Tag Archives: Mt Kisco NY Real Estate

NYC residential construction jumps 50% | Mt Kisco Real Estate


Residential construction in the city is expected to rise 50% this year, most of the apartments created will be for the wealthy.Photo: Katrina Samuelson

Spending on residential construction is poised to hit a new record high this year of $10.2 billion, up 50% from 2013, according to a report released Wednesday by the New York Building Congress. Last year’s total was $6.8 billion. The bad news is the steep run up in spending will actually yield fewer units—20,000—than the 30,000 per annum pace that was hit several times in the last real estate cycle. The difference is that this year there will be far more money spent on luxury properties designed for wealthy residents or investors.

“While the luxury residential market is booming in Manhattan and in parts of Brooklyn and Queens, we have our work cut out for us in terms of achieving Mayor [Bill] de Blasio’s plan to create or preserve 200,000 units of affordable housing over the next decade,” Richard Anderson, president of the congress, said in a statement.

While a rise in construction costs also contributed to the decline in the number of new residential units built compared to the last boom, New York City is also trailing behind most other growing cities in terms of the percent change in total housing units between 2000 and 2012, according to a policy brief recently released by the Citizens Budget Commission. In fact, with a gain of under 10% in that 12-year span, the Big Apple came in 19th out of 22 large cities in the country.

But regardless, the current boom in residential construction has created thousands of new construction industry jobs and increased economic activity and tax revenues, Mr. Anderson noted. In fact, the Building Congress report predicts that the residential sector will single-handedly lift total construction spending across all sectors by 10% this year over last year’s level.


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JP Morgan; If Foreclosures Are More Difficult Then We’ll Lend Less On Mortgages | Mt Kisco Real Estate


An interesting example of the verity that no good deed goes unpunished. JP Morgan has pointed out that precisely and exactly because foreclosure on a defaulted mortgage is more difficult these days therefore they are lending less on such mortgages. This is, of course, something of a pity as one of the great strengths of the US economy has always been the speed with which economic mistakes get cleaned up. Whether bankruptcies (corporate or personal), foreclosures, loan defaults and so on, the system has always, until now at least, been very swift in cleaning them up. So that economic assets can be moved on to someone who can make better use of them.

Here’s the point that JP Morgan is making:

JPMorgan Chase JPM +0.86% & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees.

We could, of course, say that this is a good idea. They’re now not looking just to equity value of the home itself, nor to the various government guarantees, but also taking a closer look at the credit worthiness of the borrowers themselves. But there’s a little more detail as well:

“The cost to take a customer through the foreclosure process is just astronomical now,” Kevin Watters, chief executive of JPMorgan Chase’s Chase’s residential mortgage banking business in New York, told Reuters in an interview.

In addition to federal standards, states, and in some cases local governments, have written their own rules making it more expensive for banks to recover loan losses, he said. According to foreclosure data firm RealtyTrac, it took an average of 120 days to foreclose on a home at the beginning of 2007, just as the housing bubble was starting to burst. In the first quarter of 2014, it took 572 days, or more than 1.5 years.

In any economic system there will be those who make mistakes. And sure, it’s great that the system starts to analyse those who are likely to make such mistakes a little more. But on the other side it’s also true that the speed with which such mistakes are cleaned up is important. There’s nothing worse for an economy in general than having useful economic assets sitting unused simply because the bankruptcy (or foreclosure, whatever) process takes too long to come to some sort of resolution. We do, of course, want to be fair to people who get themselves into financial trouble. We also would prefer not to be turfing families out into the streets. But at the system level it is also hugely important that such mistakes be resolved, and resolved quickly. One of the reasons for the vibrancy of the US economy is that bankruptcy is both easy and not all that big of a deal. Mistakes can be written off and dealt with and everyone can then go on to try again.



