Daily Archives: March 21, 2014

U.S. existing home sales edge down in February | Pound Ridge Homes

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U.S. home resales dropped slightly in February to a 19 month-low as cold weather and a shortage of homes for sale continued to sideline potential buyers.

The National Association of Realtors said on Thursday home sales dropped 0.4 percent to an annual rate of 4.60 million units, the lowest level since July 2012, and in line with economists’ expectations. January’s sales pace was unrevised at 4.62 million.

Even though temperatures remained chilly in February, pinching sales, a modest improvement in inventory on the market indicates buyers are expected to jump in soon.

“The weather surely cannot get any worse,” NAR economist Lawrence Yun told reporters. “The new supply will help tame price growth.”

The median existing home price rose 9.1 percent in February to $189,000 from the same month in 2013.

Mortgage rates have risen almost a full percentage point in the past year and the increase in house prices has far outpaced income growth, making home-buying less affordable.

In addition, there has been a shortage of homes for sale on the market. Home resales have declined in six of the last seven months, having peaked in July.

The number of previously-owned homes available for sale at the end of February represented a 5.1 months’ supply, still tepid but up from 4.9 months’ worth in January. A healthy market has about a six-to-seven month supply.

 

http://finance.yahoo.com/news/u-existing-home-sales-edge-140005910.html

 

6 Photos Every Listing Should Have | Waccabuc NY Homes

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So, you got the listing. You loaded it all up online. And it looks pretty good, right? A “nice” description with “nice” pictures might make a “nice” first impression. But that might also be its last impression, given buyers’ approach to ruling listings in and out.

Buyers’ approach is, in a word, ruthless. Buyers have lots of online listings to get through, and very, very limited time. They review online listings against a backdrop of lots of priorities and considerations battling for their mindspace: their financial priorities, family plans, space needs, aesthetics and the must-haves and deal-breakers of anywhere from 1 to 4 people—or more. So, when they peruse the hundreds of listings on Trulia in your area, maybe yours will make it into the 40 properties they favorite.

But then they cull the list. And narrow again. And narrow again to get down to, say, 15. They send those to their agent. And the agent cute those in half to get to the list of homes they want to show that weekend. Both buyers and agents are prone to cutting properties that look “nice,” but may or may not have critical deal-making features, when the features simply aren’t photographed.

So, your job is not just to get your listing noticed, or onto the list of 40. It’s also to make sure your listing is not one of the 25 that gets cut before Madame Buyer ever gets in the door. Trulia listings can have unlimited photos each, so shoot away! Here is a short list of oft-omitted pics that should make it into every single one of your online listings.

1. Front of House

I know. Seems super basic. But the truth is, there are lots of listings on the interwebs that don’t include any sort of image of the home’s exterior elevation, for a variety of reasons. Sometimes the agent’s rationale for not including a front exterior image is as simple as a telephone pole or electric lines obstructing the view of the home or that there was a dumpster or construction truck blocking the house the day pics were taken.

Nonetheless, today’s increasingly savvy online home buyer interprets the lack of a front of house pic as a red flag that they should be afraid of the property: very afraid.

2. Backyard

You only need to house hunt with a couple of clients with backyard musts to begin to understand how many otherwise well-crafted online listings, some which contain literally dozens of interior images, lack images of a home’s outdoor space. Buyers who have pets, children, hot tubs, urban farming fantasies or some combination of the above will want to narrow down the online listings they decide to visit to those which seem likely to suit their outdoor space needs.

 

 

http://www.trulia.com/pro/sellers/6-photos-every-listing-should-have/?ecampaign=tnews&eurl=trulia.com%252Fpro%252Fsellers%252F6-photos-every-listing-should-have%252F

This Carriage House With a Secret Pool Wants $85,000/Month | South Salem Real Estate

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24 images

This 25-foot-wide house on East 83rd Street was once J.P. Morgan’s carriage house, and if the 19th century industrialist could see it today he would either be really impressed or run away screaming, because the entire house—from lighting to music to thermostats—is controlled via touchpad. And that’s not even the most intriguing part: apparently, the kitchen floor can slide open to reveal a swimming pool. (The pool is not pictured, but that’s okay—it doesn’t sound like something people would want to see pictures of.)

