Category Archives: Chappaqua
Housing starts rise to highest level in 4 years | Cross River Real Estate
U.S. housing starts in October were up 3.6 percent from September and 41.9 percent from October a year ago to reach heights they haven’t seen since 2008, according to the latest numbers from the U.S. Census Bureau.
Builders started construction on new homes and apartment units during October at a seasonally adjusted annual rate of 894,000, up from a downwardly revised rate of 863,000 in September and last year’s rate of 630,000, the Census Bureau said.
Single-family housing starts dropped 0.2 percent from September to October, to a seasonally adjusted rate of 594,000, which represented a 35.3 percent increase from last October and a 68.3 percent jump from a March 2009 bottom of 353,000.
Single-family housing starts are not rising as they often do coming out of a downturn, wrote Bill McBride, author of the blog, Calculated Risk. “Usually single-family starts bounce back quickly after a recession, but not this time because of the large overhang of existing housing units.”
Housing Starts
Year Total Change Single-family Change 2005 2,068.3 — 1,715.8 — 2006 1,800.9 -12.9% 1,465.4 -14.6% 2007 1,355.0 -24.8% 1,046.0 -28.6% 2008 905.5 -33.2% 622.0 -40.5% 2009 554.0 -38.8% 445.1 -28.4% 2010 586.9 5.9% 471.2 5.9% 2011 608.8 3.7% 430.6 -8.6% 2012* 770.0 26% 530.0 23% *Estimated. Source: Calculated Risk
Housing starts have been rising on an annual basis every month since September 2011 and are up 87 percent from their April 2009 bottom of 478,000, according to census records dating back to January 1959.
Builder confidence is up again, for the seventh month in a row in October, reaching its highest level since May 2006, the National Association of Home Builders (NAHB) reported this week.
NAHB attributes the growing confidence to a rise in buyer demand. “In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today’s favorable prices and interest rates,” said NAHB Chairman Barry Rutenberg.
More builders still think the market is poor than those who think it’s good, however, noted NAHB. Tight lending conditions and “difficult” appraisals are “limiting factors for the burgeoning housing recovery, along with shortages of buildable lots that have begun popping up in certain markets,” said NAHB Chief Economist David Crowe.
All regions saw strong, double-digit-percentage, year-over-year jumps in housing starts, the Census Bureau showed, however, the Northeast and South saw a decline in housing starts for the month.
On a yearly basis, the Northeast led the way with a 42.2 percent jump from last October to an annual rate of 72,000, followed by the West with a 41.5 percent increase to a rate of 232,000, the South with a 22.6 percent increase to 431,000 and the Midwest with a 13.8 percent increase to 159,000.
For October, the West led the way with a 17.2 percent increase in housing starts from September. The Midwest followed with an 8.9 percent bump in housing starts for the month. And the Northeast and South’s annual rates dropped 6.5 percent and 2.5 percent, respectively.
Top 10 Social Networking Sites by Market Share of Visits [October 2012] | Chappaqua Real Estate
Not all reverse mortgage calculators are created equal | Cross River NY Real Estate
One of the great features of the home equity conversion mortgage (HECM) program is that eligible seniors have multiple options designed to meet a variety of different needs. They can a) draw cash upfront; b) select a credit line on which to draw in the future at their own initiative; c) receive a tenure annuity for as long as they remain in their home; and d) receive a term annuity for a period the senior selects.
These options allow seniors to meet a large variety of needs. Here is a partial list, indicating the option involved:
- They can relieve themselves of the monthly payment obligation on an existing mortgage or other debt by paying it off with a HECM, which has no required payment (a).
- They can minimize the cash drain involved in purchasing a house by taking a HECM in conjunction with the purchase (a).
- They can draw funds intermittently to meet unanticipated or special occasion cash needs (b).
- They can offset the loss of a pension when the spouse drawing the pension dies (b).
- They can supplement their income for as long as they live in their home (c).
- They can supplement their income for a limited period until they sell their home (d).
- They can replenish the gap in available funds when they outlive their financial assets (b and d).
The list above is partial because it does not include the use of a HECM for multiple purposes. Seniors can combine a cash withdrawal with a credit line, a tenure payment or a term payment. Similarly, they can combine a credit line with a tenure payment or a term payment. Option combinations substantially expand the list of needs that can be met with a HECM.
