Category Archives: Mount Kisco

Turn your historic building’s facade into a tax break | Mt Kisco Real Estate

If you happen to own a historic building, you could be sitting on a tax deduction gold mine. If you meet various strict IRS requirements, you may be able to donate a facade easement to a charity and reap a substantial charitable tax deduction.

However, you need to be careful. Due to past abuses by some property owners, the IRS tends to be very suspicious of facade easement deductions.

A facade easement is a legally binding agreement that the owner of a historic structure enters into with a charity whose mission includes historic preservation. The owner gives up the right to demolish or make other destructive alternations to the exterior of the building.

The easement, which must run with the title to the property forever, gives the nonprofit the right to review and preapprove any changes to the building exterior.

All other rights and obligations of ownership, such as the right to sell or lease the property, and the duty to maintain it, remain with the owner. The owner may also make any changes he or she desires to the building interior.

Why would a homeowner want to grant a facade easement? Two reasons: (1) it ensures that the historic character of the exterior of their structure will be preserved; and (2) it may result in a tax deduction — a deduction that could be substantial.

– See more at: http://www.inman.com/2013/07/19/turn-your-historic-buildings-facade-into-a-tax-break/#sthash.5jyTvXoj.dpuf

 

 

Turn your historic building’s facade into a tax break | Inman News.

Delinquencies Drop as Bad Boom Loans Fade Away | Mt Kisco Real Estate

Fewer new problem loans, declining levels of negative equity and shrinking inventories of bad loans from the boom era have helped to reduce mortgage delinquencies by the largest year-to-date decline since 2002.

 

The May Mortgage Monitor report from Lender Processing Services  found that the national delinquency rate continued to fall in May, Delinquencies are down more than 15 percent since the end of December 2012, coming in at 6.08 percent for the month.

 

As LPS Applied Analytics Senior Vice President Herb Blecher explained, much of this improvement is supported by the fact that new problem loan rates are approaching the pre-crisis average. “Though they are still approximately 1.4 times what they were, on average, during the 1995 to 2005 period, delinquencies have come down significantly from their January 2010 peak,” Blecher said. “In large part, this is due to the continuing decline in new problem loans — as fewer problem loans are coming into the system, the existing inventories are working their way through the pipeline. New problem loan rates are now at just 0.73 percent, which is right about on par with the annual averages during 2005 and 2006, and extremely close to the 0.55 percent average for the 2000-2004 period preceding.

 

“As we’ve noted before,” Blecher continued, “negative equity appears to still be one of the strongest drivers of new problem loans, and — primarily buoyed by home price increases nationwide — that situation also continues to improve. We looked once again at the number of ‘underwater’ loans in the U.S., and found that the total share of mortgages with LTVs of greater than 100 percent had declined to just 7.3 million loans as of the end of the first quarter of 2013. This accounts for less than 15 percent of all currently active loans and represents a nearly 50 percent year-over-year decline.”

 

Though recent volatility in mortgage loan interest rates are not yet reflected in the data, the Mortgage Monitor did show that 2013 origination activity remained strong through April, with that month’s 835,000 new loans representing a 1.8 percent increase from March and a 34.1 percent growth from the prior year. The May data also showed an increase in prepayment rates, indicating that refinance activity, and likely associated originations, remained strong despite that month’s increased interest rates. LPS will continue to monitor the data to see what impact rate increases may have on originations in the months to come.

 

As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:

 

Total U.S. loan delinquency rate:   5.08%

 

 

RealEstateEconomyWatch.com » Delinquencies Drop as Bad Boom Loans Fade Away » Print.

Commercial real estate key to Las Vegas economic rebound | Mt Kisco Real Estate

As someone who has spent most of his adult life working in commercial real estate in Southern Nevada, I often find myself explaining to others why they should care about my industry. The short answer is that as commercial real estate goes, so goes the overall economy.

We all know the Great Recession hit Las Vegas harder than most places. And few industries felt more of this pain than commercial real estate. For proof, look no farther than the nearest half-finished shopping center or office building.

Recent reports suggest we might finally be seeing some light at the end of this tunnel. According to the National Association of Realtors, the market is starting to improve nationwide, and commercial real estate professionals are regaining confidence.

