Category Archives: Bedford Corners NY

Rising mortgage rates, closing costs joining higher home prices | Bedford Corners NY Homes

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Home prices are higher in metro Atlanta, and so are mortgage rates and closing costs.

All three are signs that the local housing market continues to roar  back from the meltdown just a few years ago as the economy continues to  strengthen with more homeowners and prospective homeowners finding jobs  and a paycheck.

The strengthening economy was a primary reason that Federal Reserve  policymakers signaled recently that they will do a little less in trying  to stimulate economic activity by influencing interest rates.

In interviews with Biz Beat, analysts at Zillow, the online housing  listing service, and Bankrate, which tracks loan rates in Georgia and  nationally, say consumers can expect to see mortgage rates trending  higher in the new year even if they are still at historically low  levels.

Erin Lantz, director of mortgages at Zillow, said weeks of  anticipating that the Fed would “dial back” its influence on interest  rates and the actual announcement that changes in its economic stimulus  program would begin in January have already begun to push rates higher.

“The stimulus program was meant to keep interest rates lower,” Lantz said. “The economy is getting back on its own footing and doesn’t need to rely on federal stimulus as much.”

In a weekly report, Bankrate said the average 30-year fixed-rate mortgage in metro  Atlanta rose to 4.54 percent most recently, from 4.47 percent in the previous report and  3.76 percent at the start of 2013. The average 15-year fixed rate  rose to 3.59 percent from 3.48 percent.

Greg McBride, Bankrate’s senior financial analyst, said closing  costs, which lenders charge to process a loan, are up 6 percent from  last year in metro Atlanta. By comparison, inflation is up less than 2  percent.

McBride said lenders, who are paying out billions of dollars to  settle claims they botched loans and wrongly foreclosed on thousands of borrowers, are  facing higher costs in complying with new regulations designed to  prevent the problems that led to the housing crises. The due diligence now includes verifying  applicants’ employment, income and debt obligations multiple times before closing on a loan.

Those higher loan processing costs are being passed on to borrowers.

“Secondly, there is no wiggle room in terms of fees quoted by a  lender on the good-faith estimate of costs,” McBride said. Lenders are  required by law to provide borrowers with a written best estimate of  what a loan will cost, and it shouldn’t come as a surprise if they go with the higher end of a range. “Once they put that number on the form they are  locked in. It can’t be a penny more,” McBride said

 

http://www.ajc.com/weblogs/biz-beat/2013/dec/23/mortgage-rates-closing-costs-joining-higher-home-p/

Bedford Corners, Armonk, Lead in Highest Ave. Price per Foot | #RobReportBlog

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Bedford   Corners, Armonk, Lead in Highest Ave. Price per Foot | #RobReportBlogPrice per foot
Katonah$438.00
Pound   Ridge$350.00
South   Salem$338.00
Mt Kisco$322.00
Chappaqua$369.00
North   Salem$405.00
Armonk$456.00
Bedford$409.00
Bedford   Hills$419.00
Bedford   Corners$467.00

 

Rising home prices speed Bay Area market recovery | Bedford Corners Homes

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The recovery of the Bay Area housing market reached a turning point this year as rising prices restored equity to tens of thousands of homes and low interest rates attracted flocks of buyers.

The rebound in 2013 “was very convincing,” said Andrew LePage of DataQuick, which released a report Tuesday on Bay Area home sales and prices for November. “There were virtually no markets left behind.”

The report is the last look at the Bay Area’s housing market to be released in 2013.

Historically low interest rates helped fuel the market until midyear. Thousands of homeowners were finally able to refinance their mortgages, take out a home equity loan or sell and move up to a bigger house.

This Tuesday, Aug. 21, 2012, photo, shows an exterior view of house with a pending home sale sign in Palo Alto, Calif.

Sales slowed and price increases flattened midyear when interest rates rose above 4 percent, where they remain today. A slight uptick in the number of homes for sale also made for a less frenzied market.

But as the number of less expensive homes for sale dwindled, many buyers were priced out of the market for single-family homes and turned to condos and townhouses instead.

Jerry Molnar and his wife Cecilia Villar moved from Chicago to the Bay Area 18 months ago and began shopping for a home, just as prices began escalating. As prices soared, they realized a single-family home where they wanted to live had gone beyond their reach, so they bought a townhome for $590,000 in a new development in Dublin.

 

 

 

http://www.mercurynews.com/business/ci_24741822/bay-area-home-sales-dip-november

Home Values in Metro Chicago Real Estate Market | Bedford Corners NY Real Estate

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Regional Spotlight—Home values in the seven-county metro Chicago real estate market extended their upswing in November, according to an analysis by RE/MAX. The median sales price of all attached and detached homes closed in November was $170,000, a 10 percent increase over the median price a year earlier. That compares to a gain of 15 percent in October and 16 percent in the July-September quarter.

