Tag Archives: Armonk NY Homes

Armonk NY Homes

Home builder confidence surged in September | Armonk Real Estate

Home builder confidence surged in September to match its highest reading in a decade, an industry group said Monday.

The National Association of Home Builders’ index jumped six points to 65 in September. That was the highest since last October, which was the highest since the height of the housing boom. Economists surveyed by MarketWatch had forecast a 60 reading.

The gauge of current sales conditions soared 6 points to a cycle high of 71 and the index of future sales jumped 5 points, also touching 71. The index that tracks buyer traffic rose four points to 48. It hasn’t topped the neutral 50 mark since mid-2005.

In a release, NAHB noted that builder sentiment is being bolstered by the presence of “more serious buyers.”


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New-home sales roar to an 8-year high | Armonk Real Estate

U.S. new-home sales surged to the highest in nearly eight years in July as builders picked up the pace while buyer demand remained robust.

Sales of newly constructed homes rose 12.4% to a seasonally adjusted annual rate of 654,000, the Commerce Department said Tuesday. That was 31.3% higher than a year ago, and easily beat forecasts of a 581,000 pace from economists surveyed by MarketWatch.

June’s figure was revised downward slightly, to 582,000.

The median sales price in July was $294,600, 0.5% lower than year-ago levels. As sales soared, supply dwindled to 4.3 months’ worth of homes at the current pace.

On Tuesday, luxury home builder Toll Brothers TOL, +3.27%  reported double-digit profit and revenue growth for its second quarter. “The solid economy and employment picture are also benefiting our target customers,” executive chairman Robert Toll told analysts.

Analysts and economists have waited to see stronger activity from home builders as the economic recovery drags on and the job market strengthens. Builders have been wary of ramping up construction to pre-crisis levels, but with demand running so much hotter than inventory, and new construction favoring higher-end customers, the housing market has struggled to find equilibrium.


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Mortgage rates average 3.62% | Armonk Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates resuming their decline and aiding home buyer affordability amid a tight supply of for-sale homes in many markets.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.62 percent with an average 0.6 point for the week ending February 25, 2016, down from last week when it averaged 3.65 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.
  • 15-year FRM this week averaged 2.93 percent with an average 0.5 point, down from last week when it averaged 2.95%. A year ago at this time, the 15-year FRM averaged 3.07 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent this week with an average 0.5 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 2.99 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 link for theDefinitions. Borrowers may still pay closing costs which are not included in the survey.

Attributed to Sean Becketti, chief economist, Freddie Mac.

“Yields on the 10-year Treasury continued their downward trend this week after a small rally the previous two weeks. The 30-year mortgage responded, falling 3 basis points to 3.62 percent. Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets sustain their momentum into this year. Earlier this week, the National Association of Realtors announced existing home-sales were up 4 percent month-over-month in January and up 11 percent from last year.”

Pending Sales Continue Momentum | Armonk Real Estate

The Pending Home Sales Index increased for the fifth straight month to the highest level in over nine years. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by theNational Association of Realtors (NAR), increased 0.9% in May to 112.6, and climbed to 10.4% above the May level a year ago.

Pending Home Sales May 2015

Regionally, the May PHSI increased 6.3% in the Northeast and 2.2% in the West. However, the May PHSI declined slightly by 0.6% in the Midwest and 0.8% in the South. Year-over-year, the PHSI was up 13.0% in the West, 10.6% both in the Northeast and South, and 7.8% in the Midwest.


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Effective Rate on New Home Loans Drops Below 4 Percent | Armonk Homes

Last month we reported that the contract rate on new home loans dipped below 4 percent in January, based on data released by the Federal Housing Finance Agency (FHFA).  In February, the rate continued to decline, from 3.92 to 3.79 percent, as did the average initial fees and charges on the loans, from 1.18 to 1.11.  In both cases, the numbers are the lowest they’ve been since mid-2013.

Fees Feb 15

As a result, the average effective interest rate (which amortizes initial fees over the estimated life of the loan) on conventional mortgages used to purchase newly built homes also dropped below 4 percent (going from 4.05 to 3.91) in February—the first time in 20 months the effective rate has been that low.

Eff Rate Feb 15

Meanwhile, both the average size of conventional mortgages used to purchase new homes and the average price of the homes, have been drifting upward (subject to normal monthly volatility) and these trends continued in February.   The average loan amount increased from $331,700 to $338,600, while the average new home price increased from $440,300 to $449,400.  In each case, the February dollar figure represents a record high.

