Category Archives: Pound Ridge

Pound Ridge NY Real Estate | Little Joe’s Books to Open in Katonah – Bedford-Katonah, NY Patch

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With its colorful displays, whimsical gifts and fresh roasted coffee, NoKa Joe’s is already a magnet for parents and kids from Katonah and nearby.

It’s about to become an even bigger draw for families when Judy Moody and the Magic Tree House are sold upstairs from the lattes and jellybeans.

The new children’s bookstore will be called Little Joe’s Books and it opens on the second floor at 25 Katonah Avenue, this October.

The decision for Cook to open a children’s bookstore was multi-faceted—she loved the idea, she wanted to fill a void left by the closing of Borders Books in Mt. Kisco, and she wanted to respond to customers who told her over and over to open a bookshop. In fact, on a recent survey of her customers on how to improve her store, “open a bookstore” was the top response.

“I love books,” said Cook, whose father was a doctor and mother a junior high school librarian who organized the family library by the Dewey Decimal system.

“But I assumed I’d be crushed by Borders. But now, the nearest bookstores are in Ridgefield and Pleasantville. The day the fixtures went on sale at Borders, my husband [Bedford town councilman, Peter Chryssos] told me it was now or never,” said the 50-year-old businesswoman.

Her shop arrives just after the big-box store sells off the last of its inventory and locks its doors. In fact, the Little Joe’s will be lined with 11 huge bookshelves and some accessories Cook purchased from Borders. In addition, Cook promises, cozy rugs and chairs and a table will encourage shoppers to linger and socialize.

The space at 25 Katonah Avenue has undergone several transformations since Cook first leased it in 2001. First, Cook took over existing flower business, the Enchanted Florist, and sold gifts upstairs. When she replaced flowers with fresh-roasted coffee and eclectic gifts five years later, she continued the gift shop but later moved furniture upstairs and sold it on consignment. It’s also been an art gallery and jazz music stage.

Solidifying a new brand for the space is a goal with its new name, Little Joe’s Books.

“I wanted a break from NoKa; it’s been so many things that it has no brand left. But still, I still wanted some connection with our existing business downstairs—so NoKa Joe’s, and Little Joe’s Books.”

The winning name was submitted by Stephanie Scott and selected from over 100 customer-submitted suggestions.

A former Wall Street marketing director, Cook’s professional experience has involved hiring, managing departments and a lot of “take this project and figure it out,” she said. Even with her entrepreneurial bent and business savvy, she’s never run a bookstore and is receiving some advice from her sister, who owned a bookstore in Cook’s hometown of Old Saybrook, CT.

And what books will stack the shelves?

“I’m open to suggestions,” she said. “I’m working with a wholesaler, and they help select titles—but I’m also consulting with my sister and some local residents who have great ideas.”

She also plans to carry “games that are smart” and other gifts, but the shop will “first and foremost a bookstore,” Cook said.

Known to many as “Noka Jen,” the former president of the Katonah Chamber of Commerce and Katonah resident of over 20 years is excited about the next chapter in her business life and hopeful for its success.

“Maybe in this world of Amazon and Kindle downloads, children’s books will be an area not picked away. I know that as a mom, I wanted to feel a pop-up book—and kids want tactile experiences, toddlers want to chew the bath book. I love our role in family life in Katonah, and I hope it’s the right business segment for the town.”

 

 

via bedford.patch.com

Pound Ridge Homes for Sales | School Districts Hope to Open As Scheduled – Bedford-Katonah, NY Patch

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Without power, schools won’t be able to open on time. But local school officials are hoping that’s not the case.

“Safety is our biggest concern,” said Jere Hochman, Bedford Superintdendent of Schools, on Tuesday afternoon. “We have sports activities running today outside and we plan to have new teacher orientation tomorrow. But we are exploring all of our options and if we don’t have power on campus by Friday, it’s a possibility that we could delay opening day.”

Hochman said he planned to send out an official message to district parents sometime on Tuesday.

Katonah-Lewisboro Superintendent of Schools, Paul Kreutzer, released a statement Tuesday afternoon saying that the district planned to open as scheduled. Lewisboro and Meadow Pond Elementary Schools and the middle and high school have no power.

“On a more positive note, Katonah Elementary School and Increase
Miller Elementary School, along with the District Offices, are operational and are currently being used by District staff to prepare for the opening of school,” said Kreutzer in a statement, which is posted on the district’s website.

The district has closed all buildings to the public through Tuesday, Sept. 6, which has led to the cancellation of the following activities:

  • Kindergarten orientation

  • New student orientation

  • Teacher meetings

  • Meetings with Guidance Counselors

  • Student appointments

  • Teacher training

  • Other social events

Check back with Patch for updates to this story later in the week.

via bedford.patch.com

Pound Ridge NY Real Estate | Is Now a Good Time to Buy Real Estate?

