Tag Archives: Mount Kisco Homes

Fifth Avenue has record empty space as rents seen too high | Mt Kisco Real Estate

Landlords on Manhattan’s Fifth Avenue are sitting on a record amount of open space as retailers balk at committing to expensive new leases in one of the world’s most prestigious shopping districts.

The availability rate on the famed strip, home to Saks Fifth Avenue and Tiffany & Co.’s flagship store, jumped to 15.9% in the third quarter, up from about 10% a year earlier, according to Cushman & Wakefield. The rate has climbed steadily this year, surpassing the prior peak of 11.3%, set in the fourth quarter of 2014.

The rise of empty storefronts isn’t limited to Fifth Avenue. It’s part of a Manhattan-wide space glut as retailers—buffeted by e-commerce, tepid demand for luxury goods and a strong dollar that’s eroded tourist spending—push back against rents that have soared to records. Leasing costs have increased in tandem with property values in the past five years, outpacing gains in merchandise sales and making it impossible for retailers to run profitable stores at many locations, according to Richard Hodos, a vice chairman at brokerage CBRE Group.

“Property trades are being based on achieving ever-higher rents, and nobody ever really looks at what retailers can afford to pay,” Hodos said. “In some cases, rents need to come down 30% or more for rents to be at levels where retailers are able to make sense of them again.”

Retailers are being squeezed across the U.S. In 2016, malls and other types of shopping venues have been hit by 280 major-brand store closures, totaling 12.8 million square feet (1.2 million square meters), data from Reis show. Another real estate research firm, Green Street Advisors, estimates that several hundred malls around the country will cease operations over the next decade.

Shoppers continue to shift their spending from stores to computers and smartphones. Online sales in the U.S. are expected to reach $398 billion this year, up 16% from 2015, according to research firm eMarketer.

Highest rents

On the stretch of Fifth Avenue from 49th to 60th streets, which commands the world’s highest rents, landlords are asking an average of $3,213 a square foot, up from $2,075 a square foot in 2011, Cushman data show. In the tourist-heavy Times Square area, rents stand at $2,104 a square foot after tripling over a four-year period.

The brokerage’s retail availability rate takes into account vacancies as well as stores occupied by merchants that plan to leave when their leases expire. Retailers that signed leases at high prices in the past several years and are seeking a tenant to sublease their space are also included, according to Steve Soutendijk, an executive director at Cushman.

“Tenants that signed at the absolute top of the market are looking to mitigate their exposure,” he said.

Michael Kors

At 667 Madison Ave., a 24-story tower two blocks from Central Park, Michael Kors Holdings Ltd. is looking to sublease about 5,000 square feet of retail space at the base of the building, according to a person familiar with the plans. The store, with 22-foot (7-meter) ceilings, was the company’s largest when it opened in 2012, the New York Times reported at the time.

Four years later, the London-based fashion house is struggling to pay the rent, said the person, who asked not to be identified because negotiations aren’t public. Michael Kors is seeking a tenant to take over the space on a lease that runs through 2023, the person said.

For a Bloomberg Intelligence primer on the apparel industry, click here.

A spokeswoman for Michael Kors declined to comment. Representatives for the company’s landlord, Hartz Group, didn’t respond to calls and e-mails seeking comment.

Lowering expectations

Property owners with space to fill are starting to lower their expectations, according to Cushman’s Soutendijk. Asking rents in some of Manhattan’s prime shopping districts, including Soho and Times Square, have declined over the course of 2016, Cushman data show.

“I think a lot of landlords are ready to make deals,” Soutendijk said. “Everybody understands there is too much space in the market. We are not in a state of equilibrium.”

Buyers of real estate during the recent boom years may not have much room to maneuver. To justify paying record prices for buildings—and the debt that financed the acquisitions—owners are under pressure to get the highest rents possible, according to Patrick Smith, a vice chairman of the retail brokerage at Jones Lang LaSalle.

“Typically, a building that has been capitalized over the past three years is very rent-sensitive,” he said.

General growth

Landlords who hold out for the right tenant can be left hanging on to empty space for years. A partnership of developer Thor Equities and General Growth Properties, the second-largest owner of U.S. malls, bought 530 Fifth Ave. in 2014. During a conference call with analysts that year, General Growth Chief Executive Officer  Sandeep Mathrani highlighted the property’s large, vacant block as an opportunity to attract new retailers.

No new retail leases have been signed at the property since the acquisition, though three tenants are close to agreements, according to a person with knowledge of the plans. The prospective occupants are in the health-and-beauty and sporting-goods businesses, and will likely pay less in rent than what the building owners had originally aimed for, said the person, who asked not to be identified because negotiations are ongoing.

