Tag Archives: Chappaqua Luxury Real Estate

Low Mortgage Rates Sustain Improving Housing Markets | Chappaqua Real Estate

Freddie Mac released its Multi-Indicator Market Index® (MiMi®), showing two additional metro areas — Indianapolis, Indiana, and Columbus, Ohio — entering their historic benchmark levels of housing activity.

The national MiMi value stands at 85.1, largely unchanged from last month, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity with a +0.14 percent improvement from June to July and a three-month improvement of +1.24 percent. On a year-over-year basis, the national MiMi value improved +4.70 percent. Since its all-time low in October 2010, the national MiMi has rebounded 43 percent, but remains significantly off its high of 121.7.

News Facts:

  • Thirty-eight of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (97.5), Hawaii (96.6), Montana (96.5), Colorado (96) and Oregon (95.8) ranking in the top five with scores closest to their historical benchmark index levels of 100.
  • Seventy-nine of the 100 metro areas have MiMi values within range, with Los Angeles, CA (99.5), Salt Lake City, UT (100.6), Provo, UT (98.9), Honolulu, HI (98.7) and Nashville, TN (101.6) ranking in the top five with scores closest to their historical benchmark index levels of 100.
  • The most improving states month over month were Illinois (+1.72%), Nevada (+1.36%), Florida (+1.20%), Alabama (+1.14%) and South Carolina (+1.00%). On a year-over-year basis, the most improving states were Florida (+10.03%), Oregon (+9.49%), Colorado (+9.09%), New Jersey (+8.64%) and Tennessee (+8.54%).
  • The most improving metro areas month over month were Lakeland, FL (+2.13%), Youngstown, OH (+1.92%), Chicago, IL (+1.73%), Orlando, FL (+1.63%) and Las Vegas, NV (+1.61%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+16.20%), Tampa, FL (+13.03%), Lakeland, FL (+13.02%), Chattanooga, TN (+12.89%) and Palm Bay, FL (+12.47).
  • In July, 32 of the 50 states and 75 of the top 100 metros were showing an improving three-month trend. The same time last year, all 50 states and the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Nationally, MiMi in July was largely unchanged for the third consecutive month at 85.1, yet marking a 4.7 percent year-over-year increase. Despite rising house prices, the majority of housing markets have sustained their momentum due in large part to low mortgage rates. For example, purchase applications, as measured by MiMi, were up more than 17 percent year over year in July and remaining at their highest level since December 2007.”

The 2016 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

Clintons buy adjacent Chappaqua property | Chappaqua Real Estate

While on the campaign trail in hopes of re-occupying the White House come January, Hillary and Bill Clinton have more than doubled the size of their Chappaqua sprawl with the recent $1.16 million purchase of a home adjacent to their current 15 Old House Lane compound.

The 1.51-acre, three-bedroom, four-bath, ranch-style property at 33 Old House Lane shares the end of a cul-de-sac with the couple’s original 1.1-acre spread, which they acquired for $1.7 million back in 1999 (and which recently housed the Democratic presidential nominee during her much-discussed bought with pneumonia).

Coincidentally or not, the New Castle Town Board has since designated the stretch of road leading up to said cul-de-sac a local-traffic-only street, according to Statesman Journal. Shortly after, the Clintons’ secret service reportedly barricaded the street and began screening cars, though town administrator Jill Shapiro stated that the police chief had received a request for security reasons.

The Douglas Elliman listing (which is, naturally, now closed) boasted of the address’s “open floor plan, pecan wood floors throughout, [and] modern chef’s kitchen,” which “opens to an eating area with fireplace and the family room all with built-in cabinetry.”

 

read more…

 

http://www.westchestermagazine.com/Clintons-Buy-Second-Westchester-Home/

Homebuilders gaining confidence | Chappaqua Real Estate

Homebuilder confidence increased in August as new construction and new home sales increase, according to the Housing Market Index by the National Association of Home Builders and Wells Fargo.

Builder confidence in the market of newly constructed single-family homes in August rose two points to 60, up from July’s downwardly revised reading of 58, according to the index.

“New construction and new home sales are on the rise in most areas of the country, and this is helping to boost builder sentiment,” said NAHB Chairman Ed Brady, a homebuilder and developer from Bloomington, Ill.

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo HMI categorizes 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.

“Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July,” said NAHB Chief Economist Robert Dietz.  “Historically low mortgage rates, increased household formations and a firming labor market will help keep housing on an upward path during the rest of the year.”

