Tag Archives: Pound Ridge Real Estate for Sale

Pound Ridge Real Estate for Sale

High End New Homes | Pound Ridge Real Estate

In 2015, a total of 1,762 homes were started for sale with a price of $1 million or more according to the Census Bureau’s Survey of Construction. New homes started for sale with a price of $ 1 million or more decreased as a share in absolute number in 2015. That number was significantly lower than in 2013 (3,347 homes) and 2014 (3,019). Previous posts have discussed the upward trend in the median and average size of new single-family homes and how part of this is likely due to a historically atypical mix of buyers in the market.

chart1

In 2005, the number of new homes at this price reached a peak of 5,647 units. In the boom year of 2006, 4,966 new homes started were million dollar homes built for sale. In 2007, only 2,449 such homes were started followed by 1,028 homes in 2008. From 2009 to 2012, fewer than 1,000 of these $1 million+ homes were started every year.

 

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http://eyeonhousing.org/2016/11/high-end-new-homes/

Mortgage rates average 4.03% | Pound Ridge Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher with the average 30-year fixed-rate mortgage topping 4 percent for the first time since 2015.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending November 23, 2016, up from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.01 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.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points. The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.”

US existing sales increase 2% | Pound Ridge Real Estate

Sales of previously owned houses in the United States rose 2 percent to a seasonally adjusted annual rate of 5600 thousand in October of 2016. It is the highest figure since February of 2007, beating market expectations of a 0.5 percent fall or 5430 thousand. Sales of single family homes went up 2.3 percent to 4990 thousand while those of condos were flat at 610 thousand. The average price fell 1 percent and the months’ worth of supply went down to 4.3 from 4.4. Existing Home Sales in the United States averaged 3881.83 Thousand from 1968 until 2016, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. Existing Home Sales in the United States is reported by the National Association of Realtors.

 

 

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http://www.tradingeconomics.com/united-states/existing-home-sales

 

Housing in a soft patch | Pound Ridge Real Estate

Rising mortgage rates, overheating home prices, nothing for sale, pre-election jitters — the list of reasons to lose confidence in the housing market is growing.

In fact, the share of consumers who think now is a good time to buy a home fell 5 percentage points in September in a monthly housing sentiment survey (known as HPSI) by Fannie Mae. The only drop that was bigger was the share of consumers who think mortgage rates will fall.

Potential home buyers attend an open house in the Seattle, Washington.

“The decline in the HPSI over the past two months from the survey-high in July … adds a note of caution to our moderately positive housing outlook,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The starter home tight supply and rising home prices as well as the unsettled political environment are likely giving many consumers a reason to pause or question their home purchase sentiment.”

The September employment report was mixed for housing. Wage growth is strengthening, but not as much as home price growth. Construction jobs increased, suggesting more housing supply in the future, but housing starts for single-family homes are not exactly robust. Construction spending fell in August and July’s numbers were revised down.

“A blah September jobs report gives no impetus for anything on the economy’s to do list: There’s no sign of an overheating economy that would justify a rate hike; no groundswell of construction hiring that would finally hint at a return to a normal pace of housing starts; no big wage gains that would give hope for renewed productivity gains. Just a stubbornly average report at a time when the economy is looking for a jolt of the spectacular,” wrote Redfin’s chief economist, Nela Richardson.

“Housing seems to have hit a soft patch, with residential investment likely posting a second consecutive quarterly decline last quarter despite positive labor market and mortgage rate trends”-Doug Duncan, chief economist, Fannie Mae

Pending home sales, which represent signed contracts to buy existing homes, have fallen for three straight months, according to the National Association of Realtors. Housing demand is strong, but supply is historically weak and getting weaker, as fewer homes come on the market in the fall and winter.

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http://www.cnbc.com/2016/10/07/worried-about-housing-youre-not-alone.html?__source=newsletter%7Ceveningbrief

Some housing markets cooling | Pound Ridge Real Estate

The red-hot growth in home prices across the U.S. West is starting to slow in some cities as sticker shock and low inventory put off weary buyers.

Denver, Los Angeles and Austin, Texas, have seen gains in real estate values moderate after years of double-digit increases, according to Zillow. A slowdown in the tech epicenter of San Francisco is becoming even more pronounced, with the median home value in August rising less than 1 percent from a year earlier.

