Category Archives: Cross River NY
3 Unconventional Ways to Boost Your Facebook Engagement | Cross River Realtor
Families Rediscover Multigenerational Living | Cross River Real Estate
Seventy-five years ago, when America was emerging from the Depression and homeownership was less affordable, one out of four Americans lived in homes with grandparents and adult siblings. Today’s housing depression has again forced generations to move in together, but as the housing recovery takes hold, many plan to stay together and revive the multigenerational lifestyle of the past.
In 2011, 17.9 percent of Americans 18 and older lived in someone else’s household, up from 16.0 percent in 2007, prior to the start of the economic recession, the Census Bureau reported today. Some 41.2 million adults in 2011 lived in a household in which they were not the householder, the householder’s spouse or the householder’s cohabiting partner.
The return to multigenerational living has been remarkable and may be more significant than a temporary way to save money. Just prior to World War II, a quarter of Americans lived with extended family, as the U.S. struggled through the Great Depression. In 1980, only 12 percent of the nation’s adults lived in multigenerational households, but by 2011, as millions lost the homes to foreclosures and lending standards tightened, some 17.3 percent of adults. Between and 2011, the number of these additional adults increased by 1.9 million.
In recent years, along with multigenerational households, the phenomenon of “shared households” households that contain an “additional adult” (a resident 18 and older who is neither the householder, the householder’s spouse, nor the householder’s cohabiting partner) has increased as a proportion of all U.S. households. In 2007, prior to the start of the economic recession, 19.8 million or 17.6 percent of households were shared. Nationally, shared households peaked in 2010 at 22.2 million or 19.4 percent of all households and declined to 22.0 million or 19.2 percent of households in 2011. Not surprisingly, household sharing is most prevalent in high-cost areas, like the District of Columbia, California, Florida, Hawaii, New York and Nevada, where 20 percent or more of the population 18 and older lived in someone else’s household in 2011.
Multigenerational households include adult children as well as grandparents. Almost half of all additional adults were children of the householder. Additional adults can also be parents of the householder (9.6 percent), siblings (8.1 percent) and other relatives (16.0 percent). Nonrelatives accounted for the remaining 19.2 percent. The share of additional adults who were children of the householder increased by 1.7 percentage points between 2007 and 2011, while the percentage that was parents or nonrelatives declined, according to the census bureau.
Many of the adults sharing a household with relatives would have been in poverty if they had been living on their own. The official poverty rate for additional adults (based on family income) in 2011 was 15.8 percent. However, their poverty rate would have been 55.5 percent had they lived alone.
Though many families that moved in together in recent years to save money during the housing depression, many are planning to stay together as the economy improves. ERA Real Estate, a franchise network of 31,000 brokers and sales associates in 2,300 offices, reported yesterday that ERA brokers are seeing an emerging trend of multiple generations living under one roof. Buyers in the market today are planning for their future by keeping their immediate and extended family top-of-mind when purchasing a home.
“One trend we are seeing is buyers choosing homes based on their capability to accommodate more than one family group,” said broker Becky Russell of ERA Pacesetters Realty in Cary, N.C. “Therefore, they also take their extended family’s opinions and needs into consideration when deciding on a property and location.”
Ranelle Birmingham, managing broker of ERA Sarver in Leesville, La. said that the multicultural influence of nearby Fort Polk has a lot to do with the multigenerational living in her market, which has not seen many foreclosures. Retiring military families in her market often come from other cultures and expect to live with their extended families. But the trend includes young people as well, including siblings who join together to buy a property that they could not afford on their own.
Builders in Leesville are adapting to the new market with homes that include bedrooms with baths apart from the master suite, separate entrances, and additional space for privacy. Local lenders also are accustomed to multiple incomes and combined credit scores to qualify multifamily buyers, Ms. Birmingham said.
Implications of the multigenerational trend for the real estate industry are significant. Multigenerational living could result in fewer young, single first-time buyers, a group that is generally having a hard time qualifying for financing anyway, and fewer retirement home buyers. However the tradeoff is larger, more expensive properties for larger families in need of more room and generational privacy. Additional incomes from young adults and retirees on Social Security could help families qualify for larger mortgages at today’s low interest rates. Builders and remodelers might find a new market for larger homes designed for the multigenerational market with features to facilitate aging in place.
