Daily Archives: July 19, 2013

Realtor.com: Inventories are Returning to Normal | Cross River Real Estate

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While June inventories continue to be down on year-over-year basis, they rose for the sixth consecutive month and are steadily returning to more normal levels. The number of homes listed for sale increased by 4.3 percent in June to 1.9 million homes, the highest level in the last year, according to monthly data released Monday by realtor.com.

Inventories on realtor.com reached their highest level in more than a year, suggesting that market fundamentals continue to be strong and that housing supply in many markets is gradually catching up with housing demand.  At same time, the median age of the inventory increased by just one day in June, suggesting that housing sales are generally keeping pace with new property listings.

Both year-over-year list prices and inventories rose simultaneously. While the median list price has stabilized somewhat, it remains 5.27 percent higher than it was one year ago. Rising inventories appear to be having a moderating effect on median list prices, although on a year-over-year basis, median list prices were up by 1 percent or more in 98 of the 146 MSAs covered by realtor.com, compared to 103 markets in June, while the number of markets with a list price decline of at least 1 percent rose from 23 to 25.

Key Market Indicators for June 2013

June 2013

Year-over-Year % Change

Month-over-Month % Change

Number   of Listings

1,931,713

-7.29%

4.26%
Median   Age of Inventory

80

-15.79%

1.27%

Median   List Price

$199,900

5.27%

0.45%

Despite six consecutive months of steady growth, inventories continue to be down by 7.29 percent on a year-over-year basis, although they are now approaching more normal levels. The median age of the inventory rose to 80 days in June, up by one day (1.27 percent) over the month but down by 15.79 percent on a year-over-year basis.

The geography of low inventories changed during June. The top ten markets reporting year-over-year inventory declines are no longer dominated by California markets but now include Boston, Lansing, Grand Rapids and Monmouth NJ.  Their potential shortfalls in supply are likely to support robust house price appreciation going forward.  Inventories remain depressed in markets where prices have not improved significantly or where negative equity is greater than elsewhere, making it difficult or owners to sell

 

 

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http://www.realestateeconomywatch.com/2013/07/realtorcom-inventories-are-returning-to-normal/print/

 

Commercial real estate key to Las Vegas economic rebound | Mt Kisco Real Estate

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As someone who has spent most of his adult life working in commercial real estate in Southern Nevada, I often find myself explaining to others why they should care about my industry. The short answer is that as commercial real estate goes, so goes the overall economy.

We all know the Great Recession hit Las Vegas harder than most places. And few industries felt more of this pain than commercial real estate. For proof, look no farther than the nearest half-finished shopping center or office building.

Recent reports suggest we might finally be seeing some light at the end of this tunnel. According to the National Association of Realtors, the market is starting to improve nationwide, and commercial real estate professionals are regaining confidence.

Most members of the Commercial Alliance Las Vegas seem to share that sentiment.

NAR recently released its 2013 Commercial Member Profile. It shows that annual income, transactions and sales volume have all increased over the past year for commercial real estate professionals. NAR members who practice commercial real estate reported a median annual gross income of more than $90,000 in 2012. This is the highest level since 2008 and is more than $4,000 above the 2011 figure.

NAR Chief Economist Lawrence Yun recently pointed out that vacancy rates are falling and commercial rents are gradually rising nationwide.

As with the housing market and other areas of the economy, Las Vegas has lagged the rest of the country in bouncing back from the recession. But fortunately for those of us who make our living in this industry, we’re starting to see some bright spots here, too.

Vacancy rates for office space are still hovering around record levels. For example, as of March 31, CB Richard Ellis reported the vacancy rate for Class A office space in the Las Vegas area was 29.4 percent. But even the local office market is showing signs that it has hit bottom and is on the road to recovery.

