Tag Archives: Armonk NY

Armonk NY

#Delinquency Rates Point to Continued Healing | Armonk Real Estate

Following a surprising, but small, increase in the percent of 1-4 family first-lien mortgages that were either 90 or more days delinquent or were in the process of foreclosure over the fourth quarter of 2016, the Mortgage Bankers Association reported that the measure continued its descent in the first quarter of 2017. This measure of delinquency, at least for conforming loans, is declining for both borrowers with a credit score below 660 and borrowers at or above it. Moreover, the gap in rate of delinquency for the two categories of borrowers is shrinking.

After rising by 10 basis points to 1.8 percent over the fourth quarter of 2016, the proportion of all mortgages either 90 or more days delinquent or in the foreclosure process fell by 10 basis points over the first quarter of 2017, currently sitting at 1.7 percent. The proportion of mortgages either 90 or more days past due or in the foreclosure process is highest for FHA-insured mortgages, 2.6 percent, and lower for both VA and Conventional loans.

However, at 2.6 percent, this measure of delinquency is below its 2005-2008 average of 4.1 percent. Similarly the current level of 90 or more day delinquency or entering the foreclosure process for VA loans is also below its average in the three years prior to the most recent recession. However, despite a rate below the overall percentage, conventional loans either 90 or more days delinquent or starting the foreclosure process remains 20 basis points above its 2005-2007 average level, 1.3 percent.

The Federal Housing Finance Agency, which oversees the government-sponsored entities (GSEs), Fannie Mae and Freddie Mac, provides estimations of loans purchased by the GSEs that become 90 or more days delinquent or start the foreclosure process*. This information is also provided by credit score, scores under 660 and those above or equal to 660. However, the series does not begin until 2009.

Overall, the proportion of mortgages 90 or more days past due or starting the foreclosure process has declined since its 2010 peak level. The declines have taken place for both mortgages loans obtained by borrowers with a credit score below 660 and borrowers with a credit score above 660. Currently, 4.6 percent of borrowers with a credit score below 660, the proportion of mortgage loans either 90 or more days delinquent or in the process of foreclosure, 8.3 percentage points less than its peak. The 0.8 percent of borrowers with a credit score at or above 660 with this kind of delinquency rate is 2.7 percentage points below its peak level, 3.5 percent.

Although the 90 or more day delinquency and foreclosure started rate for borrowers in both credit score categories is declining, the rate of decrease for borrowers with less than a 660 credit score is falling faster. As a result, the gap between these delinquency rates is shrinking. The figure above shows that at its peak in 2009 and 2010, the percent of borrowers with less than a 660 had a 90 or more day delinquency and foreclosure started rate that was 8 percentage points above the rate for borrowers with a credit score at or above 660. This gap has now shrunk to 3.4 percentage points.

Specifically, the data for 90 or more days delinquent is calculated as the residual between the percent of loans 60 or more days delinquent and the portion 60-89 days past due.

The definitions for the FHFA components are as follows:

60-plus-days Delinquent – Loans that are two or more payments delinquent, including loans in relief, in the process of foreclosure, or in the process of bankruptcy, i.e., total servicing minus current and performing, and 30 to 59 days delinquent loans. Our calculation may exclude loans in bankruptcy process that are less than 60 days delinquent.

60-89 Days Delinquent – Includes loans that are only two payments delinquent.

Serious Delinquency – All loans in the process of foreclosure plus loans that are three or more payments delinquent (including loans in the process of bankruptcy).

The definition of serious delinquency in the FHFA data likely differs from the MBA definition of “seriously delinquent” provided below.



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Rising Rents are Backfiring | Armonk Real Estate

A new survey by Freddie Mac finds that soaring rents are not turning renters into homeowners, but actually delaying homeownership for many.

Of those who experienced a rent increase in the past two years, 70 percent would like to buy a home but cannot afford to at this point. Half (51 percent) said that they now have to put off their plans to purchase a home. Some 44 percent indicated they’d like to buy a home and have started looking.

“We’ve found that rising rents do not appear to be playing a significant role in motivating renters to buy a home,” said David Brickman, EVP of Freddie Mac Multifamily. “This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home. We believe rising rents are primarily a sign dsof increased demand rather than a signal that home purchases will be increasing.”

Brickman added, “Growth in the number of renter households is occurring amid an improving job market and economy. The demand for rental housing is increasing and an estimated 440,000 new apartment units are needed each year to keep up with demand.”

