Monthly Archives: July 2013

Technology still an afterthought for many big brokers | Waccabuc Real Estate

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I have enough contact with real estate agents to know that some of them cannot manage their smartphone.

Those who can’t figure it out tell the rest of us that we need to spend less time on technology and more time with people. Or that real estate is a people business.

I wish it were that simple, and that we could have a choice between using modern-day technology or not using it.

Personally, the reason I use technology is to communicate with others. Most days I would rather interact directly with a person.

When I get offers on my listings from agents who are with some local large brokerages, I can tell right away which company the agent is with. The offers all have the same email title, with the phrase “scan from (insert name of brokerage).”

Usually the contracts are sideways or upside down, forcing me to lock the orientation on whichever mobile device I’m using, and then turn the device upside down or sideways to read the offer.

– See more at: http://www.inman.com/2013/07/18/technology-still-an-afterthought-for-many-big-brokers/#sthash.voY4UhlR.dpuf

 

Technology still an afterthought for many big brokers | Inman News.

Will Rising Mortgage Rates Halt The Housing Rebound? | Chappaqua Real Estate

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Could rising mortgage rates derail the housing market’s slow healing? Economists in the latest Wall Street Journal survey are divided on the question. Among those surveyed, 40% said the rise “won’t have a noticeable effect,” 35.6% warned “it will slow sales” and 24.4% said “it will slow home-price gains.”

 

There’s no doubting the housing market’s contribution to the overall recovery. Federal Reserve Chairman Ben Bernanke, in starting two days of congressional testimony, on Wednesday told lawmakers that  “housing has contributed significantly to recent gains in economic activity. Home sales, house prices, and residential construction have moved up over the past year, supported by low mortgage rates and improved confidence in both the housing market and the economy.” The Fed chief seemed to place himself within the no “noticeable effect,” camp, but added, “Housing activity and prices seem likely to continue to recover, notwithstanding the recent increases in mortgage rates, but it will be important to monitor developments in this sector carefully.”

 

In the Fed’s periodic report on regional economic conditions, issued Wednesday, the central bank sounded a relatively upbeat note, saying “Residential real estate activity increased at a moderate to strong pace in most Districts.” The beige book continued, “Most Districts reported increases in home sales.”

 

Interest rates on 30-year fixed-rate mortgages have jumped in the recent months, climbing in the most recent week to 4.37%, up more than a percentage point from the 3.35% level of early May. However, even with the climb, rates are lower than they have been in decades.

 

That historical perspective is important, said Stephen Stanley, of Pierpont Securities, who noted “rates were so incredibly low before they can rise significantly and still be incredibly attractive by historical standards.”

 

Mr. Stanley said the housing market’s healing is likely to continue because—despite the rise in rates—the fact that home prices are going up…is an overwhelming incentive for people.”

 

John Lonski, ofMoody’s MCO +0.02% Analytics, sees rising rates affecting sales, and points to mortgage applications for home purchases to support his point. During the four-week period ended July 12, those applications were down 5% from their 2013 high, during the four weeks ended May 3, Mr. Lonski said. “This tends to suggest that higher mortgage yields will at least slow the housing recovery.”

 

He added, “It doesn’t mean that home sales are about to collapse or contract. But they will be slowed by costlier mortgages.”

 

Will Rising Mortgage Rates Halt The Housing Rebound? – Real Time Economics – WSJ.

Support for ‘patent troll’ legislation builds | Cross River Real Estate

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A push for legislation cracking down on so-called “patent trolls” is gathering steam on Capitol Hill, potentially spelling relief for many businesses, including those in the real estate industry.

Last week, Rep. Hakeem Jeffries, D-N.Y., introduced the “Patent Litigation and Innovation Act of 2013″ (H.R. 2639) in the House, which is related to the “Patent Abuse Reduction Act of 2013″ (S. 1013) introduced by Sen. John Cornyn, R-Texas, in May.

The White House has also issued a series of legislative recommendations and executive actions to tackle the issue. The executive actions will require patent applicants and owners to disclose the true owner of a patent, train patent examiners to flag overly broad patent applications, and offer a website educating consumers and small-business owners about what to do if they are targeted, among other things.

Federal Trade Commission Chairwoman Edith Ramirez last month urged the commission to use its authority to collect more comprehensive information about the business models and scope of “patent assertion entities” — the formal name given to companies that are focused primarily on purchasing and asserting patent claims against companies with products currently on the market.

