Tag Archives: Armonk Homes for Sale

Armonk Homes for Sale

Will Airbnb disrupt the housing market? | Armonk Real Estate

Crowds press together in the streets of New Orleans as people gather to see the city’s festivities, but this year, there’s something different about the tourists. This year, instead of staying in the city’s hotels, more tourists are pouring into residential areas after using an app to quickly book a home for the week.

Airbnb, founded in 2008 as an online marketplace for short-term rentals, has seen its business grow exponentially in the last few years. In 2014, rooms available through the site jumped from 300,000 in February to more than 1 million in December, outpacing many of the largest hotel groups in the world. In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million.

But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

This is especially true in a place like New Orleans, where rising home prices have caused serious affordability problems. Home prices have risen 46% since Hurricane Katrina hit, according to an article by Katherine Sayre for The Times-Picayune.

Besides the number of lives lost, the most tangible impact the hurricane had on the city was the demolition of its housing stock, where 26% to 34% of its housing was lost or damaged, according to an article by Allison Plyer for The Data Center. The Center’s “The New Orleans Index” was the most widely used means of tracking rebuilding efforts in the months and years following Hurricane Katrina.

As of February 2016, Airbnb had a total of 3,621 active listings in New Orleans, according to data from Inside Airbnb, a non-commercial set of tools and data that shows how Airbnb is being used in different cities around the world.

Of course, there would seem to be a correlation between the rise in home prices and the gains in the app’s popularity, however, correlation does not always equal causation.

In order to truly understand the app’s effects, or lack thereof, you have to look deeper.

One letter circulating on Facebook entitled “Dear Airbnb Renter!” talks about what it sees as the dangers of Airbnb.

“The spread of tourism into residential neighborhoods is pushing out the people who live there,” the letter stated. “When landlords can get so much more for a property on Airbnb they no longer want to rent to actual working New Orleanians. Even residents that own their home are finding it difficult to pay their taxes because of the rising property values.”

That kind of outcry has reached lawmakers. In a letter sent on July 13 to Federal Trade Commission Chairwoman Edith Ramirez, several prominent senators expressed their concern. Sens. Brian Schatz, D-Hawaii; Elizabeth Warren, D-Mass, and Diane Feinstein, D-Calif, stated that they are especially concerned that short-term rentals are not only making housing more expensive in certain communities, but also making it harder to buy a house in the first place.

 

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http://www.housingwire.com/articles/37909-will-airbnb-disrupt-the-housing-market?eid=311691494&bid=1540391

Greenwich Ct. Is Worst U.S. Home Market | Armonk Real Estate

Barry Sternlicht, chairman and chief executive officer of Starwood Capital Group LLC, said his former town of Greenwich, Connecticut, may be the worst housing market in the U.S.

“You can’t give away a house in Greenwich,” Sternlicht said Tuesday at the CNBC Institutional Investor Delivering Alpha Conference in New York.

The town — about 45 minutes north of Manhattan and home to some of the country’s largest hedge funds — is seeing a pile-up of houses on the market and prices that are faltering as properties linger. Home sales in the second quarter fell 18 percent from a year earlier to 169 deals, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

At the same time, new listings surged 27 percent. The absorption period, or the time it would take to sell all the homes on the market at the current pace, was 12 months, compared with 7.7 months a year earlier, Miller Samuel and Douglas Elliman said.

 

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http://www.bloomberg.com/news/articles/2016-09-13/starwood-s-sternlicht-says-greenwich-is-worst-u-s-housing-market

Home Price Index Continued Steady Climb | Armonk Real Estate

Home prices in the United States climbed again at the start of the year, adding to pressure on buyers in a sellers’ market. Americans are feeling more confident this month, another report released on Tuesday showed, as a rebounding stock market brightened their outlook.

In January, the Standard & Poor’s/Case-Shiller 20-city home price index rose 5.7 percent from a year earlier, a slight increase from the 5.6 percent annual increase in December.

