Tag Archives: Pound Ridge NY Real Estate for Sale

Pound Ridge NY Real Estate for Sale

FHFA House Price Index Up 0.6 Percent in July | Pound Ridge Real Estate

Washington, D.C. – U.S. house prices rose in July, up 0.6 percent on a seasonally
adjusted basis from the previous month, according to the Federal Housing Finance Agency
(FHFA) monthly House Price Index (HPI). The previously reported 0.2 percent change in June
remains unchanged.
The FHFA HPI is calculated using home sales price information from mortgages sold to, or
guaranteed by, Fannie Mae and Freddie Mac. From July 2014 to July 2015, house prices were up
5.8 percent. The U.S. index is 1.1 percent below its March 2007 peak and is roughly the
same as the November 2006 index level.
For the nine census divisions, seasonally adjusted monthly price changes from June 2015 to
July 2015 ranged from -1.2 percent in the New England division to +1.6 percent in the
Mountain division. The 12-month changes were all positive, ranging from +2.1 percent in the
New England division to +9.4 percent in the Mountain division.


source: FHFA report

Beautifully Restored Marcel Breuer Masterpiece | Pound Ridge Real Estate

All photos via Klemm Real Estate

Location: Litchfield, Connecticut
Price: $2,495,000

Hailed as the first piece of modern architecture in Litchfield, Connecticut, the 1950 Stillman House by Modernist great Marcel Breuer brought glass, colors, and clean lines to an historic New England town that was until then all about colonials. The 2,359-square-foot masterpiece, which would usher in more modern works in Litchfield by other members of Breuer’s Bauhaus-inspired cohort, the Harvard Five, is set on over two acres of secluded hilltop grounds. When current owners purchased it from the Stillman family in 2009, it was in desperate need of repairs. What followed was a four-year total restoration that introduced contemporary luxuries while maintaining Breuer’s original intentions.

Now on the market for $2.495M, the property includes a main house with four bedrooms, a guesthouse with a large sunken living room, floating staircases on the interior and exterior, and the most covetable pool. As seen in a 1950s black-and-white outdoor shot below, one end of the pool was adorned with a striking geometric mural by American sculptor Alexander Calder. The pool wall has since then been rebuilt after it deteriorated, and today, a facsimile of the artwork stands, continuing a dynamic dialogue with the blue, yellow, red, and grey strips on the front facade. On the interior, one end of a fireplace also sports the original Sound Waves mural by Bauhaus artistXanti Schawinsky.


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Rising Mortgage Rates to Test Housing Market’s Strength | Pound Ridge Homes

The housing market could be in for a bumpy ride as mortgage rates climb.

Home buyers and sellers heading into the busy summer season have been eyeing mortgage rates wondering how long the good times can last.

The national housing market has been gaining strength in recent years as prices rose rapidly in many areas. In the first quarter, 51 metro areas posted double-digit percentage price gains, according to the National Association of Realtors. But economists say that momentum may not outlast higher rates, depending a lot on location.

For five years, mortgage rates have hovered around 50-year lows, a situation most economists believe will start to reverse if the Federal Reserve begins to raise interest rates later this year. Rates on 30-year conventional mortgages averaged 4% for the week ended Thursday, according to mortgage giant Freddie Mac. Until a few weeks ago, mortgage rates had been below 4% since November.

The Fed doesn’t have direct control over mortgage rates or any other long-term rates, which fluctuate based on perceptions about the economy and inflation. But when the central bank raises short-term rates, other rates move accordingly over time. Mortgage rates typically track yields on 10-year Treasury notes.


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Existing home sales slightly rebound after last month’s plummet | Pound Ridge Homes

Existing-home sales slightly ticked back up 1.2% in February after last month’s plummet, but tight inventory levels pushed price growth to its fastest pace in a year, theNational Association of Realtors said.

Lawrence Yun, NAR chief economist, said although February sales showed modest improvement, there’s been some stagnation in the market in recent months.

“Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” he said. “Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise.”

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.2% to a seasonally adjusted annual rate of 4.88 million in February from 4.82 million in January. Sales are 4.7% higher than a year ago and above year-over-year totals for the fifth consecutive month.

This is not too far off Zillow’s (Z) forecast that the seasonal adjusted annual rate would rise 1.3% to 4.88 million in February.

The median existing-home price for all housing types in February was $202,600, which is 7.5% above February 2014. This marks the 36th consecutive month of year-over-year price gains and the largest since last February with it was 8.8%.

In addition, total housing inventory at the end of February increased 1.6% to 1.89 million existing homes available for sale, but remains 0.5% below a year ago (1.90 million). For the second straight month, unsold inventory is at a 4.6-month supply at the current sales pace.

The percent share of first-time buyers barely increased, growing to 29% in February from 28% in January, marking the first increase since November 2014. First-time buyers represented 28% of all buyers in February 2014.

All-cash sales were 26% of transactions in February, down from 27% in January and down considerably from a year ago when it was 35%.

Individual investors, who account for many cash sales, purchased 14% of homes in February, down from 17% last month and 21% in February 2014. Sixty-seven percent of investors paid cash in February.

Distressed sales, foreclosures and short sales, were 11% of sales in February, unchanged for the third consecutive month and down from 16% a year ago. Eight percent of February sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 17% below market value in February (15% in January), while short sales were discounted 15% (12% in January).


