Tag Archives: waccabac ny homes

Why Millennials Can’t Buy | Waccabuc Real Estate

Though 2015 was dubbed the Year of the Millennial, though the final sales data are not yet in, actual purchases by young first-time buyers disappointed many real estate observers.

Between July 2014 and June 2015. first–time buyers declined to 32 percent (33 percent a year ago), which is the second–lowest share since the survey’s inception (1981) and the lowest since 1987 (30 percent), according to the National Association of Realtors’ 2015 Home Buyer and Seller profile, Through October, NAR’s Realtor Confidence Index reported sales to first-time buyers had fallen even more, to only a 30 percent share.

Though the current data is bad, Millennial purchase levels have actually improved.  In mid-December, the Census Bureau’s American Community Survey reported that the number of homeowners aged 25-34 fell by more than 250,000 in each year between 2007 and 2012, but has declined to a level of less than 100,000 annually through 2014.

Yet expectations are much higher than results to date.  For example, a December NAR survey found that 94 percent of renters under the age of 34 aspire to be homeowners “someday”, a finding that echoes similar research by Fannie Mae, Zillow, the Pew Center and others.

Among the many hurdles facing young buyers—lending standards, rising prices, slim to no affordable inventory, income that is still not age-appropriate, crippling levels student loan debt consumer debt—perhaps the greatest is simply cash.  Like most generations before them, Millennials are struggling to raise the cash requirements for down payments and closing costs.

One reason is a phenomenon I called the Rent Trap in an article for Inman News Service last year and re-published on Real Estate Economy Watch.  (See How the Rent Trap is Killing off First-time Buyers.) Simply put, rather than driving first-timers to buy, soaring rents are sucking up a substantial portion of their disposable income, keeping them trapped in rentals longer than they planned.  The longer they wait, the higher rents rise, extending their waiting period.  The Rent Trap which may be one of the most pervasive but least understood reasons that Millennials are aging in place in rental housing.


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Housing’s Share of GDP Expanded at the Start of 2015 | Waccabuc Real Estate

With the release of the final estimates of first quarter 2015 GDP growth (a decline of -0.2%), housing’s share of gross domestic product (GDP) grew to 15.45%, with home building and remodeling yielding 3.14 percentage points of that total.

housing share of GDP

Housing-related activities contribute to GDP in two basic ways.

The first is through residential fixed investment (RFI). RFI is effectively the measure of the home building and remodeling contribution to GDP. It includes construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes and brokers’ fees. For the first quarter, RFI was 3.14% of the economy.

The RFI component reached a $512 billion annualized pace during the start of the year. This is the  highest quarterly rate for RFI since the middle of 2008.

The growth for RFI at the start of 2015 added 0.21 points to the headline GDP growth rate (GDP would have declined 0.4% absent the RFI component).

The second impact of housing on GDP is the measure of housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units) and utility payments. The inclusion of owners’ imputed rent is necessary from a national income accounting approach because without this measure increases in homeownership would result in declines for GDP. For the first quarter, housing services was 12.3% of the economy or $2 trillion on an annualized basis.

Taken together, housing’s share of GDP was 15.45% for the start of the year.

Historically, RFI has averaged roughly 5% of GDP while housing services have averaged between 12% and 13%, for a combined 17% to 18% of GDP. These shares tend to vary over the business cycle.


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Snap Up a Well Done North Haven Flip | #Waccabuc Real Estate

The brokerbabble for this really lovely flip begins, “Just finished ground up renovation of Captains Manse.” And by “captains manse” we mean “1950s cape,” and by “Just finished ground up renovation” we mean “we shoved assloads of stacked stone everywhere!” All kidding aside, we’re pretty impressed with how stylish the house looks now. It’s been turned from a dowdy three-bed, two-bath to a handsome five bedroom, 4.5 bath house, with 3500sf. The natural materials and copious use of glass keeps the look cohesive, yet modern and airy. We particularly like the interesting lighting. The plot is 0.65 acres, and the original studio has been kept to adjoin the new pool, which is fenced with glass and stacked stone. The place previously sold for $945K; given the quality of the improvements, we don’t think $1.995M is ridiculous.


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House prices: Have UK sellers missed the top of the property market? | #Waccabuc Real Estate


The year of frenetic house price growth in the UK is over, according to new data from the Halifax.

Despite a 0.1pc rise in house prices from July to August the monthly, quarterly and annual growth rates all slowed following an unexpectedly hot July in the housing market.

House prices rose 1.2pc from June to July – the biggest month-on-month rise since February, falling back to 0.1pc in August.

The quarterly growth rate jumped from 2.3pc in the three months to June to 3.5pc in the three months to July as the banks got to grips with new, stricter mortgage regulations.

However, the quarterly growth rate then slowed to 3pc from July to August.

Although August is traditionally a quiet month in the UK housing market, due to school holidays, the monthly growth rate grew 0.7pc in the summer of 2013, compared to 0.1pc this year.

A fall in monthly, quarterly and annual house price growth seems to indicate that the frenzied surge in values – seen in the supply-stricken yet popular areas of London and the south-east – is now coming to a halt.