But sadly, most seniors are not taking advantage of this versatility in the program. Most simply draw the maximum amount of cash allowed at the outset, period. While this is justified in some cases, indications are that in too many cases the funds are not being deployed prudently. There are three interrelated reasons for this:
- Shortsightedness on the part of seniors. They tend to overvalue the present and undervalue the future, just like their juniors.
- Absence of good advice. Loan officers would lose money if they encouraged seniors to shift from cash withdrawals to credit lines, and counselors are barred from expressing a preference for one option over another.
- The poor quality of information available on alternative options. Some seniors don’t even know there are options other than all-cash withdrawals, and many of those that do know are deterred by an unjustified fear that the adjustable-rate HECMs required for all but the all-cash withdrawal would be risky for them.
The best available information is poor because lenders don’t view the provision of information as a help in generating business. Most lenders don’t have HECM calculators on their websites, and almost all of those that do require users to identify themselves so that they can be contacted afterwards by salespersons.
Users do not have to identify themselves to use a calculator from Ibis Software that is available from HUD’s Web page on HECMs, and from the website of the National Reverse Mortgage Lenders Association (NRMLA), the trade association.
This calculator, however, does not cover all the relevant combinations of HECM features that might interest a senior; it does not allow users to see how the different options affect their future finances, and it provides very little explanatory information.
My colleagues and I decided to remedy this and have designed a new HECM Calculator that is now on my website. The calculator is actually 10 interconnected calculators designed so that one of the 10 provides the precise HECM option or combination of options that the senior needs.
The calculators show not only the transaction features, but also project the status of the transaction (including outstanding debt and unused credit line) every year until the senior reaches age 100. Each calculator includes explanatory text and examples of how it is used. The table shows how our calculator compares to the Ibis calculator:
HECM Feature MP Calculator Ibis Calculator Interest Rate, Fees and Other Closing Costs Yes Yes Maximum Cash Withdrawal Yes Yes Maximum Credit Line Yes Yes Maximum Monthly Tenure Payment Yes Yes Maximum Monthly Term Payment Yes No Maximum Credit Line With Specified Cash Withdrawal Yes No Maximum Credit Line With Specified Tenure Payment Yes No Maximum Credit Line With Specified Term Payment Yes No Maximum Tenure Payment With Specified Cash Withdrawal Yes No Maximum Tenure Payment With Specified Credit Line Yes Yes Maximum Term Payment With Specified Cash Withdrawal Yes No Future Loan Balances Yes No Future Home Equity Yes No Future Credit Line Yes No Examples of Each Possible HECM Option Use Yes No Online Help Yes No
Recovery Softens as More Markets End Year with Annual Price Decline | Chappaqua NY Real Estate
Over the past few months, the number of markets experiencing year-over-year price declines has steadily increased, while the number experiencing list price increases has steadily declined. Compared to one year ago, a higher number of markets are ending the year with a year-over-year price decline (44 in 2012 vs. 36 in 2011) and a lower number of markets have a year-over-year price increase (71 in 2012 vs.84 in 2011).
Realtor.com’s October Trend report shows that, on a year-over-year basis, October median list prices were up by 1 percent or more in 71 of 146 MSAs, and up by 5 percent or more in 36 MSAs. Median list prices were down by 1% or more in 44 markets, while 13 experienced a decline of more than 5 percent. The remaining 31 markets have not experienced significant changes in median list prices compared to a year ago. The nationwide median list price decreased from $191,500 in September to $189,900 in October, exactly the same level as it was a year ago, effectively erasing all of the gains that accompanied the onset of the 2012 spring home buying season.
California markets continue to dominate the list of areas experiencing the largest year-over-year increases in their median list prices. In addition, Phoenix, AZ, Atlanta GA, Seattle, WA, and Las Vegas, NV in the list of top performers. While Florida markets have been performing relatively well for more than a year, many of these other markets were registering large year-over-year price declines in October 2011. The 10 markets with the largest year-over-year list price increase are shown below.
The total US for-sale inventory of single family homes, condos, townhomes and co-ops dropped to its lowest point since 2007, with 1.76 million units for sale in October, down -17.00 percent compared to a year ago and more than 40 percent below its peak of 3.1 million units in September 2007. The median age of the inventory was down by 11.81 percent.