Most members of the Commercial Alliance Las Vegas seem to share that sentiment.

NAR recently released its 2013 Commercial Member Profile. It shows that annual income, transactions and sales volume have all increased over the past year for commercial real estate professionals. NAR members who practice commercial real estate reported a median annual gross income of more than $90,000 in 2012. This is the highest level since 2008 and is more than $4,000 above the 2011 figure.

NAR Chief Economist Lawrence Yun recently pointed out that vacancy rates are falling and commercial rents are gradually rising nationwide.

As with the housing market and other areas of the economy, Las Vegas has lagged the rest of the country in bouncing back from the recession. But fortunately for those of us who make our living in this industry, we’re starting to see some bright spots here, too.

Vacancy rates for office space are still hovering around record levels. For example, as of March 31, CB Richard Ellis reported the vacancy rate for Class A office space in the Las Vegas area was 29.4 percent. But even the local office market is showing signs that it has hit bottom and is on the road to recovery.

One example of this gradual rebound came in early July, when it was reported that the stalled mixed-use project formerly known as Manhattan West is being finished by new owner the Krausz Cos. Inc., which is calling it The Gramercy. The company spent $20 million in June to buy the 20-acre project in the southwestern part of town, announcing that it plans to spend an additional $30 million to finish its office, residential and retail components. As with the announcement that construction would resume on the previously stalled Shops at Summerlin shopping mall, this is a great sign for our local industry and economy.

As NAR points out, commercial real estate is the basis for much of the growth in the American real estate industry and economy. This is especially true in Southern Nevada, where real estate has traditionally trailed only the gaming and tourism industries in economic impact. Any improvement in commercial real estate will provide a much-needed boost to our overall economy.

We’re not out of the woods yet. Remaining hurdles on the road to recovery include too many commercial real estate projects still struggling to find financing.

According to NAR’s Commercial Real Estate 2013 Lending Survey, members reported a significant disadvantage when it came to financing for buyers of properties under $2 million, which makes up 85 percent of all commercial clients NAR members handle. These small business are typically financed by private investors or local and regional banks. Fifty-two percent of commercial members reported they had commercial transactions fail in the past year due to a lack of financing. We’ve seen our share of that here, too

 

 

Read more…

http://www.reviewjournal.com/opinion/commercial-real-estate-key-las-vegas-economic-rebound

 

U.S. Housing Starts Unexpectedly Tumble 9.9% In June | Mt Kisco Real Estate

U.S. Housing Starts Unexpectedly Tumble 9.9% In June

Housing starts in the U.S. unexpectedly showed a notable decrease in the month of June, according to a report released by the Commerce Department on Wednesday.

The report showed that housing starts tumbled 9.9 percent to an annual rate of 836,000 in June from the revised May estimate of 928,000.

The steep drop came as a surprise to economists, who had expected housing starts to climb to an annual rate of 951,000 from the 914,000 originally reported for the previous month.

While the report may raise some concerns about the outlook for the housing market, Teunis Brosens, Senior Economist at ING Bank, said the data is not as bad as it looks.

Brosens noted that most of the weakness was in the always volatile multi-family housing starts, which plunged 26.2 percent to an annual rate of 245,000 in June from 332,000 in May.

Single-family housing starts showed a much more modest decrease, dipping by 0.8 percent to an annual rate of 591,000 in June from the revised May figure of 596,000.

“While single-family starts are somewhat lower than earlier this year, they are up 11.7% from a year ago, indicating that the trend is still positive,” Brosens said.

Meanwhile, the Commerce Department also said building permits fell 7.5 percent to an annual rate of 911,000 in June from the revised May rate of 985,000.

Building permits, an indicator of future housing demand, had been expected to rise to an annual rate of 990,000 from the 974,000 originally reported for May.

 

 

Read more…

 

http://www.rttnews.com/2152679/U-S-Housing-Starts-Unexpectedly-Tumble-9-9-In-June.aspx?google_editors_picks=true

 

Mt. Kisco Fire Dept. Parade Beats the Rain | Mount Kisco Real Estate

Light rainfall on Friday evening could not stop Mount Kisco’s annual fire department parade, as firefighters from Mount Kisco and many communities in Westchester, Putnam and Fairfield counties joined in. 

