Daily Archives: September 7, 2013

Armonk memorial brings out ‘silly season’ politics | Armonk Homes

 

It’s been said that all politics is local. Here’s a corollary: All local politics is personal, especially at election time.

Such appears to be the case in the Town of North Castle.

You would think that politics would have nothing to do with honoring the memory of a beloved citizen, a woman who served on the Town Board for more than three decades and by all accounts personified the virtue of civic mindedness.

Becky Kittredge, who died Aug. 26 at the age of 69, was instrumental in getting the town recreation center built. She was a founder of the public library and was a devoted member of the historical society.

Machiavellian-style mischief does not readily come to mind upon consideration of the fact that Kittredge was instrumental in getting the hamlet of Armonk recognized, of all things, as the hometown of Frosty the Snowman.

A Democrat, Kittredge was born in North Castle. She knew everybody and apparently offended no one.

So once again, given her universal acclaim, it’s hard to fathom that Kittredge could be posthumously dragged into a partisan arena.

But that’s precisely what happened — and it has caused a huge outcry in this town of 11,840. And like all partisan disputes, it’s the “other guys” who are to blame.

From interviews and emails, it’s at least clear that the controversy centers on a split decision by the Town Board to not broadcast Kittredge’s memorial service on the town’s public service channel, NCTV. The service was held Friday on the steps of Town Hall.

The board’s decision arrived after an informal discussion and polling conducted through email by Anne Curran, the Democratic town clerk.

Against the broadcast were three Republicans — town Supervisor Howard Arden and Councilman John Cronin and Councilwoman Diane DiDonato Roth. Their reasons included the cost of paying for a videographer and an unelaborated feeling that broadcasting the service was somehow inappropriate.

However, Councilmen Stephen D’Angelo, a Republican, and Michael Schiliro, the board’s sole Democrat, were in favor of the broadcast.

 

Phil Reisman: North Castle memorial brings out ‘silly season’ politics (video) | The Journal News | LoHud.com | lohud.com.

Rising Rates and Falling Standards Raise Default Risk | South Salem Real Estate

Mortgages currently being originated stand a 14 percent higher risk of default due solely to current economic conditions, especially rising mortgage interest rates and falling underwriting standards.

Under current economic conditions, investors and lenders should expect defaults on loans currently being originated to be 14% higher than the average of similar loans originated in the 1990s, due solely to the local and national economic environment.

Investors and lenders should expect defaults to rise on new loans according to the latest UFA Mortgage Report by University Financial Associates of Ann Arbor, Michigan. The UFA Default Risk Index for the third quarter of 2013 rose to 114 from last quarter’s revised 96 in our baseline scenario.

“Most of the increased risk this quarter can be attributed to the hefty increase in mortgage rates – 100bps in just three months! Borrowers initiating mortgages at these higher rates will have higher payment ratios and will be more likely to default if the household is stressed,” said Dennis Capozza, Professor of Business Administration in the Ross School of Business at the University of Michigan and a founding principal of UFA.

“At the same time, borrowers at the lower rates of earlier vintages become less likely to default. This is because their existing mortgage at the earlier favorable rate becomes a more valuable contract, since the market value of the mortgage liability falls when valued at current higher rates,” Capozza said.

Capozza also cited changes in underwriting standards as factors contributing to higher rates of risk in new mortgages. Last week Jonathan Corr, president and CEO of Ellie Mae, said credit standards continued to ease in July. “The average FICO score fell to 737, from 742 in June 2013, and it is now at the lowest level since we began our tracking in August 2011. Similarly we saw slight increases in both loan-to-value and debt-to-income ratios last month-signs that lenders are willing to accept slightly more risk to maintain volume,” he said.

The UFA Default Risk Index measures the risk of default on newly originated prime and nonprime mortgages. UFA’s analysis is based on a “constant-quality” loan, that is, a loan with the same borrower, loan and collateral characteristics. The Index reflects only the changes in current and expected future economic conditions, which are much less favorable currently than in prior years.

 

 

Rising Rates and Falling Standards Raise Default Risk | RealEstateEconomyWatch.com.

