03/11/2011

Katonah NY Real Estate Up 38% | RobReportBlog | Katonah NY Real Estate Report

 

 

Katonah NY Real Estate Up 38%   |    Prices Up 7%

RobReportBlog 

Katonah NY Real Estate Report

 

Katonah NY real estate is way up.  Sales are up 38% in the last six months.  There have been 43 sold homes compared to 31 in the same period last year.

The Katonah NY real estate median price also has jumped a healthy 7%.  This year the median price for a sold Katonah NY home is $717,000 compared to $670,000 for the 2010 six month period.

 

Katonah NY Real Estate Sold numbers 2010 (six months)

43   homes sold

$717,000   median price

$5,500,000    high price

$280,000   low price

3029   average square feet

$331  average price per foot

178  average DOM

92.04%   average sold to ask

 

 

Katonah NY Real Estate Sold numbers 2011 (six months)

31   homes sold

$670,000    median price

$3,037,500   high price

$417,000    low price

2893   average square feet

$286   average price per foot

154   average DOM

94.35%   average sold to ask

 

 

Katonah NY Homes

Katonah Luxury Homes

 

 

 

Mar 11, 2011 11:09:16 AM | Weblogs

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One of the ironies of modern life in the United States is that we live in one of the safest countries in the world, and yet we have the most insurance to cover the relatively small amount of risk we face. This is demonstrated by the number of overlapping insurance policies that many people inadvertently carry. Many of these overlapping policies can be eliminated to free up funds for savings or other uses. (For a related reading, check out Is Your Insurance Company Going Belly Up?)

Tutorial: Intro To Insurance

Group vs. Individual Life Insurance
Many individuals have a life insurance policy to protect their family from financial loss if they should die, with the proceeds from these policies used to pay off debt and cover lost income. Products offered include term life or more permanent coverage like whole or universal life.

Some employers also offer life insurance coverage to their employees through group term life insurance policies. These group policies have some advantages over policies bought directly by an individual. They are usually less costly because the risk is spread out over a large base of workers, and the employer sometimes subsidizes part of the premium as part of a benefit package. Also, there are typically no medical exams needed to get coverage under these group life policies. 

While these group policies are relatively small and only pay a multiple of two or three times an employee’s salary in the case of death, this may be enough to protect a family from financial loss, especially when combined with another outside life insurance policy. An individual can therefore reduce coverage under an existing individual policy with the proceeds from the group policy making up the difference. (For more, see How Much Life Insurance Should You Carry?)

Emergency Road Service
Auto insurance policies may offer emergency road service if an insured vehicle breaks down. This coverage provides an individual with flat tire repair, a battery boost and other minor mechanical repairs to get your car operational. Other benefits include lockout service and even limited fuel delivery to get you home if you run out of gas. If the vehicle can’t be repaired the towing service is provided as well.

Yet many individuals pay a yearly fee to belong to organizations like AAA or the National Automobile Club, which provide many of the same services. Check the benefits and costs of your emergency road service provided by your insurer and compare it that offered by motor clubs you may belong to. It’s very possible that both aren’t needed.

Tutorial: Investing For Safety And Income

Rental Cars
When renting a vehicle while on vacation travel, most renters are presented with a confusing choice of options by the rental car company that if selected, exclude the renter from liability if there is damage to the vehicle. These waivers tend to be quite expensive and can increase the daily rental rate substantially. These options are usually accompanied by an ominous warning from the stern faced clerk behind the counter about the liability you will face if you don’t pay for this coverage. 

Some of this same coverage may be provided by a renter’s personal auto insurance policy depending on the level of coverage that you selected when you signed up. The best course of action for a consumer to follow is to examine your policy thoroughly several days prior to renting. If there is any confusing language in the policy then call your agent and get an explanation. 

Compare this coverage to the offerings from the company you are renting from. Most rental car companies have detailed information posted on line regarding damage waivers and other options offered. The worst possible thing to do is to wait until the day of the rental when you are standing at the counter.

