Daily Archives: May 16, 2013

Housing Bubble Unlikely, Home Price Appreciation Should Slow | Katonah Real Estate

CoreLogic said today that home prices are projected toincrease 3.9 percent on an annualized basis between the fourth quarter of 2012 and the same quarter in 2017.  However, a new housing bubble is not likely as market dynamics shift for both supply and demand.  Prices rose 7.3 percent in 2012.

The CoreLogic Case-Shiller Index report notes that the increase in 2012 was the strongest rate of appreciation in nearly seven years and projected that prices will continue to improve in 2013 and beyond in the more than 380 U.S. markets it tracks.  The company’s current analysis says that, “Cities at epicenter of housing bubble/crash are clocking highest rate of appreciation, largely driven by investor demand.”

“Home prices were up in seven out of every 10 metro areas in 2012.  By comparison, in 2011 prices appreciated in fewer than one-in-five markets,” said Dr. David Stiff, chief economist for CoreLogic Case-Shiller. “We expect strong buying activity this spring will lead to stabilization of home prices in most lagging markets, resulting in rising home prices in nearly every metro area by the end of 2013.”

Some of the cities that were hit the hardest by the housing crash and resulting foreclosure epidemic are alsorecovering the fastest.  Phoenix saw a year over year price gain of 24 percent, Miami 14 percent, and Las Vegas 13 percent. Dr. Stiff observed that demand in Phoenix is being driven primarily by investors. As prices rise, the profitability of investment properties will erode, dragging down investor demand.

Some areas which have lagged in their recovery saw price declines slow.  These included Long Island, (-4 percent), Virginia Beach, Virginia (-2 percent), and Philadelphia (-1 percent).

CoreLogic said that while the data point to continuing price appreciation, the overall national rate of home price increases is projected to decelerate in 2013 from 2012 levels. The CoreLogic Case-Shiller Indexes project a 2.5 percent home price increase in 2013, as the market dynamic shifts again in bubble/crash metro areas. While homes in these markets are still significantly undervalued, the strong investor demand for foreclosed properties, record levels of housing affordability and other demand factors that have driven recent double-digit price gains are unlikely to persist throughout the year.

Price appreciation is also expected to contribute to an increased supply of available homes as owners who have been locked into their current homes due to negative equity or were just unwilling to sell at existing prices begin to list their homes for sale.  This will tend to curtail the portion of price increases that have been fed by unmet demand.

Dr. Stiff tamped down concerns of another housing bubble. Even if double-digit price appreciation were to continue in the former bubble metro areas, there is no reason to believe that new home price bubbles are forming. That’s because single-family homes in these markets are still very affordable, even after last year’s large price gains. Consider Phoenix, where home prices rose 27 percent since the market hit bottom in 2011, making it the strongest residential real estate market in the U.S. Yet, home prices there are still 45 percent below their 2006 peak,” Stiff continued.

Stiff said some of the rebounding areas like Phoenix will likely see price volatility as all cash sales and investor demand retreat.  “It is not clear if demand from first-time and trade-up buyers will immediately fill the void,” he said, “as mortgage lending standards are still very strict and many consumers remain risk-averse. If non-investor demand ramps up too slowly, then recent double-digit price appreciation could decelerate suddenly or even turn negative for a few months.”

The CoreLogic Case-Shiller Indexes, which include data covering thousands of ZIP codes, counties, metro areas and state markets, are owned and generated by CoreLogic with supplemental data from the Federal Housing Finance Administration.

 

Housing Bubble Unlikely, Home Price Appreciation Should Slow – CoreLogic.

Mortgage rates will rise along with housing prices | Pound Ridge Real Estate

Home prices and sales will continue to rise, but historically low mortgage rates will start to fade by the end of this year, according to the National Association of Realtors.

The D.C.-based trade group’s chief economist, Lawrence Yun, sees the gains in prices continuing at a rapid pace through at least next year.

“Double-digit price gains are within reach in 2013 because inventory is bounding near 13-year lows, but some relief to inventory will occur later this year,” he said.

NAR forecasts existing home prices will rise an average of 8 percent nationwide this year and 5 percent next year.

Mortgage interest rates will gradually rise this year and next, NAR predicts, with the average rate on a 30-year fixed-rate mortgage reaching 4 percent by the end of this year and 4.6 percent next year.

Freddie Mac said Thursday the average rate on a 30-year fix was 3.51 percent this week. Average 30-year rates hit a record low of 3.31 percent in November 2012.

 

 

Mortgage rates will rise along with housing prices – Washington Business Journal.

Realtor finds Google Glass ‘awesome’ | Bedford Corners Real Estate

Given Google’s tight clutch on prototypes of its futuristic eyewear, known as Google Glass, Greg Geilman may be the first real estate agent to test the device.

