Daily Archives: December 16, 2013

More shakeups at StreetEasy as public face Sofia Song departs | North Salem NY Real Estate

Major shifts continue at StreetEasy since the company was acquired by listings giant Zillow. On Friday, the company’s longtime head of research and communications, Sofia Song, left the firm.

She is the third high-level executive to be pushed aside or leave in the four months since Zillow paid $50 million for the city’s leading residential listings website.

Before Song, the real estate community was shocked when Michael Smith, company co-founder and CEO, was replaced in September with Susan Daimler, the general manager of Zillow New York, which includes StreetEasy; and around the same time Robin Allstadt, company chief operating officer, departed the firm. In addition, Zillow shuttered StreetEasy’s expansion websites in South Florida, Washington, D.C. and Philadelphia.

It was not clear where Song would end up. She did not respond to a request for comment. Two sources close to Song said she was not immediately joining another company.

Song was a popular voice for the firm, and for many in the public relations, journalism and real estate industries, she was the public face of the company. She joined StreetEasy in 2007.

“Sofia was on the front line of StreetEasy’s efforts to win over the [New York City] real estate market,” Jonathan Miller, CEO of appraisal and analysis firm Miller Samuel, said. “She was a data maven. I’ve long appreciated her efforts and her expertise will be missed, and she will be successful wherever she ends up.”

While Zillow has executed successful acquisitions in the past, the changeover period is often rocky, as with any merger, Miller said.

“When a big firm — Zillow — takes over a little firm — StreetEasy — the highest brand risk is the transition period they are going through right now,” he said.

Last week, Song notified reporters through emails and conversations at the firm’s holiday party Dec. 11 at Umami Burger in the West Village that Lauren Riefflin would replace her in public relations matters, but did not divulge that she intended to leave the company.

A spokesperson for Zillow said the firm does not comment on employee matters, but added, “Sofia’s contributions to StreetEasy over the past six years have been instrumental in building the company into the real estate powerhouse that it is today. We wish her all the best.”

All eyes are now on the developers behind StreetEasy, insiders said, as programmers are in high demand in New York City.

 

http://therealdeal.com/blog/2013/12/16/more-shakeups-at-streeteasy-as-public-face-sofia-song-departs/

 

Armonk, Bedford Corners Lead in Highest Average Size | #RobReportBlog

Armonk,   Bedford Corners Lead in Highest Average Size | #RobReportBlogSquare Feet
Katonah3,876
Pound   Ridge3,854
South   Salem3,029
Mt Kisco2,788
Chappaqua4,101
North   Salem3,288
Armonk5,800
Bedford4,701
Bedford   Hills4,021
Bedford   Corners5,059

5 predictions for housing in 2014 | Bedford Corners NY Homes

The housing market may quite return to normal next year, but it’s getting there.

Dusting off their crystal balls, real estate experts can at least spy the path toward for the sector in 2014. According to real estate listing and research site Trulia, sales and prices of of non-distressed homes are almost back to normal, while foreclosures are ebbing and fewer homeowners are behind on their mortgage payments.

Yet while this march toward a more stable housing market is a welcome one, it’s creating new problems along the way. Expect less highs and lows next year, but not smooth sailing. Here are five trends to look for in the new year:

Mortgage rates will top 5 percent. This is a matter of when, not if, as well as how high interest rates on mortgage loans. As 2013 draws to a close, mortgage rates have increased 1 percent over last year, rising on the back of a strengthening economy. Stronger economic growth will eventually lift the Federal Reserve’s hand out of the mortgage market in 2014, causing it to taper its bond-buying stimulus program. When the Fed merely mentioned tapering the program last June, rates jumped nearly half a percentage point overnight.

Housing market research firm Zillow predicts that interest rates for a 30-year fixed-rate mortgage will surpass 5 percent for the first time since early 2010.

“While this will make homes more expensive to finance – the monthly payment on a $200,000 loan will rise by roughly $160 – it’s important to remember that mortgage rates in the 5 percent range are still very low,” said Erin Lantz, Zillow director of mortgages, in an e-mail.