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http://www.crainsnewyork.com/article/20161026/REAL_ESTATE/161029898/fifth-avenue-has-record-empty-space-as-rents-seen-too-high#utm_medium=email&utm_source=cnyb-realestate&utm_campaign=cnyb-realestate-20161026

Cash Sales Fall to Six Year Low; Distressed Sales Plummet | Mt Kisco Real Estate

Only one out of four single family home and condo sales in May–24.6 percent–were all-cash purchases, down from 30.4 percent a year ago to the lowest level since November 2009. Distress sales also fell to a new low of 10.5 percent of all sales in May, down from 18.3 percent a year ago to the lowest level since January 2011, according to RealtyTrac.

The cash sales share in May was close to its long-term average going back to January 2000 of 24.8 percent and well below its recent peak of 42.2 percent in February 2011. The top five metro areas with a population of at least 200,000 with the highest share of cash buyers were all in Florida: Naples-Marco Island (56.0 percent), Sarasota-Bradenton, (54.0 percent), Miami (53.4 percent), Ocala (49.9 percent), and Cape Coral-Fort Myers (49.7 percent).

 

RT Cash sales

Meanwhile, the median sales price of a distressed residential property was 43 percent below the median sales price of a non-distressed residential property in May, the biggest distressed discount since January 2006 when RealtyTrac first began tracking this metric.

The median sales price of distressed residential properties — those that were in some stage of foreclosure or bank-owned — that sold in May was $116,192, up less than 1 percent from the previous month but down 2 percent from a year ago. May was the first month with a year-over-year decrease in distressed median sale prices following 13 consecutive months with year-over-year increases.

“Distressed sales in May represented a significantly smaller share of a growing home sales pie as an increasing number of non-distressed sellers continued to cash out on the equity they’ve gained over the last three years of rising home prices,” said Daren Blomquist, vice president at RealtyTrac. “But those distressed sales are still acting as a drag on home prices, selling at a median price that is 43 percent below the median price of a non-distressed sale — the biggest gap we’ve seen since we began tracking that distressed discount in January 2006.

Metro areas with a population of at least 200,000 with the highest share of distressed sales were Flint, Michigan (26.0 percent), Tallahassee, Florida (24.2 percent), Memphis, Tennessee (24.1 percent), Pensacola, Florida (23.0 percent), and Ocala, Florida (21.7 percent).

Markets with highest share of cash sales and institutional investor sales

The share of institutional investors — entities purchasing at least 10 properties in a calendar year — dropped to 2.4 percent of single family home sales in May, a record low going back to January 2000, the earliest month with data available.

The top five metro areas with a population of at least 200,000 with the highest share of cash buyers were all in Florida: Naples-Marco Island (56.0 percent), Sarasota-Bradenton, (54.0 percent), Miami (53.4 percent), Ocala (49.9 percent), and Cape Coral-Fort Myers (49.7 percent).

The top five metro areas with a population of at least 200,000 with the highest share of institutional investor purchases were Rockford, Illinois (13.4 percent), Tulsa, Oklahoma (12.6 percent), Roanoke, Virginia (12.6 percent), Memphis, Tennessee (10.2 percent), and San Antonio, Texas (8.4 percent).

Bank-owned sales

Bank-owned sales accounted for 3.9 percent of all residential property sales in May, down from 6.9 percent the previous month and down from 9.0 percent a year ago to the lowest level since January 2011.

 

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http://www.realestateeconomywatch.com/2015/07/

 

Color can inspire you at home | Mt Kisco Real Estate

Choosing new paint colors for your home offers an exciting opportunity to personalize your space. The abundance of choices means you can surround yourself with a palette you’ll love.

One great way to welcome design color inspiration is to make note of colors that you have chosen for other areas in your life. Your wardrobe, prized works of art, and favorite home accessories are perfect places to look.

Is your closet filled with cool blues and greens? Do you love seascapes and beach scenes? If so, pull similar shades into your home. Start with Sherwin Williams SW 6945 Belize.

beach

Source: Zillow Digs

For a bolder blue statement, go with the deeper tone of SW 6943 Intense Teal.

teal

Source: Zillow Digs

Or try the dusty hue of SW 6515 Leisure Blue, which recalls the color of a stormy sky.

blue cabinets 2

Source: Zillow Digs

If you’re thrilled by the sight of a field of periwinkles, try SW 6529 Scanda. It’s a perfect entrance to this color family.

blue kitchen

Source: Zillow Digs

While it may seem bold, bright and warm walls can really liven up a space. Capture the drama of your special-occasion red dress with SW 6871 Positive Red.

red room sm

Flips Flopped in 2014 | Mt Kisco Real Estate

Don’t tell the HGTV producers who find audiences for their endless stream of shows devoted to house flipping, but it’s looking like flipping is losing popularity.

RealtyTrac® reports that last year flips fell to their lowest market share since 2011.  Some 136,269 U.S. single family homes were flipped in 2014, 5.4 percent of all single family home sales during the year.

