Category Archives: Chappaqua

Quick tip: Top 5 social media faux pas for real estate pros | Chappaqua NY Homes

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When it comes to social media there are a lot of articles telling real estate professionals what they need to do, but it is just as important to know what not to do.

Just like in any social situation, there are some important social norms you need to know and a few faux pas’ you need to avoid.

Here are my top 5 social media faux pas you need to avoid:

  1. Don’t outsource your social media. Many real estate professionals want to hire someone to “do it for them.” You wouldn’t outsource taking your best client to dinner would you? Then don’t outsource one of the biggest opportunities you have to connect and build relationships with past, present and future clients.
  2. Don’t automate it. Turn off those automatic notifications, they are considered spammy and no one wants to look spammy – especially as a first impression!
  3. Don’t sync your Facebook to your Twitter and vice versa. Many real estate pros do this in an effort to save time. Don’t do this – it looks lazy. Plus, the language and conversation on Facebook and Twitter is very different. You can certainly post the same type of content to each channel, but do so separately and make sure to use the right lingo for each network.
  4. Don’t just promote your listings. There is nothing worse than only seeing a feed of listings on a real estate professionals Facebook or Twitter feed. To talk about your listings on social media – highlight an amazing photo using Instagram, or take a quick 15 second video of the home or homeowner using an app like Tout, Ptch or Videolicious. Social media is the place to get creative when talking about real estate – not the “same old, same old.”
  5. Don’t be a broken record. No one wants to hear the same things over and over from your or your brand. This is where having a content strategy really comes into play. Take the time to brainstorm all of the different things you could talk about on your social channels and then make sure you have a nice balance day to day of content.
Did I miss any social media faux pas? I’d love to hear from you, leave me a comment below!
via next.inman.com

Canada’s housing market cools, trade gap narrows | Cross River NY Real Estate

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Canadian housing starts fell more sharply than expected in October, according to data on Thursday that confirms a welcome slowing in the country’s once-booming property market after the government repeatedly tightened mortgage rules.

Other data from Statistics Canada showed new home prices continued their modest rise in September while the trade deficit narrowed in that month on an oil-led export recovery.

Markets focused on the housing starts, which were down 8.9 percent from a year earlier as both single and multiple urban housing starts slumped, Canada Mortgage and Housing Corp (CMHC) said.

The seasonally-adjusted annualized rate of housing starts was 204,107 units in October, down from 223,995 in September and 18.9 percent below the cyclical peak reached in April.

“The October move was the most decisive one yet that a housing correction is under way,” said Jonathan Basile, director of economics at Credit Suisse Canada.

Analysts polled by Reuters had forecast starts would decline to 211,500 in October.

The report echoes a string of data that the Canadian housing market is cooling, but does not appear to be heading for a crash landing as happened in the United States.

Housing prices and construction roared higher in 2011 and the first half of 2012, aided by low interest rates. The market started slowing after the government tightened rules on mortgage lending in July for the fourth time since 2008 in a bid to prevent home buyers from taking on too much debt.

The most scrutinized aspect of the CMHC report was the sharp drop in starts of multiple-family units, as analysts look for clues that overbuilding in the Toronto condo market is waning.

In urban areas, starts fell 10.1 percent at a seasonally adjusted annual rate, to 182,134 units in October. Urban singles starts decreased 7.6 percent while multiple urban starts dropped 11.4 percent.

“While multi-unit starts are extremely volatile month-to-month, this downshift to the lowest level since February could be an early indication that momentum is fading in the sector,” said Robert Kavcic, economist at BMO Capital Markets.

While fading momentum is what policymakers hope for, it also means the housing market will not be as powerful a driver of economic growth as it was.

“The sector will likely remain a drag on growth through much of 2013, a stark shift from recent years,” Kavcic said.

Prices of new homes in Canada rose for the 18th consecutive month in September, increasing by 0.2 percent from August and by 2.4 percent on the year.

EXPORTS

Canada’s struggling exports are also expected to be a drag on growth in the third quarter as the trade deficit grew in volume terms even though it narrowed in dollar terms.

