Category Archives: Pound Ridge

Creating a big bang in the Los Feliz real estate market | Pound Ridge Real Estate

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Twilight”  film series vampire Robert  Pattinson found a warm body to pay $6.375 million for his Los Feliz  home. Jim  Parsons of “The  Big Bang Theory” is the new owner.

The 1922 Spanish Colonial-style house has a formal entry, a library/study, a  den, three bedrooms, 3.5 bathrooms and 4,026 square feet of space in two  stories. Antiqued tile and stone, hand-carved wood and stenciled ceilings  maintain a vintage vibe.

The 1.5-acre sloping lot, enclosed by walls, features a lagoon-style swimming  pool, waterfalls and fountains. Stunning terraced gardens follow the hillside  down to the home, which has cityscape views.

The property was purchased by Pattinson in 2011 for $6.25 million. An earlier  owner of the house was Lakers great Kareem Abdul-Jabbar.

Parsons also has listed his old Los Feliz house.

Priced at $1.85 million, the 1942 traditional home sits on a hillside with  city views. The 2,827 square feet of open-plan living space on two levels  includes a formal entry, an office, a breakfast area, three bedrooms and four  bathrooms.

There are fireplaces in the living room and dining room and on the entry  patio.

The actor bought the home in 2009 for $1.3 million.

Pattinson, 27, starred in the 2012 films “Cosmopolis”  and “Bel  Ami.” He will be in the upcoming films “Maps to the Stars” and “The  Rover.”

Parsons, 40, has won three Emmys and a Golden Globe award for his work on the  sitcom, which premiered in 2007. He will be in the upcoming TV movie “The Normal  Heart.”

David Gray of Partners Trust Beverly Hills was the listing agent for  Pattinson. Ronald Shore of Keller Williams represented Parsons.

Shore and Samuel Bernstein, also with Keller Williams, are Parsons’ listing  agents.

http://www.latimes.com/business/realestate/la-fi-hotprop-20140202,0,3518370.story#ixzz2sUAyeieI

 

http://www.latimes.com/business/realestate/la-fi-hotprop-20140202,0,3518370.story#ixzz2sUAtfWf6

The 8 most common tax filing errors, and how to avoid them | Pound Ridge NY Real Estate

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It’s tax time! The IRS started accepting individual returns for processing on Jan. 31 — later than usual, but better late than never.

Last year, the IRS issued a useful list of the eight most common filing errors made by individual taxpayers. Many of the mistakes people make are incredibly easy to avoid — it just takes a little care and attention.

If the IRS owes you a refund, it could be delayed if your return contains an error like one of these:

1. Wrong or missing Social Security numbers: Your refund could be delayed simply because you made a mistake listing your Social Security number. The number on your return must match the number on your Social Security cards.

2. Names wrong or misspelled: You’ve got to spell your own name right, or the IRS will get confused. Again, your name on your return should match the name on your Social Security card.

If you’ve changed your name since you filed your last return, you need to notify the Social Security Administration (SSA) and obtain a new Social Security card before you file your taxes. The SSA will issue a new Social Security card with your new name, but will keep your old Social Security number. This way, the name on your tax return will match Social Security records.

– See more at: http://www.inman.com/2014/02/03/the-8-most-common-tax-filing-errors-and-how-to-avoid-them/?utm_source=20140203&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.LpVsBQUg.dpuf

5 Ways to Get the Most Space Out of Your Home | Pound Ridge NY Homes

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You look around you and feel like your home is bursting at the seams. Whether it’s an apartment, a condo, or a small single-family house, you see your stuff all over and know that you’re running out of space. But you may not be prepared to make the move to someplace bigger.

No worries: January is a great time to start anew and make the most out of the space you have. To help appeal to shoppers who have resolved to de-clutter in the new year, many stores offer discounts on storage systems and organization supplies. In cold-weather cities, contractors probably aren’t working on outdoor projects, so you might be able to catch one during a slow time and get a decent deal.

With a little planning and some creative thinking, your home may turn out to have more space than you think.

1. Look in the nook.

The alcove by your front door, or a corner or recess in a downstairs or upstairs hallway, could be a good spot to set up some prefabricated bookshelves. You can even buy the components for a home office space that hangs from the wall. Of course, if you live in rental space, you should check with your landlord before drilling holes in the wall. But small touches like these can move things—books, laptop, printer, CDs—out of your main living space. These also tend to be smaller projects that you can do yourself.

  Vertical space is precious andoften-overlookedreal estate.

If the thought of a few hours of quality time with an Allen wrench isn’t your idea of fun, see if your building’s maintenance staff is looking for extra work. They may be willing to do it for less if you’re able to pay them swiftly, so consider using the Popmoney ® personal payment service which allows you to send money to virtually anyone’s U.S. bank account easily with your phone, directly from your bank account, using the Citi Mobile ®  App.

