Daily Archives: October 24, 2013

Luxury housing market lifts Hamptons | Waccabuc Real Estate

Hamptons home prices ticked up in the third quarter over last year, according to two reports released Thursday, paced by a robust rise in the price of luxury homes.

However, the median sale price in the luxury market—defined in the Hamptons as anything above $2.8 million—hit $4.45 million this quarter, a 14% jump from a median of $3.9 million a year earlier, according to brokerage firm Douglas Elliman. That compares to a miniscule rise of less than 0.5% for the overall market, according to Jonathan Miller, CEO of Miller Samuel, the firm that prepared the report.

But even as prices rose at the top end, so did shoppers’ urge to jump into the market, which drove the number of sales up to 52 in the quarter, a jump of 27%. In turn, the potent combination of rising sales as well as prices, prompted more sellers to put their homes on the market, driving inventory up 123% over the same quarter last year. Miller said that supply had been extremely low over the past few years, and the jump signified more of a return to normal.

But looking forward, the larger number of properties on the market should begin to temper the same rise in prices that kicked off the growth in the first place.

“The market is sort of self-correcting,” Mr. Miller noted. “The supply, in response to the rise in price, is keeping prices from rising too quickly and that is a good sign for market stability.”

The hottest neighborhood for Douglas Elliman was Wainscott. There two homes sold for an average of about $12 million, followed by East Hampton, where the brokerage closed deals on eight properties for an average of $10.5 million, according to the report.

In the broader market median prices were depressed in the quarter by the large number of homes that were sold on the lower end of the cost spectrum, contributing to the highest quarterly sales numbers in eight years.

Mr. Miller partially attributes the rush on the more affordable homes to a spike in interest rates in May, and fears they will climb even higher.”You had a surge of people come who were on the fence and entered the market to finally buy,” he said.

The Corcoran Group reported similar gains in its 3Q report. In the luxury market, the firm charted a 29% increase in average median sales prices, and broker Ernie Cervi said few factors lead him to believe the area will cool off any time soon. At the end of the third quarter last year, the median price tag was about $4.5 million, while this quarter it hit $5.8 million.

 

 

 

http://www.crainsnewyork.com/article/20131024/REAL_ESTATE/131029946

Teatown Lake Reservation | Chappaqua NY Homes

Teatown Lake Reservation
October 24, 2013                                                                                  Like us on FacebookFollow us on TwitterFind us on PinterestView our videos on YouTube

All programs require pre-registration. 

To register call 914-762-2912 x 110 unless otherwise noted.

Click here for more of Teatown’s upcoming programs.

 

Visit Teatown

1600 Spring Valley Road
Ossining, NY 10562
914-762-2912
Nature Center hours:
9:00am-5:00pm everyday
Trails are open 365 days a year from dawn to dusk.

Teatown Lake Reservation’s mission is to conserve open space and to educate and involve the regional community
in order to sustain the diversity of wildlife, plants and habitats for future generations.

Your donation can make

an immediate impact to help

conserve and protect the

diversity of wildlife, plants

and habitats…

today and into the future.

 

Like us on FacebookFollow us on TwitterFind us on PinterestView our videos on YouTube
In Teatown’s Gallery
Through December 31

Natural Light
Teatown Area Photographs by
Berl Brechner

Berl Brechner, an area resident for over 35 years, presents 30 scenes from nearby that he has captured,  most of them from trails, nooks and crannies of Teatown Lake Reservation. Much of the exhibit has been created with a relatively simple digital camera, with special attention to form and light.  All photographs are for sale, and all proceeds will be donated to Teatown Lake Reservation.

It’s a Bad Rap! Sunday, October 27, 1:00- 2:00pm
Some animals always get a bad rap – they’re maligned and misunderstood. Come see how animals like snakes, bats and spiders have a positive role to play in their environment. All welcome. Free for members, $5 for non-members.
Tech After Hours
October 26, November 2 & 9, 9:00am- 1:00pm
A special weekend series for teens, called “Ecology,” for those interested in working in environmental science is being offered by Putnam Northern Westchester BOCES and is being held at Teatown. In this course, learn and participate in hands-on exploration of several ecosystems including lake, stream and forest. The course will build students’ knowledge of science research and give them an opportunity to explore and learn about the field of ecology

Ages 12- 15.