Reining in Share House Rentals in East Hampton | Waccabuc Real Estate

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[PARTAY! Photo credit: GoaG]

The Wall Street Journal yesterday discussed the latest proposal in the Town of East Hampton for limiting share houses because of complaints about noise and overcrowding at beaches. Some residents say the problem has worsened in recent years as trendy bars and clubs have opened in Montauk. The bill would require homeowners to inform the town if they are renting their house and disclose the square footage and number of bedrooms. Not everyone is in favor. John Keeshan, the well known Montauk broker, says if the town would “enforce the laws on the book presently, it wouldn’t be necessary to muddy the water by creating new legislation.”
· East Hampton Seeks Share-House Hangover Cure [WSJ]

 

 

Reining in Share House Rentals in East Hampton – party hearty – Curbed Hamptons.

Move facilitating sharing of listings between California MLSs | Katonah Real Estate

Agents with two California multiple listing services — MetroList Services Inc. and i-Tech MLS — will see confidential information about shared listings from the source MLS using a reciprocal deep-linking service powered by realtor.com operator Move Inc.’s “Find” search tool.

Agents at those MLSs — and any others in California that agree to sign on to the service — will see an additional layer of detail about shared listings that includes offers of cooperation and compensation, agent contact information, and showing details, Move said.

MetroList Services is based in Sacramento, and serves more than 17,000 real estate professionals in seven counties — Sacramento, Placer, El Dorado, San Joaquin, Stanislaus, Merced and Yolo. I-Tech MLS is a joint venture of the Glendale Association of Realtors and the Pasadena-Foothills Association of Realtors.

Any MLS in California can participate by contracting with Move for the Find search tool, becoming a party to the reciprocal deep-linking agreement, and implementing the technology on their MLS system, Move said.

“This innovative agreement is a model for MLSs seeking collaborative solutions that meet the business and technical needs of their customers, which are now inseparable,” said Move CEO Steve Berkowitz in a statement. “The agreement and integration is a landmark step towards maximizing the tremendous potential of the Find application by allowing licensed agents to work together across MLSs to access complete listing information in real time to serve their clients.”

MetroList Services President and CEO Tom Beede called reciprocal deep linking “the most cost-effective way to provide real estate agents with access to confidential information on for-sale properties, because it’s free.”

– See more at: http://www.inman.com/2013/09/04/move-facilitating-sharing-of-listings-between-california-mlss/#sthash.VHAWjPB9.dpuf

 

Move facilitating sharing of listings between California MLSs | Inman News.

Classic Harborfront ‘Cottage’ on Vinalhaven Listed for $3.6M | Bedford Hills Real Estate

Location: Vinalhaven, Maine
Price: $3,600,000
The Skinny: Built in 1904 as one in a long line of Maine “cottages,” Stonecropboasts 11 bedrooms and 4.4-acre property that spills downhill to a dock on the edge of the Fox Island Thoroughfare, the channel that separates Vinalhaven from neighboring North Haven. Joined on the property by a pair of historic boathouses, the main shingle-style cottage includes plenty of historic charm, with a stone fireplace, ceiling beams, and “one-of-a-kind beautiful Japanese-style wall panels.” Worryingly, the listing includes no photos of the kitchen or bathrooms, suggesting that after the buyers are done forking over $3.6M for the property, they should be ready to spend thousands more to bring it up to date.

 

 

Classic Harborfront ‘Cottage’ on Vinalhaven Listed for $3.6M – House of the Day – Curbed National.

Foreclosure starts plummet to six-year lows | Bedford NY Real Estate

Foreclosure starts recorded during the 12-month period ending in July fell to an activity level not seen since 2007,Lender Processing Services said in its latest Mortgage Monitor report.

The report overall showed loan delinquencies and foreclosures on a downward trajectory despite the new influence of rising interest rates and fears that the economy may be slowing coming out of the month of August.

The delinquency rate month-over-month fell 3.96% with 6.41% of all U.S. mortgages delinquent, LPS data shows. Vintage loans originated after 2010 continue to outperform earlier vintages, which continually record higher delinquency rates.

Meanwhile, the total U.S. foreclosure presale inventory rate hit 2.82%, down 3.46% from the previous month.

Originations are beginning to feel the impact of higher interest rates, but July prepayment rates are equal to year ago levels, suggesting mortgage refis continue at a consistent pace.

In fact, LPS notes that prepayments are equal to levels reached during the refi booms experienced in 2010 and 2009—time periods when interest rates were either higher or equal to current levels.