For sale inventories in October declined on an annual basis in all but five of the 146 MSAs monitored by Realtor.com, with for-sale inventory dropping by 20 percent or more in 44 of the 146 markets covered. Although the rate of decline has moderated somewhat in recent months, many areas continue to see dramatic declines in their for-sale inventories compared to one year ago.
The median age of inventory of for sale listings was 97 days in October, up by 2.11 percent from September, but 11.81 percent below the median age one year ago (October 2011). While the median age of the inventory is highly seasonal, the year-over-year decline is consistent with other data showing that market conditions are tightening.
Being A Pushy Used Car Salesman with Social Media! | Chappaqua NY Realtor
The reason is simply because of. Thanks to thought leaders like Mark Zuckerberg, the whole way that we perceive salespeople and marketing tactics, is changing at a rapid pace. Plus now we have a way to stay connected and engaged with our clients/prospects in a seemingly real way. It’s every salesperson’s goal to be the first person your past clients think of when they are ready to buy your product and services again.
Thanks to social media you can make that happen. You just have to be cool about it.
Social is Visual
We are becoming more visually stimulated beings. We want to look at content with infographics. We want to look at facebook posts with pictures.
On a side note: I think it is all fault. Things that really stand out and are aesthetically pleasing to our eyes are the only things that matter these days. It’s no longer a world were cold hard sales calls full of feature dumping, are the most effective way of marketing.
Matter of fact they are the least effective.
Is Email Effective?
Let’s talk about the variety of ways you can stay in touch with your past, present and future clients. First up, let’s look at email. Email is no longer considered one of the highest ways to market. The truth is, that the average email open rate is only 12%. Don’t EVEN allow me to go there on direct mail. Most of it gets thrown away, and only 7% of direct-mailers actually show a positive ROI.
Even traditional media is becoming less and less influential. (unless you’re in politics) Only 16% of all TV and Radio marketing campaigns yield a positive ROI. Now, don’t get me wrong. If you are doing these things, you are good at them and getting above average results, DON’T STOP. Always keep doing what works.
Solve Problems Rather than “Selling”
What these numbers tell us, is that our audience is getting smarter. They’re getting more hip to the same old sales pitches. The marketplace is demanding for someone to listen to them. Someone to give them transparency in marketing. Someone to show them where their pain actually is, and then cure that pain. You need to step into that space, and step out of being an old school pushy salesperson.
You are now responsible for being THE , with a much needed solution to their big a$$ problem. It’s at this point when your sphere of influence becomes a buyer from you. It’s at that point that you become a “Closer”, the sales equivalent of a “Made (Wo)Man” It’s that plain and simple.
So you might ask “That’s all fine and cool, but how do I go about doing that?”
My answer to you is simple. “Follow the steps below.”
Step 1: Listen to your audience.
How do you listen to your audience with out physically talking to them? The best way to listen to your audience, without having to pick up phone and have a conversation with them, or without having to really get to know them better is to stalk them online. Take a look at their page. Take a look at their Twitter, their LinkedIn page, find out the things that they’re saying. Actually read their posts. Look at their pictures and familiarize yourself with their online character. Chances are, what they care about on SM and in life are usually the same.
See if your prospects talk about their family life. See if they are into sports. Look and see how often they post about their business. This gives you instant ammo to start a conversation that they also WANT to have. With a little finesse, you will have them telling you what you need to hear in order to close the deal.
Step 2: Connect and engage with your audience.
We all know that it takes seven touches in order to influence an individual and for them to become familiar with you. We also know that people buy from people they know like and trust. With these things in mind the easiest, fastest, and most influential way to accomplish the seven touches you need, can be done easily via social media.
- The first touch comes from the prospect seeing your post.
- The second touch comes from when they like or comment on your post.
- The third touch comes from you @taggging them in your response comment.
- The fourth touch is a gimme, everyone likes to see their name written and hear it spoken.
- The fifth is when almost all SM sites automatically send an email when you mention them, retweet them or whatever.
- The sixth and seventh are when you keep the conversation going by keeping the comments engaging.
Remember this: Statements end in a period. To really engage your sentences should end in question marks. There’s the six and seven touches that you need accomplish to immediately gain influence and familiarity with your audience. this compels them to buy from you, without you having to jam features and verbally vomit why they should be buying from you.
Let them come to you and say “this is why I’m with you, it’s because of your expertise.”