Avg Price Feb 15

This information is based on FHFA’s Monthly Interest Rate Survey (MIRS) of loans closed during the last five working days in February.  For other caveats and details about the survey, see the technical note at the end of FHFA’s March 26 news release.


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Mortage Rates Move Down as We Head Into Spring | #Armonk Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down across the board. The average 30-year fixed mortgage rate continues its run below 4 percent — a good sign for the spring homebuying season.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.6 point for the week ending March 19, 2015, down from last week when it averaged 3.86 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year FRM this week averaged 3.06 percent with an average 0.6 point, down from last week when it averaged 3.10 percent. A year ago at this time, the 15-year FRM averaged 3.32 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.02 percent.
  • 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.49 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.

Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“The average 30-year fixed mortgage rate fell to 3.78 percent this week following mixed housing data. Housing starts dropped 17 percent to a seasonally adjusted pace of 897,000 units, below market expectations. However, housing permits increased 3 percent in February. As we head into spring, home builders remain positive about home sales in the near future although the NAHB Housing Market Index dropped another 2 points to 53 in March.”

Case-Shiller: “The housing recovery is faltering” | Armonk Real Estate

Home prices saw a slight increase in nine cities covered by the S&P/Case-Shiller Home Price Indices in December.

Both the 10-City and 20-City Composites saw year-over-year increases in December compared to November.

The 10-City Composite gained 4.3% year-over-year, up from 4.2% in November. The 20-City Composite gained 4.5% year-over-year, compared to a 4.3% increase in November.

The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 4.6% annual gain in December 2014 versus 4.7% in November.

“The for-sale housing market made great strides toward ‘normal’ in 2014, as runaway appreciation cooled markedly and negative equity fell significantly. But anyone looking to see how far from truly ‘normal’ the market remains need look no further than the red-hot rental market, and its implications on the broader housing market going forward,” said Zillow Group (Z) Chief Economist Stan Humphries. “Many current renters could likely realize significant monthly savings by buying a home now and taking advantage of terrific affordability driven by low mortgage rates and home prices that remain below peak in most areas.”


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Nobel-winner Shiller wrong on housing: Sternlicht | Armonk Real Estate

Global real estate investor Barry Sternlicht told CNBC on Thursday that he disagrees with Nobel Prize-winning economist Robert Shiller, who predicted a day earlier that the U.S. residential housing market looks topped out.

Housing is a major asset class that’s “actually trailing asset bubbles,” said Sternlicht, chairman and CEO of the $42 billion-plus investment firm Starwood Capital Group. “It’s cheaper to buy a house and finance it, than it is to rent in many markets.”

In a “Squawk Box” interview Wednesday, Shiller, co-founder of the Case-Shiller housing index, said he “won’t bet” on the increase in home prices since 2012 continuing.

“Home prices are … at about the right level based on history. So maybe they won’t go anywhere in the near future,” the Yale professor warned.

A day later on the program, Sternlicht expressed optimism about buying homes as an investment. “The housing sector is going to be a major asset class in this country.”

The Starwood Capital chief did acknowledge that Americans are “a little nervous about taking mortgages.” He blames that, in part, on the gridlock in Washington, D.C., in solving the country’s debt problems and reforming entitlements.

But Sternlicht said the collapse in oil that’s led to cheaper gasoline would help consumers feel more confident. “You’re going to see things like lodging doing better this summer. People will be driving more.” He also predicted the impact of less expensive prices at the gas pump would eventually translate into better retail sales.

On the investor side of the equation, he’s concerned about the easy money policies being pursued around the world.

“Smart investors are really nervous,” Sternlicht said. “It seems to me, there’s a big dike [on] the world’s economies, and the politicians and the [central] banks are plugging all these holes, but it’s getting harder and harder to hold these holes.”


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‘Ultra-Luxury Treehouse’ Outside Nashville | Armonk Real Estate

Location: Nashville, Tennessee
Price: $3,500,000
This 8,120-square-foot modern mansion with a cantilevered prow was built to the specifications of the late Marvin Runyon, a Tennessee business exec who served as U.S. Postmaster General from 1992 to 1998, and according to a short item in Luxury Portfolio International, those specifications were exact. Ms. Atkinson tells the author “it must have taken the mason six tries to stack the stones in a pattern that was just right.” So interested parties can be assured that these limestone walls weren’t haphazardly dry-stacked.

