Daily Archives: May 12, 2013

Surging market fuels growth of ‘pocket listings’ | South Salem Real Estate

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How hot is hot when it comes to housing markets across the country right now? Crazy hot: Some houses sell within days, sometimes within hours, of listing.

Then there are the growing numbers that sell even before they formally hit the market — sold through a controversial technique known as “pocket listings.”

Essentially it’s a private, “off-market” listing, often of short duration.

Instead of putting the house on the local multiple listing service — which exposes it to a vast number of shoppers and agents via real-estate websites — agents restrict access to information about the house to their own buyer clients or colleagues in the same brokerage, hoping for a quick, full-price sale.

Pocket listings are surging, real-estate experts say, because of historically low inventories of homes for sale in major metropolitan areas, along with strong buyer demand and low mortgage rates.

This combination has made control of upcoming new listings a powerful, highly profitable asset for agents in the most competitive sellers’ markets.

If agents can sell their off-market listing to a buyer-client they bring in on their own, they can collect both sides of the commission rather than splitting it with another agent. If they can sell it through colleagues in their own firm — even at a slight discount to regular commission rates — the full commission remains inside the brokerage.

Though no organization or research firm publishes statistics on the subject, top brokers in some highly competitive markets say pocket listings are becoming a significant factor in the business.

Bill Podley, broker-owner of Podley Properties, a Pasadena, Calif.-based firm that specializes in middle- and high-end communities, says he has heard estimates that as high as one-third of luxury and upper-cost homes selling in northeast Los Angeles County now involve pocket listings.

David Howell, executive vice president of McEnearney Associates, a large brokerage in the Washington, D.C., area, says he heard a recent estimate that such listings may now run as high as 20 percent nationally.

Glenn Kelman, CEO of Seattle-based Redfin, an online real-estate firm, said, “We are seeing more pocket listings across the U.S. In Boston and Los Angeles, we also see listing agents refuse to allow any showings of the home until the weekend open house.”

Real-estate executives such as Podley, Howell and Kelman are all critical of pocket listings. They argue that by restricting access to information about homes available for sale to relatively small numbers of potential buyers, agents are not fulfilling their core duties to their seller clients and not obtaining the highest possible prices.

 

Surging market fuels growth of ‘pocket listings’ | Homes & Real Estate | The Seattle Times.

Denver housing market recovers but sellers remain scarce | Waccabuc Homes

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Denver’s housing rebound is in full swing, but sellers are acting as though they didn’t get invitations to the party.

“The question each and every day is: Where are the sellers?” said Gary Bauer, an independent real estate research analyst.

At the end of April,metro Denver had just shy of 7,000 pre-owned homes available for sale, a third fewer than a year earlier and less than half the 15,000 to 20,000 homes that Bauer said would represent a normal market.

“I can’t figure out why people aren’t listing,” said Brenda Yates, a broker associate with Keller Williams DTC.

Yates and her husband plan to put three properties on the market, after finally seeing enough appreciation to make it worthwhile, and they don’t expect it will take long for them to sell.

The median price of homes sold in metro Denver last month rose to $280,000, up from $268,200 in March. The latestStandard & Poor’s/Case-Shiller Home Price indexreports 14 straight months of price increases in Denver, with prices up nearly 10 percent year-over-year as of February.

Scarcity is triggering bidding wars and causing homes to move quickly, often on the first day, brokers report. The median time a new listing in April remained available before going under contract was four days, reports Jim Smith, owner of Golden Real Estate.

 

 

Denver housing market recovers but sellers remain scarce – The Denver Post.

AFP: Obama claims credit for ‘healing’ US housing market | Katonah NY Homes

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President Barack Obama on Saturday claimed credit for the country’s improved housing market and urged the US Congress to approve a new head of an agency that oversees housing loan agencies.

Seven years after the real estate bubble burst, “triggering the worst economic crisis since the Great Depression and costing millions of responsible Americans their jobs and their homes, our housing market is healing,” Obama said in his weekly Saturday radio and online talk with the US people.

“Sales are up. Foreclosures are down. Construction is expanding” and prices are slowly rising. he said.

Since taking office. “I’ve made it a priority to help responsible homeowners and prevent the kind of recklessness that helped cause this crisis in the first place.”

According to Obama, his housing plan has helped more than two million people refinance their mortgages, saving an average of $3000 per year, while his new consumer watchdog agency “is moving forward on protections like a simpler, shorter mortgage form that will help to keep hard-working families from getting ripped off.”