 

Register here 

If you have questions, contact Gerry Battista, School Counselor, at The Tech Center. 914-248-2220

FOCUS ON NATURE Series
Through October 29
Jacob Burns Film Center

Fall and Winter Thursday, October 24, 7:30pm

 

Matt Anderson spent five years driving across the US searching for answers to the country’s ecological and other problems- and was stunned to find many creative people devising ingenious new strategies for the future. With breathtaking images, Fall and Winter is a hypnotic, disquieting voyage into our contemporary crisis that also charts a way out again.

Antarctica 3D: On the Edge Tuesday, October 29, 7:00pm
Filmmaker, adventurer, author, and oceans expert Jon Bowermaster (SoLa: Louisiana Water Stories) joins us for a discussion featuring film clips about his extraordinary experiences in Antarctica while kayaking the coastline and filming for National Geographic, followed by a first preview of his dazzling new 40 minute 3-D film about climate change in Antarctica. With absolutely extraordinary images, the likes of which you have never seen before.

Click here for more details about the series.

This series is presented by Jacob Burns Film Center in partnership with Teatown Lake Reservation and Scenic Hudson and made possible through generous support from the Hoch family and the van Hengel Family Fund.

 

Teatown Members may purchase tickets for any of the films in this series at the JBFC member price.
Reap the rewards of being a Teatown Member!
Join today at  teatown.org
Earth Art After School

October 25, November 1, 8, 15, 22, 3:30- 5:30pm
Kathryn W. Davis RiverWalk Center,
Kingsland Point Park, Sleepy Hollow
Children recharge after school while exploring the Hudson River and its

shores with wonder, shared discovery and creative expression time. In this Nature, Art and Science program, children are encouraged to develop observation skills, create art with natural materials, and learn about native plants and animals. Through art, they learn creative problem solving skills and enjoy teamwork with new friends. Ages 8- 12.
To register contact Strawtown Studio at (845) 558-0877, strawtownstudio@gmail.com or online at strawtownstudio.com
OSSINING IN 3D

Art Exhibition
On display through October 26, 2013

Teatown Participates in App for Ossining 3D Walking Tour:

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A walking tour app for the art exhibition, Ossining 3D, is now live and available free of charge at the iTunes app store-click here.  When you download the app you will find audio recordings for each of the artists who donated sculptures for the exhibit.  At the end of the walking tour you will see a link to an audio about Teatown with directions to our preserve.

Wayne Newtown’s Hideously Overpriced Ranch Asks $70M | Katonah Real Estate

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Arabian horses and lemurs may have once frolicked on the 36-acre grounds of Casa de Shenandoah, Wayne Newton’s Las Vegas estate, but the real zoo these days is its price tag: it’s just been listed for a crazy—nay, insane, nay, utterly inconceivable—$70M. As Redfin Blog points out, there are eight separate homes on the property, a “car museum” (that must mean “garage,” in brokerbabble), 37 stables, an “equestrian pool,” a tennis court, and, best of all, a “jumbo jet and terminal” meant to be used—as if there were any doubt by those marbleized interiors—”for entertaining.” Yet it’s unclear from the photos where, exactly, the “excess of 15-20 Million in improvements” went.

Mr. Las Vegas and his wife, Kathleen, lived at Casa de Shenandoah for nearly 45 years, but in recent years the place has been riddled with lawsuits and squabbles. In 2010, a developer purchased the estate for $19.5M in an agreement that would help the Newtons out of bankruptcy, so long as they agreed to vacate and build a smaller place for themselves right on the property so that the main house could be turned into a Wayne Newton-themed theme park, complete with a museum, gift shop, and dinner theater. Newton didn’t actually seem against the idea; in fact, he retained a 20 percent stake in the development company and seemed to see the financial potential in the museum idea. An excerpt from 2010 AP coverage:

“In Newton’s vision, visitors to Casa de Shenandoah would tour select parts of his 10,000-square-foot home amid the plush white carpets, gold-trimmed doors, impressionist paintings by Pierre-Auguste Renoir and 17th-century antiques collected from European castles. 

They might glance at the singer’s favorite space, a cramped office just to the right of his lavish living room, where the ominous red paint splashed on the walls is barely visible behind the shelves and stacks of mementoes collected during his 50-plus years in show business.”

 

Things didn’t go as planned, though, and last year the entertainer was sued for allegedly dragging his feet on moving out, not handing over the agreed-upon memorabilia, and, uh, “deliberately thwarted construction efforts, including sexually harassing construction workers,” according to the International Business Times. The Las Vegas Sun has a brilliant breakdown of the suit, as well as Newton’s countersuit; as a sneak preview, it involves people accusing each other of shooting Rhodesian ridgebacks.