Rents rose 3.6 percent in 2014 and are expected to rise 3.4 percent above inflation this year. More than one-third of U.S. households now rent their homes, and renters account for all net new household growth over the last several years, according to the U.S. Census Bureau.

More than a third (38 percent) of renters who have lived in their home two years or more experienced a rent increase in the last two years, while 6 percent experienced a decrease.

A third of renters in the survey are very satisfied with their rental experience and another 30 percent indicate they are moderately satisfied.  The top favorable factors about renting are freedom from home maintenance, more flexibility over where you live and protection against declines in home prices.

Moreover, the results show some shared positive views across generations with no significant differences between Millennial, Generation X or Baby Boomer renters in their views that renting provides flexibility over where you live and protection against home price decline.


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NAHB Completes Landmark 800th Local Impact Study | #Armonk Real Estate

n January, NAHB produced a study on the impact of home building in the nine-county Kansas City metropolitan area.  Like earlier studies, the one for Kansas City estimated the income, jobs and taxes generated by home building activity in the area.  However, the Kansas City study is especially notable because it marks the 800th such customized report NAHB has produced for various metropolitan areas, non-metropolitan counties, and states across the country since first offering this service late in 1996.

The map below illustrates the parts of the country covered by the 800 customized NAHB local impact studies.  The darker green shading indicates studies covering metro areas or non-metro counties; the somewhat lighter orange shading indicates studies produced for an entire state.

NAHB 800

Although a local market area analyzed by NAHB must be large enough to include places where construction workers live, and places where the new home occupants work and shop (most often, a metropolitan area or non-metropolitan county), the construction analyzed can be confined to a particular jurisdiction or development.  Over the years, the studies have been used to help get individual projects approved, counter anti-growth proposals, and generate publicity for the local home building industry.

A customized report can be ordered by anyone willing to pay the fee and provide the inputs needed to run the NAHB model.  For those lacking the time or resources, a study showing results for a typical or average local area is available immediately on line.

For example, this study shows that the estimated one-year local impacts of building 100 single-family homes in a typical metro area include

  • $21.1 million in local income,
  • $2.2 million in taxes and other revenue for local governments, and
  • 324 local jobs.

And that the additional, annually recurring impacts resulting from the 100 single-family homes becoming occupied and the occupants paying taxes and otherwise participated in the local economy  include

  • $3.1 million in local income,
  • $743,000 in taxes and other revenue for local governments, and
  • 53 local jobs.

The typical local area report, along with instructions for ordering customized reports for a particular area,  are available on NAHB’s local impact of home building web page.   Readers are urged to check back periodically, as NAHB anticipates updating the information for a typical local area within the next two months.   Readers with questions about the local impact estimates or how they’re generated may contact Paul Emrath in NAHB’s Housing Policy Department.


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10 Advantages of the Humble Ranch House | Armonk Homes

Since falling from favor in the 1970s, the ranch house has languished on the bottom rung of the architectural food chain. Critics deride its small size, dated finishes and prosaic design. But if you’re able to see past such shortcomings, the ranch (or rambler, as it’s sometimes known) has a lot to offer potential home buyers — particularly those on a budget.

Popularized in the 1950s by architectural designer and developer Cliff May, the ranch celebrated the postwar profusion of cheap land and sprawling suburbs, with a horizontal footprint that turned its back on the streetscape to focus on backyard living.

While May’s original designs showed great finesse, the ranch was copied so often — and so poorly — that eventually the style became associated with cheap tract-house living. Which is a shame, because ranch houses can be an affordable, efficient option that’s compatible with today’s lifestyles and needs.Below you’ll find some of their advantages, along with ideas for working with ranch homes.

Mianus River Gorge To Buy 73-Acre North Castle Site For $2.8M | Armonk Real Estate

Mianus River Gorge will acquire a 73-acre parcel in North Castle for $2.8 million, according to Rod Christie, the preserve’s executive director. The purchase is expected to close in the coming months.

The property, which is located at 99 E. Middle Patent Road, is co-owned by Hope Levene and her relatives, according to Christie.

Levene, a 93-year-old Bedford resident who formerly lived in North Castle, has a long local history. In a July interview that focused on her decades of six decades of volunteerism at Northern Westchester Hospital (NWH), she discussed the various roles she had over her lifetime. They included serving as the only trustee of a small school district that included a 1-room schoolhouse, and later as a Bedford Central school board member. Levene has also been involved with Twigs, a thrift store that supports NWH.