The five-year surge in real estate demand across the West is starting to take its toll in some areas as buyers become more reluctant to purchase a home that would eat up a large chunk of their monthly earnings. With job growth still robust, house hunters are pushing outward from core cities to get more for their money.

“Homebuyers are starting to see a bit of price fatigue and are starting to step back and think twice about making that purchase,” said Svenja Gudell, chief economist at Seattle-based Zillow. “Prices have grown so much over the last few years as part of the recovery that many markets are well beyond their initial 2006 or 2007 peak, so homes are now more expensive than they’ve ever been.”

Western cities have led the nation’s recovery from last decade’s recession with record-setting economic growth and a boom in jobs, particularly in the technology industry, leading to a surge in housing demand. In the past five years, home values have soared 71 percent in Denver, 66 percent in San Francisco and 54 percent in Austin, Zillow data show. Nationwide, the gain was 22 percent.

Buyer Pushback

The prices have gotten too heated for many buyers in Denver, which has seen a slowdown since the beginning of the year, said Wade Perry, a managing broker at Coldwell Banker Devonshire in the area.

“Buyers are starting to push back and say, ‘I’m not going to pay that much for that house,’” Perry said.

The median home value in Denver rose 10 percent in August from a year earlier to $353,300, according to Zillow. While that’s still one of the top increases in the country, it’s down from an almost 16 percent surge in the same period of 2015.

In Austin, which, like Denver, has benefited in part from a spreading tech industry and an influx of well-paid workers, the median climbed 8.1 percent, compared with 12 percent growth a year earlier. Los Angeles’s growth slowed to 6.9 percent from 7.5 percent, while in San Diego it decelerated to 4 percent from 6.3 percent.

For San Francisco, where the median home value has soared to $1.1 million, the increase was just 0.6 percent after a 15 percent jump in August 2015. The city’s price gains have made it the most overvalued housing market in the U.S., UBS Group AG said in a report this week.

Still Hot

Still, there’s no let-up in some other Western tech-heavy markets, such as Portland, Oregon, where home values soared 20 percent in August, compared with 13 percent a year earlier. In Seattle, the 15 percent gain outpaced the roughly 14 percent increase the year before.

Nationwide, the median home value climbed 5.1 percent in August — up from 4.6 percent a year earlier.

A slowdown in home-price appreciation would be a healthy change, said Patrick Carlisle, chief marketing analyst at Paragon Real Estate Group in San Francisco.

“The cooling of a desperately overheated housing market to something closer to normal is not bad news,” he said. “The huge increases in housing prices have created enormous social stresses in the area, as well as leading some of our local high-tech companies and would-be startups to look at locating elsewhere.”

The overheated markets are pushing some buyers to shift their house hunt to the suburbs, fueling faster appreciation in outlying areas than in the neighboring boom cities, Zillow data show. In the Denver suburb of Arvada, for instance, the median home value in August soared 13 percent from a year earlier. It jumped almost 14 percent in Englewood, a short light-rail ride from downtown.

Moving Outward

Ben and Nicole Irwin began looking for homes in the area last year and soon discovered the Denver properties they liked cost $500,000 to $600,000. The couple ended up paying $390,000 for a three-bedroom house in Arvada, where they were attracted to good public schools, a charming old town and the city’s proximity to the Red Rocks Amphitheatre, a popular outdoor concert venue.

“To get the size house we wanted, it would have been out of our price range,” said Ben Irwin, a 37-year-old communications manager for the city of Boulder. “We found that we could get those kinds of houses for $150,000 to $200,000 less” outside of Denver.

In Austin, where home prices are higher but sales are down, surrounding towns “have seen incredible appreciation” as buyers seek out affordability in the city’s outskirts, said Dave Murray, a broker at DMTX Realty.

 

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http://www.bloomberg.com/news/articles/2016-09-28/runaway-home-prices-ebb-in-u-s-west-as-weary-buyers-push-back

Apartment and Condominium Market Dips Slightly | Pound Ridge Real Estate

The National Association of Home Builders’ (NAHB) Multifamily Production Index (MPI) dropped three points to 50 in the second quarter of 2016 (Exhibit 1). This is the 18th consecutive reading of 50 or above, which means that more builders and developers report that current conditions in the apartment and condominium market are improving than report conditions are getting worse.