Mortgages will be easier to secure. Although loan rates are likely to rise, getting a mortgage should be easier next year.

“Rising rates means lenders’ refinance business will dwindle, forcing them to compete for buyers by potentially loosening their lending standards,” Lantz said.

One wild card is a new federal rule kicking in on Jan. 10 that sets mortgage standards. Lenders that don’t follow the rules will face greater legal liability and potential penalties if that loan defaults. It remains to be seen whether that could constrain lending.

Inventory will stabilize. The National Association of Realtors, a Washington trade group, characterized 2013 as the “year of low inventory.” That wasn’t all bad, with low inventory driving most of the explosive price gains in the spring and summer. But the shortage was short-lived, as inventory has since returned to 2012 levels. Cash-carrying investors are also exiting the market.

Trulia chief economist Jed Kolko said that means home buying will look far less frenzied than it was this year.

 

 

 

http://www.cbsnews.com/news/5-predictions-for-housing-in-2014/

Fed taper remains guessing game | Mt Kisco Real Estate

 

Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on bigger issues.

Looking forward to the week ahead, one of the most anticipated events will be the meeting of the Federal Open Market Committee on Wednesday, where Ben Bernanke will give his last press conference as chairman of the Federal Reserve.

Most observers expect no major change in interest rates. There is, however, speculation about the Fed’s Treasury and bond-purchase policy. Decisions on whether or not to continue at the same pace is decided in FOMC meetings. While many economists expect the Fed’s bond-buying program to remain unchanged until January or even March, there is growing sentiment that Wednesday might see some announcement.

It is important to note, that for every report showing a sentiment to taper this year, there is another suggesting otherwise.

“Fed officials face a more difficult decision at their meeting next week, as the employment and growth data have picked up since the October meeting” said analysts at Goldman Sachs in a weekend note to clients. “But our central forecast for the first tapering move remains March, with January possible as well.”

In a Reuters poll last week of 60 economists, about half expected the Federal Reserve to wait until March to start the tapering program, but 12 economists — almost one fourth — now see this week as more likely. That’s a steep increase from the three who predicted that in a poll a month ago.

The November drop in unemployment to 7% is certainly a factor in considering tapering, but there are still plenty of signs that the U.S. economy is not strong enough for a cutback in the stimulus.The positive affect on the housing market of that lower unemployment number may be offset by the expanded unemployment benefit that expires at the end of this month.

In the two-year budget deal that the House of Representatives reached this week, that benefit — which has been providing the unemployed with an extra 14 weeks of help — was not renewed. That will immediately affect 1.3 million Americans who are receiving that help now, along with another 3.6 million who would have qualified in 2014.

And although the unemployment rate declined for young workers — 16 to 24 year olds — from 15.1% in October to 14.1% in November, that number is still double the national average. As HousingWire reported last month, the decline in the overall homeownership rate to 63.9% this year shows that there are still significant barriers to first-time buyers — including that Millennial market that will be key for the future of housing.

 

http://www.housingwire.com/blogs/1-rewired/post/28305-monday-morning-cup-of-coffee-fed-taper-remains-guessing-game

 

Snow Is Back In The Forecast For Tuesday In Armonk | Armonk NY Homes

Westchester County is likely to see its second accumulating snow fall in the span of four days on Tuesday.

After a mostly sunny day Monday with highs near 30, there is an 80 percent chance of snow on Tuesday, mainly before 4 p.m., with 2 to 4 inches accumulation possible, according to the latest forecast from the National Weather Service. The snow is expected to start prior to dawn on Tuesday, which could make driving conditions during the morning commute treacherous.

It will clear out on Wednesday, with sunny skies and a high around 35.

Thursday should be mostly sunny with a high around 34.

Temperatures will then warm up for the weekend.

There is a chance of rain Friday with a high of around 48. There’s a chance of rain on Saturday with a high around 43.

