Daily Archives: August 27, 2011

Pound Ridge NY Real Estate | Is Now a Good Time to Buy Real Estate?

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People always ask, “Is it a good time to buy real estate?” The answer is always, “Yes, but it depends.” In order to make that determination for you, we first must understand the three most important words in real estate:

Long-Term Ownership

We buy property, whether a personal residence or for investment, in hopes that we are financially better off down the road than we are today. The chance of that occurring is very low if one does not own real estate for at least five or more years. The reason is that transaction costs, repairs, monthly ownership costs higher than comparable rent, and ownership hassles dictate that it is better to invest your money elsewhere and stay as a renter if you are not sure you will own long term.

Therefore, since you are going to be a long-term holder (the longer the better) you really should not be that concerned with short-term current market price fluctuations because ten years from now the home’s value will be more than it is today.

What you should be concerned about is finding a house that you “love”— one that fits all the right reasons you want to own that particular property for a long time!

That could almost be the end of this article…but there are a few more issues to consider to make sure it is a good time for you to buy property. If you fail any of the below tests, you should think through the issue(s) and whether or not it really is a good time for you personally to buy.

1. You are planning to be a long term holder, 5+ years of course

2. For owner occupants – payments are affordable and you have a steady job

3. It isn’t significantly more expensive to own over renting – this very important.

4. For investors – It makes cash flow sense, 4-5 percent-plus cash on cash. The higher the better but watch out for returns that appear too good to be true.

5. It is the RIGHT property for you for all the right reasons; you “love” it!

6. It is fairly priced relative to the recent comparable market sales in the immediate area for similar properties

7. You plan to own it for a long long long time!

8. Vacancy isn’t too high in the area. This is very important whether an owner occupant or investor. Empty unstable neighborhoods or communities have a higher risk of vandalism and risk downward price spirals.

9. It is in decent shape and doesn’t need much fixing-up. Skip the junkers, the ones with foundation issues, or anything labeled as “needs a little TLC” in the listing, as that means it is a wreck. Leave the fixers for the contractors. And doing it yourself doesn’t usually save you much money.

10. It is not near a big vacant parcel, non-residential zoned parcel, empty or retail/industrial/religious site where you are not 100 percent sure what is going to be built or in use there. A new use of that land could impact your “quiet enjoyment” of your residential unit.

11. You complete the proper due diligence steps to reduce your risk as much as possible. Mind your contract terms and contingencies, pencil out your deal, get a couple of bids on financing and dissect your GFE, review the HOA condition, review the property condition, make sure you have the right type and amount of property insurance in place, make sure you adequately review the title abstract and title policy and everything else you need to do to lower your risk.

12. And you plan to own it a long long time!

Those Three Important Words? I laughed when someone once said “location, location, location” were the three most important words in real estate. Not only is that actually only one word but we pay a handsome premium for “location” and is that premium worth it? It may or may not be, but “long-term ownership” are by far and away the three most important words in real estate.

To summarize: Subject to the above issues, it is always a great time to buy real estate but:

  • Not for everyone,
  • Not at any price, and
  • Not just any property.

Find a house you love or rental property that makes sense, that you will own for a long time, is in decent shape, lock in a long-term mortgage and sleep well.

Leonard Baron, MBA, CPA, is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including “Real Estate Investment – Rental Properties, Foreclosures, Short Sales” and “Buying a House, Condo or Townhome – Guide to Smart Purchasing” and loves kicking the tires of a good piece of dirt! See more at ProfessorBaron.com.

via zillow.com

Bedford Corners NY Real Estate | What’s the First Step in the Buying Process?

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While you may have been home shopping for a while— either perusing neighborhoods, looking at real estate web sites or perhaps using a real estate app— before you jump fully into the home buying process there are two important things to do before you choose your agent:

First— Speak to a Lender

Even before you choose your real estate agent, you should touch base with a lender and discuss your mortgage options. You want to ensure that your payments are affordable and that you will feel comfortable with the home-buying process.

Additionally, most agents, if not all, want their clients to speak to a lender to verify the price range they can afford. This makes it so agents can focus their time showing their clients homes that actually fit within their price range.

Get pre-approved

When you speak to a lender, ask to get pre-approved.  Getting pre-approved is important so you can demonstrate to real estate agents and sellers that you are a credible buyer. It means you are:

  • Credit-worthy
  • Closer to locking a mortgage rate
  • Able to act fast when you find the home you want to buy!

And when you do find a home, you’ll often need a pre-approval letter from your lender to submit with your offer so it’s a good idea to get pre-approved in advance so that you’re prepared with your letter when you decide to submit an offer.