One example of this gradual rebound came in early July, when it was reported that the stalled mixed-use project formerly known as Manhattan West is being finished by new owner the Krausz Cos. Inc., which is calling it The Gramercy. The company spent $20 million in June to buy the 20-acre project in the southwestern part of town, announcing that it plans to spend an additional $30 million to finish its office, residential and retail components. As with the announcement that construction would resume on the previously stalled Shops at Summerlin shopping mall, this is a great sign for our local industry and economy.

As NAR points out, commercial real estate is the basis for much of the growth in the American real estate industry and economy. This is especially true in Southern Nevada, where real estate has traditionally trailed only the gaming and tourism industries in economic impact. Any improvement in commercial real estate will provide a much-needed boost to our overall economy.

We’re not out of the woods yet. Remaining hurdles on the road to recovery include too many commercial real estate projects still struggling to find financing.

According to NAR’s Commercial Real Estate 2013 Lending Survey, members reported a significant disadvantage when it came to financing for buyers of properties under $2 million, which makes up 85 percent of all commercial clients NAR members handle. These small business are typically financed by private investors or local and regional banks. Fifty-two percent of commercial members reported they had commercial transactions fail in the past year due to a lack of financing. We’ve seen our share of that here, too

 

 

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http://www.reviewjournal.com/opinion/commercial-real-estate-key-las-vegas-economic-rebound

 

American Home Prices Are Still Way Off Of Their Highs | Katonah Real Estate

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For all the promising data  we’ve seen about the so-called “housing recovery,” it’s important to realize it  is just that — a recovery.

Though some are calling the spike a housing bubble 2.0, home prices are  still way off their 2006 highs (which is good, since that was a bubble of epic  proportion).

“Overall, the recovery has  been rather uneven, with states that enjoyed the largest home price increases  before the recession still far from their prior peaks and states that missed the  housing boom closer to recovering their losses,” writes  CoreLogic’s Kathryn Dobbyn in a  new report.

CNBC’s  Diana Olick highlights this chart from CoreLogic:

home price appreciationCoreLogic

 

Dobbyn notes that Arizona, which has recently seen huge home price  appreciation, is still 45.6  percent from the peak it hit 7 years ago. Even if the state maintains its  current appreciation rate, it would still take another 35 months for Arizona to  get back to its highs.

“Speculating on a new bubble is likely premature,”  concludes Dobbyn.

Read more:  http://www.businessinsider.com/state-home-price-change-from-peak-map-2013-7#ixzz2ZVStRP81

ILHM: “Luxury Segment has been Leading the Recovery” | Bedford Hills Real Estate

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In response to a June 27 Real Estate Economy Watch article asserting that for the first time since the Institute for Luxury Home Marketing began tracking upper tier market trends in 2008, its Market Action Index hit the threshold that separates buyer’s and seller’s markets earlier this month, ILHM Founder Laurie Moore-Moore points out that he luxury segment has actually been LEADING the recovery for more than a year.

“We appreciate your coverage of our data, but just a note to let you know that the interpretation of our ILHM National Luxury Market Report is not correct.  The luxury segment has actually been LEADING the recovery for more than a year.  Sorry that we did not give you additional information for context,” she said.

“While the recent national report does show that the luxury niche has officially clicked over to a seller’s market and that every listing isn’t gobbled up in the same month it is listed, this does not mean luxury is behind other segments in recovering.  There is plenty of evidence to the contrary.

“We do recognize that there is no such thing as a “national” real estate market.  Like the Case Schiller report, our report is a composite report.  Info on more than 30 major markets is available to our members (the definition of luxury varies market by market.)”

Below is the original REEW article:

The highest tier of homes for sale, homes priced over $500,000, has been the last part of the market to feel the effects of the housing recovery. On June 2, the ILHM reported its Market Action Index had reached 30 for the first time and in subsequent weekly reports the index has maintained its position. “The ILHM National market is currently slightly in the Seller’s Market zone (greater than 30).The Market Action Index stands at 30 which indicates that luxury demand is relatively strong but the available supply of new listings doesn’t get acquired immediately,” the ILHM noted in its June 23 report.

