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Category Archives: Armonk
New home sales leap to six-year high | #Armonk Real Estate
A new home is seen for sale in Vienna, Va., in this file photo taken March 27, 2014. Sales of new US single-family homes surged in August and hit their highest level in more than six years, offering confirmation that the housing recovery remains on course.
Two days after existing home sales put a damper on hope for the housing market, a dazzling new home sales report has it roaring back.
Sales of new single-family homes surged 18 percent to a 504,000 annualized pace in August, up from a 427,000 pace in July and a 419,000 pace in June, according to data released Wednesday by the Commerce Department. The report surpassed predictions – economist had been expecting about 430,000 annualized.
“Altogether, this is a much stronger report than expected and suggests housing demand has stabilized in recent quarters,” Michael Gapen, US economist with Barclays Research, writes in an e-mailed statement.
The stock of new homes for sale reached a four-year high, inching up to 203,000 last month, following 201,000 in July and 169,000 in June. But sales were so strong that the months’ supply of homes available fell to 4.8 after holding steady at 5.6 in June and July.
read more…
http://www.csmonitor.com/Business/new-economy/2014/0924/New-home-sales-leap-to-six-year-high-renewing-hope-for-the-market
New Rochelle Dining | Armonk Real Estate
Susan Nagib / SUSA Designs
New Rochelle hasn’t developed a foodie cred as say the likes of a Port Chester or Tarrytown, yet when you look at the restaurant lineup for its upcoming Dine Downtown you can’t help but be impressed (and get a little hungry).
Of the 10 participating restaurants, two have had positive reviews in Westchester Magazine (A Place 2 Go and Alvin & Friends) and four have won Best Of awards (Coromandel, Gnarly Vine, Modern Restaurant, NoMa Social). Sorell Wine Bar Bistro was recently featured prominently in the magazine’s August issue feature Under the Radar Restaurants, and Posto 22 and Patrias have all both been written up in various articles. I can’t say we’ve done any editorial on the final participant, Da Giovanni, but their enticing homepage displaying (among other goodies) a hunk of Parmigiano-Reggiano, mammoth jars of olives, and a tray of stuffed green peppers tells me it’s time for a scouting lunch.
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Sorell Wine Bar Bistro | NoMa Social |
For the Dine Downtown event, each of these restaurants is offering a three-course dinner menu for $26 Monday through Thursday September 22 to 25 as well as September 29 to October 2.
The dining deals are sandwiched between the 2014 New Rochelle/Pelham ArtsFest (September 27 to 28), which includes a classic car show, a community painting party, the 3rd Annual Lincoln Avenue Arts & Culture Festival, LEGO Day at the Huguenot Children’s Library, a behind-the-scenes tour of illustrator Charles Fazzino’s studio, and more.
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http://www.westchestermagazine.com/Blogs/Eat-Drink-Post/September-2014/Dine-Downtown-New-Rochelle/
Fed’s Gloomy Forecast | Armonk Real Estate
High Builder Confidence Correlates With Housing Market Tops | Seeking Armonk Real Estate
Wells Fargo eases lending requirements for apartment purchases | Armonk Homes
Armonk Outdoor Art Show Sept 20-21 | #ArmonkRealEstate
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Scotland Without the Pound Seen as a Threat to Housing | Armonk NY Real Estate
A vote in favor of Scottish independence tomorrow threatens to weigh down a booming housing market should thousands of homeowners become debtors of foreign lenders.
Political leaders in the U.K. are sparring over whether an independent Scotland would keep the pound, with the outcome having major consequences for the economy and housing. If Scottish homeowners eventually have to repay pound-denominated loans in a foreign currency, they would face the risk of higher costs and possible default.
Prime Minister David Cameron warned on Sept. 14 the breakup would be akin to a “painful divorce,” and said the U.K. won’t share its currency with an independent Scotland. Independence leaders dismiss the government’s threat, insisting that Scotland and the rest of the U.K. would form a currency union to benefit both nations.
read more…
http://www.bloomberg.com/news/2014-09-17/scotland-without-the-pound-seen-as-a-threat-to-housing.html
How Rare are Housing Bubbles? | #Armonk Real Estate
Do house prices experience periodic bull and bear markets like the stock market? Or are they stable in real (inflation-adjusted) terms most of the time, with big disruptions once or twice in a century? Two popular house price series tell these very different stories. Knowing which is better will lead to superior investment outcomes and improved policy decisions.
Karl (Chip) Case, of Wellesley College, and the Nobel Prize-winning Yale professor Robert Shiller, have constructed the most widely-known suite of indices, which are now part of the S&P index family. Here is the Case-Shiller national house price index in real terms from 1890 through December 2013:
Figure 1
Case-Shiller National House Price Index in Constant Dollars, 1890-2013
Source: http://www.multpl.com/case-shiller-home-price-index-inflation-adjusted/
And here is a house price series distributed by the data firm of Crandall, Pierce & Co., consisting of the median new home sales price in constant dollars collected by the U.S. Department of Housing and Urban Development. (For brevity, we call this the “Crandall” series.)
Figure 2
Crandall, Pierce Median New Home Sale Prices in Constant Dollars, March 1963-March 2014.03
Source: Crandall, Pierce & Co., Libertyville, IL. Reprinted with permission.
Could any two charts describing the same underlying phenomenon look more different? In the Case-Shiller chart, there was one great bear market in the last 50 years, from late 2006 to early 2012, following a massive price expansion or bubble.1
In the Crandall chart, however, bull and bear markets have alternated in a remarkably regular pattern. All of the bear markets represent losses of roughly 20%, with the crash of 2008-2011 only a little worse than the three other housing bear markets that occurred in 1968-1970, 1979-1982, and 1988-1992. The Crandall chart also shows real prices rising pretty smartly – 1.35% per year – while the Case-Shiller chart shows a much slower rise.
Note that the two price series do not purport to measure the same thing. The Crandall data are for new houses only; the Case-Shiller data are intended to reflect the entire stock of housing capital.2 The Crandall data are for a median house, the size and quality of which are constantly changing; Case and Shiller explicitly adjust for changes in the size and quality of a house. There are many other differences, so it’s understandable that the two series disagree somewhat – but they’re both intended to track house prices, so the contrast between them is striking and troubling.
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http://www.valuewalk.com/2014/09/rare-housing-bubbles/
Key Biscayne’s Mashta Point Will List for $60-Fricken-Million | Armonk Real Estate
28 imagesMashta Point, originally built by William J. Matheson as his private cove and deepwater anchorage when he owned much of Key Biscayne, is hitting the market for a whopping $60 million, according to the Wall Street Journal. This makes it Mashta Point Dade County’s most expensive listing, and will be Miami’s most expensive residential sale ever if it gets near its asking price.
Matheson built himself a lavish Moorish house, known as Mashta House, on the southern arm of the cove back in 1917, but it was demolished at some point in the 1950s (coincidentally by Mackle Construction, owned by relatives of Curbed Miami’s Editor, Sean McCaughan). Mashta House was known for its fabulous parties, and was said to host the likes of the Vanderbilts, Carnagies, and Mellons during the Roaring 20s, who would alight from their yachts waiting in the cove. In the 1990s Mashta House was replaced by the current house, built on the northern arm of the cove, a 12,000 square foot boxy beige house, with (if we’re counting right) five floors, an elevator, six bedrooms, eight baths, a pool, and a gazebo. Of course the real allure of the property is the land, a long hook-shaped peninsula at the tip of Mashta Island, and that cove. Ohhh that cove.
read more…
http://miami.curbed.com/archives/2014/09/08/key-biscayne-60-million-house.php