Daily Archives: March 10, 2014

Surging Home Prices Are a Double-Edged Sword | Bedford Corners Real Estate

 

The U.S. housing market faces a challenge at the start of the spring sales season: higher prices.

It is hard to overstate the benefits of rising prices to the economy broadly and to homeowners, banks and home builders specifically after years of declines. Price gains have pulled more Americans from the brink of foreclosure and given home buyers more confidence that they won’t get stuck with an asset whose value will decline.

But those gains have a painful edge, too, especially because prices have bounced back so strongly. The increases have rekindled concerns about affordability, particularly for first-time buyers, and could damp the gains of a housing rebound still in its early stages.

 

http://online.wsj.com/news/articles/SB10001424052702304732804579425120291627990?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304732804579425120291627990.html

Big Investors Boosting Home Prices, And Not Everyone’s Pleased | Chappaqua Real Estate

 

It’s taken several years, but in many parts of the country, home prices are nearly back to where they were at the peak. In places like Florida, where the housing recession hit hard, home prices rose last year by one-fifth or more.

A major factor in the price rise is hedge funds, private equity firms and other large investors. They’ve moved aggressively into the residential market over the past two years, buying tens of thousands of distressed properties, often at bargain prices.

Some analysts are worried that those bulk purchases will leave middle-class buyers out in the cold.

One place where investors have been very active is Florida’s Palm Beach County. Jeff Lichtenstein is a real estate agent there, and he’s busy. He’s listing and selling homes at a pace reminiscent of the go-go days of the last real estate boom back in 2005 and 2006. “I have 19 or 20 under contract right now, which is the most I’ve had at any given time,” he says.

Lichtenstein is currently showing a home he has listed in PGA National, a resort and residential development with more than 5,000 homes. It’s a community of palm trees, lakes, golf courses and manicured lawns.

“This was built in ’92 or ’93. Three bedrooms, three baths,” he explains as he shows off the house, which has a back patio looking out onto a golf course. “The view is what people come here to Florida for.”

 

 

http://www.npr.org/2014/03/10/286261937/big-investors-boosting-home-prices-and-not-everyones-pleased

10 homes on wheels | Armonk Real Estate

 

Do you dream about simplifying your life by downsizing to a house on wheels? You’re not alone. Mobile living is gaining popularity, attracting everyone from young couples trying to save money to adventure-seeking retirees. Some people drive a refurbished bus or tow a tiny house because it reduces their cost of living, letting them live mortgage-free. Others choose the lifestyle for its promise of adventure — they can enjoy the freedom and joys of cross-country travel without giving up the comforts of home. Whether you dream of driving or pulling your own home, you’ll find inspiration in these 10 residences on wheels.

 

http://realestate.msn.com/10-homes-on-wheels

 

Why MBA purchase applications declined and new home sales surged | North Salem Real Estate

 

The Mortgage Bankers Association’s or MBA weekly applications survey offers a comprehensive analysis of the mortgage industry. The index was created in 1990, and since then, it has been a leading indicator of housing and mortgage finance activity.

As per the data released by the MBA, applications for the seasonally adjusted index of mortgage application activity fell sharply, by 8.5% to 348.5 for the week ended February 2, 2014. Both new purchases and the refinancing index were down by 4% and 11%, respectively. The decline was in line with the fourth quarter softness witnessed in U.S. home prices. However, U.S. home prices were still positive. Analysts expect the holiday-shortened week to impact mortgage applications.

 

The MBA compiles 75% of the U.S. retail residential mortgage applications. The purchase applications index measures applications for mortgage lenders. This is a leading indicator for single-family home sales and housing construction. By tracking economic data such as the MBA purchase applications, investors can gauge demand for housing, which also has a ripple effect on other sectors—including the labor market, retail sector, and construction sector. Buying a home is a major indicator of consumer spending, which in turn indicates the direction of economic growth. A rise in the economy leads to a positive impact on stock prices, which rise as investor sentiment swells and leads bond prices to decline.

 

http://finance.yahoo.com/news/why-mba-purchase-applications-declined-130011689.html

5 Tips for Beginner Real Estate Investors | Mt Kisco Real Estate

 

If you’re just starting out with real estate investing, there’s a lot to know.

You could feel overwhelmed with all the different articles out there trying to tell you what is most important, what you should learn first and a half-dozen other assertions.