“In essence, it’s an ultra-luxury treehouse capturing a different scene each season,” says architect Seab Tuck, who is said to have met with the Atkinsons “every Saturday morning for three years,” and whose firm, Tuck-Hinton, also designed the extension to the Country Music Hall of Fame. (The very same extension which now contains the Taylor Swift Education Center.) These season-capturing capabilities are abetted by a “two-story sunroom” that, with windows thrown open, can act like a screened-in porch.

The layout, Tuck explains, “is very contemporary, but while most people expect stark white tones, we offset it with soft, natural materials to create a very rustic feel.” Noteworthy material applications include floors of Chinese slate and reclaimed “heart-of-palm wood,” steel-framed walls of glass, and exterior cladding of black-stained cedar.

According to Ms. Atkinson, she and her husband wanted “a home where we could entertain, but also one that was comfortable with only two people in it.” The two guest suites are apparently removed enough from the shelf-lined master suite to make it feel like “it’s almost two separate homes.” Both are guarded by a terracotta warrior stationed in the entryway


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North Castle Town Supervisor Note | Armonk Homes

Dear Residents:


I have enjoyed serving as your Supervisor this year, and look forward to an exciting 2015, as it is a privilege to serve on this Board, for the residents of this great community. I want to take a few minutes to offer a final update for the year 2014.

2015 Budget and AAA Bond Rating: The Town Board adopted the 2015 Budget at the December 10th Town Board Meeting. The budget is approximately $250,000 below the NYS tax cap and reflects a 2.4% tax rate increase. Budget highlights include but not limited to: increased funding for road maintenance (see below) and equipment, and two new Police officers. In addition, Moody’s restored North Castle’s Aaa (Triple A) bond rating, joining only 12 other municipalities in NYS with that distinction.


November 13, 2014 Special Election: The Special Election for the Ward vote held on November 13 was executed flawlessly by our Town Clerk’s office led by Town Clerk Anne Curran, as well as many other departments and individuals that contributed. Much time and effort was expended by the Town establishing procedures to assure that no registered voters were disenfranchised. It was a monumental effort over a very short time period, and we thank Anne and all the staff for their hard work and dedication.


2015 Waste and Single Stream Recycling Calendar: You should have received the new 2015 Calendar by mail, but you can click hereor visit the Town website if needed.


2015 Road Maintenance: Road maintenance and repair continue to be a high priority. The 2013 Pavement Management Study provided the Town with a comprehensive analysis from routine maintenance to complete road rehabilitation. Looking ahead to 2015, the adopted budget allocates $1.15 million for road maintenance (a 15% increase). In addition, the Town Board is working with the Budget and Finance Committee to evaluate the report and establish a multiyear plan to continue to improve our roads.


New Senior Bus: The Town board approved the purchase of a new bus for our Recreation Department. The bus will have multi-recreational uses but will mainly accommodate our senior program. Included in the various safety features is a wheelchair lift. Delivery is expected in March.


Storm Preparation: The Town has added three vehicles to the Highway fleet and one to Parks in preparation for winter storms. Additionally more staff has been added across the foreman, mechanic and laborer classifications.  The brine has been prepared so both silos are filled to capacity. (Brine is applied to the roads before certain storms – depending on temperature – which makes the roads safer.) In addition, we have a full supply of salt and sand. The following are some reminders of the Emergency Procedures, Town and State Ordinances, and Emergency Contact Information:

  • In the event of a power outage please call Con-Edison directly: (800)752-6633
  • In case of emergency: North Castle Police Department: 273-9500 or 911
  • For emergency storm updates please sign up for Nixle atwww.nixle.com and register your email, phone or both for free updates. This is an EXCELLENT way to receive emergency information from the Town.
  • Be Prepared. Our own NC4 always reminds us to be prepared.Click here to learn how to build your own preparedness kit. It’s easy and fun to do with your kids!
  • Reminder of several safety issues:
    • Reminder of overnight parking restrictions: No parking on public roads from Nov 15 – Apr 1, 1:00am to 6:00am.
    • Deposit of Snow, Water, and Ice on Town, County, and NYS Roads is prohibited.


North Castle Holiday Festivities: North Castle residents began the Holiday season with two very special events, the “North White Plains Tree Lighting” and the “Frosty the Snowman Day/Parade”. Both events were very well attended and big thanks goes out to all of those volunteers who made it all a reality, in addition to our Parks staff that completed the decorations. Also, please don’t forget to shop local and visit one or all of the great eateries that our Town has to offer.  

I hope you and your family have a wonderful Holiday Season and all the best in the New Year.


Michael Schiliro

Supervisor – Town of North Castle