suggests they’re seeing tremendous or once-in-a-lifetime opportunities and may be tapping into credit or taking out second trusts on existing properties. The data also shows they’re expecting high returns to match the level of investment they’re making in an arena that is new to many investors.”

Most, 59 percent, of investors said they were new to investing; only 36.5 percent had experience with more than one property transaction. Nearly half (48 percent) said they expected a profit of 20 percent or more from their property investments, equal to a 4 percent annual rate of return over five years, the survey said. Another 40 percent expected a profit of 10 percent.

via inman.com

Creating a South Salem NY Creole Cottage That Stays Naturally Cool | South Salem Homes for Sale

Robyn Griggs Lawrence thumbnail Madeleine Cenac’s home is Southern hospitality perfected.

I was lucky enough to spend a couple of days in Madeleine’s meticulously restored 19th-century Creole cottage in Breaux Bridge, Louisiana, a few years back when we photographed it for Natural Home & Garden. Madeleine and her partner, musician Mark de Basile, poured a lot of love and a lot of sweat into Maison Madeleine, built using a heavy timber frame technique called colombage and filled in with bousillage, a type of wattle-and-daub made with local mud and cured Spanish moss. I spent two warm spring nights in Madeleine’s bed-and-breakfast guest house, falling asleep to the sound of tree frogs, watching the birds as they alighted from the rookery nearby, and basking in the comfort of the home she’s created. I completely understand Madeleine’s hesitancy to leave this little paradise. “Friends try to get me to go out on the weekends, but they know I’ll refuse,” she says. “This is a much better place to be than most places they want me to go.”

Madeleine and Mark moved the original cottage–a classic example of vernacular building that uses indigenous materials and techniques to keep its occupants naturally cool in southern Louisiana’s hot, humid weather—to a piece of property she owns near Lake Martin nearly a decade ago. To accommodate Madeleine’s three children, architect Edward Cazayoux designed a second structure that houses the kitchen and dining area, connected to the old house via a narrow breezeway and surrounded by fruit trees and an herb and vegetable garden.

“These houses were built for the climate, so you’re not starting from scratch and trying to figure out what works,” says Cazayoux, who also helped with the restoration. “It was area-appropriate, sustainable architecture to begin with. The challenge was to maintain the house’s historic charm and energy efficiency while updating it for 21st-century living.”

For Madeleine, that meant staying true to the original cottage’s roots. “You don’t have to modernize it beyond recognition for it to function today,” she says. “We found it was easier to do it the original way than to come up with some way to fake it. For example, we recreated the bousillage, or plaster, instead of trying to make Sheetrock look like authentic plaster.”

The Creole cottage’s deep porches with open sides, French doors, operable windows and high ceilings help keep the interior spaces cool and well ventilated. The bousillage in the exterior walls provides valuable thermal mass; shaded by large overhangs and porches, the walls stay relatively cool. In winter, a fireplace provides heat.

Almost everything in this house was salvaged or locally harvested, which is a huge part of its irresistible charm. Heavy timbers came from old barns in the area. The cottage rests on blocks made from thousand-year-old cypress trees recovered from a local river, where they’d sunk on their way to the mill during the Depression. “The French called cypress ‘wood eternal,’” Cazayoux says, “because termites don’t eat it and it weathers beautifully. But only the old-growth cypress is like that.” Clay from the yard and Spanish moss from trees on the site were used to make bousillage to repair the old house and fill the walls in the new straucture, and Madeleine found hand-forged metal hinges, old-style faucets, wavy window glass and cypress for the structure and the finishes.

“I love beauty and tranquility, and that’s what this house gives me,” says Madeleine, who consults for people who want beautiful, comfortable homes like hers. “I lived in a subdivision and found it draining. It’s as if I’m a battery, and I have to come home to get recharged.”

I felt that, and I’m dreaming about spending a little more time on Madeleine’s welcoming porch, listening to the tree frogs and talking deep into the moist Louisiana night.

For more information about the bed and breakfast (and to hear Mark’s foot-tapping music), call (337) 332-4555 or visit MaisonMadeleine.com

cenac fountain 

Visitors park their cars and enter the natural world surrounding Maison Madeleine by foot. Photo by Philip Gould 

cenac porch with rocker 

The deep porch off the kitchen helps keep the house cool and also provides an ideal spot for lazing away summer afternoons. Photo by Philip Gould 

cenac bedroom 

Madeleine’s favorite room is her bedroom. “I love the bed, the view and waking up in the morning with my beloved,” she says. “All of this was my dream, and he made it happen.” Photo by Philip Gould 