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This man pretends to be a Realtor and no one can stop him | Waccabuc Real Estate


The Real Estate Council in Alberta, Canada, seems to have a real problem on its hands with real estate agent Derek Johnson.

The regulatory authority is not bothered by his claims on YouTube.

Nor is it his system that will reportedly threaten the Multiple Listings Service in Calgary.

It’s that Derek Johnson doesn’t seem licensed to conduct business as a real estate agent and broker.

But that’s not stopping Johnson.

According to CBCnews, the Real Estate Council keeps fining Johnson for not having a license.

The penalties are growing from $15,000 to $50,000.

Furthermore, there are reports claiming Johnson is committing fraud and harming homeowners.

And, according to an email Johnson sent to CBCnews, it doesn’t look like he plans to stop:

“Johnson said in an email that the fines are ridiculous and he hasn’t been given due process by the Real Estate Council of Alberta.




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10 Beautiful Brooklyn Houses You Can Rent This Summer | Waccabuc Real Estate


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As soon as summer hits, many city dwellers flee their urban environs for places with a lot more greenery and a lot less piles of stinking garbage, and instead of letting their multi-million dollar homes sit stagnant, they drop them on the market. While some offer up their homes for the whole of summer, One Fine Stay lets homeowners rent their houses by the night. The rental service is very particular about the places it rents, choosing only homes that are “distinctive and special,” and they have a wide selection of impeccable Brooklyn townhouses. Here, we rounded up 10 of the best, all available for summer rentals. Up first, this Park Slope townhouse on President Street is perfect for the musically talented, featuring a baby grand piano and guitars. The 3BR/3.5BA house sleeps four to eight, and is decked out with “fascinating pieces of Americana.” The master bathroom has a beautiful clawfoot tub, and there’s a private balcony off the kitchen with steps that lead to a garden. The house rents for around $874/night with a minimum stay of five nights.


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Zillow: 30-year mortgage rates remain stable | Waccabuc Real Estate


Mortgage rates for 30-year fixed mortgages rose ever so slightly from last week’s figures, according to Zillow’s Mortgage Marketplace. Current rate borrowers were quoted interest rates of 4.04% on Zillow (Z) this week, up only three basis points from last week’s rate of 4.01%.

Zillow’s mortgage rate report is based on Zillow clients, and is not as comprehensive as the weekly rate report from Freddie Mac, but it is a good measure of what prospective buyers are seeing in the market.

According to Zillow’s data, the 30-year fixed mortgage rate peaked at 4.12% on Thursday before dropping to 4.03% on Friday, where rates remained for the rest of the week.

“Mortgage rates were flat last week as two highly anticipated announcements, the European Central Bank’s stimulus plan and the latest U.S. employment report, confirmed the outcomes the markets were expecting,” said Erin Lantz, vice president of mortgages at Zillow. “Next week there is a limited number of market-moving news or events scheduled, so we expect rates to remain stable.”


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Posh Porches | Waccabuc Real Estate

Front porches add character and curb appeal as well as enviable outdoor living space. If you are lucky enough to have one, are considering adding one or just like to dream, check out these inspiring photos from our friends at Houzz.



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Zillow, Trulia and realtor.com strengthen their hold on consumers | Waccabuc Real Estate


Zillow, Trulia and realtor.com captured more than a third of all visits to real estate sites from desktop computers in April for the first time.

Real estate’s three largest portals have been slowly growing their overall real estate Web traffic share from desktop computers for at least the last 18 months, according to Experian Marketing Services data.

Horse race image via Shutterstock.
Horse race image via Shutterstock.

(Unlike its digital analytics competitor comScore, Experian measures Web traffic by total visits rather than unique visitors and currently does not report traffic from mobile devices or mobile apps. See recent Inman News story analyzing comScore March data).

Zillow, Trulia and realtor.com captured 34.4 percent of the 360 million visits to real estate sites last month – 8.2 percentage points above their collective Web market share in April 2013.

As it has for the last few months, Zillow came in at No. 1 by a wide margin, capturing 17.39 percent of desktop traffic in April, nearly twice the desktop traffic of Trulia and more than twice that of realtor.com.



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Clinton Hill Mansion Owned by Two Ex-Mayors Wants $9.875M | Waccabuc Real Estate


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↑ In Clinton Hill, this gorgeous, 9,000-square-foot mansion is, according to the listing, “SPLENDID BEYOND BELIEF.” For once, that’s some brokerbabble we can really get behind. William Tubby built the house for Brooklyn mayor Charles A. Schieren before Brooklyn and Manhattan were consolidated and, according to rumor, Prohibition-era mayor Jimmy Walker also lived in the house for a time. There’s a lovely library with floor-to-ceiling shelves, a living room with “a hidden projector screen,” six wood-burning fireplaces in total, and a massive backyard and patio. It kind of looks like a less-whimsical/cluttered version of that house from The Royal Tenenbaums. Last year, it hit the rental market for $14,000/month, but now it’s looking to sell for an impressive $9.875 million.


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