Daily Archives: August 14, 2013

Here’s Why the Housing Market Is Cooling Off and Why It’s OK | Pound Ridge Real Estate

There is evidence that the real estate market is reaching an equilibrium.

Movoto Real Estate’s August State of the Real Estate Market report showed that the median cost per square foot for a home in the United States increased by 14.9 percent in July compared to July 2012, while inventory fell by close to 16 percent year over year. At the same time, the average list price per square foot remained flat with June’s figures, and the number of homes for sale increased on a month-over-month basis.

That the list price did not increase between June and July indicates that the inventory supply has begun to catch up with demand. “Going forward, we expect prices to continue to move laterally on a month-over-month basis,” report says. “Higher mortgage rates and increased inventory will keep prices from increasing at the same pace we saw in the first half of the year.”

The average interest rate for a 30-year fixed-rate mortgage edged higher to 4.61 percent for the week ended August 2, compared to 4.58 percent in the week before. “For the first time this year, the price did not increase, which could be a sign that the market is loosening and their buying power could increase,” the Movoto concludes.

Housing recovery continues to heat up | Bedford Corners Real Estate

Despite all odds against the housing recovery, the market is steadily improving and housing experts do not expect the sector to lose its momentum any time soon.

Regardless of an inadequately housing supply, rising home prices reacting to strong demand and difficult lending environment, market expectations remain bullish on housing.

Nonetheless, housing is in its early stages of recovery and panelists at the Bipartisan Policy Center’s conference believe it’s not time for the Federal Reserve to take their foot off the bond-buying gas pedal just yet.

“There is a cyclical and structural nature to the problem,” explained Paul Weech of Housing Partnership Network.

He added, “We haven’t solved for the underlying structural problem and if we revert back to the norm, we still have millions of homes trying to get back in the full market recovery.”

One of the major factors still impacting the housing market is underwriting standards.

Fannie Mae senior vice president and chief economist Doug Duncan pointed out that there is a high correlation between the business cycle and the credit cycle, which will ultimately lead to an established fixed floor of the credit box.

“If in the regulatory process we can establish a fixed floor then we’ll change fundamentally the level of housing,” Duncan explained.

Looking to the future state of housing, experts agreed that immigration will play a significant role in the housing recovery.

Data taken from 2012 and estimated through 2050 shows that the economy will have 15 million less workers if the immigration rate continues, meaning less people in the housing market and less people paying into their entitlements, Duncan noted.

Another group of Americans that will affect the future of housing is the baby boomer generation, which is the fastest growing age group.

Many have a desire to remain in a home, but want to be mobile. As a result, homebuilders are trying to find new ways to accommodate these needs as well as attract first-time homebuyers to market.

Conine Residential Group president Kent Conine explained that homebuilders are introducing new innovations and productions into the marketplace.

For instance, Conine is in the process of developing a system in which seniors sell their current homes and downgrade to plain vanilla property, which will allow them to travel, while still maintaining a home.

 

read more…

http://www.housingwire.com/articles/26155-housing-recovery-continues-to-heat-up

 

Mount Kisco Diner Begins Expansion | Mount Kisco Real Estate

The Mount Kisco Coach Diner, Gov. Andrew Cuomo’s favorite hangout, has begun construction on its expansion.

The diner is adding 1,250 square feet and 13 new parking spaces, along with providing a terrace for outdoor seating.

The project was approved by the planning board earlier this year after the Mount Kisco Village Board approved a zoning change in 2010.

Recently, the Paul Power’s structure, which exists south of the diner, was demolished, which was the first phase of construction.

Harry Georgiou, whose family owns the diner, said it will be much larger and more convenient for customers.

“We wanted to provide more space for clients and a nicer atmosphere,” Georgiou said. “We wanted to modernize the restaurant. It was time to expand.”

Plans for expansion have been in the works for five years. During that time, despite the recession, the diner’s business has remained steady, giving Georgiou confidence expansion was the right idea.

Georgiou’s father, Frank, a Somers resident, purchased the diner 18 years ago. Harry Georgiou, who lives in Queens, said it is in the family’s blood to provide service, hospitality, and good food.

 

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http://chappaqua.dailyvoice.com/business/mount-kisco-diner-begins-expansion

 

Soaring real estate portal valuations are all about growth | Armonk Real Estate

Zillow and Trulia are on a growth tear, their “market caps” — the value of outstanding common stock — soaring into the stratosphere in 2013. But like their older sibling, Move Inc., the companies have lost money, overall, since launching.

The three big listing portals all employ a similar business model — selling leads, advertising and tech services to real estate agents. And if Move has racked up a $2 billion net accumulated loss in its 20-year life, why do analysts think the younger startups will not only survive, but thrive?

Move (founded 1993)Zillow (founded 2005)Trulia (founded 2005)
Net accumulated loss through 2012$2.0 billion$71.7 million$47.1 million

Sources: Move, Zillow and Trulia 2012 annual reports.

