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Katonah NY

Cuba’s real estate market is booming | Katonah Real Estate

The numbers are stunning.

To buy a house in the once-elegant Miramar neighborhood of Havana, the average Cuban must have saved all of his salary since British troops captured the city in 1762.

That house would cost about 100,000 Cuban convertible pesos, or CUCs — the equivalent of $1.13 U.S. What isn’t even close to equivalent is the pay scale. The average Cuban earns 370 CUCs per year as a computer programmer, state shop administrator, policeman, postman or teacher.

That disparity alone isn’t startling. Almost every city in the world has elegant homes that only the elite can afford, while average residents live in moderately priced homes. But in Cuba, the price for even a modest home far outstrips local wages.

According to official figures, the 5,000 CUC asking price for a dilapidated residence in less-desirable Havana neighborhoods like Alamar Jesús María, Luyanó and Párraga equals 13.5 years of salary for an average worker. A modest 20,000 CUC apartment in Vedado amounts to 54 years of average earnings.

Successful business owners, medical personnel who have worked abroad, artists and others may be able to afford the high prices. But its people living abroad – some of them Cubans, some not – who are often buyers.

Making the situation more difficult for island-based Cubans is the financial structure. Cubans cannot access mortgages or bank loans. Real estate purchases in Cuba are generally made in cash — although sometimes the buyers throw in a car, another property, television sets, air conditioners, water pumps and even furniture.

The largest transactions are often discreetly sealed outside Cuba, many of them in Miami.

Since the Cuban government legalized the sale of private residences in 2011, thousands of houses and apartments have changed hands each year.

It was a time of change throughout the island, noted Emilio Morales, director of The Havana Consulting Group, a Miami company that monitors the Cuban economy. “The authorization for selling homes arrived at the same time as self-employment and the elimination of the ‘White Card’ permit to travel abroad. People started selling their homes to invest in a business or to finance their move abroad.”

Today more than 8,000 properties are available for sale in Cuba at any one time. Four out of five are in Havana, home to one in four Cubans.

The island’s complex real estate market is plagued by a lack of information, funding shortages and legislative gaps. Sellers don’t trust real estate agents, who are not officially organized. There are no independent inspectors or appraisers, no property insurance or transparent documents.

But perhaps the heaviest cloud over the real estate market is the well-founded fear that the laws allowing the sale of private homes can be recalled at any time.

“The current trend toward limiting the private sector, from restaurants to home rentals that were proving so successful, will soon bring with it a contraction of the real estate market,” said Morales. “That was the real aim, because the private sector was winning the competition against the inefficient state sector at all levels, from shoe manufacturing to hostels in private homes.”

read more…

https://www.miamiherald.com/news/nation-world/world/americas/cuba/article217887040.html

30 Year Mortgage rates average 3.57% | Katonah Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling for the third consecutive week following disappointing April employment data. Mortgage rates are at their low point for the year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.5 point for the week ending May 12, 2016, down from last week when it averaged 3.61 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.
  • 15-year FRM this week averaged 2.81 percent with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.5 point, down from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.89 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.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March. As a result, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years. Prospective homebuyers will continue to take advantage of a falling rate environment that has seen mortgage rates drop in 14 of the previous 19 weeks.”

U.S. house prices accelerate in April | #Katonah Real Estate

U.S. house prices accelerated further in April, as low inventories and growing sales push costs higher, a leading data provider said Tuesday.

CoreLogic reported a 2.7% monthly advance to take the year-on-year gain to 6.8%.

The spring is traditionally the strongest portion of the year for housing, and data from CoreLogic and other providers suggest an upturn.

“Old-fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up,” said Anand Nallathambi, president and CEO of CoreLogic.

Dallas and Houston prices are showing few signs of let-up despite the collapse in energy prices. Dallas prices were up 10.3% in the 12 months to April, and Houston prices were up 9.5%. The Washington, D.C., area brought up the rear with just a 1.6% advance.

South Carolina was the strongest state, with an 11.4% advance, while Massachusetts saw a 1.7% drop, one of only four states to register a decline.

CoreLogic is the first of the three major house-price trackers to report results. The Case-Shiller/20-city composite rose 5% in the year to March, and the FHFA house price report showed a 5.2% gain in the 12 months to March.

 

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http://www.marketwatch.com/story/us-house-prices-accelerate-in-april-corelogic-says-2015-06-02

Down to Earth Markets | Katonah Real Estate

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Bake Up the Love: Valentine Baking Class with Christiane’s Backstube on Feb. 11th;
Brand New Vendor Debuts at Mamaroneck Farmers Market;
Ossining Winter Market Hosts Music with Shovel Ready String Band + More

February 5-11th, 2015

DowntoEarthMarkets.com
BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Dark Chocolate Challah Bread
Perfect for Valentine’s Day – offered
only once a year!
Orwasher’s Bakery
Pork & Ale Pub Pie
Stone & Thistle Farm

SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma
Bombay Emerald Chutney Company
Valentine’s Day Cookies & Cupcakes
Regular and gluten-free
Meredith’s Bread
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
Mamaroneck: Armelle for Kids Plays this Saturday
Calling all kids who like to dance and sing: You are in for a treat.
Larchmont-based singer, Armelle Gloaguen, and her band, The Hand Jive Tribe, know how to get kids moving and grooving to music from around the world. She sings in English, French, Spanish, Korean, Chinese, and in a Sierra Leone dialect. They’ll play from 10 am to noon – see you there!

Ossining: Shovel Ready String Band Lights Up the Stage

This Saturday, join us for the Shovel Ready String Band! This local band knows how to celebrate the joy of bringing people together at the market. They play bluegrass, country blues, snappy good time tunes – and more – so make sure to stop by between 10 am to noon to enjoy their sound.

Ossining: The 2015 Learning Center at Down to Earth Markets

Down to Earth Markets is delighted to announce our 2015 Learning Center series. Once a month, we’ll invite local food makers to share their secrets to a class held in our office at 173 Main Street, 3rd Floor, in Ossining. The kick-off event is “Bake Up the Love with Christiane’s Backstube” on
Wednesday, February 11th from 7-9 pm. 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 7th

Calcutta Kitchens
Hudson River Apiaries
Kontoulis Family Olive Oil
**NEW TO MARKET!** – LizBeth’s Dessert Boutique

Ossining – Saturday, February 7th

Bombay Emerald Chutney Company
Kontoulis Family Olive Oil
Taiim Falafel Shack
Wave Hill Breads

Local Farmers Markets | Katonah Real Estate

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SIX Rotating Vendors & Music at Mamaroneck Winter Farmers Market;
Join Us: Down to Earth Markets’ 2015 Learning Center;
Vendors Offer Yummy Specials in both Ossining & Mamaroneck!


January 29th-February 4th, 2015

DowntoEarthMarkets.com
BrooklynWinterOffer
What’s New, In Season, and On Sale This Week
Bacon Marmalade
Stone & Thistle Farm

Full Sour Pickle Special:
$1 OFF on all quart sizes

Pickle Licious

JUST CRUST Chips and
Rustic Croutons
: 1 bag for $5 or
2 for $7.50

Flavors include Naked, Garlic, &
With a Kick

Wave Hill Breads

Marble Loaf (slices)
Christiane’s Backstube

Pate de Campagne
Stone & Thistle Farm

Pistachio Cookies
Christiane’s Backstube

Roasted Bone Broth
Stone & Thistle Farm

Roman Focaccia
Buy 2 at $5 each & get 1 FREE

Wave Hill Breads

SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma
Bombay Emerald Chutney Company

Wheat Grits with Pear Loaf (slices)
Christiane’s Backstube

Valentine’s Day Cookies & Cupcakes
Regular and gluten-free
Meredith’s Bread

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
Mamaroneck: Music at the Market

This Saturday, January 31st, enjoy music by guitarist Ed Packer from 10 am to noon.
He‘s a farmers market favorite with both his original and fun cover songs!

Ossining: The 2015 Learning Center at Down to Earth Markets

Down to Earth Markets is delighted to announce our 2015 Learning Center series. Once a month, we’ll invite local food makers to share their secrets to a class held in our office at 173 Main Street, 3rd Floor, in Ossining. The kick-off event is “Bake Up the Love with Christiane’s Backstube” on
Wednesday, February 11th from 7-9 pm. 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.

Homeowner’s Claims Can Send Premiums Sky High | Katonah Real Estate

Filing a single homeowner’s insurance claim can raise consumers’ annual insurance premiums by more than 30 percent, or hundreds of dollars each year, according to research by insuranceQuotes.com, a subsidiary of Bankrate Insurance.

Nationally, one claim leads to an average premium increase of nine percent. The states with the highest single claim increases are Wyoming (+32%), Connecticut (+21%), Arizona (+20%), New Mexico (+19%) and California (+18%).

In Texas, home insurers are not allowed to increase premiums after one claim. The next-lowest increases were observed in New York (+2%), Massachusetts (+2%), Florida (+3%) and Vermont (+4%).

A second claim brings the national average increase up to 20% (the highest increase from a second claim was Michigan’s 71%).

“Homeowners need to be really careful when filing claims,” said Laura Adams, insuranceQuotes.com’s senior analyst. “Even a denied claim can cause your premium to go up. Make sure to know your policy’s specific guidelines and only file a claim when absolutely necessary. Winning a small claim could actually cost you money in the long run.”

Nationally, liability claims are most likely to cause the greatest premium increases. A single liability claim causes premiums to rise by an average of 14%. Theft, vandalism and fire are not far behind. Medical claims (+2%) are the cheapest.

 

 

read more….

