Monthly Archives: March 2014

Katonah Hardware Reports $50,000 Stolen; Employee Suspected | Katonah NY Homes

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A Katonah hardware store reported to police that an employee stole about $50,000 in cash during a four-month period, Bedford police said.

The employee is unknown and police are investigating the matter.

Katonah Hardware, on Katonah Avenue, reported the thefts on Feb. 20. They told police the thefts happened between October 2013 and February 2014.

Because the investigation is ongoing, few details are available

 

http://bedford.dailyvoice.com/news/katonah-hardware-reports-50000-stolen-employee-suspected

Craigslist real estate listings can help agents keep deals in-house | Katonah Real Estate

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Craigslist is the grandfather of listing sites.

So like grandfathers everywhere, it’s associated with the past, not the future. As a result, some agents may neglect the old-timer, seeking to harvest leads using cutting-edge tools instead.

But while some might consider Craigslist a bit of an old fogey, agents who shun it are passing up a marketing opportunity that remains a fertile (and typically free) source of high-quality leads, according to Amy Gerrish, leader of The Phoenix Metro Group, an agent team part of Phoenix-based HomeSmart.

As a resource for buyer leads, Gerrish — the latest winner of Inman News’ #madREskillz contest — says Craigslist seems to offer a better return on investment than advertising on listing portals or Facebook.

The leads she’s picked up from those sites seem to be of about equal quality to those she gets from Craigslist, which have translated into six sales for her team in the last year, she said.

“If they’re the same quality, then I just want the ones that you don’t have to pay for,” she said.

– See more at: http://www.inman.com/2014/03/05/craigslist-real-estate-listings-can-help-agents-keep-deals-in-house/?utm_source=20140305&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.i2Zmr3w0.dpuf

Fully Reno’d ‘House of the Day After Tomorrow’ Asks $5.5M | South Salem Homes

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Location: Lake Forest, Ill.
Price: $5,499,000
The Skinny: When George Fred Keck designed a forward-looking sequel to his 1933 World’s Fair “House of Tomorrow” (inevitably, if unfortunately, dubbed the “House of the Day After Tomorrow”) there’s little chance that he could have foreseen what the the actual future had in store for his speculative creation. Originally built in 1936, the home received an extensive 1990s “renovation” which, according to a recent profile of the place in the Journal, added a second story and ballooned the floorplan to a whopping 15,400 square feet. Which begs the question: how much of a home can you drastically change while still attributing its design to the original architect? A look inside provides an answer, of sorts, where the etched glass, water feature, and recessed lighting scream “I come from the ’90s!” and the only remaining design aspect that can be attributed to Keck is its energy efficiency. The seven-bedroom, nine-and-three-tenths-bathroom manse (what exactly constitutes three-tenths of bathroom? A closet with a sink?) is asking $5.499M.

 

http://curbed.com/archives/2014/03/05/fully-renod-house-of-the-day-after-tomorrow-asks-55m.php

Restaurateur Michael White takes over at Bedford Post Inn | Bedford Real Estate

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Amid reports of a split between Richard Gere and Carey Lowell, the restaurants at the Bedford Post Inn are changing hands. Chef Michael White, owner of Altamarea Restaurant Group, has signed a long term lease for the Bedford restaurant, previously operated by the famous couple.

Altamarea will operate all of the food and beverage operations at the Bedford Post Inn, including the Barn, the private events space, the outside grill terrace and the flagship restaurant, the Farmhouse, which will be renamed “Campagna.” The chef de cuisine will be  Devin Boyzaka, who was sous chef at The Inn at Little Washington. Richard Gere and Russell Hernandez will continue to own the inn, which has eight suites.

According to the Altamarea Grou, Campagna will serve its well-known upscale Italian cuisine, that features plenty of seasonal dishes to reflect the restaurant’s location in the Lower Hudson Valley and its abundant local produce. Other restaurants in the Altamarea group include Marea, Osteria Morni, Ai Fiori, all in Manhattan, and restaurants in New Jersey and London.

In 2007, Richard Gere and Carey Lowell brought the 1700’s era farmhouse property back to life as a gourmet destination in a country setting. Recent reports of the couple’s split are not officially confirmed.

http://food.lohudblogs.com/2014/03/04/richard-gere-turns-restaurants-bedford-post-inn/

Which housing regions sailed and which failed so far in 2014? | Waccabuc Real Estate

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Economic growth is modest and moderate but steady, according to the latest and somewhat sunny-side Beige Book, the comprehensive economic report published by the Federal Reserve that covers all 12 Fed districts — but housing markets across the 12 districts varied from poor to hopeful.

