Monthly Archives: September 2013

Turning Point for Housing Market? | Bedford Hills Real Estate

As the year’s peak home buying season comes to a close, key market indicators point to a shift in the dynamics of the housing market, suggesting that future home value appreciations may likely be driven by market demand, rather than inventory shortages.

An analysis of the summer home buying season ending in August shows year-over-year changes now within the single-digits for three key indicators – inventory count, median age and median list price, signaling a leveling of the market not seen for some time.  The national market was virtually flat month-over-month compared to July for both inventory and median list price, and registered a slight increase in median age of inventory.

“Where we have seen significant volatility in many markets, including double-digit declines in inventory as well as increases in median price for both yearly and monthly views, we are now looking at a housing market that is less heated and moving closer to normalcy,” said Steve Berkowitz, CEO of Move.

Realtor.com® Key National Market Indicators for August 2013

August 2013

Year-over-Year %

Change

Month-over-Month %

Change

Number of Listings

1,977,202

-2.50%

0.93%

Median Age of   Inventory

92 days

-8.00%

8.24%

Median List Price

$199,900

6.39%

0.00%

National Highlights:

Widespread Inventory Recovery – The inventory recovery is broad and growing.  The net number of listings increased even though the summer season is ending. Close to one-third of the 146 markets are within 5 percent of last year’s inventory levels, and more than two-thirds (99) of markets registered a net increase in inventory over last month.

Prices Stabilize – Despite the increase in inventories, the national median list price did not change compared to July. Absent a significant weakening in economic conditions or significantly higher rates, prices should continue to slowly rise alongside typical cost of living increases.

Price Appreciation Becoming More Widespread – In August, 123 of the 146 Metropolitan Statistical Areas (MSAs) covered by realtor.com® registered a year-over-year increase in their median list price, with 78 markets registering an increase of 5 percent or more.  Of the 18 markets reporting a list price decline, only 11 markets had a year-over-year list price decline of one percent or more, and only three markets had a list price decline of 5 percent or more.  By contrast, the number of markets reporting year over year median prices lower than they were last year was 31 in July.

 

 

 

http://www.realestateeconomywatch.com/2013/09/6604/

Brokerages Step up to One-Stop Shopping | South Salem NY Real Estate

Despite six years of a depressed housing economy that reduced Realtor ranks by one-third, real estate brokerage companies are closer than ever to achieving the long-sought dream of becoming one-stop shops  providing their customers all the services they need to buy or sell a house.

A new survey Imprev, Inc. found that 75 percent of top real estate executives responding said their brokerage firms offer at least one major ancillary service and mortgages are the No. 1 additional offering.  Some 89 percent of the real estate firms that offer at least one ancillary service offer home loans.

Nearly three-quarters (71 percent) offer title services and nearly half (49 percent) offer home-warranty services.

“For decades, the National Association of REALTORS® has tracked growing consumer interest in a one-stop shop through its surveys,” said Renwick Congdon, chief executive officer of Imprev, a real estate marketing software firm that works with 150,000 agents and brokers nationwide.

“Clearly, the industry’s thought leaders are making it happen in their firms,” he added.

According to a 2011 NAR and Harris Interactive study, the number of consumers interested in using a service provider affiliated with a brokerage firm increased 34 percent from the first survey completed in 2008.

In the NAR/Harris study, 78 percent of homebuyers said that one-stop shopping would save them money; 75 percent said it would make the process more manageable and efficient; and 73 percent said that a one-stop real estate shop would prevent the details relevant to their transactions from “falling through the cracks” — as well as make the entire process “more convenient.”

When real estate executives were asked to select the top benefits from offering ancillary services, 79 percent said “higher profits”; 70 percent said “one-stop marketing opportunities”; 62 percent said “increased customer satisfaction”; and 60 percent said “better quality control.”

The survey was conducted in late May. Poll respondents included top executives at leading franchises and independent brokerage firms responsible for more than one-third of all U.S. residential real estate transactions last year.

http://www.realestateeconomywatch.com/2013/08/

Rising Rates Flatten Consumer Price Expectations | Katonah Real Estate

After rising since the beginning of the year, consumers’ outlook for home price increases plateaued in August – which has been trending upward- has hit a plateau, likely due to concerns regarding the potential tapering of the Federal Reserve’s asset purchases, according to Fannie Mae’s August 2013 National Housing Survey.