A total of 32,578 U.S. single family homes were flipped in the fourth quarter, representing 5.3 percent of all single family home sales during the quarter. The 5.3 percent share of flips in the fourth quarter was up 11 percent from the previous quarter but still down 12 percent from a year ago.

Flips are dwindling despite improving returns.  The average gross profit — the difference between the purchase price and flipped price — for completed flips of single family homes in the fourth quarter was $65,993, representing a 37.1 percent gross return. That was up from an average gross profit of $65,285 representing a 36.5 percent gross return in the third quarter, and an average gross profit of $63,017 representing a 36.4 percent gross return in the fourth quarter of 2013.

“Investors have picked much of the low-hanging fruit when it comes to home flipping over the past three years since home prices bottomed out in the first quarter of 2012,” said Daren Blomquist, vice president at RealtyTrac. “As home price appreciation slows to single digits in most markets, flippers need to be more selective and creative about the properties and neighborhoods they target.

“In many cases the best neighborhoods for profitable flipping in a slower-appreciating market are those that come with a higher risk because of location and condition of properties, but also have a bigger upside if investors are able to correctly predict the path of progress in the region,” Blomquist added. “It appears that most investors completing flips in the fourth quarter were able to do just that. Even though the share of flips was down from a year ago during the quarter, the average gross return per flip increased.”

Zips with highest share of Q4 flips in Detroit, Los Angeles, Memphis, Miami
Among zip codes with at least 10 single family home flips completed in the fourth quarter of 2014, there were 10 where flips represented 25 percent or more of all single family home sales during the quarter. Metropolitan statistical areas with top 10 zip codes for share of flips in the fourth quarter were Detroit, Los Angeles, Memphis, Miami, Jacksonville, Florida, Tampa and San Diego.

 

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http://www.realestateeconomywatch.com/2015/02/flips-flopped-in-2014/

Here’s the budget of a 27-year-old who owns 2 houses | Mt Kisco Real Estate

After graduating college in 2009, Brian Maida lived with his parents for about two years in order to save the money to buy his first home.

He bought a second one in 2013.

Maida, 27, lives in New Jersey and works in business development and sales. He says it only took about $14,000 to buy that first place, which he now rents out for supplemental income.

“I was able to refinance that loan within a year and show them that I had 20% equity based on their appraisal, and that lowered my payment by almost 20%,” Maida explains. “You can get pretty good deals on real estate if you look hard and negotiate.”

He bought his second place, where he now lives, in  a short sale with  5% down, and he currently pays private mortgage insurance (PMI).

In fact, Maida devotes the bulk of his monthly budget to his properties, and plans to buy a third property in March of this year. “I liquidated my 401(K) and Roth IRA,” he explains. “I no longer believe in investing in the stock market — I follow it too much. I would rather buy real estate and leverage my money. Right now I own about $250,000 in real estate, and I put in maybe $40,000.”

Below, Maida shares his monthly budget based on his $5,656 monthly income ($4,306 from his salary, $1,350 rental income from his investment property). He budgets according to take-home pay from his base salary, plus paycheck withdrawals like medical insurance but excluding taxes. He chooses to list out the withdrawals in case he ever becomes a contractor in the future. “I don’t even put commission on here, because in my role, I could make $100,000 one year and $200,000 the next,” he adds. “All the commission is extra money I’d save.”

All numbers are rounded to the nearest dollar.

View gallery

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maida budget

Brian Maida

To simplify the visual, we’ve abbreviated Maida’s primary home, where he lives, as “PH.” We’ve also condensed the costs of his investment property ($1,307) into one category that includes his separate payments for the mortgage, taxes, HOA fee, the landlord/tenant policy, and any other costs.

The “pets” category includes two categories that Maida lists separately for his two dogs and a cat: food/treats/toys/vet ($200) and walking/sitting ($60). His “accident insurance” category includes both his personal death and dismemberment coverage and his enrollment in his employer’s legal plan.

Vegaprocity” includes costs associated with the vegan website Maida runs on the side. In fact, he provides a downloadable budgeting template on his site.

His monthly costs, which he splits into fixed and variable categories, add up to $4,674 a month, leaving a difference of $982. “If stick to this budget, I save about $12,000 a year,” Maida explains. “My tax return is another approximately $3,000 — that’s $15,000 a year.  Next, I’d like to buy a house for $250,000 to $500,000.”

 

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http://finance.yahoo.com/news/heres-budget-27-old-owns-160000217.html

Mortgage Rates Drop Again | #MtKisco Real Estate

 

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling to new lows for this year as 10-year Treasury yields closed at their lowest level since May 2013.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending December 18, 2014, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 4.47 percent.
  • 15-year FRM this week averaged 3.09 percent with an average 0.6 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.56 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 theRegional 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.