“The pace of U.S. home value growth has been picking up bit by bit over the past few months, driven in large part by stubbornly low inventory in most markets that creates competition and drives up prices for those homes that are available,” said Svenja Gudell, chief economist at the real estate firm Zillow.

Home values have risen at a faster pace than average hourly wages, which have improved just 2.2 percent, according to a government report this month. Tight supplies of homes on the market have propelled much of the price growth, as low mortgage rates and steady hiring have increased demand.

Denver, Portland, San Francisco and Seattle each registered double-digit annual price increases. Home values rose in all 20 metro area markets, which account for roughly half of the housing stock in the country.

The index remains more than 11 percent below its mid-2006 peak, when subprime mortgages pushed the market to heights that set off the recession in late 2007.

Existing homes sold at a seasonally adjusted annual rate of 5.08 million in February, the National Association of Realtors said this month. Sales dipped 7.1 percent from a relatively healthy pace in January, but an increase in the number of signed contracts to buy houses indicates that purchases should rebound in March.

Despite the demand, listings in February declined 1.1 percent from a year ago. Many homeowners are reluctant to sell, because they lack the equity to cover the down payment for upgrading to a new house.

“The low inventory of homes for sale — currently about a five-month supply — means that would-be sellers seeking to trade up are having a hard time finding a new, larger home,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

In a separate report, the Conference Board said that its consumer confidence index rose to 96.2 this month, after tumbling to a revised 94 in February.

Consumers’ assessment of current economic conditions has dipped. But their outlook for the future has improved modestly.

United States markets got off to a dismal start in 2016, driven by fears of economic weakness overseas and plunging oil prices, but they have since recovered most of those losses. This month, 28.7 percent of consumers said they expected stocks to rise over the next year. That was up from 26.9 percent in February, the lowest share since July 2012.

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AP

Distressed sales fall | Armonk Real Estate

  • Of total sales in November 2015, distressed sales made up 11.9 percent and real estate-owned (REO) sales made up 8.7 percent
  • Maryland remains the state with the largest share of distressed sales among all states at 20.3 percent
  • Denver-Aurora-Lakewood, Colo. had the lowest distressed sales share among the largest Core Based Statistical Areas (CBSAs) at 3.1 percent

Distressed sales, which include REOs and short sales, accounted for 11.9 percent of total home sales nationally in November 2015, down 1.9 percentage points from November 2014 and up 1.4 percentage points from October 2015. This month-over-month increase was expected due to seasonality, and the magnitude of the change was in line with previous Novembers.

Within the distressed category, REO sales accounted for 8.7 percent and short sales accounted for 3.2 percent of total home sales in November 2015. The REO sales share was 1.5 percentage points below the November 2014 share and is the lowest for the month of November since 2007. The short sales share fell below 4 percent in mid-2014 and has remained in the 3-4 percent range since then. At its peak in January 2009, distressed sales totaled 32.4 percent of all sales, with REO sales representing 27.9 percent of that share. While distressed sales play an important role in clearing the housing market of foreclosed properties, they sell at a discount to non-distressed sales, and when the share of distressed sales is high, it can pull down the prices of non-distressed sales. There will always be some level of distress in the housing market, and by comparison, the pre-crisis share of distressed sales was traditionally about 2 percent. If the current year-over-year decrease in the distressed sales share continues, it will reach that “normal” 2-percent mark in mid-2019.

All but nine states recorded lower distressed sales shares in November 2015 compared with a year earlier. Maryland had the largest share of distressed sales of any state at 20.2 percent[1] in November 2015, followed by Connecticut (19.1 percent), Florida (19 percent), Michigan (18.9 percent) and Illinois (17.8 percent). North Dakota had the smallest distressed sales share at 2.7 percent. Nevada had a 5.4 percentage point drop in its distressed sales share from a year earlier, the largest decline of any state. California had the largest improvement of any state from its peak distressed sales share, falling 59.2 percentage points from its January 2009 peak of 67.4 percent. While some states stand out as having high distressed sales shares, only North Dakota and the District of Columbia are close to their pre-crisis levels (within one percentage point).