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Rent showing little signs of let up | Pound Ridge Real Estate

WASHINGTON (MarketWatch) — Inflation in January may have seen the first negative reading since 2009, but there’s little sign that rents are cooling off.

Rent of primary residences, on a year-over-year basis, stayed at 3.4% in January, the 10th month in a row it’s been above 3%, according to Labor Department data released Thursday.

Put another way — the gap between rents and the broader consumer-price index is as large as it’s been since August 2009.

Separate data from Axiometrics confirms the story on rents — apartment rent growth in January was 4.9% year-over-year, which according to their data was the best since the recession.

The rental story has been a hot one for some time.

Part of it reflects the same fundamentals that have helped lift house prices, like the steady jobs growth in the economy.

In addition, tight credit standards, and the overhang of student debt, have helped steer younger Americans to rent from buy, when they’re not living in their parents’ basements.

Other factors include changing tastes as well as lifestyle changes, like marriage, happening later in life, according to KC Sanjay, senior real estate economist at Axiometrics



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Earthy Decor Adds Warmth to a Modern Home | Pound Ridge Real Estate

In 2008 these Santa Monica, California, homeowners worked with their architects to build a minimalist, modern home. Several years later they still loved their custom home, but they thought it could be cozier and more touchable. They hired an interior design team to take their rooms to a new, warmer level.

Lovely and Petite Greenwich Village Apartment Asks $865,000 | Pound Ridge Real Estate

9 images

A very small but very well-appointed one-bedroom Greenwich Village apartment is on the market for $865,000. Although the home at 2 East 12 Street is small (is that a twin bed?), it’s been thoughtfully renovated and restored. The apartment first appeared on the market for $995,000 in 2012 and has tried to sell a few times since to no avail. Maybe the new listing pictures—compared with the old—will spur buyers on.


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Mortgage Rates Decline Further | Pound Ridge Real Estate


Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates hitting fresh lows for the year for the second consecutive week amid declining bond yields. At 3.92 percent the average 30-year fixed rate is at its lowest level since the week of June 6, 2013.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending October 23, 2014, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
  • 15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week with an average 0.5 point, down from last week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.60 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.

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

“Fixed mortgage rates continued to fall this week after the yield on 10 year Treasuries dropped to their lowest point of the year. Existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent from August. Housing starts were up 6.3 percent in September adding a seasonally adjusted annual rate of 1.017 million units. Building permits rose 1.5 percent to a seasonally adjusted annual rate of 1.018 million units in September.”

Home Prices are 3% Undervalued Nationally | Pound Ridge Real Estate

Trulia’s Bubble Watch shows whether home prices are overvalued or undervalued relative to their fundamental value by comparing prices today with historical prices, incomes, and rents. The more prices are overvalued relative to fundamentals, the closer we are to a housing bubble – and the bigger the risk of a price crash. Sharply rising prices aren’t necessarily a sign of a bubble. By definition, a bubble develops when prices look high relative to fundamentals.

Bubble watching is as much an art as a science because there’s no definitive measure of fundamental value. To try to put numbers on it, we look at the price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trends. We use multiple data sources, including the Trulia Price Monitor, as leading indicators of where home prices are heading. We combine these various measures of fundamental value rather than relying on a single factor because no one measure is perfect. Trulia’s first Bubble Watch report, from May 2013, explains our methodology in detail. Here’s what we found this quarter. (This report contains larger-than-usual revisions of previous Bubble Watch estimates. See note.)

We estimate that home prices nationally are 3% undervalued in the third quarter of 2014 (2014 Q3). In 2006 Q1, during the past decade’s housing bubble, home prices soared to 34% overvalued before dropping to 13% undervalued in 2012 Q1. One quarter ago (2014 Q2), prices looked 5% undervalued; one year ago (2013 Q3), prices looked 6% undervalued. This chart shows how far current prices are from a bubble…


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10 Signs You Are Ready to Invest | #PoundRidge Real Estate

When it comes to property investment, timing is everything. Ultimately, choosing the right time to enter the market will have a significant impact on the long-term success of your investment.

But how can you, as an investor, know whether the timing is right? Here are 10 tell-tale signs that now is the time to start building your investment portfolio.

1. You are financially ready. You have saved enough for the down payment and you have also established your emergency fund. You have taken into account home maintenance expenses. Your credit history is good and you are able to meet all the financial obligations.

2. You have set your long-term goals. You have a clear picture in your mind of your investment’s purpose and you are flexible enough to adjust to changing circumstances. You are not hesitant.  When the timing is right, you are able to adapt to the market needs and the development of technologies.

3. You have done your research. You know the neighborhood of your future property well enough to foresee the coming trends and the possible changes in the community. You have researched all the schools in the area as well as the best commuting means.

4. You have chosen a stable economy. The area is financially stable, economic trends are promising and equities are surging. No demographic fluctuation or no irregular variation of population have been recorded in the area.

5. You understand the country’s policies regarding real estate. The policies of the region promote and encourage a positive, innovative environment as well as drive further economic growth. The tax policy in the country is positive for homeowners. Global innovation index is rising in the area.

6. Infrastructure projects are underway and likely to lead to an increase in property values. The infrastructure of the area is being developed with a focus on: transport, energy, solid waste and water management developments.

7. The region is moving toward sustainable development. The region’s awareness of global and local environmental issues is increasing, the demand for eco-friendly homes as well as for sustainable rural and urban development is rising. As more and more people head toward sustainable living, investing in sustainable property will increase its value in the future.

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