Back to the estate at hand: this summer, Newton settled for an undisclosed sum and finally left; the animals, according to Redfin, have been sold to wildlife centers; and the developer dropped its plans to proceed with “Graceland West,” as the theme park has been called. Last Dec., a judge greenlit Casa de Shanandoah to go to auction—at which point a relatively decent crop of listing photos surfaced online—but the auction never actually happened. Now, of course, the home where Ellen Griswold has her date with Newton, playing himself, in the 1997 flick Vegas Vacation is seeking someone to shell out $70M. Let’s just hope some of those “impressionist paintings by Pierre-Auguste Renoir” are factored in.

 

 

http://curbed.com/archives/2013/09/10/wayne-newtowns-hideously-overpriced-ranch-asks-70m.php

Debt Ceiling Debate Hurt Housing | Bedford Hills Real Estate

The bitter Congressional negotiations that led to a temporary raising of the debt ceiling last week may have a lingering effect on consumer attitudes and spending may pose significant downside risks to economic activity in the current quarter, Fannie Mae’s chief economist said.

Growth slowed in the third quarter, although recent fiscal risks threaten a previously expected pickup in growth in the current quarter, according to Fannie Mae’s Economic & Strategic Research Group. Consumers remain key to the outlook, but factors such as the recent federal government shutdown and the furlough of 500,000 workers, as well as the debt ceiling debate, which was resolved temporarily on October 16, appear to be weighing on consumer confidence and tempering real consumer spending. As a result of the fiscal events and the slowing momentum in economic activity from the second quarter to the third quarter, full-year growth is expected to come in at 1.9 percent, a slight downgrade from 2.0 percent in the prior forecast.

Fannie Mae’s October economic and housing forecast is largely unchanged from September’s forecast as it anticipated the modest levels of consumer spending seen toward the end of the third quarter.

However, fiscal uncertainties associated with the federal government shutdown, the protracted negotiations to raise the debt ceiling, and the timing of the Federal Reserve’s tapering of its asset purchase program, pose,” said Fannie Mae Chief Economist Doug Duncan.

“Our October economic and housing forecast is largely unchanged from the previous forecast as we anticipated the modest levels of consumer spending seen toward the end of the third quarter. However, fiscal uncertainties associated with the federal government shutdown, the protracted negotiations to raise the debt ceiling, and the timing of the Federal Reserve’s tapering of its asset purchase program, pose significant downside risks to economic activity in the current quarter,” said Fannie Mae Chief Economist Doug Duncan. “In particular, the contentious Congressional negotiations that led ultimately to Congress raising the debt ceiling may have a lingering effect on consumer attitudes and spending, as was seen following the 2011 negotiations,” Duncan said.

“On the bright side, these fiscal policy issues appear to have had only minimal effect on the housing market to date, which continues to improve overall,” said Duncan. “Notably, the rapid appreciation of home prices during the past year has contributed significantly to household net worth gains and may help to cushion some of the fallout from the fiscal policy debate. Also, the Fed’s continuation of securities purchases will likely keep mortgage rates low, enabling more homeowners to take advantage of refinance opportunities.”

Fannie still forecasts that total sales will end the year at 5.549 million units and home prices will rise 8.3 percent on the FHFA index.

 

 

http://www.realestateeconomywatch.com/2013/10/debt-ceiling-debate-could-hurt-housing/

 

Inventories Approach Normal Levels | Bedford NY Real Estate

Current inventories are now 13.4% lower than this time last year, closer to the 6-month supply recognized as a balanced market with an equal number of buyers and sellers, according to the latest RE/MAX Housing Report.

RE/MAX reported home sales and prices in September were lower than August, but remained significantly higher than September last year, making September the 20th consecutive month for year-over-year increases in both sales and prices.

September home sales were up 10.7% and the median price of $185,000 was 12.2% above the price in September 2012.  With the current rate of sales, the number of months required to sell the entire inventory of homes on the market moved up to 5.0. This is closer to the 6-month supply recognized as a balanced market.

“It’s normal for the housing market to slow down a bit after the peak summer season, but it’s  really encouraging to see that both sales and prices remain significantly higher than this time last year,” said Margaret Kelly, RE/MAX CEO. “The strong performance we saw this summer and throughout 2013 confirms we’ve passed the early stages of a housing recovery and are now moving toward a sustainable marketplace.”