 

http://www.realestateeconomywatch.com/2014/10/8159/

 

Navigating the NYC real estate market | Katonah Real Estate

Choosing a home in a hot New York City real estate market can be daunting. With the market being so high, should you rent or buy?

We turned to licensed broker Daniel Nassi for some help. He said inventory is out there, so it “really comes down to whether you have the money or not.” Nassi said mortgage rates are comparatively low, which could make buying a better investment than renting. But if you need financing, you may be at a disadvantage. A number of cash buyers are in this market and they have a leg up.

“When you’re a seller and you have somebody who comes in, for instance, as a cash buyer you don’t have to worry if they’re going to be able to close,” Nassi said. “When you have somebody who has financing they don’t have as much leverage as someone who does not.”

As for rents, prices are high and aren’t moving. Douglas Elliman’s monthly report breaks down rents throughout the city. The median in northwest Queens is about $2,700, Brooklyn just over $2,800, and Manhattan gets an average of $3,175.

Nassi showed us a one-bedroom apartment in his building at 220 Park Avenue. 650 square feet will go for $3,500 to $3,600.

“If you rent, you might be spending more money than if you buy,” said Jennifer Gould Keil, the celebrity real estate columnist for the New York Post. She said whether you’re renting of buying the best deals are in Midtown West and the Upper East Side.

“The surprising thing is that areas like the Upper East Side, that were once so incredibly expensive, are now places where you can get the best deals in town,” she said. “And places that are up and coming in Brooklyn might be a little bit overpriced.”

Do your homework, get to know the neighborhood, and visit it at all times of day.

“We talk to some police officers who were saying they couldn’t believe that brokers will schedule open houses on a Monday morning in an up-and-coming neighborhood where things look wonderful, and buyers or potential buyers don’t know that there are shootings at 3 a.m. on Saturdays.”

New Yorkers we spoke with watch the market closely.

“Owning is always good, real estate always goes up so owning would be good for anybody,” Romain Singh said.

“When I bought my property it was many years ago, so it was so much cheaper, but now the prices has escalated that it’s impossible to buy,” Cleonie Sinclair said.

The real estate market does tend to slow down in the fall, especially around the holidays. You may have fewer options, but it could be a good time to negotiation.

 

 

read more…

 

 

http://www.myfoxny.com/story/26620516/navigating-the-nyc-real-estate-market

Freddie Mac says rates average 4.23% | #Katonah Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates making their biggest one-week gain so far this year and bringing them to their highest level since the week ending May 1.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending September 18, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.50 percent.
  • 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.26 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.06 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.11 percent.
  • 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.65 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 the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance. Meanwhile, the Labor Department reported that its Consumer Price Index (CPI) declined 0.2 percent in August reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged.”

Weak Home Sales, Falling House Prices | Katonah Real Estate

 

Followers of the housing market got spooked a couple weeks ago by some data suggesting the market was in trouble. First, the recent pending home sales data from the National Association of Realtors showed a 1.1% decline, when economists had forecast a 0.5% increase. Second, the S&P Case-Shiller 20-city house price index declined 0.3% on a monthly basis, when economists had predicted a 0.4% increase. Is it game over for the U.S. housing market?

U.S. housing affordability and homeowner vacancy rates
There’s no doubt that the housing market has slowed from the strong growth it saw in 2013, but that doesn’t mean it’s about to crash. On the contrary, there are four key reasons the market is likely to improve.

First, despite the talk that rising mortgage rates will choke off demand, housing still remains relatively affordable. Take a look at the National Association of Home Builders/Wells Fargo housing opportunity index — the higher the number, the more affordable housing is.

Source: NAHB/Wells Fargo.

Affordability fell in the second half of 2013, but on a historical basis, it’s still supportive of good growth in the housing market. Readers can see that, according to the index, housing is more affordable than it was for most of the 1992-2009 period.

Second, homeowner and rental vacancy rates suggest that the number of houses and rentals available is shrinking. Vacancy rates simply refer to the percentage of properties which are unoccupied. A look at the data from the U.S. Census Bureau demonstrates that rental vacancy rates are falling sharply, while homeowner vacancy rates remain low. The lower the number, the fewer properties there are available to rent or buy

 

 

read more….

 

http://www.fool.com/investing/general/2014/08/11/weak-home-sales-falling-house-prices-game-over-for.aspx

 

Refinance share of mortgages reaches four-month high | Katonah Real Estate

 

Mortgage applications increased 2.4% from one week earlier, after a series of drops and a few peaks over the last few weeks, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 18, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.4% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 4% from the previous week. The seasonally adjusted Purchase Index increased 0.3% from one week earlier.

“Consumers took action on the lowest mortgage rates we’ve seen since the beginning of 2013,” said Quicken Loans vice president Bill Banfield. “The jump in application volume is a welcome change after a few sluggish weeks of mortgage activity.”

 

 

read more…

 

 

http://www.housingwire.com/articles/30750-mortgage-applications-rise-24-as-roller-coaster-continues