Category Archives: Mount Kisco

Troubleshoot home repairs and save | Mount Kisco NY Real Estate

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Book Review
By the time you see this, I pray that Hurricane Sandy will have wound herself down, giving our East Coast friends and neighbors a moment’s rest before they begin putting their homes and towns back together again. There were many stories of heroism and rescue to come out of this disaster, but one that touched me personally probably failed to make many front pages.

Brooklyn, N.Y., writer Deanna Zandt realized early on in the storm that the wind had blown her home’s fire hatch wide open. In her own words:

“I went to the back of the house, slowly, and noticed light and a breeze coming through the cracks of the doors of my back closet. Opened the doors to find that the lid to the fire escape roof hatch had blown off. Here’s the problem with this whole lid-blowing-off thing: it’s not just the rain. An open window/door/whatever during a hurricane creates a pressurized situation that allows very little wind force to lift a roof right off of the house. Only thing we could do was take turns holding on. Holding on to our roof.”

Zandt and her landlords spent the next six hours — six hours! — taking turns holding their roof down, with a rope; she chronicles her household’s extraordinarily brave, smart and ultimately successful efforts in a comedic/terrifying blog post, here.

MacGyver wouldn’t be proud: He’d be in awe. Zandt detected the issue and was able to heroically avoid true disaster only because she and the others in her household (and some family members from afar) realized it presented a much graver danger, if not dealt with, than it would appear on the surface. They understood how a home works, and that positioned her to hold onto her roof. Literally.

When it’s time to study up on real estate, often in anticipation of buying a home, we tend to focus on the transactional and financial aspects of the experience. We read books and blogs on homebuying; we download lists of interview questions to ask agents; and we fixate on what to offer and when to lock our interest rates. We tend to leave the understanding of the literal nuts and bolts of our properties themselves to the inspectors, investing blind trust in them mostly because in this day and age where we focus on digital information and content, it’s much, much harder to wrap our heads around the physics, engineering, mechanics and myriad moving pieces of what is still legally called “real property.”

But this knowledge is essential — and it doesn’t have to be painful to acquire. I can’t tell you the number of times, as the owner of a home in pretty great condition, I have had to call on my relatively rudimentary knowledge of building basics, acquired through years of selling real estate, reading inspection reports and compacting myself into crawl spaces that my own clients, the owners-to-be, have never been in, alongside the inspectors.

If you are planning to buy or build a single-family home, or you already own one, listen up. I’m about to make a bold statement. You should own this week’s book: “How Your House Works: A Visual Guide to Understanding and Maintaining Your Home,” by Charlie Wing.

“How Your House Works” is precisely what it says it is: a beautifully illustrated, diagram-packed, no-frills guide to every component and system of your home complete with super-short, plain English mini-tutorials that explain each visual.

Don’t be intimidated by the idea of diagrams: Wing, a national home improvement and repair authority, strips back each one to no more than a handful of the most important elements you absolutely need to know to understand the basic function of whatever home system is being covered, from framing to faucets — no more, and no less.

“How Your House Works” is written on two foundational (pardon the pun) assumptions: (a) that most repairs your home will ever need are very, very simple; and (b) that understanding how to fix something requires that you understand how it will work. Wing is not seeking to inspire us each to channel our inner Bob Vila; rather, he’s trying to help us avoid stories like his friend’s, who had to pay a $150 site visit fee for the plumber to pluck a pistachio shell out of the dishwasher, instantly stopping the noise it was making.

Having even a basic understanding of how your home works empowers you to save potentially thousands of dollars during your time in the property on unnecessary repair visits and calls, positions you to speak knowledgeably about what needs to happen with contractors when you do truly need them, and minimizes downtime from supposedly “broken” appliances and systems that might not really require much more than a tightened screw, a replaced bolt or a new washer.

And “How Your House Works” does this, elegantly and manageably, for 10 categories of home elements: pluming, electrical, heating, cooling, air quality, appliances, windows and doors, foundation and frame, outdoors (think: lawnmowers, chainsaws, sprinklers and septic), and a more aspirational section on sustainable home elements, like timed thermostats and solar heating.

So, get this book. If you’re buying a home in an area where many sellers have prelisting inspection reports available, it’s not at all premature to buy the book before you even find “the one”; and it’s certainly not overkill to flip through it before you attend your own home’s inspections or while you’re reading the reports. And homeowners, consider yourself on notice: The knowledge in this book can save you money, drama and in the most dire of circumstances, immeasurably more.

Regulators teaming up to build national mortgage database | North Salem NY Real Estate

Two federal agencies are teaming up to create a national mortgage database they say will help them track emerging mortgage and housing market trends and support policymaking and research.

The Federal Housing Finance Agency (FHFA), which regulates mortgage giants Fannie Mae and Freddie Mac, and the Consumer Financial Protection Bureau (CFPB) have signed an agreement outlining the terms of the database’s development, maintenance and funding. An early version of the database, which will aggregate data spanning the life of a mortgage loan, is expected to be complete in 2013.