But when you distill it down to the most basic components, there is a list of about five things you should know or consider before you invest in real estate.

Because they all ultimately impact your bottom line, knowing these five elements can be crucial to determining your success as a real estate investor and how well you accomplish your goals.

Without further ado, let’s explore these tips:

1. Be Aware of Tax Laws This is one of the biggest things that you should know about real estate investing. Where you are and where you’re investing matters, as there are state, county and city laws that dictate local taxes on properties. There may be differences in how the taxes are calculated based on the type of property.

Additionally, you should be aware of federal and state taxes on income from rental properties. Learn the laws, discover if there is anything you can do to reduce your responsibility, and evaluate how they will impact your financial goals for the property. It can mean the difference between a positive cash flow and a negative one.

2. Compare Property Values and Rents This is the next biggest thing that will determine how well your real estate investment will pay off. You want to make sure that the income you receive will be worth it. You don’t want to invest too much into a property just to find out that the local market won’t support the rent you’d have to charge in order to make the income you expect.

Look at the prices of similar properties being sold nearby, as well as the cost of comparable rentals in the area. Try to seek out the highs and lows, as well as the average for sales prices and typical rents. Then use this information to help inform your property investment strategy, as well as how much to charge for rent.

 

http://www.fool.com/investing/general/2014/03/09/5-tips-for-beginner-real-estate-investors.aspx

That’ll Be $19.5M for This Highly Photogenic Aspen Compound | Cross River Real Estate

 

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Equal parts glassy modern, traditional ski lodge, and austerely cement-clad in an almost post-Soviet vein, this circa 1995 Aspen compound is a bit of a hot mess, architecturally speaking. But whoever designed the interior is a miracle worker; so often, when chalets go for darkly handsome and somewhat brooding they end up looking way too severe or even a bit raunchy. Could be that all the vintage fineries—which thankfully, stop just short of Anthropologie catalogue excess—pull this place out of the design limbo it was born into. Of course, the listing asserts that “every detail… was crafted from imagination and ingenuity,” but anyone willing to plunk down $19.5M on this 14,000-square-foot six-bedroom head-scratcher will have to come to grips what a hodge-podge it is from the outside. Get an eyeful in the gallery below.

 

http://curbed.com/archives/2014/03/10/thatll-be-195m-for-this-highly-photogenic-aspen-compound.php

Get Your Fill of Burnt Orange in This 1953 Time Capsule | South Salem Real Estate

 

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Even in a city as laden with midcentury gems as Los Angeles, the hunger for cork floors, built-ins, glass walls, and period kitchens—that oven!—cannot be satisfied. So when homes like this untouched 1953 spread, on the market for the first time in half a century, become available, there’s no shortage of fanfare/drooling—and for good reason. In Silver Lake—the enclave once named Best Hipster Neighborhood in the country, in large part because of it’s imminently mockable obsession with Dwell-style architecture—this design by L.A. architect Al Martin is what Curbed LA calls “highly textural,” what with its acoustic tile ceilings, plastic-y kitchen cabinets, and raw brick. There’s also, for better or for worse, much in the way of original overhead lighting—including orb lamps at the bar and fluorescent strips in the kitchen—plus two clunky brick fireplaces, a workshop, and a wraparound deck. How much does one need to move in? $1.595M. Photos, however, are free.

 

http://curbed.com/archives/2014/03/10/get-your-fill-of-burnt-orange-in-this-1953-time-capsule.php

Atlanta House with ‘Gone with the Wind’ Link Asks $3.25M | Katonah NY Homes

 

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Location: Atlanta, Ga. Price: $3,250,000 The Skinny: Though Atlanta has played host to plenty of culturally important events, including the Olympics, the first season of the Walking Dead and, of course, the canonical live recording of Free Bird, the 1939 premiere of Gone with the Wind was such a huge milestone for the city that any association with it is trumpeted to this day. That’s the case with this 1935 home in the Peachtree Heights district of Buckhead, which the BrokerBabble claims hosted the cast party for the film. And it might very well have, though the homes where Clark Gable is said to have been fêted approaches the number of homes wherein George Washington purportedly lay down his wigged, weary head for a nap. Designed by Atlanta firm Cooper and Cooper, it’s all classical symmetry and reassuringly staid formalism (a combination the dim echoes of which can be seen in McMansion developments across the Sunbelt), while the decor veers queasily between traditional (downstairs) and blandly contemporary (upstairs). It’s asking $3.25M, which includes almost two acres of beautifully landscaped grounds that Vivien Leigh might have strolled through.

http://curbed.com/archives/2014/03/10/atlanta-home-with-gone-with-the-wind-connection-asking-325m.php

 

4 Outside-the-Box Ways to Sell Your Home | Bedford Hills Real Estate

 

Real estate people often say that this business is hyperlocal. That’s just another way of saying that whether your market is a buyer’s market, a seller’s market or otherwise can vary state to state, county to county, town to town and even in various neighborhoods in the same town.