Overall, the more you learn from your lender early on – about what you can afford, and what to expect from mortgage application process, the less anxiety you will feel regarding the overall home-buying process.

Then Choose an Agent

Once you’ve spoken with a lender, learned about your financing options, and have been pre-approved, you’ll be more prepared to shop for homes with you agent.  A real estate agent not only will be able to provide information about a specific home that interests you, but can also arrange home tours as necessary and assist in the final negotiation process.

Doing these three things in order will make the home-buying process easier for you and your agent. Once you have these things checked off, then you can enjoy searching for your dream home.

via zillow.com

Chappaqua NY Real Estate | Rental of the Week: 1920s Schoolhouse

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Welcome to Zillow’s Rental of the Week. Our site is filled with information on homes for sale and apartments for rent, plus we have data on more than 100 million homes in the U.S., so lots of homes catch our eye.

Forget freshly sharpened pencils and polished red apples, the best ode to autumn is this home for rent: a remodeled 1920s school house in Suffield, CT.

This week’s rental: Restored schoolhouse

For rent: $3,500/month

Location: Suffield, CT

Details: 3 bedrooms, 2.5 bathrooms, 2,823 square feet

Once upon a time, the South Street Schoolhouse was a local school but today it’s a single-family residence Suffield rental.

Besides a metal plaque hanging outside the home, there’s little evidence that the home was once a school. A cook’s kitchen features built-in appliances, granite counter tops and an open floor plan. The home itself boasts lots of character; little details like hardwood floors, a curved entrance in the master bedroom, and chair rail detailing in the bathroom. Huge double-story windows keep the home bright and sunny. Exposed brick and a balcony upstairs add additional charm.

This rental listing is held by Victoria Clark of CT Commericial Realty.

Have a suggestion for a Zillow House or Rental of the Week? Send a message to @zillow on Twitter or send us an email at celebrity@zillow.com.

via zillow.com

Armonk NY Real Estate | Former NBC Sports Chief Lists Telluride Estate

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Source: The Hollywood Reporter

Longtime NBC sports executive Dick Ebersol made his career shaping the coverage of the Olympics, recently resigning from his position in May 2011. Ebersol’s Telluride home just hit the high-end Mountain Village real estate market for $13 million, according to the Hollywood Reporter.

Ebersol was named Chairman of NBC Sports & Olympics in 1989 then secured the rights for the ’96 Olympics, 2000, 2002, 2006, 2010 and 2012 Olympics. During the 1995-96 season, for the only time in history, the World Series, Super Bowl, NBA Finals and Summer Olympics were all telecast by one network—NBC.

Although his name may not have the same household status as Derek Jeter or Michael Phelps, Ebersol was, for several years, one of the most powerful men in sports and sports coverage.

Ebersol and his wife Susan St. James purchased the impressive 12,962-square-foot home in 2004 for $10.4 million. Built in 2001, the stone estate sits on a 1.7-acre lot surrounded by lush greenery, evergreen trees and picturesque views of the surrounding mountains.

Ebersol’s home features reclaimed wood flooring, artisan-crafted chandeliers and stone fireplaces. The estate’s alpine-style is emphasized by thick wool rugs, lodge-like peaked ceilings and rustic furniture.

Sitting at the end of a cul-de-sac, the home is private yet only minutes from the Mountain Village center and downtown Telluride.

While most celebrity real estate pockets are in California or New York, the Telluride area also attracts the rich and famous. Oprah Winfrey, Tom Cruise and Katie Holmes are among the celebrities that have homes here. Currently Jerry Seinfeld and his wife Jessica have their Telluride mansion on the market.

 

 

via zillow.com

Bedford NY Patch | 10 Ways to Use Patch During the Hurricane – Bedford-Katonah, NY Patch

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With Hurricane Irene almost certain to batter the Hudson Valley this weekend, the need for up-to-the minute info is even more important. At Patch, we will be working around-the-clock to cover the storm, but as with all our reporting, the more interaction we get from users the more comprehensive our coverage will be.

Here’s how you can use Patch to help paint the local picture of the event.

1. Get the news. When we know about storm-related news, so will you. From important town and village announcements, damages, power outages and floods, we’ll have all the news covered 24-7. Refresh the homepage often, we move fast.

2. Comment. If you have relevant information to add to an article, jump in and make a comment. We’ll follow up and likely add it to the article. These storm stories will continue to evolve as we speak to more officials and locals. You can be a real-time source by commenting.

3. Connect with the local editor. Click your local editor’s name at the top of the homepage to go their profile. All their contact info is listed there. Use them. If you have tips, call, e-mail or more often text to conserve cell phone power.