“The 30-year fixed mortgage rate dropped to its lowest point of 2014 this week. Mortgage rates fell along with 10-year Treasury yields, which closed at their lowest level since May 2013. November housing starts came in at a seasonally adjusted annual rate of 1.028 million starts, down 1.6 percent from an upwardly-revised October value. Housing starts for the calendar year will likely come in around 1.0 million, above the 2013 pace but lower than forecasters had expected at the start of 2014. Consumer prices declined more than expected in November, with CPI contracting 0.3 percent.”

Fixed Mortgage Rates Hovering Near 2014 Lows | Mt Kisco Real Estate

 

today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates little changed from the previous week with the 30-year mortgage still hovering around 4 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.01 percent with an average 0.5 point for the week ending November 13, 2014, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 4.35 percent.
  • 15-year FRM this week averaged 3.20 percent with an average 0.5 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.01 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 2.61 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 theRegional 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 mortgage rates were slightly down on mixed results from October’s employment report. While the unemployment rate declined to 5.8 percent, nonfarm employment rose by 214,000 jobs, which was below consensus expectations. Net revisions for payroll employment in August and September added 31,000 more jobs to the initial readings.”

 

 

 

 

Mount Kisco Medical Group Partners With Mount Sinai Health System | #MtKisco Real Estate

 

The Mount Kisco Medical Group (MKMG), a multi-specialty practice serving Westchester, Putnam and Dutchess counties, announced Wednesday an expansion of its existing clinical affiliation agreement with the Mount Sinai Health System, increasing the commitment of both parties to providing integrated and coordinated care for the communities they serve.

The physicians and leadership from both Mount Sinai and MKMG will work together to define and deliver best practices in coordinated and continuous care. The relationship will include clinical service enhancement and coordination, research and education.

Mount Sinai and MKMG will also cooperate on developing Centers of Excellence in select specialties. The Mount Kisco Medical Group will continue to operate as an independent entity.

“As an integrated health system, the Mount Sinai Health System strives to provide high quality, accessible care, and we’re pleased that the nationally renowned Mount Kisco Medical Group will partner with us in those efforts,” said Kenneth L. Davis, MD, chief executive officer and president of the Mount Sinai Health System. “We look forward to working with our new partners at MKMG in furthering our goals of enhancing clinical care, as well as medical education and research.”

Scott D. Hayworth, MD president and CEO of the Mount Kisco Medical Group, echoes Davis’ sentiments.

“As a leading provider of ambulatory care in the Northeast, MKMG is pleased to partner with a nationally ranked institution to continue providing outstanding, cost-effective care to our patients,” said Hayworth.

 

 

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http://mtkisco.dailyvoice.com/news/mount-kisco-medical-group-partners-mount-sinai-health-system

Gorgeous East 80th Street Art Nouveau Pad Wants $22.5M | #MtKisco Real Estate

7 images

A three-apartment Upper East Side combo in a Beaux Arts limestone building off of Fifth Avenue has come to market for $22.5 million. The home was renovated by its most recent owners to include Art Nouveau flourishes—that bowing asymmetrical doorframe, the individualized banister—as well as more modern entertaining spaces like the double-height dining room with overhead glass barricades and a kitchen with a built-in espresso machine. The home last came to market in 2011 for $22.75 million but appears not to have sold. Not pictured, the 5,000-plus-square-foot apartment also has a soundproof library with French walnut cabinetry and a 350-bottle wine room.

 

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http://ny.curbed.com/archives/2014/09/08/gorgeous_east_80th_street_art_nouveau_pad_wants_225m.php

 

Do you have a bat in your house? | Mt Kisco Real Estate

 

Do you have a bat in your house? What to do if you are bitten? visit http://health.westchestergov.com/rabies to learn what you should do.

The Westchester County Department of Health (WCDOH) recently distributed notice that the month of August is the peak month for bat activity. Thus the likelihood of human or pet exposures to bats increases.

If you have a bat in your home the DOH recommends capturing the bat and making notification to the DOH for a decision regarding testing. WCDOH can be contacted 24 x 7 at 914 813 5000.

DOH advises a bat killed by trauma will rapidly decompose in warm weather, making it untestable so immediate refrigeration or preferably
freezing is required. Place bat in freezer in a sealed plastic bag or small plastic container.

What to do if you are bitten?

If you are bitten, scratched or have some other exposure immediately wash the area with warm soapy water and call your doctor or hospital. Call the Westchester County Health Department at (914) 813-5000 24 hours a day seven days a week for assistance.

Source –

1) WCDOH memorandum dated August 8, 2014 – Titled Rabies Update – Bats

2) WCDOH website – http://health.westchestergov.com/rabies

For full details, view this message on the web.