Category Archives: Katonah

Builders Adjust Sentiment | Katonah Real Estate

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Builder sentiment as measured by the NAHB/Wells Fargo Housing Market Index fell five points in October to a level of 54. Any value above 50 means more builder see the market favorably over those who see unfavorable conditions. The drop was from a 9 year high of 59 in August and returns the index to summer 2014 levels.

Conditions across markets continue to vary with some markets, notably those in the oil and energy belt, continuing with positive outlooks whereas markets struggling where employment trends have not been as strong. Builders continue to note shortages of buildable lots and a scattered concern about skilled labor shortages.

All three components of the index declined with the current sales index down 6 points to 57, expectations for future sales down 3 points to 64 and traffic down 6 points to 41. In every case, these levels are very close to the July-August 2014 levels. The three month moving averages for the four census regions were relatively steady since they span two similar months (August and October) with a high in September.

The housing recovery continues to show the same month to month volatility while generally moving in a positive direction and NAHB expects the trend to continue as mortgage rates remain historically low, house prices rise slowly keeping affordability at a reasonable level and pent-up demand builds.

 

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http://eyeonhousing.org/2014/10/builders-adjust-sentiment/

5 mortgage myths dispelled | Katonah Real Estate

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If the idea of buying a house both scares and excites you, that’s how it should be. If you’re only intimidated or only enthusiastic, you’re probably going into the mortgage-buying process ill-informed.

After all, in the years before the Great Recession, homebuyers weren’t intimidated at all. For quite a few years, many people purchased homes that were out of their price range and often on shaky credit, but since lenders didn’t seem concerned, homeowners weren’t either.

Now, the tide has turned, and prospective homeowners are understandably more leery about making what will likely be the largest purchase of their lives. But maybe they’re too leery. According to a survey of 2,017 adults released last month by Wells Fargo & Co., the country’s largest mortgage lender, many borrowers who can afford a home may be frightened off, believing that buying a house is something they simply can’t do.

If you’re on either end of the spectrum — squeamish about homebuying or ecstatic with no worries whatsoever — here are some misconceptions about mortgages that may bring you to the middle.

Your credit has to be perfect or near-perfect. Two-thirds of the Wells Fargo survey respondents believed you have to have a very good credit score to buy a house. While there’s no doubt that a high credit score will help you get a better loan, it isn’t a deal-breaker if your score is middling. If you have some credit blemishes and financial scrape-ups but for the most part pay your bills and make steady income, you probably don’t have much to worry about, experts say.

“While credit is scrutinized, some loan types will allow credit scores as low as 620,” says Gaye Rowland, senior vice president of SharePlus Bank, headquartered in Plano, Texas. “Other compensating factors such as larger down payments or low debt-to-income ratios can offset some negative credit information. Every situation is analyzed individually.”

You must have a down payment worth 20 percent of the purchase price. This, too, is a myth. More than 40 percent of Wells Fargo respondents believed the only way to buy a house was to give a lender at least 20 percent of the purchase price of a house.

Again, it helps to have a 20 percent down payment, particularly if you want to avoid paying monthly private mortgage insurance. But many banks and mortgage companies — especially now that the recession is several years in the rearview mirror — offer loans that don’t require a down payment anywhere close to 20 percent.

“We offer many programs that either have 100 percent financing or a 3.5 percent down payment,” says Alyssa Schwabe, a spokeswoman for GSF Mortgage, headquartered in Brookfield, Wisconsin.

 

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http://finance.yahoo.com/news/5-mortgage-myths-dispelled-132946834.html#

 

Bedford Town Board Opts Not To Object To Proposed Katonah Group Home | Katonah Homes

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Following a legal opinion from Bedford’s counsel, the Town Board approved countersigning an agreement of assurances from the provider of a proposed Katonah group home instead of making an objection to it.

The unanimous vote on Monday, Sept. 29, came following a review from Town Attorney Joel Sachs of state case law and correspondences from provider Cardinal McCloskey Community Services giving assurances for its plan. A letter from CMCS, dated Sept. 29, includes a signature from Chief Operating Officer William Ursillo and space for a town signatory.

Sachs explained that if the supervisor were to countersign, then the letter would be a legally binding agreement. The board’s approval was for Supervisor Chris Burdick to give his signature.

Ursillo, in his letter, mentions that the assurances are applicable if there is no objection filed and if there is no litigation that would seek to stop or delay the facility’s opening or closing on the property. Sachs also noted that the assurances would not be binding if there is an objection.