Economic conditions continued to expand from January to early February, according to the Beige Book researchers.

Fully eight districts reported modestly improved levels of activity. New York and Philadelphia experienced a decline in economic activity, which was mostly blamed on cold weather.

Growth slowed in Chicago, and Kansas City reported that conditions remained stable during the reporting period.

Nationally, residential real estate markets continued to improve in several areas but as the Fed was quick to underscore – modestly.

Boston and New York saw mixed home sales, and Philadelphia, Cleveland, Minneapolis, and Kansas City reported a definite decline in sales.  Several of the 12 fed districts cited low inventories of housing and continued home price appreciation.

Residential housing markets among the 12 districts were mixed, and the regional reports didn’t even list real estate activity as a notable industry in the Beige Book.

 

http://www.housingwire.com/articles/29197-which-housing-regions-sailed-and-which-failed-so-far-in-2014

If you want to pay off a mortgage early, should you do it gradually or all at once? | Waccabuc Real Estate

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Q: I am wondering what your opinion is about paying additional money toward my mortgage principal to pay off the balance early. Is it better to put extra money into paying off the mortgage, or should I invest that same money in another investment or 401(k)? I’d like to be able to either pay off the mortgage in 10 years at age 66 or have the funds available from other investments or my 401(k) to pay off at that time. — Tami

I’m often asked whether it’s better to prepay a mortgage or invest the difference. But you’ve put a fresh twist on it: You already know you want to pay off your mortgage early and are just looking for the best way to do that. With that goal in mind, you need to consider your own level of financial literacy and comfort with investing.

THE RISK-FREE ROUTE

Putting money into your home is a simple and safe investment. You will effectively “earn” your net interest rate. So, if your mortgage interest rate is 4.5 percent, and you don’t itemize your deductions, every dollar you prepay earns an effective interest rate of 4.5 percent – a lot better than you’ll do if you keep the cash in a savings account.

The nice thing is you won’t lose any money on this investment. It’s risk-free. And you’ll be building equity in your home. Paying off your mortgage by the time you retire means you’ll reduce your living expenses just as your income is potentially diminishing.

 

http://homes.yahoo.com/blogs/spaces/q-a–pay-down-mortgage-gradually-before-retirement–or-all-at-once-003307696.html

30-year-mortgage rate falls to 4.28% | North Salem Real Estate

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The average rate for a 30-year fixed-rate mortgage fell to 4.28% in the week that ended March 6 from 4.37% in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. A year ago, the 30-year rate was at 3.52%. The average rate for the 15-year fixed-rate mortgage fell to 3.32% in the latest week from 3.39% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage declined to 3.03% from 3.05%. The rate for a 1-year Treasury-indexed ARM was unchanged at 2.52%.

 

 

10 cities where ordinary people can no longer afford homes | Mt Kisco NY Homes

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It now seems pretty clear that late 2012 or early 2013 was the ideal time to purchase a home: Real-estate prices and interest rates were both near record lows, creating an unprecedented buying opportunity for those who could muster a down payment and qualify for a mortgage.

Home affordability is still pretty good by historical standards, but typical buyers are once again being priced out in at least two dozen markets ranging from coastal hotspots to lower-cost inland cities. Three factors are pushing the cost of owning a home beyond the financial reach of ordinary families: Mortgage rates are ticking upwward as the Federal Reserve backs away from the super-easy monetary policy of the past five years. Home prices are rising as the economy recovers. And incomes are barely budging, which means typical families are once again falling behind as they try to bank enough to buy a home.

We used data from research firm RealtyTrac to determine where housing affordability is deteriorating the most. At the top of the list is Salinas, Calif., where a median-priced home rose 40% from the end of 2012 to the end of 2013, to $388,000. When rising interest rates are factored in, the income required to purchase a typical home rose by a whopping 58%.

The 10 areas in the list below are ranked by the increase in income required to buy a typical home from December 2012 to December 2013. We also included RealtyTrac’s affordability-index rating for the county each city is located in, to exclude cities in which required incomes have risen but homes are still relatively cheap. (The affordability index represents the median income per county as a percentage of the required income for a typical home purchase, so cities with a rating below 100 are less affordable while those above 100 are more affordable). We also grouped cities in northern and southern California into two entries, since there are so many of them. Here are the 10 areas where home affordability is deteriorating the most.