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Laid-Back Comfort in the New York Woods | Mt Kisco Real Estate


Thomas Riker, the codesigner of this house and a principal at design firm jamesthomas, calls the area of upstate New York state where it sits the “anti-Hamptons.” The Hamptons, a collection of villages on Long Island bordering the Atlantic, is known as a summer retreat for business titans and celebrity moguls, and the area contains some of the most expensive real estate in the United States. In contrast, “There’s a very Adirondack feeling to this part of upstate New York,” Riker says. “It’s almost like a throwback to a 1950s camp. It’s an area where the homes are quirky and unpretentious.”

This is where a friend whom Riker grew up with in Detroit decided to stake his claim for a weekend family retreat. They purchased a little cabin that had a lot of charm, but they wanted more room for the family — which includes two adults and three teenagers — and large gatherings with friends. It also was in a major state of disrepair. Together he, business partner James Dolenc and architect Leonard Woods made the house much more comfortable for the family while retaining its rustic sensibility.

Brutalist Country Estate on Long Island Asks $6.5M | Mt Kisco Real Estate


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Location: Old Westbury, N.Y. Price: $6,475,000 The Skinny: Designed by Ulrich Franzen in 1977, this Long Island home combines two completely disparate styles, because, hey! What goes together better than Brutalism and a historic 19th-century country estate? Actually, anything, really, as this interesting but somewhat jarring design makes crystal clear. Franzen, champion of blockiness that he was, demolished the original home except for the salon and drawing room, and then built a brick monolith and connecting structure which looks for all the world like it’s devouring the old estate. The grounds (which were designed by Frederick Olmsted) were also preserved, but the graceful curving lawn and the blocky new home are an awkward fit, with neither truly complementing the other. It’s not that the home—which is asking $6.475M—is awful: it’s a perfectly nice Brutalist residence. But all parties involved may have been better served if the teardown of the original, once started, had been completed.




How to sell a home, despite winter wonderland | Mt Kisco NY Real Estate


Inch upon inch of snow is piling up, and the desire to stay home curled up by the fire is becoming harder to turn away from: welcome to winter.

But despite continued snow flurries, home shopping is still growing.

According Zillow’s (Z) latest report, the online real estate marketplace reached a record number of unique users in January 2014, soaring to 70 million.

So how can real estate agents capitalize on this secret fountain of potential homeowners?

Zillow Real Estate Expert Brendon DeSimone outlined three tips for sellers and agents looking to sell a home during winter season.

One of the biggest points DeSimone emphasized was the need to have strong online photos of your house. Especially during the winter, buyers are shopping online all day.

“Nowadays, you only have one shot to make a good impression, which is your web appeal,” DeSimone explained.

Before, a seller would only have to worry about whether the house had good curb appeal.

“Now your first impression is on the web. Spend as much time and money for the photo shoot as you would for the first open house,” he said.




Migrants buying after Spanish real estate market bottoms out | Mt Kisco Real Estate

Buyer confidence is now returning to Spain via emigrants’ purchase of Spanish property at rock-bottom prices.

Recent house price data released by major real estate agents in Spain indicated that, in the most popular areas, prices have bottomed out and are attracting migrant buyers as a result. Russian and Far Eastern buyers are picking up bargains and the British and Scandinavians are re-entering the market.

There’s much to attract those wishing to emigrate, with prices in the Costa Brava, Marbella and Barcelona, recently down by up to 50 per cent on pre-crash prices, now showing a slight recovery due to renewed interest from overseas. The luxury market is faring best, particularly in beachside destinations such as Ibiza and Mallorca.

Buyers’ demographics are also changing, with increasing numbers of younger people in the 30-40 age group and fewer retirees being noted. Indian, American and Chinese investors are showing the most interest in the popular areas.

According to real estate agents, sellers are still open to price negotiation even although the best properties as regards location and amenities are listed at around 30 per cent below their true value. The Spanish government’s recently announced scheme to give residency to non-EU nationals purchasing a home for over €160,000 would seem to have kick-started the country’s ailing property market.