Some credit card companies offer limited coverage on damage to rental cars as well as long as you use that credit card to rent. This coverage is sometimes secondary or excess to your main policy but is something else that also should be checked several days prior to renting. (For more, check out 5 Insurance Add-Ons You Don’t (Always) Need.)

Warranties
Consumers are sometimes pressured by retailers at the point of sale to purchase an extended warranty on a product. This warranty is designed to extend the manufacturer’s warranty past the standard time of 90 or 180 days. These are typically expensive with the cost based on the purchase price of the product and the length of the extension.

Many consumers don’t need an extended warranty as some credit card companies also offer extended warranties on products purchased with their cards. American Express offers an extended warranty at no extra charge to its cardholders, with the benefit doubling the time of the manufacturer’s warranty up to a maximum of one year.  

Visa signature cardholders can extend manufacturer warranties by registering a product with the company’s Warranty Manager Service. The company also offers further extension of warranties for an extra fee. (For more, see Extended Warranties: Should You Take The Bait?)

Bottom Line
Many consumers have overlapping insurance policies that provide duplicate coverage on a variety of risks. A careful review of existing policies can lead to a cancellation of this duplicate coverage and save a consumer a considerable amount of money in the long term.  

After a tough 2009, we had high hopes for the real estate market in 2010. Thinking that conditions couldn’t get much worse, many believed that home values would start the process of recovery but instead it was largely more of the same. Let’s take a look at five of the most important real estate stories of 2010.

IN PICTURES: 5 Simple Ways To Invest In Real Estate

Robo-Signing
Probably the biggest news story of 2010 regarding real estate was the robo-signing scandal. A small home in New England became the center of the controversy when it was revealed that a small home in foreclosure had documents which were signed by somebody unfamiliar with the case, a practice that is illegal in most states. These signers were later called robo-signers because of the large amount of documents they were signing each day. This caught the attention of all 50 state attorney generals, which caused a brief stoppage of foreclosures by the largest banks. (To learn more, see the Top 5 Things To Know About Robo-Signers.)

What some believed would be a major controversy that could cause large scale financial damage to the already beaten down banks has largely become a non-issue as banks settle the robo-signing lawsuits for a relatively small amount of money.

See-Sawing Mortgage Rates
This past year saw the lowest mortgage rates in more than 50 years. In November, the average interest rate on the 30-year fixed mortgage was 4.17%, down more than 1% in less than one year. Then, in just over one month, the rate jumped up to 4.83% by the end of December. This increase was theoretically stiffened by the Federal Reserve purchasing billions of dollars in bonds, known as quantitative easing, thus increasing the cash banks hold. Although many investment vehicles have a history of wild swings up and down, mortgage rates don’t often move as quickly and violently as they did in 2010. (Learn more in What Is Quantitative Easing?)

Unemployment
The low mortgage rates dropped to levels that allowed many who couldn’t otherwise afford a home to purchase one – but did that fuel a buying spree? Sadly, it didn’t, and most economists and real estate experts blame the nearly 10% unemployment rate for the lack of buying interest in the many homes on the market.

IN PICTURES: 5 Mistakes That Make House Flipping A Flop

Jingle Mail
2009 was a terrible year for “jingle mail,” those people who sent the keys to their home to their mortgage company and walked away; 2010 saw very little improvement. In an MSNBC survey, 48% of those polled said that they would consider walking away from their mortgage responsibilities. With more adjustable rate mortgages (ARMs) scheduled to reset, adding as much as $1,000 to homeowners’ payments, it’s likely that some of the 48% polled may actually drop those keys in the mail in 2011.

Nicholas Cage
Nicholas Cage, who is famous for his film roles and as an international real estate investor, found himself in the tabloids when many of his properties were sold for a substantial loss by his business manager, seized by the bank or foreclosed upon. Although most of us can’t identify with multi-million dollar properties all over the world, we can identify with one key rule: any investment must be seen as something that could both appreciate in value as well as rapidly drop. Unfortunately Nicholas Cage learned that lesson the hard way. (Check out 10 Habits Of Highly Effective Real Estate Investors.)