 

 

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http://bedford.dailyvoice.com/news/bedford-town-board-opts-not-object-proposed-katonah-group-home

Removing Wall to Wall Carpeting by Bob Villa | Katonah Homes

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Source: charlesandhudson.com

Source: charlesandhudson.com

I am moving to a new house where the living room and dining area have wall-to-wall carpeting. I asked the previous owner, and he told me there is hardwood flooring underneath. Could you please tell me how to remove carpet?

Even with regular vacuuming, carpeting accumulates a great deal of dust, dirt and debris. So if and when you finally decide to rip it up, be sure to give the floor covering one last good vacuuming. Empty the room of furnishings, open the windows and don your dust mask — then get to work!

Materials & tools

  • Large contractor trash bags
  • Nail puller pliers
  • Steel putty knife
  • Flat pry bar (at least 15 inches)
  • Hammer
  • Utility knife (or tin snips)
  • Leather work gloves
  • Carpet padding adhesive remover (optional)
  • Scraper (optional)

Step 1

Was your carpeting installed under shoe molding? Assuming it was, the first thing to do is remove that trimwork with your putty knife and pry bar. Check the molding for damage: If it remains in good shape, save it for reuse. Chances are the trim is full of nails; when pulling them out, take care not to inflict any avoidable damage. If the molding looks a little worse for wear, consider giving it a fresh coat of paint prior to re-installation.

Step 2

Now that there is no obstruction between you and the carpeting, use a utility knife or a sharpened pair of tin snips to cut the material into three- or four-foot-wide strips. (Cut all the way through the backing but stop short of the flooring beneath.) Once complete, begin pulling the carpet away from the tack strips on the perimeter. Roll up the sections as you remove them, placing them into heavy-duty trash bags ready for disposal.

 

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http://www.zillow.com/blog/remove-wall-to-wall-carpeting-160890/

 

Trump executive allegedly drugged rival in GM Building bid | Katonah Real Estate

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The GM Building and Donald Trump The General Motors Building on Fifth Avenue and 58th Street — one of the priciest office buildings in America – has had its share of landlords over the years from Bill Zeckendorf to Harry Macklowe. But according to a new book, Donald Trump was its most notorious. When Donald Trump was in the midst of negotiations for the building, his head of acquisitions, Abe Wallach, allegedly drugged a rival with sleeping pills on a flight. While the man was out, Wallach went through the man’s valise in search of sensitive documents, Vicky Ward told the New York Post. Ward’s new book “The Liar’s Ball: The Extraordinary Saga of How One Building Broke the World’s Toughest Tycoons,” chronicles the history of the building. Wallach told Ward that at the time he worried that he gave his rival too big a dose and that his victim might die. “This is an exposé of the kill-or-be-killed world of these real-estate tycoons — the dark side of capitalism,” Ward told the Post

 

 

 

– See more at: http://therealdeal.com/blog/2014/09/27/trump-executive-allegedly-drugged-rival-in-gm-building-bid/?utm_source=The+Real+Deal+E-Lerts&utm_campaign=0c8e81f94d-New_York_Daily_Updates_9_29_14&utm_medium=email&utm_term=0_6e806bb87a-0c8e81f94d-385733629#sthash.yGwA5dv9.dpuf

Navigating the NYC real estate market | Katonah Real Estate

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Choosing a home in a hot New York City real estate market can be daunting. With the market being so high, should you rent or buy?

We turned to licensed broker Daniel Nassi for some help. He said inventory is out there, so it “really comes down to whether you have the money or not.” Nassi said mortgage rates are comparatively low, which could make buying a better investment than renting. But if you need financing, you may be at a disadvantage. A number of cash buyers are in this market and they have a leg up.

“When you’re a seller and you have somebody who comes in, for instance, as a cash buyer you don’t have to worry if they’re going to be able to close,” Nassi said. “When you have somebody who has financing they don’t have as much leverage as someone who does not.”

As for rents, prices are high and aren’t moving. Douglas Elliman’s monthly report breaks down rents throughout the city. The median in northwest Queens is about $2,700, Brooklyn just over $2,800, and Manhattan gets an average of $3,175.

Nassi showed us a one-bedroom apartment in his building at 220 Park Avenue. 650 square feet will go for $3,500 to $3,600.

“If you rent, you might be spending more money than if you buy,” said Jennifer Gould Keil, the celebrity real estate columnist for the New York Post. She said whether you’re renting of buying the best deals are in Midtown West and the Upper East Side.

“The surprising thing is that areas like the Upper East Side, that were once so incredibly expensive, are now places where you can get the best deals in town,” she said. “And places that are up and coming in Brooklyn might be a little bit overpriced.”

Do your homework, get to know the neighborhood, and visit it at all times of day.

