Tag Archives: Bedford Hills Real Estate for Sale

Riskiest areas see fewer homes insured as premiums rise | Bedford Hills Real Estate

As Florida and the Carolinas begin digging out from the from the record flooding and high winds that Hurricane Matthew delivered over the weekend, thousands of homeowner insurance claims are sure to follow.

The Consumer Federation of America, a Washington D.C.-based consumer advocacy group expects about 100,000 homeowners to file damage claims for as much as $7.5 billion from the Category 3 storm, though well short of the record claims made from the most severe storms such as Hurricane Katrina or Hurricane Andrew, where damage claims were more than $100 billion.

But if it turns out that fewer-than-expected insurance claims will be filed for damage, it may not just because Hurricane Matthew was a less-powerful storm than expected, it may be because far fewer homeowners are carrying property insurance.

That’s the analysis from Trulia.com, a San Francisco-based real estate research firm, which looked at homeowners’ insurance rates in some of the most hurricane-prone regions of the Southeast and mid-Atlantic, the so-called southernmost “Hurricane Alley” states comprised of Florida, Georgia and the Carolinas. The study also looked at Gulf Coast insurance rates including Texas. Hurricane insurance is often supplemental, but is typically required by mortgage lenders if the home is located in a storm-prone market like Florida.

Here’s another reason to use Facebook at work. The social media giant launches “Facebook at Work” on Monday, a new business-messaging tool that will represent the first time it charges for its services.

Overall, the U.S. Census noted that in 2014, 94.7% of homeowner households that had outstanding mortgage obligations had property insurance. The property insurance rate however dropped to 75.5% of those homeowner households that did not have any mortgage.

While property insurance is typically required by banks to protect their investment while the mortgage is being paid, Trulia’s data shows that many homeowners are dropping insurance once the mortgage is extinguished, primarily due to cost.

The percentage of Miami households reporting that they had homeowners’ property insurance fell to 78% in 2014 down from 90% in 2006, according to U.S. Census data cited by Trulia. Tampa-St. Petersburg, Fla., saw the steepest drop in insured homes, to 79% in 2014 from 92% in 2006, Trulia said.

Nationally, the number of insured homes fell to 89.2% from 94.1% eight years ago. Almost all major southeastern U.S. metros had insured rates below the national average, Trulia said.

On a national basis, Trulia noted that premiums have climbed on average more than 28%, with 10 of the 25 most expensive markets for homeowners insurance in the Southeast.


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Sales of previously owned homes decline | Bedford Hills Real Estate

United States Existing Home Sales  1968-2016 

Sales of previously owned houses in the United States declined 0.9 percent to a seasonally adjusted annual rate of 5330 thousand in August of 2016. It is the second consecutive decline, missing market expectations of a 1.1 percent gain. Sales of single family homes shrank 2.3 percent which those of condos increased 10.5 percent. The average price fell 1 percent and the months’ worth of supply went down to 4.6. Existing Home Sales in the United States averaged 3868.24 Thousand from 1968 until 2016, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. Existing Home Sales in the United States is reported by the National Association of Realtors.

United States Existing Home Sales
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Marcel Breuer-Designed House Hits The Market | Bedford Hills Real Estate

A three-bedroom, two-bathroom single-family house designed by Marcel Breuer was quietly listed by ReeceNichols in June, according to real estate firm’s website. The asking price for the Snower Residence at 6701 Belinder Ave. in Mission Hill’s, Kan., is $925,000.

Completed in 1954, the polygonal residence features an open floor plan atop a cantilever base, a now-ubiquitous structural design element that Breuer first championed in furniture design and later in architecture. The Bauhaus alum also designed the home’s interior, much of which remained intact when the residence was purchased by Rob Barnes and Karen Bisset in 2013, according to the Kansas City Star. Furnishings include a Herman Miller rocking chair designed by Charles and Ray Eames and Ludwig Mies van der Rohe’s Barcelona Sofa for Knoll Furniture (below). The couple installed a new roof, refinished the cedar-plank ceilings, and repainted the exterior to its original blue and orange hues.

The current owners restored the living room's cedar-plank ceilings and kept much of Breuer's furnishings, including Mies' Barcelona Sofa (left.)
ReeceNicholsThe current owners restored the living room’s cedar-plank ceilings and kept much of Breuer’s furnishings, including Mies’ Barcelona Sofa (left.)
A bedroom in the Snower Residence with Breuer's signature sliding windows and an Eames Rocking Chair (right.)
ReeceNicholsA bedroom in the Snower Residence with Breuer’s signature sliding windows and an Eames Rocking Chair (right.)