Exhibit 1: NAHB Multifamily Production Index (MPI) and Multifamily Starts (in thousands)

Figure1

The MPI is comprised of three key sub-components: construction of low-rent units, market-rate rental units and “for-sale” units, or condominiums. Low-rent units decreased two points to 52 in the second quarter, while market-rate rental units dropped five points to a level of 53, and for-sale units fell three points to 45.

The NAHB Multifamily Vacancy Index (MVI), which measures respondent perceptions of vacancies in the multifamily housing market, increased three points to 42, with higher numbers indicating more vacancies (Exhibit 2). However, the MVI is still below the breakeven point of 50, which means that more respondents perceived a reduction in vacancy rates than perceived an increase.

Exhibit 2: NAHB Multifamily Vacancy Index (MVI) and 5+ Rental Vacancy Rate

Figure2

After peaking at 70 in the second quarter of 2009, the MVI improved consistently through 2010 and has been fairly stable since 2011. Historically, the MVI has shown to be a leading indicator of Census multifamily vacancy rates, which is displayed in Exhibit 2 as well.

 

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http://eyeonhousing.org/2016/08/apartment-and-condominium-market-dips-slightly-in-the-second-quarter/

Six Essential Questions to Ask a New Client | Pound Ridge Real Estate

Imagine you are considering working with a potential client who seems apprehensive and possibly needy. Imagine you get the project. What might you wish you had considered and/or asked the potential client or yourself before deciding to work with them?

Here are some suggestions:

Why are these folks good clients for your company?
Over time, all companies have at least a gut level feel for what is a good fit regarding clients. Use that filter all the time. Ignoring it can put you, your people, and the company through thankless grief.

Why do these folks think we are the right contractor to work with?
Ask this question early on. The worst case is they expect something from your company that you simply can’t deliver. Better to find that out as soon as possible.

Have they been through a remodeling project in the past? If so, how did it go?
If they have never experienced the challenges involved in being a remodeling client, you are likely to be viewed negatively if you work for them. There are simply so many things that can go wrong during all phases of the planning and the actual remodeling.
If they have been through a remodeling project and it did not go well, question them thoroughly about why they think that happened. If all they do is blame the contractor then get clear about what they think the contractor did wrong. If you think the potential client was the real problem, not the contractor, then don’t work for them!

What are the client’s expectations about the process, in general? Do those expectations align with your company’s idea of what reasonable expectations are?
If so, great. But if not, what are the specific gaps? Are the gaps large or small? It’s better find out sooner than later. There is the distinct likelihood that they don’t align with yours. Talk it through. If there is not a meeting of the minds, refer another remodeler who might be a better fit.

Can the client listen to what your company says? Will they allow your company to be in control?
If they won’t listen now, they likely won’t listen when it all hits the fan. If you can’t be in control you will rue the day you decided to work with them.

 

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http://www.remodeling.hw.net/business/operations/six-essential-questions-to-ask-with-a-new-client_o

Builder’s Choice Custom Home Design Award-winning projects | Pound Ridge Real Estate


Jeff Goldberg

In honor of Earth Day, Custom Home and BUILDER take a look back at five Builder’s Choice Custom Home Design Award-winning projects that are as environmentally-conscious as they are commendable. These projects, designed with the planet in mind, are dynamic and innovative—some powered by the resources they produce.

The Builder’s Choice Custom Home Design Awards (BCCHDAs) honor excellence and innovation in residential design and construction across 13 categories including project of the year, modular, multi-family, and architectural interiors. With this year’s extended deadline fast approaching—May 2 for early submissions, and May 6 for late submissions—we encourage you to submit your own best work here.

Excerpts from the awards coverage highlighting the projects’ sustainable features are included below. Follow the link in each project’s title to view more photos and information.
Tucson Mountain Retreat, Tucson, Ariz., designed by DUST
The layout is keenly attuned to the Sonoran Desert site. The long side faces south to allow the sun to passively heat the concrete floors, and the building’s deep overhangs and thermal mass keep it cool in the summer. A large kitchen/dining/living space is flanked by an acoustically designed music room/recording studio on one side and two bedrooms on the other. Each volume is fitted with glass walls that dematerialize to take in views and breezes.


Jeff Goldberg

RainShine House , Decatur, Ga., designed by Robert M. Cain, Architect
As an exercise in green design, this LEED Platinum–certified house puts a check in every column: passive solar, active solar, rainwater collection, natural daylighting and ventilation, energy-efficient electrical and mechanical systems, resource-conserving materials, a tight building envelope, low-VOC finishes, and no-irrigation landscaping. What got the attention of our judges, though, was that its environmental ethos also yields a thoroughly pleasing aesthetic experience.