The house’s owner, businessman Karan Trehan, bought it with his wife in 1995 and they renovated it together, filling the 7,200-square-foot building “with artwork and heavy Anglo-Indian furniture, reflecting their shared Indian background.” After the couple separated in 2007, Trehan renovated the house again to reflect it being a sick bachelor pad. All the art is now for sale, and the house is available to rent at $85,000/month. Make sure you get a look at that pool before you sign the lease, though.

http://ny.curbed.com/archives/2014/03/20/this_carriage_house_with_a_secret_pool_wants_85000month.php

 

Real Housewife Personally Drives Bulldozer Into 42 Star Island | Cross River Real Estate

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42%20Star%20Island%20Drive%20-%20December%202008%20-%20Credit%20Ronny%20Lorist%20X.jpg[Photo Via Ronny Lorist]

Lisa Hochstein is having a great day. The Real Housewife of Miami and her hubby Lenny have finally won her battle to demolish historic 42 Star Island Drive and she celebrated by personally demolishing the house’s porte cochere, she told news reporters yesterday. The house’s sad demise was all over the evening news.  “I actually tore down this entire front area here, it was actually really fun. This is a fun job.” said Lisa, contemplated a career change no doubt. The house should take about three weeks to demolish in its entirety, and the new one won’t be finished for another two years.

 

http://miami.curbed.com/archives/2014/03/19/real-housewife-personally-drives-bulldozer-into-42-star-island.php

Exotic Indonesian villa is first major Bitcoin real estate purchase | Katonah Real Estate

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HousingWire has been on the forefront of covering Bitcoin in relation to real estate.

The March issue of our print magazine includes a story on the first real estate and real estate financial firms in North America to accept Bitcoin for everything from broker fees to actual investment.

The watershed moment for real estate may have come in early February, when the nascent startup RealtyShares in San Francisco announced it would be the first, as far as anyone can know, real estate investment firm to accept Bitcoin for its crowdfunding real estate investment platform.

Now comes word from Southeast Asia that the first major Bitcoin real estate transaction – valued at more than $500,000 – has closed. The property? A fully managed villa at the deLMango Villa Estate in Bali, Indonesia.

Notably, this may be the largest reported Bitcoin transaction yet. Moreover, it’s not the only high-priced property being shopped among Bitcoin users. The website that facilitated the transaction is currently listing a Paris property with a view of the Eiffel Tower listed for $6.3 million, among other items.

According to CoinDesk:

BitPremier founder and CEO Alan Silbert indicates that the 3,000-square-foot villa sold for more than $500,000, though the exact price paid by the buyer was not revealed.

Silbert, brother of SecondMarket CEO and BitPremier investor Barry Silbert, indicated that the sale is “by far the largest” completed to date via the marketplace, which was launched last May.

As for the house sale, Silbert indicated that due to Indonesia’s unique laws regarding the ownership of real estate by foreigners, the buyer is technically purchasing a long-term lease.

 

http://www.housingwire.com/articles/29386-exotic-indonesian-villa-is-first-major-bitcoin-real-estate-purchase

 

The Windy City’s top 12 suburbs | Bedford Hills Real Estate

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Illinois real estate took a beating this winter, and Chicago is at the epicenter of the housing slowdown. Or is it?

Nestled next to Lake Michigan and home to both the Cubs and White Sox, the Windy City is one of the biggest and busiest cities in the nation.

Chicago Magazine complied a list of the 12 best suburbs in Chicago, comparing the cities based on variables like crime, homes, education and city life.