 

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http://www.corelogic.com/blog/authors/molly-boesel/2016/01/distressed-sales-accounted-for-12-percent-of-homes-sold-nationally-in-november-2015.aspx#.Vqow2_k4H4Z

Round Homes | Armonk Real Estate

circular building, yurt, round home, mandala home, wood panel round house

Wind and tsunami waves move naturally around a round building rather than getting caught at (and potentially ripping off) corners. A rounded roof avoids ‘air-planing’- a situation where a strong wind lifts the roof structure up and off of the building.

There are dozens of interconnected points in a round home. These are sites where builders can connect parts of the building together. In the olden days, the connecting materials were rope, vine and hides. Modern materials are  engineered components- like a center radial steel ring,  steel brackets,Seismic and hurricane ties, bolts and steel cables. These connect the structural pieces and give the building a unique combination of flexibility and strength- qualities which causes them to be significantly safer in severe weather conditions like earth quakes, extreme winds and heavy snow­fall.

hurricane ties, roof trusses for round roof, engineered scissor trusses, simpson ties

The roof structure incorporates a unique architectural design that has its origins in the mountain steppes of Central Asia. Roof trusses meet in a center ring, producing inward and outward pressure which holds the roof in a state of compression. In modern round buildings using the ancient Yurtdesign, 1-3 airplane grade steel cables circle the outer perimeter where the trusses meet the wall and hold the natural outward thrust. Because of this combination of a central compression ring at the top of the roof and the encircling cables where the roof meets the walls, long roof spans are possible without any internal support system (like beams or posts). The interconnected tension in the building goes all the way to the ground and uses gravity and compression to hold it together with incredible strength.

The natural ther­mal dynam­ics of open-at-the-top architecture round space uses no external energy to circulate temperature. It works like this; heated air naturally rises till it reaches the insulated ceiling, it moves up the domed ceiling till it reaches the center skylight, which is cooler, the air reacts by dropping to the floor where it moves across to the walls and rises again till it meets the skylight and drops again. This action constantly circulates the air and temperatures in the home.
building round houses, round home construction, less waste

Round buildings use less wall, floor and roof mate­ri­als to enclose the same square footage as a rec­tan­gu­lar struc­ture.  15 to 20% less mate­r­ial is used to cre­ate the same square foot build­ing com­pared to a rec­tan­gu­lar design! This means the possibility for a smaller eco-footprint and more living space for less cost. It also means less sur­face area in con­tact with adverse weather con­di­tions, which improves the over­all dura­bil­ity and energy effi­ciency of the home.

The acoustics of round space can be out of this world. The curve soft­ens the sounds inside the build­ing mak­ing it the per­fect place for rest and reflec­tion or for social­iz­ing and lis­ten­ing to and play­ing music (…think long winter evenings of storytelling around the central fire….) The shape also pre­vents noise from pen­e­trat­ing in from the out­side. Sound waves dis­si­pate as they wrap around the build­ing, shield­ing the interior from loud out­side noise.
modern day yurt, circular house, round buildings,

Our ancestors also understood a round home quality that is less measurable than the intelligent use of energy, the clever space allocation and the powerful and natural movement of air and sound. David Raitt, yurt builder, describes it “Circular living provides a balance of looking inward and outward, looking out at the natural environment and surroundings but then coming in again to the self and the hearth.”  You might call it curve appeal.

Mortgage Rates at 4.04% survey says | Armonk Real Estate

Freddie Mac  today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates reversing course once again and moving lower amid mixed economic and housing data.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.04 percent with an average 0.6 point for the week ending July 23, 2015, down from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
  • 15-year FRM this week averaged 3.21 percent with an average 0.6 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
  • 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.3 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.39 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 theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“U.S. Treasury yields dropped following announcements that many blue chip companies’ earnings failed to meet expectations. This drove the 30-year fixed rate mortgage down 5 basis points to 4.04 percent this week. Housing continues to be the bright spot in the economic recovery. Existing home sales beat market expectations coming in at a seasonally adjusted annual rate of 5.49 million homes. This is up 9.6 percent from a year ago and the fastest pace since 2007. Also, housing starts jumped 9.8 percent responding to strong demand in the multifamily market.”