Rising home prices signaling ‘recovery’ | Katonah Realtor
Rising home prices signal ‘recovery,’ analysts sayU.S. home prices rose in September for the sixth straight month, despite seasonal weakness, signaling that the housing market is “in the midst of a recovery,” according to the S&P/Case-Shiller home-price index released this week. The index that looks at 20 cities showed that prices have gained 3% over the past 12 months, echoing other recent positive housing data, such as gains in new construction and existing-home sales. However, despite recent increases, prices are about 30% below peak levels in 2006. And the housing market still faces challenges from shadow inventory, and tight credit standards.Read more about home prices.Sandy hits new-home sales Sales of new single-family homes in the U.S. ticked down in October, with a large drop in the hurricane-hit Northeast while there was a record surge in the Midwest, according to data released by the U.S. Department of Commerce. By region, sales in October fell 32% in the Northeast and 12% in the South. Monthly sales rose a record 62% in the Midwest and 9% in the West. While the new-home-sales data are volatile on a monthly basis, a trend over the last few months has been steady, showing an average U.S. annualized rate of almost 370,000. That average rate is up 17% from a year earlier, but far below a peak rate of almost 1.4 million in 2005.Read more about new-home sales.Third-quarter growth revised higher, but…The government’s estimate for economic growth in the third quarter was revised higher this week, but the news wasn’t entirely rosy. A large portion of the higher estimate is due to inventories, which can be positive or negative. If these goods are sold soon, then the inventories were a good bet. If not, companies will have excess supply on their hands. Read more about GDP.Residential investment grows in third quarterThe economy’s expansion in the third quarter was also due, in part, to faster growth in the housing sector, government analysts said. In the third quarter, residential fixed investment grew at an annualized rate of 14.2%, compared with 8.5% in the second quarter. However, looking longer term, this sector has lost much of its heft. Residential fixed investment— which measures purchases of homes — currently accounts for about 2.5% of the economy, down from a bubble peak of more than 6% in 2005. Read more about GDP. Breakdown of GDP
After consumption was largely responsible for growth in the second quarter, there was a more evenly divided split between consumption, investment and government spending this time around. The big push behind government spending is a one-time boost in defense spending, so that is not likely to be sustained in the fourth quarter.
Rising home prices signaling ‘recovery’ | Katonah Realtor
Rising home prices signal ‘recovery,’ analysts sayU.S. home prices rose in September for the sixth straight month, despite seasonal weakness, signaling that the housing market is “in the midst of a recovery,” according to the S&P/Case-Shiller home-price index released this week. The index that looks at 20 cities showed that prices have gained 3% over the past 12 months, echoing other recent positive housing data, such as gains in new construction and existing-home sales. However, despite recent increases, prices are about 30% below peak levels in 2006. And the housing market still faces challenges from shadow inventory, and tight credit standards.Read more about home prices.Sandy hits new-home sales Sales of new single-family homes in the U.S. ticked down in October, with a large drop in the hurricane-hit Northeast while there was a record surge in the Midwest, according to data released by the U.S. Department of Commerce. By region, sales in October fell 32% in the Northeast and 12% in the South. Monthly sales rose a record 62% in the Midwest and 9% in the West. While the new-home-sales data are volatile on a monthly basis, a trend over the last few months has been steady, showing an average U.S. annualized rate of almost 370,000. That average rate is up 17% from a year earlier, but far below a peak rate of almost 1.4 million in 2005.Read more about new-home sales.Third-quarter growth revised higher, but…The government’s estimate for economic growth in the third quarter was revised higher this week, but the news wasn’t entirely rosy. A large portion of the higher estimate is due to inventories, which can be positive or negative. If these goods are sold soon, then the inventories were a good bet. If not, companies will have excess supply on their hands. Read more about GDP.Residential investment grows in third quarterThe economy’s expansion in the third quarter was also due, in part, to faster growth in the housing sector, government analysts said. In the third quarter, residential fixed investment grew at an annualized rate of 14.2%, compared with 8.5% in the second quarter. However, looking longer term, this sector has lost much of its heft. Residential fixed investment— which measures purchases of homes — currently accounts for about 2.5% of the economy, down from a bubble peak of more than 6% in 2005. Read more about GDP. Breakdown of GDP
After consumption was largely responsible for growth in the second quarter, there was a more evenly divided split between consumption, investment and government spending this time around. The big push behind government spending is a one-time boost in defense spending, so that is not likely to be sustained in the fourth quarter.