In the second quarter of 2016, real gross domestic product, the value of everything a nation produces, grew at a rate of only 1.2% from last year, according to the estimate released by the Bureau of Economic Analysis.

On the other hand, total non-farm payroll employment increased by 255,000 in July, far above what experts predicted.

 

read more…

 

http://www.housingwire.com/articles/37782-homebuilders-gaining-confidence-as-new-home-sales-increase?eid=311691494&bid=1498035

Private Residential Construction Spending Stalls in April | Chappaqua Real Estate

NAHB analysis of Census Construction Spending data shows that total private residential construction spending for April dropped to a seasonally adjusted annual rate of $439.7 billion, down by 1.5% over the March upwardly revised estimate. Private nonresidential construction spending was also down 1.5%, the first decline in 2016.

Within private residential construction, spending on multifamily and improvements both declined in April. Multifamily spending decreased to $60.0 billion after two consecutive months of strong gains. Despite this monthly decline, multifamily spending was 21.4% higher than in April 2015. Private construction spending on home improvements fell to a seasonally adjusted annual rate of $142.2 billion, down by 3.2% since last month. Compared to 2015 April estimates, spending on home improvements decreased 3.5%. Single-family spending stood at $237.5 billion, virtually unchanged since March but up by 12.9% year over year.

The NAHB construction spending index, which is shown in the graph below (the base is January 2000), illustrates the strong growth in new multifamily construction since 2010, while new single-family construction and home improvements spending have drifted upward at a more modest pace. NAHB anticipates accelerating growth for new single-family spending over the rest of 2016.

Slide1

The pace of private nonresidential construction spending retreated after three consecutive monthly increases. It fell 1.5% on a monthly basis, but was 3.4% higher than the April 2015 estimate. The largest contribution to this year-over-year nonresidential spending gain was made by the class of lodging (25.3% increase), followed by office (24.4% increase) and amusement and recreation religious (11.9% increase).

 

read more…

 

http://eyeonhousing.org/2016/06/private-residential-construction-spending-stalls-in-april/

Is Bad Information Keeping Potential Buyers in Apartments? | Chappaqua Real Estate

A new survey from Bank rate found that primary reason 29 percent of renters can’t buy a home is they can’t afford a down payment.  However, at least one out of five of them are overestimating how much they think they will have to raise for a down payment.

The more than 3250 non-homeowners participating in the survey expect that they would have to put down 24 percent of the purchase price.  Some 21 percent of those non-owners, or one in every five of those who think they can’t afford a down payment, believe they would have to put down more than 20 percent of a home’s price.

In fact, the average down payment last year was nearly ten points lower, about 14.8 percent of the purchase price, according to RealtyTrac.  Millennials, many of whom use FHA financing or the new low down payment programs from Fannie Mae and Freddie Mac, put only about 7 percent down, according to an NAR report on Millennials.

NAR’s 2015 Profile of Home Buyers and Sellers reported virtually the same down payment levels.  First-time buyers financed 94 percent of their homes and put down 6 percent; repeat buyers financed 86 percent and paid the remaining 14 percent in cash.

Even the average down payment for just conventional loans was lower than the 24 percent average of renters in the Bankrate survey– 17.36%, according to a Lending Tree.

The Bankrate study raised eyebrows when it reported that the survey found that 35 percent of non-homeowners “just don’t want to own a home yet”.   However, the real news may be the rampant and harmful misinformation about down payments that it has surfaced.

 

read more…

 

http://www.realestateeconomywatch.com/2016/02/is-bad-information-keeping-potential-buyers-in-apartments/

Declines for Residential Construction Spending in March | #Chappaqua Real Estate

NAHB analysis of Census construction spending data finds that over the last year, the pace of private single-family construction spending increased 7.8% and multifamily construction spending increased 23.4%, despite monthly declines for March.

For the month, the seasonally adjusted annual rate of single-family construction spending was $200.7 billion, down 1.8% from February. The March rate of multifamily construction spending was $49.2 billion, 2.1% lower than February.

The construction data (indexed in the graph below, so that the January 2000 pace is equal to 100 for both variables) illustrate the degree to which multifamily spending is thus far leading the recovery for the residential construction sector. NAHB expects gains for multifamily to slow in 2015, while single-family construction increases.

constr spending_res

It is worth noting that the Census measure for total private residential construction spending shows a 2.6% year-over-year decline, despite annual gains for single-family and multifamily development. This decline is due to a decrease in the separate improvement category, which contrasts with other measures, including theNAHB Remodeling Market Index, which indicates strength for the home improvement sector.