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People always ask, “Is it a good time to buy real estate?” The answer is always, “Yes, but it depends.” In order to make that determination for you, we first must understand the three most important words in real estate:

Long-Term Ownership

We buy property, whether a personal residence or for investment, in hopes that we are financially better off down the road than we are today. The chance of that occurring is very low if one does not own real estate for at least five or more years. The reason is that transaction costs, repairs, monthly ownership costs higher than comparable rent, and ownership hassles dictate that it is better to invest your money elsewhere and stay as a renter if you are not sure you will own long term.

Therefore, since you are going to be a long-term holder (the longer the better) you really should not be that concerned with short-term current market price fluctuations because ten years from now the home’s value will be more than it is today.

What you should be concerned about is finding a house that you “love”— one that fits all the right reasons you want to own that particular property for a long time!

That could almost be the end of this article…but there are a few more issues to consider to make sure it is a good time for you to buy property. If you fail any of the below tests, you should think through the issue(s) and whether or not it really is a good time for you personally to buy.

1. You are planning to be a long term holder, 5+ years of course

2. For owner occupants – payments are affordable and you have a steady job

3. It isn’t significantly more expensive to own over renting – this very important.

4. For investors – It makes cash flow sense, 4-5 percent-plus cash on cash. The higher the better but watch out for returns that appear too good to be true.

5. It is the RIGHT property for you for all the right reasons; you “love” it!

6. It is fairly priced relative to the recent comparable market sales in the immediate area for similar properties

7. You plan to own it for a long long long time!

8. Vacancy isn’t too high in the area. This is very important whether an owner occupant or investor. Empty unstable neighborhoods or communities have a higher risk of vandalism and risk downward price spirals.

9. It is in decent shape and doesn’t need much fixing-up. Skip the junkers, the ones with foundation issues, or anything labeled as “needs a little TLC” in the listing, as that means it is a wreck. Leave the fixers for the contractors. And doing it yourself doesn’t usually save you much money.

10. It is not near a big vacant parcel, non-residential zoned parcel, empty or retail/industrial/religious site where you are not 100 percent sure what is going to be built or in use there. A new use of that land could impact your “quiet enjoyment” of your residential unit.

11. You complete the proper due diligence steps to reduce your risk as much as possible. Mind your contract terms and contingencies, pencil out your deal, get a couple of bids on financing and dissect your GFE, review the HOA condition, review the property condition, make sure you have the right type and amount of property insurance in place, make sure you adequately review the title abstract and title policy and everything else you need to do to lower your risk.

12. And you plan to own it a long long time!

Those Three Important Words? I laughed when someone once said “location, location, location” were the three most important words in real estate. Not only is that actually only one word but we pay a handsome premium for “location” and is that premium worth it? It may or may not be, but “long-term ownership” are by far and away the three most important words in real estate.

To summarize: Subject to the above issues, it is always a great time to buy real estate but:

  • Not for everyone,
  • Not at any price, and
  • Not just any property.

Find a house you love or rental property that makes sense, that you will own for a long time, is in decent shape, lock in a long-term mortgage and sleep well.

Leonard Baron, MBA, CPA, is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including “Real Estate Investment – Rental Properties, Foreclosures, Short Sales” and “Buying a House, Condo or Townhome – Guide to Smart Purchasing” and loves kicking the tires of a good piece of dirt! See more at ProfessorBaron.com.

via zillow.com

Pound Ridge NY Real Estate | RobReportBlog | Real Estate market update

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Pound Ridge NY Real Estate has 19 months of inventory putting pressure on prices.  In order to sell owners have to price agressively.  Those homes that have sold look great and are great buys.  Everyone who has not sold is over-priced.

April3_038

Active Pound Ridge homes for sale

90   homes for sale

$1,094,5000   median price

137  average DOM

3919  average size

$362  average price per foot

 

Sold Pound Ridge homes (six months)

28   homes sold  (4.66 sold per month)

$684,000   median price

177  average DOM

3673  average size

$223  average price per foot

 

Find a Pound Ridge Home

Pound Ridge NY Real Estate | Slowdown Impacts Commercial Real Estate Markets, Modest Improvement Seen

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For more information, contact:
Walter Molony 202/383-1177 wmolony@realtors.org

Slowdown Impacts Commercial Real Estate Markets, Modest Improvement Seen

Washington, DC, August 25, 2011

Commercial real estate vacancy rates are flat and projections for growth have been moderated because economic growth and job creation have been weaker than expected, but modest improvements are expected over the coming year, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the weakening economy will slow the growth in demand for space. “Disappointing economic growth in recent months means a slower recovery for most of the commercial real estate sectors, although multifamily housing continues to benefit from pent-up demand resulting from an abnormal slowdown in household formation in recent years,” he said. “Many young people, who normally would have struck out on their own from 2008 to 2010, had been doubling up with roommates or moving back into their parents’ homes. However, they’ve been entering the rental market as new households in stronger numbers this year. As a result, apartment vacancy rates are declining and rents are rising at faster rates.”