“These entities are driving the increase in patent litigation and targeting firms in a growing slice of the economy,” Ramirez said. Patent trolls have moved beyond their original primary targets — information technology firms — and are going after financial services providers and retailers, she said.

“Even hotels and coffee shops are not immune,” Ramirez said, and the costs to consumers “appear increasingly tangible and direct.”

– See more at: http://www.inman.com/2013/07/17/support-for-patent-troll-legislation-builds/#sthash.Fb1QAAW4.dpuf

 

Support for ‘patent troll’ legislation builds | Inman News.

Improvements eyed for NY’s Westchester County Airport; concerns over runway shortening | Armonk Real Estate

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Officials are discussing what improvements should be made at New York’s Westchester County Airport.

 

The county has begun a yearlong process to come up with a master plan.

 

Its deputy commissioner of public works and transportation says safety and efficiency are priorities.

 

Residents, aviation business owners and pilots gave their input at a meeting this week.

 

The Journal News (http://lohud.us/15Nmi9i ) says a major topic was the importance of one of the airport’s runways.

 

In 2015, it must be shortened to make way for a 300-foot safety zone required by the FAA. There are concerns that the runway might be shut down entirely.

 

The vice president of the Westchester Aviation Association says the loss of the runway could lead to major delays.

 

A study is under way to find a solution.

 

 

Improvements eyed for NY’s Westchester County Airport; concerns over runway shortening – Daily Journal.

In Luxury Real Estate, the Rise of the Young Buyer | Katonah Real Estate

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Two years ago, when he was 26, Matt Winter paid a little over $1 million for a four-bedroom, Mediterranean-style house in Culver City, an artsy, formerly industrial section of Los Angeles. This month, the now 28-year-old Mr. Winter, who runs his own interior design firm, paid about $1.7 million for his second home, a three-bedroom, Spanish-revival in Westwood, a neighborhood near UCLA.

 

 

A new generation is skipping the “starter home” and betting heavily on high-end real estate. Lauren Schuker Blum reports on Lunch Break. Photo: Alexia Fodere for The Wall Street Journal.

 

“I have always felt that having your money in property is the safest and best thing to do if you want to grow your personal wealth,” says Mr. Winter, who founded his design company at 23. None of Mr. Winter’s assets are in the stock market—he says the market “spooks him” and that he prefers to invest in real estate.

 

Mr. Winter is part of a growing group of wealthy young buyers who are making inroads in the world of high-end real estate, acquiring properties at prices, and at a pace, that brokers say they have never seen before. Real-estate agents say that young people are buying more expensive homes than previously. They are also more likely to buy several properties, and use one as an investment. Buying real estate has grown more attractive, these young buyers say, compared with the stock market, which appears riskier to a generation that entered the workforce during a market correction.

 

 

In recent years, low interest rates coupled with lower real-estate prices had also made it easier for people in their 20s and early 30s—whom demographers refer to as “Generation Y” or “millennials”—to buy.

 

“In the last two months, half the folks I sold homes to were young entrepreneurial types—and they were all buying homes for over a million dollars,” says Michael Rankin, a managing partner at TTR Sotheby’s International Realty in Washington, D.C. “A few years ago, that kind of buyer was invisible. We had young folks buying starter condos for a few hundred thousand dollars. But this new wave is skipping that step entirely and going right for the high-end home.”

 

 

In Luxury Real Estate, the Rise of the Young Buyer – WSJ.com.

Realtor.com: Inventories are Returning to Normal | Cross River Real Estate

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While June inventories continue to be down on year-over-year basis, they rose for the sixth consecutive month and are steadily returning to more normal levels. The number of homes listed for sale increased by 4.3 percent in June to 1.9 million homes, the highest level in the last year, according to monthly data released Monday by realtor.com.

Inventories on realtor.com reached their highest level in more than a year, suggesting that market fundamentals continue to be strong and that housing supply in many markets is gradually catching up with housing demand.  At same time, the median age of the inventory increased by just one day in June, suggesting that housing sales are generally keeping pace with new property listings.

Both year-over-year list prices and inventories rose simultaneously. While the median list price has stabilized somewhat, it remains 5.27 percent higher than it was one year ago. Rising inventories appear to be having a moderating effect on median list prices, although on a year-over-year basis, median list prices were up by 1 percent or more in 98 of the 146 MSAs covered by realtor.com, compared to 103 markets in June, while the number of markets with a list price decline of at least 1 percent rose from 23 to 25.

