Daily Archives: November 21, 2013

Consumer buying power fades as choices and prices shift | Katonah Real Estate

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The sale of all existing homes fell 3.2% to an annual rate of 5.12 million units in October as rising prices tripped up buyers – a data point further constrained by falling inventory levels, the National Association of Realtors noted Wednesday.

Existing-home sales is a measure of sales on all single-family residences, townhomes, condos and co-ops. Compared to last year, October sales remained 6% higher than the 4.83-million unit sales pace reported last month. But this is not an unusual occurrence given the fact that prices have been rising year-over-year for the past 28 months, NAR said.

With the national median existing-home price up 12.8% from last year, buyers are facing rising prices at a time when lower inventory levels are pushing them even higher. Yet, the fall in existing-home sales suggests potential homebuyers are not keeping up.

“The erosion in buying power is dampening home sales,” said Lawrence Yun, NAR’s chief economist. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”

Right now, the median existing-home price in the U.S. is hovering at $199,500, an increase of 12.8% from October 2012.

Distressed home sales also are much lower today, falling 25% from October 2012 levels. With fewer foreclosure-related sales, the median price of existing properties continues to escalate beyond many borrowers’ reach.

Only 9% of October sales were classified as foreclosures, while 5% were short sales. Foreclosures faced a 17% discount when compared to similar properties, with short sales discounted by 14%.

The shrinking U.S. housing inventory hit 2.13 million existing home sales in October, a 1.8% decline, and a 5-month supply of homes at the current sales pace. That compares to a 4.9-month supply in September when the market was still moving at a faster pace.

The tightest inventory conditions popped up in the markets of Oakland, Calif.; San Francisco; San Jose, Calif.; Denver and Stockton-Lodi, Calif., NAR said

 

 

 

http://www.housingwire.com/articles/28048-existing-home-sales-decline-on-falling-affordability-tighter-inventory

Agent who sold ‘factory condo’ conversion hit with $470K judgment | Bedford Hills Real Estate

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Converting old warehouses into loft apartments or condos is one way to breathe life into a declining neighborhood.

But if you’re going to turn an abandoned building where workers made “coffins, guns stocks, pipe organs” and other products for six decades, dumping “industrial solvents, sludge and wastes from painting and plating that contained toxic materials” into the drains, you might want to make sure that mess is cleaned up properly.

The developers who hired real estate agent Maryl Greene of Coldwell Banker Weber-Seiler to market Belgravia, a 10-unit factory condo conversion in South Haven, Mich., have since gone bankrupt.

So it’s not surprising that Greene and her broker found themselves on the hook when a couple who paid $360,000 for one of the units discovered that even though the state of Michigan spent $3.8 million cleaning up the site, there’s been no “final remedy.”

The state Department of Environmental Quality has determined that the property remains “highly contaminated with chlorinated solvents in the soil and groundwater, and metals in the near-surface soils.”

The condo association has been stuck with operating and monitor a vapor mitigation system intended to protect the safety of residents

 

 

– See more at: http://www.inman.com/wire/agent-broker-who-sold-contaminated-factory-condo-conversion-hit-with-470k-judgment/#sthash.W3MAaEQY.dpuf

Corcoran Group CEO Pamela Liebman now on Twitter | Bedford NY Homes

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In what Matthew Shadbolt described as a “HUGE day for Corcoran on Twitter today,” Corcoran Group CEO Pamela Liebman is now on the microblogging site.

Handle: @PamelaBLiebman.

 

 

Source: twitter.com – See more at: http://www.inman.com/wire/corcoran-group-ceo-pamela-liebman-now-on-twitter/#sthash.BqXATIO4.dpuf

Overcoming job stress: Don’t discount the power of positive thinking, superstition | Pound Ridge Realtor

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Have you ever had a particularly bad day, week or month that left you feeling like the mole in the “Whac-a-Mole” game?

As a Realtor, someone is always taking a swat at you or your business; what can you do to cope? Recently I had a conversation about the impending changes coming in January with respect to the qualified residential mortgage, as well as how the “Obamacare” health insurance cancellations and premium increases may impact the real estate market.

As we were discussing how these uncertainties could put the brakes on the real estate market, it struck me that the “Whac-a-Mole” game was the perfect metaphor to describe what Realtors experience on a day-in, day-out basis.

Realtors are constantly being “whacked” by unrealistic sellers; buyers who work with them and then buy from a different agent; tight credit; low appraisals; and a host of other transaction-related issues.

Moreover, federal, state and local regulations (the qualified residential mortgage is a great example) often create such high degrees of uncertainty that even the experts are uncertain about what’s coming and what real estate professionals must do in order to comply.

Now couple this with the normal day-to-day stresses such as family issues, money woes and traffic, plus the never-ending onslaught of text messages, Facebook notifications and other digital distractions, and it’s no wonder that so many agents are feeling battered about as if they’re the mole in the “Whac-a-Mole” game.

 

– See more at: http://www.inman.com/2013/11/21/overcoming-job-stress-dont-discount-the-power-of-positive-thinking-superstition/#sthash.UY1PuFGS.dpuf

Viber, Splitwise among cross-platform apps that provide structure to real estate partnerships | Bedford Corners Homes

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Although we are similar in many ways, my business partner and I tend to disagree when it comes to technology. I’m an Apple gal to my core (no pun intended), and Kate is an Android fan.