4. Follow us on Twitter. Before we write an article we tweet the news out to our followers. Want the info the fastest way possible, follow us @BedkatonahPatch

5. Get the iPhone app. If the power goes out, your smartphone may end up being your only tool for getting the info on what’s going on in your community. Click here to get the Patch app for free on iTunes. Not only can you read news on it, but post photos and videos as well.

6. Take photos. Please, stay indoors if you plan to wait out the storm. But any photos you take of the aftermath we’d prominently display on your Patch. Email them to your local editor or upload them directly to articles.

7. Shoot videos. Same goes for video. Our smartphones have put high-powered video cameras in our pockets. Send clips our way to help us report on the effect of Irene in your backyards.

8. Ask a question. If trees are down in your neighborhood but you want to know if your neighbors a few blocks away have the same damage, or if you want to ask someone in a flood-prone area how they waterproofed their house, use our Q&A feature. Questions normally surround natural events like a hurricane. You can look to your community for answers. If no one responds, be sure we’ll get the answer for you.

9. Ask for Volunteers. Our Announcements section lets readers post requests for volunteers. Use it. Depending on the scope of the disaster, volunteers are going to be crucial to mend the community. Any Volunteers Needed announcements posted on the site will be featured prominently on the home page.

10. Blog about it. When all settles, scores of your fellow community members will have “I was there” stories to share. Don’t keep them to yourself. Sign up to be a blogger and let your neighbors know how you held up during the storm.

via bedford.patch.com

Mt Kisco NY Homes | Updated: Hurricane Watch in Effect for Northern Westchester – Bedford-Katonah, NY Patch

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The National Weather Service has issued a hurricane watch for various parts of New York, New Jersey and Connecticut, including Northern Westchester, as Hurricane Irene makes its way towards the East Coast.

According to the alert, the storm could hit the area tomorrow night. “The worst conditions are likely late Saturday night into Sunday afternoon with increasing potential for damaging winds…flooding rains…and signficant coastal flooding across much of the region.”

In Bedford, the NWS forecast for Saturday night calls for a 100 percent chance of rain, with accumulations of about two to three inches and winds hitting as much as 46 mph. On Sunday, the chance of rain stays at 100 percent, with “tropical storm conditions possible.”  

Bedford Police Chief Williams Hayes says they are “reviewing all of our procedures and plans” and working together with the other town departments to ensure preparedness.

He urged residents to sign up for the recently reinstated Nixle alerts so as to receive notifications via text or email from the department with updates on road closures, accidents and more. You can sign up for the alerts by going to the town website or at www.nixle.com.

Hayes also suggested residents visit www.ready.gov and to “always have a plan.” Currently, information on important items to have on hand and safety tips can be found on the town’s website.

Officials from the town supervisor’s office says that if the situation is warranted, the Bedford Hills Community House would be opened in case of emergency. The public will be notified of this from the radio and updates posted on the town’s website.

Bill Heidepriem, the superintendent of parks and recreation for the town says the department has been hard at work preparing for the storm, clearing catch basins, putting away trash bins and taking various other measures to try and lessen the damage.

As of now, the pools will likely be open for at least part of the day on Saturday, according to Heidepriem. He says that they’ll be monitoring the situation throughout the day and then determine whether or not to close the pools. They will likely be closed on Sunday, he said.

As for the parks, they’re open as well, although Heidepriem noted that if necessary, the department would “barricade park access roads.”  

The American Red Cross also issued a “safety and prepardness checkist,” which can be found here and Westchester County is updating their website regularly with information on closures, outages and more, which can be found here. 


via bedford.patch.com

Waccabuc NY Homes | Meet Your Farm Market Vendors: Healing Home Foods and Gluten-Free Dessert Kitchen – Bedford-Katonah, NY Patch

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Each week, Bedford-Katonah Patch will introduce you to two vendors from local markets serving the area: Gossett’s Farmer’s Market and the John Jay Homestead Farmer’s Market.

This week we introduce you to Healing Home Foods and The Gluten-Free Dessert Kitchen.

Gossett’s Farmer’s Market is held at Gossett Brother’s Nursery in South Salem every Saturday year-round, 9 a.m. – 1 p.m. and the John Jay Homestead Farmer’s Market, held at the Homestead in Katonah runs Saturdays 9 a.m. – 1 p.m. through October.

Healing Home Foods

Vendors: Sandra Lena, Shelley Schultz

Items sold: Organic raw granola, organic herb crackers, bean-free hummus

Location:  Pound Ridge, NY

Website: n/a

Phone: (914) 764-0969

 

 

The Gluten-Free Dessert Kitchen

Vendors: Ellen Nicholas is the baker for her company The Gluten Free Dessert Kitchen of Harmony Hill.

