Daily Archives: December 12, 2013

Foreclosure filings plummet in November | Cross River Homes

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U.S. foreclosure filings plummeted 37 percent in November from a year ago and 15 percent from October, according to the latest report from foreclosure data aggregator RealtyTrac.

The 113,454 properties that were served with a default notice, scheduled for auction or repossessed by a bank in November represented the biggest month-over-month drop in foreclosure activity since November 2010, when foreclosure activity dropped 21 percent after the robo-signing scandal broke.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president of RealtyTrac, in a statement.

Only three of the 20 largest U.S. metros posted annual increases in foreclosure activity: Baltimore (up 46 percent), Philadelphia (up 34 percent), and Washington, D.C. (up 6 percent).

– See more at: http://www.inman.com/2013/12/11/foreclosure-filings-plummet-in-november/?utm_source=20131212&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.xJyMjjbG.dpuf

Warren Buffet’s new real estate brand wants to learn from — and recruit — millennials | South Salem NY Homes

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A group of younger agents will help Warren Buffett’s new real estate franchise brand, Berkshire Hathaway HomeServices, buck the aging agent trend and connect with the perspective of a younger generation.

The Irvine, Calif.-based franchisor has selected 10 agents, all 35 years old or younger, to serve a two-year term on the “REthink Council,” from a pool of more than 40 applicants, based on their ideas and proficiency — transaction sides, sales volume and awards.

The council will provide input to BHHS leadership on how to connect with millennials, the 20- and 30-somethings born during the early 1980s through the turn of the century.

The new franchise network — which 51 brokerages have committed to affiliate with — wants to become an attractive brand for younger agents, and share innovative ideas with member brokers and the industry at large.

The dearth of younger agents was part of the motivation for establishing the REthinkCouncil. Millennials are not only scarce among the ranks of real estate buyers and sellers, but underrepresented in the ranks of real estate agents.

Agents under the age of 40 made up just 11 percent of the Realtor population in 2013, according to the National Association of Realtors’ 2013 member profile, down from 20 percent in 2003.

 

 

– See more at: http://www.inman.com/2013/12/12/warren-buffets-new-real-estate-brand-wants-to-learn-from-and-recruit-millennials/?utm_source=20131212&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.f4OPAxYE.dpuf

Manhattan Rents Dip Again, But Brooklyn’s Won’t Stop Rising | Waccbuc Real Estate

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Elliman%20-%20Manhattan%20Rents%20November%202013.png [Chart via The Elliman Report.]

An NYC newbie might look at the data from Elliman’s monthly rental market report for November and say, “Hey, the rents in Manhattan have declined for three straight months now. Yippee!” The median rental price did, once again, drop year-over-year, down 3 percent to $3,100/month. Hold up: report guru and general market whiz Jonathan Miller cautions that Manhattan renters should contain their glee. “We are seeing rents top out, but the market is still strong,” he says, adding that the rental market saw much of its number exit in order to buy this summer in a flurry of record sales activity. Vacancy rates rose to a relatively high 2.8 percent, and so in order to appease renters, landlords were more willing than usual to offer concessions (say, a free month’s rent). Yet, concludes JMillz, “I don’t think we should expect a long downward trend in rents. The key drivers—rising NYC employment and tight credit—remain in place. I see rents bouncing up and down going forward on some sort of plateau and remaining at a high level.”

MNS%20-%20Manhattan%20YoY%20Rent%20Changes.png [Infographic via MNS.]

Meanwhile, brokerage MNS breaks down its extensive monthly report by neighborhood and type of apartment. Taking all the data together, though, Midtown West, Battery Park City, and the East Village saw the most intense rent hikes, while rents dropped for the Upper East Side, Chelsea, and the Lower East Side.

Elliman%20-%20Brooklyn%20Rents%20November%202013.png [Chart via The Elliman Report.]

Let’s turn our attention to Brooklyn, once seen as a bastion of affordability. Not anymore, folks, given that Elliman found median rents in the booming north and northwest parts of the borough rose yet again, this time by 3.8 percent to $2,800/month. And as rents are climbing, the availability of rentable apartments is decreasing: the number of new rentals slipped 6.5 percent from November of last year. The gap between Brooklyn and Manhattan median rents continues to narrow, with only $300/month between them now. “I see Brooklyn as about a year behind the Manhattan cycle,” Miller says. “I think they have more upside, whereas Manhattan more stable.” But, fear not, there’s relief ahead, in the form of increased supply: “Much of the new development in Brooklyn is rental, so that will temper growth next year, whereas most of the new development in Manhattan is condo.”

 

 

http://ny.curbed.com/archives/2013/12/11/manhattan_rents_dip_again_but_brooklyns_wont_stop_rising.php

Floored’s interactive 3-D experiences may represent future of virtual home tours | Katonah NY Homes

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Floored aims to transform the way agents communicate space to prospective buyers by replacing static images and constrictive videos with interactive 3-D experiences much like those offered in video games. Using a special scanner and proprietary software, Floored renders photographs and 3-D measurements into interactive models that let users move around spaces virtually, and even manipulate them.

“You can look behind you, you can see what’s around the corner, you can walk in from the front room,” said Floored CEO David Eisenberg.

The startup is steadily attracting more interest from real estate brokers, who Eisenberg said may leverage Floored models to attract more online visitors to listings. Lending credence to his claim, Floored was voted the best real estate tech startup at the Realogy FWD Innovation Summit earlier this year.

Eisenberg is scheduled to discuss the future of home virtual tours with other industry experts at the Real Estate Connect panel “Next-Gen Virtual Tours.”

