Monthly Archives: October 2013

Pending Sales of Existing Homes Slump by Most in Three Years | Bedford Hills Real Estate

Fewer Americans than forecast signed contracts to buy previously owned homes in September, the fourth straight month of declines, as rising mortgage rates slowed momentum in the housing market.

The index of pending home sales slumped 5.6 percent, exceeding all estimates in a Bloomberg survey of economists and the biggest drop in more than three years, after a 1.6 percent decrease in August, the National Association of Realtors reported today in Washington. The index fell to the lowest level this year.

Mortgage rates last month reached two-year highs and some homeowners are reluctant to put properties up for sale as they wait for prices to climb, leading to tight inventories. Those forces are pushing some would-be buyers to the sidelines and slowing the pace of recovery in real estate, giving Federal Reserve policy makers reason to delay reducing stimulus when they meet this week.

“We’ll be in this weakness for a little bit, maybe even going into the fourth quarter,” said Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York, the second-best forecaster of pending home sales over the past two years, according to data compiled by Bloomberg. “This is a clear signal to the Fed as to what happens when you try to play with nascent housing recovery. The minutes indicated they were really concerned about it.”

Production Slows

Another report today showed factory production rose less than forecast in September, indicating manufacturing cooled heading into the budget battle that partially closed the federal government this month. Output at factories rose 0.1 percent after a revised 0.5 percent gain in August that was smaller than initially estimated, according to figures from the Federal Reserve. The median forecast of economists in a Bloomberg survey called for a 0.3 percent September gain.

Total industrial production, which also includes output by mines and utilities, advanced 0.6 percent as higher temperatures drove up electricity use.

Stocks were little changed after the pending sales report, erasing earlier gains. The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,761.32 at 10:32 a.m. in New York. The S&P Supercomposite Homebuilding Index dropped 0.7 percent.

 

 

http://www.bloomberg.com/news/2013-10-28/pending-sales-of-existing-homes-slump-by-most-in-three-years.html

 

Pending home sales fall on declining home affordability | Bedford Real Estate

The number of real estate contracts signed and recorded declined 5.6% from August to September, as home affordability receded under the influence of higher mortgage rates, home prices and consumer uncertainty, the National Association of Realtors concluded Monday.
The NAR Pending Home Sales Index – a barometer of real estate contract signings – fell from an index score of 107.6 in August to 101.6 in September. It also declined 1.2% from year ago levels when the index hovered at 102.8.

This is the lowest index level reached since December of last year, and NAR is blaming the influence of declining home affordability, lower consumer confidence and a government shutdown that shook up both construction activity and home sales.

“Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” said Lawrence Yun, NAR’s chief economist. “In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.”

The numbers suggest a lackluster fourth quarter, with Yun saying for the first time in 29 months pending home sales failed to come in above year ago levels.

 

http://www.housingwire.com/articles/27657-pending-home-sales-fall-on-declining-home-affordability

 

Judge Dismisses Armonk Square Lawsuit | Armonk Real Estate

A lawsuit that alleged the town of North Castle made unauthorized and improper changes to the site plan of Armonk Square has been dismissed.

The Planning Board has already approved Armonk Square’s site plans for the construction of a supermarket, office space, retail space, and residential units.

In July, 37 Maple Avenue, a corporation managed by Armonk Developer Michael Fareri, challenged the town’s issuance of these certificates of occupancy. In a decision dated Oct.17, Acting State Supreme Court Justice Susan Cacace, wrote that the petitioner, 37 Maple Avenue, does have standing to bring this proceeding. The 2012 settlement clearly stated that the filing of a new Article 78 proceeding was not a remedy provided for in the stipulation.

The town also said that 37 Maple Avenue did not exhaust its administrative remedies by failing to appear before North Castle’s Zoning Board of Appeal as is required by law. Cacace said that the court agreed that the petitioner, 37 Maple Avenue, “failed to exhaust its administrative remedies as a condition precedent to the commencement of an action or special proceeding.”

Mark Miller, an attorney with Veneziano & Associates, representing Armonk Square , said, “We think the judge rendered exactly the right opinion based upon two actions.” The certificate of occupancy issued by the building Inspector says the buildings of Armonk Square are safe and fully compliant with town laws.

Miller said one action taken by 37 Maple Avenue was its failure to file a challenge with the Zoning Board of Appeals within 60 days of when the certificate of occupancy was issued. Miller adds that the settlement of a prior lawsuit prohibited 37 Maple Avenue from filing an Article 78 proceeding against Armonk Square for essentially for the same project.