Items sold: Two-layer cakes with fruit fillings and fresh frostings, including dairy free frostings. Almond, Blueberry or Cinnamon-Pecan Coffee Cakes, Savory Muffins like the Dill Zucchini Ricotta Muffin, Cookies, Bars and Brownies, all gluten-free. Nicholas also caters to people with allergies to soy, nuts and dairy. Special orders can be picked up at the Farmer’s Market in South Salem each Saturday morning.

Location: Harmony Hill B&B in Clermont, NY

Website: http://www.glutenfreedessertkitchen.com

Email: gfdesserts@gmail.com

via bedford.patch.com

North Salem NY Homes | UPDATE: JFK Cancels International Flights; Gov. Suspends Tolls – Bedford-Katonah, NY Patch

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Update 7:15 p.m.: The Port Authority of New York and New Jersey announced that it will close John F. Kennedy International Airport to incoming international flights, beginning noon Saturday, to avoid stranding passengers when the region’s mass-transit systems services are suspended due to the impending arrival of Hurricane Irene. Many other weekend flights already have been canceled at JFK, LaGuardia and Newark Liberty International airports, so travelers are urged to contact their carriers prior to leaving for the airport.

Also, Gov. Andrew Cuomo announced that the Metropolitan Transit Authority is adding the Throgs Neck and the Bronx-Whitestone bridges to the list of bridges with toll suspensions. Earlier, Cuomo announced that in order to facilitate the mandatory evacuation of residents living in low-lying Zone A areas and the Rockaways, the Metropolitan Transportation Authority will suspend certain fares and tolls. Tolls are already suspended at the Cross Bay Veterans Memorial Bridge and the Marine Parkway-Gil Hodges Memorial Bridge.

Starting at 8:00 p.m. today, the following changes will go into effect:

 

  • Tolls will be suspended on the Verrazano-Narrows Bridge, Throgs Neck Bridge and Bronx-Whitestone Bridge

 

  • Fares will be suspended on buses throughout the city.

 

  • Fares will be suspended for subway and rail passengers at stations in the mandatory evacuation area.

Update 4 p.m.: The state Thruway Authority sent out an alert telling motorists to expect road and bridge closures in New York City and the Hudson Valley during Hurricane Irene. These closures may include I-87 and the state Thruway between New York and Albany, including the Tappan Zee Bridge.

Update 3:20 p.m.:  New Jersey Gov. Chris Christie announced that New Jersey Transit, ACES and Meadowlands service will be suspended at noon Saturday. Rail service will also be suspended. 

Update 3 p.m.: The Metropolitan Transit Authority will institute a system-wide shut-down when trains and buses begin their final runs starting at approximately noon on Saturday. The shut-down will include subways, buses, Long Island Rail Road, Metro-North Railroad, and Access-A-Ride.

Update 2 p.m.: Westchester County Airport has just announced that all incoming and outgoing commercial flights will be cancelled as of 6 p.m. Saturday.  Flights are expected to resume at about 3 p.m. Monday.  Passengers should contact their respective airlines for further information.

—————

As Hurricane Irene looms closer, transportation agencies have already begun updating their plans for the weekend.

Here’s a list of the latest travel updates. Check back at Patch.com for more updates as they become available:

MTA

The Metropolitan Transit Authority issued a statement warning its customers that there could be full or partial shutdowns to services due to Hurricane Irene.

There will be a complete shutdown of service subways, trains and buses when sustained winds reach at least 39 mph.

“Because of the severity of the wind and rain associated with a hurricane, there may be partial or full shut down of our services to ensure the safety of our customers and employees,” the statement reads.

Customers are urged to check mta.info frequently and to consider possible storm impacts when making travel plans this weekend.

New York/New Jersey Port Authority

  • Airports have stocked up on  hundreds of cases of bottled water, diapers, cots, blankets and pillows to provide to stranded passengers if necessary. Also, at least one food vendor in every passenger terminal will remain open 24 hours so that food is available at any time of day or night. Central office staff will also be deployed throughout the airports if, needed, to monitor conditions and assist with customer service personnel with helping customers find hotel rooms or ground transportation.

 

  • Workers in the Tunnels, Bridges and Terminals Department are reviewing high-wind procedures and readying for potential traffic restrictions on vehicles such as tractor-trailers, motorcycles, and car-pulled trailers. All sumps and drains are being checked and sump pits are being pumped down in anticipation of the forecasted heavy rainfall. Important infrastructure, including tunnel sump pumps and emergency generator systems, are being checked and readied.