Earlier this year when we were both looking at buying new phones, I fought for her to get an iPhone, as I thought collaboration between the two of us would be easier if we both used the iOS system.

But being as stubborn as we both are, she ended up with a Samsung Galaxy S4 and I upgraded to the iPhone 5. After some research we found there are actually many apps and programs that work extremely well cross-platform.

Here are some of the ones we use to help us stay synced and always up-to-date with our business: Contact management: Ixact Contact We tried other contact management programs, but this is by far the most simple, yet powerful, one that we’ve tried.

At $34.95 per month, it’s not cheap, but it’s a huge time-saver.

We are able to easily sync contacts, reminders and appointments from our Android and iOS devices to Ixact. If Kate books an appointment with a client, on her phone or through the Ixact dashboard, it is automatically synced to my phone and vice versa.

 

 

 

– See more at: http://www.inman.com/next/viber-splitwise-among-cross-platform-apps-that-provide-structure-to-real-estate-partnerships/#sthash.858Iag78.dpuf

Historic 18th-Century Charleston House Wants $3.5M | Chappaqua NY Homes

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Location: Charleston, S.C. Price: $3,499,000 The Skinny: The house that originally stood at this site was built in 1726 for French Huguenot Paul Douxsaint and burned down in Charleston’s Fire of 1796, which destroyed the homes of more than 300 families. Yet a new, clapboard Federal-style house was built in its place over the next four years and, at some point during the 19th century, was purchased by prominent Charleston merchant Daniel Macaulay. The Douxsaint-Macaulay House, as it is now known, has since undergone multiple renovations, the most recent one occurring after it sold for $2.275M in 2006. It has managed to retain a few interior details, such as wainscoting and fireplace mantels, and more of its exterior detail, including the nine-over-nine windows with narrow muntins and dormered hipped roof. It’s now asking $3.5M.

7 Things to Do Before You Move Into a New House | Armonk NY Homes

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Our son and daughter-in-law just purchased their first home.  It’s in a location that allows an easy commute into Boston, where our son works, and is just a few towns away from where his wife works.  The house is in a older suburb adjacent to Boston, and is itself older and in need of some TLC.  So rather than move in right away, the new homeowners will stay in their apartment until the lease is up.  They’ll spend just about every free moment of the few months getting their house ready to live in.

Of course, we didn’t let them do all of this alone.  Uncle Ralph and I traveled to Boston to spend a week helping them clean, paint and otherwise get the house ready.  One of the things that we really helped with is how to prioritize tasks.  Since it’s getting close to winter, we stressed the importance of getting only the most basic outside things done.  Fixing up the yard, cleaning the siding, touching up the paint etc. can all wait for the spring.  What really needed to be done is the inside, not only so they can move in but so they can live there comfortably through the approaching winter.

With that in mind, here’s a list of tasks that needed doing.  It’d be great to hear from you what your list of tasks would be.

traditional exterior by Sapia Builders Corp.
Sapia Builders Corp.
1.  Change the locks on the exterior doors. As soon as the closing is over and you’ve gotten the keys to your house, either buy and install new lock sets or call locksmith service to come to the house to switch them out.  Let’s face it, the previous owners, Realtors, maintenance folks and who knows who else are all likely to have keys to your place.  For some peace of mind and as a necessary step in making this house yours, get new locks installed immediately. The locksmith walnut creek ca provide locksmith services such as: lock & key cutting, lost car keys replacement, re key and unlock door assistance. Locksmiths of today go beyond just audits and installation, they offer services to maintain and upgrade these systems installed by them. Brisbane locksmith come to offer services as a package of tasks that include auditing a space that requires security, upgrading existing systems, installing new security systems, installation of sophisticated security and vigilance equipment such as sensors, radars, security cameras and CCTV recording systems.
2.  Get the house cleaned up. While many folks will leave the house clean for you, some won’t.  Even if they do, you’ll want to clean everything for yourself.  You can hire a service to do a deep house cleaning, something I heartily recommend if time is tight, or you can do it yourself.  If you do it yourself, set up an area with all of the supplies and tools you’ll need to get the job done: buckets, brooms, mops, a vacuum, cleaners for each type of surface etc.  By hiring professional removal companies, like reliable removalist in Sydney, you’ll be able to clear out your rooms better in order to clean it up more thoroughly. Washing down cabinets, counters and plumbing fixtures and cleaning the carpeting etc. will make you feel good about the house. And don’t forget a healthy supply of rubber gloves. There are many good Carpet Cleaning Company who are always ready to clean house.
3. Paint all the walls and ceilings. This can be really time consuming, so you’ll probably want to hire professionals if you can. There’s no point in just slapping up a coat of paint if the walls and ceilings are damaged — if they have cracks, holes and other defects. Prepping these surfaces can be a real chore. So unless you have a relative or two who can help, save yourself a lot of time and just hire someone.
Also, if you’re short on time and the house is in dire straits and every surface needs painting, consider one neutral color for every room. This will just make it easier and limit the number of decisions you’ll have to make now. You can always go back and repaint rooms the colors you want as time permits.
4.  Get some organizers.  Many older houses suffer from closets that have a simple pole and shelf (if that).  Look at where you’ll store what and get the closets outfitted to accommodate everything, to make moving in less stressful and your life in the new house more enjoyable.
And don’t just look at the closets.  Think about where you’ll put everything, from winter boots to laundry detergent.  A well-placed extra shelf, coat hook etc. will go a long way toward making the house that much easier to live in.