Paul Hultberg Photography

Sustainable Steel Home , San Diego, designed by Macy Architecture/
Jensen & Macy Architects
The home’s footprint allows for plenty of natural ventilation, and it also connects the interiors with the outside in true mid-century spirit. The house maximizes its infill location by providing city and water views to the main rooms, which all occupy the second floor. Photovoltaics produce on-site power, and rainwater harvesting meets the site’s irrigation needs. Lots of glass, both transparent and translucent, helps with daylighting and passive solar.


Scot Conti

GREENville House, Greenville, N.C., designed by Tonic Design
The owners of this new LEED Silver-rated residence did their sustainability homework in advance. “They knew about solar and geothermal from the beginning,” says project designer Katherine Hogan. That head start allowed Hogan and principal designer Vincent Petrarca to weave green features into the fabric of the building, rather than tack them on as options after the fact.


Todd Lanning

Green Lantern , San Antonio, Texas, designed by John Grable Architects
In one of San Antonio’s, oldest neighborhoods, architect and developer John Grable, FAIA, salvaged 45 percent of a 1948 house because of his client’s commitment to conservation and green building. At the same time, a contemporary home was the aim.


Dror Baldinger, AIA

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http://www.ecobuildingpulse.com/projects/five-award-winning-sustainable-homes-from-the-builders-choice-custom-home-design-awards_s?utm_source=newsletter&utm_content=Article&utm_medium=email&utm_campaign=EBP_042616%20(1)&he=bd1fdc24fd8e2adb3989dffba484790dcdb46483

Falling Expectations for 2016 Depress Housing Confidence | Pound Ridge Real Estate

Americans’ overall confidence in the U.S. housing market has declined from a year ago, according to the January 2016 Zillow Housing Confidence Index, driven lower by diminished expectations of the market’s future.

The overall U.S. Housing Confidence Index fell to 66.9 in January from 67.4 a year ago according to the Zillow Housing Confidence Index, sponsored by Zillow and calculated by Pulsenomics LLC.

However, expectations for the year ahead fell even more, from 69.9 in 2015 to 67.5 this year, a decline of 3.4%.  Homeowners near term expectations fell 3.5 percent, from 74.1 to 71.8 but renters lost even more confidence.  Among renters, expectations for 2016 compared to 2015 fell from 63.9 to 60.8, or 4.8 percent.

The results come at a time when rising rents and stagnant incomes are making it tough for many Americans to buy homes. Millennials are renting longer than past generations as they put off major life decisions. Those aged 18-34 said they expected home values to grow by 5 percent per year, on average, over the next ten years, compared to just 3.7 percent for all Americans.

The survey found that overall aspirations for homeownership are at their highest level in two years, driven in large part by faith among younger Americans and Americans-of-color in the general value of homeownership. Among people 18-34 years old, 65 percent said homeownership and the American Dream go hand-in-hand, more than any other generation. Of Hispanic respondents surveyed, 70 percent agreed that owning their own home is necessary to live the American Dream, followed by 64 percent of Asian respondents and 63 percent of black respondents. Less than 60 percent of white respondents agreed.

The semi-annual Zillow Housing Confidence Index, sponsored by Zillow and calculated by Pulsenomics LLC, is calculated for the U.S. as a whole and 20 large metro markets nationwide. It is based on a national survey of 10,000 American renters and homeowners. The ZHCI is composed of three sub-indexes: one that summarizes homeowner and renter assessments of current market conditions (HMCI); another that measures their expectations regarding future home values and affordability (HEI); and a third that gauges their aspirations and attitudes regarding homeownership (HAI).

 

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http://www.realestateeconomywatch.com/2016/03/9641/

Home prices index continues to rise | Pound Ridge Real Estate

Recently, S&P Dow Jones Indices and the Federal Housing Finance Agency (FHFA) released their home price indexes for November. The Case-Shiller (CS) National Home Price Index, reported by S&P Dow Jones Indices, rose at a 10.9% seasonally adjusted annual pace in November. The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 6.7% in November.

Despite monthly volatility the FHFA and S&P/Case-Shiller home price indexes have very similar trends.

Figure1_November

http://eyeonhousing.org/2016/02/fhfa-and-spcase-shiller-home-prices-in-november/