His finding? The smart glasses, which allow users to perform many smartphone functions, offer a unique “awesome” user experience. And thankfully, he “did not feel like an idiot” sporting them in public.

“People were like, ‘Oh my god, is that really Google Glass?’ Some people look at you a little weird, but I didn’t get any bad reactions,” he said. “I’m really excited about it. It was very comfortable to use. I got used to it right away.”

But as with many devices still in beta testing, Glass could still use some tweaks, he said.

Google has said that it aims to release the product by the end of 2013. Recently, thousands of “explorers” who won Google’s #ifihadglass contest received prototypes of the next-generation smart wear, transforming a legion of techies into walking spectacles and heightening awareness of the product.

Geilman, the managing director for Manhattan Beach, Calif.-based South Bay Residential, said he borrowed the glasses from a friend who attended Google’s annual developer-focused tech conference, Google I/O, and as a result, was able to nab a pair. The Realtor said he enjoyed performing different tasks with the device using hand motions and dictation — two ways Glass processes commands.

– See more at: http://www.inman.com/2013/05/16/realtor-finds-google-glass-awesome/#sthash.rQmEJi5r.dpuf

 

 

Realtor finds Google Glass ‘awesome’ | Inman News.

Homebuilders ready to kick it up a notch | Chappaqua Real Estate

With tight inventory stifling a full housing recovery in many markets and foreclosures slowing down, builders are responding by ramping up plans to put new homes on the market, according to an analysis of U.S. Department of Housing and Urban Development data by RealtyTrac.

During the first quarter, single-family housing permits  – approvals given by a local authority to start construction — were up 27 percent from a year ago, to the highest level since the first quarter of 2008, RealtyTrac reported. The majority of building permits issued in the first quarter — 64 percent — were for single-family homes.

Houston, Oklahoma City, Austin, El Paso and Fort Worth topped the list of cities where the most single-family building permits were issues, while Texas, Florida, North Carolina, California and Georgia were the top states.

Single-family building permits and foreclosure starts increased by at least 10 percent in Las Vegas, Seattle, Raleigh, N.C., Reno, Nevada, and Boca Raton, Fla.

REALTYTRAC_Q12013_INVENTORY

Foreclosure starts were down 27 percent in the quarter from a year ago, according to RealtyTrac, to the lowest level in a quarter since the second quarter of 2006.

– See more at: http://www.inman.com/2013/05/15/homebuilders-ready-to-kick-it-up-a-notch/#sthash.NimmQjIn.dpuf

 

Homebuilders ready to kick it up a notch | Inman News.

May 16th week Farmer’s Markets | Armonk NY Real Estate

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 Fresh Food from Local Sources
5/16-5/22/2013
DowntoEarthMarkets.com
Pickles_2011
What’s New and in Season This Week – and Special Deals

Asparagus
Gajeski Produce

Assorted Rabes
Gajeski Produce

Baby Beet Greens
Baby Beets
Migliorelli Farm

 Blood Sausage with Apricots
Brooklyn Cured

Bok Choy
Migliorelli Farm

Broccoli
Gajeski Produce

Chicken Livers & Parts
Feather Ridge Farm

Chicken Sausage with
Cilantro & Lime

Brooklyn Cured


French Breakfast Radishes
Migliorelli Farm

Fresh Chickens
Stone & Thistle Farm

 Frozen Kofta, Saag, Samosa, and Rajma
**Bring code 051813 to get
$2 OFF your purchase of
4 items! **

Bombay Emerald Chutney Co.

Hanging Flower Baskets
John D. Madura Farms

 Lamb Terrine
Brooklyn Cured

Mini Bundt Cakes
Baked by Susan


Rainbow Chard
Jersey Fresh

Red Leaf Lettuce
Jersey Fresh

Romaine Lettuce
Jersey Fresh

John D. Madura Farms

Tempeh Tamales
Grown in Brooklyn

Tomato Plants
John D. Madura Farms

Squid
American Pride Seafood

Swiss Chard
Gajeski Produce

Polo-Playing Prince Harry Takes Greenwich By Storm | Chappaqua Real Estate

Prince Harry and his teammates hold up the trophy after winning the Sentebale Royal Salute Polo Cup at the Greenwich Polo Club. Photo Credit: Synergy

GREENWICH, Conn. — Prince Harry saved the best for last by scoring the winning goal Wednesday in his charity polo match in Greenwich and celebrating a successful whirlwind weeklong visit to the United States.

Harry played on the winning side of the Sentebale Royal Salute Polo Cup at the Greenwich Polo Club and raised more than $1 million for his charity, Sentebale.

“It is wonderful to be here at Greenwich Polo Club in Connecticut for the Sentebale Royal Salute Polo Cup 2013,” Prince Harry said. “The success of our three previous polo events has helped Sentebale make a real difference to the lives of vulnerable children in Lesotho, the Mountain Kingdom of southern Africa.”

