Daily Archives: December 19, 2013

City Going to Demolish Landmarked Bronx School | North Salem NY Real Estate

front_DSCN0075.jpg [Photo via Lehman College]

On November 8, the city ordered an emergency demolition order for P.S. 31 in the Bronx, citing the extensive water damage that the building has incurred since it was vacated in 1997, the vertical crack that extends the full height of the building and into the basement, the 15-year-old timber that is shoring up the south part of the structure, and the fact that pieces of the facade habitually fall into the street. “It is truly a public hazard,” said assistant commissioner of the Buildings Department Tim Lynch.

But, before they can tear down the landmarked building, city officials had to present their case to the Landmarks Preservation Commission, the catch being that that’s all they had to do, as the LPC’s role in this matter is only advisory. So, even though the Commission ended up telling the Department of Housing Preservation & Development that they would really rather the city not demolish an individual landmark that they have neglected and left to rot for the better part of two decades, that is exactly what’s going to end up happening.

“It has been a disgraceful stewardship by the Department of Education,” said commissioner Elizabeth Ryan. Commissioners also grilled Lynch and co. about why a proposed redevelopment plan from Bronx company SoBRO had not been allowed to proceed. SoBRO’s Phillip Morrow testified to the commission that he had gotten independent reports from three different engineers, all of whom had disagreed with the city’s findings and said that the building could be salvaged. Lynch demurred, saying that the redevelopment would take too long, while the building remained a significant public safety hazard.

Members of the Mott Haven community were also hurt and angered by the loss of one of their iconic buildings. One resident said that, along with Yankee Stadium, the “Castle on the Concourse,” as it is known, is the Bronx skyline. “The destruction of this building would really not be allowed anywhere else in the city,” said another resident. · Department of Buildings Told by Landmarks Preservation Commission Efforts Must be MAde to Save PS 31 [Welcome2theBronx] · P.S. 31 will face the wrecking ball [NYDN] · P.S. 31 coverage [Curbed]

Bedford Corners, Armonk, Lead in Highest Ave. Price per Foot | #RobReportBlog

 

Bedford   Corners, Armonk, Lead in Highest Ave. Price per Foot | #RobReportBlogPrice per foot
Katonah$438.00
Pound   Ridge$350.00
South   Salem$338.00
Mt Kisco$322.00
Chappaqua$369.00
North   Salem$405.00
Armonk$456.00
Bedford$409.00
Bedford   Hills$419.00
Bedford   Corners$467.00

 

U.S. Home Values Seen Gaining Most Since ’05, Zillow Says | Mt Kisco Real Estate

U.S. homes gained $1.9 trillion in total value this year, the biggest jump since 2005, as the real estate market rebounded from the recession, Zillow Inc. (Z) said.

At the end of 2013, the housing stock will be worth about $25.7 trillion, Zillow said today in a statement. U.S. homes as a whole lost $6.3 trillion in value from 2007 through 2011 and have recovered 44 percent of that, according to the Seattle-based property-data firm.

Home prices are rising across the U.S. as investors drain markets of inventory and improving employment brings in more buyers. Almost 90 percent of the 485 metropolitan areas analyzed by Zillow had price gains this year. The total value of the nation’s housing stock jumped about 7.9 percent from 2012, the second straight annual increase, according to the report.

“The housing market continued to build on the positive momentum that began in 2012,” Stan Humphries, Zillow’s chief economist, said in the statement. “Low mortgage rates and an improving economy helped bring buyers into the market.”

Price increases will slow next year to a pace closer to the historic norm of 3 percent to 5 percent, according to Humphries.

The Federal Reserve yesterday said it will scale back asset purchases that have bolstered housing demand by keeping interest rates low. Improvements in the job market spurred the decision to cut spending on Treasuries and mortgage bonds to $75 billion from $85 billion starting in January, the Federal Open Market Committee said at the end of a two-day meeting in Washington.

