Monthly Archives: March 2014

Can You Afford to Buy a House? | Bedford Hills Real Estate

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With the help of low interest rates and intervention from policymakers, the housing market has been one of the most improved areas of the economy. However, a combination of higher rates, rising home prices, and stagnant wages is building affordability issues.

The cost of homeownership is on the rise across the nation. The estimated monthly house payment for a median-priced, three bedroom home purchased in the fourth-quarter of 2013 surged 21 percent to $865, compared to $714 from a year earlier, according to the latest report from RealtyTrac. The firm analyzed 325 U.S. counties and included other factors such as insurance, taxes, maintenance, and tax deductions. Among the 15 most populated counties analyzed, the estimated monthly house payment jumped an average of 34 percent from a year ago.

“A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year,” said Daren Blomquist, vice president at RealtyTrac, in a press release. “The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints.”

 

 

http://wallstcheatsheet.com/politics/economy/can-you-afford-to-buy-a-house.html/?ref=YF

Something is out of whack for housing | Bedford Real Estate

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It is hard to look at the falling snow across much of the mid-Atlantic on Monday and not blame the weather for sluggish home sales this winter. For anyone east of Nevada, this has seemed like one of the coldest and snowiest winters in a very long time, and it is. While Americans hunker down in their homes, the prospect of house hunting is less enticing.

Home sales numbers so far back that up, but some claim the lackluster sales are not due to the weather but to the seasons, or specifically, seasonal adjustments that are out of whack.

The housing market has been abnormal in many respects over the past few years. Analysts at Goldman Sachs point to an elevated level of distressed sales, the first-time homebuyer tax credit in 2009 and 2010, and significant investor activity in 2012 and 2013.

“Now that the housing market is normalizing with fewer distressed sales and less investor activity, applying these unusual seasonal factors may distort housing indicators,” the analysts wrote in a report.

 

http://www.cnbc.com/id/101460942?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=101460942%7CWhat%20is%20out%20of%20whack%20with

Time for a Mortgage? How to Know You’re Ready for Home Ownership | Pound Ridge Real Estate

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As a Discover Home Loans mortgage professional, I’m regularly asked how to begin the process of buying a home.

As with most big decisions, you’ll need to weigh the benefits against the immediate and long-term time, energy and costs associated with owning a home. See how many of these statements apply to you and decide if buying a home is the right move for you.

1. Your rent is higher than a mortgage payment. The cost of renting, over time, can eclipse the cost of owning and maintaining a home. To help you decide if your finances would be better -suited to home ownership, check out the Rent vs. Buy Calculator from Discover Home Loans.

2. You’re staying put. Are you planning to stay in the same place for the next three to five years? If so, you might be better off buying a home. Keeping your house for several years helps to recoup the costs associated with a new home loan by building equity. The more equity you have in the house, the more you’ll benefit when you sell the home.

3. Your finances are set. Buying a home may seem intimidating, but with the right preparations it can be a seamless process and a smart financial choice. Determine how much you have saved for a down payment, as well as the amount you can afford to devote to a monthly mortgage payment. Lenders want to make sure buyers have the income to keep up with mortgage payments. Don’t forget a safety net to account for unexpected illness, change in employment or natural disaster—generally enough to cover three to six months of living expenses. There are many tools available online to help you determine how much house you can afford.

4. Your credit is under control. A good credit score helps you get the best deal on a home loan. Generally, the higher your credit score the lower your interest rate. Reviewing a copy of your credit report will give you insight into how your finances look to lenders.

 

http://finance.yahoo.com/news/time-mortgage-know-ready-home-144528638.html

Why pending home sales ticked up, driven by move-up buyers | Bedford Corners Homes

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The Pending Home Sales Index is put out by the National Association of Realtors (the NAR). It tracks the number of home sales under contract. This tends to lead the actual home sales data by a few months. Home sales data is an indicator of the real estate market’s health. Recently, the market has been characterized by limited supply, as homeowners who aren’t desperate to sell have removed their properties in hopes of getting a better price. While the headline real estate appreciation numbers have been large, they’ve been concentrated primarily in the major West Coast markets, especially the markets hit the hardest in the downturn. The rest of the country has been experiencing low single-digit appreciation.