The president acknowledged that there was “more work to do,” including providing more help for “responsible homeowners” who for different reasons cannot refinance, and working families “who have done everything right, but still owe more on their homes than they’re worth.”

 

AFP: Obama claims credit for ‘healing’ US housing market.

The real estate market must be totally regulated in Qatar | Bedford Corners Homes

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Rents stabilising in Qatar are a clear indication of the upbeat mood in the market about medium- to long-term national economic prospects.

In the last few months, many commercial and residential properties have come to the local market and many more are expected in the months ahead.

For investors, a key factor that drives their business strategy is the projected return on investments (ROI). Obviously, return on investments is decided by the demand and supply situation.

With Qatar economy witnessing rapid growth and many infrastructure projects being taken up, national economic prospects look good.

Population growth has been accelerating mainly because expatriates come to work on new infrastructure projects.

This is bound to put pressure on both commercial and residential properties with the result that rents may go up considerably.

Rents are likely to be a major swing factor in forecasts of consumer price inflation for 2013, experts have already warned.

Historically, from 2005 until 2013, Qatar’s inflation averaged 4.05% reaching an all time high of 16.59% in June 2008 and a record deflation of 9.96% in December 2009, a study by Standard Chartered Bank has shown.

According to QNB, overall inflation increased 3.6% year-on-year and 0.4% month-on-month to 2.4% in March this year.

Since the housing component has the largest weighting in the inflation basket (32.2%), escalating rents are sure to drive inflation in Qatar.

Rising inflation will certainly take the sheen off the real GDP growth, which no economy can afford.

In the past, when inflation surged and touched double digits, the government took very strong measures to contain it.

They included putting a ceiling on the annual rental increases and starting new low-cost residential projects. Many nationals and expatriates have then benefited from the pro-active measures taken by the government.

 

 

The real estate market must be totally regulated.

Australian Properties start moving as real estate market returns to form | Chappaqua Real Estate

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Estate agents yesterday said since the rate cut there had been a sharp increase in activity, with phones running hot the moment the cut was announced.

Zak Smith from LJ Hooker Everton Park said he had noticed an increase in buyer interest immediately after the RBA announced the cut.

“The moment the announcement was made my phone started ringing,” Mr Smith said. “I had three calls on the same property within three hours of interest rates dropping. It’s a great boost because normally this is when the market can slow down.”

Mr Smith said a home at 903 South Pine Rd, Everton Park, had received a lot of new interest since the announcement.

“It’s a brand-new, massive two-storey home, so there’s a lot to like about it,” he said. “It’s just been reduced to offers over $499,000, which is a great deal. The buyers are out there still and with the interest rates cut, they now have a lot more incentive.”

New figures from RP Data show the property market is now a lot more positive than last year.Home sellers in the northern suburb of Deagon faced a bleak prospect last year. Median house prices were down 17.8 per cent, and the time on market was a frustrating 132 days.

Newstead house

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

http://www.theaustralian.com.au

President Obama Urges Congress to Boost Homeowners in ‘Healing’ Housing Market | Armonk Homes

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President Obama today declared that the housing market has reached a point where it is “healing” and reaffirmed the administration’s commitment to promoting initiatives that benefit responsible homeowners, including measures encourage refinancing at low rates.

“Today, seven years after the real estate bubble burst, triggering the worst economic crisis since the Great Depression and costing millions of responsible Americans their jobs and their homes, our housing market is healing,” Obama said in his weekly address. “Sales are up.  Foreclosures are down.  Construction is expanding.  And thanks to rising home prices over the past year, 1.7 million more families have been able to come up for air because they’re no longer underwater on their mortgages.

ap barack obama ll 130506 wblog President Obama Urges Congress to Boost Homeowners in Healing Housing Market

Jose Luis Magana/AP Photo

“But we’ve got more work to do,” he added. “We’ve got more responsible homeowners to help – folks who have never missed a mortgage payment but aren’t allowed to refinance; working families who have done everything right, but still owe more on their homes than they’re worth.”

As he highlighted the administration’s initiatives to boost the housing market, the president called on Congress to confirm Mel Watt, who he recently nominated to head the Federal Housing Finance Agency.

“He’s the right person for the job, and that’s why Congress should do its job and confirm him without delay,” the president said.

Obama also urged Congress to pass additional measures that would allow homeowners to refinance their homes at low rates.