Key Market Indicators for June 2013

June 2013

Year-over-Year % Change

Month-over-Month % Change

Number   of Listings

1,931,713

-7.29%

4.26%
Median   Age of Inventory

80

-15.79%

1.27%

Median   List Price

$199,900

5.27%

0.45%

Despite six consecutive months of steady growth, inventories continue to be down by 7.29 percent on a year-over-year basis, although they are now approaching more normal levels. The median age of the inventory rose to 80 days in June, up by one day (1.27 percent) over the month but down by 15.79 percent on a year-over-year basis.

The geography of low inventories changed during June. The top ten markets reporting year-over-year inventory declines are no longer dominated by California markets but now include Boston, Lansing, Grand Rapids and Monmouth NJ.  Their potential shortfalls in supply are likely to support robust house price appreciation going forward.  Inventories remain depressed in markets where prices have not improved significantly or where negative equity is greater than elsewhere, making it difficult or owners to sell

 

 

Read more…

 

http://www.realestateeconomywatch.com/2013/07/realtorcom-inventories-are-returning-to-normal/print/

 

Commercial real estate key to Las Vegas economic rebound | Mt Kisco Real Estate

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As someone who has spent most of his adult life working in commercial real estate in Southern Nevada, I often find myself explaining to others why they should care about my industry. The short answer is that as commercial real estate goes, so goes the overall economy.

We all know the Great Recession hit Las Vegas harder than most places. And few industries felt more of this pain than commercial real estate. For proof, look no farther than the nearest half-finished shopping center or office building.

Recent reports suggest we might finally be seeing some light at the end of this tunnel. According to the National Association of Realtors, the market is starting to improve nationwide, and commercial real estate professionals are regaining confidence.

Most members of the Commercial Alliance Las Vegas seem to share that sentiment.

NAR recently released its 2013 Commercial Member Profile. It shows that annual income, transactions and sales volume have all increased over the past year for commercial real estate professionals. NAR members who practice commercial real estate reported a median annual gross income of more than $90,000 in 2012. This is the highest level since 2008 and is more than $4,000 above the 2011 figure.

NAR Chief Economist Lawrence Yun recently pointed out that vacancy rates are falling and commercial rents are gradually rising nationwide.

As with the housing market and other areas of the economy, Las Vegas has lagged the rest of the country in bouncing back from the recession. But fortunately for those of us who make our living in this industry, we’re starting to see some bright spots here, too.

Vacancy rates for office space are still hovering around record levels. For example, as of March 31, CB Richard Ellis reported the vacancy rate for Class A office space in the Las Vegas area was 29.4 percent. But even the local office market is showing signs that it has hit bottom and is on the road to recovery.

One example of this gradual rebound came in early July, when it was reported that the stalled mixed-use project formerly known as Manhattan West is being finished by new owner the Krausz Cos. Inc., which is calling it The Gramercy. The company spent $20 million in June to buy the 20-acre project in the southwestern part of town, announcing that it plans to spend an additional $30 million to finish its office, residential and retail components. As with the announcement that construction would resume on the previously stalled Shops at Summerlin shopping mall, this is a great sign for our local industry and economy.

As NAR points out, commercial real estate is the basis for much of the growth in the American real estate industry and economy. This is especially true in Southern Nevada, where real estate has traditionally trailed only the gaming and tourism industries in economic impact. Any improvement in commercial real estate will provide a much-needed boost to our overall economy.

We’re not out of the woods yet. Remaining hurdles on the road to recovery include too many commercial real estate projects still struggling to find financing.

According to NAR’s Commercial Real Estate 2013 Lending Survey, members reported a significant disadvantage when it came to financing for buyers of properties under $2 million, which makes up 85 percent of all commercial clients NAR members handle. These small business are typically financed by private investors or local and regional banks. Fifty-two percent of commercial members reported they had commercial transactions fail in the past year due to a lack of financing. We’ve seen our share of that here, too

 

 

Read more…

http://www.reviewjournal.com/opinion/commercial-real-estate-key-las-vegas-economic-rebound

 

American Home Prices Are Still Way Off Of Their Highs | Katonah Real Estate

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For all the promising data  we’ve seen about the so-called “housing recovery,” it’s important to realize it  is just that — a recovery.