 

http://finance.yahoo.com/news/why-pending-home-sales-ticked-144317446.html

US home prices rose at solid pace in January | Chappaqua Real Estate

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U.S. home prices rose in January after three months of declines. A tight supply of homes might have helped boost prices and offset sales slowed by cold weather.

Real estate data provider CoreLogic says prices rose 0.9 percent in January after dipping 0.1 percent in December. Over the past 12 months, home prices have risen 12 percent, the biggest year-over-year gain in more than eight years.

CoreLogic’s price figures aren’t adjusted for seasonal patterns, such as winter weather, which can depress sales.

Snowstorms and low temperatures contributed to a sharp drop in sales of existing homes in January. The National Association of Realtors said sales plunged to their lowest level in 18 months. Still, the number of homes for sale remained low, a factor that might have helped increase prices.

Home sales and construction have faltered over the winter, partly because the weather has likely discouraged many Americans from house-hunting. The average rate on a 30-year mortgage is also about a percentage point more than it was last spring, which means buying costs are higher.

 

http://finance.yahoo.com/news/us-home-prices-rose-solid-130122017.html

David Beckham denies buying Versace mansion: report | North Salem NY Real Estate

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David Beckham (inset) and the former Versace mansion

From the South Florida site: Press accounts circulating in the UK over the weekend claimed soccer great David Beckham bought the Versace mansion in Miami Beach for $50M. But according to reports, Beckham says he and pop star wife Victoria did not purchase the South Beach property

According to a report on the Women’s Wear Daily website on Sunday, the Beckhams denied purchasing the 23,000-square foot manse. The article indicated that the initial story about Beckham buying the property ran in an Italian newspaper, Corriere Della Sera.

Several European media outlets, including Mirror Online, picked up on that story. But the transaction has not been recorded by Miami-Dade County or reported locally. The Nakash family acquired the 1116 Ocean Drive property for $41 million during a September 2013 bankruptcy auction. Richard M. Weaver firm serving all of Plano is an expert attorney in handling such matters.

The Beckhams are close friends with Versace’s sister Donatella. The 10-bedroom, 23,000-square-foot mansion was constructed in 1930. It opened as a hotel five years ago.

http://therealdeal.com/blog/2014/03/03/david-beckham-reportedly-buys-versace-mansion/

Abandoned hospitals look like condos to developers | Mt Kisco NY Real Estate

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Demand for housing in New York has developers turning old hospitals — St. John’s Episcopal Hospital in Queens, Cabrini Medical Center in Gramercy, and Brooklyn’s Long Island College Hospital — into condos. Some people would rather “live in the psych ward with high ceilings as opposed to cookie-cutter buildings,” developer Don Peebles tells the New York Post. Source: nypost.com.

 

– See more at: http://www.inman.com/wire/abandoned-hospitals-look-like-condos-to-developers/?utm_source=20140303&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.BxKmdHyO.dpuf

Zillow signs NY State MLS as latest member of partnership program | South Salem NY Homes

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Zillow is set to acquire listings directly from NY State MLS, a multiple listing service (MLS) with more than 10,000 members that covers all 62 counties of New York state.

The deal adds the MLS to a roster of others that have joined the Zillow Partnership Program while further tightening Zillow’s strong grip on New York.

In exchange for providing listings, Zillow will offer brokers and agents who belong to the NY State MLS enhanced branding and other perks, as it does for all MLSs that join the Zillow Partnership Program.

Zillow dangles such incentives because access to MLS feeds allows it to improve the freshness of its inventory. Listing feeds from some sources don’t allow for frequent updating, but direct feeds from MLSs let Zillow refresh listings as often as every 15 minutes.