“This partnership between FHFA and CFPB will create a unique resource that benefits the government and public as we seek to answer important questions about how the housing finance market is evolving and changing,” said Edward J. DeMarco, FHFA’s acting director, in a statement.

CFPB Director Richard Cordray said the database would be a valuable tool for regulators and researchers.

“In order to understand what is going on in the mortgage marketplace and develop appropriate consumer protections, we must have the best facts and data,” Cordray said in a statement.

At least two real estate industry players have set their sights on providing government agencies as well as lenders and secondary mortgage market investors with high-quality analytics products based on public records data and real-time multiple listing service data nationwide: National Association of Realtors subsidiary Realtors Property Resource (RPR) and data aggregator CoreLogic’s Partner InfoNet.

Both initiatives depend on the participation of individual MLSs, which number roughly 900 across the country. Despite some success in MLS adoption, RPR has not achieved the national coverage required by big banks and federal agencies who indicated interest in purchasing analytics from RPR, NAR CEO Dale Stinton told Inman News last week. The initiative has subsequently generated very little revenue and has cost NAR nearly $58 million to date.

“The disappointment is far less about the revenue shortfalls, and far more about the fact that this nationally scaled data could have and still can be a tremendous, reliable, real-time source of market information for the big banks and the federal agencies,” Stinton said.

“They tell us, in plain terms, that this information could considerably speed up the short-sale/foreclosure pipeline clog that has existed for several years and continues to be among the most frustrating aspects of our members’ daily business lives.”

Ben Graboske, CEO of CoreLogic MarketLinx, has declined to disclose how much revenue the company has generated from Partner InfoNet, but has said most of the initiative’s customers are lenders and government agencies.

“All of the big lenders and government agencies are very interested in this data. It’s hard to size the market … but the demand is absolutely there and the demand is absolutely growing,” he told Inman News.

Contract awarded to Experian

Regulators say they’re building their own database in order to track the relative health of mortgage markets and outcomes for consumers; provide insights on consumer decision-making; monitor the volume and performance of mortgage products and identify potential risks; view both first and second-lien mortgages for a given borrower; and understand the impact of consumers’ debt burdens.

The database will not contain personally identifiable information, they said. The database will track a loan from origination through servicing and include the borrower’s financial and credit profile, the mortgage product and terms, the property purchased or refinanced, and the ongoing payment history of the loan.

The agencies will match a nationwide sampling of credit bureau files on borrowers’ mortgages and payment histories with “informational files” from the Home Mortgage Disclosure Act (HMDA) database, property valuation models, and other data files, the agencies said. The data will track as far back as 1998.

On Sept. 27, the FHFA awarded Experian Information Solutions an $11.1 million contract to collect and compile consumer credit record files and merge them with other data sources to build the database.

Updated monthly, the database will fulfill an FHFA requirement under the Housing and Economic Recovery Act of 2008 (HERA) to conduct a monthly mortgage market survey, the agencies said.

They noted that, although the mortgage market is the single largest market for consumer finance, there is a lack of comprehensive data available on a complete, national scale.

“Multiple federal and state agencies, as well as private vendors, collect and maintain information, but there is no single database that contains all information in one place,” the agencies said.

“The creation of the National Mortgage Database will be the first step in a broader strategy to help streamline data for research and policy analysis and to ensure accurate, comprehensive information is more easily accessible for monitoring the market.”

County, NY state hit utility on complaints of slow restoration efforts after Cuomo order | Lewisboro Realtor

State and county officials had what appeared to be the first confrontation with a utility to speed up the restoration of power after the storm following Gov. Andrew Cuomo’s warning to companies to act fast.

State Director of Operations Howard Glaser said the response by New York State Electric and Gas Corp. to its customers without power in northern Westchester County was “silence, darkness and an utter lack of any NYSEG presence whatsoever.” Glaser then proposed a new motto for NYSEG: “Lights out, Nobody’s Home,” according to an email he sent to NYSEG President Mark Lynch that was obtained by The Associated Press.

“Any objective assessment is that NYSEG is by far the poorest performing utility in this situation in the state,” Glaser wrote.

An NYSEG spokesman said the utility was slowed by the number of trees downed during the superstorm, but more crews were coming in to help with its restoration efforts.

Cuomo and Westchester County Executive Robert Astorino were assigning monitors to watch NYSEG’s progress. Glaser said, if necessary, Cuomo would order another utility to take over the restoration effort for NYSEG customers.

Westchester County Executive Robert Astorino on Thursday said he and state officials met with the utility’s president Wednesday after residents complained. Officials said crews weren’t working to restore power the way other utilities were and the process was moving too slowly or was nonexistent.

Astorino says NYSEG also wasn’t communicating adequately. Public works crews were forced to wait to clear streets of trees and debris until they heard from NYSEG if downed lines were safe, he said.