Delaying repairs may cost landlords | Katonah NY Real Estate
Water heater image via Shutterstock.
Q: The water heater at the rental we own broke and we had a hard time getting it replaced (we do all of the repairs ourselves). After a week, the problem was solved, but our tenants are demanding that we compensate them for expenses they incurred as a result of our tardy work. They’re asking to be reimbursed for their stay at a motel, several days’ worth of meals, and the added costs of transportation that resulted from living further away from work and school. It’s quite a bill! We admit to being less than on the ball with the repair, but do we have to pay these expenses? –Martha and John
A: Lack of hot water in a residential rental is a serious problem, and in every state but Arkansas, it’s a violation of the warranty of habitability. Depending on the state, tenants have various remedies if they alert landlords of the problem but the landlord fails to act reasonably promptly. Remedies include repairing the problem and deducting the cost from the rent, withholding rent, and living with the problem but suing later for a retroactive rent reduction, called rent abatement.
Another remedy includes procuring substitute housing during the time that the deficiency persists. Several states allow for this option, including Alaska, Connecticut and Tennessee. In these states, however, the approach isn’t uniform — should the tenant be compensated for substitute housing and be excused from paying rent? If so, this presents the tenant with a chance for a windfall — if the pro-rated rent is lower than the daily substitute housing, the tenant is “making money” on the deal, though few tenants would willingly choose the disruption to their lives caused by such a move.
You’ll need to find out how your state handles the issue of substitute housing. As for the other bills you’ve been presented with, these expenses are a bit more attenuated, but they follow from having to move away. Unless the motel had a kitchen, your tenants were obligated to get take-out or go to restaurants. And, unless they chose a location needlessly far away from school and work, their added commute costs were also an unavoidable result of having to move out temporarily.
Landlords in your position have been asked to foot the bill for items such as increased utility bills, the cost of replacement heaters, child care expenses (required because children could not stay comfortably or safely at home) and so on.
This has been an expensive lesson. In the future, it may be cheaper to hire a plumber than wait for the weekend to do it yourselves.
Q: The lease we are about to sign has a clause that says the winner of any lawsuit gets to recover attorney fees and court costs from the loser. Is this a good idea? –James and Ella
A: This “two way” attorney fee clause is common in contracts and leases. The idea is to make it clear to both sides, before a dispute has even broken out, that bringing a worthless lawsuit is likely to be an expensive affair. If the person who brings the bogus lawsuit loses, he pays not only his own costs and fees, but the other side’s, too. The clause also encourages both sides to work out legitimate differences between them, without involving a court. No one, even someone who is sure he’s in the right, can guarantee that a judge or jury will agree; far better to compromise than risk losing and having to pay your own and the other side’s costs, too.
In residential lease situations, the analysis takes a slightly different turn. Precisely because the clause will discourage litigation, tenants may hesitate to bring lawsuits to enforce their rights, fearful that if they lose, they’ll have to pay big time. In a similar vein, landlords may find the right to collect from the losing tenant an academic right — few tenants have the resources to write a check for attorney fees and court costs. These landlords would prefer a world in which each side pays its own costs and fees, which is the rule most of the time.
LinkedIn Releases Ads API: This Week in Social Media | Katonah Realtor
4 key questions to ask before hiring a contractor | Cross River Real Estate
Q: I have a number of small projects that need doing around the house. What is a good way to find a qualified handyman? I have looked in the Yellow Pages of the phone book and made a couple of calls, but they have not responded to come to my home and give me an estimate. I know I should ask them if they are insured and bonded. Are there other questions I should ask before hiring a handyman for a project? –Gretchen S.