The trade deficit narrowed unexpectedly to C$826 million ($826 million) in September as exports increased by 1.9 percent while imports were unchanged. Canada’s surplus with the United States grew to C$3.47 billion from a revised C$3.25 billion in August.

The overall increase in exports reflected a 4.2 percent jump in energy shipments, mainly crude oil and crude bitumen. But much of the export gain was due to price hikes, and export volumes were much less impressive.

“Today’s report suggested that the hit to growth will likely be larger than previously estimated,” said Dawn Desjardins, assistant chief economist at RBC Economics.

Imports were flat, with higher imports of metals and chemicals compensating for lower shipments of consumer goods and motor vehicles.

($1=$1 Canadian)

via reuters.com

Spanish Woman Commits Suicide As Foreclosure Agents Walk Into Her Apartment | Chappaqua Real Estate

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English: Gas station and crossroads at Megapar...

The Spanish city of Barakaldo, in the Basque country

The intensification of the financial crisis in Spain, and across Europe, is having very real effects on the lives of people.  Beyond the rise in the unemployment rate, widespread foreclosures across Spain have caused at least two suicides over the past few weeks, along with an unsuccessful attempt in the city of Valencia.  The latest case, reported on Friday, involved a 53-year-old woman who jumped from her sixth-story balcony in the Basque city of Barakaldo as foreclosure agents forced open her door.

Spain has been one of the hardest hit victims of the European sovereign debt crisis.  Mired in a deep recession, the Iberian nation has seen the unemployment rate skyrocket above 25%, with youth joblessness reaching 50%.  The consequence of a real estate bubble, Spain’s crisis has led to a slew of foreclosures across the nation.

The latest victim has been Amaya Egaña, a former municipal councilwoman for the Socialist Party of Prime Minister Mariano Rajoy.  According to Spanish daily El Pais, Egaña jumped to her death from a sixth-floor balcony on Friday as a legal team from the local court walked into her apartment to foreclose on her.  Receiving no response after ringing the bell and knocking on the door, a locksmith opened the door, only to find Egaña standing on a chair to jump from her balcony.  Egaña was found alive, but paramedics had no chances of saving her life.

Egaña’s suicide isn’t the first related to foreclosures in Spain.  Just a few weeks ago, on October 25, 53-year-old Jose Miguel Domingo was found dead hours before foreclosure agents arrived at his apartment.  Domingo hung himself after not having been able to pay interest payments on a €240,000 mortgage that went sour in 2009.

A day after, a man whose name hasn’t been disclosed jumped from his window in the city of Valencia.  The man attempted to commit suicide minutes before foreclosure agents arrived at his apartment; this time, though, paramedics managed to save his life.

The suicide of Egaña has been like the straw that broke the camel’s back.  A social repudiation of banks’ foreclosure practices has made its way to Madrid, where the Administration of Mariano Rajoy is working on a plan to give subprime debtors some relief.  According to El Pais, Rajoy is looking to put into place a two year foreclosure moratorium for subprime debtors.

Spanish banks are in dire need of cash.  Despite a €100 billion bailout-pledge by the EU, institutions like Bankia and BBVA are struggling to plug holes in their finances.  Much like in the U.S., they are doing whatever they can to extract payment from debtors.

In the U.S., banks’ attempts to speed up the foreclosure processes resulted in the robo-signing scandal, by which major mortgage originators were using fraudulent protocols to processes thousands of mortgages in record time.  Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial were forced to fork over $25 billion to settle a suit brought Attorneys General from across the nation.

With Spain falling even deeper into the rabbit hole, as Rajoy refuses to take a bailout and borrowing costs rise, the situation could deteriorate further.  Beyond economic losses, Friday’s events are direct evidence that financial crises have the potential to destroy the lives of ordinary individuals.

via forbes.com

3 Reasons to Keep Going to Open Houses After You Purchase | Chappaqua NY Real Estate

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Years ago, after closing on your American Dream with a 30-year fixed loan, you probably didn’t think much about the home’s value until you were ready to sell. Today, there’s so much more information available to home buyers. Markets move quickly, and life happens a lot faster.

And so, many people have become hyper-aware of their real estate investments, frequently watching the rise and fall of market values well after the close. Listing e-mails flow daily, and the Zillow app likely sits prominently on many homeowners‘ smartphones and tablets. Good real estate agents compile “mini CMAs” (Comparative Market Analysis) for their past clients, too, updating them yearly on the latest comps and values.

