Tag Archives: Lewisboro NY Real Estate

Lewisboro NY Real Estate

Mortgage rates average 3.52% | Waccabuc Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the second week in a row and marking the first time the 30-year fixed-rate mortgage has risen above 3.5 percent since June.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.5 point for the week ending October 20, 2016, up from last week when they averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.
  • 15-year FRM this week averaged 2.79 percent with an average 0.5 point, up from last week when they averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, up from last week when it averaged 2.82 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 the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 30-year fixed-rate mortgage moved a solid 5 basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat. This is the first week in over 4 months that rates have risen above 3.50 percent. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels.”

Construction worker shortage | South Salem Real Estate

The drumbeat of hammers echoes most mornings through suburban Denver, where Jay Small, the owner of company that frames houses, is building about 1,300 new homes this year.

That’s more than triple what he built a few years ago, when “you couldn’t buy a job” in the residential construction industry, he said.

Now, builders can’t buy enough workers to get the job done.

Eight years after the housing bust drove an estimated 30 percent of construction workers into new fields, homebuilders across the country are struggling to find workers at all levels of experience, according to the National Association of Homebuilders. The association estimates that there are approximately 200,000 unfilled construction jobs in the U.S. – a jump of 81 percent in the last two years.

The ratio of construction job openings to hiring, as measured by the Department of Labor, is at its highest level since 2007.

“The labor shortage is getting worse as demand is getting stronger,” said John Courson, chief executive of the Home Builders Institute, a national nonprofit that trains workers in the construction field.

The impact is two-fold. Without enough workers, residential construction is trailing demand for homes, dampening the overall economy.

And with labor costs rising, homebuilders are building more expensive homes to maintain their margins, which means they are abandoning the starter home market. That has left entry-level homes in tight supply, shutting out may would-be buyers at a time when mortgage rates are near historic lows.

Nationwide, there are 17 percent fewer people working in construction than at the market peak, with some states – including Arizona, California, Georgia and Missouri – seeing declines of 20 percent or more, according to data from the Associated General Contractors of America.

The labor shortage is raising builders’ costs – and workers’ wages – and slowing down construction.

Small, the Denver builder, estimates that he could construct at least 10 percent more homes this year if he had enough workers. But he remains short-staffed, despite raising pay to levels above what he paid during the housing bubble a decade ago.

“It’s getting to the point where you’re really limited in what you can deliver,” Small said. “We lost so many people in the crash, and we’re just not getting them back.”


The average construction cost of building a single family home is 13.7 percent higher now than in 2007, even as the total costs of building and selling a house – a figure that includes such items as land costs, financing and marketing – are up just 2.9 percent over the same period, according to a survey by the National Association of Homebuilders.

The problem is accentuated by strong demand for newly constructed homes, with sales reaching a nine-year high in July.

Private companies say that they are having a hard time attracting workers, and they are often forced to give employees on-the-spot raises to prevent them from going to competitors. Carpenters and electricians are often listed as the most in-demand specialties.

Tony Rader, the vice president of Schwob Building Company, a general contractor in the Dallas area, said his company has started handing out flyers at sporting events, churches and schools in hopes of luring more people into the field.

“The biggest problem I face every day is where are we going to find the people to do the work,” he said, adding that it’s becoming increasingly common for his company and others to turn down projects.

Dallas contractors are fighting over the limited supply of workers as three major mixed-use projects are going up right next to each other on the so-called “$5 billion mile” in Frisco, a northern suburb. Meanwhile, the metropolitan area is adding about 30,000 newly built homes annually.

With fewer workers, contractors are becoming wary of signing new work contracts, especially as many of them include fines for not completing a job by a designated date.

“I’ve got two lawsuits right now where it may cost us mid-six-figures because there’s not enough labor out there to get it done,” said one contractor in the North Dallas area who declined to be identified.

Lawyers in hot residential markets say that it is becoming increasingly common for construction companies to try to negotiate for more time.

“Subcontractors are having a hard time staffing up,” said Edward Allen, a Denver attorney who said he has seen more lawsuits over project delays in the past two years.


Colorado alone will need 30,000 more workers in the construction field in the next six years, a number that does not account for those who will retire, according to a study by the Association of General Contractors.

The state passed a bill last year pledging $10 million over three years to fund free training for plumbers, electricians and carpenters.