The September RE/MAX National Housing Report showed an 18.5% decrease in Closed Transactions from August, but a 10.7% increase over September 2012. This makes September the 27th consecutive month RE/MAX reported higher sales than the same month in the previous year.  After a strong summer season with sales peaking in May and July, lower numbers in September appear to be following seasonal trends. Of the 52 metro areas surveyed in September, 47 reported higher sales than September 2012, with 34 reporting double-digit gains, including:  Chicago, IL +27.6%, Boston, MA +20.7%, Anchorage, AK +19.9%, Kansas City, MO +19.3%, Wichita, KS +19.1%, and Des Moines, IA +18.9%.

The median price of all homes sold in September was $185,000, a drop of 1.7% from the Median Price in August, but still 12.2% higher than the median price in September 2012. September becomes the 20th consecutive month with a median price higher than the same month of the previous year. Median price increases can be tied directly to the market’s low inventory and strong buyer demand. Of the 52 metro areas surveyed in September, 46 experienced higher sales prices than one year ago. Of those, 19 metro areas reported double-digit increases, including: Detroit, MI +44.4%, Atlanta, GA +36.0%, Las Vegas, NV +30.5%, San Francisco, CA + 28.5%, Miami, FL +24.4%, and Orlando, FL +24.3%.

 

 

 

http://www.realestateeconomywatch.com/2013/10/inventories-approach-normal-levels/

Smart Shopper: How to Choose a Sofa Bed | Pound Ridge Real Estate

Anyone who has spent a restless night on a friend’s fold-out couch will appreciate the importance of a good sleep sofa. Yes, there are comfortable models on the market — you just need to know what to look for when you shop. Here’s a rundown of some of the most important things to consider.

Do you need a sleep sofa? If you’ve never needed a sleep sofa before but are thinking about buying one “just in case,” you might want to think again. A sofa bed is more expensive than a conventional sofa, so unless you’re going to use it for sleeping, you’re better off buying a conventional sofa and stashing an air mattress in the closet. Due to their construction, sleep sofas have firmer seats than conventional sofas. While seniors often like the extra support (it’s easier to get up), others may find sleepers less comfortable.
What size? Measure the spot where you want to place the sofa bed, and figure out the ideal sofa width for that space. Sleepers come in four standard widths:
Chair: 51 to 58 inches Twin (like the model shown): 56 to 65 inches Full: 68 to 92 inches Queen: 79 to 101 inches
Will it fit through the door? Measure the height of the room’s ceiling and the width of the doorway (and any preceding doorways, stairs or elevators). Bring those figures to the store, so you’ll know whether you can get the piece into the room. Legs can usually be unscrewed.
Most bed frames are the same. Most sleep sofa mechanisms are made the same way (and by the same manufacturer), so there’s little difference from one brand to another: You’ll find a metal frame with coils around the edges holding canvas decking. (Although sofa beds still have that bar underneath the mattress, it now curves away from the body, preventing painful surprises in the morning.)

Miami’s Old Trolleys Used To Go Everywhere, Like The Beach | Bedford Corners Homes

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Yesterday, WLRN interviewed historian Dr. Paul George about Miami’s surprisingly extensive trolley system of the 1920s and 30s, which at its peak stretched from Coral Gables to Miami Beach and Buena Vista. (today’s Midtown/Design District) But in the late 30s and 40s it was already considered outmoded, and in the way of the private car, which was the real “wave of the future”. So, City leaders ripped all the tracks out and replaced the trolleys with buses that went faster and weren’t ‘fixed’ to a track. One of the old trolley cars is on display at HistoryMiami. Now, 80 or or so years later, we’re trying to put it back, or at least rebuild the portion that went over the MacArthur Causeway, with Baylink. Ironic, isn’t it? Listen to the whole radio segment over on WLRN.

Four in Five Mortgages Seen Failing QM Rule | Chappaqua Real Estate

Only about 20 percent of today’s mortgage applications will pass muster with the new QM rule that takes effect January 10, according to a leading software platform used by lenders to comply with the Dodd-Frank Act and other federal rules and regulations covering mortgage lending.

