Category Archives: Lewisboro

Gramercy Unit Sells for $17.3M; Transplants Can’t Cut it in City | South Salem NY Homes

Welcome to It Happened One Weekend, our weekly roundup of The New York Times real estate section…

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1)Big Ticket The award for biggest sale of the week goes to 18 Gramercy Park South, where a full-floor, 4,207-square-foot apartment sold for $17.3 million. Carrying costs rounded out at about $11,225.31 and the sponsors, Zeckendorf Development and Global Holdings, bestowed a key to the private Gramercy Park as a customary closing gift, which sounds wonderfully dramatic and fun. We wish we had a key to a secret park . . . [“Big Ticket | Luxury Lodging for $17.3 Million”]

2) Every “The Hunt” column begins with the Hunters describing the apartment they want, and ends with them rationalizing whatever they came away with. This is The Hunt: Dreams vs. Reality The Hunters: a couple sick of city-life looking to move to the ‘burbs Price Dream: $350,000 to $450,000 Reality: $387,500 Neighborhood Dream: Westchester Reality: Hartsdale Amenities Dream: quiet, spacious Reality: 3BR/2BA, spacious Summary After seeing their rent on the Upper East Side skyrocket, this couple decided that city-life (and its modern hullaballoo!) wasn’t for them and decided to look for a two-story home in the suburbs, focusing on Westchester. They eventually settled on a two-story, Cape-style home with three beds and two baths in Hartsdale, attracted by its small ask and spaciousness. They paid $387,500 and are apparently loving life because everything’s cheaper and commuting to work doesn’t make them homicidal. But alas, they now live in the suburbs, trading crippling neurosis for soul-shattering boredom.

 

[The Hunt/”In Westchester, an End to Elevator and Subway Commutes”]

If prospective buyers can’t picture living in a particular home, they’ll walk away | Waccabuc Real Estate

While showing homes to a young couple with two small children I discovered a house can look too perfect. Since I just met the buyers as they had arrived in town, I didn’t have much time to schedule appointments and make my showing schedule. Some of the sellers had only a couple hours’ notice to prepare for the showings. Even with the short notice, these sellers have extremely neat homes. There was not one child’s toy left out, or book, dish, wrinkled pillow or toothbrush out of place.

The buyers kept commenting about how neat these homes were and even questioned if these occupied homes had real people living there. The houses looked too perfect. I know for a fact that one of the homes was professionally staged because the listing agent always requires her sellers to stage their homes. Some of the other houses may or may not have been professionally staged.

Staging — when done right — can help a home sell. I have seen some wonderful staging jobs. But a couple of these homes lacked that warm, lived-in feeling. This turned off the young couple with the two small children. I saw them squirm and cross their arms. They made generic statements about how this is nice and that looks pretty, but not buying-sign comments.

We saw some vacant homes and some new construction, too. Seeing these homes empty did not seem to bother the buyers, as they could see the real potential the homes offered — a clean palette, so to speak.

I showed another home that was occupied where the sellers left it neat but with a lived-in feeling. You could feel it the moment you stepped in the door. The buyers responded very favorably and started seeing themselves living there. They wanted to linger and ask questions. Yes, there were some personal family photos around, toys in the corner, things on the kitchen counter. The beds were made and the house was clean, but it felt lived in by a happy family.

– See more at: http://www.inman.com/next/when-marketing-to-families-a-staged-listing-should-evoke-lived-in-feeling/#sthash.IdbSlOrt.dpuf

Foreclosure inventory down to lowest level since 2008 | South Salem NY Real Estate

After 18 straight months of declines, U.S. foreclosure inventory is now at its lowest point since the end of 2008, according to a monthly report from Lender Processing Services.

Foreclosure inventory fell nearly 30 percent year over year in October, to 1.28 million loans, or 2.54 percent of currently active mortgages.

Delinquencies (loans that are 30 or more days past due but not in foreclosure) fell 2.8 percent from September, to 3.15 million loans, or 6.28 percent of mortgages. The delinquency rate fell 10.7 percent on an annual basis.

All in all, 4.4 million properties were either delinquent or in foreclosure in October. Mississippi had the highest percentage of noncurrent loans among states last month, eclipsing Florida for the first time since 2008.“Except for the period after Katrina, Mississippi has held the dubious distinction of having the highest noncurrent inventory for virtually all of the history LPS tracks. So, unfortunately for Mississippians, this is more indication that things are getting back to ‘normal,’ ” LPS said. Source: LPS

 

 

– See more at: http://www.inman.com/wire/foreclosure-inventory-down-to-lowest-level-since-2008/#sthash.bpSlaKht.dpuf

For 2014 listen to your clients, neighbors and smart friends | Cross River Homes

It isn’t even December yet, and I’m already tired of the holidays and of reading about what I need to do to be successful in 2014.