 

 

http://armonk.dailyvoice.com/news/snow-back-forecast-tuesday-westchester

Branstad, MidAmerican officials plan major wind energy announcement | Waccabuc Real Estate

Officials at MidAmerican Energy Co. and the state of Iowa are set to make a major announcement regarding a new wind energy development.

Gov. Terry Branstad is expected to discuss the project at his morning news conference Monday and release further details with company officials at a 1 p.m. news conference to be held at the Siemens Energy wind blade factory near Fort Madison.

In August MidAmerican Energy received approval from the Iowa Utilities Board for a $1.9 billion project to install hundreds of wind turbines by the end of 2015.

More than 448 turbines are to be installed in Grundy, Madison, Marshall, O’Brien, and Webster counties.

MidAmerican, Iowa’s largest energy company began building wind turbines in 2004, and it currently has more than 1,200 wind turbines in Iowa.

 

 

http://www.desmoinesregister.com/viewart/20131216/BUSINESS/312160051/Branstad-MidAmerican-officials-plan-major-wind-energy-announcement

Home prices cooling, but double-digit gains remain common | South Salem NY Real Estate

Home prices in Southwest Florida continue to post double-digit gains, despite some predictions that those hefty increases that have been a hallmark of 2013 will begin to taper off.

Prices of single-family homes in the Sarasota-Manatee region climbed 11 percent in October over last year, according to the latest report from real estate data provider CoreLogic.

That fell short of the 12.5 percent increase reported nationwide, which marked the 20th straight monthly boost in homes prices in the U.S.

But prices outpaced the U.S. in Charlotte County, where they jumped 14.7 percent in October over the same period in 2012.

Both regions, however, topped the national average for month-to-month price gains.

Home prices from September to October rose 0.4 percent in Sarasota-Manatee and 0.5 percent in Charlotte, compared with a 0.2 percent average hike throughout the country.

That small nationwide gain, experts suggest, indicates prices may be starting to level off.

“In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,” said Mark Fleming, chief economist for CoreLogic.

 

 

http://www.heraldtribune.com/article/20131216/ARTICLE/131219721/-1/sports03?Title=Home-prices-cooling-but-double-digit-gains-remain-common

IMF sees risk in Israel’s housing marke | Katonah NY Homes

Israel’s low interest rate environment has the danger of further boosting housing prices, the International Monetary Fund said Monday, but the possibility of a quick adjustment in prices is also worrying.

In the concluding statement of its annual consultation, the IMF said that Israel was conducting proper monetary policy given the strength of the shekel and the global environment. “The low interest rate environment could, however, fuel further house price increases,” the report said.

“If house prices continue to rise, macroprudential measures, notably those which directly restrict the size and risk of mortgages, should be further tightened.” The IMF also recommended increasing property purchase tax for non-primary residences temporarily and, crucially, taking measures to boost the supply of housing, “including by implementing the recommendations of the Housing Committee.”

Despite the difficulties posed by the increased prices, however, the IMF also noted that a crash of prices posed an economic risk to Israel.

“A correction in the housing market and the associated feedback loops could undermine banks’ asset quality and profitability, and pose financial stability risks, the report said. “Despite progress in addressing concentration, risks concerning the financial viability of some large highly-leveraged corporates (holding companies and real estate and construction firms in particular) remain.”

All in all, the IMF mission found Israel’s economy to be growing moderately, projecting 2014 growth to fall somewhat to 3¼. The greatest risks posed to the economy are external – sluggish growth in the United States and Europe mean less demand for Israeli products abroad.

 

 

http://www.jpost.com/Business/Business-Features/IMF-sees-risk-in-Israels-housing-market-335150

So Why is Your Marketing Failing? | Katonah NY Realtor

Internet marketers everywhere seem to agree that if you don’t have an  audience, you don’t have a future. They argue that if you have to pay for  traffic to make money, you’re not just being wasteful, you really don’t  understand how the social web works, or where marketing is headed in the years  going forward.

Well, I’m going to respectfully disagree. If you ask me, if you want your  business to have a future, one audience isn’t enough. The truth is, the  most resilient businesses are going to need at least two audiences if  they hope to make the most of limited resources to succeed. Maybe that is why  your marketing is failing.