The lawyer for 37 Maple Avenue, Alan Singer, a partner of Welby, Brady and Greenblatt, said his firm is contemplating filing a notice of appeal of the judgement in an appellate court. They have 30 days from Oct. 17 to do so.

Singer said the judgement barring a new Article 78 suit is wrong because the previous settlement prohibiting the filing of an Article 78 suit was part of a judgement about a different set of plans for Armonk Square.

Miller said Armonk Square’s parking requirements were established by the Town Board as a blend of several requirements by the central business zoning district. Miller says all of the environmental impacts were considered and addressed. “They can file an appeal and we are confident that the appellate division will make exactly the same finding.”

Miller said there was excellent cooperation between his firm and the town attorney, and Supervisor Howard Arden said that the cost of defending the town in this lawsuit was $15,300

 

 

http://armonk.dailyvoice.com/politics/judge-dismisses-armonk-square-lawsuit

Never be locked out again: KeyMe app creates digital copies of keys, stores them in the cloud | Cross River Real Estate

KeyMe‘s smartphone app lets you scan digital copies of your keys, so that you can obtain new ones without paying a locksmith to break your lock, and more easily manage or share them.

Drawing on a user’s key scan, the app generates instructions that any locksmith may follow to create a physical copy of a key.

KeyMe users in New York City can also take advantage of special kiosks — a number of which are already deployed around the Big Apple — to print new keys themselves, using either a digital or physical copy of a key.

 

 

– See more at: http://www.inman.com/2013/10/25/never-be-locked-out-again-keyme-app-creates-digital-copies-of-keys-stores-them-in-the-cloud/#sthash.ELpFFhT3.dpuf

Home prices close in on housing bubble peak | Bedford Corners Homes

Nationwide, home prices are now just 14 percent off of their bubble era peak, according to real estate data and technology firm Lender Processing Services.

LPS’ U.S. Home Price Index came in at $231,000 in August, up 9 percent year over year and a slight 0.4 percent from July. The index peaked at $270,000 in June 2006.

Texas, in particular, is booming. The state’s HPI hit a new peak of $185,000 in August, as did Texas metros Austin ($240,000), Dallas ($184,000), Houston ($185,000) and San Antonio ($172,000).

 

 

Source: LPS

– See more at: http://www.inman.com/wire/home-prices-close-in-on-housing-bubble-peak/#sthash.3AZ7TiWq.dpuf

Appreciating Values Make it Easier to Move | Katonah Real Estate

One in three Americans would consider moving to another state in the next one to two years for financial as well as lifestyle considerations, according to a new survey by ERA Real Estate

“While U.S. unemployment has declined and real estate values have been on the rise, many Americans who met with financial challenges during the last five years may be looking to make a change by moving to a new job market,” said Charlie Young, president and CEO of ERA Real Estate.  “That not only makes good financial sense, but would likely increase their quality of life.”

For those consumers who would consider relocation, the primary financial drivers are better job opportunities and a lower cost of living, while curiosity about new places and better weather were equally important in the lifestyle consideration set.

For those who were not interested in a major move, 72% of respondents reported it was because they were happy living in their current local market.

With U.S. Census data pointing to increased “migration” – the number of people who moved out of state or region in 2012 increased 6 percent over 2011 – and ERA brokers citing an increased interest in self-directed relocation, ERA Real Estate partnered with HGTV to dig deeper into the American appetite for relocation.

“As the overall economy and job market improves, people are more likely to consider a major life change that is on their terms, not because they have to,” said Dr. Leslie Reiser, a behavioral expert who worked with ERA Real Estate to understand consumer psychology, attitudes and behavior surrounding relocation.

Moving to a market with better job prospects, a lower cost of living and better weather appears to be favorable to prospective house-hunters, even if it means leaving family and friends behind.

In addition to the consumer survey with HGTV.com, ERA Real Estate also conducted a national survey of its real estate brokers, who cited an improving economy and real estate market as the main reasons that their clients find relocating out of their local market today more attractive than it was 2 to 3 years ago. Other findings include:

  • About two-thirds (63%) of ERA brokers reported that homebuyers and sellers are more open to the idea of moving to a new area, outside of their current local market

 

http://www.realestateeconomywatch.com/2013/10/rising-values-make-it-easier-to-move/

 

How to apply PR strategies to improve your company’s SEO | Chappaqua Realtor

Public relations and SEO have always been destined to converge.