“Our economy and our housing market are poised for progress – but we could do so much more if we work together,” he said. “More good jobs.  Greater security for middle-class families.  A sense that your hard work is rewarded.  That’s what I’m fighting for – and that’s what I’m going to keep fighting for as long as I hold this office.”

While gun control and a battle over government spending has dominated much of the president’s agenda this year, the White House has made an direct push this week to turn attention to the economy.  On Thursday, the president held a series of events promoting innovation and job creation in the technology industry as part of his “Middle Class Jobs & Opportunity Tours,” which he will continue next week with events in Baltimore.

 

 

President Obama Urges Congress to Boost Homeowners in ‘Healing’ Housing Market – ABC News.

Rye Playland Opens For 2013 Season | Bedford Corners Real Estate

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The opening day event featured special admission prices of $15 for unlimited rides, which continue this weekend and next. Beginning May 24, admission for unlimited rides will be $30 and $20 for anyone under 48 inches. Westchester residents with proof of residency will receive $5 off. Spectator admission, which does not include rides, is $10.  and entertainment.Season passes are $95 for unlimited rides, with a $15 discount for Westchester residents.The amusement park and boardwalk will be open. The beach and pool are expected to open June 21. The Ice Casino and north boardwalk were both heavily damaged by Hurricane Sandy, and are not expected to open until 2014.Saturday, children lined up for rides and posed for pictures with Coaster the Dragon, Playland’s mascot. The band Reunion will be playing hits of the \’50s, \’60s and \’70s during shows at 1, 3 and 5 p.m. on the Music Tower Theater stage.

via Photos: Rye Playland Opens For 2013 Season | The Bedford Daily Voice.

ANTLER ALERT: THRUWAY AUTHORITY, STATE POLICE REMIND MOTORISTS OF DEER SEASON DANGERS | Pound Ridge Real Estate

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ANTLER ALERT: THRUWAY AUTHORITY, STATE POLICE REMIND MOTORISTS OF DEER SEASON DANGERS

The New York State Thruway Authority and New York State Police Troop T are reminding motorists of the dangers of deer season with the semi-annual “Antler Alert.”

Deer become more active and are more frequently present along the roadside in May and June. Most deer-vehicle collisions on the Thruway occur May through June and October through November, according to the Thruway Authority and the State Police Troop T.

The Thruway Authority maintains an excellent safety record and uses deer crossing signs at locations with a higher-than-average history of vehicle-deer collisions. Nevertheless more than 2,000 of these incidents occurred along the Thruway in 2012.

The Thruway Authority offers these safety tips for motorists:

  • Always wear your seatbelt; it’s the law.
  • Be more aware of deer throughout May and June.
  • Deer are more active during evening, dusk and dawn.
  • Scan shoulders of the roadside for deer eyes reflecting light.
  • Using high beams and sounding horn may help to repel deer, but won’t necessarily prevent a collision.
  • Slow down when approaching deer standing at the roadside, as they may run into oncoming traffic.
  • Deer often move in groups. Where there’s one, there may be more.
  • If you see a deer in your lane, brake firmly. The most serious vehicle-deer accidents occur when drivers veer at high speeds, and strike another vehicle or go off the road.
  • Never swerve to avoid hitting a deer. This can confuse deer and possibly cause them to go into the roadway.
  • If you are involved in a vehicle-deer collision, do not attempt to approach or touch the deer.

If a vehicle-deer accident occurs, motorists should make every attempt to drive their vehicle as far off the highway as possible, park on the right shoulder, activate their four-way hazard flashers, and stay in the vehicle and wait until help arrives.
Motorists traveling on the Thruway can report an accident by calling 911 or the Thruway Authority’s emergency number at 1-800-842-2233.

 

 

Press Release – New York State Thruway.

Supervisor Lee Roberts Won\’t Seek Re-election Tops Bedford News | Bedford Real Estate

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After 20 years in Bedford politics, Lee Roberts will be stepping down as town supervisor when November elections come around.

Roberts was elected as a councilwoman in 1993 and held that position for a decade before being named Bedford town supervisor. Currently in her fifth term, she will not be trying to make it six.

“After 10 years as supervisor, I think it’s time for new faces and new people,” she said.

When asked about what she’ll miss most, Roberts did not hesitate.

“Working with the residents,” she said. “In my mind, this is the best town in America. We have fabulous town officials and volunteers that make anything possible. It’s simply an outstanding community.”

 

 

Supervisor Lee Roberts Won\’t Seek Re-election Tops Bedford News | The Bedford Daily Voice.