cenac kitchen 

Madeleine says she has adjusted to her relatively small kitchen by paring down what she uses to cook. “Storage, in general, is minimal,” she says. “My rule is if something comes into my home, then something has to go out. It makes you really think.” The kitchen opens up to an herb and vegetable garden. Photo by Philip Gould 

cenac fireplace 

In accordance with the French-Creole style, a brick fireplace anchors the middle of the house, open to rooms on both sides. Madeleine makes good use of the fireplace,which includes a baking oven and a crane to hold a cookpot. Photo by Philip Gould 

 cenac eggs 

The kitchen hearth includes a potager, or masonry stove, fitted with small chambers that hold charcoal for simmering pots. Photo by Philip Gould 

cenac mirror 

The original cottage’s interior brick walls were disassembled, moved, reassembled on site, and plastered. Madeleine left this section open to reveal the structure. Photo by Philip Gould 

cenac living room 

The cottage’s original parlor was lovingly restored, and it has the original wood floor and ceilings. Photo by Philip Gould 

cenac bed in sunroom 

Madeleine and Mark created a cool spot for sleeping by putting glass around the north porch. For ventilation, the small, lower panes open outward. Screens keep bugs away. Photo by Philip Gould 

cenac shutter and lily 

cenac bouisillage 

On the glassed porch, Madeleine and Mark left the bousillage unplastered. Photo by Philip Gould 

cenac pans 

cenac shelf 

canac wall and chair 

Mortise-and-tenon timberframe walls infilled with bouisillage give the home an Old World feel. Photo by Philip Gould 

cenac rocker  

Maison Madeleine offers many spots that are perfect for rocking the afternoon away. Photo by Philip Gould 

Pound Ridge NY Mortgage Rates this week | Mortgage rates for Pound Ridge NY Real Estate buyers

Home Purchase Loan Rates for May 26, 2011*

CONFORMING LOAN LIMIT up to $417,000*
30 year fixed rate = 4.625%, 0 Points
15 year fixed rate = 3.875%, 0 Points
5/1 year ARM = 3.250% / 0 Points (Interest Only also available)
7/1 year ARM = 3.625% / 0 Points (Interest Only also available)
10/1 year ARM = 4.000% / 0 Points (Interest Only also available)

HIGH BALANCE CONFORMING LOAN LIMIT >$417,000 up to $729,750*
30 year fixed rate = 4.750% / 0 Points
15 year fixed rate = 3.875%, 0 Points
5/1 year ARM = 3.375% / 0 Points (Interest Only also available)
7/1 year ARM = 3.750 / 0 Points (Interest Only also available)
10/1 year ARM = 4.125% / 0 Points (Interest Only also available)

JUMBO Loans **
30 year fixed rate = 5.125% / 0 Points (Interest Only also available)
15 year fixed rate = 4.500%, 0 Points
5/1 year ARM = 3.500% / 0 Points (Interest Only also available)
7/1 year ARM = 3.875% / 0 Points (Interest Only also available)
10/1 year ARM = 4.250% / 0 Points

* Rates and Loan Limits subject to change at anytime without notice (Maximum High Balance Conforming Loan Amount reducing to $625,500 with FUNDINGS Beginning October 1, 2011)
**Jumbo rates reflects 0.25% discount for setting up Wells Fargo bank account with autopay of home loan payment; for loans > $2 million please contact me for rates and guidelines

Thank you Fady- Wells Fargo

229 Byram Lake Road for Sale | Open House Today 11am to 1pm – Robert Paul’s blog | Bedford NY Real Estate

05/26/2011

229 Byram Lake Road for Sale | Open House Today 11am to 1pm

229 Byram Lake Road by Robert Paul

 

 

Contact Robert Paul 914-325-5758

 

Bedford Corners Homes

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Real estate affordability sets record in Q1 | Inman News for Pound Ridge NY Home buyers

Pound Ridge NY Real estate affordability sets record in Q1

74.6% of homes affordable to median-income households in Pound Ridge

 

Flickr image courtesy of <a href=

Housing affordability hit a new record high in the first quarter, surpassing the previous high set in fourth-quarter 2010, according to an index released by the National Association of Home Builders and Wells Fargo today.

The Housing Opportunity Index found that 74.6 percent of new and existing homes sold in the first quarter were affordable to families earning the national median income of $64,400. That’s up from 73.9 percent in the fourth quarter of 2010, and it’s the highest level recorded in the more than 20 years the index has been measured.

“With interest rates remaining at historically low levels, today’s report indicates that homeownership is within reach of more households than it has been for more than two decades,” said Bob Nielsen, chairman of the NAHB, in a statement.

“While this is good news for consumers, homebuyers and builders continue to confront extremely tight credit conditions, and this remains a significant obstacle to many potential home sales.”

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