Monthly Archives: June 2013

County Exec Blasts HUD for Changing Terms of Affordable Housing Settlement | Chappaqua Real Estate

They were talking about an affordable housing “report card” sent by Maurice Jones, secretary of the U.S. Department of Housing and Urban Development, last month.

Astorino said the affordable housing allocations given in the report cards are based on a Rutgers study released in 2004 that was never approved by the county. He said the allocations exceed the benchmarks set forth for the county during its affordable housing settlement in 2009 and that the new numbers are an attempt by HUD to force localities to change their zoning.

“The 2004 study, for all intents and purposes, should be thrown out,” Astorino said. “It has nothing to do with the settlement. Nothing. Seven hundred and fifty is the only number that anyone should be talking about.”

In 2006, the Anti-Discrimination Center of Metro New York brought a federal lawsuit that claimed the county failed to live up to its obligation to provide affordable housing and address issues of racial segregation in its housing markets.

That suit eventually led to a $63 million settlement in 2009 that requires the county to see to it that 750 units of affordable housing are built in 31 of the county’s predominantly white communities and to market those units to the nine counties surrounding Westchester.

But Astorino said HUD’s plan in the report cards would require the county to build 5,097 additional affordable housing units. The two largest allocations were 975 affordable housing units for Mount Pleasant and 756 units for Harrison, meaning each town’s individual report card allocation surpasses the settlement’s total, according to Astorino.

Jones wrote another letter to Ken Jenkins, chairman of the Westchester county Board of Legislators, last month refuting Astorino’s claims that HUD is requiring the county to build additional affordable housing units.

“Under paragraph 7 of the Settlement, the County is obligated to ensure the development of “at least” 750 new affordable housing units that affirmatively further fair housing,” Jones wrote. “By its terms, this is a floor, not a ceiling.”

Jones said the Rutgers study, which estimates that the county would need to build nearly 11,000 affordable housing units to meet the regions needs, was used as a starting point

“In any event, HUD is not requiring the County to build this number of units, but to use this study as a tool to examine how the eligible municipalities are contributing to meet the regional needs,” Jones wrote to Jenkins. “Such an examination does not equate to a new funding mandate.”

Joan Maybury, supervisor of the Town of Mount Pleasant, said she wanted to know why HUD sent out the report cards using the Rutgers figures if they really didn’t mean anything.

“The idea that the federal monitor would send a report card beforehand and have it with flaws—in the Town of Mount Pleasant it said we didn’t have any affordable accessory apartment, which is absolutely not true…I think the public deserves a little bit better in regards to communication,” Maybury said.

Astorino said that this was another example of how HUD has continued to ‘move the goalposts’ when it comes to Westchester and is attempting to see how far it can push.

He said the county had 386 units with financing so far, which is well past the goal of 300 units that was set for 2013.

“When I say we’re done, are they going to say no your not, this is going on forever?” Astorino said. “I think this is what we’d like to know.  When we get to 750 units, is it game over? Or do we have ongoing obligations to build more?”

 

County Exec Blasts HUD for Changing Terms of Affordable Housing Settlement – Government – Pleasantville-Briarcliff Manor, NY Patch.

Facebook Hashtags: This Week in Social Media | Cross River Realtor

Welcome to our weekly edition of what’s hot in social media news. To help you stay up to date with social media, here are some of the news items that caught our attention.

What’s New This Week?

Facebook Launches Clickable HashtagsClickablehashtags are rolling out on Facebook. “When you click on a hashtag in Facebook, you’ll see a feed of what other people and Pages are saying about that event or topic.”

facebook hashtags

“Similar to other services like Instagram, Twitter, Tumblr or Pinterest, hashtags on Facebook allow you to add context to a post or indicate that it is part of a larger discussion.”

Google+ Dashboard Makes Managing Your Online Presence Easier: After signing into your Google+ page, you’ll now have access to a new Dashboard with features that include the ability to update your info across Maps, Search and Google+ and insights on top searches. Local businesses also have access to AdWords Express and Offers campaigns.

google+ dashboard

“To start using Google+ Dashboard, simply sign into Google+ as your page, then click the Dashboard icon in the navigation menu.”

Discussion From Our Networking Clubs: Thousands of social media marketers and small business owners are asking questions and helping others in our free Networking Clubs. Here are a few interesting discussions worth highlighting:

Tumblr‘s Archive Page Gets BiggerTumblr‘s Archive Page got a makeover and now has bigger thumbnails, loads faster and has a new Scroll to Top button.

tumblr archive page

Just add “/archive” to the end of any Tumblr blog URL to see the new Archive Page for yourself.

Pinterest Kicks Off Pin It Forward FrancePinterest launches “a new localized version of Pinterest, created especially for people in France.”

pinterest in french.