PR is about building relationships with media professionals and key influencers to help increase a company or individual’s visibility and profile; SEO is an iteration of that relationship. The only difference is that we operate in the digital sphere, and we measure these relationships through links, social signals, and other trust indicators. In the past, many SEO strategists focused on building a high volume of low quality relationships to get their company’s names out to the Web. Times have changed.

As Google’s ability to distinguish the quality, intent, and relevance of a link improves, SEO strategists need to start thinking more like PR professionals. Rather than “manufacturing” and “building” links, the SEO process should be more about the cultivation of key human relationships, and reacting effectively to real-time PR opportunities.

What can we learn?

PR has always been a multifaceted discipline. The techniques that PR professionals use to generate positive press are numerous and diverse. That said, there are three key areas of crossover that, if mastered, will help us all learn from the PR experts and improve your company’s SEO.

1. Content, content, content

This should come as no surprise since content has been one of the fundamental pillars of traditional PR for years. If you create content that is topical, timely, and can spark an interest in your target audience, it will get picked up.

So, what types of content can you use to create opportunities for positive PR, and what SEO value do they have? Do photos on a GMB listing really matter? Sure, we should be posting slideshares, videos, images, and blog articles provide outreach to our target audience. To be honest, most people are getting pretty good at it now. The key factor when you are planning and producing your content is to always think about the PR opportunities it might be able to create.

Try Quick Hoops — Easy-to-Make Mini-Greenhouses | Armonk NY Homes

Gardeners through the ages have tried to extend summer. A sheltered  area in a winter vegetable garden used to protect plants from cold and wind can  often take plants past their normal season. Even the south side of a board fence  or a thick hedge, blocking the cold north winds, will provide a slightly more  benign climate. Old-time gardeners took advantage of these warm, sheltered spots  to keep the fresh harvest going as long as they could in their winter  gardens.

Quick Hoops

Harvesting winter fare is so satisfying that, after you try it, you’ll  probably want to extend your repertoire. But adding more cold frames to winter  gardens means more time and money spent acquiring them. That’s why we came up  with simpler, lighter, and less expensive structures we call quick hoops.  They’re just sheets of clear plastic or row cover material supported by 10-foot  lengths of pipe, bent into half circles and poked into the ground. Quick hoops  look like 3-foot-tall mini-greenhouses.

You can use two types of pipe material to build quick hoops. One is plastic  electrical conduit, which is cheap, lightweight and easy to bend by hand. This  option is fine in areas that receive no more than a few inches of snowfall. But  to support the amount of snow we get in Maine, we needed 1/2-inch galvanized  metal conduit, sold as “EMT” at most hardware stores. In addition to its  strength, the advantage of EMT is that, after bent, it holds its shape  permanently.

To give EMT a curved shape, bend it around a quick-hoop bending form. You  bolt the form to the top of a large, flat surface such as a sturdy picnic table.  You just insert one end of the pipe, pull it against the curved surface of the  form, slide it in farther, and pull again until you achieve the desired shape.  The form itself is reasonably priced and could even be purchased by a group of  friends and made available to everyone for use in year-round gardening. (Bending  forms are sold by Johnny’s Selected Seeds.)

If you take a 10-foot length of EMT and bend it into a half-circle bow, it  will have a 6-foot diameter. That 6-foot width will cover two of our  30-inch-wide beds with a 1-foot path between them. We make 10-inch-deep holes  with an iron bar on either side of the two beds, and insert the ends of the  conduit into them, placing one of these conduit bows every 5 feet along the  beds. Just three bows will cover a 10-foot-long area.

Then, we drape a 10-foot-wide piece of floating row cover material over the  bows. This spun-bonded, white polyester fabric lets in water and light, conveys  up to 4 degrees of frost protection and excludes insect pests. We cut it long  enough so that it can drape down to the ground, plus about 2 feet at the ends of  the structure. We then secure the edges of the row cover around the perimeter of  the structure with sandbags. These can be recycled plastic bags filled with  soil. Be gentle with the row-cover fabric, but try to secure it without any  slack so the wind is less likely to catch it and blow it around in your winter  vegetable garden.

Clearly, you can plant much more ground under quick hoops than under a cold  frame, and you can also grow and protect taller crops for more extensive winter  gardening. You might start seedlings in one covered bed and grow early salads in  another. Because spun-bonded floating row cover is self-venting, there’s no need  for automatic arms to prevent overheating. And the row cover lets in both  sunlight and water. Access to the crops is achieved by removing the sand bags  and folding back the cover.