While it helps to be mindful of your home’s value, you shouldn’t obsess over it. A better strategy is to stay abreast of the local real estate market, just as you’d keep an eye on any long-term investment. Have an idea what’s selling and what’s not. Know what the trends and changes are in your neighborhood, school district or town.

One of the best ways to do this is to go to open houses. Here are three reasons why.

You can learn a lot from listing agents

Open houses aren’t just for buyers. Often, would-be sellers and nearby homeowners represent a large portion of open house traffic. Use the open house not only to see what’s for sale and the price of comparable homes but also to learn about the market. Pick the brain of the listing agent to get his or her take on what’s happening in your area. Real estate agents tend to be aware of market changes well before the mainstream press.

You’ll stay current with the latest home design trends

Sellers generally put their best foot forward. Some go as far as making cosmetic updates or design/staging changes before putting their homes on the market. They likely rely on their real estate agent to suggest the latest and greatest in the market. So if you bought a home that needs updating, or you aren’t sure where to begin when it comes to choosing paint colors, countertops or bath fixtures, going to open houses will allow you to see styles and designs.

You can get referrals for local real estate specialists, contractors or designers

Want to be connected to a good local designer or contractor? Ask the real estate agent selling the home you liked if they can get you the contact information. Though getting referrals from friends is also a good idea, seeing the finished product in an open house can inspire you to replicate what that owner did and how they did it.

Never forget: Your home is an investment

Ultimately, the property you’ve purchased is your home. You should make remodeling or upgrade choices according to your wishes, without forgetting that your home is also an investment. Try to find a balance between whatever personal choices you have in mind and what might appeal to potential buyers down the road. For example, painting a room a dark red color or choosing highly taste-specific fixtures or designs may appeal to your taste buds — but will likely alienate a potential buyer down the road. Of course, it’s not uncommon for homeowners to make last-minute changes to their home to make it “market ready.”

via zillow.com

Big real estate investors say Sandy hurts lower Manhattan values | Chappaqua Homes

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Lower Manhattan office building values are likely to suffer as a result of damage inflicted by Superstorm Sandy that has left thousands of downtown Manhattan workers unable to return to their offices, major real estate executives said at a conference on Wednesday.

“I think there’s been value erosion downtown,” Howard Lutnick, chairman and CEO of Cantor Fitzgerald LP and BGC Partners Inc, said during the New York University Schack Institute of Real Estate Capital Markets in Real Estate conference. “It had just started to come back. The concept now of fear of flooding is going to affect values.”

About 500 of his employees are unable to return to the three floors they occupy at 199 Water Street. Lutnick expect that to continue for six weeks to two months. Meanwhile his staff has been doubling up at the company’s midtown offices and trading floors at 499 Park Avenue and its connected building at 110 East 59th Street.

Nearly one-third of the 101 million square feet of office space in downtown Manhattan either was closed, powered by generators or had no heat due to the flooding Sandy inflicted last week, said Jones Lang LaSalle Inc. There was no correlation between the age of the building and the damage suffered, the real estate services company said.

Lutnick, unfortunately, knows about disasters. The company occupied floors 101 through 105 of One World Trade when it was destroyed on Sept. 11, 2001. Cantor Fitzgerald lost 658 of its 960 employees who worked there.

“All disaster recovery plans are a disaster,” he told about 475 real estate investors, bankers and students at the conference.

Cantor Fitzgerald’s lease at 199 Water Street expires in about 15 months, he said, and the company has yet to decide whether to renew it. Lutnick said downtown landlords may have to make more concessions and ultimately take in less rent to convince tenants to stay.

“They’ll have to offer more value to get them to stay,” he said.

The destruction and prolonged building closings and heating and electrical interruptions will take their toll on property values, Darcy Stacom, CBRE Group Inc vice chairman, said later at the conference.

“Will investors think about this when they look at buildings in hard-hit areas? Yes,” she said.

HUDSON YARDS

The repercussions from Sandy could reach well past downtown. Part of Hudson Yards, the office and housing development planned for midtown’s far west side, is also in the flood zone. That could prompt some changes to the plans.

