Daily Archives: May 29, 2014

Gracious Old-School Southampton Equestrian Estate for $9.5M | Katonah Real Estate

437 North Sea Mecox Road Southampton

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The price for this property, which includes the lovely c. 1913 house and about ten acres of land, has been all over the place, depending on whether an extra 12 acres of land was added. Originally it was listed at $11.45M back in 2011, then it was $19.5M in May 2012, when the additional land was included. By April 2013, the price was $16.75M with the extra land and $9.75M without it, then the price was increased to $9.95M by autumn. Now the ask is $9.5M.

So what do you get for your nine and half large? The main house, which is 5500sf and six bedrooms, needs some work. But there’s stabling and a tack house, a pretty pool and pool house, two ponds where the owners’ children used to skate in the winter, and 65 acres of conservation land to the west. What do you think the property will finally trade for?

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http://hamptons.curbed.com/archives/2014/05/28/gracious_oldschool_southampton_equestrian_estate_for_95m.php

Fixed Mortgage Rates Lower for Fifth Straight Week | Bedford Hills Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates falling for the fifth consecutive week and hitting new 2014 lows. The average for the 30-year fixed-rate mortgage is at its lowest point since the week of October 31, 2013.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.6 point for the week ending May 29, 2014, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 3.81 percent.
15-year FRM this week averaged 3.21 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.3 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.66 percent.
1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, down from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.54 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.

“Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected. However, new home sales rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two months.”

“Also, as the spring home buying season continues, we see stronger consumer confidence as house prices remain on the rise. The Conference Board reported that confidence among consumers rose in May after dipping in April. Meanwhile, the S&P/Case-Shiller^® 20-city composite index rose 0.9 percent in March, above the consensus forecast.”