The answer is projected growth, a focus on consumers, and faith in a new breed of management, analysts who follow the three companies say.

Looking back at the most recent four quarters, Move is still the leader in revenue. But Trulia’s market cap is nearly three times Move’s, and investors think Zillow is worth about six times as much as Move. In 2012, Zillow booked about $6 million in profits on $117 million in revenue, while Trulia lost $11 million on $68 million in revenue. According to its most recent annual report to investors, Move made $4.7 million on $199 million in revenue.

Revenue, market caps and projected revenue growth

CompanyRevenue, four quarters through second-quarter 2013Market cap, Aug. 9, 2013Projected 2013 revenue growth, percent
Zillow$152.1 million$3.24 billion60.0%
Trulia$92.8 million$1.41 billion73.3%*
Move$213.9 million$553.2 million14.2%

Source: Google Finance and firms’ earnings call transcripts. *Estimate generated by projecting 60 percent Q4 year-over-year revenue growth, in line with recent quarters, and using the midpoint of Trulia’s projected Q3 revenue: $31 million.

Their revenue might be less, but Zillow and Trulia’s blazing growth, both in terms of revenue and Web market share, trumps that of Move and realtor.com, which is operated by Move under a special agreement with the National Association of Realtors, through the second quarter.

“Investors are always going to pay more for growth,” said Bradley Safalow, founder and CEO of stock analysis firm PAA Research LLC, who covers all three companies.

Aaron Kessler, a stock analyst who covers Zillow for Raymond James Financial Inc., agreed: Zillow’s faster growth accounts for its much higher relative valuation.

The price of a share of Zillow stock has shot up 233 percent this year, and Trulia’s share price is up 158 percent. Move, too, is up 77 percent, as the housing rebound has stoked investors’ interest in many companies whose fortunes are tied to the real estate sector

– See more at: http://www.inman.com/2013/08/13/soaring-real-estate-portal-valuations-are-all-about-growth/#sthash.wIFi0T96.dpuf

16 Social Media Marketing Tips From the Pros | Katonah Realtor

Are you looking for the latest social media marketing tactics?

Do you want to know what the social media marketing pros are doing today?

Keeping up with the latest social media changes is not always easy, and our social media marketing tactics may need to be refreshed.

We asked 16 social media pros to share the best marketing tactics worth doing today.

Here’s what they have to say.

#1: Host Social Media Events

Mari SmithMari Smith

You can build a loyal, raving community by hosting online events that put the focus on your fans.

A fun and effective online event is hosting a “Fan Page Friday”—it’s essentially a virtual networking party where you allow all your fans to share links to their own pages on your page.

The event can last as long as 24 hours or more and is a great way to discover new businesses, get more fans, and build tremendous community while increasing your EdgeRank (news feed visibility), too.

Many page owners launch a Fan Page Friday event every week; however, I find it much more effective to host one about every four to six weeks, as it has a bigger impact. On my last virtual party, several thousand page owners participated, many of whom picked up as much as a hundred or more new fans as a result.

Be sure to include a hashtag like #FacebookFriday and schedule your initial invitation to go out very early in the morning. Then add another couple of invitations throughout the day.

Facebook Friday is a great way to build your community.

 

Another example is to host live webinars where you give away great content. You can monetize your time and effort by making a great offer on the webinar. Many businesses both large and small use this model well.

By way of example, my latest Facebook marketing webinar had over 13,000 registrations; I like to provide ongoing access to the replay as well. Whether your fans ever purchase from you as a result of one of these webinars, you’ll find a good percentage become evangelists for your brand and love to help spread the word to their own community.

Mari Smith, author of The New Relationship Marketing and co-author of Facebook Marketing: An Hour a Day.

 

 

read more…

 

http://www.socialmediaexaminer.com/16-social-media-marketing-tips-from-the-pros/

National Guard Holds Disaster Response Training in Westchester | Chappaqua Real Estate

Soldiers and airmen from the New York National Guard responded to a “train derailment and chemical spill” on Friday in Valhalla.

There were no reports of injuries, fatalities, or even property damage, however, as it was all part of a training evaluation Friday afternoon at the Westchester County Fire Training Center.

“This is to be prepared for chemical, biological, radiological — those worst case scenarios,” said Army Col. Richard Goldenberg. “This is a specially trained and designed team that is meant to bridge the gap between local responders and all the assets of a federal government that can take a number of hours to get to a site.”

According to Goldenberg, the unit is called the Homeland Response Force which works in conjunction with the Federal Emergency Management Agency. The soldiers support FEMA region II of New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. The training exercise they must execute involves three elements: Search and Extraction, Decontamination and Triage.

“This allows us to look at everything holistically,” said Goldenberg. “We get to see everything start to finish, soup to nuts. Can we pull it off? Can we get it set up together? Can we have the medical team linked to the decontamination team? Does the communication work for everybody? That’s the real benefit of a collective training exercise.”

 

 

http://chappaqua.dailyvoice.com/news/national-guard-holds-disaster-response-training-westchester