“The spike in mortgage rates associated with the possibility that the Fed will begin to wind down its asset purchase program later this month has dampened the improving trend in consumer sentiment regarding housing witnessed in our survey since the start of this year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The pause in positive momentum is consistent with slowing trends in home purchase contract signings and mortgage applications. Interest rate volatility will likely remain elevated, even after we have more clarity on the pace of the Fed’s tapering, due to concerns over the upcoming budget and debt ceiling debates as well as the crisis in Syria.”

Survey data show that consumers expect home prices to continue to grow on average during the next 12 months, but at a slightly reduced pace of 3.4 percent. Additionally, the share who say it is a good time to buy a home has stayed relatively flat during the past year while those who say it is a good time to sell a home has lost momentum recently.

SURVEY HIGHLIGHTS

Homeownership and Renting

  • At 3.4 percent, the average 12-month home price change expectation decreased 0.5 percent from last month’s high.
  • The share of people who say home prices will go up in the next 12 months rose 2 percentage points to 55 percent, while those who say home prices will go down increased slightly from July’s survey low to 7 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months decreased 2 percentage points from last month’s survey high to 60 percent.
  • The share who say it is a good time to buy a house decreased 3 percentage points to 71 percent, and those who say it is a good time to sell a house fell 4 percentage points to 36 percent.
  • The average 12-month rental price change expectation fell to 4.1 percent, a slight decrease from last month.
  • Fifty-three percent of those surveyed say home rental prices will go up in the next 12 months, a slight decrease from July.
  • Forty-six percent of respondents think it would be easy for them to get a home mortgage today, a slight increase from last month.
  • The share of respondents who said they would buy if they were going to move increased slightly to 65 percent.

The Economy and Household Finances

  • At 37 percent, the share of respondents who say the economy is on the right track decreased 3 percentage points from July.

 

 

http://www.realestateeconomywatch.com/2013/09/

As Mortgage Applications Fall, Lower Loan Limits Loom | Cross River Real Estate

Rising rates continue to have an impact on home purchase applications. The number of mortgage applications filed last by 13.5% from the prior week on a seasonally adjusted basis as interest rates increased, the Mortgage Bankers Association said Wednesday.

The purchase component eased 2.7% this week relative to last and has fallen 16.8% since the first week in May on a seasonally adjusted basis. Rates reversed course last week and turned upward after easing in the prior week. The average rate for a 30-year fixed rate mortgage was 4.57% last week according to Freddie Mac.

On an unadjusted basis, MBA reported the market composite index declined 23%. The refinance index slipped 28% from a week earlier, while the seasonally adjusted purchase index slid 2.7%.

The sudden drop in purchase applications comes as loans for new homes have taken market share away from refinancing since January, raising its market share from 27% to 53% in July.

While the average rate has been on the rise, the National Association of Realtors reported that the Federal Housing Finance Agency is considering reducing the limits on mortgages that can be backed by Fannie Mae and Freddie Mac. Currently, the GSEs can support loans up to $417,000 in most markets and up to $625,500 in higher cost markets, while loans above this are supported by the private “jumbo” market made up of banks and private MBS securitizers.

Rates on jumbo loans have eased to party or slightly better than conforming loans in recent months as banks have started taking more loans into portfolio to compensate for weak commercial and refinance business. However, these loans are very high quality with large down payments and high FICO scores. The concern then is that if the loan limits decline, the private sector may still not be ready to pick up the non-pristine lending activity in the high cost portion of the market, cutting off access to credit for this portion of the market, resulting in reduced demand and sales.

 

 

http://www.realestateeconomywatch.com/2013/09/

Two Vintage Carl Fishers Plus Bonus Cottage Now $1M Cheaper | Waccabuc Real Estate

When we first posted about this compound in Montauk, in between the usual bickering about hipsters and cityfolk, one commenter wrote “If they get anywhere near asking I will be amazed. This place is a total gut renovation.” So far, you’re correct, Guest 14, as the price is now a cool million dollars lower at $3.45M. Any guesses now about the final selling price? (Note: we still love the green bathroom.)