 

 

http://www.bloomberg.com/news/2013-12-19/u-s-home-values-gain-most-since-2005-zillow-says.html?cmpid=yhoo

Holidays at Teatown Lake Reservation | Chappaqua NY Homes

Teatown Lake Reservation
View our videos on YouTube Like us on FacebookFind us on PinterestFollow us on TwitterDecember 19, 2013
All donations help support our essential mission.
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.

 

 

 

 

In Teatown’s Gallery

Through December 31

Natural Light
Teatown Area Photographs by

Berl Brechner
Berl Brechner, has been an area resident for over 35 years and has served on Teatown’s Board of Trustees for 10 years. He 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.

Save the Date!

February 8, 2014

9am- 4pm 

Snow date: February 9

More details to come!

 

Like us on FacebookFollow us on TwitterFind us on PinterestView our videos on YouTube
Decorate a Tree for Wildlife
Saturday, December 21, 1:00- 2:30pm

Join us for a Teatown holiday tradition that celebrates nature’s gift to us. We’ll decorate a tree with goodies for the birds, squirrels and other wildlife. Free for members, $5pp for nonmembers.
Holi-Daze Mini Camp
December 23, 26, 27, 30, 31

The holidays are here and school’s out but nature is in! Come for a day, or two or more for fun outdoors throughout the Teatown preserve. There will be hiking, crafts, and enough adventure to keep your child busy and active throughout their holiday vacation.

4- 5 year olds- 9:00am- 12:00pm.

$165 for members, $195 for non-members Daily rate- $33/day for members, $39/day for non-members.
6- 12 year olds- 9:00am- 3:00pm (children should pack a lunch). $300 for members, $330 for non-members Daily rate- $60/day for members, $66/day for non-members.

 

Click here for more information on school break mini camps.

All programs require pre-registration    

To register call 914-762-2912 x 110

unless otherwise noted.

Click for more info on Teatown’s upcoming programs.
Nature Girls
Tuesdays, January 28 – March 25, 3:30 – 5:30 pm
Come on girls get your nature on! Led by Elissa Schilmeister, girls will hike and explore natural habitats, engage in team-building activities, conduct mini-experiments and scientific investigations.*No program February 18. Girls ages 10- 14. For more information, click here.
Reap the rewards
of being a Teatown member.
Click to join today!
The Christmas Bird Count Recap
Our Assistant Conservation Scientist, Hillary Siener, held our annual Christmas Bird Count on Saturday and while it was very snowy and cold, it was a beautiful day. Hillary expressed concern that the bird numbers were going to be low however she was surprised to have a decent count considering the weather. Most notably, 5 yellow-bellied sapsuckers were counted and a large flock of robins

were found sampling Teatown’s berries. Please find a complete list of the counted birds below.

American crow2Hermit thrush2
American goldfinch15Northern cardinal14
American robin47Northern mockingbird3
Black-capped chickadee14Pileated woodpecker1
Blue jay8Red-bellied woodpecker7
Brown creeper1Red-tailed hawk1
Canada goose79Red-winged blackbird1
Carolina wren
8Song sparrow43
Cedar waxwing1Swamp sparrow1
Dark-eyed junco121Tufted titmouse25
Downy woodpecker7White-breasted nuthatch12
Eastern bluebird1White-throated sparrow46
Golden-crowned kinglet4Winter wren1
Hairy woodpecker2Yellow-bellied sapsucker5
Still looking for the perfect gift?
Shop Teatown’s Nature Store!

Teatown’s Nature Store carries a wide variety of items for nature lovers of all ages:
  • Art work for sale in Teatown’s Gallery
  • Books on the flora and fauna of the Hudson Hills and Highlands, living green and nature-friendly, hiking, gardening, birding, etc.
  • Natural science toys, games and crafts for your little treehugger
  • Unique jewelry and crafts by area artisans
  • Locally produced natural soaps, lotions and soy-based candles.
  • Teatown tea and our Hudson Valley honey
  • Membership to Teatown!

All sale proceeds directly support Teatown’s education and regional conservation efforts.

 

US existing home sales fall to lowest level in nearly a year | Katonah NY Homes

U.S. home resales fell sharply in November to their lowest level in nearly a year, hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market.