The number of homes sold this November dipped 1 percent to 7,551 units from 7,606 units in November 2012. The average time a home sold in November spent on the market before going under contract was 97 days, or 39 days less than a year earlier. The RE/MAX analysis is based on sales data gathered by MRED LLC.

“One likely reason for the reduced sales activity was a marked reduction in the inventory of homes listed for sale. The November inventory in the seven-county area was 19 percent below its level one year earlier,” says Laura Ortoleva, media spokesperson for RE/MAX in northern Illinois.

Sales of distressed properties, which include foreclosures and short sales, accounted for 35 percent of November sales this year compared to 43 percent last year. Foreclosures remained in demand, accounting for 24 percent of all home sales. The average market time for a foreclosure was 78 days, and the median sales price was up 6 percent from a year earlier to $84,000.

The November median sales price increased in all seven metro counties – Cook, DuPage, Kane, Kendall, Lake, McHenry and Will – as well as in Chicago.

Kane County reported gains in both closed sales and median price. The 556 units sold there represented a 6 percent increase in transactions from November 2012, and the median price of $160,250 was 17 percent higher.

Among the six other counties, only Will also registered November increases in both transactions and median price. Sales there totaled 656 units, a 2 percent increase, and the median sales price was $164,400, 4 percent higher than in the prior November.

 

 

http://rismedia.com/2013-12-17/home-values-in-metro-chicago-real-estate-market/

 

Renovation Do No. 2: Revamp your bathroom | Bedford Corners NY Homes

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A toilet that looks old, cracked or dirty (or doesn’t flush properly) is a turn-off, and the same goes for a vanity, which should be eye-catching and practical. “Install a vanity that recesses into the wall, so it saves space,” advises Alen Moshkovich, a broker for Douglas Elliman in New York City.

Proper lighting can also be a great value booster, such as adding a window in the bathroom, so natural light can illuminate the space.

And homeowners tend to overlook one other simple fix: Reglazing a tub, rather than getting a new one, will save you money and upgrade the look of your bathroom.

http://money.msn.com/home-loans/good-and-bad-renovations-for-your-homes-value

 

Armonk, Bedford Corners Lead in Highest Average Size | #RobReportBlog

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Armonk,   Bedford Corners Lead in Highest Average Size | #RobReportBlogSquare Feet
Katonah3,876
Pound   Ridge3,854
South   Salem3,029
Mt Kisco2,788
Chappaqua4,101
North   Salem3,288
Armonk5,800
Bedford4,701
Bedford   Hills4,021
Bedford   Corners5,059

5 predictions for housing in 2014 | Bedford Corners NY Homes

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The housing market may quite return to normal next year, but it’s getting there.

Dusting off their crystal balls, real estate experts can at least spy the path toward for the sector in 2014. According to real estate listing and research site Trulia, sales and prices of of non-distressed homes are almost back to normal, while foreclosures are ebbing and fewer homeowners are behind on their mortgage payments.

Yet while this march toward a more stable housing market is a welcome one, it’s creating new problems along the way. Expect less highs and lows next year, but not smooth sailing. Here are five trends to look for in the new year:

Mortgage rates will top 5 percent. This is a matter of when, not if, as well as how high interest rates on mortgage loans. As 2013 draws to a close, mortgage rates have increased 1 percent over last year, rising on the back of a strengthening economy. Stronger economic growth will eventually lift the Federal Reserve’s hand out of the mortgage market in 2014, causing it to taper its bond-buying stimulus program. When the Fed merely mentioned tapering the program last June, rates jumped nearly half a percentage point overnight.

Housing market research firm Zillow predicts that interest rates for a 30-year fixed-rate mortgage will surpass 5 percent for the first time since early 2010.

“While this will make homes more expensive to finance – the monthly payment on a $200,000 loan will rise by roughly $160 – it’s important to remember that mortgage rates in the 5 percent range are still very low,” said Erin Lantz, Zillow director of mortgages, in an e-mail.

Mortgages will be easier to secure. Although loan rates are likely to rise, getting a mortgage should be easier next year.

“Rising rates means lenders’ refinance business will dwindle, forcing them to compete for buyers by potentially loosening their lending standards,” Lantz said.

One wild card is a new federal rule kicking in on Jan. 10 that sets mortgage standards. Lenders that don’t follow the rules will face greater legal liability and potential penalties if that loan defaults. It remains to be seen whether that could constrain lending.

Inventory will stabilize. The National Association of Realtors, a Washington trade group, characterized 2013 as the “year of low inventory.” That wasn’t all bad, with low inventory driving most of the explosive price gains in the spring and summer. But the shortage was short-lived, as inventory has since returned to 2012 levels. Cash-carrying investors are also exiting the market.

Trulia chief economist Jed Kolko said that means home buying will look far less frenzied than it was this year.