“The Chicago city market is booming, with extremely low inventory levels and high buyer demand causing bidding wars and fast market times. It’s amazing how much the marketplace has turned from a few years back,” Matt Farrell, president of the Chicago Association of Realtors, said.

Heading into the spring season, “Buyers are ready to move and as homes come on the market, they are aggressively making their best offers,” Farrell added.

“Median pricing is up, signaling a strong market on the rise. As sellers get their homes show-ready for a spring market, we believe these homes, too, will move quickly, if priced right.”

Using the list from Chicago Magazine, we’ve added in the median home price from Zillow‘s February home value index to bring you the 12 best Chicago suburbs:

Cook County

Orland Park $239,700

Named “one of the best places to live” by the magazine.

Northbrook $485,500

Northbrook is updating its Skokie Boulevard Corridor, which will be filled with new stores and apartments.

Wilmette $611,500

Wilmette is now accepting applications for tree planting, helping add to the village’s beauty.

Barrington Hills $732,600
This suburb is home to 10 key historic sites, allowing visitors to take a self-guided tour and see what life was like more than 100 years ago.
Du Page County

Wheaton $293,800

Wheaton just launched a new edition of the “Wheaton Remembers” video series, where Wheaton Community High School alumni recall what it was like to be a high school student in 1960s Wheaton.

Hinsdale $782,700

Located just 21 miles west of Chicago, this city just launched a new “Block Watch” initiative to help protect against crime.

Lake County

Highland Park $473,300

Moody’s Investors Service issued a Aaa rating on the city’s planned general obligation bond issue, affirming this rating on all outstanding debt.

Lake Bluff $558,800

Lake Bluff is the fourth-happiest seaside town as well.

Kane County

Geneva $286,500

This city also the home of Class A minor league Kane Country Cougars, if you’re in the mood for a hometown baseball game.

 

 

http://www.housingwire.com/articles/29384-the-windy-citys-top-12-suburbs

Average 30-Yr Mortgage Rate Slips To 4.32% | Pound Ridge Real Estate

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Mortgage rates fell a bit last week, with the average 30-year fixed-rate mortgage rate slipping to 4.32% in the week ended today from 4.37% a week ago, according to Freddie Mac’s (FMCC) latest weekly Primary Mortgage Market Survey. A year ago that rate averaged 3.54%. The average 15-year fixed-rate mortgage rate also slipped, to 3.32% from 3.38% a week earlier and 2.72% a year ago.

A similar 30-year mortgage rate measured by the Mortgage Bankers Association’s latest weekly survey slipped to 4.50% from 4.52% a week earlier. The average rate for so-called jumbo loans of more than $417,000 fell to 4.39% from 4.41%. That survey also showed mortgage applications decreased by 1.2% in the latest week.

 

http://blogs.barrons.com/incomeinvesting/2014/03/20/average-30-yr-mortgage-rate-slips-to-4-32-freddie-mac/?mod=yahoobarrons&ru=yahoo

Mortgage Rates Turn Downward (Again) | Bedford Corners Real Estate

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Remember all the dire predictions about what the Federal Reserve’s tapering was going to do to the housing market? It seems mortgage rates have gotten a reprieve — and from a somewhat unlikely source.

Mortgage rates fell throughout January and into early February. However, that is not entirely good news.

Relief for mortgage rates 2013 was the first year in seven in which mortgage rates rose, and 2014 was expected to see more of the same. The economy appeared to be strengthening, and in December the Fed announced it would start cutting back its quantitative easing program. That program had been seen as instrumental in driving mortgage rates down to record levels.

So far though, 2014 has defied expectations. Thirty-year mortgage rates were at 4.53 percent on January 2, but had fallen to 4.23 percent by February 6. This drop comes as a relief to prospective home buyers, but existing home owners also have reason to cheer lower rates: Low mortgage rates create refinance opportunities, and generally support property values.

Does this take the Fed off the hook? Under different circumstances, the Fed might also welcome lower mortgage rates. Throughout last year, there were continual debates about how the Fed could back off from quantitative easing without sending mortgage rates so high they would choke off the housing rally and dampen economic growth.