“French pinners will see more local content in Search and category feeds, as well as links to more French domains and pins with descriptions in French.”

Twitter Opens up its Analytics PlatformThe Next Web reports that Twitter is “giving everyone access to in-depth data about the people and brands who follow them, as well as the performance of their most recent tweets.”

Here’s some interesting social media news to follow:

Myspace RelaunchesMyspace airs its first commercials for its redesigned platform.

What do you think? Please share your comments below.

Tags: 

 

Facebook Hashtags: This Week in Social Media | Social Media Examiner.

Inventories Hit Ten Month High | Katonah Real Estate

As the spring home buying season transitions into summer, month-over-month inventories are rising faster than they were as sellers respond to price increases at a faster pace than earlier in the buying season.  On a national basis, both list prices and Inventories rose in last month, according to Realtor.com’s May data.

Inventories have risen by about 25 percent since the beginning of the year, signaling a potential end to a sellers’ market and a greater balance between market supply and demand. The monthly increases in the for-sale inventory that took place in the past two months are among the highest observed since Realtor.com has been collecting these data.

In May the inventory deficit fell to 10.11 percent on a year-over-year basis.  Realtor.com’s inventory (1,852,740) was larger in May than it has been in ten months.

“We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” said Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time.  And this is happening in our hot markets on a much larger scale.”

The nationwide median list price rose to $199,000 in May, the highest level since mid-2009. On a year-over-year basis, the median list price was up by almost 5 percent. At the same time, the average age of the for-sale inventory dropped on both a monthly and year-over-year basis, reflecting a surge of new property listings.

The median age of the inventory fell to 79 days in May, down by 2.47 percent over the month and by 13.19 percent on a year-over-year basis.  It’s the youngest median age of inventory ever reported by Realtor.com.

Super-heated markets are in the process of cooling down as a surge in recent listings is a greater balance between supply and demand.  For example, the month-over-month median list price increase in the top 10 markets in the nation, which includes 7 California markets, dropped from an average of 7 percent in April to just 3 percent in May, while the size of their for-sale inventories rose by an average of 13 percent.

On a year-over-year basis, median list prices in May were up by 1 percent or more in 103 of the 146 MSAs covered by Realtor.com, and were up by 5 percent or more in 71 MSAs.  Only 3 markets experienced a decline of more than 5 percent.  These results represent a steady improvement since the beginning of the year, with an increasing number of markets registering increasingly larger list price gains.

Inventories Hit Ten Month High | RealEstateEconomyWatch.com.

Bank Crack Down Bolsters Foreclosure Inventory | Bedford NY Real Estate

nvestors desperate for foreclosures to buy got a break in May as banks cracked down on overdue defaulters, increasing starts and repossessing homes occupied by defaulters.

The monthly increase in overall foreclosure activity was caused largely by an 11 percent month-over-month increase in bank repossessions (REOs), although REO activity was still down 29 percent from a year ago.

REO activity increased from the previous month in 33 states — including North Carolina (up 60 percent), Oregon (up 57 percent), Wisconsin (up 44 percent), Illinois (up 44 percent), Colorado (up 23 percent), and Michigan (up 19 percent). REO activity increased 9 percent from the previous month in non-judicial states and was up 13 percent from the previous month in judicial states.

Among the five lenders involved in last year’s national mortgage settlement, all but one (Citi) posted monthly increases in REO activity, indicating that temporary stoppages of foreclosure sales announced during the month by some of the lenders involved in the settlement had little lasting impact on the number of completed foreclosures for the month.

U.S. foreclosure starts increased 4 percent from the previous month but were still down 33 percent from a year ago. Foreclosure starts increased from the previous month in 26 states and were up from a year ago in 14 states, including Maryland (up 229 percent), Connecticut (up 122 percent), Hawaii (up 108 percent), Arkansas (up 84 percent), New Jersey (up 82 percent), Nevada (up 81 percent), Washington (up 53 percent), Pennsylvania (up 26 percent) and New York (up 13 percent).

 

Bank Crack Down Bolsters Foreclosure Inventory | RealEstateEconomyWatch.com.

Zillow: Luxury Homes Lead Inventory Declines | Pound Ridge Real Estate

Zillow reported today that the greatest year-over-year decreases in inventory have been among more expensive homes, with the availability of top-tier and middle-tier properties each falling 15.7 percent year-over-year. The number of bottom-tier properties for sale on Zillow nationwide fell only 2.5 percent in early June compared to June 2012.

The analysis counters the conventional belief that supplies of lower tier homes have declined more than higher priced homes due to the effects of negative equity, which is more prevalent among mid and lower income homeowners, and declining numbers of distress sales, which are generally lower priced homes.