Christie noted that Levene used to serve on his organization’s board. He appeared before the North Castle Town Board on Monday evening at a special meeting. The Town Board voted to authorize Supervisor Michael Schiliro to sign a conservation easement, which will cost $500,000

The easement, which will cover 68 of the site’s acres, will be paid for by using open-space funding. It was disclosed at the meeting that the funding stems from a 2004 voter referendum that authorized the town to bond up to $3 million for acquiring open space and for conservation easements.

The Town Board voted on Monday because town’s ability to utilize the bond expired after 10 years, according to Schiliro. Monday was the expiration date because it was the next business day,


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Tankless Water Heaters | Armonk Homes

Several months after my husband and I and our two kids moved from the US to a space-efficient flat in London, I dragged our contractor into the back of one of our bathrooms to show him a strange, small silver box mounted on the wall and asked if he could remove it. “Not a good idea,” he said. “It’s your water heater.”

Long favored in Japan and Europe where square footage is at a premium, tankless water heaters provide hot water on demand when you need it. According to the EPA, residential electric water heaters are the second highest energy users in American households: “The energy consumed by your refrigerator, dishwasher, clothes washer, and dryer combined use less energy than your current standard water heater.” Tankless water heaters offer big savings in energy use and space. The question is: Can these little units cater to the water heating needs of larger homes? Read our primer to find out if a tankless water heater should be on your house remodeling or tank replacement short list.

Michaelis Boyd Architects Bathroom, Remodelista

Michaelis Boyd Architects Bathroom, Remodelista

Above: A London bathroom by Michaelis Boyd Architects.

With the help of a demure tankless water heater that barely took up any space in our London flat, four of us bathed, showered, washed clothes, and otherwise ran hot water without ever experiencing shortages or wars over water pressure.

What is a tankless water heater and how does is work?

Unlike standard water heaters that keep water hot and ready for use at all times in insulated 20- to 80-gallon tanks, tankless models don’t store hot water, they heat on demand. When a hot water tap is turned on, cold water runs through a pipe into the unit where a flow sensor turns on a gas burner or an electric element to heat the water to the desired temperature. When the hot water tap is closed, the flow sensor turns off the burner.

Tankless Water Heater Diagram, Remodelista

Tankless Water Heater Diagram, Remodelista

Above: The inner workings of a gas-powered tankless water heater. Image via Better Water Heaters.

How are tankless water heaters powered?

Tankless water heaters can be fueled by gas (natural or propane) or electricity. Gas-powered units require venting (just like standard tank heaters). Most gas models also have electronic controls, so an electric outlet is needed. Full electric tankless heaters don’t need venting but have minimum voltage and AMP requirements—consult a professional to be sure your power is adequate.

Steibel Tempra Plus Electric Tankless Water Heater, Remodelista

Steibel Tempra Plus Electric Tankless Water Heater, Remodelista

Above: The Steibel Tempra Plus Whole-House Electric Tankless Water Heater doesn’t require venting, which allows for location flexibility.

Are there different types of tankless water heaters?

Two types of heaters are generally offered: whole house and point of use. Whole-house systems are powerful enough to generate hot water at flow rates to serve a household. Point-of-use units have low flow rates and are designed to supply hot water for a single appliance or location. These compact contraptions are typically installed directly adjacent to wherever they’re needed, such as under a sink; they’re most often used to augment a system when instant or additional hot water is needed.

How much hot water can a tankless heater generate?

Unlike standard water heaters, which draw on reserves, tankless water heaters provide a continuous supply of hot water. Sound too good to be true? Well, sort of. While the stream of hot water is unlimited, tankless models can only heat and deliver water at a certain flow rate. That output, or capacity, is measured in gallons per minute (gpm). So, while a tankless water heater won’t “run out” of hot water like a storage tank can, there may be an issue of not being able to pump out enough hot water for multiple uses at the same time. 

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$3.5M Buys a Wright Student’s Spiky, ‘Zen-Like’ 1985 Design | Armonk Real Estate

25 images

Location: Armonk, N.Y.
Price: $3,500,000
The Skinny: A 1985 home in Armonk, N.Y., by Frank Lloyd Wright student Roy Johnson has been on the market since June with a $3.5M asking price. “Paradise is found” there, suggests the listing, in its 6,093 square feet and the surrounding “zen-like” six-acre plot, which features a “fully stocked koi pond, relaxing waterfall, stone paths,” a “fully enclosed raised vegetable garden perfect for farm to table dining,” and a trellised pavilion whose emphatic, spikey silhouette mimics that of the house. Inside the dwelling, there’s an expansive double-height living room, a “renovated Bilotta kitchen” lit by large windows, and five bedrooms, filling out a circular plan around a central stone column.