NYSEG had about 114,000 customers without power at the peak, a tally that was down to about 80,000 by midday Thursday. The pace was similar to other utilities in New York: Statewide, the peak number of power outages was 2.2 million, down to about 1.6 million by midday Thursday. In a statement Thursday, the company said the majority of customers downstate should have power back by midnight Sunday, but some won’t get electricity back until midnight on Nov. 7.

The Cuomo administration said the volume of complaints from NYSEG’s northern Westchester service area prompted a tour Tuesday night, where they said they found none of the crews at work chain-sawing and splicing, as Consolidated Edison crews were doing. In addition, Cuomo spokesman Josh Vlasto said, NYSEG was singled out because it was slowest to return power the Metropolitan Transportation Authority needed to clear tunnels and power trains and pumps.

A NYSEG spokesman in Westchester didn’t immediately respond to questions about the meeting and the complaints, but a corporate spokesman, Dan Hucko, said the first essential task was to make sure the main transmission line was safe to handle power. That required walking and driving along the line and observing it by helicopter.

“That takes time, especially in Westchester and Dutchess and Putnam counties, because of the trees that were down,” he said. “It’s a pretty long, involved process. We have a lot of crews there and we are sending more crews down there on an hourly basis.”

He said crews from NYSEG’s sister company in Maine had completed restoration work at home Wednesday night and were headed to New York on Thursday to help out.

“I can imagine in some of the states and residential areas that people haven’t seen our crews because they have not gotten there yet, and there are other crucial elements.”

Astorino told the AP his meeting with Mark Lynch, president of NYSEG, was “very frank, candid and sometimes uncomfortable.”

“There was an obvious breakdown in communication between NYSEG and local communities that needed to be fixed immediately,” he said. “I don’t think there was a lot of lost time. There was some frustration.”

Astorino said he thought “things have gotten a little better” since his meeting with Lynch.

Mount Kisco NY Real Estate | New home sales shoot up 5.7% in September

New single-family home sales rose 5.7% from August to September, with 389,000 homes sold last month, according to the  U.S. Census Bureau.

That is up from 368,000 sales in August and 27.1% above year ago levels when only 306,000 units were sold.

The median sales price of a home in September hit $242,400 while the average price hovered at $292,400.

“September’s rise in new home sales is another sign that homebuyers are becoming more willing and more able to splash out on a new home,” research firm Capital Economics said in response to the report.

The number of new homes for sale at the end of September reached 145,000, which reflects a 4.5-month supply of homes at today’s sales pace.

Econoday called the jump in home sales the best annual rate increase since mid-2010 when the market was still benefitting from homebuyer tax credits.

“September’s gain is convincing and is led, with a 16.8% jump, by the South which is far larger than all other regions combined,” Econoday said. “Supply, at 4.5 months for the lowest reading since 2005, is very tight and is limiting sales.”

North Salem NY Real Estate | Mortgage applications down 12%, rates edge up

The number of mortgage applications filed by potential homebuyers and refinancing borrowers fell 12% for the week ending October 19, an industry trade group said.

The steep drop is attributed to an upward adjustment made a week earlier to account for the Columbus Day holiday, according to the Mortgage Bankers Association. When reviewing the numbers on an unadjusted basis, applications fell 2%.

The MBA noted that refinancing activity declined 13% from the previous week while home purchase applications fell 8%. The trend of slowdowns is expected to continue.

The MBA is warning it expects to see $1.3 trillion in mortgage originations during 2013. This is down more than 25% from its revised estimation of $1.7 trillion in 2012.

As applications declined, rates went up with the average 30-year, fixed-rate mortgage on a conforming loan increasing to 3.63% from 3.57%.

The 30-year jumbo FRM also grew to 3.85% from 3.81% last week.

The 30-year, FRM backed by FHA edged up to 3.41% from 3.34%, while the average 15-year, FRM hit 2.96% from 2.87% last week.

The 5/1 ARM also grew to 2.72% from 2.59%.

via housingwire.com

Robert F. Kennedy Jr. Property in Westchester County Is for Sale | Mt Kisco Real Estate

A listing on the Web site of Ginnel Real Estate refers to the three-story, 10,000-square-foot colonial-style home, in the Mount Kisco area, as a “state-of-the-art and eco-friendly country estate” with geothermal heating and cooling, energy-efficient appliances and fiber-optic lighting. It sits on 10 acres on South Bedford Road.

Muffin Dowdle, the agent listed as managing the sale, did not respond to requests for comment.

The names of Mr. Kennedy and his estranged wife, Mary R. Kennedy, appear on a deed for the property, as well as on a record of a $500,000 mortgage taken out on the residence in June 2010.

The Kennedys were embroiled in divorce and child-custody proceedings in the period before Ms. Kennedy’s death. The body of Ms. Kennedy, 52, was found in a barn on the property. The medical examiner said she died of asphyxiation after hanging herself.