The property has plenty to offer: three acres of land with three buildings on them. We love Carl Fisher Tudors—and this property offers two of them, though they need work. One house has a five bedroom, five bath main part, with the staff quarters as a three bedroom, one bath separate apartment. The second Tudor is in rougher shape and is broken up into two apartments. There’s also a cottage that looks extremely dilapidated. So that’s three buildings with five legal C of Os. · Investment Opportunity-Compound; Carl Fisher Tudors [Corcoran]

Should you consider an adjustable-rate mortgage? | North Salem Homes

It’s getting harder for many first-time buyers to afford a home in many markets across the country. The average rate on a 30-year, fixed-rate mortgage has climbed 16% in the past year, at the same time that the median home price shot up 14%.

In the past couple of months, lenders say, buyers looking to lower their monthly payments have started inquiring about adjustable rate mortgages, those riskier mortgages often blamed for the housing bust.

“We are definitely seeing more interest in ARMs,” says Malcolm Hollensteiner, director of retail lending for TD Bank.

Can they be trusted this time around? Who should consider these loans, which vary in rate after an initial fixed period? And who should stick with the standard 30-year fixed-rate loans?

In this September installment of Buying Advice, we’ll school you on the pros and cons of today’s adjustable-rate mortgages, check in with the latest housing statistics and help you understand origination fees when shopping for a mortgage.

 

 

http://realestate.msn.com/

Houston housing market on fire | Mt Kisco Real Estate

August marked the 27th month in a row that Houston home sales have increased on a monthly basis.

The number of home sales registered in the Houston Association of Realtors multiple listing service topped 7,000 for the fourth month in a row in August in the large Texas city, defying the typical fall slowdown in the housing market and matching a flurry of activity not seen since 2007.

 

 

Source: Houston Association of Realtors

read more at…

 

http://www.inman.com/wire/houston-housing-market-on-fire/#sthash.vHPktDW8.dpuf

Buy the House the Dead Poets Society Built For $15M Flat | Katonah Real Estate

Newly on the market in the Brentwood area of L.A.: this 9,000-square-foot house, owned by screenwriter Tom Schulman. Schulman purchased the 1.35-acre property in 1989, the year theDead Poets Society was released, and commissioned California architect Steven Ehrlrich—who trademarked the expression “multicultural modernism” to describe his firm’s philosophy—for this modernist five-bedroom, made of concrete, glass, steel, and wood. The result, according to the brokerbabble, is an “adept interpretation of California modernist style” and “a comprehensive blending of the sensibilities of Schindler and Neutra, with delicate Japanese influences.” Standouts here include a driveway lined with bamboo, an entry bridge (“the balance of striking geometric angles with the soft landing of a water”), shoji screen-inspired interior woodwork, and a double-height living room. Below, a look:

 

 

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Buy the House the Dead Poets Society Built For $15M Flat | Katonah Real Estate.

Buy the House the Dead Poets Society Built For $15M Flat | Katonah Real Estate

Newly on the market in the Brentwood area of L.A.: this 9,000-square-foot house, owned by screenwriter Tom Schulman. Schulman purchased the 1.35-acre property in 1989, the year the Dead Poets Society was released, and commissioned California architect Steven Ehrlrich—who trademarked the expression “multicultural modernism” to describe his firm’s philosophy—for this modernist five-bedroom, made of concrete, glass, steel, and wood. The result, according to the brokerbabble, is an “adept interpretation of California modernist style” and “a comprehensive blending of the sensibilities of Schindler and Neutra, with delicate Japanese influences.” Standouts here include a driveway lined with bamboo, an entry bridge (“the balance of striking geometric angles with the soft landing of a water”), shoji screen-inspired interior woodwork, and a double-height living room. Below, a look:

Build a Self-Watering Container | Bedford Hills Real Estate

The following is an excerpt from The Urban Homestead by Kelly Coyne and Erik Knutzen  (Process Media, 2010). Homesteading from their bungalow two blocks off of Sunset  Blvd. in Los Angeles, Coyne and Knutzen offer up scores of tips and  step-by-step projects for sustainable, self-reliant living in a bustling  metropolis. With more and more urbanites looking to become farmers and  gardeners, Coyne and Knutzen’s fantastic guidebook couldn’t be timelier, and the  duo’s lighthearted, thrifty approach to self-sufficiency shows there is greater  power and happiness in creating than in spending. This excerpt is from Chapter  2, “Essential Projects.”