Other sources show that it is taking two or three times longer to sell higher priced homes than the average priced home. The Institute for Luxury Home Marketing reported Tuesday that the average days on market for homes priced over $500,000 was 161 in the first week of June. The National Association of Realtors reported the median time on market for all homes was 46 days in April, down sharply from 62 days in March, and is 45 percent faster than the 83 days on market in April 2012. The median age of inventory for all homes on Realtor.com was 79 days in May.

 

Zillow: Luxury Homes Lead Inventory Declines | RealEstateEconomyWatch.com.

Recovery Speeds Homeowners to Positive Equity | Bedford Corners Real Estate

Four times more homeowners returned to positive equity in the first quarter of year as the recovery drove home values higher across the nation.

Some 850,000 more homeowners with mortgages are no longer under water, bringing the total number of mortgaged residential properties with equity to 39 million. However, 9.7 million, or 19.8 percent of all residential properties with a mortgage, were still in negative equity at the end of the first quarter of 2013 with a total value of $580 billion. This figure is down from 10.5 million*, or 21.7 percent of all residential properties with a mortgage, at the end of the fourth quarter of 2012, according to CoreLogic.

The national aggregate value of negative equity decreased more than $50 billion to $580 billion at the end of the first quarter from $631 billion at the end of the fourth quarter of 2012. This decrease was driven in large part by an improvement in home prices.

Of the 39 million residential properties with positive equity, 11.2 million have less than 20 percent equity. Borrowers with less than 20 percent equity, referred to as “under-equitied,” may have a more difficult time obtaining new financing for their homes due to underwriting constraints. At the end of the first quarter of 2013, 2.1 million residential properties had less than 5 percent equity, referred to as near-negative equity. Properties that are near negative equity are at risk should home prices fall. Under-equitied mortgages accounted for 23 percent of all residential properties with a mortgage nationwide in the first quarter of 2013. The average amount of equity for all properties with a mortgage is 32.8 percent.

 

Recovery Speeds Homeowners to Positive Equity | RealEstateEconomyWatch.com.

Competitive Offers Ease on West Coast | Armonk Real Estate

Multi-bid offers have declined from 73.3 percent of offers written in April to 69.5 percent of offers written in May by Redfin agents, basically the same as May 2012, when 69.3 percent of Redfin offers went into bidding war. Most Redfin agents are located in West Coast markets.

The market’s easing is likely a result of the substantial monthly increase in inventory seen in April, the Seattle-based brokerage reported in its May 2013 Bidding War Report, which is based on statistics compiled from 2,000 offers written by Redfin agents in May. The number of homes for sale grew 6.4 percent from March 2013, the largest monthly gain since March 2010. Interest rates, which rose slightly in May, could also play a role in the declining demand seen last month.

Despite easing competition, seven out of 10 Redfin offers still faced multiple bids last month, causing homebuyers and their agents to use creative strategies.

Four of the top five most competitive markets were all in California: San Francisco (87.9% of Redfin offers faced bidding wars), Los Angeles (86.1%), Orange County (83.9%) and San Diego (72.6%). Boston rounded out the top five with 68.1% of Redfin offers facing competition.

 

Competitive Offers Ease on West Coast | RealEstateEconomyWatch.com.

Energy efficiency improvements could be factored into mortgage underwriting | Pound Ridge Real Estate

A bill aimed at encouraging home energy efficiency improvements by establishing underwriting guidelines for mortgage lenders that factor in cost savings for homeowners has been introduced — again — in the Senate.

S. 1106, the Sensible Accounting to Value Energy Act of 2013, is sponsored by Sens. Michael Bennet, D-Colo., and Johnny Isakson, R-Ga. The bill — which has the support of many real estate industry groups — has been referred to the Senate Banking Committee, where a previous version of the bill introduced in 2011 died.

According to the Appraisal Institute, the bill “would instruct federal loan agencies to assess a borrower’s expected energy costs when financing a house. The U.S. Department of Housing and Urban Development would issue updated underwriting and appraisal guidelines for any loan issued, insured, purchased or securitized by the Federal Housing Administration or any other federal mortgage loan insurance agency.”

The bill’s primary features — an affordability test and a loan-to-value adjustment — would both be optional.

Borrowers with energy-efficient homes are significantly less likely to default, according to a study by the University of South Carolina Center for Community Capital.

Homeowners who have invested in energy-saving upgrades may have trouble getting fair value for their homes if those improvements are not recognized by buyers, appraisers and lenders. More than 200 multiple listing services provide “green fields”  that allow real estate agents to list a home’s green features.

– See more at: http://www.inman.com/2013/06/12/energy-efficiency-improvements-could-be-factored-into-mortgage-underwriting/#sthash.74lNMu8p.dpuf

 

Energy efficiency improvements could be factored into mortgage underwriting | Inman News.

