Tag Archives: Bedford Corners NY Real Estate for sale

June housing starts jump | Bedford Corners Real Estate

U.S. housing starts rose more than expected in June as construction activity increased broadly, but a downward revision to the prior month’s data pointed to a housing sector treading water in the second quarter.

Groundbreaking surged 4.8 percent to a seasonally adjusted annual pace of 1.19 million units, the Commerce Department said on Tuesday. May’s starts were revised down to a 1.14 million-unit pace from the previously reported 1.16 million-unit pace.

Economists polled by Reuters had forecast housing starts rising to a 1.17 million-unit pace last month.

Housing starts in the second quarter were a touch higher than the average for the first three months of the year, suggesting that residential construction was probably a small boost to gross domestic product in the second quarter.

The housing market is being supported by a strengthening labor market and demand for rental accommodation, but home building is being constrained by labor and land shortages.

A survey of homebuilders published on Monday showed scattered softness in some markets, with builders citing regulatory challenges, as well as shortages of lots and labor.

Groundbreaking on single-family homes, the largest segment of the market, increased 4.4 percent to a 778,000-unit pace in June. Single-family starts in the South, where most home building takes place, gained 0.5 percent.

Single-family starts jumped 31.6 percent in the Northeast and climbed 3.1 percent in West. Groundbreaking on single-family housing projects increased 7.3 percent in the Midwest.

But single-family home construction continues to run ahead of permits, which could limit gains in the near term.

Housing starts for the volatile multi-family segment rose 5.4 percent to a 411,000-unit pace. The multi-family segment of the market continues to be supported by strong demand for rental accommodation as some Americans remain wary of homeownership in the aftermath of the housing market collapse.


read more…



Groovy Midcentury-Style New Jersey Home for sale | Bedford Corners Real Estate


All photos via Zillow

Location: Hopewell, NJ
Price: $885,000

Apparently undeterred by the climate of New Jersey, which has real seasons, midcentury architect Philip Collins designed this breezy timber-and-glass house for the ultimate indoor-outdoor experience. The 2,000-square-foot house no doubt looks desperate for some fixing up, but the original design intentions of the 1980-built home are clear and appealing: a central living room with a fireplace and glazing on three sides offer serene views of the 8.75-acre grounds filled with mature trees and a pool, while expansive decking on two sides (one with a fountain) provides plenty of space to lounge and entertain.

Inside, there’s a galley kitchen with pegboard walls and upgraded stainless steel appliances. Each wing of the house contains two bedrooms with large windows, and a separate office/guest room space that includes its own bathroom and kitchenette. Collins, perhaps best known for contributing a spiraling tent to the 964 New York World’s Fair, also designed another Hopewell home, a stone-and-cedar pavilion for himself a mile away, which sold in 2015 for $1.44M. According to Realtor, a listing agent found tax records that indicate this Collins design has only had one owner so far. What could be next?


The color Watery Blue Is Summer’s Best Hue | Bedford Corners Real Estate

Summer’s in full swing, which hopefully means plenty of pool and beach time for many of you. Whenever I’m working with a homeowner who wants to add some color to their home, but doesn’t necessarily want to travel down the bold road, I recommend watery blue hues — colors inspired by summertime spent by the sea.

These soft, muted greenish-blue hues work especially well for bedrooms and bathrooms, where they offer a calming, spa-inspired vibe. I’ve gathered together some paint color options as well as examples of how to work with this pleasing, ocean-inspired hue.

New-home sales rise 2.2% in May to fastest pace in more than 7 years | Bedford Corners Homes

New single-family homes in the U.S. sold at an annual rate of 546,000 in May, hitting the fastest pace since February 2008, with growth in two of four regions, the government reported Tuesday. Economists polled by MarketWatch had expected a sales rate of 525,000 in May, compared with a prior estimate of 517,000 for April. On Tuesday the U.S. Commerce Department revised April’s rate to 534,000. May’s pace was up 19.5% from a year earlier, signaling a healthy pick up, though recent sales rates remain below long-term averages. The median price of new homes, meanwhile, fell 1% to $282,800 compared with May 2014. The supply of new homes was 4.5 months at May’s sales pace, down from 4.6 months in April. Economists caution over reading too much into a single monthly report. A confidence interval of plus-or-minus 16.7% for May’s growth of 2.2% shows that the government isn’t sure whether the sales pace rose or fell last month.


read more….


Consumers Prices Fall 0.7% in January | Bedford Corners Real Estate

The consumer price index fell for the third straight month as the price of gasoline continued its sharp decline. The prices on expenditures made by urban consumers decreased 0.1% over the past twelve months before seasonal adjustments. According to the latest release from the Bureau of Labor Statistics (BLS) the consumer price index decreased 0.7% on a seasonally adjusted month-over-month basis.

The energy price index fell 9.7% in January for seventh straight month-over-month decline. This was the largest month-over-month drop during that period. The driving force behind falling consumer prices and the energy index is the sharp drop in gasoline prices. The gasoline index, a component of the energy price index, fell 18.7% for the month and is down 35.4% for the year. The index for natural gas also fell for the month; dropping 3.4% on a seasonally adjusted month-over-month basis.

The food index was unchanged in January on a seasonally adjusted month-over-month basis. Over the past twelve months, however, the food index increased 3.2% before seasonal adjustments. The food at home index increased 3.3% over the last twelve month with a large increase in the meats, poultry, fish, and eggs group of 8.7% for the year.

Core CPI, which excludes the more volatile food and energy prices, increased 0.2% on a seasonally adjusted month-over-month basis. Over the past twelve months core CPI increased 1.6% before seasonal adjustments.


The shelter index rose 0.3% month-over-month in January after increasing 0.2% month-over-month in December. Over the past twelve months, the shelter index increased 2.9% before seasonal adjustments.

The increase in the shelter index partly reflects increases in rental prices; the BLS measure does not isolate the change in rental prices from the changes in the overall price index. NAHB constructs a real price index by deflating the price index for rent by the index for overall inflation. This measure indicates whether inflation in rents is faster or slower than general inflation and provides insight into the supply and demand conditions for rental housing, after controlling for overall inflation. When rents are rising faster (slower) than general inflation the real rent index rises (declines).

The growth in real rental prices continues to outpace growth in the CPI. The NAHB constructed real rent index increased 0.1% in January month-over-month. Real rental prices rose by 1.7% from one year ago.



read more…



Adjustable Rate Mortgages: It’s All About Timing | Bedford Corners Real Estate

Rate shoppers naturally gravitate toward the lowest quotes, but a lower rate can lead to financial trouble if you don’t understand your loan terms. It’s important to know the relationship between rates and fixed terms so you can determine when it’s appropriate to use a shorter loan term instead of a longer one.

A 30-year fixed mortgage rate is higher than a five-year adjustable rate mortgage (ARM) rate because a financial institution is taking more risk to lend you the money for a longer period of time.

The reason for this goes to the root concept of how banks operate. A bank’s business model is to ensure that interest they collect on loans exceeds interest they must pay out on deposits.

Interest that banks must pay you on deposits rises as the economy expands, and falls as the economy contracts over time. It’s easier for banks to manage this interest rate risk in the short term.

For example, interest rates paid on checking and savings deposits are very low because you’re free to withdraw your money any time, while rates paid on certificate of deposit (CD) accounts are slightly higher because the bank requires you to keep those funds deposited for periods of one month to five years.

Because banks know  their expenses on deposits for periods up to five years, they know how to price mortgage loans up to five years. Today, many banks would pay you about 2.25 percent on a five-year CD, and they’d charge you about 3.25 percent for a five-year ARM.

But if you were getting a 30-year fixed loan, they might charge you about 3.875 percent — although these rates fluctuate. This rate is higher in order to compensate a bank for the interest rate risk they’re taking. Rates they must pay on deposits might be much higher during that 30-year period as the economy fluctuates, but your 3.875-percent mortgage rate is guaranteed.

