Category Archives: Mount Kisco

Realtor.com’s perspective on NAR board vote | Mt Kisco Real Estate

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Three weeks ago in Chicago, members of the National Association of Realtors’ board of directors — 625 practicing Realtors from every state and territory — put their busy summers on pause to make decisions about their website, realtor.com. It was an extraordinary gathering, and it produced extraordinary outcomes. As president of realtor.com, I’d like to share my perspective on what these outcomes mean for the site, for the Realtor brand, consumers, and the real estate industry as a whole. For me, it is not possible to understand the decisions made in Chicago without a look at the broader strategic context — and a little bit of history. Here’s how I see it.

 

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http://www.inman.com/2013/08/16/realtor-coms-perspective-on-the-nar-board-of-directors-vote/#sthash.Nmpqnb5R.dpuf

Housing inventory rises in July | Mt Kisco Real Estate

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Inventory of U.S. homes for sale rose 1.41 percent in July from June and was down 5.27 percent from July 2012, marking the second consecutive month that year-over-year inventory percentage declines were in the single digits, according to a realtor.com report released today.

The median list price of homes for sale remained unchanged from June at $199,900, and homes took 6.25 percent longer to sell in July than in the previous month, the report showed.

“The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets,” said Steve Berkowitz, CEO of realtor.com operator Move Inc., in a statement. ”Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers’ choices and helping to moderate price increases.”

– See more at: http://www.inman.com/wire/housing-inventory-rises-in-july/#sthash.EUyqWE6m.dpuf

Mount Kisco Diner Begins Expansion | Mount Kisco Real Estate

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The Mount Kisco Coach Diner, Gov. Andrew Cuomo’s favorite hangout, has begun construction on its expansion.

The diner is adding 1,250 square feet and 13 new parking spaces, along with providing a terrace for outdoor seating.

The project was approved by the planning board earlier this year after the Mount Kisco Village Board approved a zoning change in 2010.

Recently, the Paul Power’s structure, which exists south of the diner, was demolished, which was the first phase of construction.

Harry Georgiou, whose family owns the diner, said it will be much larger and more convenient for customers.

“We wanted to provide more space for clients and a nicer atmosphere,” Georgiou said. “We wanted to modernize the restaurant. It was time to expand.”

Plans for expansion have been in the works for five years. During that time, despite the recession, the diner’s business has remained steady, giving Georgiou confidence expansion was the right idea.

Georgiou’s father, Frank, a Somers resident, purchased the diner 18 years ago. Harry Georgiou, who lives in Queens, said it is in the family’s blood to provide service, hospitality, and good food.

“We’re very meticulous and we have very high standards,” Georgiou said. “We strive for perfection. We strive to the have the best service and the best quality food. We are open 24 hours, so no matter what time you come, you will have a great experience.”

Georgiou said he loves working in Mount Kisco and meeting all the nice people. He said many customers have become part of his family.

The cuisine is thought up by Michael Lombardi, who crafts exotic or unique specials daily, along with his burger of the week. The restaurant has an organic menu and Georgiou recommends the short ribs, prime meats or lobster rolls.

“We’re not your standard diner, we’re an upscale diner,” Georgiou said.

Cuomo, a Mount Kisco resident, named the diner his favorite hangout spot after he was elected governor and regularly stops by when he’s in the area. Singer Rob Thomas also is a regular.

During construction, the restaurant will be closed for two weeks, as it adds new booths, new tables and a new exterior. If all goes according to plan, the restaurant’s expansion will be finished before the new year.

The Mount Kisco Coach Diner has become an institution in the community and Georgiou said they get customers from all over Westchester and even Greenwich and Stamford. Georgiou said many customers from out of state will come via Interstate 684, and come back every year as a tradition.

“We get people from all over,” Georgiou said.

 

 

Mount Kisco Diner Begins Expansion | The Chappaqua Daily Voice.

Investors place their bets on luxury homes | Mt Kisco Real Estate

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Recently, there has been a surge in high-end and luxury property flipping nationwide.

Beginning in 2011, flips of homes valued at $1 million or more have risen nearly 40% across the U.S., according to RealtyTrac.

Between 2011 and 2012, high-end flipping soared 456 percent in Phoenix (150 properties from 27); 867 percent in Orlando (29 homes from 3); and to 73 properties from 10 in Las Vegas.

                    Source: Reuters

Softer U.S. Mortgage Rule Said to Be Proposed at End of August | Mt Kisco RealEstate

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A new version of a rule requiring lenders to keep a stake in risky mortgages that they securitize will be proposed by U.S. regulators in the last week of August, according to two people familiar with the matter.

The 500-page draft regulation written by a panel of six agencies will replace a more stringent proposal for the Qualified Residential Mortgage rule, said the people, who asked not to be identified because the plan isn’t public. The first version drew protests from housing industry participants and consumer groups when it was released in 2011.

The plan will require banks to retain a slice of mortgages when borrowers are spending more than 43 percent of their monthly income on all of their debt. The earlier version would have required banks to keep a stake in loans when borrowers were spending more than 36 percent of their income on all loan payments and in loans with a down payment of less than 20 percent. The rule will carve out mortgages backed by Fannie Maeand Freddie Mac, one of the people said.