Though some are calling the spike a housing bubble 2.0, home prices are  still way off their 2006 highs (which is good, since that was a bubble of epic  proportion).

“Overall, the recovery has  been rather uneven, with states that enjoyed the largest home price increases  before the recession still far from their prior peaks and states that missed the  housing boom closer to recovering their losses,” writes  CoreLogic’s Kathryn Dobbyn in a  new report.

CNBC’s  Diana Olick highlights this chart from CoreLogic:

home price appreciationCoreLogic

 

Dobbyn notes that Arizona, which has recently seen huge home price  appreciation, is still 45.6  percent from the peak it hit 7 years ago. Even if the state maintains its  current appreciation rate, it would still take another 35 months for Arizona to  get back to its highs.

“Speculating on a new bubble is likely premature,”  concludes Dobbyn.

Read more:  http://www.businessinsider.com/state-home-price-change-from-peak-map-2013-7#ixzz2ZVStRP81

ILHM: “Luxury Segment has been Leading the Recovery” | Bedford Hills Real Estate

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In response to a June 27 Real Estate Economy Watch article asserting that for the first time since the Institute for Luxury Home Marketing began tracking upper tier market trends in 2008, its Market Action Index hit the threshold that separates buyer’s and seller’s markets earlier this month, ILHM Founder Laurie Moore-Moore points out that he luxury segment has actually been LEADING the recovery for more than a year.

“We appreciate your coverage of our data, but just a note to let you know that the interpretation of our ILHM National Luxury Market Report is not correct.  The luxury segment has actually been LEADING the recovery for more than a year.  Sorry that we did not give you additional information for context,” she said.

“While the recent national report does show that the luxury niche has officially clicked over to a seller’s market and that every listing isn’t gobbled up in the same month it is listed, this does not mean luxury is behind other segments in recovering.  There is plenty of evidence to the contrary.

“We do recognize that there is no such thing as a “national” real estate market.  Like the Case Schiller report, our report is a composite report.  Info on more than 30 major markets is available to our members (the definition of luxury varies market by market.)”

Below is the original REEW article:

The highest tier of homes for sale, homes priced over $500,000, has been the last part of the market to feel the effects of the housing recovery. On June 2, the ILHM reported its Market Action Index had reached 30 for the first time and in subsequent weekly reports the index has maintained its position. “The ILHM National market is currently slightly in the Seller’s Market zone (greater than 30).The Market Action Index stands at 30 which indicates that luxury demand is relatively strong but the available supply of new listings doesn’t get acquired immediately,” the ILHM noted in its June 23 report.

 

 

read more…

http://www.realestateeconomywatch.com/2013/07/ilhm-luxury-segment-has-been-leading-the-recovery/print/

 

Bedford Pool Schedule this Week | Bedford NY Real Estate

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We hope you are enjoying the pools! As stated in our spring/summer brochure, from time to time certain pools will close early or open late due to home swim meets.  As a member of the Town of Bedford pools, if your hamlet pool is closed due to a swim meet, you are entitled to use another hamlet pool that is open. Below is the schedule of pool closings/delayed openings for the week of Friday, July 19-Sunday, July 28:

SATURDAY, JULY 20:  KATONAH POOL-HOME MEET *Delayed opening: Will open at approximately 12:30pm. **BEDFORD HILLS & BEDFORD VILLAGE will open at 10:00AM

SUNDAY, JULY 21: KATONAH POOL INVITATIONAL *Delayed opening: Will open at approximately 12:30pm *There will be NO Adult Early Morning Swim at Katonah this day **BEDFORD HILLS & BEDFORD VILLAGE will open at 10:00AM

TUESDAY, JULY 23: BEDFORD HILLS POOL-HOME MEET *Deep End/Dive & Lap Lanes Close at 4:30pm. *Shallow End/Wading Pools Close at 5:00pm **KATONAH & BEDFORD VILLAGE will be OPEN

SATURDAY, JULY 27: BEDFORD HILLS POOL-HOME MEET *Delayed opening: Will open at approximately 12:30pm **KATONAH & BEDFORD VILLAGE will open at 10:00AM

If you need to reach any of the pool facilities:

BEDFORD HILLS – 666-7150
BEDFORD VILLAGE – 234-3246
KATONAH – 232-9349

Thank you,
Bedford Recreation
666-7004
7-19-13
11:00am
Please see attached files for your receipt, report, etc…