Bidding wars return to home market | Armonk Real Estate

Christina and Kevin Dirks have been searching for a house in the Denver area for four months at prices up to $275,000. They made offers on six homes—and were outbid on each one.

“When we first started looking, you had to pay $10,000 over” list price to win the bidding, Ms. Dirks said. “Then, as the weeks went by, it went up to $20,000. And now it’s up to $30,000 and $40,000.”

Ms. Dirks, a 28-year-old office coordinator, said she and her husband, a 30-year-old merchandiser, hope that as the market slows down this winter, “people will put a halt on being so crazy.”

Bidding wars, a hallmark of last decade’s housing boom, are making a comeback in a number of metro areas across the U.S. But while the earlier wars reflected enthusiasm fueled by easy-money mortgages, the current froth stems from a market short of homes for sale.

The reasons for the scant supply are myriad, including a much-slower-than-expected recovery in home construction. Yet an equally significant problem is that millions of people aren’t listing their homes for sale because they suspect they can’t qualify for a new mortgage, can’t afford the costs associated with a sale or fear that they won’t prevail in the scrum for the few houses available.

At the end of May, there were 2.3 million existing U.S. homes for sale, enough supply to last 5.1 months at the current sales pace. That is below the six to seven months of supply that the National Association of Realtors says is needed for a balanced market.

But in more than one-third of the 300 largest metropolitan areas tracked by Realtor.com, homes listed for sale in June had been on the market for a median of less than two months. A low median figure indicates rapid turnover in inventory as demand for homes exceeds supply.

Those include big markets like San Francisco, with a median time on market of 27 days, and Dallas at 38 days, as well as smaller markets like Vallejo, Calif., at 26 days and Kennewick, Wash., at 36 days.

The tightest market in June was Santa Rosa, Calif., a relatively affordable Bay Area suburb, where the median time a home was on the market was 24 days.

In those markets with limited supply, bidding wars tend to push prices higher, creating price bubbles. According to Realtor.com, the $580,000 median listing price in Santa Rosa is up nearly 10% from a year ago. That handily outpaces the national average increase in resale prices, which the National Association of Realtors calculates at 7.9%. Realtor.com is operated by Move Inc., which like The Wall Street Journal is owned by News Corp.

The low supply of homes reflects a reluctance or inability of owners to sell their current house or apartment and trade up to their next, often larger, one. Some remain skittish about the economy, their own finances or their ability to qualify for a mortgage. Others can’t sell because they are underwater, meaning they owe more on their mortgages than the homes are worth.

Even though U.S. home prices are up 31% in the past five years, 15.4% of homes—an estimated 7.9 million—remained underwater in the first quarter, according to real estate website Zillow. The long term average is 3% to 5%, Zillow says. These owners can’t sell unless they have thousands, sometimes tens of thousands, of dollars on hand to pay the shortfall on their old mortgage and finance costs of selling and moving.

Another pressure on housing inventories is growth in U.S. household formation. The U.S. added roughly 1.5 million households in the first quarter from a year earlier, though almost all were formed by renters.

 

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http://finance.yahoo.com/news/bidding-wars-return-home-market-000700177.html

Cleaning Up Armonk | Armonk Real Estate

To The Residents of North Castle…………………….

 

            On July 3, 2015 I wrote a letter to the Town Board (see below). The issue at hand relates to the irresponsible and hazardous stockpiling of asphalt millings or RAP (Recycled Asphalt Pavement) within the Highway Department’s property off Bedford Road and within its yard on Middle Patent Road.  There is great concern that the stockpiling of asphalt millings can cause serious human health and environmental problems.  Dust particles containing high concentration of pollutants can be wind swept into the air off of stockpiles and rainfall can cause these same pollutants to leach out into the soil and eventually find their way into our water supply.