East Hampton Town Attempts to Rein in Drunken Partiers at Beach | Chappaqua Real Estate

 

img_16072.jpg
[photo credit: guest of a guest]

So far, East Hampton hasn’t walled off the parking lot, as was mooted in March, but the town board approved restricted parking access at Indian Wells Beach in Amagansett. The party scene was out of control on the beach last summer, with rowdy behavior, urinating in the dunes, and mounds of garbage left behind. The new law would restrict vehicles weighing more than 4 tons, longer than 30 feet or carrying more than eight passengers from parking on Indian Wells Highway, 175 feet south of Bluff Road to the end. Parking will also be prohibited on two roads near Indian Wells Highway from 8AM to 6PM. We’ll see what happens.

 

 

East Hampton Town Attempts to Rein in Drunken Partiers at Indian Wells Beach – drunkhampton – Curbed Hamptons.

How to Improve Your Social Media Marketing Return on Investment | Katonah Realtor

Have you ever been asked to show the return on investment (ROI) for your social media work?

Have you had trouble giving an exact number to explain your ROI or even set quantitative goals for your social media?

25% of marketers said that their biggest marketing challenge was finding the ROI of their marketing activities.

In this article, I’ll show you how to tweak some of your social media actions with your business goals in mind and make them easier to tie to your ROI.

#1: Use Social Media to Promote Your Offers

Social media is an important channel to promote any content you create. Whether you’ve created an ebook, blog post, webinar or white paper, you should promote it through social media.

Tap into your social audience whether you’re on TwitterFacebookLinkedIn,Google+ or Pinterest.

sme tweet

Social Media Examiner uses Twitter to share content and generate traffic.

As you can see on Twitter, it’s important to link to all of your content with your tweets. And remember to include hashtags to gain further visibility on Twitter.

For other social channels such as Facebook or Google+, take advantage of the visual real estate you have and include an engaging photo.

facebook update

Social Media Examiner adds the image of the report on a Facebook update.

On LinkedIn, post your content in marketing groups that are discussing similar marketing principles.

Is one of your goals for your business to engage potential prospects on social media? Then you’ll want to make sure you use each social media platform in the best way to connect with them.

#2: Tag Your URLs so You Know They Come from Social

Part of tying your social media efforts to ROI is to understand what actually comes from social media. You may be promoting an offer across multiple channels, but without understanding if it’s successful or unsuccessful through social media or another channel, it’s hard to plan future campaigns.

One way to attribute campaigns to social media is to tag the URL so you know it comes from social.

In the example below, you can see that the link was promoted on social media because of the UTM tags in the URL line at the top that say “twitter” and “social.”

buzz feed

Link to landing page coming from social.

UTM tag allows you to add identifying information to your URL that will help youkeep track of the source the link is coming from. By doing this, you’ll be able to properly track what comes from social media vs. other channels.

Is one of your goals to understand how your social media is working for you? Then you’ll want to be sure to track the traffic that comes from social media to see what’s working and what needs to be tweaked.

#3: Survey Your Customers About How They Found You

Another way to find out where your customers are first hearing about your company is through surveys. Include a question that asks how your customers found your company at strategic points of contact. This will help you find out where your visitors first found your company.

In the image below from Born Free, you can see the options for their survey.

survey question

Here’s an example of a survey that answers the question “How did you hear about us?”

Of course, when you gather this information from your customers, you can use it to tie into measuring your social media ROI. And it can also be helpful when planning which marketing resources should be used more heavily.

Is one of your business goals to get more leads from social media? Then be sure toinclude a tracking mechanism, such as asking your clients where they first heard about you.

#4: Use Google+ to Influence Your SEO Presence

Don’t forget about using one of the newest social media platforms, Google+. SEO consultants have proven that having a presence on Google+, Google Places andGoogle Authorship can help your SEO. And good SEO translates into better online visibility for your business.

In the case of Google Authorship, your content (especially when you upload a picture) may appear at the top of search engine results.

Here’s an example. Twitter announced that it’s opening its advertising platform to all users in the United States. When you search for “social media twitter advertising,” the first article to appear after a New York Times article and sponsored results is an article that is pulled in from Google+ with an image.

search results

Search results for “social media twitter advertising.”

Also, remember Google pulls in data from social media to make sure that its results are also influenced by social activity.

Appearing higher up on the page on Google’s search results directly influences your business ROI because most people do not click past the first page on Google results. Having your results appear there will drive more traffic to your website.

Is one of your business goals to get more web traffic? Then you’ll want to optimize your presence on Google’s platforms and track how visible your business is in their search engine results.

Use the best social media tactics to tie activity to your ROI.

Remember, you don’t want to fall into thinking that social media is a panacea to cure all of your business’s problems. And don’t expect to see immediate results.

 

How to Improve Your Social Media Marketing Return on Investment | Social Media Examiner.