Yet Michael Smith, who heads a Denver-based nonprofit that administers the training, said that he can’t fill the seats. High schools are focused on preparing students for college, ignoring those that may be better suited for vocational work. Students may be put off by construction’s reputation as a dangerous, cyclical field, he said.

“We’ve so demonized working with your hands in this country,” he said. “We’ve got a booming economy, and we can’t keep up with the pace of growth.”

Students who go through the four-week program are all but guaranteed a job paying $16 an hour or more immediately, with the possibility of commanding $80,000 or more in annual income after five years without taking on any student debt, he said.

On-the-job training is also a common path for new workers. Eduardo Salcido – a 25-year-old concrete finisher working at a 232-home Toll Brothers subdivision going up in the Denver suburb of Broomfield – said that he received on-site training after entering the construction field as a painter.

He has earned one raise since beginning the training two years ago and is now certified as a semi-skilled finisher.


read more…



Single-family home construction starts drop -6.8% | Cross River Real Estate

Single-family housing starts decreased to a seasonally adjusted annual rate of 722,000 in August, according to new residential construction data released by the Commerce Department Tuesday morning. August’s reading marks a significant -6.0% decrease from July’s upwardly-revised rate of 768,000. After three consecutive months of increases, August’s reading is disappointing. More significantly, August marks the first month in 2016 in which the pace of starts fell below the pace of starts seen a year earlier–compared to August 2015, one-unit starts are down -1.2%.

Single-family starts decreased significantly in the Northeast and South in August, dropping -13.8% and -13.1%, respectively, and bringing down total one-unit starts for the month. The Midwest (6.4%) and West (6.3%) posted gains month-over-month, and were the only regions to post an increase in pace year-over-year, with single family starts up 10.5% and 29.2%, respectively.

Total housing permits, the leading indicator for future starts, decreased -0.4% overall in August, due to a hefty -8.4% decrease in permits for multifamily construction with five units or more. Single-family permits increased 3.7% in August, indicating that the pace of starts will likely rebound in September. The Midwest and South posted the biggest gains in permits for one-unit structures, up 8.4% and 3.6%, respectively.

Total privately-owned housing completions dipped -3.4% month-over-month, to a seasonally adjusted annual rate of 1,043,000. The decline is primarily due to a large decline in completions of multifamily structures of 5 units or more, which fell -11.0% from July, but one-unit completions also posted a marginal -0.3% decrease month-over-month to 752,000.





Multi-family credit tightens | Lewisboro Real Estate

Results from the most recent Senior Loan Officer Opinion Survey (SLOOS) indicate that lending standards on multifamily residential mortgages continue to show signs of tightening and the pace of tightening is growing.

The Federal Reserve Board’s SLOOS asks senior loan officers at large banks their opinion on changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months. In the most recent release, covering the second quarter of 2016, 44.3% of bank respondents indicated that lending standards at their bank had tightened over the quarter.

The net share of banks reporting that standards on multifamily residential mortgages had tightened has widened over the past year. The net share represents the difference between the percentage of banks indicated that standards had tightened and the proportion responding that standards had eased. As shown in Figure 1 below, a net share of 2.9% of banks reported standards had eased in the second quarter of 2015, but in the third quarter, a net percentage of 7.4% of banks reported having tightened standards. The net portion of banks tightening standards on multifamily residential debt rose in the three successive quarters.


A previous post demonstrated that banks account for the majority of multifamily residential debt outstanding. According to an analysis of bank-level call report data provided by the Federal Financial Institutions Examination Council (FFIEC), the share of federally insured depository institutions with an outstanding amount of multifamily residential debt outstanding on their balance sheet, has risen while the amount of debt outstanding has remained stable. In contrast, the proportion of banks with any outstanding amount of 1-4 family first-lien mortgages on their balance sheet has remained steady and fluctuations have occurred in the outstanding amount of 1-4 family first-lien mortgage debt. However, in recent years, growth in the share of banks with outstanding multifamily residential mortgage debt outstanding rose more slowly than the growth in the outstanding amount of multifamily residential debt.


In 2001, approximately 65% of depository institutions had some outstanding multifamily residential debt residing on their balance sheet. As illustrated by the Figure 2 above, the proportion increased 13 percentage points to 78% by 2015. However, much of the growth took place between 2001 and 2012. Between 2012 and 2015, the percentage of banks with multifamily residential debt rose by 1.0 percentage point. By comparison, the share of banks with any 1-4 family first-lien residential mortgage debt remained generally stable over the 2001 to 2015 period at 97%.