The Bottom Line
Real estate in 2010 will not go down as a bright year for home owners. Many are still hurting and as we look forward to 2011, let’s hope that businesses begin hiring again so the housing crisis that still grips the United States will see brighter days next year.

For the latest financial news, see Water Cooler Finance: Canadian Takeover And U.S. Tax Breaks.

After you find a home that is aesthetically appealing, the next step is to ensure the house is in top condition with a home inspection. Once the buyer and seller have settled on price, it’s the last safeguard for the buyer to know that the soon-to-be-purchased home is really worth the money inside and out. But a home inspection is never a guarantee that your new home is going to be in perfect working order. (For more, see Do You Need A Home Inspection?)

IN PICTURES: 7 Tips On Buying A Home In A Down Market

1. Heating, Ventilation and Air Conditioning
   Heating, ventilation and air conditioning systems (HVAC) are one of the top problems that home inspectors can miss, says Mark Vuncannon, a broker with Allen Tate Realtors in Asheboro, North Carolina, because the technicians may be reluctant to run the air conditioning in extreme cold, or to check the heat in blistering heat. “The inspectors do this because they do not want to do damage by running the unit too long in adverse conditions or they do not want to be held responsible for repairs if it breaks a few days after the new homeowner moves in,” he says.When the home inspection report is issued, it usually contains a disclaimer that relieves inspectors of this liability. To cover any glitches with your heating and cooling systems down the road, Vuncannon recommends having the system checked by a licensed specialist separate from the home inspection. click to see the best heating and cooling service in Canberra.
2. Roof Leaks
   The number-one culprit to slip through a home inspection is roof leaks, according to Reggie Marston, president of Residential Equity Management Home Inspections in Springfield, Virginia. That’s because home inspectors don’t physically access the roof to check on its condition, he explains. Instead, inspectors generally examine the roof from ground level with binoculars or when possible, they’ll look out higher level windows to get a view of roofing below. Inspectors will note torn or missing shingles and nail pops that may or may not be indicative of a full-fledged problem. To guarantee that you are buying a house with a durable roof, Marston suggests hiring a licensed roof contractor to provide a full evaluation of its state.
3. Faulty AppliancesPart of a home inspection is checking that all major appliances are functioning properly. Marston says that this is the second most likely flaw to be overlooked in a home inspection. To confirm that all appliances are in working order, a technician will run them through one or two cycles to make sure there’s no trouble, such as a leaking refrigerator or a smoking dryer.However, the check is only a neutral source confirming that the appliances work, not an internal or technical diagnostic of the appliance. That means an appliance could work fine the day the inspector tests it, and flare-up on move-in day when the seller has already been absolved of any responsibility. (For more, check out The 10 Worst First-Time Homebuyer Mistakes.)
4. Damaged Siding and Windows
   According to Marston, real estate contracts are structured so that major systems, such as electric and plumbing, are reviewed and obligate the seller to fix any deficiencies to complete the sale. But other imperfections that fall outside of the contract’s purview may go unrepaired. For example, in past inspections, Marston says he has noted that damaged siding or old windows that the seller is not required to fix, but that could develop into a much bigger problem later. (For a related reading, see 4 Types Of Home Renovations: Which Ones Boost Value?)
5. Under the Carpet
   Inspectors look for evidence of significant wear that are in plain view, but the things that can’t be seen pose a risk, says Chobee Hoy, Owner of Chobee Hoy Realty Associates, Inc. She recommends shadowing an inspector when doing a  mold inspection at concerns you have about the house and probing what is under some moldy carpet or is lurking behind paneling, adding that buyers can seek sellers’ permission to remove superficial facades for the inspector to take a deeper look.

IN PICTURES: