Daily Archives: September 11, 2013

Early Bedford Town Primary Election Results | Bedford NY Homes

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The results are in for several primary elections in Bedford races for supervisor, town clerk, town justice and councilman.

Unofficial results suggest that incumbent Erik Jacobsen topped Judy Aydelott for the Independence Party nomination for town justice with 68-percent of the vote and the Conservative Party nomination with 70-percent of the vote.

All other races in Bedford featured candidates running unopposed.

Mary Beth Kass and incumbent Francis Corcoran are the Conservative Party nominees for councilman. Don Scott is the Conservative Party nominee for supervisor. Lisabeth Boo Fumagalli is the Conservative Party nominee for town clerk.

Chris Burdick is the Independence Party nominee for supervisor. Simone Shaprio is the Independence Party nominee for town clerk.

As of Wednesday morning, 88-percent of the vote had been tallied.

The Daily Voice will update results as write-in votes are tallied.

Armonk Early Election Results | Armonk Real Estate

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Democratic Vote for Town Supervisor
► Michael J. Schiliro
Anthony Futia

Republican Vote for Town Board

► John J. Cronin
► Barbara W. DiGiacinto
Diane DiDonato-Roth

Independence Vote for Town Supervisor
► Michael J. Schiliro
Independence Vote for Town Board
► Barbara W. DiGiacinto
Jose L. Berra — Too Close to Call
Write-In –Too Close to Call
Independence Vote for Town Justice
► Linda Trummer-Napolitano
Douglas J. Martino
Conservative Vote for Town Supervisor
► Michael J. Schiliro
Conservative Vote for Town Board
► Barbara W. DiGiacinto
► Barry S. Reiter

Luxury builders better positioned in rising interest rate environment | Bedford Hills Real Estate

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Market analysts remain confident in homebuilders, with luxury builders expected to lead as rising interest rates freeze out entry-level buyers, analysts say.

Sterne Agee analyst Jay McCanless believes investors should be looking to move-up and luxury homebuilders since households operating on modest incomes are generally the first to bail on housing when mortgage rates rise.

McCanless specifically highlighted the stocks of Ryland Homes (RYL) and Meritage Homes Corp. (MTH) as solid picks. “Our takeaway from this month’s data is to continue buying these names because the fundamental backdrop remains positive,” McCanless said of the two stocks.

The 30-year mortgage reached 4.80% this past week, the highest level obtained since April 2011, and more proof that overly competitive rates are slowly becoming a thing of the past.

Homebuilder stocks overall fell Friday after experiencing a positive run on the HW 30—HousingWire’s exclusive index for mortgage finance and housing stocks.

The dip in share prices followed a strong week for builders – many of which closed in positive territory on Thursday afternoon, only to fall a day later. On Thursday, D.R. Horton (DHI), Lennar Corp. (LEN) and Toll Brothers (TOL), saw their stock prices shoot up on positive gross domestic product and jobless claims data.

D.R. Horton alone rose 3.55% by close on Thursday, only to fall more than 2% by Friday afternoon. Lennar Corp. also fell more than 2% by market close, with Toll Brothers also down 1.86% by market close on Friday.

Despite a weaker close on the HW 30 index for the week, analysts still see homebuilders in a position to benefit from the nascent housing recovery.

“Average sales and inventory trends in the Top 25 markets we monitor continue to improve sequentially and month over month, and we view these indicators as the best barometers of housing demand in our builders’ collective footprints,” McCanless said.

 

http://www.housingwire.com/articles/26573-luxury-builders-better-positioned-in-rising-rate-environment

 

Home sales shoot up in Massachusetts | Chappaqua Real Estate

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According to the Boston Globe, home sales in Massachusetts and the Greater Boston area are back to boom-time levels, with July showing the best results since 2006.

Nearly 6,000 homes changed hands across the state in July. That’s the most hectic month for sales since June 2006, the Boston-based real estate data firm and publisher reports.

However, Bay State home prices, after rising 12% through the first six months of the year, took a break in July.

The median home price in July was $349,000, down slightly from $350,000 in June. Hardly a big drop, but worth taking notice of.

                    Source: Boston Globe

Greenwich Teardown Trend Resumes in Earnest | Pound Ridge Homes

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18 Lexington Ave. in April 2012 and Aug. 2013 as two condominiums. Credit: Leslie Yager

18 Lexington Ave. in April 2012 and Aug. 2013 as two condominiums. Credit: Leslie Yager
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  • 18 Lexington Ave. in April 2012 and Aug. 2013 as two condominiums. Credit: Leslie Yager
  • 13 Lexington Ave. in Dec. 2012 and Aug. 2013. Credit: Leslie Yager
  • 19 Connecticut Ave. was bought by a builder for $716,000 and renovated instead of demolished. In April 2013 it sold for $1.625. Credit: Leslie Yager
  • 18 Lexington is rented out for $10k/month for Unit A and $10,500/month for unit B. Credit: Leslie Yager
  • 137 Milbank in central Greenwich sold in 2010 for $1.175 and the new construction sold for $3.385 in Sept. 2012. Credit: Leslie Yager
  • 46 Connecticut Ave., on Sept. 2, 2013. Its days are numbered. Credit: Leslie Yager
  • Before and after photos of 34 Lincoln Ave. in central Greenwich. Credit: Leslie Yager

Green Buildings Could Be Half U.S. Projects, Worth $248 Billion By 2016 | Cross River Real Estate

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Green building may represent more than half of all commercial and institutional construction as soon as 2016. CleanTechnica looks into a new report from the USGBC entitled “LEED in Motion: People and Progress,” that details green building’s exponential growth and outlines both the value of the industry and its reach into American Lives. Among the highlights:

  • More than 4.3 million people live and work in LEED-certified buildings
  • More than 6.2 million people interact with LEED projects every day during their daily routine
  • Green building represented 44 percent of all commercial and institutional construction in the U.S. in 2012, and this percentage should increase to 55 percent by 2016.