 

I am very concerned that the Town maybe stockpiling this material without the proper permits required from the New York State Department of Conservation (DEC) nor are they abiding by the New York State Environmental Quality Review Act or SEQR.  To read more information about the SEQR process visit the NYS DEC website atwww.dec.gov.ny/permits/357.html

 

Last April I fought with the Town unsuccessfully to have stockpiles of asphalt millings removed from the Town yard at Middle Patent Road, an area which is in close proximity to State regulated wetlands. The Middle Patent yard is boarded by the Mianus River watercourse which has tributaries that lead into the Mianus Gorge, which in turn provides drinking water to certain areas of Connecticut.  Also, the yard is located in close proximity to the wells that provide drinking water to the residents of Windmill. Is our town acting environmentally responsible? Does it fully understand the potential problems we face as taxpayers without going through the SEQR process?

 

I plan on attending tomorrow night’s Town Board meeting to discuss these issues.  The meeting will be held at the North White Plains Community Center, 10 Clove Road, North White Plains, New York 10603 at 7:30 pm.


Sincerely,


Michael Fareri

 

 

July 3, 2015

 

Supervisor Michael J. Schiliro & Members of the Town Board

Town of North Castle

Town Hall

15 Bedford Road

Armonk, New York 10504

 

Re: Town Dump

 

Dear Supervisor Schiliro & Members of the Town Board:

It is with great displeasure that once again I have to report to you the foolish and irresponsible actions undertaken by the Town Administrator and the Towns Highway General Forman. After all the weeks of aggravation I was put through last April in an effort to have the stockpile of asphalt millings removed from the Towns property across from my office building at 333 Main Street, approximately 4000 cubic yards of milling were once again delivered to the Towns property and stockpiled.
I spoke to the Town Attorney and the Town Engineer and they assured me that they knew nothing about this situation and I believe them because surely, they would not allow the Town to be exposed to such a potentially damaging liability.  As I stated on numerous occasions in the past, not only is this aesthetically unpleasing where located, the stockpiling of asphalt millings has the potential to pose human health and environmental concerns (see links & photos below).  Asphalt millings, also known as RAP (Recycled Asphalt Paving) contain a high concentration of Polycyclic Aromatic Hydocarbons (PAHs) which are compounds specified as pollutants by the U.S. Environmental Protection Agency (USEPA).  When rainfall or wind infiltrate these stockpiles, especially in the condition they are in which is one without any form of protection whatsoever, they will leach off contaminates into the soil and from there a potential migration of contaminates into our water supply.
 Has everyone already forgotten Westwood and the $500,000 cost to the taxpayer? Trust me, the stockpiling of these millings could bring about even greater environmental problems.  That is why I am demanding that you have these millings removed from Town property immediately.  If they are not removed immediately I will take whatever legal action necessary to see that it is done while holding this Town Board, the Highway Department and the Town Administrator responsible and accountable. 

 Sincerely,

 

 

Michael E. Fareri

Click on the link below, or copy and paste the URL link into your web browser address box

 

All About Armonk – Read Michelle Boyle’s article regarding Fareri’s letter and the stockpiling of millings

http://allaboutarmonk.com/ 

 

Leaching Characteristics of Asphalt Road Waste by Timothy G Townsend, June 1998

http://www.beyondroads.com/visual_assets/RAP_Leachability_Study.PDF

 

Asphalt Pavements and the Environment by Dr. Gerhard J.A. Kennepohl, P.Eng.

http://asphalt.org/downloads/2008-Pavt-Environment-GJAK.pdf

 

Life Cycle Environmental and Economic Assessment of Using Recycled Materials for Asphalt Pavements by Arpad Horvath

http://www.uctc.net/papers/683.pdf

 

