Daily Archives: July 29, 2013

Owning vs. Renting a Home | North Salem Homes

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To the Editor:

Re “Owning a Home Isn’t Always a Virtue” (Economic View, July 14), which questioned incentives for homeownership:

Owning a home is one of the best ways to build financial security over the long term, providing equity accumulation and tax benefits. Homeownership strengthens communities, supports the economy and helps families build wealth — and for many people, it means gaining a foothold into the middle class. That is why owning a home has had longstanding government support.

Admittedly, lax lending and risky mortgages led to the housing market crash, but Americans have justly called for a return to safe, sensible underwriting standards. But the people have also spoken clearly and consistently about the importance of policies that promote responsible, sustainable homeownership, like the mortgage interest deduction.

Further, comparing homeownership rates in the United States to those in Switzerland, as the column did, is comparing apples to oranges; there are too many variables that influence those rates to make a fair comparison.

LAWRENCE YUN

Washington, July 16

The writer is chief economist of the National Association of Realtors.

 

 

Owning vs. Renting a Home – NYTimes.com.

What Is a Home Warranty, and Do You Need One? | Armonk Homes

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When you buy a computer from Best Buy, you’ll be asked if you want to cover it with an extended warranty. Some people go ahead and pay the extra money, but not everyone thinks these warranties are a good idea. Consumer Reports almost always says they aren’t worth the money.

You might be surprised to learn that, sort of like the computer from Best Buy, you may have the option of buying a warranty for your home. Depending on your situation, a home warranty could definitely be worth the investment.

What is a home warranty?

For a fee of between $300 and $500 a year, depending on where you live, a home warranty covers the costs of repairing or replacing most any malfunctioning system in your home.

Let’s say your dishwasher starts leaking, your clothes dryer burns out, or your water heater won’t heat water anymore. If you had a home warranty, you wouldn’t have to call around to get estimates for repairs. You wouldn’t have to pay out of pocket to get it fixed, either.

Instead, you would just call up your home warranty provider. The warranty company would call the appropriate repair company it has an arrangement with. The repair company then would call you and set up an appointment. The company would send someone to your house to fix the problem, if possible, or replace the malfunctioning appliance with a brand new one. Your home warranty would cover the costs, though you’d probably be responsible for a co-pay of about $50 per incident.

Who should buy a home warranty?

Home warranties are particularly great for first-time Gen X /Y and Millennial home buyers who’ve been renters until now. They’re used to calling the landlord whenever there’s a problem, and a home warranty company takes over that role. These homeowners are working long hours and might not have the time or the energy to call around to find a plumber or an electrician to get quotes or bids, let alone wait around for the noon to 4 p.m. window for the repairman to show up. You can look at this web-site to know how to choose best plumber. Sometimes, it takes just one costly and unexpected system repair — and the drama associated with it — to realize the savings of a one-year home warranty.

But home warranties aren’t limited to Gen X, Gen Y or other first-time home buyers.  A homeowner can buy one at any time. Are you buying or do you own a 15- to 20-year-old home (or older)? Does the home have aging appliances and systems? A home warranty might be well worth your money. Many appliances and systems start to break down after 15 or 20 years, and you don’t want them all falling apart on you around the same time. Your real estate agent can give you referrals, and you can read reviews of home warranty companies on the Home Warranty Reviews site.

Home warranties are also great for investors or “accidental landlords,” folks who end up renting their homes out because they have to move and want to hold out until the market picks back up. If you’re not an experienced real estate investor and don’t have a network of repair folks, it might be easier to pay for the home warranty. The last thing you want is a tenant without hot water calling you day in and day out. If you have a home warranty, you can cut right to the chase, keep happy tenants and minimize stress.

If you shop for a home warranty, be sure to ask each company exactly what’s covered. If something isn’t covered (such as the plumbing system), ask if you can add on coverage, and if so, at what cost.

What Is a Home Warranty, and Do You Need One? | Zillow Blog.