Another trick is to add a layer of clear plastic over the row cover for extra  protection during extremely cold weather in winter gardens. With added plastic  in place on mini-greenhouses, you can overwinter crops such as spinach, lettuce,  and onions without worrying about the snow load, which can rip row-cover fabric.  The plastic layer can be held down with sandbags along the perimeter and ends,  just as with the row cover. But, because we live in a windy area, we also use  form-fitting plastic clips to secure the plastic to the bowed pipes. When the  temperature inside quick hoops can rise to 75 degrees Fahrenheit, you’ll need to  vent the plastic by opening the ends, or remove it entirely so only the  underlying row cover material remains.

 

 

 

Read more: http://www.motherearthnews.com/print.aspx?id={E8447B3F-0DB4-41F0-8152-4FFFCF39A4FA}#ixzz2j1Q8oOrO

Peaking Prenups Prove Housing is Hot | Bedford Hills NY Homes

Nearly two-thirds of divorce attorneys report an increase in prenuptial agreements over the past three years.  Protection of the increased value of property was the leading asset spouses want protected.

A clear majority of 63% of divorce attorneys cited an increase in prenuptial agreements during the past three years in a recent survey of American Academy of Matrimonial Lawyer (AAML) members.  The top three items most commonly covered in prenups throughout this period of time were noted as “protection of separate property” by 80% of respondents, “alimony/spousal maintenance” at 77% and “division of property” with a 72% total.  Interestingly enough, 46% also noted an increase in women initiating requests for these agreements.

“As the financial and real estate markets continue to improve, there is a greater awareness of risk to possibly sharing these gains in a divorce,” said Alton Abramowitz, president of the American Academy of Matrimonial Lawyers.  “The trend of divorcing spouses fighting over which one has to take possession of a devalued home and other depreciated assets appears to be coming to an end.”

Overall, 63% of AAML members have cited an increase in the number of prenuptial agreements during the past three years, while 36% stated no change, and 1% saw a decrease.  In addition to the top three prenup items selected, the next three most common coverage areas picked by respondents were “protection of the increase of value in separate property” at 62% followed by “inheritance rights” at 39% with 23% choosing “community property division.”

 

 

http://www.realestateeconomywatch.com/2013/10/peaking-prenups-prove-housing-is-hot/

US Default Seen Pushing Housing to the Brink | Katonah NY Real Estate

Housing largely dodged a bullet on the government shut down that went into effect October 1, the pending default, however, is an entirely different matter. As the October 17 default deadline nears, knuckle in the housing industry are turning white.

All the progress that the housing recovery has achieved since the crashed could be erased overnight if the US defaults on its debts, according to the president of the National Association of Realtors. But Gary Thomas is not the only housing leader raising alarms and the debt default clock ticks down.

In testimony before the Senate Committee on Banking, Housing and Urban Affairs, NAR president Gary Thomas said that unless the debt ceiling is raised in “a timely manner,” the country would face a recession that would wipe out the recent progress made in home prices, home sales and new residential construction.

Robert Dietz, Vice President for Tax and Market Analysis for the National Association of Homebuilders, says the primary effect of a default or downgrade would be increased uncertainty. “Home buyers are making purchase of a capital asset that they will own, on average, for ten years. Given other sources of uncertainty, particularly from the labor market, the largest impact from a failure to reach a deal that increases the debt ceiling would be to further increase concern and anxiety of families attempting to make long-term economic decisions.

“What the housing market needs now is more, not less, certainty, with respect to housing policy and access to capital via the mortgage markets. This will help stabilize housing prices, thereby helping households repair balance sheets and set the stage for more robust economic growth.”

Writing in Friday’s New York Times, economist Paul Krugman argues that a default would create a shock to the economy on a scale of the Great Recession or the Housing Crash of 2007. The default would put the burden of paying interest on Treasury bonds. Currently the cash-flow deficit is a bit more than 4 percent of GDP, which would have to be closed immediately and the government would then fall even further behind on its bills, he says.

“So, when did we last see a spending shock this big? As it happens, we’re looking at something just about the size of the post-bubble housing bust, which was also about 4 percent of GDP:

NAR’s Lawrence Yun describes a similar scenario. “Should the government decide to pay bills other than interest obligations, we can expect interest rates on Treasury bonds to rise as investors look for more return to compensate for the increased risk of their not getting paid. And if that happens, mortgage rates will rise, because mortgage rates follow Treasury rates.”

Yun says home sales can be expected to drop by 350,000 to 450,000 units for each 100 basis-point rise in mortgage rates.