 

 

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http://www.realestateeconomywatch.com/2013/07/ilhm-luxury-segment-has-been-leading-the-recovery/print/

 

Bedford Pool Schedule this Week | Bedford NY Real Estate

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We hope you are enjoying the pools! As stated in our spring/summer brochure, from time to time certain pools will close early or open late due to home swim meets.  As a member of the Town of Bedford pools, if your hamlet pool is closed due to a swim meet, you are entitled to use another hamlet pool that is open. Below is the schedule of pool closings/delayed openings for the week of Friday, July 19-Sunday, July 28:

SATURDAY, JULY 20:  KATONAH POOL-HOME MEET *Delayed opening: Will open at approximately 12:30pm. **BEDFORD HILLS & BEDFORD VILLAGE will open at 10:00AM

SUNDAY, JULY 21: KATONAH POOL INVITATIONAL *Delayed opening: Will open at approximately 12:30pm *There will be NO Adult Early Morning Swim at Katonah this day **BEDFORD HILLS & BEDFORD VILLAGE will open at 10:00AM

TUESDAY, JULY 23: BEDFORD HILLS POOL-HOME MEET *Deep End/Dive & Lap Lanes Close at 4:30pm. *Shallow End/Wading Pools Close at 5:00pm **KATONAH & BEDFORD VILLAGE will be OPEN

SATURDAY, JULY 27: BEDFORD HILLS POOL-HOME MEET *Delayed opening: Will open at approximately 12:30pm **KATONAH & BEDFORD VILLAGE will open at 10:00AM

If you need to reach any of the pool facilities:

BEDFORD HILLS – 666-7150
BEDFORD VILLAGE – 234-3246
KATONAH – 232-9349

Thank you,
Bedford Recreation
666-7004
7-19-13
11:00am
Please see attached files for your receipt, report, etc…

7 Marketing Trends You Should Not Ignore | Pound Ridge Realtor

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The capability to use marketing tools and technology without having to beg or  pay for attention is unprecedented. It’s a time where you can now build your own  crowd to market and sell to without paying the mass media gate keepers.7 Marketing trends you should not ignore

That’s social media.

The social media networks are at your disposal and with the right tactics and software you can create brand awareness and access to  influencers and decision makers in boardrooms across the world.

This freedom to take control of your own marketing comes at a cost. The cost  is complexity and time. To be effective it requires using multiple networks,  constant content creation and monitoring and managing.

It’s not just multiple networks and multimedia to think of, it is also about  adapting to new hardware platforms where consumers receive their messaging. This  is no longer restricted to just print, TV and radio but has proliferated to  laptops, smart phones and tablets. They all have their own limitations and  parameters to be optimal.

Within this technology and  media explosion there are many marketing trends that have been emerging that we  should be paying attention to.

7 Marketing Trends

Here are seven trends that all marketers need to consider in their toolbox of  tactics to remain effective and current.

1. Content marketing

The importance and role of content marketing and how it works across social  media, search, multimedia and mobile is becoming a key focus for many brands.  Many companies don’t understand the importance of this trend and how it  underlies almost all digital marketing. Brands such as Coca Cola have recognised this and changed their strategies  to meet the web realities.

Brands have been blinded by the shiny new toy of social media eg Facebook and  think that Facebook marketing is all they should be doing beyond their day to  day habitual marketing that they have been doing for decades.

Read more at http://www.jeffbullas.com/2013/07/16/marketing-trends-you-should-not-ignore/#wzBZl28kebw6bU9g.99

June Foreclosures Fell to Lowest Level since December 2006 | Bedford Corners Real Estate

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Not since Santa Claus visited the George W. Bush White House has the total of properties with foreclosure filings–default notices, scheduled auctions and bank repossessions – reached a level as low as they did last month.