A: There are actually a couple of steps that I recommend to anyone looking to hire a contractor of any type, including a handyman:
1. Know specifically what you want to have done. The more information you have available for the contractor, the better.
2. Try to get personal referrals, rather than relying on the phone book. If you have a friend or a relative who had some work done on their home that they were pleased with, that’s a great starting point. You can get some honest feedback about the contractor’s skill level, price, scheduling, level of cooperation, and much more. There are a lot of contractors out there to choose from, and, like most businesses, they succeed or fail mostly by their reputation, so a good referral is very helpful.
There are other sources of referrals as well. If you see some work going on down the street, stop and talk to the homeowner. Most people are more than willing to share their experiences — both good and bad — about the contractor they’ve hired, and here again you can get some great firsthand information.
Material suppliers are also great sources. Ask the people where you buy your lumber or your plumbing supplies if they know of anyone who’s particularly good at the type of project you have in mind. Retailers have a reputation to protect as well — they want to keep you happy and coming back as a customer — so they will typically refer only those contractors who they know are honest and will do a quality job.
Other good sources of referrals include real estate agents, insurance agents, property managers, your utility company, and your local building department.
3. When you have a referral or two, call the contractors to set up an appointment. Ask the following four questions:
- Do they do the specific type of work you’re looking for? It could be they no longer do kitchens or room additions, or they now do remodeling and have stopped building new homes. Clarify that upfront.
- What is their schedule like? If you have a project that has to be done within the next month and the contractor can’t even start until then, there’s no point in wasting your time or theirs.
- Can they provide you with referrals? Most companies are more than willing to provide you with names and phone numbers of past clients. If they can’t or won’t provide you with referrals, don’t hire them. Between the time you call the contractor and the time the contractor comes out, be sure to follow up on a couple of the referrals and get some feedback from the homeowners. If possible, see if the referral would mind if you came out to their home to view the contractor’s work in person.
- What is the contractor’s name and license number? Get the contractor’s full legal business name, address and business phone number, as well as their contractor’s license number. Immediately follow up on this information, and call the contractor’s board to verify the status of the license and that all of the proper bonds and insurance policies are in place.
For much more about hiring and working with contractors, you might also want to download my book, “Hire the Right Contractor for your Home,” for $2.99 at amazon.com.
Q: We are remodeling our 27-year-old house. Is it common practice for the electrician and heating, ventilation and air conditioning (HVAC) contractors to “line up” the vents and any lighting fixtures on the ceiling in each room?
Also, when wrapping the ductwork of the HVAC system in the attic, how important is it for the wrap to be tightly secured around the ductwork relative to the money saved in monthly bills? When I look up in the attic, I can see the yellow insulation (underside of the wrap) and there are gaps in the insulation where the duct meets the main air handler. I am concerned this is going to make my energy bills higher because air might escape. Are my concerns justified? –Eugenia H.
A: There’s no common practice for lining up vents and light fixtures. Ceiling vents are typically installed at the outer perimeter of the room, and most commonly over windows. That’s done so that the heat or air conditioning coming in from the vents will help offset the cold or hot air coming in from the windows and the exterior walls. Light fixtures, on the other hand, are typically centered to the room, or spaced to give the best quantity and quality of light for the layout of a given room space and usage.
All insulation around ductwork should be well secured, with a minimum of gaps. Every gap in the insulation will allow heated or cooled air to escape from the ductwork into the unconditioned air of the attic. That will definitely affect the efficiency of the heating/cooling system, and in turn that will have an impact on your utility bills, as well as your comfort levels.
Kansas City Fed: Low income households mortgage debt-wary | Chappaqua Real Estate
In L’Aquila, Italy, Lessons for Rebuilding From Storm | Chappaqua Realtor
That earthquake, in April 2009, killed hundreds and left tens of thousands of L’Aquilans homeless, shuttering the city’s graceful and extensive historic center, which was its cultural and economic heart. “Temporary” housing was constructed: “new towns,” as Italy’s prime minister then, Silvio Berlusconi, boasted about the sad, isolated, cramped and costly apartments he ordered for displaced L’Aquilans along nowhere stretches of the city’s outskirts, cut off from mass transit and civic life. There was no infrastructure created or public consensus reached about combating sprawl, or what to save or sacrifice and how.
