Tag Archives: Mt Kisco NY Homes for Sale

4 reasons the Fed won’t raise interest rates anytime soon | Mt Kisco Real Estate

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Federal Reserve Chair Janet Yellen said early Monday that the economy and the job market are still ailing and that they will need “extraordinary” assistance from the central bank in the form of low interest rates “for some time.”

It was three words about short-term interest rate policy that sent out more reassurance for investors than her three words March 19 – “about six months” – which sent markets into a spiral.

After last week’s Federal Open Market Committee meeting, Yellen said that the Fed could start raising short-term rates “about six months” after it completed its ongoing tapering of Treasury and bond purchases, which most expect to be unwound by the fourth quarter of 2014.

Speaking in Chicago Monday, Yellen also justified the change from a specific goalpost – 6.5% unemployment – to a more vague and subjective “quantitative guidance” needed given the slack in the labor market, despite the official unemployment rate now standing at 6.7%.

She gave four reasons why she thinks the employment market is still soft.

1) The large number of part-timers.

One form of evidence for slack is found in other labor market data, beyond the unemployment rate or payrolls, some of which I have touched on already. For example, the 7 million people who are working part time but would like a full-time job. This number is much larger than we would expect at 6.7% unemployment, based on past experience, and the existence of such a large pool of “partly unemployed” workers is a sign that labor conditions are worse than indicated by the unemployment rate. Statistics on job turnover also point to considerable slack in the labor market. Although firms are now laying off fewer workers, they have been reluctant to increase the pace of hiring. Likewise, the number of people who voluntarily quit their jobs is noticeably below levels before the recession; that is an indicator that people are reluctant to risk leaving their jobs because they worry that it will be hard to find another. It is also a sign that firms may not be recruiting very aggressively to hire workers away from their competitors.

 

 

 

http://www.housingwire.com/articles/29497-reasons-the-fed-wont-raise-interest-rates-anytime-soon

Rain Will Turn To Snow Late Wednesday In Mount Kisco | Mt Kisco Homes

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Rain is expected to fall much of the day across Westchester County, but as temperatures drop, it will turn to snow late Wednesday as yet another winter storm makes its way to the Northeast, the National Weather Service said.

Westchester will be spared the wrath of the storm, which is expected to drop as much as 18 inches of snow across northern New England.

The storm will begin as rain Wednesday, mainly after 4 p.m., with about a quarter of an inch possible. High temperatures will approach 50 degrees.

Rain and snow showers are expected Wednesday evening, becoming all snow after midnight. Some thunder is also possible.

Snow accumulations of 1 to 2 inches are possible in Northern Westchester. Less than half an inch is expected in Central and Southern Westchester.

Temperatures will drop into the mid-teens overnight with blustery southeast winds of 13 to 18 mph becoming northwest at 19 to 24 mph after midnight.

Dutchess County is under a Winter Weather Advisory from 6 p.m. Wednesday to 11 a.m. Thursday. The warning does not extend as far south as Westchester County. But it warns of sleet and freezing rain as well as a flash freeze overnight as temperatures fall.

 

http://mtkisco.dailyvoice.com/news/rain-will-turn-snow-late-wednesday-westchester-county

5 Tips for Beginner Real Estate Investors | Mt Kisco Real Estate

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If you’re just starting out with real estate investing, there’s a lot to know.

You could feel overwhelmed with all the different articles out there trying to tell you what is most important, what you should learn first and a half-dozen other assertions.

But when you distill it down to the most basic components, there is a list of about five things you should know or consider before you invest in real estate.

Because they all ultimately impact your bottom line, knowing these five elements can be crucial to determining your success as a real estate investor and how well you accomplish your goals.

Without further ado, let’s explore these tips:

1. Be Aware of Tax Laws This is one of the biggest things that you should know about real estate investing. Where you are and where you’re investing matters, as there are state, county and city laws that dictate local taxes on properties. There may be differences in how the taxes are calculated based on the type of property.

Additionally, you should be aware of federal and state taxes on income from rental properties. Learn the laws, discover if there is anything you can do to reduce your responsibility, and evaluate how they will impact your financial goals for the property. It can mean the difference between a positive cash flow and a negative one.

2. Compare Property Values and Rents This is the next biggest thing that will determine how well your real estate investment will pay off. You want to make sure that the income you receive will be worth it. You don’t want to invest too much into a property just to find out that the local market won’t support the rent you’d have to charge in order to make the income you expect.

Look at the prices of similar properties being sold nearby, as well as the cost of comparable rentals in the area. Try to seek out the highs and lows, as well as the average for sales prices and typical rents. Then use this information to help inform your property investment strategy, as well as how much to charge for rent.

 

http://www.fool.com/investing/general/2014/03/09/5-tips-for-beginner-real-estate-investors.aspx

Here’s Why Real Estate Will Have an Excellent Spring | Mt Kisco NY Real Estate

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There’s no getting around it: It’s been a brutal winter in many parts of the country. And much of the negative economic data we’ve seen recently has been driven by the unusually harsh weather.