“It is a subject that we and our partner will definitely be talking about,” said Andrew Trickett, senior vice president, U.S. region, for Oxford Property Group, the real estate arm of Canadian pension fund Ontario Municipal Employees Retirement System. Oxford is Related Companies’ equity partner in Hudson Yards.

Stephen Ross, Related’s chairman, said if Hudson Yards had been built already, it would not have had many problems.

“We have plans for backup generators for the entire project,” he said of the planned 6 million square feet of office space, 5 million square feet of housing, and 1 million square feet of retail space.

It will take public and private money to prevent another disaster, real estate experts said, and will require regulatory and zoning changes determining how things are built and where they are located.

It will take even more money to prevent storm surges and rebuild the city’s old infrastructure.

“If they could do it in New Orleans, they certainly can do it in New York,” Ross said, referring to the infrastructure built after Hurricane Katrina.

The rebuilding could stir demand for professions and trade workers who were hit hard by the recession that dried up financing for development projects.

“Construction workers who have been sitting on the bench for five or six years, they’ll be in demand,” said William Rudin, chief executive and vice chairman of Rudin Management Co Inc. “They’ll be able to get back to work, so will the architects, the engineers, the contractors. You go down the line, one of our strengths is that we have these industries here.”

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The iPhone’s Hidden Costs | Chappaqua NY Real Estate

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The iPhone 5 is a C-average student. At least, that’s the grade InsuranceQuotes awarded the smartphone, based on its effect on public health, the environment and the U.S. economy.

In the video above, the insurance news publisher weighed the pros and cons of newer iPhone models and gave them a solid C+ grade. Apple has come a long way in making its mobile devices more environmentally friendly, but poor conditions in Chinese manufacturing plants have led to employee suicides and protests.
Likewise, InsuranceQuotes found the cost to charge a smartphone over the course of a year to be negligible, but the overall cost of maintaining an iPhone is high — more than 4% of the average American’s salary, including the cost of data plans, accessories and those addictive apps.

Take a look at some of the other factors InsuranceQuotes considered in the video above. And tell us what grade you would give your smartphone in the comments section below.

 

via mashable.com

Snow Blankets Bedford, Delays Schools – Bedford Patch | Bedford Real Estate for Sale

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Residents are waking up to chilly temperatures and over six inches of snow from a Nor’easter that snarled last night’s commute, causing accidents and rendering many local roads a parking lot.

Katonah-Lewisboro and Bedford Central schools announced they would be operating on a two-hour delay on Thursday. The delay also affects Rippowam-Cisqua Schools, which will open at 10:30 a.m. and The Harvey School, which is closed, due to a power outage, according to their websites.

Bedford police said as of 5 a.m. Thursday highway crews were plowing local roads but all were clear except for a downed tree blocking Maple Ave in Katonah.

Drivers should use caution on local highways as some snow and ice conditions are reported on I-684 between exits 10 and 4, according to the Hudson Valey Traveler.

In addition, accidents are being cleared on the Sprain Brook Parkway in Mt. Pleasant and the Taconic Parkway north of 134.

Police said last night several accidents were cleared off local roads; locals reported treacherous commutes on Bedford-Katonah Patch’s Facebook page, citing two-hour drives from Armonk to Katonah and a car fire on Route 35 that slowed east-bound traffic to a stop.

“It took over three hours to get from I-287 up I-684 to exit 4,” said Jessica Welt-Betensky. “Roads seem completely unplowed and some people are trying to drive on the shoulder.”

The National Weather Service forecasts a wintry mix of rain, snow, and sleet  before 9 a.m. this morning, with some snow blowing and a possible accumulation of up to another half-inch today. Tonight’s temperatures dip into the high 20s with Friday likely bringing some meltoff when temperatures rise into the low 50s.

NYSEG said it had prepared for additional outages from the winter storm but as of Thursday morning, outages were down to 1,292 in Westchester County, from a reported 2,700 at 6:30 p.m. Wednesday night.

If you experienced a power outage during the snow storm, call NYSEG at 800-572-1131 or Con Edison at 800-752-6633.

via bedford.patch.com