But when it’s your own home for sale, hyperlocal takes on an all new meaning. Your perspective on the market zooms all the way in and it can suddenly seem like nothing matters except how many buyers show up to your open house, how long your home has been on the market, whether any offers have come in on your house and, if so, precisely which numbers appear on those digital sheets of paper.

Bottom line: it doesn’t matter how hot the market is or how many multiple offers your neighbor’s house got, unless and until yours sells.  Times might not be desperate overall, but if it’s your house lagging on the market you might need to do something more than just hang a sign in the yard to get your home sold. And the only thing you can control in that process is your actions: your choice of agent, your pricing, your property preparation and your marketing.

If you’re a seller committed to doing everything within your power to sell your home and it’s not coming as easily or instantly as you’d hoped, here are a few outside-the-box strategies for getting your home sold:

1. Put your network to work. Anywhere there are people who know you or know your neighborhood, there might be the ultimate buyer for your home-or someone who knows them. In particular, social networks like neighborhood email lists, NextDoor.com and even your personal Facebook feed are great places to make sure you are publicizing your home’s listing.

If your home is well-located vis-a-vis your workplace, don’t hesitate to also make your colleagues aware of the listing. If you work for a very large organization or institution, you might even go so far as to let your Human Resources team know of the listing: many HR departments actively help new hires relocate and find housing as part of their services.

 

http://www.fool.com/investing/general/2014/03/09/4-outside-the-box-ways-to-sell-your-home.aspx

Hudson River Greenway plan wilts Riverdale | Cross River Real Estate

 

Residents of the affluent Bronx enclave of Riverdale have long dreamed about gaining easy access to their two-mile stretch of Hudson River shoreline.

No wonder, then, that they were thrilled by a recent proposal to connect that waterfront strip with the existing Hudson River Greenway. It was only when they looked at the fine print of that plan that some Riverdale residents said their dream had turned into a nightmare—into something that threatens the character of their leafy neighborhood while barely offering any additional river access.

As it stands, the Hudson River Greenway’s popular bicycle and pedestrian trail begins at Battery Park at the bottom of Manhattan and runs all the way up through Westchester County. Or at least it would if only a way could be found to close a three-mile-long gap along the waterfront in the Bronx and Yonkers, just to the north. To do that, the New York Metropolitan Transit Council, an organization of regional governments charged with studying transportation-related issues for New York City, Long Island and the lower Hudson Valley, is recommending an elaborate $75 million multistage plan.

The problem in Riverdale is that the tracks used by Metro-North and Amtrak run close to the water, making pedestrian access perilous.

Interim trail

The NYMTC’s plan, submitted to the community board in February, essentially dodged the problem. It calls for an interim path beginning just over the Henry Hudson Bridge and running north through local streets in Riverdale, affording users a visual but not a physical connection with the shore. Accommodating those cyclists and walkers would require some widening of roadways, installation of sidewalks where none exist and paving paths through Riverdale Park–steps that have many residents up in arms.

They note the area’s rich history, including the stately mansions built by generations of Manhattan moguls, as well as its historic churches and elite educational institutions, including the Riverdale Country School–the most expensive private school in New York City.

“What has been presented will change the visual character and bucolic nature of our neighborhood,” said Frank Anelante, chairman of the Riverdale-Spuyten Duyvil Coalition. “The reconstruction required would necessitate the taking of property from homeowners, obliterating front lawns and driveways.”

Gary Klingsberg, a resident of Palisade Avenue, a street along which a portion of the path would be built, said he recently walked the suggested route, from the Henry Hudson Bridge to Riverdale Park, and found the twists and turns of the terrain dangerous, with very little space to expand existing sidewalks without infringing on people’s property.

 

http://www.crainsnewyork.com/article/20140310/REAL_ESTATE/303099988/hudson-river-greenway-plan-wilts-riverdale#