– See more at: http://www.emigrate.co.uk/news/20140102-8412_spanish-property-now-attractive-to-migrants#sthash.f3MLCa6e.dpuf

Paul McCartney Eyes $13M 4BR Condo On Fifth Avenue | Mt Kisco NY Homes

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A four-bedroom condo on Museum Mile that’s been sitting on the market for more than a year got some Christmas love from former Beatle Sir Paul McCartney. The Post reports that McCartney and his wife, Nancy Shevell, checked out unit 16B at 1049 Fifth Avenue, currently listed for $12.9 million. The 3,335-square-foot apartment was originally listed in October 2012 for $13.5 million, but had its price reduced by $500K in July 2013. The home has Central Park views and design details one expects from a prewar Fifth Avenue building: coffered ceilings, rosewood herringbone floors, marble bathrooms, and a mahogany paneled library.




2014 good for housing, not so much for economic growth | Mt Kisco Real Estate

The coming year will see the continued slow-but-steady recovery in housing and housing-related industries, minimal interest rate movements, less than stellar economic growth, and an improving purchase market.

That’s the prediction from the brain trust at FBR & Co. FBR is a leading investment bank that focuses its efforts across a broad array of industries including financial institutions and real estate, among a host of others.

Despite the overall tepid outlook, the FBR forecast does point to good signs for the origination market.

“Financials, particularly banks and thrifts, outperformed the broader indices in 2013, and, generally speaking, we expect in-line performance at best over the coming year as stock prices have drastically outperformed fundamentals for most spread-based lending businesses,” the FBR 2014 forecast states.

In particular, the mixed overall news looks good for housing.

“We expect that those subsectors most levered to a continued recovery in housing will outperform in 2014, as housing-levered industries should have the largest opportunities for growth in the near term,” the report states.





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

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.




Breathing Room for a California Family | Mt Kisco Real Estate

San Francisco Bay Area couple raised their children in this home, which worked well enough during that time. But when the kids moved away to start their own families, the couple redid their kitchen as an open concept, creating a more comfortable place for the growing family to spend time together.
The once-confined kitchen needed to be open and inviting for their throngs of friends too, and function like a dream regardless of how many bodies were in it at any given time. And just as important, it needed to have storage to spare. “In all of our 42 years of marriage,” says one of the clients, “I’ve never had room to have all of my accumulated kitchen stuff in my actual kitchen until now.”
Kitchen at a Glance Who lives here: A couple with grown children Location: San Francisco Bay Area Size: 400 square feet

“The project started with the desire to make the kitchen the heart of the house,” says project architect Eugene H. Sakai of Studio S Squared Architecture. “And it is, both functionally and in its location: It’s smack dab in the middle of the house’s floor plan.”
Bar stools: Lamps Plus
Sakai removed walls from the original kitchen to open it up to the dining room. Additional space came from an adjacent bedroom, which was in turn relocated to another part of the house. “Though there was now plenty of space to work with,” says Sakai, “the challenge was to make it easy to pass through in order to get to the living room and backyard.”
Generous walkways offer ample room for large crowds to flow in every direction. These wide clearances are perfect for the couple’s current social and cooking needs but are also designed for accessibility, should someone in the household ever use a wheelchair.
The kitchen centers on the 5- by 7-foot island with special functions on all four sides. “One of the problems with an open floor plan is that there is limited wall space,” says Sakai.
The island solves this by housing a GE oven on one side, a garbage and recycling station and a Sharp microwave drawer on another, and a three-drawer system for everyday needs on a third side. Even the bar seating area offers hidden storage.
Sakai credits the owners for working out the details of the room. “They were very thoughtful with their vision of how they wanted to use the space now and down the line.”
Range hood: Zephyr
The perimeter of the kitchen is just as functional. Matching drawer systems flank the 36-inch Thermador range, while cabinets with ¼-inch beaded glass border the 36-inch Venezia hood to provide the couple with everything they need to prep and plate food.