Usually the articles are about the three, five, eight, 10 or 14 things that I need to do. Before throwing caution to the wind and taking all of that wonderful advice, I like to consider who is writing it and why. There are plenty of armchair real estate quarterbacks who just know what we need to do to be successful.

They give advice and never have to implement any of the ideas. Right now I can’t see any reason why 2014 will be very different from 2013. I think the tight inventory of homes for sale will loosen up a bit, and interest rates will rise slightly, as will home prices. Real estate is local, so that last sentence may not apply to your market. Here are 10 things I think everyone should take into consideration as they plan for 2014:

1. The Internet is not going to replace most real estate agents, and it isn’t going to go away.

 

 

– See more at: http://www.inman.com/2013/11/22/tune-out-generic-advice-on-how-to-succeed-in-2014-and-listen-to-your-clients-neighbors-and-smart-friends/#sthash.cjZ4CeAZ.dpuf

Caramoor In Northern Westchester Announces Lineup For 2014 | Katonah Real Estate

Jeffrey P. Haydon, Chief Executive Officer of Caramoor Center for Music and the Arts, has announced classical highlights of the 2014 Caramoor Summer Music Festival.

The  festival, which is held annually at the Center’s beautiful 90-acre garden estate in Katonah, New York, will run from June 21 to Aug. 6.
“Caramoor is the premiere destination to experience music in the summer, featuring today’s leading artists such as Angela Meade, Joshua Bell, and Pablo Heras-Casado,” Haydon said. “We are particularly excited about our new artist residency featuring Alisa Weilerstein, an alumni of Caramoor’s Evnin Rising Stars mentoring program and 2013 MacArthur Genius Grant winner.”
Tickets go on sale Jan. 27, Donor pre-sales start Jan. 20.

The schedule includes:
June 21:  Opening Night The opening night of the festival features celebrated violinist, Joshua Bell and the Orchestra of St. Luke’s, led by conductor, Cristian Mǎcelaru, in a program of Ligeti’s Concert Romanesc, Sibelius’s Violin Concerto and Bizet’s Symphony in C.
July 6:  Orchestra of St. Luke’s and Jeffrey Kahane, pianist/conductor The Orchestra of St. Luke’s continues its long and storied relationship with Caramoor. Joining with the orchestra for the July 6 performance is famed pianist and conductor, Jeffrey Kahane.
July 11: The Dover Quartet continues its residency at Caramoor The Dover Quartet, Caramoor’s 2013-14 Ernst Stiefel String Quartet-in-Residence,will delight audiences “with a level of nuance unexpected of musicians so young” (The Wall Street Journal).
Opera/Bel Canto at Caramoor Saturday, July 12 and Friday, July 18: Donizetti’s Lucrezia Borgia Acclaimed soprano Angela Meade, will return to Caramoor to make her highly-anticipated debut as Lucrezia. The cast also includes mezzo soprano Tamara Mumford, tenor Charles Castronovo and bass Christophoros Stamboglis.
Saturday, July 19: Verdi’s Rigoletto Verdi’s Rigoletto will feature baritone Stephen Powell and tenor John Osborn in the roles of Rigoletto and the Duke. Georgia Jarman will perform the role of Gilda.
July 31, August 1 and August 3: Alisa Weilerstein featured in a residency to close the festival Alisa Weilerstein, named “one of the most exciting American cellists of the new generation” by The New York Times, will participate in an artist residency that will include a master class and three performances, Thursday July 31 to August 3.

 

 

http://mtkisco.dailyvoice.com/events/caramoor-northern-westchester-announces-lineup-2014

7 Niche Social Networks for Strategic Networking | South Salem NY Homes

Do you find it hard to connect with your ideal audience using the larger social networks?

Have you considered a smaller social network?

In this article, you’ll find 7 niche social networks built to serve specialized markets.

Why Niche Social Networks?

Ask almost anyone what to include in your social media strategy and you’re likely to hear Facebook, Twitter or Google+ in the response.

But you may find it useful to tap into a specialized network.

Use a niche social network to reach a narrowly targeted audience where strategic networking can help you connect with potential customers and business partners of all kinds.

A niche social network within your industry can work wonders to reach people of interest there.

You can also look for niche sites where people come together around one of the core values or interests of your business. It’s an easy way to find and connect with like-minded people for more strategic networking.

