Category Archives: Bedford Corners NY

Are falling new home sales in December a warning for 2014? | Bedford Corners NY Real Estate

Leave a reply

 

New home sales decreased to an annualized pace of 414,000—down 6.9% from November (which was revised down from an initial estimate of 464,000 to 445,000) and up 5% from a year ago. Activity picked up in the Midwest while falling everywhere else. It’s important to understand that this number is an estimate, and these numbers are often revised several times. Investors should understand that these estimates can be volatile and should not read too much into any one specific number.

 

Restricted supply has been the theme of the U.S. housing market over the past year

At the end of December, there were 171,000 new homes for sale, representing a five-month supply. The median time a new home has been on the market has shrunk from nine months last summer to the current figure of five months. As professional investors have become major players in the real estate market, we’re seeing bidding wars for properties in the hardest-hit markets, like Phoenix, and even strong markets, like Washington, DC. For all the fears that a flood of properties would hit the market and drive down prices, the opposite problem has happened.

Prices are beginning to rise

The median sale price for a new home was $270,200, and the average price was $311,400. These numbers aren’t based on a repeat sales methodology, so you can’t project nationwide existing home prices from these figures. On balance, the jump in prices implies that more activity is happening at the high price points. That said, the report showed that the sweet spot for new home sales has been in the $200,000-to-$299,000 range.

Homebuilder earnings were strong

Homebuilders like PulteGroup (PHM) and DR Horton (DHI) will report fourth quarter and full year earnings this week. Reports noted particular strength in the West Coast, and also in the entry-level and first-time move-up sector. KB Home (KBH) and Lennar (LEN) recently announced fourth quarter numbers that showed that the increase in interest rates and home prices is keeping the first-time homebuyer on the sidelines. That said, homebuilder sentiment is at all-time highs, and the earnings reports we have seen so far from the builders don’t suggest activity is beginning to wane. If anything, the improving economy is driving more demand. The spring selling season is just around the corner.

 

 

http://finance.yahoo.com/news/falling-home-sales-december-warning-145013152.html

$1.349M buys you home designed by Mount Rushmore sculptor | Bedford Corners Real Estate

Leave a reply

 

OK, so Mount Rushmore sculptor Gutzon Borglum actually designed and built this Stamford, Conn., home in the 1920s to be a carriage house and stable. But with four bedrooms, a massive stone fireplace, and a new kitchen with Wolf range and center island, who would argue that this 3,424-square-foot home is unsuited for human inhabitants who can afford the $1.349 million asking price? Source: stamford.patch.com.

 

 

– See more at: http://www.inman.com/wire/1-349m-buys-you-home-designed-by-mount-rushmore-sculptor/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.LATqdb4w.dpuf

Homeowners Fear Values are Sinking | Bedford Corners NY Real Estate

Leave a reply

 

Even though home prices rose more than 10 percent last year and lifted 1.4 million house poor homeowners above water, consumers have suddenly become concerned nervous about the value of their homes, according to a national opinion survey.

A new Rasmussen Reports national telephone survey last week found that homeowner confidence in the value of their homes dropped suddenly over the holidays.  According to the latest survey of 670 adult homeowners conducted on January 16-17 some 53% of owners feel the value of their home is more than what they owe.

That’s down from 62% a month ago, which was the highest level of owner confidence since Rasmussen Reports began regular tracking on this question in April 2009.  It’s also down from 58% reported in November and October.

Not only have positive attitudes decreased, negatives have risen.  Thirty-two percent (32%) now say their home is not worth more than the amount they owe, up from 24% in December. Fifteen percent (15%) are not sure.

Home prices flattened in the fall, as they normally do, but in reports prices ended up 10 percent or more higher than they were at this time last year.  Rising prices have restored equity to homes nationwide.  For example, last week CoreLogic reported that nearly half the nation’s states plus the District of Columbia have reached their price peaks from the housing boom or are within 10 percent of doing so, today

 

 

 

U.S. new home sales fall, but private sector expands | Bedford Corners NY Homes

Leave a reply

 

Sales of new U.S. single-family homes fell more than expected in December, but lean inventories and steady price gains suggested the housing market recovery remained intact.

Economists largely shrugged off the second straight month of decline in sales, blaming frigid temperatures. Other data on Monday showed an acceleration in services sector growth in January, backing views of sustainable strength in the economy.

“It’s cold out there for the economy. The drop in new home sales is not a sign the economy at large is starting to slow in a worrisome manner,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York.

The Commerce Department said new home sales fell 7.0 percent to a seasonally adjusted annual rate of 414,000 units. Sales were at a 445,000-unit pace in November and economists had expected them to slow to only a 457,000-unit rate in December.

Apart from the bitterly cold weather, last month’s decline in sales was likely a continuation of the payback after October’s outsized 14.9 percent increase. Sales in the Northeast, which was hard hit by cold temperatures, tumbled 36.4 percent to their slowest pace since June 2012.

 

http://finance.yahoo.com/news/u-home-sales-fall-private-181523403.html

 

Sales Climb as U.S. Housing Market Adjusts to Rates: Economy | Bedford Corners NY Homes

Leave a reply

 

Sales of previously owned homes climbed in December for the first time in five months, capping the best year since 2006 and indicating the real-estate market is starting to adjust to higher borrowing costs.

Purchases rose 1 percent to a 4.87 million annual pace, the National Association of Realtors reported today in Washington. Other reports showed claims for jobless benefits held last week near the lowest level in more than a month and the index of leading indicators climbed in December.

Faster employment growth, rising property values and a decline in consumer debt are giving would-be buyers the confidence to take the plunge into homeownership. Growing demand will also spur new construction and home improvements that will boost gross domestic product in 2014.

 

http://www.bloomberg.com/news/2014-01-23/sales-of-previously-owned-homes-in-u-s-rose-1-in-december.html

Countess LuAnn Slices $500K from Bridgehampton House Price | Bedford Corners NY Homes

Leave a reply

 

280 Highland Terrace Bridgehampton
21 images

Countess LuAnn de Lesseps of The Real Housewives of New York City has lowered the asking price on her Bridgehampton house. She is apparently downsizing now that her kids are older. The price is now $9.45M, which seems fairly reasonable. This is a lovely house set on 2.2 acres, with six bedrooms, 5.5 baths in 6500sf. It’s nicely decorated and the new owners should be able to move right in. The beautiful garden overlooks preserved farm fields. “It feels like Idaho,” de Lesseps told the Wall Street Journal. “There’s a wide open feeling.” · Bridgehampton South Estate with Forever Farm Views [BHS via HREO] · RHONY Star Countess LuAnn Offers Bridgehampton House at $9.999M [CurbedHamptons] · ‘Real Housewife’ Lists Hamptons Home [WSJ]