As a share of total assets, the total amount of multifamily residential debt outstanding grew slightly between 2001 and 2015, from 1.6% in 2001 to 2.2% in 2015. That growth largely took place in the last few years. Between 2001 and 2012, multifamily residential debt outstanding as a percentage of total assets held steady at 1.6%. Since 2012, multifamily residential debt relative to total assets grew by 0.6 percentage point.


read more…



U.S. existing home sales rise to more than nine-year high | Cross River Real Estate

U.S. home resales rose in May to a more than nine-year high as improving supply increased choices for buyers, suggesting the economy remains on solid footing despite a sharp slowdown in job growth last month.

The National Association of Realtors said on Wednesday existing home sales increased 1.8 percent to an annual rate of 5.53 million units last month, the highest level since February 2007.

“The economy can’t be going too far off course when home buying is picking up,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

April’s sales pace was revised down to 5.43 million units from the previously reported 5.45 million units. Economists polled by Reuters had forecast sales rising 1.1 percent to a 5.54 million-unit pace in May.

Sales were up 4.5 percent from a year ago.

U.S. financial markets were little moved by the report as investors nervously awaited the outcome of Britain’s referendum on European Union membership on Thursday.

The housing index .HGX was up 0.13 percent. Shares in the nation’s largest home builder, D.R. Horton Inc (DHI.N), were flat while Lennar Corp (LEN.N) rose 0.2 percent.

The strong home resales added to retail sales data in painting an upbeat picture of the economy. That should help allay the fears that were stoked by last month’s paltry job gains.

The higher existing home sales suggest an increase in brokers’ commissions, which should boost the residential investment portion of the gross domestic product report.

Housing is being driven by improving household formation as some young adults find employment and older Americans move into smaller and cheaper homes.


Existing home sales surged 4.1 percent in the Northeast and climbed 4.6 percent in the South. Sales in the West, which has seen a strong increase in house prices amid tight inventories, jumped 5.4 percent.

In the Midwest, sales tumbled 6.5 percent last month. The decline, however, followed recent hefty gains.

The number of unsold homes on the market in May rose 1.4 percent from April to 2.15 million units. Supply was, however, down 5.7 percent from a year ago.

In May, new listings typically stayed on the market for 32 days, the shortest period of time since the NAR started tracking the data. That was down from 39 days in April and 40 days a year ago.

At May’s sales pace, it would take 4.7 months to clear the stock of houses on the market, unchanged from April. A six-month supply is viewed as a healthy balance between supply and demand.

Economists say builders will need to ramp up construction of new homes to meet the pent-up demand.

With inventory still tight, the median house price soared 4.7 percent from a year ago to a record $239,700 last month.


read more…



Which States Care About the Planet? | Katonah Real Estate

Which States Care About the Planet?

Across the nation, Americans are going green – and they’re heading online for more information. Even their search results prove it, as they type in terms such as “how to save energy,” “eco-friendly,” and “electric cars.”

We researched action phrases people may search for when looking into certain environmentally friendly activities; then we used Google Trends to rank the results by topic and state. Read on for the interesting – and sometimes surprising – results.


Old bottles can become candleholders; empty egg cartons can store holiday ornaments. Reusing is all the rage for eco-conscious Americans. When it comes to the phrase “how to reuse,” a high cost of living may explain the top two results: California took the lead, followed by Hawaii. Washington State, Georgia, and Utah rounded out the top five.


The East and Midwest breezed to the top for “wind power” searches. Maine, Iowa, Indiana, Kansas, and Connecticut displayed the most interest in this unique power source. Maine’s wind power initiative (Wind for ME) helps explain its top spot. Iowa draws a quarter of its electricity from wind, Indiana is an up-and-comer in the wind power sector, and Kansas is second only to Texas in terms of wind power potential. In Connecticut, wind power is a controversial topic: Attempts to construct turbines have met with local opposition, and in 2014, the Supreme Court weighed in to approve wind farms. (This could explain the high volume of searches.)