 

 

 

– See more at: http://www.inman.com/2013/12/11/flooreds-interactive-3d-experiences-may-represent-future-of-virtual-home-tours/?utm_source=20131211&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.mtjzsrln.dpuf

Fixed Mortgage Rates Little Changed | Bedford Hills Real Estate

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Freddie Mac  today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage changing little from the previous week amid light economic data releases.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.42 percent with an average 0.7 point for the week ending December 12, 2013, down from last week when it averaged 4.46 percent. A year ago at this time, the 30-year FRM averaged 3.32 percent.
  • 15-year FRM this week averaged 3.43 percent with an average 0.7 point, down from last week when it averaged 3.47 percent. A year ago at this time, the 15-year FRM averaged 2.66 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.4 point, down from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 2.70 percent.
  • 1-year Treasury-indexed ARM averaged 2.51 percent this week with an average 0.4 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.53 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed amid a light week of economic data releases. Of the few releases, total nonfarm payroll employment rose by 203,000 in November and the unemployment rate declined to 7.0 percent. Also, single family mortgage debt outstanding increased for the first time since 2008. This is a positive sign as it reflects that the pick-up in new purchase-money originations has offset loan paydowns and led to a net increase in principal outstanding.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in.

EH Town and Residents Lock Horns Over Deer Cull | Bedford NY Homes

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9036684845_d493e2bf0a.jpg [cordeliatphoto/flickr]

Both the town and village of East Hampton are going ahead with their plans to reduce the local deer population via a sharpshooters’ cull. The plan is enthusiastically supported by those who believe the town is being overrun with deer and decried by local nature lovers. Concert promoter and East Hampton resident Ron Delsener is retaining a New York law firm to try to stop the plan from going ahead. An online petition at change.org, “Stop Long Island Farm Bureau/USDA Stealth Plan to Brutally Slaughter 5,000 East End Deer,” currently has more than 2500 signatures. The Humane Society of the United States is also considering getting involved. Laura Simon, a wildlife ecologist there, mentioned the “bounceback effect”:  does typically become more fertile after a herd has been reduced. “‘Deer will have twins and triplets after their numbers have been reduced,’ Ms. Simon said. ‘This is going to be a long-term, ongoing commitment from towns to try to keep killing deer every year, and then their numbers will pop right back up.'” ·

Mounting Anger on Deer Reduction Plan [EH Star] · All deer coverage [Curbed Hamptons]

PriceChopped Minty Green Cottage in NOLA Wants $389K | Pound Ridge Homes

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For those out there who’ve always wanted an adorable (if slightly slanted?) pastel Victorian cottage to call home, here’s a New Orleans offering that has recently undergone a $10K PriceChop, lowering the ask way down to $389K. First spotted by Curbed NOLA, the two-bedroom measures 1,707-square-feet and—though extensively renovated—still has “most original architectural details intact,” including heart pine floors, original moldings, and vintage fireplaces. Exterior details include a leafy little backyard, ornate detailing around the home’s front door and street-facing windows, and, of course, that charming, Easter egg paint job that proves that committing to a single vibrant color doesn’t always end horribly. By all means, do have a look:

This 1960s Time Capsule is the Grooviest Home Out There | Bedford Corners NY Homes

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Designed in the early 1960s by architect Seymour Harris, this 19,408-square-foot, eight-bedroom mansion in Hampshire, England—dubbed Tukal—easily snags the title of the most swingin’ listing on the market and must be worth every last penny of the (probably very expensive) unlisted asking price. According to Forbes, which astutely pointed out that the home might make a pleasing lair for a supervillian, Harris designed the place so that it would be possible to “drive his Aston Martin up a ramp into the first-floor parking bay,” which, duh, is the only civilized way to get around. In case that little perk isn’t enough, though, the low-slung, flat-roofed estate also boasts river views (complete with a mooring pontoon,) a massive indoor pool, more than 10 acres of “stunning professionally designed ornamental gardens,” and the most badass bathtub in the world. Also worth noting is some sort of very sexy red carpeted room with a retro fireplace that really needs to be seen to be believed. So without further delay, do take a look:

Tech-Happy Design in the Hollywood Hills Asks $7.825M | Chappaqua NY Homes

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Location: Hollywood Hills, Calif. Price: $7,825,000 The Skinny: Here’s a sleek Hollywood Hills house that is definitely not for the technophobic: with self-closing kitchen cabinets, an automated Neorest toilet in the master bathroom, and a sound system that’s controlled via a Smarthome system, this place might very well be among the first to throw off the shackles of human domination when the A.I. singularity occurs. Until that unhappy moment arrives, though, the Jay Vanos design provides everything an early-20th-century free-range human could want in modern luxury. Inside there are Miele appliances in the kitchen (including a built-in coffee system and wine refrigerator) and heated bathroom floors; outside there’s an infinity pool with a swim-up bar and spa, all with panoramic city views. The 5,200-square-foot home has three bedrooms and four bathrooms (one full, three partial) that are served by an elevator which, hopefully, is not powered by a semi-autonomous computer chip nurturing a murderous rage toward the people who make it go up and down all day, every day. The listing is asking $7.825M, regardless of whether Skynet is about to awaken or not.

20 must-have bathroom ideas | Armonk NY Homes

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A bathroom should be more than the daily necessities. It should be a retreat, a getaway after a long day. Take steps to renovate the room into that escape. If not making it over, at least improve it.

Need ideas? The DesignMine gallery showcases bathrooms real people use for rest and relaxation. They’re the fortresses of solitude for the everyday hero, designed and decorated by professionals who know what people need.

Check out these top 20 styles from the collection, ranging from the classical into the fantastical. Whether it’s a particular style or a mixture, convert your bathroom into the space you’ll find comfort in.

 

 

 

http://realestate.msn.com/20-must-have-bathroom-ideas