From March 2014, the pace of combined public and private non-residential construction spending increased 4.7% on a seasonally adjusted annual rate basis to $611.8 billion. From February 2015, non-residential spending was effectively flat, declining 0.1%.

constr spending_res_nonres

The largest year-over-year gains for nonresidential construction spending have been experienced by the classes of manufacturing-related construction (50.7% gain), amusement/recreation (23.8%), lodging (22%), office (19.8%), and sewage/waste disposal (19.6%).

 

read more…

 

http://eyeonhousing.org/2015/05/declines-for-residential-construction-spending-in-march/

Property Taxes Make Up 40% of State and Local Tax Revenues | Chappaqua Real Estate

According to NAHB tabulations of the Census Bureau’s quarterly data, property taxes constituted 39.7% of state and local tax receipts among major sources for 2014. Sales taxes had the second largest share at 27.8%, followed closely by individual income tax at 27.9%. At 4.6%, corporate income taxes held the smallest share of state and local tax receipts among major sources.

SALT shares

Further gains are expected in all tax receipts as the economic recovery strengthens, however state and local individual income tax, corporate income tax, and sales tax collections are particularly responsive to changing economic conditions.

Gains in state and local individual income tax, corporate income tax, and sales tax collections had outpaced increases in property tax receipts until recently. This trend pushed the property tax share of total receipts from the four major sources from a high of 44.9% in the third quarter of 2010 to just below 40% as of the end of 2014. The share did stabilize recently as property tax revenues continue to grow. The current property tax share remains higher than pre-housing boom measures.

Revenues from property taxes totaled just under $498 billion for 2014.

prop tax revenues

Lagging property assessments and annual adjustments smooth property tax collections across business cycles. Nominal property tax collections are not as prone to cyclical fluctuations as other tax collections and have tended to increase with minor business cycle fluctuations.

 

read more…

 

http://eyeonhousing.org/2015/03/

Down to Earth Farmers Markets | Chappaqua Real Estate

DTE-E-Mail-Masthead_(722x126pxl)_(1-14-15)07

Mamaroneck:
Shovel Ready String Band Plays 10 am-noon;
Honey, Indian Simmer Sauces, & Ice Cream Tempt Local Palettes + More!

Ossining:
Celtic Fiddle with Brian Vegh this Saturday;
Welcome Back Taiim Falafel Shack & OM Champagne Tea + More!


March 19-25th, 2015

DowntoEarthMarkets.com

BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Chicken Bone Broth
Sold in re-sealable bags, easy to recycle.
$10 for one 24 oz bag or $18 for two
Great for the “Bone Broth Challenge” (a cup a day) or
in wide variety of cooking!
Yellow Bell Farm
Gluten-Free Pasta Varieties: Including Egg + Spinach and Egg
Trotta Foods
Click on a market to see all vendor and event details…

Ossining Winter

Saturdays
9:00 am-1:00 pm
Claremont Elementary School on Van Cortlandt Avenue, off of N. Highland (Rte. 9)

Note: The market moves back outside to the corner of Spring & Main Streets in downtown Ossining
on Saturday, April 4th.

Mamaroneck Winter

Saturdays
9:00 am-1:00 pm
St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details.

Announcements
Down to Earth Markets is Hiring!

It’s Hiring Season here at Down to Earth Markets. As we prepare for the 2015markets, we have PAID,
part-time positions available in Westchester. Most markets run one day per week, from May through Thanksgiving. Click here for details. Applications are due to Frankie Rowland, Westchester/Rockland County Territory Manager, by Tuesday, March 31st. We look forward to hearing from you.

Ossining: Please Order Tierra Farm Nut Products with Market Manager, Samantha

Down to Earth Markets is happy to partner with Claremont Elementary School to hold the Ossining Indoor Winter Farmers Market. In an effort to meet the needs of the school community, Tierra Farm will no longer be a vendor at the indoor market. For customers interested in purchasing Tierra Farm products, there will be weekly order forms available at the market. Please submit your Tierra Farm order form to the market manager, Samantha, during market hours, 9 am to 1 pm. During the week, you can pick up your Tierra Farm order at Down to Earth’s office on Main Street in Ossining.
We look forward to seeing you.

Tierra Farm will return on Saturday, April 4th, when the market moves back outside to its longtime home at the corner of Spring and Main Streets in downtown Ossining.

For upcoming 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.