This is especially true in housing, where new mortgages have declined and housing starts have fallen considerably.  However, I think there may be a very positive spring on the horizon for real estate as built-up demand and favorable buying conditions create a “perfect storm” (pun intended) of real estate activity.

Housing starts At first glance, the recent housing-start data looks atrocious, dropping by 16% from December to January. The rate of housing starts is lower than a year ago, even though the market improved throughout 2013.

Even the number of new housing permits — a good indicator of the building activity to come over the next couple of months — dropped. January’s rate of housing permits was 5.4% lower than it was in December, which indicates that February’s housing starts data might be even worse.

This makes sense, and I wouldn’t be surprised if the actual number comes in much worse than even the lowest estimates. February’s weather has been terrible, and of the permits that were initiated, weather delays may have prevented the actual construction from commencing.

On the other hand, once the weather gets nicer, homebuilders may have a backlog of new homes to build that they haven’t been able to start. Along with that, they could see more buyers coming into the market simply because better weather makes it more enjoyable to go out and shop for a house. After all, who wants to shop for a house in a foot of snow?

Mortgages are lower despite decent interest rates Although interest rates on mortgages are higher than they were last year, they definitely seem to have stabilized as a result of the Federal Reserve’s long-awaited taper at the end of 2013.

However, despite the stabilizing rates, mortgage applications fell by 8.5% in a recent report. However, a good chunk of the drop in mortgage applications is due to the 11% drop in refinancing applications, which is included in the total number. This makes sense since as rates rise, there’s progressively less of a financial case for refinancing.

How To Make Your Ikea Furniture Look Like It Doesn’t Come From Ikea | Mt Kisco NY Homes

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Ikea’s furniture has become so ubiquitous that it’s difficult to make it stand out.

To deal with this problem, several new businesses are offering add-ons that make furniture look like it doesn’t come from the Swedish mega-chain, reports Katarina Gustafsson at Bloomberg News.

Here are a few businesses that are dominating the quest to upgrade Ikea furniture.

1. Bems

Bems sells coverings for Ikea beds, couches, and chairs. The brand is somewhat pricey—a slipcover for an Ikea sofa costs about $800.

bems IKEA

 

Bems

2. Prettypegs

This brand sells unique furniture legs compatible with Ikea. In most cases, four pegs retail for $75-$100.

 

http://finance.yahoo.com/news/5-startups-furniture-look-doesnt-195800593.html

Flip now if you plan to flip that house at all | Mt Kisco NY Real Estate

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RealtyTrac, released its year-end and fourth quarter 2013 Home Flipping Report, which shows 156,862 single family home flips — where a home is purchased and subsequently sold again within six months — in 2013, up 16% from 2012 and up 114% from 2011.

Profits are strong in flipping right now. The average gross profit for a home flip — the difference between the flipped price and the price the flipper purchased the property for — was $58,081 for all U.S. homes flipped in 2013, up from an average gross profit of $45,759 in 2012. The average gross profit for homes flipped in the fourth quarter was $62,761, up from $52,746 in the fourth quarter of 2012.

It looks like the market for flips is slowing, which could portend ill for housing in general. Flips accounted for 3.8% of all sales in the fourth quarter, down slightly from 3.9% of all sales in the third quarter and down from 7.1% of all sales in the fourth quarter of 2012.

“Strong home price appreciation in many markets boosted profits for flippers in 2013 despite a shrinking inventory of lower-priced foreclosure homes to purchase,” said Daren Blomquist, vice president of RealtyTrac. “For the year 21% of all properties flipped were purchased out of foreclosure, but that is down from 27% in 2012 and 32% in 2011. Meanwhile flipped homes were still purchased at an average discount of 13% below market value in 2013, the same average discount as 2012, indicating that investors are finding discounted buying opportunities outside of the public foreclosure process — particularly in those markets with the biggest increases in flipping for the year.”

 

http://www.housingwire.com/articles/28789-flip-now-if-you-plan-to-flip-that-house-at-all

 

Classic European architecture mixes with modern furnishings in a newly open Edwardian home | Mt Kisco Homes

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Architect Stephen Sutro of Sutro Architects grew up in San Francisco just four blocks from this home, alongside one of the owners, who was a childhood friend. Years later, when the friend and her husband hired Sutro for this project, that long relationship made it easy to communicate and share ideas for the transformation of the couple’s Edwardian flat from a dark warren of small rooms to a light-filled family dwelling.
Houzz at a Glance Who lives here: A couple and their 2 children Location: San Francisco Size: 2,900 square feet; 3 bedrooms, 3½ bathrooms Year renovated: 2013
Photography by Aaron Leitz