Peg loan term to expected time in the loan

Let’s say you were buying a $300,000 home with 20 percent down, and chose the five-year term at 3.25 percent because the $1,044 payment sounded more affordable than the $1,129 payment on the 30-year fixed at 3.875 percent.

You must be aware that your rate is set for five years, then will adjust each year for 25 years. These adjustments protect the bank from interest rate risk by allowing the loan to move to a market rate when the five-year fixed period expires.

The initial fixed rate of 3.25 percent will change to a market rate comprised of a fluctuating index such as the one-year LIBOR rate (a benchmark for short-term interest rates worldwide) plus a base rate (called a margin) of about 2.25 percent. If the loan adjusted today, it would go down to 2.94 percent because LIBOR remains abnormally low — it was recently .69 percent — as the global economy struggles.

A more normal LIBOR rate is about 3.25 percent. Add that to the ARM margin of 2.25 percent, and your adjusted rate would be more like 6.5 percent, making your new payment in year six jump to $1,447 (which is calculated by amortizing the remaining balance at the five-year mark over the remaining 25 years of the loan).

This is $403 more than the payment on the initial five-year fixed period, and $318 more than the 30-year fixed you could’ve taken. And the loan will adjust to current LIBOR plus 2.25-percent margin once per year from that point forward.

It’s a lot of risk, and raises the question: How do you choose the right balance between the lowest rate and longest fixed term?

The answer is simple: Make sure your rate is fixed for as long as you expect to be in the home or in the loan.

If you know you’ll sell the home or pay off the loan in five years, a five-year ARM is appropriate. Other ARMs you can get have initial fixed periods of three, seven and 10 years, and rates rise as the terms lengthen. If you know you’ll be in the home or the loan longer than 10 years, then your safest budget move is to choose a 15-year fixed or 30-year fixed loan.


read more…




Off-the-Grid Island Home | Bedford Corners Real Estate

It was something like 25 degrees below zero one February in Winnipeg, Canada, when Holly McNally picked up the National Post newspaper and flipped to the travel section. A full-page story raved about Sidney Island, part of the Gulf Islands off the coast of Victoria and just south of Vancouver. Everything about it — the remoteness, the scenery — seemed to fit with Holly and her husband, Paul. “We got on a plane within days and went to check it out,” Holly says.

It was perfect for them, as well as their two Newfoundland dogs. So they snatched up a building lot and started designing an off-the-grid home with the help of Kim Smith, of Helliwell + Smith | Blue Sky Architecture. The result is a circular layout that captures views of the ocean while creating a sunny courtyard protected from the strong sea winds. It’s a place where Holly can finally garden (lacking this ability on the frozen clay prairies back home had frustrated her), and where Paul can build furniture in his woodshop. Plus, after retiring from the business they founded and ran, McNally Robinson Booksellers —one of the largest independent bookstores in Canada — they can finally kick back and enjoy a few good books. OK, a lot of good books.

US homebuilder sentiment slips in December | Bedford Corners Real Estate


U.S. homebuilders are feeling slightly less confident in their sales prospects heading into next year, even as their overall sales outlook remains favorable.

The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped this month to 57, down one point from 58 in November.

Readings above 50 indicate more builders view sales conditions as good, rather than poor.

Builders’ view of current sales conditions and their outlook for sales over the next six months also declined slightly. A measure of traffic by prospective buyers held steady.

The index also found sentiment had improved in the West and Northeast, but took a step back in the Midwest and South, which accounts for half of the new-home market.

The latest reading reflects a housing market that is slowly recovering, said David Crowe, the NAHB’s chief economist.

“As we head into 2015, the housing market should continue to recover at a steady, gradual pace,” Crowe said.

Housing, while still a long way from the boom of several years ago, has been recovering over the past two years.