The National Association of Realtors (NAR) said on Thursday that sales of previously owned homes dropped 4.3 percent last month, the third monthly fall in a row, to an annual rate of 4.90 million units.

That was the lowest annual rate since December 2012, and well below the median forecast in a Reuters poll of a 5.03 million unit pace.

“It is a clear loss in momentum for home sales,” NAR economist Lawrence Yun told reporters.

Mortgage interest rates have risen sharply since May on expectations the Federal Reserve would start winding down a bond-buying economic stimulus program. The Fed announced on Wednesday it would start tapering its monthly bond purchases next month.

Yun said the rise in mortgage rates, coupled with fast-rising prices, had made home buying less affordable for many Americans.

The data carried a hint, however, that home price gains may be cooling off. The median price nationwide rose 9.4 percent inNovember from the same month in 2012 to $196,300. It was the first time in a year that prices didn’t rise at a double-digit pace.

Yun said the NAR was “very concerned” about plans by the Federal Housing Finance Agency to reduce the maximum size of mortgages which can be bought by taxpayer-owned finance giants Fannie Mae and Freddie Mac. He said this could further impede the housing market’s recovery.

 

 

 

http://www.cnbc.com/id/101198658

Existing Home Sales Fall For 3rd Straight Month In November | Bedford Hills NY Homes

Sales of previously owned homes fell for the third straight month in November, as prices continued to rise year-over-year, the National Association of Realtors reported Thursday.

The annual pace of existing home sales (which include single-family homes, townhomes, condominiums and co-ops) fell 4.3% to a seasonally adjusted annual rate of 4.90 million in November, down from 5.12 million in October. For the first time in 29 months, the pace is slower (by 1.2%) than the rate one year earlier.

“Home sales are hurt by higher mortgage interest rates, constrained inventory and continuing tight credit,” said Lawrence Yun, NAR chief economist. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new home construction. As such, rents are rising at the fastest pace in five years, while annual home prices are rising at the highest rate in eight years.”

Case in point: the national median sale price for previously-owned homes was $196,300 in November, up 9.4% year-over-year. However, that figure is lower than October’s median sales price, and ends an 11-month run of double-digit increases in sales prices year-over-year.

Distressed homes continued to account for 14% of sales (9% foreclosures and 5% short sales), as they did in both October and September. One year ago, in November 2012, distressed sales accounted for 22% of the total existing home sales. The decreased number of these properties on the market is contributing to the rise in median sale price.

 

 

 

http://www.forbes.com/sites/erincarlyle/2013/12/19/existing-home-sales-fall-for-3rd-straight-month-in-november/

Existing home sales fell for the third straight month | Bedford NY Real Estate

Existing home sales fell 4.3% in November but as higher interest rates and tight inventory dampened the market, the National Association of Realtors said Thursday.

Sales dropped for the third straight month to a seasonally adjusted annual rate of 4.9 million from 5.12 million in October.

That was 1.2% off the November 2012 pace and the first time in 29 months that sales were below year ago levels.

Economists’ median forecast was for a November rate of 5.1 million, according to a survey by Action Economics.

Home sales are being hurt by higher mortgage interest rates, limited inventory and tight credit, says Lawrence Yun, NAR chief economist.

The national median existing price was $196,300 in November, up 9.4% from the year before.

Distressed homes accounted for 14% of November sales, unchanged from October.

Inventory expanded to a 5.1 month supply, up from 4.9 months in October. That means all homes would be sold in that time frame at the current sales rate. A six or seven month supply is a balanced market.

In November, the inventory of existing homes for sale was 5% above a year ago, NAR says. The supply of homes for sale is up 8.4% from when it bottomed in January, on a seasonally adjusted basis, says Jed Kolko, Trulia economist.

More homes for sale mean buyers have more choices, which may lead to lower price gains going forward.

The report comes a day after a strong showing for November housing starts and the Federal Reserve’s announcement that it will trim its bond buying starting next month.

The Fed’s tapering, which was expected, will likely drive mortgage interest rates higher. That’ll be “a tough reality check for many homebuyers,” says Ellen Haberle, economist for real estate brokerage Redfin.