These containers make it easy to grow vegetables in pots. They are  ideal for apartment gardening, but are so useful that everyone should consider  using them to maximize their growing space.

The problem with growing food in pots is that pots dry out quickly and it’s  all too easy to forget to water. Irregular watering causes all sorts of problems  for sensitive fruits and vegetables. Container gardening is also  water-intensive. During a heat wave it may mean visiting the plants with the  watering can two or even three times every day — obviously not a practical  scheme for someone who works away from home, or someone with any kind of life at  all.

An elegant solution exists in the form of self-watering containers. Rather  than having a hole in the bottom of the pot, a self-watering container (SWC) has  a reservoir of water at the bottom, and water leaches upward into the soil by  various mechanisms, keeping it constantly moist. The top of the pot is covered  with a layer of plastic that discourages evaporation. Depending on how deep the  water reservoir is, it’s possible to go about a week between fill-ups. This  arrangement, combined with the plastic layer, prevents both over-watering and  under-watering that can occur with conventional pots. In other words, it takes  the guesswork and anxiety out of watering.

Kelly says: I’m going to tell you right now that you can buy  yourself a self-watering container at earthbox.com. It’s great to make SWCs with found materials  and all, but if these instructions make your eyes cross, or if you just don’t  have time, there is no shame in trotting off with your credit card and ordering  a couple of these ready-made. They start at about $40.

Erik says: Au contraire, ma petite amie! All it  takes is two 5-gallon buckets, a few other easily scavenged items and about an  hour’s worth of time. Those Earthboxes are damned expensive and my time is  cheap.

A few years back, an Internet hero named Josh Mandel figured out several  different techniques for building DIY self-watering containers out of old  buckets, soda bottles, storage tubs, etc. His plans are widely disseminated  online, and you’ll find links to his instructional PDF files on our website.

Inspired by Mandel’s methods, we started making our own self-watering  containers. Each SWC is a little different, because each one, being made of  found materials, is an improvisation. We’re going to show you how to make a simple SWC out of two 5-gallon buckets. (See several of  these 5-gallon self-watering containers in use on a Chicago rooftop garden.) After you have the basic principles  down, improvising future containers on your own out of whatever you have on hand  should be easy.

The 5-gallon size described is good for one big plant. Try a basil plant in  it, especially if you like pesto. Basil thrives with the steady moisture, as  does Italian parsley, so both herbs grow huge in SWCs. Or plant a tomato, but be  sure it is a small tomato. Look for types designated “patio” or “basket” tomatoes. These are bred to perform well in tight conditions. A 5-gallon  container may seem big, but tomatoes have some of the deepest roots of all  vegetables. If you plant an ordinary tomato in a SWC, its roots may find their  way into the reservoir, and then it would become waterlogged.

For your next project, we recommend that you visit Josh Mandel’s PDFs for  instructions on how to construct a larger, slightly more complex container out  of 8- to 10-gallon storage tubs. That size SWC is good for growing a little  salad garden, a stand of greens, a patch of strawberries or even a blueberry  bush.

5-Gallon Self-Watering Container Instructions

It all starts with providing a water reservoir at the bottom of your  container. You can do this either by nesting two containers together (the top  one holds soil, the bottom one water), or by making some kind of divider that  sits toward the bottom of a single container and holds the soil above the  reservoir. However you construct it, the barrier between the soil and water  should be full of small holes for ventilation.

The water is pulled up from the reservoir and into the soil by means of  something called a wicking chamber. This can be a perforated tube, a basket, a  cup or anything full of holes that links the soil to the water. The soil in the  chamber(s) becomes saturated, and it feeds moisture to the rest of the soil.

The reservoir is refilled by means of a pipe that passes through the soil  compartment down to the very bottom of the container.

The last essential element is a hole drilled into the side of the container  at the highest point of the reservoir. This is an overflow hole that prevents  you from oversaturating your plants.

Read more: http://www.motherearthnews.com/print.aspx?id={4FC5844B-9152-4A0F-864E-CAAD12330AD3}#ixzz2fFeJzSLw