The easiest and fastest way to find these niche sites is likely to be a good old Google search. For example, see below:

Use a Google search to find niche social sites relevant to your business.

Use the examples below to inspire you to connect with niche social networks for more targeted networking.

#1: Build Sustainable Relationships on Wiser—The Social Network for Sustainability

Is your business actively involved in sustainability and environmental topics? This is something that’s becoming very important to many businesses and Wiser is a network built specifically to encourage dialogue about all things environmental.

If your company is green, you can use Wiser to add partner organizations, promote events and share resources that raise your company’s profile where it counts.

Adding an organization in Wiser.

Much like with LinkedIn, you can also add groups where you can discuss issues close to your heart and propose solutions.

Create a profile on Wiser today and start to network with people whose values align with yours.

 

 

http://www.socialmediaexaminer.com/niche-social-networks/

 

Realtor.com survey reveals a surprising number of buyers planning all-cash deals | Cross River Real Estate

Prospective homebuyers hoping to buy a home in the next four months say the lack of inventory is their biggest challenge, but many believe winter is a good time to buy because sellers are motivated to sell and more willing to negotiate.

That’s according to a survey of more than 1,300 visitors to realtor.com conducted from Nov. 7-16, which found 45 percent of buyers in the market said there’s not enough inventory in their price range.

The survey also found that a surprising number of prospective homebuyers — 19 percent — are planning to do all-cash deals.

Of those planning to buy without taking out a mortgage: 29 percent said they are downsizing to a smaller or less expensive home. 26 percent are relocation buyers. 11 percent are moving up to a bigger or more expensive home. 11 percent are buying a vacation home.

But most of those surveyed said they’ll need a mortgage to finance their home purchase.

Among that group, most did not have the 20 percent down payment that would allow them to qualify them for a conventional loan backed by Fannie Mae or Freddie Mac without having to also purchase mortgage insurance.

More than 1 in 10 of those surveyed (13 percent) said they were planning to put just 3.5 percent down (the minimum down payment on FHA-guaranteed loans). Only 22 percent said they’d be able to make a down payment of more than 20 percent, which would allow them to avoid purchasing mortgage insurance.

 

 

 

 

– See more at: http://www.inman.com/2013/11/20/despite-inventory-shortages-homebuyers-looking-for-bargains-this-winter/#sthash.r748HRyT.dpuf

Consumer buying power fades as choices and prices shift | Katonah Real Estate

The sale of all existing homes fell 3.2% to an annual rate of 5.12 million units in October as rising prices tripped up buyers – a data point further constrained by falling inventory levels, the National Association of Realtors noted Wednesday.

Existing-home sales is a measure of sales on all single-family residences, townhomes, condos and co-ops. Compared to last year, October sales remained 6% higher than the 4.83-million unit sales pace reported last month. But this is not an unusual occurrence given the fact that prices have been rising year-over-year for the past 28 months, NAR said.

With the national median existing-home price up 12.8% from last year, buyers are facing rising prices at a time when lower inventory levels are pushing them even higher. Yet, the fall in existing-home sales suggests potential homebuyers are not keeping up.

“The erosion in buying power is dampening home sales,” said Lawrence Yun, NAR’s chief economist. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”

Right now, the median existing-home price in the U.S. is hovering at $199,500, an increase of 12.8% from October 2012.

Distressed home sales also are much lower today, falling 25% from October 2012 levels. With fewer foreclosure-related sales, the median price of existing properties continues to escalate beyond many borrowers’ reach.

Only 9% of October sales were classified as foreclosures, while 5% were short sales. Foreclosures faced a 17% discount when compared to similar properties, with short sales discounted by 14%.

The shrinking U.S. housing inventory hit 2.13 million existing home sales in October, a 1.8% decline, and a 5-month supply of homes at the current sales pace. That compares to a 4.9-month supply in September when the market was still moving at a faster pace.

The tightest inventory conditions popped up in the markets of Oakland, Calif.; San Francisco; San Jose, Calif.; Denver and Stockton-Lodi, Calif., NAR said

 

 

 

http://www.housingwire.com/articles/28048-existing-home-sales-decline-on-falling-affordability-tighter-inventory

It’s official: JPMorgan signs $13B RMBS settlement | South Salem Real Estate

Mega bank JPMorgan Chase (JPM) signed an agreement with government agencies to end all existing legacy mortgage-backed securities issues for $13 billion.

New York Attorney General Eric Shneiderman, who co-chairs a working group overseeing legacy mortgage investigations, announced the deal, calling it the largest settlement with a single entity in American history.