Since then Italian officials have kept promising to restore the city to its former self, but fewer than a dozen buildings have so far been repaired among the hundreds damaged in the center, which is a virtual ghost town. Never a tourist mecca, despite its pretty churches and squares, L’Aquila was a working town of some 75,000, home to a university and to many families with local roots dating back to the Middle Ages.
These days, tourists arrive to gawk at the rubble. Ruin porn has become the new local industry.
A sign of progress came in October, when President Giorgio Napolitano arrived for the opening of a new concert hall designed by Renzo Piano in a park in central L’Aquila, one of the few urban initiatives since the quake. Mr. Napolitano criticized the “new towns” for diverting attention and resources from the primary challenge of returning life to the city center. The regional government has now gained control over recovery efforts from a succession of failed authorities in Rome. But magical thinking remains a problem for residents and politicians, as usual after a disaster, while memories of the quake are fading outside the region.
What’s the relevance for the New York area? Notwithstanding the need for big change and straight talk in the face of hard science about rising sea levels and increasing storms, public officials have mostly followed the Italians’ lead, promising devastated homeowners to reconstitute ravaged neighborhoods in harm’s way. They have all but conceded that a policy of retreat and relocation is a political impossibility.
I’ve gone to L’Aquila several times since the quake, the first a couple of days after it struck, most recently before the opening ceremony for Mr. Piano’s hall, to see it under construction and to speak with residents and the city’s planning chief, Pietro Di Stefano. “We went into a labyrinth of the absurd,” he told me. “We needed a new plan.”
Then he talked about retrofitting a few buildings here and there in the city center. He seemed resigned to the futility of arguing for the demolition of homes and for new construction while owners were still petitioning the state for money. That didn’t sound like much of a plan to me.
I mentioned Mr. Piano’s project. Conceived by the architect and his friend Claudio Abbado, the conductor, as a way to bring some culture and night life back to the center, the 240-seat concert hall links multicolored cubes, pavilions made of spruce from Trent, the northern Italian province that sponsored the project. (The hall was not quite finished for the opening ceremony and, as so often happens in Italy, was shut right afterward. There are supposedly plans to finish it and organize concerts next year.)
An anomaly in L’Aquila’s historic city, the hall was partly engineered as a prototype for the sort of recyclable, quake-resistant wood construction that could handsomely and cheaply replace damaged stone houses in the center, so people might finally move back there. Per square foot, the hall cost a fourth of what the “new towns” did.
At the suggestion of wood buildings, Mr. Di Stefano stiffened. He started to pet the nearest stone building as if it were the family Labrador. “Impossible,” he said.
“This is a city of stone,” he insisted. “These homes were built by families here over hundreds of years, and they have their histories. What would Florence be without Giotto, or Pisa without the tower? The buildings are who we are.”
Is a city the assortment of its buildings or the life that happens in and around them? L’Aquila has fine architecture, including Baroque churches and early-20th-century Rationalist office blocks. These could be retrofitted and reopened, and a couple already have been. But it is really the public spaces — the streets and piazzas — that make the city special. Officials charged with saving the center, fixated on buildings instead of urbanism, seem not to realize this, and let L’Aquila die a little more each day.
And so now, in the main square, old men gather on sunny mornings, driving from miles away. They stroll the main street, as they did before the quake, then scatter by day’s end to their far-flung new homes. Antonio Antonacci, a retired lawyer, chatted in the empty Piazza Duomo with three friends when I stopped by.
“It’s still the only city center we have,” he told me.
New Yorkers aren’t particularly married to old stone houses. The city has a history of audacity and adaptability. Both have fueled the region’s prosperity. But heedless planning in the last century has also made many people skeptical about large-scale infrastructural change.
That said, some storm-ravaged New York homeowners have already made known that they’re contemplating resettling in safer neighborhoods, and Shaun Donovan, the United States secretary of housing, whom President Obama appointed to spearhead federal relief efforts after Hurricane Sandy, seems open to big ideas. A calamity can also be an opportunity, for ambitious politicians, and not least for a second-term president, now liberated to think decades ahead.
Although L’Aquila may be unlike New York in most crucial ways, its last few years suggest that a disaster doesn’t just destroy homes and take lives. It tests a city’s, and a nation’s, imagination and capacity to change.
Follow Michael Kimmelman on Twitter, @kimmelman.