 

http://www.ecobuildingpulse.com/legislation/

New York Third Safest In Country For Traffic Fatalities | Mt Kisco Real Estate

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WESTCHESTER COUNTY, N.Y.– New York State is the third safest area in the country when it comes to traffic fatalities, according to the National Highway Traffic Safety Administration.

New York had 6.19 traffic-realted deaths per 100,000 people according to the NHTSA data. The only two areas with lower totals were Massachusetts with 4.79 traffic deaths per thousand and Washington, D.C. with just 3.97 traffic deaths per thousand.

The three most dangerous states to drive in were Arkansas, Mississippi and Wyoming.

 

 

http://mtkisco.dailyvoice.com/news/new-york-third-safest-country-traffic-fatalities

UWS Mansion That Once Asked $31M Sells, Finally, for $14M | Katonah Real Estate

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The history of the Upper West Side’s 12,000-square-foot Schinasi Mansion is equal parts illustrious and disappointing. Illustrious: Carnegie Hall architect William Tuthill designed the 1909 palace for a “Turkish tobacco baron,” there are 3,400 square feet of outdoor space and a secret tunnel in the basement, and the property was a set for a Woody Allen film, Bullets Over Broadway. Disappointing: after asking a high of $31 million in 2006, the property has now sold for $14 million, according to the Journal. The last asking price was below that, at $13.5 million, (and was apparently one of several all-cash offers) but the PriceChopper Hall of Fame will still be inducting this property.

The buyer hasn’t been identified by name, but the listing broker tells the Journal the home’s new owner is “a New York businessman who used to live abroad.” He’ll be doing a lot of work on the property, since the prior owners, who spent $325,000 for the house in 1979, didn’t use it as their primary residence. Once the renovation’s done, maybe the buyer will host another pizza party.

read more…

 

http://ny.curbed.com/archives/2013/08/30/uws_mansion_that_once_asked_31m_sells_finally_for_14m.php

Negative equity to crimp inventory for years to come | Bedford Real Estate

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As home prices continued to increase rapidly, the number of underwater homeowners — borrowers who owe more on their mortgages than their homes are worth — fell at a fast clip in the second quarter, Zillow reported.

But even if steady price appreciation continues, millions of borrowers remain years away from regaining positive equity, and with it, a better ability to sell their homes, Zillow said.

According to Zillow, about 12.2 million homeowners, or 23.8 percent of all homeowners with a mortgage, were underwater at the end of the second quarter, down from 13 million in the first quarter and 15.3 million in the second quarter of 2012.

While that marked a 20 percent year-over-year decrease in underwater homeowners, millions of borrowers are still years away from shedding negative equity, even as the market recovers, Zillow said.

“The frustratingly slow pace of negative equity declines in the face of such robust home value appreciation is a direct result of the fact that many people in the hardest-hit markets are underwater by an enormous amount,” said Zillow Chief Economist Stan Humphries in a statement.

“Because of this, negative equity will be a factor in these markets for years to come, constraining the supply of homes for sale and keeping people out of the market who might otherwise get involved.”

read more….

 

 

http://www.inman.com/wire/negative-equity-to-crimp-inventory-for-years-to-come/#sthash.Vjzqgagk.dpuf

Booming markets see lag in construction activity | Bedford Corners Real Estate

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Markets that are seeing the greatest rebound in home prices are also seeing the biggest lag in construction activity, the latest data from Trulia (TRLA) revealed.

Asking home prices rose 11.0% on an annual basis and 1.2% on a monthly basis in august. However, when taking a deeper look at the data, it is obvious that construction activity isn’t back to normal levels quite yet.

In 2013, construction permits are running at only about 60-70% of their average level between 1990 and 2012. Las Vegas, Sacramento, Riverside-San Bernardino, Warren-Troy-Farmington Hills and Detroit are among the housing markets where asking home prices increased more than 20%. These markets saw construction activity at less than half the normal level.

According to Trulia Chief Economist Jed Kolko, there is a very obvious explanation for this: Investors and builders have bet on different markets.

“Investors have bought in the boom-and-bust metros, helping push prices up more than 20% year-over-year in Las Vegas, Sacramento, and Detroit,” said Kolko. “Builders, however, are betting on markets that avoided the worst of the crash, like Boston, much of Texas, and the expensive California coast, where job growth is strong and few homes are vacant,” he added.”

 

 

http://www.housingwire.com/articles/26659-booming-markets-see-lag-in-construction-activity