Category Archives: Mount Kisco

Property boom in Canada continues | Mount Kisco NY Real Estate

Canadian home prices increased by 5.2% in May compared to same month last year, according to the Canadian Real Estate Association (CREA).

The data released by the industry group shows that the greatest property price growth was recorded in Toronto, up 7.9% year-on-year. Prices appreciated by 4.8% in Calgary, 3.3% in Vancouver, and 2.2% in Montreal.

The rapid rise in Canada property prices is becoming a growing concern for policymakers due to fears of a housing bubble in the country.

The federal government has already introduced various measures aimed at cooling the market, including tightened rules for borrowers and mortgage lenders.

The increase in the Canada home price index for May was the same as April’s annual gain.

“If the government needed further validation to tighten its mortgage rules yesterday, it has it with the May home price report,” Sal Guatieri of BMO Capital Markets.

CREA’s chief economist, Gregory Klump, commented: “The continuation of low interest rates will continue to support Canadian housing activity and prices for some time to come.

Mortgage application filings remain mostly unchanged | Mount Kisco NY Real Estate

The number of mortgage applications filed in the U.S. remained virtually unchanged for the week ending June 15, with the number of filings edging up a slight 0.8% from a week earlier. 

Overall, home purchase applications dropped off while refinancing activity slowed to a moderate pace, the Mortgage Bankers Association said.

The refinance index increased 1% from a week earlier, according to the latest MBA survey. Meanwhile, the purchase index declined more than 9% from the previous week and is down 2% from a year ago.

“Refinance volume increased again last week, but the composition of activity changed markedly,” said Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association. “Despite rates remaining near all-time lows, conventional refinance application volume declined, and the HARP share of refinance activity dropped to 20%.”

He added, “On the other hand, FHA refinance volume exploded to an all-time high, more than doubling over the week. New, lower FHA premiums on streamlined refinance loans came fully into effect, and borrowers seized the opportunity to lower their mortgage rates without increasing their FHA premiums. Purchase activity fell off last week, but this is likely only a recalibration following the Memorial Day holiday, as the level of activity remains within the narrow band seen for the past three years.”

Refinancings during the weeklong period made up 81% of total applications, compared to 79% a week earlier.

The 30-year, fixed-rate mortgage with a conforming loan balance of $417,500 or less declined to 3.87%, matching the lowest rate in the survey’s history. Meanwhile, the average 30-year FRM with a jumbo loan balance declined from 4.12% to 4.06%, the lowest rate recorded for that particular product.

In addition, the 30-year, FRM backed by the FHA edged up from 3.71% to 3.72%, and the average 15-year FRM increased from 3.23% to 3.25%. The 5/1 ARM rate declined to 2.75%, its lowest rate yet.

Return of the Bubble Markets: Apartments Rising in Phoenix Again | Mount Kisco Real Estate

In 2009, when a host of companies were seeing their portfolios foreclosed upon by banks, it was hard to imagine debt and equity lining up behind apartment deals in the market anytime soon. Flash ahead three years and that’s exactly what’s happening.

Right now, there are seven properties and 2,497 units in the market under construction and another 49 properties, totaling 15,164 units, on the way, according to Axiometrics. Not surprisingly, local powerhouse Alliance Residential is one of the leaders right out of the gate. Already, the company has started the 270-unit Broadstone on Camelback, which is near the Biltmore Fashion Park area. It also has a 264-unit project and a 269-unit deal on the way.

Alliance’s Ian Swiergol says the projects have a couple of common bonds. They’re infill sites near retail and job centers and on land that would have gone to high-rise hotel or condo developers in the mid-2000’s boom. “These types of projects were not available in the last development cycle,” he says.

With rents on Class A projects moving 9 percent in 2010 and another 6 percent in 2011, according to Swiergol, it’s easy to see why developers like Alliance, Denver-based Archstone, and Phoenix-based Grey Development want to build in the market. But in Phoenix, like Florida, you always want to know how much is too much. Some observers in the market think these projects with high rents per square foot may not meet market needs.