RealtyTrac reported last week that 0.61 percent of all U.S. housing units (one in 164) had at least one foreclosure filing in the first six months of the year. A total of 127,790 U.S. properties had foreclosure filings in June, down 14 percent from the previous month and down 35 percent from a year ago to the lowest monthly level since December 2006   Filings in the first half of the year totaled 801,359, representing a 19 percent decrease from the previous six months and a fall of 23 percent from the first half of 2012.

For a little perspective, here’s an excerpt from Freddie Mac’s economic outlook in December 2006:

“The recovery, however, will not be a re-run of the white-hot market in 2004-2005. Rather, there will likely be a return to more “normal” conditions next year, with starts and sales picking up only gradually and then growing at a modest pace. Nationally, house prices will likely appreciate around the rate of consumer price inflation, although there is a potential for real declines and some hard-hit areas will need greater improvements in the local economy before experiencing a housing recovery. With smaller price gains and reduced opportunities to extract equity, mortgage debt will grow more slowly. In short, housing markets will move off center stage, but will resume quietly providing homes and opportunities to build a nest egg for millions of American households.”

Things didn’t work out as planned.  Six years later, some 4.3 million nest eggs were lost to foreclosure and homeowners have lost $3 trillion in equity but at long last the recovery has begun and housing is back on center stage.

High-level findings from the report:

  • U.S. foreclosure starts in June dropped 21 percent from the previous month and were down 45 percent from a year ago to the lowest monthly level since December 2005 – a seven and a half year low. Year to date through June, 409,491 foreclosure starts have been filed nationwide, on pace to reach more than 800,000 for the year, which would be down from 1.1 million foreclosure starts in 2012.
  • Foreclosure starts in June decreased from the previous month in 38 states, including Nevada (down 84 percent), Colorado (down 62 percent), New Jersey (down 40 percent), Illinois (down 39 percent) and Florida (down 26 percent).
  • Bank repossessions (REO) in June decreased 9 percent from the previous month and were down 35 percent from a year ago. Year to date through June, a total of 248,538 bank repossessions have occurred nationwide, on pace for nearly 500,000 for the year, which would be down from more than 671,000 in 2012.
  • Bank repossessions in June decreased from a year ago in 34 states, but there were some notable exceptions where bank repossessions were up from a year ago, including Arkansas (up 143 percent), Oklahoma (up 103 percent), Maryland (up 74 percent), Washington (up 71 percent), New Jersey (up 33 percent), and New York (up 21 percent).
  • Judicial foreclosure auctions (NFS) were scheduled for 28,296 U.S. properties in June, up less than 1 percent from May but up 34 percent from June 2012. States with substantial annual increases in scheduled judicial foreclosure auctions included New Jersey (up 103 percent), Florida (up 100 percent), Maryland (up 94 percent), New York (up 66 percent), and Illinois (up 65 percent to a 35-month high).
  • Florida, Nevada, Illinois, Ohio and Georgia posted the top five state foreclosure rates for the first half of the year, while five Florida cities posted the top five metro foreclosure rates: Miami, Orlando, Jacksonville, Ocala, and Tampa.

“Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has built up thanks to a lengthy foreclosure process,” said Daren Blomquist, vice president at RealtyTrac. “The increases in judicial foreclosure auctions demonstrate that these delayed foreclosure cases are now being moved more quickly through to foreclosure completion. Given the rising home prices in most of these markets, it is an opportune time for lenders to dispose of these distressed properties, either at the foreclosure auction to a third-party buyer, or by repossessing the property at the auction and subsequently selling it as a bank-owned home.

Florida, Nevada, Illinois post top state foreclosure rates in first half of 2013

Florida posted the nation’s highest state foreclosure rate in the first half of the year: 1.74 percent of housing units with a foreclosure filing (one in every 58) during the six-month period – nearly three times the national average. A total of 155,264 Florida properties had a foreclosure filing in the first six months of the year, the most of any state and up 12 percent from a year ago. In June Florida foreclosure starts (LIS) decreased 23 percent from a year ago but scheduled foreclosure auctions increased 100 percent and bank repossessions increased 14 percent during the same time period.