He founded the charity with Prince Seeiso from the Lesotho Royal family in response to the plight of the neediest and most vulnerable of Lesotho’s people, many of whom are victims of extreme poverty and Lesotho’s HIV/AIDs epidemic. Sentebale — which means “forget me not” in the African language of Sesotho — was started in 2006 in memory of the two men’s mothers.

 

 

Polo-Playing Prince Harry Takes Greenwich By Storm | The Bedford Daily Voice.

Watch Out For Coyotes In Westchester This Spring | South Salem NY Real Estate

WESTCHESTER COUNTY, N.Y. – While coyote incidents are on the decline overall, Westchester County experts say that coyotes are typically more active during the spring season and it could be the reason for an increase in coyote attacks on small pets in Westchester County.

Two recent incidents involving pets caused New Castle Police to send out an alert to residents about coyotes Monday, but the latest statistics on coyote reports to the Department of Enivronmental Conservation show that incidents in New York are on the decline. There were at total of 36 incidents reported to the DEC in 2012, down from 39 in 2011 and 80 in 2007, according to the latest reports released by the DEC.

Statistics may not be helpful for the Westchester families who have recently lost pets to recent coyote attacks. But Maggie Ciarcia, a licensed NYS wildlife rehabilitator who serves Westchester County, said there is a strong correlation in coyote attacks on small pets during the spring season.

“Right now is the time of year when coyotes have their babies,” Ciarcia said. “The coyote pups are typically born in late-March into early-May so they’re more likely to hunt for any food they can find in the spring. They’ve been here all along, not just to have their pups, but they’re typically more active in the spring.”

Coyotes view domestic dogs as a threat to their young during the “spring denning season,” according to the DEC. Ciarcia said the incidents in Chappaqua were most likely the result of one mother looking to feed and protect its young.

“My guess would be those all involve the same coyote family,” Ciarcia said. “Normally they eat mice or rodents and do a great job of keeping the rodent population down but coyotes can become very situated to humans and to easy food. So we always warn people not to feed coyotes or leave food for outdoor pets.”

 

 

Watch Out For Coyotes In Westchester This Spring | The Bedford Daily Voice.

18 Photos of FiDi When the Twin Towers Were the New WTC | North Salem NY Realtor

[Photos by Wil Blanche via National Archives. All captions are the 1973 originals.]

The tallest tower of the new World Trade Center reached its full height last week, 40 years after the Twin Towers opened as the original WTC. At that time, the Environmental Protection Agency hired photographer Wil Blanche to document the new giants and the changing Financial District. The Atlantic Cities recently highlighted the photos, which were taken in May 1973 as part of the Documerica project, a visual exploration of environmental issues around the country. The National Archives shared 87 of Blanche’s historic photos onFlickr, and we chose 18 to include in the gallery above.

 

 

18 Photos of FiDi When the Twin Towers Were the New WTC – Sepia Tones – Curbed NY.

Purchase loan demand eases as mortgage rates rise | South Salem Real Estate

 

With rates headed up, demand for purchase loans fell a seasonally adjusted 4 percent from the week before during the week ending May 10, but was still up 10 percent from a year ago, the Mortgage Bankers Association said in releasing the results of its latest Weekly Mortgage Applications Survey.

After declining for seven weeks in a row, rates for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) averaged 3.67 percent, up from 3.59 percent the week before, the MBA said. Points also increased to 0.41 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Applications for refinancings were down 8 percent from week to week, but refi requests still accounted for 76 percent of all mortgage applications. Source: mbaa.org.

– See more at: http://www.inman.com/wire/purchase-loan-demand-eases-as-mortgage-rates-rise/#sthash.WkQbJNTm.dpuf

 

 

Purchase loan demand eases as mortgage rates rise | Inman News.

Want Chinese clients? Hire Chinese-speaking agents | Cross River Real Estate

Any discussion of working with the Chinese market must begin with a word of caution: China is in many ways as diverse as Europe, so general statements about Chinese clients must be treated carefully.

In the past 30 years, our firm has done thousands of transactions, both commercial and residential, with Chinese families and businesspeople. Notwithstanding China’s immense diversity, our collective experience has given us certain concrete insights into the expectations of Chinese clients, what factors shape their investment decisions, and how to best service this segment of the market.

When compared to other investment vehicles, there is a general preference for real estate investment amongst Chinese clients. According the U.S. Census Bureau and other studies, Asian Americans, specifically Chinese Americans, have a higher homeownership rate than any other immigrant group.

There are a variety of reasons for this which are beyond the scope of this article, but the bottom line is that when Chinese families or businesspeople come to North America, real estate is often the first major investment they make.

– See more at: http://www.inman.com/2013/05/15/want-chinese-clients-hire-chinese-speaking-agents/#sthash.BXaIr9DY.dpuf

 

 

Want Chinese clients? Hire Chinese-speaking agents | Inman News.