 

http://finance.yahoo.com/news/10-cities-where-ordinary-people-can-no-longer-afford-homes-203700652.html

Four-Step Guide to Refinancing Your Home Mortgage | Katonah Real Estate

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Refinancing your home mortgage can be a great way to save some money in the long run. If rates have dropped since you obtained your original loan, you can potentially see a substantial drop in your payments. But there are other reasons you may also want to consider refinancing your home mortgage.

It gives you the option to reach into the equity that’s built up in your home since you purchased it — it’s known as a “cash-out refi.” It lets you take out a new mortgage based on the home’s current worth, pay off what you still owe on the old loan, and pocket the difference, Realtor.com says. You could also shorten the time period that you’ll be making payments, which can be done by swapping your current 30-year mortgage for a 15-year loan or another similar option.

But how do you know when it’s a smart move for you to go through the refinancing  process? And when exactly will it start saving you money?

Click through for our guide to help you determine if it’s the right time to refinance

1. When to consider refinancing

source: http://www.flickr.com/photos/sleepyjeanie/

source: http://www.flickr.com/photos/sleepyjeanie/

According to USA Today: “Some borrowers can save money when they spot a rate that’s at least half a percentage point lower than their existing rate, experts say. More typically, people tend to move when they see more than a full percentage-point drop.”

ABC News reports that it’s also important to ask yourself this question: How long will it take for your new monthly payment to yield enough savings to make up for the closing costs for the new loan? If you can find a way to keep your closing costs down, refinancing becomes an even smarter option. And you should expect closing costs on refinancing to be even lower, because there is less work for the lender and title company to do.

2. Determine when it will start saving you money

think money save

Figuring out how long it will take you to start recouping costs is key. For example, someone who is in their 80s probably shouldn’t spend $4,000 upfront in order to save $50 a month, according to USA Today. Just make sure you’re looking at your costs and how long you plan to stay in your home. If you plan on being there for quite a while, there’s a good chance refinancing is a smart option.

Realtor.com recommends weighing monthly savings against upfront costs. Let’s say you can save $100 a month on your mortgage payment by refinancing but it requires you to pay $2,500 upfront — then you’d need to keep the new loan for at least 25 months to make up the difference. If you’re not going to be in your current house for at least that long, it’s not going to do you any good.

When in doubt, talking to a mortgage broker is always a good idea. They can look at your specific situation and figure out what’s going to be your best move.

3. Where mortgage rates are at

housing Real Estate Mortgage Loan

In February, the average rate on a 30-year fixed home mortgage was 4.28 percent, which is near historically low levels. A 15-year loan was 3.33 percent, according to Freddie Mac, a mortgage buyer.

These are great rates, but economists aren’t expecting them to stay that low for long, according to USA Today. “Most economists expect home sales and prices to keep rising this year, but at a slower pace,” the publication reports. They forecast that both will likely rise around 5 percent, down from double-digit gains in 2013.”

This means that if it’s something you’re interested in doing, the sooner the better. As interest rates continue to rise, it’ll save you less money when you do make the move to refinance.

4. Preparing to refinance

Source: Thinkstock

You’ve decided refinancing is for you, and so your next step is to start the loan process again. Make sure to get all of your records together and check to see that your credit profile look goods, Realtor.com says: “Your lender will need to verify your income, employment, account balances and the like, so be prepared. The lender will tell you exactly what you need, but generally you’ll be required to produce current pay stubs and savings and checking-account statements.”

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http://wallstcheatsheet.com/personal-finance/mortgages/four-step-guide-to-refinancing-your-home-mortgage.html/?ref=YF

Mortgage Loan Rates Slid Last Week, Mortgage Applications Rise | Bedford Hills Real Estate

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The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning. It noted an increase of 9.4% in the group’s seasonally adjusted composite index, following a drop of 8.5% for the previous week. Mortgage loan rates fell slightly on all types of loans.

The seasonally adjusted purchase index increased by 9% from the prior week’s report, but it is 19% lower year-over-year. On an unadjusted basis, the composite index increased by 11% week-over-week. The unadjusted purchase index increased by 12% for the week.

Adjustable rate mortgage loans account for 8% of all applications, unchanged from a week ago.

The MBA’s refinance index increased by 10%, after declining 11% in the previous week. The share of refinancings fell slightly to 57.7% of all applications, the lowest level since last September.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.53% to 4.47%. The rate for a jumbo 30-year fixed-rate mortgage declined from 4.47% to 4.37%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.56% to 3.52%.

 

http://finance.yahoo.com/news/mortgage-loan-rates-slid-last-122559352.html