Step 3: Question the confession
So what does question the confession actually mean? Well first off, that’s my saying. I believe you have to ask the right to make a sale. Too often times salespeople try to tell tell tell tell tell tell tell. If I’m constantly just telling you stuff/features, and even if you’re listening, you’re only trying to convince them of something you’re not closing,
A true closer is waiting for the prospect to talk about the bad. Many times we are on sales calls and listening but to only the good things. Who cares about good things? If things were good, you would not be talking. You poke around and ask the hard questions. The ones that make them uncomfortable and realize they need improvement. Then once they tell you what that pain is, you tell them you can make that pain go away. Easy, simple and a lot less words and energy.
The Sales Conversation
One more thing you must know though. There’s a big difference between just a conversation, and a SALES . A conversation is someone that you’re just talking to about your business, and has no inclination of buying your stuff, and is not even remotely interested in your services. A sales conversation is knowing you have someone on the line that has the ability to buy your product. A sales conversation is with someone who can significantly and immediately benefit from what you have. So now with that being clear…
Ask More Questions
So we are having a sales conversation, then what? Turn that conversation over completely to them. You ask short questions, they give long answers. If their answers are short, ask more/better questions. This requires a great deal of patience. In the end, they will have told you what they are good at and if you are good, they will have told you what they are bad at. It’s at that very moment you offer the solution you know will fix the problem. If they show resistance your response is simply “but you did say that you [insert what they said here]” it is at that point they usually say “you’re right, thank you, let’s do this”
Three simple steps you can use to convert social media friends into great customers that you know and like working with. Try it. it is not easy, but it is simple. If you will simply have a little patience and wait for them to tell it, you can SELL IT!
Home sales up, inventory down: good for home prices and for builders | Cross River Real Estate
The Perfect Length of a Tweet is 71-100 Characters | Chappaqua NY Real Estate
All Tweets are the same, right? Fewer than 140 characters.
It’s not readily apparent that the length of a Tweet has an impact on the number of people who engage with it. Advertisers who use Twitter to reach their customers need all the insights they can get, especially those who are paying for promoted tweets. A recent study by Track Social, a social media analytics firm, looks at the effect of Tweet length on response levels as measured by retweets.
On Twitter, smaller is not better.
On Facebook, engagement normally decreases as post length increases. Track Social found that the opposite happens on Twitter — engagement increases as Tweet length increases.
With an upper limit of 140 characters, shorter tweets don’t stand out from the crowd and tend to be overlooked. Engagement levels are rather flat between 71 and 100 characters, and decrease as the 140 character limit approaches. 71-100 characters is the sweet spot — enough space to say something that resonates with followers plus room for retweeters to add their own references and comments.
No guarantee of success
Writing a tweet that’s in the middle of the character range doesn’t guarantee increased engagement, and short or long Tweets aren’t doomed to fail. Responses to Tweets depend on many factors, including content, frequency, and timing.
Advice
- Short, punchy statements don’t work especially well on Twitter.
- Try using images to effectively increase Tweet length.
- Avoid pushing up against the 140 character limit whenever possible.
Fiscal cliff will usher in profound change | Cross River NY Real Estate
Most people seem to feel some sense of relief at the passing of the election, but markets are apprehensive. We need for big stuff to happen, and we know that more will happen now, faster than it has in years. But we don’t know what will happen, or to what effect.
The daily flow of economic data causes upsets, but reassures markets — at least we know where we are. For the next month Hurricane Sandy will distort to uselessness most of the usual reports, as it did this week’s shaky ones for retail sales, unemployment and industrial production. Maybe a new trend, maybe nothing.
Sandy had nothing to do with the rest of the world. Eurozone industrial production in September fell sharply, down 2.5 percent in the month. Third-quarter eurozone GDP fell by 0.2 percent annualized, negative for the second straight quarter and three of the last four. Japan’s third-quarter GDP sank 3.5 percent. China’s official reports cannot be trusted, not during a leadership change. Nobody outside the new Politburo Standing Committee knows what the change means — and maybe not even those seven men.
Against that backdrop the U.S. has embarked on the most profound change in its finances since the income tax began in 1862. The stock market had a bad day after Obama’s victory, but the cause appeared to be Europe. Since then, the straight-down stocks seemed to be anticipating his newly announced tax-negotiating position.