The parade went north on Route 117 before taking a loop towards South Moger Avenue, then stopped on Green Street by one of the village’s three firehouses, with refreshments available afterward.

The festivities include several firetrucks, both vintage and modern, bagpipers and several bands.

 

Mt. Kisco Fire Dept. Parade Beats the Rain: Photos – Police & Fire – Chappaqua-Mount Kisco, NY Patch.

Rising mortgage rates hit home affordability | Mt Kisco Real Estate

The much talked-about recovery of the housing market, which has buoyed home sales up from recession lows, has come about through intervention from the Federal Reserve, record low interest rates, and higher home prices that have helped borrowers across the nation improve their financial standing.

Both low interest rates and higher home prices have played a role in the housing recovery changes, but as mortgage rates begin to tick upward, housing affordability will decrease, which in turn could cause a pause in the recovery’s progression.

Evidence of an upcoming bump in the road is not yet evident in the numbers. The most recent figures all pointed to a surging recovery: The Department of Commerce reported that sales of new homes rose in May to the highest annual rate since July 2008, while Standard & Poor’s Case-Shiller index of property values showed home prices posted the highest annual gain in more than seven years in April.

But mortgage rates are now rising higher and faster than previously, though there is little precedent for such movement. Between the beginning of May and the end of June, the average interest rate for a 30-year fixed-rate mortgage surged from 3.59 percent to 4.68 percent, according to the Mortgage Bankers Association. Interest rates are now at their highest level since 2011.

Mortgage rates began a swift climb in early May from record low levels, making May the last month that mortgage rates will boost housing affordability above month-over-month and year-over-year levels, reported the National Association of Realtors. But for month of May, the pressure on affordability came from record-high home prices. In all regions across the United States, affordability was down from the previous month. The South experienced the largest month-over-month drop, and the biggest year-over-year drop came in the West.

According to the association’s report, while affordability will certainly weaken in upcoming months, because the metric is coming down from such a high level, affordability should remain historically favorable despite rising mortgage rates and home prices.

A new survey conducted by Fannie Mae showed consumers believe that mortgage rates will continue to increase over the next year. The number of respondents who thought so jumped 11 percentage points from May to hit 57 percent in June, the highest level in the survey’s three-year history. People expecting home prices to increase over the same period also hit a survey high of 57 percent. Only 7 percent believe prices will decline.

“Consumers may recognize that today’s still favorable mortgage rates and home ownership affordability levels will recede over time,” Doug Duncan, senior vice president and chief economist at Fannie Mae, said in a press release. “Given rising home and rental price expectations and improving personal financial attitudes, more prospective homebuyers may be deciding that now is the time to get off the fence.”

 

 

Rising mortgage rates hit home affordability.

CAR vs. dotloop: Sparks fly in debate over forms software [VIDEO] | Mt Kisco Homes

oel Singer, CEO of the California Association of Realtors (CAR), the U.S.’s largest Realtor association, and Austin Allison, CEO of up-and-coming transaction management platform dotloop, faced off at a special session of Real Estate Connect.

The head-to-head represented a climax to a weekslong public discussion about whether CAR should license its valuable real estate forms so that CAR members, and others using the forms legally, can fill them out by software other than zipForm, a product offered by CAR subsidiary zipLogix.

“As a business, should I have the freedom and ability to choose how I run it?” Allison asked Singer just before placing a cassette tape in a boom box to illustrate an analogy that emphasized his point.

Singer, with copies of dotloop’s terms of use and privacy statements in hand, said that the question about broker and agent choice is moot because ”forms and technology are totally integrated” and zipLogix has add-ons that help agents fill out forms correctly. CAR, as well, he said, has chosen not to work with dotloop because its terms of use and privacy statements are too permissive.

After the 15-minute heated debate on stage, Singer and Allison had a 10-minute cordial, private talk backstage. Allison asked Singer if there was anything dotloop could do to gain access to CAR’s forms, they both told Inman News in separate interviews after their session.

Singer, Allison told Inman News, told him that dotloop would need to amend its terms of use and privacy statements and to beef up the security around its e-signatures.