New home sales reached a seasonally adjusted annual rate of 458,000 homes in October, the highest point since May. Still, sales remain sharply below the annual rate of 700,000 seen during the 1990s.

At the same time, home prices continue to climb.

The median price of a home sold in October was $305,000, up 16.5 percent from a year ago. November data on new-home sales are due out next week.

The steady rise in home prices has held back many potential buyers, particularly first-time buyers. Many lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing homes instead of upgrading.


read more…



Standard home insurance doesn’t handle these situations | Bedford Corners Real Estate

If you’re like many homeowners, you bought your home insurance policy, got standard coverage and haven’t given it another thought. Unfortunately, that type of thinking could lead to gaps in your coverage.

A standard homeowners policy offers coverage for a wide variety of perils — theft, vandalism, fire, wind, lightning and ice, among others — but not for everything. Here are six situations where you need to bolster your policy to get help.


Mold in your home is bad news. It can cause major health problems for you and your family, and can even make your house uninhabitable. Insurance providers handle mold in a variety of ways. Some limit coverage for damage caused by mold, while others don’t cover mold at all.

Every state except Arkansas, New York, North Carolina and Virginia has adopted an ISO mold limitation for homeowners insurance coverage, which allows insurers to exclude coverage unless the condition results from a covered peril. For example, if the water from a burst pipe in your home causes mold, your insurer might cover it.

The solution: If you find out that you aren’t sufficiently covered for mold, you can purchase a separate rider to cover mold in your home.


From mice and rats to termites and bed bugs, standard home insurance policies do not cover damage from pests. That means if a rat chews through your electrical wiring or termites destroy the wood support for your roof, you’re on your own.

The best way to tackle this issue is through prevention. Keep an eye out for signs of pests around your property. If you see something suspicious, call an exterminator before the problem gets out of control.

The solution: Schedule annual termite inspections. By the time you see damage, it could be too late.

Sewage back-up

Backed-up sewers can wreak havoc on a home, causing thousands of dollars in damage. Most agents will ask you about this coverage when you’re buying a home insurance policy, but many consumers ignore the topic.

The solution: Add this coverage to your policy — it generally only tacks $40-$50 onto your premium, according to the Insurance Information Institute (III).


That’s right, standard home insurance policies do not provide coverage for flood damage. For flood coverage, homeowners must purchase a flood insurance policy through the National Flood Insurance Program.

While many mortgage lenders require flood coverage as a loan condition, homeowners in moderate- to low-risk flood zones have the option to forgo it altogether.

Before you decide to take a chance, you should know that 25 percent of all NFIP claims come from people outside of mapped high-risk flood areas.

The solution: Purchase a flood insurance policy; they start at as little as $129 a year in low-risk areas.


read more…




Luxury Meets Off the Grid in the Aspen Groves | Bedford Corners Real Estate


Image 55


2015 Colorow Rd, Edwards, CO
For sale: $7.995 million

A sleeker, smarter species of mountain real estate has emerged from the aspen groves of White River National Forest. It’s called Squaw Creek Estate.

“This home is very cutting edge,” said listing agent Matthew Blake of Ascent Sotheby’s International Realty.

For starters, a glass-ceiling elevator leads to an observatory with a research-grade telescope for taking in a commanding view of Gore Range, Lake Creek Valley and Finnegan’s Peak of the Sawatch Range.

“It’s one of the best places for [an observatory] on a ridge line,” Blake said.

The current owners also wanted to add more green features when they bought the property in 2008. Of note, they added solar panels and a geo-thermal pond, paying for half of the 10,561-square-foot home’s energy expenses.

“The gas and electric bills are less than a town home on the valley floor,” Blake said.

They also added a state-of-the-art greenhouse that provides year-round tropical produce including bananas, mangoes and spices. “It can be winter and feel like you’re in Hawaii,” Blake said.

In fact, even with Vail and Beaver Creek ski resorts just 30 minutes away, the home feels and operates like you’re off the grid.



read more…