The agencies will seek public comment before each holds a vote on the final rule. The agencies involved in the rulemaking are the Federal Reserve, Federal Deposit Insurance Corp., Department of Housing and Urban Development, Federal Housing Finance Agency, Office of the Comptroller of the Currency, and Securities and Exchange Commission.

 

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http://www.bloomberg.com/news/2013-08-13/softer-u-s-mortgage-rule-said-to-be-proposed-at-end-of-august.html

 

 

 

Mount Kisco Diner Begins Expansion | Mount Kisco Real Estate

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The Mount Kisco Coach Diner, Gov. Andrew Cuomo’s favorite hangout, has begun construction on its expansion.

The diner is adding 1,250 square feet and 13 new parking spaces, along with providing a terrace for outdoor seating.

The project was approved by the planning board earlier this year after the Mount Kisco Village Board approved a zoning change in 2010.

Recently, the Paul Power’s structure, which exists south of the diner, was demolished, which was the first phase of construction.

Harry Georgiou, whose family owns the diner, said it will be much larger and more convenient for customers.

“We wanted to provide more space for clients and a nicer atmosphere,” Georgiou said. “We wanted to modernize the restaurant. It was time to expand.”

Plans for expansion have been in the works for five years. During that time, despite the recession, the diner’s business has remained steady, giving Georgiou confidence expansion was the right idea.

Georgiou’s father, Frank, a Somers resident, purchased the diner 18 years ago. Harry Georgiou, who lives in Queens, said it is in the family’s blood to provide service, hospitality, and good food.

 

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http://chappaqua.dailyvoice.com/business/mount-kisco-diner-begins-expansion

 

California Markets Top Turnaround Towns | Mt Kisco Real Estate

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Oakland, Calif.; Orange County, Calif.; and Santa Barbara-Santa Maria-Lompoc are leading the nation in recovery according to realtor.com’s quarterly ranking of top turnaround towns.

For Q2 2013, the median age of inventory dropped 14.4 percent over the past year, with typical homes selling in 83 days between April and June of this year. Median list price rose 5.4 percent year-over-year, to $196,000, in the second quarter of 2013.  The number of homes available on the market dropped across the country by 10.3 percent year-over-year, with an average of 1.8 million homes on the market on any given day in the second quarter of 2013.

Detroit ranked seventh.  Though plagued by the city’s recent bankruptcy filing, the market nonetheless posted strong improvement in the second quarter. Its median list prices on realtor.com® are 37.8 percent higher for the quarter than they were a year ago, while inventories are down 26.5 percent. The market’s median age of inventory is just 45 days, down 25 percent from the second quarter in 2012.

“Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation,” said Steve Berkowitz, CEO of Move. ”We’ll be watching the inventory levels in the months ahead, but if this past quarter is any indication, Detroit won’t be giving up without a fight.”

Q2 2013 Rank

Market

Qtrly

Year/Year Median List Price

Qtrly

Year/Year Median Age of Inventory

Qtrly Year/Year Inventory

1

Oakland, Calif.

41.3%

-53.1%

-34.4%

2

Orange County, Calif.

29.4%

-43.3%

-36.6%

3

Santa Barbara-Santa   Maria-Lompoc, Calif.

34.3%

-30.9%

-27.8%

4

San Jose, Calif.

25.0%

-64.0%

-35.4%

5

Seattle-Bellevue-Everett,   Wash.

17.2%

-55.8%

-29.9%

6

Los Angeles-Long   Beach, Calif.

30.3%

-27.2%

-28.9%

7

Detroit, Mich.

37.8%

-25.0%

-26.5%

8

Portland-Vancouver,   Ore.

12.0%

-45.8%

-23.5%

9

San Diego, Calif.

21.1%

-26.4%

-28.5%

10

Reno, Nev.

26.0%

-32.3%

-29.1%

Top Five Turnaround Towns

#1 – Oakland, Calif.: Oakland has been well on the path to recovery for more than a year. In the second quarter of 2013, listings in the Oakland market fell more than 34 percent from year-ago levels. Oakland led the nation in year-over-year list price increases in the second quarter of 2013 and houses in Oakland are staying listed on realtor.com® for only 15 days, which is the youngest inventory in the nation. The median list house price in Oakland has risen from $339,000 a year ago to $479,000 in the second quarter of 2013.

#2 – Orange County, Calif.: With record numbers of foreclosures just four years ago, home prices inOrange County rose 29.4 percent above year-ago levels. In the second quarter of this year, Orange Countyhad the fastest declining inventory in the nation, with listings on realtor.com® down 36.6 percent. The median age of Orange County homes on realtor.com® in the second quarter of 2013 was 51 days, far below the national median of 83 days and 43.3 percent lower than a year ago.

#3 – Santa Barbara-Santa Maria-Lompoc, Calif.: Santa Barbara’s strong prices catapulted it into third place on the list. In the second quarter of 2013, this market’s median price was up 34.3 percent over a year ago to $685,000. Though Santa Barbara inventories were still extraordinarily low – down 27.8 percent from the second quarter of 2012 – they have started to recover. The average time that Santa Barbaralistings spend on realtor.com® (56 days) dropped 30.9 percent from the second quarter of 2012.