– See more at: http://www.inman.com/2013/07/11/car-vs-dotloop-sparks-fly-in-debate-over-forms-software-video/#sthash.6iuqv5Gc.dpuf

 

 

CAR vs. dotloop: Sparks fly in debate over forms software [VIDEO] | Inman News.

Bob Vila’s July ‘Must Do’ Projects | Mt Kisco NY Real Estate

Stay tick-free as you plant or play games in the yard, and keep cool indoors while pursuing creative wallpaper projects.

Source: craftsy.com

Source: craftsy.com

Garden smarter

This summer, no matter what you’re planting, whether vegetables to eat or flowers to look at, consider planting your chosen varieties in a raised-garden bed. Simple to build, even for beginning do-it-yourselfers, a raised bed enables you to control many of the factors that otherwise would be left to the whim of nature, namely soil nutrients, drainage and erosion. Not to mention, gardening “off the ground” helps reduce back strain — music to the ears of many, I’m sure.

The first step is to choose a location for your raised bed. Try selecting an area with exposure that lines up with the sunlight requirements of what you wish to grow. If unsure, opt for a spot that receives full sun for six to eight hours per day. Marshy sites are to be avoided, since root rot may be caused by water-saturated soil.

To frame your raised bed, use lumber, stone or hay bales; any number of common materials are appropriate for the purpose. Let style and budget guide your decision-making here. Inexpensive options include concrete blocks and pressure-treated lumber. (Important: Line any treated wood with plastic in order to prevent toxins from leaching into the soil.) Pricier options include brick and natural stone.

As you lay out the perimeter for your raised bed, remember that once planted, you’ll need to reach all the plants within the plot. For that reason, limit the width to three or four feet. The depth should be about one foot, unless you’re planning to add plants with deep roots, in which case it makes sense to build the frame about 18 inches high.

Fill the bed with a sandy clay-loam soil that’s been mixed with organic matter like compost. It’s also equally important to add mulch (try pine straw or mini pine-bark nuggets) after planting, as raised beds are prone to drying out. The task of watering becomes very easy if you outfit your bed with an irrigation system. As they don’t wet the foliage, which can cause mold, microsprinklers or soaker-hose systems work best.

After you’ve carefully planned and set up your raised garden bed, it’s finally time to start planting. This time of year, add seedlings of one or multiple varieties. Next year, you’ll enjoy one of the great advantages to this approach: Because the soil in a raised bed heats up faster, you’ll have a head start of about two weeks come springtime.

Source: meredith.com

Source: meredith.com

Make some backyard fun

Rather than piling into the car and heading for the amusement park, why not make your lawn the go-to destination? No matter how old you are, activities like ring toss and Bocce Ball can provide hours of entertainment right in your own backyard. In the past, you’ve probably gone at least a few rounds in horseshoes, but have you ever played Twister in the grass or tried super-size Jenga? Find old and new favorites in 10 DIY Lawn Games to Bring the Amusement Park Home.

Wallpaper something

Sure, a fresh coat of paint gives life to a tired room, but wallpaper adds color, design, pattern and dimension. Your taste and existing decor will narrow the field of choices, but don’t ignore some of the new faux wallcoveringsthat mimic the look of wood paneling, cork, marble and other materials. Do you have wallpaper scraps left over from previous projects? See creative ideas for reusing them in attractive and unexpected ways.

Keep your cool

Before you crank up the air conditioner this summer, give old-fashioned ventilation a chance. Keeping the air moving within your home can make it considerably cooler.

Of course, proper ventilation goes beyond simply opening a window. There’s a little science to it: If you live in a region where nights are cool, seal your house during the day. (Assuming adequate insulation, it should only heat up about one degree per hour.) In the evening and early morning hours, open windows to circulate cool air, ideally by means of cross-ventilation.

Minimize the amount of heat generated indoors by confining usage of the oven, dishwasher and clothes dryer to those times of day when it’s not so warm. Because even light bulbs can raise the indoor temperature, making the most of daylight is not only cheaper, but cooler as well. Finally, don’t forget about the under-appreciated window fan, which can bring about a summer breeze when all else fails.

 

 

Bob Vila’s July ‘Must Do’ Projects | Zillow Blog.