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Once again, real estate opens up its coffers for Cuomo | Armonk Real Estate


Top New York real estate players continue to funnel their considerable financial resources to Governor Andrew Cuomo’s re-election campaign, a review of the latest state campaign finance filings show.

Leading the pack by a comfortable distance was Leonard Litwin’s Glenwood Management, which gave $169,200 between July 12 and August 4, according to campaign finance records. In total, Glenwood, which has a rental apartment empire on the Upper East Side and is a vehement opponent of the under-construction East 91st Street waste transfer station, has given the governor over $1 million since 2011.

Retail real estate mogul Richard Baker of NRDC Equity Partners gave Cuomo $50,000 between July 12 and August 4. NRDC, through subsidiaries, owns both Lord & Taylor and Saks Fifth Avenue.

Entities associated with the Fisher Brothers — which was recently hit with subpoenas by the now-defunct Moreland Commission over 421-a tax abatements that were carved out by Cuomo for the firm — gave at least $40,000. BFC Partners, which is developing the $580 million Empire Outlets mall project on Staten Island, gave $25,000. East Coast Plumbing LLC, which shares a Paramus, NJ-address with a Vornado Realty Trust-controlled entity, also gave $25,000, as did entities associated with Ron Moelis’ L&M Development.

Brokers who opened their wallets for Cuomo in this period include Cushman & Wakefield’s Bruce Mosler, who gave $10,000, and Newmark Grubb Knight Frank’s Brian Waterman and Michael Ippolito, who each contributed $5,000.

Overall, Cuomo raked in just under $1.1 million in this filing period.

The Fisher Brothers and Mosler made their donations on July 24, the New York Observer noted, just a day after a New York Times investigation revealed that Cuomo may have interfered with an anti-corruption panel that was looking into his ties to the real estate industry.

In the first half of the year, Cuomo’s four top donors all came from the industry, as TRD reported.

– See more at: http://therealdeal.com/blog/2014/08/13/once-again-real-estate-opens-up-its-coffers-for-cuomo/#sthash.3Rmx3MRj.dpuf

Local Farmers Markets | Armonk NY Homes



Fresh Fish & Bread Return Full-time at Tarrytown Farmers Market;
Recycle Sack Program Begins in Ossining;
Chef Maria Reina Hosts Cooking Demo in Croton-on-Hudson + MORE

August 7-13th, 2014

What’s New, In Season, and On Sale This Week
$1 OFF Round Soaps
Regularly $4 each; now $3!

Sisters Wicked Good Soap

$2 OFF purchase of 5 products Select from chuneys & frozen
kofta, saag, samosa, & rajama

Bombay Emerald Chutney Co.

Taliaferro Farm

Blueberry Honey
Honeybrook Farms

Gajeski Produce
Mead Orchards

Almond, Chocolate, & Traditional
Wave Hill Breads

Fishkill Farm

Taliaferro Farm

Fishkill Farm

Fishkill Farm

Honey in the Rough
Honeybrook Farms

Just Crust Chips and
Rustic Croutons

Garlic, Naked & With a Kick
$0.50 OFF/bag this weekend!

Wave Hill Breads

Kabuchi Squash
Gajeski Produce

Monkey Bread
Wave Hill Breads

Alex’s Tomato Farm
Mead Orchards
Migliorelli Farm

Mead Orchards


Taliaferro Farm

Fishkill Farm
John D. Madura Farm
Migliorelli Farm
Rexcroft Farm
Wright Family Farm

Shawungunk Honey
Honeybrook Farms

Spring Meadow Honey
Honeybrook Farms

Summer Squash Ravioli
Made w green & yellow squash, roasted red peppers, tomatoes, &
onions – all from Newgate Farm
Trotta Pasta

String Beans
Gajeski Produce

Alex’s Tomato Farm

Click on a Market to see all vendor and event details…




8:30 am-1:00 pm


8:30 am-1:00 pm


9:30 am-3:00 pm


9:00 am-2:00 pm


8:30 am-2:00 pm

Spring Valley

8:30 am-3:00 pm

Tarrytown/Sleepy Hollow

8:30 am-1:00 pm

New Rochelle

8:30 am-2:30 pm

Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

New Rochelle – Friday, August 8th

Only TWO chances left to meet a Rockstar (under age 9, that is…)! The Beth El Day Camp Rockstars, girls ages 7 and 8, will serve as Food Ambassadors to New Rochelle’s Down to Earth Farmers Market tomorrow and Friday, August 15th. Between the hours of 11 am and 1 pm, you can find the girls with their latest recipe made from fresh market ingredients. Tomorrow they’ll feature FRUIT KABOBS. They make the recipe and offer free samples – and free recipe cards – for everyone to recreate it at home. See you there!