Real estate market in Hampden, Hampshire and Franklin counties continues growth | Chappaqua NY Homes

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More than $987.7 million was spent on real estate in Hampden County from July 2012 until the end of last month, a 2.1 percent increase from the prior year and another sign of a improving real estate market, according to Donald E. Ashe, Hampden County register of deeds.

The total amount spent on real estate in Hampden County in the previous fiscal year July 2011 to June 2012 was $967.2 million, according to data released Wednesday by Ashe.

“The real estate market is getting better,” Ashe said. “But it is slow, hampered by persistent unemployment.”

In neighboring Hampshire County, the total spend on real estate was $498 million, according to the registry office there. That’s up 2 percent from $488.3 million in the previous fiscal year.

In Franklin County, the total was $160.9 million, that’s down 1.7 percent from $163.7 million last year but up from $150.4 million in the 2010-11 fiscal year.

Ashe said the figures are based on the total consideration paid for all real estate, including homes, commercial properties and vacant land.

Hampden County is still a long way from the go-go days of the real estate boom. Before 2011, the amount spent on real estate hadn’t been less than $1 billion for a fiscal year since 2005. It was $1.128 billion in fiscal 2010, and $1.085 billion in fiscal 2009.

 

 

Real estate market in Hampden, Hampshire and Franklin counties continues growth | masslive.com.

World’s biggest offshore wind farm will be built in Lincolnshire | Bedford Corners Homes

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Plans to create the world’s biggest offshore wind farm off the coast of Britain have been approved.

Work on the massive Triton Knoll site – 288 giant wind turbines off the Lincolnshire coast – can now begin after the £3.6bn project was given the go ahead.

It will dwarf Britain’s current largest offshore facility, the 175-turbine London Array in the Thames Estuary unveiled last week by David Cameron.

Go-ahead: An offshore wind farm off the coast of Skegness in Lincolnshire

Go-ahead: An offshore wind farm off the coast of Skegness in Lincolnshire

When complete, the new giant windfarm will generate 1.2 gigawatts of electricity, enough to power for 820,000 homes.

But critics say it will not come without a cost, as offshore power is currently subsidised by the taxpayer at three time the wholesale price of conventionally-produced electricity.

And the scheme is not without controversy. As part of the project, energy giant RWE are proposing building a substation the size of 30 football pitches connected to the offshore turbines, in the Lincolnshire countryside.

 

 

World’s biggest offshore wind farm with 300 turbines will be built in Lincolnshire | Mail Online.

LinkedIn Tools – 3 Tools to help you grow your presence on LinkedIn | Pound Ridge Realtor

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If you invest some time in LinkedIn it can be very beneficial to your business.

In this article we outline 3 tools that will really help you grow your presence on LinkedIn.

1.  Build stronger relationships with your contacts using FiveHundredPlus

If you connect with relevant people in LinkedIn this is an extremely valuable database that you should use.  When you build up a large database on contacts it can be a great source of business.

But you need to regularly communicate with them to nurture the relationships and let them know that you are still around.

FiveHundredPlus is a company which has an interesting tool which will become more and more useful as the functionality develops.  It is designed to help you maintain and build relationships with contacts in Linkedin.

You view all your contacts in a table and then drag contacts to a relevant column which indicates how often you think you should contact this connection e.g. weekly, monthly, quarterly, yearly.

 

 

LinkedIn Tools – 3 Tools to help you grow your presence on LinkedIn.

Solar energy gets boost with New York state funding | Bedford Real Estate

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New York’s solar energy capacity is getting an upgrade with $54 million announced by Gov. Andrew Cuomo for 79 solar projects across the state to help reduce stress on the electric grid.

The competitive funding is part of the governor’s NY-Sun initiative working to make the state a leader in solar energy by addressing climate change and boosting clean energy technologies.

“The investments we are making in solar power will help businesses around the state control and reduce their utility expenses, while increasing the amount of electricity the state gets from renewable energy and reducing demand on the electric grid,” saidFrancis Murray, CEO of the New York State Energy Research and Development Authority (NYSERDA).