 Recycled Asphalt Pavement and Asphalt Millings (RAP) Reuse Guide by NJDEP

http://www.nj.gov/dep/dshw/rrtp/asphaltguidance.pdf

Middle Patent Yard
Mianus Watercourse
Highway Dept. Property

 

Sales of Existing Homes to First-Time Buyers Rise | Armonk Real Estate

Existing home sales, as reported by the National Association of Realtors (NAR), rose to the highest pace in six years in May. The report was also notable due to an increase in purchases by first-time buyers, which rose to the highest share experienced since September 2012.

The May pace of existing home sales (5.35 million on seasonally adjusted annual basis) was 5.1% higher than the prior month and 9.2% higher than the rate set during May of 2014. Sales of single-family homes were up 5.6% for the month, reaching a 4.73 million annual rate.

EHS_may15

The first-time buyer share increased to 32% in May, up from 30% in April. NAR reported that first-time buyer share reached its highest level since September 2012. This increase is consistent with prior analysis of Fannie Mae data illustrating that the share of mortgage originations to first-time home buyers is expected to rise in 2015.

Regionally, existing home sales increased strongly in the Northeast (11.3% for May) and are up 11.3% year-over-year. Midwest sales increased 4.1% for the month and now stand 12.4% higher than May 2014. Sales in the West rose 4.3% in May and are up 9% from a year ago. Finally, sales in the South increased 4.3% compared to April and are 6.9% higher than May 2014.

Total housing inventory, as estimated by NAR, increased 3.2% t0 2.29 million existing housing units. This marks a 5.1 months-supply at the May sales pace.

The median existing home price in May was $228,700. NAR noted that May represented the 39th consecutive month of year-over-year price gains for existing homes.

 

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http://eyeonhousing.org/2015/06/

Recent Homeownership Developments in the U.K. | Armonk Real Estate

Declines in homeownership rates are not just a concern in the U.S. In fact, homeownership declines in the U.K. have been relatively larger for younger households than the impacts experienced here.

In the U.S., the homeownership rate for 25 to 34 year olds fell from 42.2% at the end of 2003 to 35.8% at the end of 2014, according to data from the Census Bureau’s Current Population Survey/Housing Vacancy Survey.  In the UK, homeownership declines have been even more dramatic. Among households aged 25 to 34, the homeownership rate fell from 59% in 2003 to 36% in 2014 according to the data reported in the Economist magazine.

For the population as a whole, the U.S. homeownership rate declined from 68.3% in 2003 to 64.5% in 2014. Again, the decline in the UK for the total population has been more significant. According to The Economist, the U.K. homeownership rate has fallen from a peak of 71% in 2003 to 63% in 2014.

Consequently, for the first time in the U.K., a larger share of households owned their homes mortgage-free (33%) compared to those holding a mortgage (31%). In the U.S., approximately 20% of total households (approximately one-third of homeowners) own their homes free-and-clear of a mortgage.

In the U.S., tight credit requirements continue to make obtaining a mortgage difficult for first-time buyers. In the U.K., the challenge for first-time buyers has generated an ambitious plan to build cut-price “starter homes.”And the British government has proposed a tax benefit linked to saving for a downpayment on certain home purchases. Under the proposal, the government will match monthly savings for a first-time home purchase by 25%, up to 3,000 pounds of tax benefits.  The bonus will be available on home purchases of up to 450,000 pounds in London and up to 250,000 pounds outside of London. The consensus to date is that there has been little impact so far from these help-to-buy plans for first-time buyers.

It is also worth noting that the U.K. phased out its version of the mortgage interest deduction over a number of years, ending in 2000.

However, it is always important to remember that international comparisons of housing variables, like homeownership, are made difficult by not just differences in tax and finance policy, but also more fundamental differences in demographics, property law, and even cultural preferences.

 

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http://eyeonhousing.org/2015/04/recent-homeownership-developments-in-the-u-k/