Growth in the Gross Domestic Product slowed to 0.4 percent in the first quarter and 1.3 percent in the second quarter, much lower than the 4 to 5 percent expansion needed after a recession.

“A healthy recovery is already occurring in the multifamily sector, with average apartment rent expected to rise 2.5 percent this year and another 3.2 percent in 2012,” Yun said. “Normally, rising rents correspond to rising home prices. However, this isn’t happening in this recovery because buyers are constrained by unnecessarily restrictive mortgage underwriting standards, so the underlying demand isn’t drawing inventory down quickly enough to support price growth.”

Looking at commercial vacancy rates from the third quarter of this year to the third quarter of 2012, NAR forecasts vacancies to decline 0.3 percentage point in the office sector, 0.6 point in industrial real estate, 0.7 point in the retail sector and 0.9 percentage point in the multifamily rental market.

The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of 266 local market experts,1 shows an erosion in market conditions. All regions posted declines except the West.

The SIOR index, measuring the impact of 10 variables, declined 2.6 percentage points to 54.9 in the second quarter, following a strong gain of 6.8 percentage points in the first quarter.

The SIOR index remains well below the level of 100 that represents a balanced marketplace, but had seen six consecutive quarterly improvements prior to last quarter’s decline. The last time the index was at 100 was in the third quarter of 2007.

Fundamentals are largely unchanged, with vacancy rates relatively flat. Eight out of 10 respondents said office and industrial leasing activity is below historic levels, and seven out of 10 said asking rents are below a year ago. It remains a tenant’s market, with many tenants benefiting from moderate concessions and rent discounts.

Construction activity is nearly nonexistent in most areas, and it is a buyer’s market for development acquisitions. Local experts said commercial office and industrial prices are below construction costs in 83 percent of markets.

NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK2 offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS, Inc.,3 a source of commercial real estate performance information.

Office Markets

Vacancy rates in the office sector are forecast to fall from 16.6 percent in the third quarter of this year to 16.3 percent in the third quarter of 2012.

The markets with the lowest office vacancy rates currently are Washington, D.C., with a vacancy rate of 8.6 percent; New York City, at 10.1 percent; and Long Island, N.Y., 13.0 percent.

Office rents are expected to rise 0.8 percent in 2011 and another 1.5 percent next year. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is projected to be 28.3 million square feet this year.

Industrial Markets

Industrial vacancy rates are likely to decline from 12.7 percent in the current quarter to 12.1 percent in the third quarter of 2012.

At present, the areas with the lowest industrial vacancy rates are Los Angeles, with a vacancy rate of 5.5 percent; Orange County, Calif., 6.2 percent; and Miami at 8.9 percent.

Annual industrial rent is expected decline 0.9 percent this year before rising 2.0 percent in 2012. Net absorption of industrial space nationally should be 47.8 million square feet this year.

Retail Markets

Retail vacancy rates are projected to decline from 12.9 percent in the third quarter of this year to 12.2 percent in the third quarter of 2012.

Markets with the lowest retail vacancy rates currently include San Francisco, 3.8 percent; Northern New Jersey, 6.1 percent; and three markets at 6.4 percent each: Los Angeles; Long Island, N.Y.; and San Jose, Calif.

Average retail rent is forecast to decline 0.4 percent this year, and then rise 0.7 percent in 2012. Net absorption of retail space is seen at 5.6 million square feet this year.

Multifamily Markets

The apartment rental market – multifamily housing – should see vacancy rates drop from 5.5 percent in the current quarter to 4.6 percent in the third quarter of 2012. Apartment vacancies below 5 percent generally are considered a landlord’s market.

Areas with the lowest multifamily vacancy rates presently are Minneapolis, 2.5 percent; New York City, 2.8 percent; and Portland, Ore., at 2.9 percent.

Multifamily net absorption is likely to be 237,700 units this year.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 79,000 NAR and institute affiliate members specialize in commercial brokerage services, and an additional 171,000 members offer commercial real estate as a secondary business.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1 The SIOR Commercial Real Estate Index, conducted by SIOR and analyzed by NAR Research, is a diffusion index based on market conditions as viewed by local SIOR experts. For more information contact Richard Hollander, SIOR, at 202/449-8200.

2Additional analyses will be posted under Economists’ Outlook in the Research blog section of Realtor.org in coming days at: http://economistsoutlook.blogs.realtor.org/.

3Beginning with this report, NAR forecasts are generated based on historical data provided by REIS, Inc., and do not correspond with prior historical information from previous forecasts. This new source will permit coverage of additional metro areas in future reports.

The next commercial real estate forecast and quarterly market report will be released on November 28.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, charts and surveys also may be found by clicking on Research.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS®
and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

via realtor.org