Yet, Herb Blecher, senior vice president of LPS, suggests prepayments could decline as interest rates edge higher.

Refinancing activity through the government’s HARP program in July showed a unique trend with prepayments on loans with 100% LTVs actually increasing during the month.

And troubled assets are no longer a major headache, at least not at the same level they were in 2011. The real estate market continues to see fewer sales of troubled properties with distressed sales down 30% for the 12-month period ending in June. Short sales on their own fell 60% from last year, making up only 10% of sales for the 12-month period ending in June.

The states with the highest percentages of distressed sales included Nevada, Florida, California and Arizona – all of which are recovering sand states.

 

Foreclosure starts plummet to six-year lows | 2013-09-03 | HousingWire.

The Dakota’s Crushed Velvet Paradise Sells for $1.75 Million | Bedford Corners Real Estate

High up in the attic, the first Mrs. Rochester of the Dakota, is a small apartment full of butterscotch-colored crushed velvet, stripes, and palm trees. The unit hit the market in September 2012 asking what seemed a high price: $2 million. (And for one of the building’s former servant’s quarters, no less!) But the apartment entered contract quickly, and a tipster points us to the closing documents for the deal. The Dakota’s unit 80A sold for $1.75 million. The buyer is already the owner of another unit in the building, so perhaps he plans to use 80A as a guest suite, an office, or a place to sit in shorts and pretend it’s summer in December.

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· Crushed Velvet and a Palm Tree at the Dakota for $2 million [Curbed]

 

 

The Dakota’s Crushed Velvet Paradise Sells for $1.75 Million – Sold Stuff – Curbed NY.

Building and measuring the social world | Armonk Realtor

Tamara Mendelsohn leads marketing for Eventbrite with a focus on customer acquisition, retention and branding.

As an expert on e-commerce technology, multichannel retail, and trends in how consumers integrate technology into shopping, Mendelsohn has authored research reports and worked with both retailers and technology vendors to help them shape their strategies.

Hear what Mendelsohn has to say about “Building and measuring the social world.”

“Building and measuring the social world” (2:36).

– See more at: http://www.inman.com/2013/09/03/building-and-measuring-the-social-world-video/#sthash.xb2FBmHq.dpuf

 

 

Building and measuring the social world [VIDEO] | Inman News.

Oyster Festival Returns To Norwalk This Weekend | Pound Ridge Real Estate

The 36th annual Norwalk Seaport Association Oyster Festival will return Friday through Sunday, complete with the always-popular Oyster Slurping and Oyster Shucking contests.

The festival will again offer a wide range of activities for the whole family, including an Arts & Crafts Pavilion, the Kids Cove, with rides, games and child-centered entertainment, and a food court with everything from Italian to seafood. New this year for the adults is the Craft Beer Tasting Tent with more than 25 beers to sample and brewers to meet.

The festival also features entertainment by local musicians and national acts. On Friday, Max Creek brings its unique blend of rock, country, reggae, soul, and calypso.

Fans who missed Village People last year due to bad weather can catch them on Saturday night. Sunday’s headliner will be The Zoo, winner of MTV’s Ultimate Cover Band contest.

Returning this year is the Paul Bunyan Lumberjack Show featuring logrolling, ax throwing, tree climbing, dragster chain sawing and more. Joining them on the schedule is Eastern Action Sports Team providing visitors with BMX shows. The Arts and Crafts Pavilion hosts dozens of artists and crafters displaying a wide range of creative and practical items.

Taste-test some of the Festival’s culinary offerings such as barbecue, oysters, mussels and clams, and other food selections available at the Food Court. Food is prepared by dozens of local nonprofit organizations allowing them to raise funds for their charitable causes.

The event is held at Veterans Memorial Park, adjacent to Norwalk Harbor on Seaview Avenue in Norwalk. Admission for adults is $10 on Friday, $12 on Saturday and Sunday.

Children 5 to 12 years old are $5. U.S. military personnel on active duty are free. All entertainment is included in ticket prices. Tickets can be purchased online at the Norwalk Seaport Association’s website.

The annual festival supports the Norwalk Seaport Association, which has owned, restored and maintained the Sheffield Island Lighthouse since 1986. It is the official U.S. Fish & Wildlife Service Friends group for the Norwalk Islands.

 

 

Oyster Festival Returns To Norwalk This Weekend | The Greenwich Daily Voice.