According to ReeceNichols’ website, Robert Snower asked Breuer to design a house that would stand alone among the sea of his Ranch-style neighbors. “Of course I am asking the impossible,” wrote Snower, who first saw Breuer’s residential work in the 1952 edition of House and Home Magazine. “[My wife and I] hope for a house which we will consider exceedingly handsome, yet which will not too seriously offend what in our opinion are duller eyes than our own. Most of the newer houses around here fit the description of what I believe are called ‘Sunset Ranch Homes,’ ” a variation of the Colonial Ranch style that was popular at the time. “This we do not want.” Snower owned the home until his death in 2013.


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Builder Confidence Rises in June | Bedford Hills Real Estate

After holding steady for the past four months, builder confidence in the market for newly constructed single-family homes rose two points in June to a level of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This marks the highest reading since January 2016.


Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI components posted gains in June. The component gauging current sales conditions rose one point to 64, the index charting sales expectations in the next six months increased five points to 70, and the component measuring buyer traffic climbed three points to 47.


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Millennials Move to the Burbs for Price and Choice | Bedford Hills Real Estate

More affordable and better choice are driving more millennials to buy in the suburbs and fewer in city neighborhoods, according to the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends study.

The share of millennials buying in an urban or central city area decreased to 17 percent in 2016 from 21 percent a year ago while more than half (51%) of buyers under age 35 bought in the suburbs, up from 49 percent a year ago, the study found.

2016-03-09_10-47-16However, younger buyers are not making a permanent commitment to the suburban lifestyle.  Buyers 35 years and younger expect stay in their new homes only ten years—the same tenure as last year– compared to the median of 14 years for all age groups, an increase from 12 years in 2015.

Lawrence Yun, NAR chief economist, said while millennials may choose to live in an urban area as renters, the survey reveals that most aren’t staying once they are ready to buy. “The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” he said. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is, for the most part, pushing their search further out.”


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CoreLogic: Home prices maintain pace, increase 6.3% | Bedford Hills Real Estate

Home prices nationwide, including distressed sales, posted similar results to last month, increasing year-over-year by 6.3% in December 2015 compared with December 2014, according to the most recent report from housing data and analytics provider, CoreLogic.

On a monthly basis, home prices are up 0.8% in December 2015 compared to November 2015.

The below chart shows the home price index going back to 2002.

Click to enlarge

home prices

(Source: CoreLogic)

“Nationally, home prices have been rising at a 5% to 6% annual rate for more than a year,” said Frank Nothaft, chief economist for CoreLogic.

“However, local-market growth can vary substantially from that. Some metropolitan areas have had double-digit appreciation, such as Denver and Naples, Florida, while others have had price declines, like New Orleans and Rochester, New York,” said Nothaft.

Looking ahead, CoreLogic’s HPI Forecast predicts that home prices will increase by 5.4% on a year-over-year basis from December 2015 to December 2016, and on a month-over-month basis home prices are expected to increase 0.2% from December 2015 to January 2016


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Electric out from area storm | Bedford Real Estate

Dear NYSEG Customer,

As a result of several rounds of lightning, severe wind and heavy rain beginning last evening, we’re currently reporting approximately 8,000 customers without power in our Brewster Division (parts of Westchester, Putnam and Dutchess counties). The outage count is down from a peak of more than 15,000 early this morning.

Easy ways to stay informed:

  • Report outages, view estimated restoration time and more by going to mobile-friendly Outage Central, or call our electricity emergency line at 1.800.572.1131.

  • Sign up to receive NYSEG Outage Alerts by text message, email, or voice message.

Our local crews and support personnel have been working since the outset and we are continuing to bring in additional resources – including line and tree crews – from across the state.

As we continue to respond to downed wires incidents to ensure public safety, we expect to have 90% of the original storm-related outages restored by 1 p.m. tomorrow.
For the latest outage counts; outage locations by county, municipality and streets/roads; and estimated restoration times (as they are available), visit Outage Central.


If your power is interrupted go toNYSEG’s Outage Central. Report outages and view estimated restoration times and outage maps at Outage Central from your computer or smart phone.
How we restore power: Our first priority is your safety. In the case of a large interruption, we first repair the main facilities (transmission lines, substations) that bring electricity to your neighborhood. Learn more by clicking here.
If someone in your household uses electrically powered life-sustaining equipment enroll in our program at 1.800.572.1111 to be updated on power restoration efforts if the duration of an outage extends beyond 24 hours.
To report a life-threateningelectricity emergency, call us at1.800.572.1131 or call 911. To report a natural gas emergency or if you smell a natural gas odor, call us at1.800.572.1121 or call 911.
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Should real estate agents “fire” know-it-all homebuyers? | Bedford Hills Realtor

Real estate agents are vital in the role of helping people find the perfect home.