Content Marketing for Real Estate Agents: Can Blogging Help You Sell Homes? | Mt Kisco NY Realtor

It’s amazing to consider the ways in which online marketing has transformed the real estate industry—and if you don’t believe it, consider some of these figures from a 2012 study from the National Association of Realtors.

The study finds that more than 40 percent of all home buyers find their dream property via the Internet; nearly as many home buyers find their home by consulting with a real estate agent, and in many cases, these agents are found through the Web. But what about those old-fashioned newspaper ads, once so prized by real estate agents?

In today’s world, they account for only 2 percent of the homes found and purchased. What all of this suggests is that, for the real estate sales professional, the Internet represents the best, most cost-effective place to spend one’s marketing budget—by a long shot. Of course, this is something that most real estate agents have come to terms with.

The trouble that many have is deciding on the best way to reach leads on the Web. Increasing Visibility Means Drawing in Homebuyers The secret is in understanding that, for realtors, successful online marketing is all about improving visibility. That same NAR study reveals that the overwhelming majority of homebuyers never call more than one real estate agent—meaning that the first agent they come across is the one who gets their business.

Additionally, the NAR’s 2013 “Field Guide to Quick Real Estate Statistics” notes that 90 percent of homebuyers use the Internet as a primary tool in their real estate quest. The bottom line?

When people want to buy homes, they don’t flip to the Real Estate section of the local paper, and they don’t pick up the print catalogs that are on display outside supermarkets. They turn to the Web, they conduct a Google search, and they seek out a real estate agent who has high visibility—an agent positioned on the Web as someone who is knowledgeable, helpful, authoritative, and, above all available.

Content Marketing Tips for Real Estate Professionals In many ways, content marketing is the perfect way for real estate agents to position themselves in this way. Content marketing is all about selling without selling—not about constant self-promotion, but rather about sharing helpful and informative content that establishes the agent as someone consumers can trust. As an added bonus, helpful content like this is what Google and Bing favor—so content marketing empowers real estate agents to achieve high visibility and superior rankings on online searches.

What kinds of helpful and informative content can agents share? A few ideas come to mind: Share local market data and statistics. What are the “hot” neighborhoods in your city or town? Where can local home seekers find the best deals on the most valuable properties? For buyers who do not know exactly where to begin their real estate search, information like this can be priceless.

Share tips for first-time homebuyers. This is, after all, a daunting process for many, but when you share handy info on applying for loans, negotiating closing costs, conducting home inspections, and so on, you cultivate trust with potential buyers.

Share home maintenance tips, proving that you’re interested in the long-term satisfaction of your clients, and that your expertise doesn’t end when all of the papers are signed. Share information about local schools and community events, which can be helpful for those moving from another city or state.

Finally, there is certainly nothing wrong with sharing some of your own more attractive listings, from time to time!

Read more at http://www.business2community.com/content-marketing/content-marketing-for-real-estate-agents-can-blogging-help-you-sell-homes-0538077#akA1qQyPkCq7ZUDe.99

Content Marketing for Real Estate Agents: Can Blogging Help You Sell Homes? – Business 2 Community.

Help buyers see the potential of modest homes | Mt Kisco Real Estate

If you have worked long enough as a real estate agent to have sold a few houses, you have probably sold homes that are unusual or less than perfect. You know that there is a lot more to being a real estate agent than iPads and smartphones.

Most agents don’t just sell pretty houses. People come to us with a variety of interesting properties and situations that we need to make the most of.

We should not be making fun of our clients’ homes or their decorating choices. We should give suggestions to make the home more salable, and then work with what they give us.

I have learned to be very open-minded and creative when it comes to listing and selling houses. As an agent, sometimes I can persuade homeowners to make some changes to help sell their home. Sometimes I cannot.

Sometimes sellers can’t afford to make the changes I suggest, and other times they don’t want to. It’s my job to sell the house, but I don’t have much control over what I am selling.

Early on in my career I sold one of the ugliest houses I have ever seen, and it smelled bad, too.

– See more at: http://www.inman.com/2013/07/05/help-buyers-see-the-potential-of-modest-homes/#sthash.7Y5Fmd6k.dpuf

 

Help buyers see the potential of modest homes | Inman News.