“We talk to some police officers who were saying they couldn’t believe that brokers will schedule open houses on a Monday morning in an up-and-coming neighborhood where things look wonderful, and buyers or potential buyers don’t know that there are shootings at 3 a.m. on Saturdays.”

New Yorkers we spoke with watch the market closely.

“Owning is always good, real estate always goes up so owning would be good for anybody,” Romain Singh said.

“When I bought my property it was many years ago, so it was so much cheaper, but now the prices has escalated that it’s impossible to buy,” Cleonie Sinclair said.

The real estate market does tend to slow down in the fall, especially around the holidays. You may have fewer options, but it could be a good time to negotiation.

 

 

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http://www.myfoxny.com/story/26620516/navigating-the-nyc-real-estate-market

Katonah-Lewisboro Schools Superintendent Search Gets Under Way | Katonah Real Estate

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Representatives from the firm hired to find a new Katonah-Lewisboro schools superintendent gave an overview of the search, which will involve a mix of confidentiality for candidates and public events.

The representatives, John Chambers and Deborah Raizes, are from Hazard, Young, Attea Associates. Chambers, whose resume includes having served as superintendent for the Bronxville and Byram Hills school districts, also brought up his 10 years of serving as a John Jay High school principal. Raizes’ resume includes having served as as a Scarsdale school board member, including time as president.

Raizes and Chambers, who gave a presentation at the school board’s Sept. 15 meeting, outlined the superintendent-search process.

Public participation will include a series of focus groups, which will be held on Sept. 29, Sept. 30, Oct. 3 and Oct. 7. The first focus group is scheduled for 7:30 p.m. at the high school library, while the second is set for 10 a.m. at the high school auditorium. Additionally, an online survey has been posted and will run until Oct. 3.

 

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http://bedford.dailyvoice.com/schools/katonah-lewisboro-schools-superintendent-search-gets-under-way

 

Real Estate Foundations Look a Little Wobbly | Katonah Real Estate

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Is it too late to catch the real-estate rebound?

Just a few years after suffering its worst downturn since the Great Depression, housing has seen a remarkable recovery. Skimpy interest rates, pent-up demand and lower prices have sparked gains of about 20% in the median price of new and existing homes over the past two years.

The Dow Jones U.S. Select REIT Index—which covers a number of investment vehicles—has climbed about 150% since the beginning of 2009, roughly matching the Standard & Poor’s 500, including dividends.

But the market’s foundation is starting to wobble. In June, home prices fell 0.2% compared with May’s levels, according to the seasonally adjusted S&P/Case-Shiller Home Price Index tracking the 20 largest cities. It marked the second consecutive monthly decline. The dip the month before marked the first time in about three years that prices fell on a monthly basis.

True, prices for June rose 8.1% compared with last year, and data tracking the sentiment of home builders has improved. But every city in the U.S. has seen home prices rise at a slower annual rate lately. Mortgage applications to buy a home recently fell to their lowest levels since February, refinance applications were the weakest since 2008, and housing starts dropped in August.

“The pace of slowing…has been somewhat more abrupt than we had expected entering the year,” says Michael Gapen, a senior economist at Barclays, who says there’s “downside risk” to his bank’s expectation that home prices will rise as much as 8% this year.

What’s going on? In part, the soaring prices of the past couple years have started scaring off first-time buyers. Those higher prices have also encouraged homeowners to put homes up for sale, adding new inventory. Meanwhile, investors, who played a key role in stabilizing the market by buying bargain properties, have become more cautious.

The slowdown is good news for home buyers, of course. And recent weakness in real-estate investments, including home builders, has created opportunities for bargain hunters, some analysts say. But if the Federal Reserve begins raising interest rates next year, as expected, the cost of financing will increase—making things tougher for buyers and investors alike.

Below is a look at the new real-estate game and the best ways to play it.

REITS: Beware Rising Rates

One of the attractions of REITs is that they pay at least 90% of taxable income to shareholders as dividends, about 4% on average lately. But analysts say many real-estate investment trusts are trading at expensive levels. And rising rates could undercut REITs by making their dividends look less compelling compared with bonds.

Expensive valuations don’t mean avoiding REITs, analysts say—just shifting to larger, high-quality REITs with lower borrowing, such as Sam Zell‘s Equity Residential and AvalonBay Communities Inc., each of which pays dividends of more than 3%. Because of their size and balance sheets, these are seen as safer bets if rates rise

 

 

 

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http://online.wsj.com/articles/how-to-play-the-real-estate-market-before-it-s-too-late-1411333001?ru=yahoo?mod=yahoo_itp