The platform, ComplianceEase, analyzed the effects that the QM rules will have on current mortgage loans , finding that more than one in five loans originated today would not qualify for the QM Safe Harbor. Specifically:

  • More than half of such loans have fees that exceed the new 3% points and fees threshold;
  • Loans with fees that exceed the 3% threshold typically exceed it by nearly $1,500; and
  • The rest have APRs that are too high to qualify for the safe harbor classification.

Loans that fail to comply with the QM rule will not be eligible for purchase, insurance or guarantee by government-sponsored enterprises (GSEs) or government agencies. Moreover, due to lack of marketability, lenders generally try to avoid originating loans known as “high-cost” loans, which are subject to restrictions in the Home Ownership and Equity Protection Act (HOEPA).

With new, stricter points and fees thresholds in the amended HOEPA, close to 3% of loans in the study that previously weren’t HOEPA loans would move into the federal “high-cost” category. On average, those loans would exceed the new HOEPA points and fees threshold by more than $1,000.

“We simulated current lending patterns under the forthcoming rules. The results have given us a good idea of the impact that the new rules and, in particular, the new thresholds will have when January comes around,” said Jason Roth, CMT, senior vice president of Product Development at ComplianceEase.

As part of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is implementing broad regulatory changes to require that mortgage lenders verify that borrowers have the ability to repay their loans.  The QM designation offers an alternative to those provisions in exchange for tighter limits on fees, APR, and other terms of the loan. Starting in January, loans that aren’t eligible for purchase, insurance, or guarantee by GSEs or government agencies must also comply with new underwriting standards.

Whether a loan is originated according to QM rules or the ability-to-repay provisions of Dodd-Frank, compliance requirements are both comprehensive and challenging. Lenders are especially concerned about non-compliance with the new rules because legal liability can potentially be assigned to their institutions and any secondary investors or servicers for the life of a loan.  In all cases, lenders will need to retain detailed records of their process and their data to substantiate their findings, making technology a must in order to stay in compliance.

 

 

http://www.realestateeconomywatch.com/2013/10/four-in-five-mortgages-seen-failing-qm-rule/

 

Appreciating Values Make it Easier to Move | Armonk Real Estate

One in three Americans would consider moving to another state in the next one to two years for financial as well as lifestyle considerations, according to a new survey by ERA Real Estate

“While U.S. unemployment has declined and real estate values have been on the rise, many Americans who met with financial challenges during the last five years may be looking to make a change by moving to a new job market,” said Charlie Young, president and CEO of ERA Real Estate.  “That not only makes good financial sense, but would likely increase their quality of life.”

For those consumers who would consider relocation, the primary financial drivers are better job opportunities and a lower cost of living, while curiosity about new places and better weather were equally important in the lifestyle consideration set.

For those who were not interested in a major move, 72% of respondents reported it was because they were happy living in their current local market.

With U.S. Census data pointing to increased “migration” – the number of people who moved out of state or region in 2012 increased 6 percent over 2011 – and ERA brokers citing an increased interest in self-directed relocation, ERA Real Estate partnered with HGTV to dig deeper into the American appetite for relocation.

“As the overall economy and job market improves, people are more likely to consider a major life change that is on their terms, not because they have to,” said Dr. Leslie Reiser, a behavioral expert who worked with ERA Real Estate to understand consumer psychology, attitudes and behavior surrounding relocation.

Moving to a market with better job prospects, a lower cost of living and better weather appears to be favorable to prospective house-hunters, even if it means leaving family and friends behind.

In addition to the consumer survey with HGTV.com, ERA Real Estate also conducted a national survey of its real estate brokers, who cited an improving economy and real estate market as the main reasons that their clients find relocating out of their local market today more attractive than it was 2 to 3 years ago. Other findings include:

  • About two-thirds (63%) of ERA brokers reported that homebuyers and sellers are more open to the idea of moving to a new area, outside of their current local market.
  • Nearly half (48%) of the brokers indicated that they are seeing an increase in the number of people in their market relocating, driven equally by financial reasons (lower cost of living, better job opportunities, increased equity position and lower home prices) as they are motivated by lifestyle reasons (better weather, closer to family/friends, retiring, curious about new places).
  • ERA brokers reported that the two most important selling points in finding a home for a client who is relocating are home prices (29% of respondents) and schools (28%). Proximity to work was important for 17%. Real estate taxes were not a major consideration: only 8% of respondents indicated that was a major selling point.

 

 

http://www.realestateeconomywatch.com/2013/10/rising-values-make-it-easier-to-move/