Ossining – Saturday, August 9th

Recycle Sack: With the goal to eliminate plastic bags from the farmers market, this Saturday, the market manager in Ossining will begin accepting donations of clean, reusable shopping bags that people would like to drop-off. The donated bags will be offered to customers as an alternative to plastic bags for their market purchases. For each bag donated, customers can enter to win a $25 gift certificate for the market, and a winner will be drawn every 2 weeks!

Croton-on-Hudson: Sunday, August 10th

Chef Maria Reina of Bella Cucina Maria will host a free cooking demo from 11:30 am-1:30 pm. She creates healthy, seasonal dishes with fresh ingredients from the market. She has a wonderful recipe for this week that features pasture-raised eggs and peppers, but that’s the only hint we’ll give for now. Stop by to sample her dish and gain new ideas for cooking from the market!

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Feed Your River: How Riverkeeper and Down to Earth Markets Are Teaming Up
to Support Local Food and Clean Water
by Jeremy Cherson of Riverkeeper
Hudson Sunset
Hudson River sunset as seen by the
Ossining waterfront

Riverkeeper, New York’s clean water advocate, and Down to Earth Markets are teaming up this summer and fall to present the Feed Your River Series, a partnership between neighbors to promote local food and the importance of clean water. The first event takes place this Saturday, August 9th, when Riverkeeper will appear at the Ossining Farmers Market to discuss our latest initiatives with market customers.

Did you know that over 100,000 New Yorkers get their drinking water directly from the Hudson River? Another 8 million New Yorkers depend on the good health of the Catskills for their drinking water supply.

Come visit Riverkeeper at these Down to Earth Farmers Markets:

8/9: Ossining Farmers Market
8/16: Tarrytown Farmers Market
8/31: Piermont Farmers Market
9/7: McGolrick Park Farmers Market (Brooklyn)
9/7: Park Slope Farmers Market (Brooklyn)
10/11: Morningside Park Farmers Market (Manhattan)

The connection between clean water and healthful food is readily apparent for our friends at Down to Earth Markets. Their farmers markets bring the finest produce of the Hudson Valley and surrounding area to the people of the metro region.

Farmers in the Catskills and Hudson Valley rely on clean, plentiful water to provide us with nutritious food. Supporting farmers at a Down to Earth Market helps farms within the NYC watershed stay in business and thrive. Ultimately, stewardship of farmland is an important component of maintaining water quality on the Hudson and its tributaries.

Riverkeeper will be featured at select Down to Earth Markets throughout the estuary to engage communities about the importance of protecting the Hudson River and our drinking supply. Stop by the learn about our ongoing campaigns to stop dangerous oil shipments down the Hudson, prevent the raid of clean water funds to finance the Tappan Zee Bridge, and keep fracking waste off New York roads. Everyone can make an impact. Find out how by visiting Riverkeeper at your favorite Down to Earth Farmers Market.

Riverkeeper relies on extraordinary heroes like you to raise the red flag and educate the public on threats to our river. We need you to join our volunteer team to help the Feed Your River Series thrive and grow. Click here to join our outreach and education volunteer team. See you at the markets!

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities, and here’s where to find them this week:

New Rochelle – Friday, August 8th

Trotta Foods (Locally sourced Italian specialties)

Larchmont – Saturday, August 9th

Bombay Emerald Chutney Company
Calcutta Kitchens
Flourish Baking Company
Trotta Foods (Locally sourced Italian specialties)

Ossining – Saturday, August 9th

Bombay Emerald Chutney Company
Hudson River Apiaries
Sisters Wicked Good Soap

Tarrytown – Saturday, August 9th

Tuthilltown Spirits Farm Distillery

Piermont – Sunday, August 10th

Simple Eats with Chef T
#Freedom Craft Brewery

Rye – Sunday, August 10th

Bombay Emerald Chutney Company
Kontoulis Family Olive Oil
Trotta Foods (Locally sourced Italian specialties)
Tuthilltown Spirits Farm Distillery