“It happens so quickly,” says Nick Ingle, director of capital markets for the Phoenix office of Hendricks and Partners. “I think the overall market can sustain the number of units that we’re delivering, if they are all constructed. However we’re delivering them primarily at three intersections and they’re all triple Class A brands.”

Especially since, Ingle says, 12 properties are potentially coming online near Scottsdale Fashion Square Mall, by Kierland Commons and near The Biltmore in Phoenix.  “They’re great locations and these markets tend to be the more moneyed, which means it’s the renter by choice.”

But with hardly anything permitted in 2010 and 2011, there’s room for growth. “Phoenix has lagged in this development recovery,” says Ron Witten, president of Dallas-based Witten Advisors. “With good job growth, new units are warranted.” 

3 Quick Tips to Get Your Next Post Out On Time | Mount Kisco NY Real Estate

The old cliché, “time is money” is particularly true for any professional writer—especially when you’re on deadline. The consequences of missing deadlines are lost money, work, and credibility.

As a former journalist (a.k.a hourly deadline writer) for more than a decade, I know that deadline writing is a skill that can be enhanced. Here are three unconventional tips I learned from the newsroom, which might just help you meet your next post deadline.

1. Treat every writing assignment as a project

Most of my journalism career was as a radio news anchor and TV reporter in Rochester, NY—the home city of five different Fortune 500 companies.

Most of the news in that market had a business focus, and I enrolled in business courses to help sharpen those skills. The course that most improved my ability to write to deadline was not a writing course at all—it was a Project Management class.

Every writing assignment should be viewed as a project with actionable tasks, milestones, resource needs, time management requirements, and a final deadline.

While each writing project plan will vary based on its specific needs, they all have some common steps to help organize your writing.

Steps such as developing timelines, identifying content experts, listing story dependencies, and task prioritization dramatically helped me become a more disciplined and deadline-driven writer.

2. Create an interview log

Eventually, every writer talks to another person or expert to gain information regarding a writing project. A digital recorder is a very useful time-saving tool in this regard.

The time-saving trick occurs when you jot down the time code, listed on the device’s display, each time your expert gives a great answer. That written interview log will save tons of time as you select quotes for the writing project.

Another tip is that, since every state has different wiretapping and recording laws, it’s useful to have your expert acknowledge the fact they’re being recorded on the actual recording itself before you start asking questions.

Also, when you’re up against a deadline, it’s useful to capture your own thoughts on the recorder since the average person can talk nearly three times as fast as they can type. Dictation while driving or standing in line helps transform “dead time” into “deadline-driven” time. You can then transcribe your recorded thoughts later, and create that post much more quickly.

3. Enhance your ability to focus

Your ability to focus is the single most important aspect of writing to deadline.

Every newsroom I’ve every worked in has a large bank of Bearcat-type scanners monitoring hundreds of specialized frequencies for police, fire, ambulance and rescue activity to track breaking-news emergencies. On top of that is the auditory barrage from the block of elevated TV screens to keep an eye on competing news outlets. Plus, there’s the obligatory newsroom noise from 20-30 reporters, editors and producers clattering on keyboards or chattering on phones working toward their respective deadlines.

The ability to focus and write meaningful content in that cacophony was a necessary skill for deadline writing that extends beyond the newsroom.

Even if you never set foot in a newsroom, you can practice your ability to focus.

Start by turning up the volume on your television to a distracting decibel, as well as a nearby radio, while someone is simultaneously vacuuming the living room. Do it, really.

Then give yourself 30 minutes or so—in the midst of that noise—to write a blog post that you fully intend to use, or some other writing project you’re working on.

If you do this focus-challenging exercise once a week your ability to focus, think, and write under extreme circumstances will improve—as will your ability to write to deadline.

Bottom-line: deadline

These deadline-driven tactics can result in real time-saving benefits for virtually any writing project or writing ability.

If you practice them, they could be the difference between making or missing your next deadline‚ and when it comes to blogging deadlines, the time and money you save is most often your own.