The top five hotspots for “solar power” searches were Vermont, Utah, Idaho, Nevada, and Hawaii. Vermont is an up-and-coming solar champ, with a 63% increase in money spent on solar installations between 2013 and 2014. In rural Utah and Idaho, where running power lines to some remote locations can be too pricey, solar energy often is an ideal solution. Nevada is home to the most solar jobs per capita. Finally, in Hawaii, almost one in eight homes has installed solar power.


The top four states that searched for the term “how to garden” have something in common: Idaho, South Dakota, Montana, and Utah are all states with low population density. Presumably, that means many residents may have the space to garden.


Composting involves diverting kitchen waste from the landfill and instead tossing it into bins (possibly with worms) where it can decompose to become a rich additive to soil. “How to compost” was a popular search among Colorado and Washington residents. Colorado cities, such as Denver and Boulder, provide a great deal of outreach on the topic of composting. Washington State is no surprise, either, as a new policy forces Seattle residents to compost food waste or have it sent to a processing site to avoid warnings and even fines.


In a search for “electric cars,” California and Hawaii were first and second respectively. These stats align with the number of electric car owners in the nation as well: As of 2014, approximately 5.5 out of every 1,000 registered vehicles in California were electric, while 4.2 out of every 1,000 registered vehicles in Hawaii were electric.

To see more of these maps, explore the infographic below:

It’s Easy Being Green

Saving the Earth is a hot topic these days – and one virtually all Americans would do well to familiarize themselves with. How can you do your part? Next time you have a minute to go online, try a search for some of these topics. You just may discover that you want to plant a garden, set up a compost bin, share tips on recycling, offer to carpool with a friend, or look into alternate energy sources.

read more…



#Hamptons real estate prices up, sales slow | #Waccabuc Real Estate

Real estate prices continued to climb in the third quarter of 2015, but sales pace slowed and inventory is more difficult to come by, when compared with the third quarter of 2014, which was a banner season for real estate on the East End.

According to The Corcoran Group’s quarterly Corcoran Report, “the volatility of financial markets world-wide resulted in fewer closed transactions this quarter.”

On the South Fork, according to Corcoran, sales activity and sales volume declined by 16 percent and 13 percent, respectively, compared to the third quarter of 2014. Only East Hampton Village, Southampton and Shelter Island reported more sales than last year.

The Corcoran Group reported that the average sale price on the South Fork increased 3 percent, while the median price rose 6 percent, versus the same quarter a year ago.

Nine sales over $5 million in East Hampton Village skewed the median price there up 70 percent over the third quarter of 2014.

Though recent quarters have shown a good deal of activity in the under-$500,000 range, where such properties can even be found on the South Fork, that share of the market shrank in the third quarter both east and west of the Shinnecock Canal.

East of the canal, under-$500,000 sales shrunk to just 8 percent of the market, from 14 percent in the third quarter of 2014, while the market share of houses under $500,000 west of the canal shrank from 41 percent in the third quarter of 2014 to 38 percent in the third quarter of this year.

On the North Fork, the Corcoran Group reported the number of sales and sales volume decreased 11 percent and 17 percent, respectively, over the third quarter of 2014. They reported the median sales price increased 1 percent, but the average sales price decreased 8 percent.

On the North Fork, they reported the $500,000 to $750,000 market range grew from 23 percent to 31 percent of sales, while market shares above and below those ranges declined by 4 percent.

The Corcoran Group also reported that the total inventory of residential properties for sale on both forks declined by 383 housing units from the third quarter of 2014.

With a limited amount of vacant land available for sale on the East End, the number of vacant land sales decreased quarter-over-quarter by 32 percent on the South Fork and 29 percent on the North Fork.

In commercial markets however, The Corcoran Group saw quite a bit of activity on the North Fork, with the number of sales increasing 67 percent. The number of South Fork commercial sales declined 37 percent over the same period.

Douglas Elliman Real Estate’s Elliman Report also showed a market slow-down on the South Fork when compared with the same quarter in 2014, though they did report greater gains in prices.

Douglas Elliman reported 507 sales on the South Fork in the third quarter, 20 percent below the same quarter in 2014 but 11 percent above the decade quarterly average of 457 sales.

The market share of sales below $12 million fell to 49.5 percent, its lowest point in the past four years, with 44 percent of sales between $1 million and $5 million.

According to Douglas Elliman, listing inventory on the South Fork was unchanged over the third quarter of 2015, with 1,710 houses on the market this quarter. The listing discount, or the difference between the last listing price and the sales price, declined to 10.2 percent from 12 percent in the same quarter last year.

Median sales price rose to $950,000, up 9.8 percent over the same quarter last year, the fourth highest level reported in the past decade.  The average number of days on the market fell 6.4 percent to 161.

Douglas Elliman reported that North Fork housing prices also skewed higher, with the median sales price jumping 16.1 percent to $516,250, the second highest median price in the past seven years. Only the second quarter of 2015 saw higher prices on the North Fork, and the year-over-year increase was the sixth consecutive quarterly increase.


read more…



Local Farmers Markets | Katonah NY Real Estate



Farmers Markets Open This Weekend with Music & Make Mom a Card Events
May 8-14th, 2014

What’s New, In Season, and On Sale This Week

Gajeski Produce
Newgate Farms

Baked German Goodies
Bienenstich, Mohnstreusel, Linzer,
and more

Christiane’s Backstube

Brioche Loaves
Perfect for French Toast on
Mother’s Day morning

Wave Hill Bread

Chocolate Explosions
Meredith’s Bread

Chutneys & Frozen Kofta, Rajma,
Roti Roll, Saag, & Samosa
SALE: $2 OFF order when you buy 4 or more items – use code 051014
Bombay Emerald Chutney Co.

Farm Egg Frittata
Enjoy on site at the market
Rockland Roots


Newgate Farms

Flowering Tuscan Kale
Gajeski Produce

FREE Cinnamon Roll for all kids,
aged 12 & younger

Orwashers Bakery

Gluten-Free & Regular Mother’s Day Cookies & Cupcakes
Meredith’s Bread

Goat Cheeses: Fresh Chevre, Greek-Style Feta, & Fresh Ricotta
Acorn Hill Farm

Grass-fed Beef Short Ribs
With Farmer Ground polenta – Enjoy on site at the market
Rockland Roots

Green Elephant Garlic
Gajeski Produce

Ground Beef: Buy five 1lb pkgs
& get $2 OFF per pound
(Reg $9.75/lb; now $7.75/lb)

Kiernan Farm

JUST CRUST Antioxidant Chips
& Croutons

SALE: $1 OFF (Reg. $5: now $4)

Wave Hill Breads

Mother’s Day Baskets
Includes apples, applesauce, jam
& fresh herbs

Mead Orchards

Mother’s Day Gift Boxes
Bombay Emerald Chutney Company

Olive & Roasted Red Pepper Ciabatta
Wave Hill Breads

Red Wine-Soaked Alfonso Olives
Pickle Licious

Newgate Farms

Newgate Farms

Rhubarb Almond Squares
Christiane’s Backstube

Newgate Farms

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



Thank you
for a great winter season.
Starting this weekend, find many of your favorite vendors in Larchmont.



9:00 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

Coming in July

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!

Music & Make Mom a Card Events This Weekend

Calling all Moms and those of us who love you: Stop by our markets in Larchmont, Ossining, Rye, Croton-on-Hudson, and Piermont this weekend and Make Mom a Card. At Market Manager’s tent, you’ll find colored papers, markers, crayons, gluesticks, and more for artists of all ages. We’ll have great music at all these markets, too!
We’re excited to begin the 2014 season and look forward to seeing new and old friends.

Visit the Down to Earth Markets Calendar for full details.

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

US home prices dipped in Nov. on colder weather | Katonah NY Real Estate


U.S. home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains.

The Standard & Poor’s/Case-Shiller 20-city home price index slipped 0.1 percent from October to November, partly reversing the previous monthly increase of 0.2 percent. But the index is not adjusted for seasonal variations, so the monthly decline partly reflects slower buying in the late fall as temperatures drop.

“November was a good month for home prices,” said David Blitzer, chairman of the S&P Dow Jones index committee. “Prices typically weaken as we move closer to the winter.”

Despite the overall decline, home values have continued to rise in many Sun Belt cities. Las Vegas, Los Angeles and Phoenix have registered 20 straight months of rising prices.

But home prices surged for much of 2013, driven by big gains earlier in the year. Prices have risen 13.7 percent over the past 12 months.

Dallas enjoyed its strongest annual gain since 2000. And Chicago home prices climbed at their strongest annual clip since December 1988. Among the cities in the index, only Detroit prices remain below their 2000 level.