Instead, the Fed has now taken two steps toward tapering its monetary stimulus, and rates have fallen rather than risen. Does this get the Fed off the hook for any potential adverse effects of tapering? Not exactly.

After all, starting last May, mortgage rates rose by more than a percentage point in anticipation of Fed tapering, so even with the recent easing of rates, they are still much higher than they were a year ago. Also, current mortgage rates reflect a series of disappointing economic news releases, which is hardly something the Fed could have wished for. After all, the idea of bringing rates down in the first place was to stimulate the economy.

Business as usual for deposit rates For now, it is fair to say that mortgage rates have abandoned their upward course, and it will take either some more positive economic news or signs of inflation to send them higher again. Though current mortgage rates are higher than they were a year ago, they are still much lower than historical norms.

There has been no such change of course for rates on CDs, savings accounts and money market accounts. These remained unchanged throughout last year, having hit bottom and then appearing dead in the water. As the recent downturn in mortgage rates suggests, the deteriorating economic news of late should only prolong the time deposit rates spend near zero.

 

http://www.fool.com/investing/general/2014/03/20/mortgage-rates-turn-downward-again.aspx

As credit tightens at home, Chinese sell Hong Kong luxury real estate | Chappaqua Real Estate

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Cash-strapped Chinese are scrambling to sell their luxury homes in Hong Kong, and some are knocking up to a fifth off the price for a quick sale, as a liquidity crunch looms on the mainland.

Wealthy Chinese were blamed for pushing up property prices in the former British territory, where they accounted for 43 percent of new luxury home sales in the third quarter of 2012, before a tax hike on foreign buyers was announced.

The rush to sell coincides with a forecast 10 percent drop in property prices this year as the tax increase and rising borrowing costs cool demand. At the same time, credit conditions in China have tightened. Earlier this week, the looming bankruptcy of a Chinese property developer owing 3.5 billion yuan ($565.25 million) heightened concerns that financial risk was spreading.

“Some of the mainland sellers have liquidity issues – say, their companies in China have some difficulties – so they sold the houses to get cash,” said Norton Ng, account manager at a Centaline Property real estate office close to the China border, where luxury houses costing up to HK$30 million ($3.9 million) have been popular with mainland buyers.

Property agents said mainland Chinese own close to a third of the existing homes that are now for sale in Hong Kong – up 20 percent from a year ago. Many are offering discounts of 5-10 percent below the market average – and in some cases as much as 20 percent – to make a quick sale, property agents and analysts said.

 

http://finance.yahoo.com/news/credit-tightens-home-chinese-sell-hong-kong-luxury-211105500–sector.html

Existing home sales stay in winter slump | Armonk NY Homes

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Existing-home sales slowed again in February, falling to their weakest pace in 19 months.

Last month’s seasonally adjusted annual sales rate was 4.6 million, down 0.4% from the previous month, the National Association of Realtors said. January’s sales rate was down 5.1% from December.

Cold weather, limited supplies of homes on the market and higher interest rates than a year ago have held back the real estate market over the fall and winter months.

The sales rate has been trending lower since last July, when it peaked for last year at 5.38 million.

Sales of single-family homes also are lower. Last month, they fell 0.2% from January’s level and 6.9% from a year ago.

The harsh winter’s impact showed in last month’s sales by region. The annualized rate of sales fell 11.3% in the Northeast and 3.8% in the Midwest, but rose 5.9% in the West and 1.5% in the South.

NAR said higher prices and restrictive mortgage lending standards are also affecting the sales. Many first-time buyers have been priced out of the market. They accounted for 28% of February’s sales, down from 30% a year ago, 32% in 2012 and 34% in 2011.

“Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the year,” said NAR chief economist Lawrence Yun.

 

http://www.usatoday.com/story/money/business/2014/03/20/feb-existing-home-sales/6632595/