 

 

 

http://www.cbsnews.com/news/5-predictions-for-housing-in-2014/

Kitchen of the Week: Chestnut and an Open Fire in Connecticut | Bedford Corners NY Homes

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American chestnut was once one of the most popular woods used in home construction in the United States, but the majestic tree has almost completely disappeared from the landscape. A blight that arrived around the beginning of the 20th century has all but eliminated the species. However, some resourceful builders are using this beautiful wood via reclamation. Chestnut boards recovered from a dilapidated barn in the South are currently thriving in this New England kitchen, lending an antique look to a room full of modern conveniences.
“The homeowner owns a travel business and travels to Africa extensively,” says Jeff Schneider, a designer at Crown Point Cabinetry. “She fell in love with the old-world look of kitchens over there, and loved every imperfection in the boards, like knot holes and mortise and tenon joint marks — these little details that show the history are her favorite parts.” Working in conjunction with the general contractors at Andy Miller Works, he crafted a one-of-a-kind kitchen.
Kitchen at a Glance Who lives here: A family of 5 Location: Greenwich, Connecticut Size: Main part of kitchen, 350 square feet; banquette area, 80 square feet

This project was a complete kitchen renovation in a 1920s Dutch colonial home. The new kitchen is full service, complete with an island as well as this eat-in banquette and pizza oven. The chestnut banquette cozies up to the corner, while chalkboard paint, an industrial table and subway tile with gray grout lend a vintage look.
This is a true wood-burning pizza oven, with a stone chimney on the outside of the house. The owner is also an artist and loves to change out the art around the pizza oven for different seasons and events.
Crown Point found these boards through a dealer, who saved them from a Virginia barn beyond repair. The chestnut boards were reclaimed from the barn’s old siding, beams and roof boards.
To get the old boards in shape for the new construction, they were X-rayed, and all the old metal objects such as nails were removed. Next, the cabinetmakers replaned the surfaces and edges, revealing fresh grains. After transforming them into cabinets, they finished them in a honey stain with a Van Dyke glaze.
While the rich chestnut wood and traditional antique bronze hardware bring in old-world style, floor-to-ceiling industrial white subway tile with gray grout mediates between the antique wood and the modern appliances. The overall result is an eclectic mix of vintage and modern.
Three floating shelves crafted from chestnut wood house everyday dishes. This open area balances out the other wood cabinetry and provides a light space between the windows.
Stacked cabinets kiss the ceiling, with glass doors showing off favorite wares in the top section.
Inspired by the home’s original diamond-paned windows, the cabinetmakers crafted leaded-glass diamond-paned doors for the upper cabinets on this wet bar, which is just off the side of the kitchen. It includes a sink, a wine refrigerator and glassware, creating an easy drink station.
The top stacked cabinets continue over the doorways. “This gives the cabinets a true built-in look,” Schneider says.
The ceramic tile herringbone floors lend more old-world style.
More leaded glass and diamond-paned doors define this custom buffet area. Lighting inside highlights favorite items. The buffet serves as a focal point on this wall.
The off-white kitchen island provides a contrast to the darker wood around it. The wood on the island is maple, and the finish is Blackened by Farrow & Ball. Blackened is made in a historical way: “lamp black,” residue from burnt lamp oil, is added to the paint to give it an antiqued look. The marble countertop is two inches thick.

Century 21 breaks into Manhattan real estate market | Bedford Corners Real Estate

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Century 21 is set to open its first franchise office in Manhattan in a bid to strengthen its international network and tap foreign buyers.

In joining the Century 21 network, Manhattan-based Metropolitan Residential Partners will rebrand as Century 21 Metropolitan next month. At a holiday party where the news was announced to Metropolitan agents, Century 21 CEO Rick Davidson told Inman News that the brand selected Metropolitan after spending a “tremendous amount looking to the marketplace for the right partner.”

Ultimately, Century 21 settled on Metropolitan due to its “experience and expertise,” particularly with foreign buyers, he said.

Douglas Magid, co-owner of Metropolitan, said that half of his brokerage’s agents speak two to three languages fluently and that the company has focused on “building a boutique real estate practice.”

Century 21 has about 7,100 independently owned and operated franchised broker offices in 75 countries and territories worldwide with more than 102,000 agents, according to the franchisor’s website. The franchisor has offices in New York City’s four other boroughs, but had not expanded into Manhattan until now.

The expansion is part of a broader effort by Century 21 to both grow and leverage its international presence, according to Davidson. In October, Century 21 launched a multilingual, global listing site that lets consumers view listings around the world in 16 languages and 37 currencies, according to Davidson.

– See more at: http://www.inman.com/2013/12/13/century-21-breaks-into-manhattan-real-estate-market/?utm_source=20131213&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.16qTIYyb.dpuf