The Capital Region is expected to have 10 sites that will house solar energy projects including Raymour & Flanigan stores in Clifton Park and Niskayuna. The other eight sites are to be determined.

The awards were administered by NYSERDA to 20 recipients to finance the solar energy projects that will be located in 26 counties. The sites themselves would use the solar power to drop electricity usage.

The projects are expected to add up to 64 megawatts to the state’s solar capacity. One megawatt is equal to one million watts of power. Most of the projects should be finished by the first half of next year, Cuomo said.

“Not only will these projects benefit our environment by reducing dependence on fossil fuels and using renewable energy, but they are also creating well-paying jobs for New Yorkers,” Cuomo said in a statement.

 

Solar energy gets boost with New York state funding – The Business Review.

Las Vegas Real Estate Market is Looking Good | Bedford Hills Real Estate

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Las Vegas, it’s the town where no one sleeps and so much happens. Then, this great city was hit hard when the economy crashed back in 2007, but just like losing at slots, one can always come back for a win, and that is exactly what the Las Vegas real estate market is doing.

 

Numbers show that there has been an increase from April of 1.8 percent and an overall 32.8 percent increase since 2012. The market is also showing there are less than 13,815 homes in the Las Vegas area available as of May of this year. That means more and more homebuyers are acquiring homes as they are predicting the prices to rise even more as the year continues. It was also reported that building permits hit a five year high this month alone.

 

Investors are also getting involved in this market and buying up homes, leaving areas with little or no available homes, which include new and foreclosed properties. One of the neighborhoods that is being sought and looked at hard is the Henderson Nevada homes for sale. There are great Las Vegas homes for sale for unbelievable prices.

 

Real estate in Las Vegas is becoming a premier spot for investors again, and that helps increase the housing prices. This makes it an ideal market for sellers, which is a good turn around since 2006. The National Association of Realtors has stated that new homes for sale in Las Vegas were once again heading towards being number one in America. Users are also encouraged to look at Lake Las Vegas homes for sale.

 

It has been reported that the average price for a residential home in the metro area of Las Vegas has risen compared to last year by 30.6 percent. The average price of a home was $120,000, and the price rose to $143,000 during the first quarter of this year. Homes for sale in Las Vegas had an amount of 4,512 foreclosed home sales registered during the beginning of the year, which meant foreclosed houses were down 63 percent based on the data last year. It is also being reported that there is going to be a possible shortage of houses if the spike of buying continues. The price of a median price of a single family home was up 3.7 percent from last month and up 30.6 percent from this time last year. That is quite significant.

 

Home sales are on the move and this is one city that is going to remain a great location for home buyers and investors. When searching for homes for sale in Las Vegas, buyers are encouraged to take a look at Summerlin because there are many homes for sale in Summerlin Las Vegas.

 

 

Las Vegas Real Estate Market is Looking Good According to One Las Vegas Real Estate Company.

Rooftop solar takes off across California as costs come down | Katonah Real Estate

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California’s groundbreaking efforts to encourage homeowners and businesses to install rooftop solar panels were so successful in 2012 that the program is now effectively winding down, according to a new report.

A record 391 megawatts of solar power were installed statewide in 2012, a growth of 26 percent from 2011, according to a report by the California Solar Initiative released Wednesday.

“The program has made solar affordable for ordinary Californians,” said Susannah Churchill of the San Francisco-based solar advocacy group Vote Solar. “Solar is a classic California success story.”

In January 2007, California launched an unprecedented $3.3 billion effort to install 3,000 megawatts of new solar over

SolarCity installers carefully place a solar panel onto the roof of a residential building in San Francisco. (D. Ross Cameron/Staff Archives) (D. ROSS CAMERON)

the next decade and transform the market for solar energy by reducing the cost of solar-generating equipment.