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

Mamaroneck – Saturday, March 21st

Calcutta Kitchens
Hudson River Apiaries
LizBeth’s Dessert Boutique (Handmade ice cream)

Ossining – Saturday, March 21st

OM Champagne Tea (Small batch kombucha)
Taiim Falafel Shack

Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837
DowntoEarthMarkets.com

Local Farmers Markets | #Chappaqua Real Estate

DTE-E-Mail-Masthead_(722x126pxl)_(1-14-15)07

Mamaroneck:
Seasonal Chef Maria Reina Cooks Up Meal Inspiration from 11am-1pm +
Shovel Ready String Band Entertains from 10am-Noon
Simple Eats with Chef T Debuts + More

Ossining:
Enjoy Celtic Fiddle Tunes with Brian Vegh +
Local Author, Denise Martin, Shares A Taste Back in Time
Kontoulis Family Olive Oil Joins Market for 1st time in 2015 + More!


February 19-25th, 2015

DowntoEarthMarkets.com

BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Arugula Pesto
Made with arugula from Gajeski Produceand Kontoulis Family Olive Oil
Trotta Foods
Click on a market to see all vendor and event details…

Ossining Winter

Saturdays
9:00 am-1:00 pm

Claremont Elementary School
Van Cortlandt Avenue, off of N. Highland (Rte. 9)

Mamaroneck Winter

Saturdays
9:00 am-1:00 pm

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details

Announcements
Tune in Tonight 2/19: Miriam Haas & Jon Zeltsman on The Local Live: Food for Thought

Down to Earth Markets Founder, Miriam Haas, and President, Jon Zeltsman, look forward to joining a discussion tonight on the Local Live: Food for Thought, a production by Larchmont Community Television. Along with nutritionist, Elyssa Hurlbut, the group will talk about the state of local food today, including what “organic” truly means, GMO foods, and the role of big business in food production.
The program begins at 7:30 pm – find all the details HERE!

Mamaroneck: Music + Cooking Demo + Meet & Greet with The Journal News

The Shovel Ready String Band will play the market this Saturday from 10 am to noon!
Enjoy their jugband & bluegrass musical style as you shop for delicious market foods.
Speaking of deliciousness, Seasonal Chef Maria Reina, will host a cooking demo from 11 am to 1 pm.
She’s well-known for her recipes in the Small Bites column of The Journal News, and we look forward to her creative cooking at the market. Staff members from The Journal News will be on hand, too, as part of our Community Table program. Stop by and learn about the publication’s latest developments.

Ossining: Celtic Fiddle Songs & Local Author Book Signing
Celtic violinist, Brian Vegh, will share his musical talents with the Ossining market this Saturday from
10 am to noon. Also, stop by the market Community Table and meet author, Denise Martin. Denise grew up in Hastings-on-Hudson and now lives in Ossining. She’ll sell and sign copies of her book, A Taste Back in Time. It celebrates the traditions of her large Italian family and contains over 50 classic Italian recipes, as well as heart-warming stories of people and places in Westchester County.
Denise will also give out free printed copies of two beloved family recipes featured in her book.

Ossining: Please Order Tierra Farm Nut Products with Market Manager, Samantha

Down to Earth Markets is happy to partner with Claremont Elementary School to hold the Ossining Indoor Winter Farmers Market. In an effort to meet the needs of the school community, Tierra Farm will no longer be a vendor at the indoor market. For customers interested in purchasing Tierra Farm products, there will be weekly order forms available at the market. Please submit your Tierra Farm order form to the market manager, Samantha, during market hours, 9 am to 1 pm. During the week, you can pick up your Tierra Farm order at Down to Earth’s office on Main Street in Ossining.
We look forward to seeing you!

Tierra Farm will return on Saturday, April 4th, when the market moves back outside to its longtime home at the corner of Spring and Main Streets in downtown Ossining.

Next Learning Center Class: Wednesday, March 11th

Join us for the next session of the 2015 Learning Center: Tastes of Spring Bloom with Great Olive Oil.
In this class, the owners of Demi Olive Oil and Kontoulis Family Olive Oil will share their family techniques from farm to bottle. The evening will include a cooking demonstration with fresh, local produce.
Great olive oil opens up a new world of taste!
All classes take place at our office at 173 Main Street, 3rd Floor, in Ossining.
Each class is $15 or $40 for three.
Click HERE to learn more and buy tickets.

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.

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

Mamaroneck – Saturday, February 21st

Calcutta Kitchens
Christiane’s Backstube
Hudson River Apiaries
**NEW TO MARKET!** – Simple Eats with Chef T (Healthy prepared foods to go)

Ossining – Saturday, February 21st

Kontoulis Family Olive Oil
Sisters Wicked Good Soap
Taiim Falafel Shack

Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837
DowntoEarthMarkets.com