“We call this project Parisian Modern Flat, because it uses the European idea of classic architecture as the backdrop for modern elements and furniture,” says Sutro. The architect reordered the rooms, making a large, open space up front and relocating the bedrooms in the rear of the house. Now the living room, dining room and kitchen are in one space.
Sofa: Dizani; art: Matt Lipps
The architect staged a delicate design balance. “By using classic molding and a herringbone-patterned floor, we referenced the era in which the house was built,” the architect says. A sofa with multisided seating has decidedly modernist attributes; it allows people to relax and enjoy the contemporary fireplace, the avant-garde photo collage, the more traditional bay window or the modern kitchen. “It is the perfect piece, because it has seating on all four sides,” says the architect. “It knits the room together.”
“The modern interventions create an interesting juxtaposition and a pleasant tension between the old and new,” says Sutro. The design of a fireplace in Tom Ford’s New York City flagship store inspired the architect to create this wood and limestone surround and mantel in the living room.
“The Lindsey Adelman light fixture defines the dining area and adds a formality to it,” says Sutro. Although the architect removed the division between the rooms, he left a suggestion of a wall between the dining room and kitchen to make a slight visual separation. “It’s just enough to suggest two spaces,” he says. “Dim the lights in the kitchen during a dinner party, and it seems to disappear.”
Light fixture: Lindsey Adelman; dining table: Link by Jakob Wagner, B&B Italia; dining chairs: Masters by Philippe Starck, Kartell

U.S. Home Values Seen Gaining Most Since ’05, Zillow Says | Mt Kisco Real Estate

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U.S. homes gained $1.9 trillion in total value this year, the biggest jump since 2005, as the real estate market rebounded from the recession, Zillow Inc. (Z) said.

At the end of 2013, the housing stock will be worth about $25.7 trillion, Zillow said today in a statement. U.S. homes as a whole lost $6.3 trillion in value from 2007 through 2011 and have recovered 44 percent of that, according to the Seattle-based property-data firm.

Home prices are rising across the U.S. as investors drain markets of inventory and improving employment brings in more buyers. Almost 90 percent of the 485 metropolitan areas analyzed by Zillow had price gains this year. The total value of the nation’s housing stock jumped about 7.9 percent from 2012, the second straight annual increase, according to the report.

“The housing market continued to build on the positive momentum that began in 2012,” Stan Humphries, Zillow’s chief economist, said in the statement. “Low mortgage rates and an improving economy helped bring buyers into the market.”

Price increases will slow next year to a pace closer to the historic norm of 3 percent to 5 percent, according to Humphries.

The Federal Reserve yesterday said it will scale back asset purchases that have bolstered housing demand by keeping interest rates low. Improvements in the job market spurred the decision to cut spending on Treasuries and mortgage bonds to $75 billion from $85 billion starting in January, the Federal Open Market Committee said at the end of a two-day meeting in Washington.

 

 

http://www.bloomberg.com/news/2013-12-19/u-s-home-values-gain-most-since-2005-zillow-says.html?cmpid=yhoo

Mortgage applications plummet heading into the FOMC meeting | Mt Kisco NY Homes

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Mortgage applications filed in the U.S. plummeted 5.5% as both the refinance index and home purchase index declined ahead of Wednesday’s Federal Open Market Committee.

The Mortgage Bankers Association pointed to the meeting as a fear factor for the market since talks of a potential mortgage-backed securities or Treasurys tapering could come out of the Fed today.
If the Fed decides to begin tapering this month, the market will know by this afternoon.

The refi index alone fell 4%, while the purchase index declined 6% ahead of the meeting.
“Mortgage applications fell further last week, with the market index falling to its lowest level in more than a dozen years,” said Mike Fratantoni, MBA’s vice president of research and economics. “Both purchase and refinance applications fell as interest rates increased going into today’s Federal Open Market Committee meeting.”

The refi share of mortgage activity increased to 66% of total applications from 65% the prior week. Meanwhile, the adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

 

http://www.housingwire.com/articles/28336-mortgage-applications-plummet-heading-into-the-fomc-meeting

 

Bitcoin now accepted by RentHop | Mt Kisco NY Realtor

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Rental listing site RentHop thinks it can entice landlords and real estate brokers into using Bitcoin by slashing its listing advertisement fee if they pay with the digital currency.

Users must currently pay $2 to post listings on RentHop, which covers New York City, Boston and Chicago, and has plans to expand nationally.

But as of this week, if brokers and landlords use Bitcoin, they’ll have to pay only 0.833 milli-citcoin (1/1000th of a bitcoin), or $0.76 at today’s exchange rates. That represents a 60 percent discount off the rate that RentHop will continue to charge advertisers who pay in dollars. Find more details at https://de.thebitcoinscode.com/.

“RentHop has always catered to early adopters exploring innovations in real estate,” said RentHop CEO Lee Lin in a statement. “Over the years we’ve noticed the most successful landlords are the ones who proactively seek out and embrace new and disruptive platforms. Bitcoin users are exactly the type of participant we welcome to our marketplace.”

RentHop intends to reduce the exchange-rate volatility of owning Bitcoin for customers by maintaing the exact number in bitcoins that it charges unless Bitcoin’s dollar value changes by more than 30 percent.

Lawrence Zhou, co-founder of RentHop, breaks it down for us:

– See more at: http://www.inman.com/2013/12/16/bitcoin-now-accepted-by-renthop/?utm_source=20131216&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.UtWNx7SJ.dpuf