#4 – San Jose, Calif.: Inventories in San Jose dropped 35.4 percent compared to the second quarter of 2012, the second-largest drop in the nation. Year-over-year San Jose prices were up exactly 25 percent in the second quarter of 2013, another sign that the market is returning to normal after a combination of historically low inventories and strong demand powered prices in San Jose and several other Northern California cities to huge increases.

 

 

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http://www.realestateeconomywatch.com/2013/08/california-markets-top-turnaround-towns/

More Consumers Expect Rates to Rise | Mt Kisco Real Estate

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The share of consumers who believe interest rates will go up over the next year increased another 5 percentage points to 62 percent, the highest level in the three-year history of Fannie Mae’s July 2013 National Housing Survey. Consumers also expect home prices to climb 3.9 percent on average over the next 12 months, holding steady from the May and June survey results. At the same time, the share of respondents who say it is a good time to buy a house increased to 74 percent, while the share who say it’s a good time to sell a house increased to 40 percent, matching the survey high. “Consumers have taken the interest rate rise in stride. Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “These results are consistent with our own analysis of previous housing cycles, which finds that interest rates and home prices are not strongly correlated.” Homeownership and Renting

At 3.9 percent, the average 12-month home price change expectation increased slightly to match May 2013’s survey high. The share of people who say home prices will go up in the next 12 months fell 4 percentage points from June’s survey high to 53 percent, while those who say home prices will go down reached a survey low of 6 percent. The share of respondents who say mortgage rates will go up in the next 12 months jumped 5 percentage points to 62 percent, the highest level since the survey’s inception. The share who say it is a good time to buy a house increased slightly to 74 percent, and those who say it is a good time to sell a house increased 4 percentage points to 40 percent. The average 12-month rental price expectation fell to 4.2 percent, a 0.4 percent decrease from last month.

Fifty-four percent of those surveyed say home rental prices will go up in the next 12 months, a 2 percentage point decrease from June’s survey high.  Forty-five percent of respondents think it would be easy for them to get a home mortgage today, a 2 percentage point decrease from last month.  The share of respondents who said they would buy if they were going to move decreased slightly to 64 percent.

 

 

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http://www.realestateeconomywatch.com/2013/08/more-consumers-expect-rates-to-rise/

Small Dog’s Death Raises Concern About Coyotes | Mount Kisco Homes

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Concerns about a coyote invasion in Westchester County have been heightened since the animals attacked and killed one woman’s beloved dog.

As CBS 2’s Tracee Carrasco reported Monday night, a tiny backyard memorial has been set up for the small dog that lost her life to three vicious members of her own taxonomic genus.

“She was a Chihuahua-terrier mix, about 7 pounds; full of heart,” said Kristin Porteus.

But the tiny pup, Roxy, was no match for a pack of three coyotes last Friday morning.

Like any other day, Porteus let her three dogs into the backyard of her Mount Kisco home in Westchester County. But on this particular day, there were three coyotes right there waiting.

“Right around here, I saw a lot of commotion and Roxy was barking, and I saw two coyotes come,” Porteus said.

Two of Porteus’ small dogs were able to escape as she chased the coyotes out of her backyard. But Roxy could not get away.

Now, Porteus and other Mount Kisco residents have become worried that the brazen animals are becoming more aggressive. They are afraid the animals may attack a child next.

 

 

 

Small Dog’s Death Raises Concern About Coyotes In Westchester County « CBS New York.

HUD Report Questions Westchester Zoning Laws | Mt. Kisco Real Estate

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Seven Westchester municipalities have been accused in a U.S. Department of Housing and Urban Development report of having zoning laws that keep out and segregate low-income families.

Croton-on-Hudson, Harrison, Lewisboro, the Town of Mamaroneck, the Town of Ossining, Pelham Manor and Pound Ridge were the seven municipalities named in the report recently released from Housing Monitor James Johnson. Johnson is trying to ensure that Westchester County meets the terms of a 2009 anti-discrimination housing settlement that requires the county to build 750 units of affordable housing by 2016, according to a news release.

Johnson said the towns lack zoning laws that provide incentives for or mandate affordable housing.

“Our work made clear (that) seven municipalities did not meet the first standard. I believe more data is required before one can conclude on the second,” Johnson said.

The county settled the anti-discrimination suit with HUD in 2009, but the two sides have butted heads since County Executive Robert Astorino took office in 2010. HUD is threatening to withhold $20 million in federal grants for nonprofits if the county does not meet HUD’s terms.

Ned McCormack, communications director and senior adviser to Astorino rejected the HUD report.

“The county’s comprehensive analysis in eight submissions to HUD – running to thousands of pages of documentation – found no evidence of any exclusionary zoning,” McCormack said in a statement.  “The county executive once again demands that HUD release the $17 million it is arbitrarily withholding from our local communities. There is no reason for HUD to continue to hold this money hostage, which is designed to help our neediest residents.”

 

 

HUD Report Questions Westchester Zoning Laws | The Mt. Kisco Daily Voice.