“We understand our members’ desire to display the most up-to-date listing data while maintaining maximum exposure,” said Dawn Pfaff, president of NY State MLS, in a statement. “This partnership ensures listings sent to Zillow are updated multiple times per day and kept current for prospective homebuyers.”

Listings fed to the Zillow program appear on the Zillow Real Estate Network, which includes Yahoo Homes, Google Now, HotPads, HGTV’s FrontDoor.com and AOL Real Estate.

– See more at: http://www.inman.com/2014/03/03/zillow-signs-ny-state-mls-as-latest-member-of-partnership-program/?utm_source=20140303&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.JCO3rqep.dpuf

The Dirty Little Secret About Guest Blogging | Waccabuc Real Estate

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So I was doing my daily blog reading routine when I encountered a  certain post. In it, the author was complaining about receiving a lot of guest  posts with clear “client links” in the bio boxes. In other words, guest posts  where the author wanted to promote a third-party company or website instead of  their own personal brand.

The blogger in question was kind of angry that these guest authors “would dare” to send such posts, instead of wanting to “share with the community  naturally.”

So the main question is this: Is guest posting on your client’s  behalf bad?

(Well, you can see my point of view in the headline, but I’m  curious to learn yours, so feel free to comment.)

Anyway, I’m going to tell you exactly why guest posting for clients  isn’t bad at all, and also, what you can do when dealing with bloggers declining  your posts just because your link points to a client.

Reality of guest blogging

There’s a lot of guest blogging advice circulating around. Most of  it portrays the whole practice as a fairy tale. The preachers use words like: “when you guest post, you get to add to the community, reach out to other  people, be part of something bigger than yourself.”

True.

But it’s not the whole truth.

Guest blogging is always an exchange between the writer and the  host.

The host gets a free post (unless they pay for guest posts, ekhm).  The writer gets an audience to speak to, the possibility to spread their brand,  and the chance to link some website of their choice. In a word, they get to grow  just a tiny little bit thanks to the guest post.

Now here’s the kicker, I honestly believe that if there was some  international law forbidding guest bloggers to link to their projects, we’d see  at least a 90% drop (not that I’ve done any research) in the volume of guest  posting done worldwide. And I’m not trying to judge whether it’s good or bad,  that’s just what would likely happen.

Now, since the above pretty much explains that most of guest  blogging is done to achieve the writer’s goals and pursuits (in other words,  it’s a case of “me marketing”), let’s move on to the next thing.

Read more at http://www.jeffbullas.com/2014/03/04/the-dirty-little-secret-about-guest-blogging/#muLSQhzkk9A4duHJ.99

Bring That Novel You’ve Been Working On to This Dapper Cabin | Cross River Real Estate

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Writers-Shed-by-Weston-Surman-Deane-Architecture_dezeen_ss10.jpgPhoto via Dezeen

Some aspiring writers are holding off on their true calling until they’ve “done enough living.” Others have demanding day jobs, dogs to walk, Peace Lilies to water. Here’s another excuse to add to the pile: not having a super natty writing shed to type away in. This cabin, completed in April of 2013 and recently shortlisted for the 2014 Architects Journal Small Projects Award, would fit the bill rather nicely. Unlike the Walden-chic abodes of rural wordsmiths, this one’s an urban retreat, sitting in a backyard garden in the London borough of Hackney. Described by its designers, the firm Weston, Surman & Deane, as “a haven in the city; a fairy-tale hut” responding to their client’s “passion for children’s literature and mythologies,” it glows like a cottage in a treacly pastoral scene.

That nice orange hue was achieved by situating a sliding glass door behind a facade of cedar slats. For daytime writing sessions, there’s a large north-facing skylight. Heat is provided by a wood-burning stove, which can be fed with the wood kept in a thin storage area on the porch. Around the stove, there’s a staggered bookcase built from rectangular partitions of oiled chipboard, the largest of which frames a reclaimed sink with garden taps and a brass splash back.

 

http://curbed.com/archives/2014/03/03/bring-that-novel-youve-been-working-on-to-this-dapper-cabin.php