Let me explain.

Meet your two audiences

You don’t know it yet, but you actually already have two audiences. The  problem is, you’re probably alienating at least one of them. Here’s what I’m  talking about:

1. Core audience

These are the people who are completely obsessed with the topic in question.  The live, eat, and breath the stuff you blog about. In fact, some of these  people will know even more about the topic than you do, at least when it  comes to certain aspects of it.

2. Mainstream audience

These people have little or no direct interest in your topic, but they might  have some tangential interest in it. For the most part, the only thing they want  to know is why any of this should matter to them, and if you can’t keep them  entertained, they won’t be hanging around for long.

While your business won’t necessarily die without both of these  audiences, let’s just say that without some appeal to both of them, your use of  resources will be…less than optimal.

Brands that failed to reach both audiences

There’s certainly no shortage of brands or  campaigns that failed because they failed to reach both  audiences.

Coca Cola

Take the whole New Coke fiasco. Contrary to popular belief, most people actually liked the new flavor better. They succeeded at reaching the  mainstream, but they alienated their core audience. This vocal minority  destroyed the new brand, and while they may have ironically strengthened the  classic brand with the whole experiment, New Coke itself was a disaster.

Digg

The same goes for Digg. Those of you who have been in internet marketing for  a while can remember “the Digg effect” and just how powerful it was to have your  site make the front page of the social bookmarking site. But Digg lost  a huge portion of its audience after a site redesign that was aimed at a  more mainstream audience, and eventually lost so much of its traffic that it was  sold and replaced.

Boxee

Brands that fail to reach a mainstream audience don’t fare any better.  Internet TV startup Boxee  was recently sold to Samsung, and is being shut down. Boxee had a strong  core following, but it failed to reach the mainstream due to its steep prices,  as well as too much focus on tech specs and not enough on the user experience,  and an inability to strike up deals with content owners.

When you look at highly successful brands like Apple, PlayStation, or even  Star Wars, you’ll find that they have appeal to rabid fanboys and mainstream  audiences alike.

Is viral marketing a myth?

There’s a very good reason for this, and it has to do with audience growth.  At CrazyEgg, we recently discussed why  viral marketing is a myth, and why customer retention is the true barrier to  growth. Brands with a growing audience must do two things: they must attract new  members and they must keep their old ones.

It’s simple, really.

If you aren’t appealing to a mainstream audience, you aren’t going to get new  visits. If you aren’t appealing to your core audience, you’re not going to keep  your previous visitors.

Core audience is more important than mainstream

Now, I personally believe that your core audience is more important than the  mainstream. Alienate your core audience and you don’t have a brand. Alienate the  mainstream and they’ll probably just forget about you, and possibly rediscover  you. Since staying in business is always more important than growth, I’ll side  with a core following any day.

That said, having both audiences truly is the winning formula, so let’s talk  about how to make that work.

Read more at http://www.jeffbullas.com/2013/12/16/so-why-is-your-marketing-failing/#BorvZExjfGV7kFyG.99

Storm Moves East, Cleanup Is Now Under Way In Bedford | Bedford Hills NY Real Estate

The first significant snowstorm of the season has passed through Westchester County and the cleanup is well under way on Sunday.

Snowfall totals in Westchester ranged from 3 to 8 inches, with 6 inches reported in White Plains.

Climbing temperatures should make it easier for residents to clear away snow.

Cloudy skies Sunday will give way to mostly sunny skies with a high between 36-38 degrees.

With temperatures falling to a low of between 20-22 degrees tonight, icy conditions are likely through the morning.

Monday will be mostly sunny with a high near 29. Light snow is likely on Tuesday, with some accumulation expected, and a high near 37.

Wednesday should be sunny with a high around 35. Temperatures will continue to climb as the week continues, with highs near 50 expected for both Friday and Saturday.

 

 

http://bedford.dailyvoice.com/news/storm-moves-east-cleanup-now-under-way-westchester