Schneiderman chairs the RMBS working group, which has spent the past year investigating RMBS issues on behalf of state and federal regulators. The bank reached the deal with the RMBS Working Group, the Department of Justice, and countless other agencies.

The settlement reportedly resolves federal and civil claims related to the bank’s packaging, marketing, sale and issuance of mortgage-backed securities prior to the housing downturn. It also covers legacy issues left over from Bear Stearns and Washington Mutual, two entities JPM took over in the wake of the financial meltdown.

As part of the final agreement, JPMorgan will pay $9 billion, while also providing $4 billion in consumer relief in the form of loan modifications for borrowers at risk of foreclosure.

New York state alone will receive $1 billion from the settlement, including $613 million in cash and another $400 million in consumer relief for struggling borrowers in the state.

Some of the aid will fund families impacted by Superstorm Sandy, with the rest going to legal services and counseling for distressed New York homeowners.

The RMBS Working Group that Schneiderman co-chairs helped usher in the deal. The organization is a joint state and federal effort launched back in 2012 to engage several agencies in the fight against legacy RMBS issues. Those entities include the Department of Justice and various federal and state law enforcement groups.

“Since my first day in office, I have insisted that there must be accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy,” said Attorney General Schneiderman in a statement. “This historic deal, which will bring long-overdue relief to homeowners around the country and across New York, is exactly what our working group was created to do.”

 

 

 

http://www.housingwire.com/articles/28036-its-official-jpmorgan-signs-13b-mbs-settlement-deal-with-the-doj

Florida Sinkhole Destroys Another Pair of Homes | Cross River Homes

Florida’s porous limestone geology claimed two more victims last week as a 50-foot sinkhole opened up in a Dunedin, Florida, neighborhood. Awakened at night by a loud sound, the family first feared an intruder, homeowner Michael Dupre told a reporter: “I grabbed a rifle and start walking through the house so I could see what was going on,” he said. “And I hear the banging. … As I approach the back of the house and I see our back screen room just sticking out 3 feet off the ground, I knew instantly it opened up.” (The full report by Shyann Malone, WTSP-TV, Tampa-St. Petersburg, Fla., is carried at the USA Today website: see, “2 houses likely lost because of Florida sinkhole.”)

Ironically, repair work at the location had just begun a few days before, according to a report in the Tampa Tribune (for the full story, see: “Sinkhole swallows parts of two Dunedin homes,” by Stephen Thompson). The paper reports: “The Dupre family has been engaged in a months-long court battle with its insurance company, Citizens Property Insurance Corp., after a sinkhole was discovered on the property two years ago, said the family’s attorney, Jason Salgado.” Citizens had proposed a repair plan calling for a deep-compaction grout injection, at an estimated cost of around $100,000, the paper reports, while the family was holding out for a more costly intervention that would have involved shallow grouting as well, along with a possible installation of support pilings.

Nature beat the engineers and lawyers to the punch, however; last week, demolition and backfill was the only work being done. Most of the Dupre family’s household possessions were lost, USA Today reports (for the full story along with TV coverage by Eric Glasser of WTSP-TV, see “Crews demolish 1 home that Fla. sinkhole claimed“).

Sinkholes are widespread in Florida, USA Today notes—and especially common in Dunedin, where the city actually maintains a list of sinkhole locations. The majority of Florida sinkhole reports come from a region sometimes called “sinkhole alley,” which includes the counties of Hernando, Hillsborough, and Pasco.

But as the Los Angeles Times notes, Florida’s geology makes sinkholes a risk throughout the state, experts say (see “Is there any place in Florida safe from sinkholes? Technically, no,” by Soumya Karlamangla). Still, events like this one stand out: “The people who have been around the city for quite a while, in excess of 30 years, have no recollection of anything ever this big, probably by a factor of three or four times,” Dunedin city engineer Thomas Burke said. “For us, this is a major, major situation.”

Going forward, Floridians may have more and better information about the sinkhole risk in specific locations: This month, the Florida Geological Survey started a study that experts hope will result in a detailed statewide map of the risk—eventually. The Suwanee Democrat reports on that story here: (“Florida Geological Survey begins sinkhole vulnerability study“). “Field work commenced with documenting multiple sinkholes on private landowner’s property in the pilot study area of Suwannee, Columbia, and Hamilton counties,” the Democrat reports. “The data will be part of Geologic Information System data that will be compiled and processed in the study … The project is a three year study that will produce two maps: one in the pilot area and the other statewide. The pilot study is slated to end in May 2014, at which point the statewide assessment will begin.”

 

 

http://www.jlconline.com/erosion-control/florida-sinkhole-destroys-another-pair-of-homes.aspx