 

  • On the PATH interstate rail system, crews are prepared to combat potential flooding with sandbags and the use of pumps throughout the system, including the deployment of a 1,000-gallon-per-minute, trailer-mounted portable diesel pump that can be used inside PATH tunnels if necessary. Floodgates can be utilized if needed at Hoboken and Exchange Place stations. Portable pumps are being assembled with necessary hoses, and emergency generators are being checked and tested, among other PATH storm preparations.

 

  • Staff in the Port Commerce Department have advised tenants to take necessary precautions, which includes placing sandbags at the base of cargo doors to minimize water intrusion, securing and covering cargo stored outdoors if it cannot be transferred to sheltered areas, and securing cranes, barges, warehouse doors and yard equipment.

 

  • World Trade Center staff have notified contractors to secure construction sites and take precautionary measures including but not limited to tying down and securing material and loose debris at construction sites; covering electrical equipment; storing loose tools; and securing netting, scaffolding and sidewalk sheds. Engineers also are implementing plans to secure cranes against the hurricane, while crews also are prepared to use pumps, sandbags and other measures to stem flooding at the site.

Amtrak

Amtrak has already canceled most of its service operating south of Washington for today, Saturday and Sunday. Most trains on the Northeast Corridor have not been affected. In addition, other Amtrak services in North Carolina and in Virginia are currently operating as scheduled.

The following cancellations have been made today:

  • Northeast Regional Trains 67 and 83 (Boston – Newport News) will terminate in Washington

The following cancellations have been made for today,  Saturday and Sunday:

  • Auto Train Trains 52 and 53 (Sanford, Fla. – Lorton, Va.)

  • Palmetto Trains 89 and 90 (New York – Savannah)

  • Silver Star Trains 91 and 92 (New York -Tampa – Miami), canceled New York to Jacksonville; train will operate between Jacksonville and Miami

  • Silver Meteor Trains 97 and 98 (New York – Miami)

The following cancellations have been made for origination dates of Saturday:

  • Carolinian Trains 79 and 80 (New York – Charlotte, N.C.)

Passengers are encouraged to call 800-USA-RAIL or visit Amtrak.com for schedule information and train status updates.

via bedford.patch.com

Katonah NY Homes | K-L School Board Meeting, Top Pics at Katonah Library – Bedford-Katonah, NY Patch

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School Board Meeting

School starts in just under two weeks and tonight, the Katonah-Lewisboro school board is holding its meeting at 7:30 p.m. at John Jay High School. For a look at the agenda, click here. 

Have dinner in New Canaan

Looking to try a new restaurant? Then head to New Canaan, where Restaurant Week begins on Friday. Bonus: Tonight, the Chamber of Commerce is hosting a “Taste of the Town stroll” at 6 p.m. You’ll find lots of details here and here. 

Up and Coming Photographers

Read this to find out which photos took top honors in the Katonah Library’s annual competition and then, head to the library to see the pictures for yourself. 

Afternoon showers possible 

After a pretty couple of days, the weather could be turning on us: there’s a 50 percent chance of rain today, likely happening this afternoon, according to The National Weather Service. 

Weekend beach plans?

Speaking of rain, Hurricane Irene could make for a very wet Sunday and Monday. Has the forecast changed your weekend plans? Are you still heading to the beach or camping out in front of the TV instead? Let us know in the comments.

via bedford.patch.com

Bedford NY Homes | Hurricane Readiness, See ‘Moonfleet,’ Discount Drinks – Bedford-Katonah, NY Patch

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Prep for Hurricane Irene

The sun should be out today and temps in the 80s, according to the National Weather Service, but all eyes will be on Hurricane Irene, the now category 3 hurricane that could make its way to our area tomorrow evening. Gov. Cuomo has called a state of emergency and the Bedford PD recommends residents sign up for Nixle alerts. Check back with Patch for continuing updates on the storm. 

See Moonfleet

If you’re swapping outdoor activities for indoor ones, here’s an idea: the 1955 flick Moonfleet is showing at Jacob Burns on Saturday and Sunday afternoon with $ tickets for kids. More info here.

Planning a same-sex wedding?

Then head to the Radisson Hotel in New Rochelle tonight at 5 p.m. to check out a variety of different wedding vendors. The event is hosted by the LOFT and you can find more info here. 

Farmer’s market

With the latter half of the weekend looking like it could be wash out, get your outdoor fix early Saturday at the John Jay Homestead Farmer’s Market. Bonus: If you’re out and about early, there’s all a free workout class. Info here and here.  

Discount drinks

Long week? It’s “Ladies night” at JP’s Lounge at Le Chateau in South Salem. You’ll find more info here and you can check out the menu here.  

via bedford.patch.com