But what should you do if it’s those same people who prove problematic?

What would you do, walk away?

Check out this Reddit post titled: “Stubborn buyer loses home over stupidity, how to handle?”

Here, user WolfofWallStr lays out this tragic scenario:

Hey all. Had a buyer, I’ll call them they “Know it All” Family. They knew everything, especially since they watch Home & Garden TV, Million Dollar Listing, and saw something on Youtube that one time.

So anyways, the buyer (The Know It All Family) submitted an offer, solid offer. Seller countered. The two were $10,000 apart. The seller then offered to meet in the middle, so they are no longer apart. Unfortunately buyer refused and actually informed the seller they are considering lowering their offer. The buyer used silly excuses such as values listed on the tax assessment of the property & replacement values from insurance quotes. In the meantime, the seller got a higher offer… we snoozed, we lost and it was all the buyers fault.

Now this buyer is angry and doesn’t want to buy anymore. They’re solid buyers, but they think they know everything because they read some blog on the internet about real estate and watch RE TV shows lol. Any thoughts on how to handle situations like this in the future?

For once, reaction isn’t so mixed.

Most of the Redditors, many brokers, landlords, agents themselves, say to “fire” clients such as these. Do you agree? Let me know on the message boards below.

Note: one user disagreed and got shot down for showing “alternative feelings.”

I’ll just add that here, at the end, for some balance.

WiseImprovements said:

“They are going through a very emotional process that may seem pretty simple to you. It’s a huge deal for their family and they are out of their comfort zone. I understand that you are frustrated but calling them stupid and insulting them online makes you look very badly.

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you know it all

Home #builders’ strategies for 2016 | #Bedford Hills Real Estate

As price looms up as a bigger factor in the success or failure of home builders’ strategies for 2016, time becomes one of the few real opportunity areas to stand out from among peers.

A plot line shows the difference between Census Bureau data on home sizes vs. NAHB survey respondents.
A plot line shows the difference between Census Bureau data on home sizes vs. NAHB survey respondents.

The most magical words in residential new development and construction? The right price in the right location.

“Right,” meaning, priced both to move into a satisfied home buyer’s possession and to profit the builder and his many partners. What’s less apparent–and for most home builders as critically important–is that the meaning of the term “right” includes both a cost and value of time. The ability to get all of those meanings and measures of the word “right” to come together in one place, structure, and moment is the dark magic of home building right now, and pricing is one of every home building organization’s biggest challenge for the coming year.

Let’s explore this, first by looking at the latest batch of data from a bi-annual well of research from the National Association of Home Builders.

It cost $103 per square foot–all-in in expenses and gross profit–to build the average home in 2015, a jump of 8.4% since 2013, and almost a 30% increase from four years ago. This is according to the just-released NAHB Cost of Construction Survey, which shows that the average home was built on 20,129 square feet (about a half an acre) of land, had 2,802 square feet of finished space, and sold for an average of $468,318.

A partial view of the NAHB Cost of Constructing a Home chart.
A partial view of the NAHB Cost of Constructing a Home chart.

First of all, what more glaring evidence of a “mix” tilt toward higher-priced, first move-up and second-time move up homes do we need, where all-in the cost, including profit, to complete and deliver an average home this year is 17% more than the $399K all-in cost in 2013, and a stunning 50% increase since 2011? This data, directionally, matches that of another source on new home price trends:

According to the Census Bureau’s data on new residential construction, the sales price of new single-family homes has been steadily rising from $267,900 in 2011, to $345,800 in 2014.

NAHB Construction Cost Surveys 1998-2015
NAHB Construction Cost Surveys 1998-2015

This bias, and imbalance, won’t hold. If the recovery proceeds as it needs to going into the next 12 to 18 months, the 2017 Cost of Construction Survey should reflect an actual decrease in the cost (including builder’s profit) of delivering a new home, as the sale of homes to entry-level buyers at a lower price-tag tier kicks up to account for a greater share of the volume. But it’s going to be a struggle.

That’s partly because of the cost pressure on both materials and labor.

According to the NAHB’s HMI survey from June and July of this year, builders report that on average, over the previous year, labor costs increased by 3.3%, material costs by 4.5%, and subcontractor costs by 5.0%.

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