 

 

http://www.usatoday.com/story/money/business/2013/12/19/existing-home-sales-november/4115407/

 

Murky Real-Estate Market Comes Into Focus | Pound Ridge Real Estate

Regulators are about to shine a light on an expanding but opaque corner of the real-estate investment market.

The Financial Industry Regulatory Authority, Wall Street’s self-regulator, is planning rule changes that would require so-called nontraded real-estate investment trusts to improve disclosure on fees and to more quickly report on changes in the value of properties in their portfolios.

The move comes amid a boom in demand for these types of funds, which buy office buildings, stores and other commercial real estate and send most of the properties’ income to shareholders. Unlike typical REITs, shares in these funds don’t trade on public exchanges, making them less liquid.

Alan Gerboc, a retired marketing executive who collects contemporary photography, invested $100,000 in a nontraded REIT in 2006.                     Emily Berl for The Wall Street Journal

Investors are on pace to buy $20 billion of new shares in these funds this year, according to Robert A. Stanger & Co., an investment bank based in Shrewsbury, NJ. That is the highest amount ever and almost twice the $10.3 billion raised last year. Many investors are attracted by dividends that can top 7% a year for some nontraded REITs, according to Blue Vault Partners LLC, a Georgia research firm.

But Finra believes investors aren’t getting a clear enough picture of the performance of their funds, according to Joseph Price, Finra’s senior vice president for corporate finance.

These funds and their brokers can charge fees and expenses of as much as 12%, yet that cost isn’t required to be taken into account when the funds value their stock in reports to investors.

 

 

http://online.wsj.com/news/articles/SB10001424052702304403804579264552406913102

 

Rising home prices speed Bay Area market recovery | Bedford Corners Homes

The recovery of the Bay Area housing market reached a turning point this year as rising prices restored equity to tens of thousands of homes and low interest rates attracted flocks of buyers.

The rebound in 2013 “was very convincing,” said Andrew LePage of DataQuick, which released a report Tuesday on Bay Area home sales and prices for November. “There were virtually no markets left behind.”

The report is the last look at the Bay Area’s housing market to be released in 2013.

Historically low interest rates helped fuel the market until midyear. Thousands of homeowners were finally able to refinance their mortgages, take out a home equity loan or sell and move up to a bigger house.

This Tuesday, Aug. 21, 2012, photo, shows an exterior view of house with a pending home sale sign in Palo Alto, Calif.

Sales slowed and price increases flattened midyear when interest rates rose above 4 percent, where they remain today. A slight uptick in the number of homes for sale also made for a less frenzied market.

But as the number of less expensive homes for sale dwindled, many buyers were priced out of the market for single-family homes and turned to condos and townhouses instead.

Jerry Molnar and his wife Cecilia Villar moved from Chicago to the Bay Area 18 months ago and began shopping for a home, just as prices began escalating. As prices soared, they realized a single-family home where they wanted to live had gone beyond their reach, so they bought a townhome for $590,000 in a new development in Dublin.

 

 

 

http://www.mercurynews.com/business/ci_24741822/bay-area-home-sales-dip-november

Average fixed mortgage rates rising slightly from last week | Chappaqua Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising slightly from last week following positive news for housing starts and building permits.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.47 percent with an average 0.7 point for the week ending December 19, 2013, up from last week when it averaged 4.42 percent. A year ago at this time, the 30-year FRM averaged 3.37 percent.
  • 15-year FRM this week averaged 3.51 percent with an average 0.6 point, up from last week when it averaged 3.43 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.71 percent.
  • 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.5 point, up from last week when it averaged 2.51 percent. At this time last year, the 1-year ARM averaged 2.52 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates rose slightly leading up to the Federal Reserve’s policy announcement. The statement indicated that the central bank would begin to trim its bond buying program. The Fed noted that the economy expanded at a modest pace, but the unemployment rate remains elevated. In addition, housing starts in November rose to a seasonally adjusted annual rate of 1,091,000, the highest rate since February 2008. Permits were at a seasonally adjusted annual rate of 1,007,000 in November, 7.9 percent higher than in November 2012.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.