Despite a 58 percent month-over-month drop in foreclosure activity in June, Nevada posted the nation’s second highest foreclosure rate in the first half of 2013: 1.40 percent of housing units with a foreclosure filing (one in every 71) during the six-month period. A total of 16,291 Nevada properties had a foreclosure filing in the first half of 2013, up 12 percent from the previous six months but down 21 percent from a year ago. New state legislation (AB 300) that changes the foreclosure process in Nevada took effect in June.

Illinois foreclosure activity in the first half of 2013 decreased from the previous six months and a year ago, but the state still posted the nation’s third highest foreclosure rate: 1.20 percent of housing units with a foreclosure filing (one in 83) during the six-month period. In June Illinois foreclosure starts (LIS) decreased 68 percent from a year ago and bank repossessions were down 49 percent from a year ago, but scheduled foreclosure auctions increased 65 percent during the same time period to the highest monthly level since July 2010

New Home Prices Rise in China | Chappaqua Real Estate

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New home prices in major Chinese cities rose strongly in June compared with a year ago, according to an analysis of official data released Thursday, but the market is also showing signs of moderation following last month’s government-led liquidity squeeze.

Prices rose an average of 6.12% in June compared with a year earlier, according to Wall Street Journal calculations based on data released by the National Bureau of Statistics on 70 large and medium-size Chinese cities. Prices rose in 69 of cities in June compared with a year earlier, unchanged from May.

The result marks the latest pickup in the pace for home-price appreciation on a year-to-year basis—prices rose 5.32% in May and 4.27% in April, according to the calculations.

But compared with May, home-price appreciation appears to be easing a bit. Prices in the 70 cities increased an average 0.78% in June compared with May. They had risen 0.86% in May and 0.9% in April compared with the prior months, according to the calculations.

The data showed that prices of new homes in 63 of 70 large and medium-size cities rose in June from May. Prices fell in five cities and were unchanged in two cities. In May, prices rose in 65 cities.

“The moderation in growth momentum will likely continue, but home prices are not going to drop,” said Lee Wee Liat, a property analyst at BNP Paribas BNP.FR +0.16%. A decline is unlikely as many Chinese cities have issued guidance targeting home price growth at 10%, alongside expected gains in disposable income per capita, Mr. Lee added

 

 

 

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http://online.wsj.com/article/SB10001424127887323309404578612880231899740.html

 

Support for ‘patent troll’ legislation builds | Armonk Real Estate

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A push for legislation cracking down on so-called “patent trolls” is gathering steam on Capitol Hill, potentially spelling relief for many businesses, including those in the real estate industry.

Last week, Rep. Hakeem Jeffries, D-N.Y., introduced the “Patent Litigation and Innovation Act of 2013″ (H.R. 2639) in the House, which is related to the “Patent Abuse Reduction Act of 2013″ (S. 1013) introduced by Sen. John Cornyn, R-Texas, in May.

The White House has also issued a series of legislative recommendations and executive actions to tackle the issue. The executive actions will require patent applicants and owners to disclose the true owner of a patent, train patent examiners to flag overly broad patent applications, and offer a website educating consumers and small-business owners about what to do if they are targeted, among other things.

Federal Trade Commission Chairwoman Edith Ramirez last month urged the commission to use its authority to collect more comprehensive information about the business models and scope of “patent assertion entities” — the formal name given to companies that are focused primarily on purchasing and asserting patent claims against companies with products currently on the market.

“These entities are driving the increase in patent litigation and targeting firms in a growing slice of the economy,” Ramirez said. Patent trolls have moved beyond their original primary targets — information technology firms — and are going after financial services providers and retailers, she said.

“Even hotels and coffee shops are not immune,” Ramirez said, and the costs to consumers “appear increasingly tangible and direct.”

– See more at: http://www.inman.com/2013/07/17/support-for-patent-troll-legislation-builds/#sthash.4tG5Bt34.dpuf