“The wealthy don’t need a tax cut.” Fair enough. However, the reversal of a tax cut made 11 years ago amounts to a tax increase, in every way and effect.
But because the president’s proposal affects only the top 2 percent of income earners, it’s a painless way to raise money. So those in favor say.
Over 10 years, increasing the rate on the top two tax brackets (from 33 percent to 36 percent, and from 35 percent to 39.6 percent) would raise $441 billion. Limiting deductions by these taxpayers, another $123 billion. Another $206 billion from new taxes on dividends plus an inevitable increase in capital gains taxes … the link to sinking stocks is unmistakable.
The very worst of the lies today about taxation: “We have had higher brackets for the rich and not hurt the economy.” We have had higher brackets, but nobody paid them in previous systems that were more loophole than collection. Pulling $800 billion-plus out of the pockets of 2 percent of taxpayers will have negative economic effect.
Some spending cuts will come soon, but very few. There will be no cuts in current social spending (Obamacare will add). The reductions will come in the form of promises, not taking effect until late in the decade. The front-loading of taxes and back-loading of spending cuts makes Republican negotiators nervous. And should, based on the history.
The great tax reform of 1986 removed many prior loopholes and reduced brackets to two: 15 percent and 28 percent. But by 1990 that reform was not generating enough revenue to fund social spending above forecast.
We raised brackets and closed loopholes. In 1993, President Clinton reached a grand deal: Raise the rate on the top bracket to 39.6 percent in exchange for hard limits on spending. That, along with a tech-fueled economic boom and a stock market bubble, created a budget surplus. Clinton’s deal was fair and effective, but that economy was not authentic, and we will be reapplying those brackets now to a far weaker economy.
The most extraordinary change in the works: For the first time since 1862, a no-loophole system. Thus at any given bracket, the effective rate of tax will be higher than ever.
Some think a “cliff” deal will reassure business and help the economy. More likely, everyone affected will know that austerity has arrived on our shore, and our hopes will rest on a far more adaptable economy than anywhere else. Good bet, too.
The prospects for a deal have improved now that two hardheads who, from a distance undermined House Speaker John Boehner’s efforts in 2011 — Paul Ryan and Eric Cantor — will now join the negotiating team. On the other side, all will depend on the extent of President Obama’s determination for righteous extraction of cash from people who neither need it nor earned it.
Temporary bad news today on another front: the bankruptcy of the maker of Twinkies and Wonder Bread. (In my childhood, my mother said they called it that because we wonder if it’s bread.) Take heart: The brands will be sold and revived. Couldn’t make it through a time like this without an occasional smuggled Twinkie.
The National Federation of Independent Business Small Business Optimism Index is one of the very best economic measures, in part because the survey goes back almost 40 years. Small-business conditions have been unchanged since the end of 2010, stuck below any recession bottom since ’81.
Survey of 2,029 small-business owners conducted in October 2012. Source:NFIB.com.
Apartment Where New Bobby Flay Show Filmed for Sale | Cross River Real Estate
Source: FoodNetwork.com
Searching for a place with some good cooking vibes? Look no further than this Brooklyn townhouse, which was deemed perfect for filming a new cooking show, “America’s Best Home Cook,” hosted by chef Bobby Flay. The show pits “home cooks” in weekly competitions to determine the best in America.
The Bedford-Stuyvesant home, located at 44 Monroe St, Brooklyn, NY 11238, is all exposed brick and stone walls with an open floor plan that centers, of course, around a spacious kitchen.
The building was constructed in 1899 and was recently restored, adding another three stories to the original dwelling. The listing notes the home’s capacity for entertaining — which is likely why producers of Flay’s new show picked the property. According to Prudential Douglas Elliman director of PR Ashley Murphy, the home is being rented by the Food Network until the end of November.
After that, the townhouse is up for grabs for $1.65 million.
Besides a chef-worthy kitchen, the home has herringbone wood floors, exposed beams with walnut molding and a dining room closed off to the kitchen by glass French doors. Measuring 2,400 square feet, the home has 4 bedrooms, 2 baths and a generous terrace.
The listing is held by Jerry Minsky of Prudential Douglas Elliman.
According to Zillow’s home affordability calculator, a monthly payment on the home would be $5,751, assuming a 20 percent down payment on a 30-year mortgage.










Source: FoodNetwork.com