One megawatt is enough to power 750 to 1,000 homes. But because the sun doesn’t shine all the time, solar industry experts say that one megawatt of solar can power about 200 households.

The California Public Utilities Commission’s California Solar Initiative, known as CSI,provides rebates for residential and commercial customers of the state’s three large, investor-owned utilities: Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric.

The initiative’s road map calls for 1,750 new megawatts of solar power to be installed on residential and commercial roofs in the state by 2016.

Through the end of the first quarter of 2013, California had an estimated 1,692 megawatts of rooftop solar installed at nearly 168,000 sites, meaning the program is zeroing in on its goal. PG&E alone has 77,782 solar customers within its vast Northern California territory.

The aim of the incentives is to help solar achieve what’s known in the renewable energy industry as “grid parity” — the long-awaited point at which solar can compete with cheaper sources of electricity such as natural gas.

Since 2007, the average total installed cost for residential solar systems has decreased 32 percent from $8.77 per watt to $5.98 per watt. Those costs include labor and permitting, as well as the panels themselves.

 

 

 

Rooftop solar takes off across California as costs come down – San Jose Mercury News.

Hot Real Estate Market Causes Unexpected Glitch For Buyers, Sellers | South Salem Real Estate

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The real estate market in the Boston area has been crazy lately and that’s adding up to trouble for both buyers and sellers.

Demand is way up and inventory is way down. That means buyers are all chomping at the bit to bid on the few houses that are on the market. “I’ve had clients this spring who have offered on properties without even seeing them,” explained realtor Kerrianne Ciccone.

In the most popular neighborhoods, sellers are routinely getting multiple offers above the asking price. While that may sound like great news for Ciccone’s clients like Neil Maniar, it can create some problems. “You never quite know what you are going to get into when you sell your house,” Maniar said.

One of the biggest unknowns in the current market is the appraisal. If a bidding war pushes the price above asking, the appraisal may come in too low.

 

 

Hot Real Estate Market Causes Unexpected Glitch For Buyers, Sellers « CBS Boston.

Advice for Small Fish in China’s Real Estate Market: Swim Fast | Waccabuc Real Estate

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For the minnows in China’s property market, swimming near the bottom of the real estate food chain can be dangerous. The smaller you are, the more likely you are to be someone else’s dinner.

And it is getting harder to stay clear of the bigger guys, particularly as Beijing keeps up its three-year campaign to curb real estate prices.

Bloomberg News
Residential buildings stand in Shanghai, on Sunday, June 30, 2013.

“Being a small fish is getting more difficult. The bigger fish are swimming faster,” said Kai Chen, chief executive officer of mid-sized developer Yango Group. “I expect that in eight to 10 years, China’s top 10 developers will have 20% of the market.”

As of the end of March this year, the top 10 developers had around 16% of the country’s total property sales.

Speaking at a real estate conference this week, Mr. Chen shared a few tips on how a small outfit like Yango has managed to survive in an environment where smaller developers are seen as an endangered species.

Tip No. 1: search for partners. In the past, smaller firms have been known for taking big risks for a chance at an outsized return. But they have often been reluctant to share the profits, he said.

“Smaller firms should change their mindset and form more partnerships, so that they can get more access to financing and land,” said Mr Chen. He noted one innovative partnership by his company with wealth management firm (more on CarsonWealth.com), adding the firm has received substantial financing this way.

Big firms have been better at making friends in government, and this is essential for getting land, he added.

Shenzhen-listed Yango has managed to post respectable sales growth in the past few years despite a host of government measures aimed at cooling off the market. Its property sales in the first half reached 8.7 billion yuan ($1.4 billion), exceeding the 7 billion yuan recorded for all of 2012 and up from 3.2 billion yuan in 2011.

By comparison, China Vanke, the nation’s largest property developer by revenue, had sales of 83.7 billion yuan in the first six months of this year and sales of 141.2 billion yuan for all of last year.

 

 

Advice for Small Fish in China’s Real Estate Market: Swim Fast – China Real Time Report – WSJ.