 

 

http://finance.yahoo.com/news/5-ways-most-space-home-143052537.html

Fear that rising home prices will fuel market instability | Pound RidgeNY Real Estate

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Even though home prices in the valley have risen 55 percent and distressed sales have fallen to 15 percent from a high of 60 percent, many people worry about this housing market — not just in the desert but also throughout the country. Some believe prices might be forming another housing bubble. Others worry that early foreclosure investors will begin selling their investments, raising inventories and depressing prices. In our opinion, only one of these issues has merit — and just slightly.

Fear of Bubbles

I’ve studied market bubbles for more than 40 years. In fact, I wrote a book in 2000 on the stock market dot-com bubble, and the current housing market shows no signs of impending trouble. One important sign there is “no bubble” is the constant talk and worry about one. While this may seem strange, it’s rooted in history.

Bubbles occur after many years of constantly rising prices. Buyers become convinced the market carries little risk, since prices never seem to decline. Any warnings that prices have advanced beyond what the economy or wages can support are thought “out of touch” and generally ignored. That prices continue to move higher is proof these warnings are wrong. Alan Greenspan called this condition “irrational exuberance,” and it doesn’t exist today.

“Normal” Affordability

What we have now is simply a rapidly recovering housing market driven upward by a special Federal Reserve program that keeps mortgage rates low. When we measure home prices against affordability — the percentage of homeowners who can afford the current median-priced home — we find no bubble; prices are generally in line with historic norms.

Foreclosure Investors

We do think there is validity to the worry that investors might begin selling, but we believe it is somewhat overblown.

During the dark days of valley housing — from 2010 through 2011 — we had an inverted market that couldn’t right itself. The normal mechanisms to rebalance weren’t there. Too many buyers throughout California were underwater, and those who could buy were restricted by extremely tight lending conditions. Then an army of cash investors came forth who bought up the huge inventory of distressed homes. Resented by some for their good timing, they did help turn things around and save the day.

 

 

http://www.palmspringslife.com/Palm-Springs-Life/February-2014/Market-Watch-Bubble-Free-Zone/

When Water Conservation is Not Enough | Pound Ridge Real Estate

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For those people involved in sustainability, water—or specifically the lack of water to meet future demands—is a growing concern. This is perhaps most apparent to residents in the Western U.S., where a drought has caused a rather dramatic decline in water flowing in the Colorado River, which provides water for thousands of people and millions of acres of farmland. However, what many people don’t know if that this drought has lasted for 14 years.

Earlier this month, The New York Times reported that these conditions are “unrivaled in 1,250 years…The once broad and blue river has in many places dwindled to a murky brown trickle. Reservoirs have shrunk to less than half their capacities, the canyon walls around them ringed with white mineral deposits where water once lapped.”

According to the newspaper, communities depending on the river are turning to a variety of recycling programs, including recycling sewage effluent, to help address this mounting concern. Tax rebates to remove lawns and water-thirsty vegetation have become the norm in states like New Mexico and Arizona, and many states are also offering rebates to consumers and businesses to replace older water-using appliances with more efficient alternatives. For commercial facilities, this includes restroom fixtures that are either low-flow or, in many cases, no-flow systems, such as waterless urinals, which can save as much as 40,000 gallons of water per urinal.

However, what the residents and businesses in these states must now realize is that they are not being asked to conserve water temporarily; instead, they are being asked to use it more efficiently now and into the future. There is a big difference between the two propositions and greatly affects the way we design our buildings.

 

 

http://www.ecobuildingpulse.com/water-conservation/when-water-conservation-is-not-enough_o.aspx?dfpzone=home&utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=EBP_013014&day=2014-01-30

Mortgage Loan Rates Dip as Home Sales Stabilize | Pound Ridge NY Homes

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The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.2% in the group’s seasonally adjusted composite index, following a rise of 4.7% for the previous week. Mortgage loan rates decreased last week on three of four loan types to their lowest levels since late November.

The seasonally adjusted purchase index increased by 2% from the prior week’s report. On an unadjusted basis, the composite index decreased by 9% week-over-week. The unadjusted purchase index decreased by 3% for the week and is 12% lower year-over-year.

Mortgage rates continue to inch downward, with only the 5/1 ARM interest rate adding three basis points last week. Adjustable rate mortgage loans account for 7% of all applications.

The MBA’s refinance index decreased by 2%, after rising by 10% in the previous week. The share of refinancings fell by two points, totaling 62% of all applications.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.57% to 4.52%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.57% to 4.47%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.68% to 3.59%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.23% to 3.25%.

Sales have held fairly stable in January after an initial recovery, which is good news for sellers. As inventories increase with better weather, buyers should get a break too.

 

http://247wallst.com/housing/2014/01/29/mortgage-loan-rates-dip-as-home-sales-stabilize/

 

The Inn at Pound Ridge by Jean-Georges: First Look | Pound Ridge Real Estate

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The first answer is yes. You should go to the Inn at Pound Ridge by Jean-Georges. That is, if you can get in. A reservation at the restaurant, owned by celebrity chef Jean-Georges Vongerichten, is the hottest ticket in Westchester since Blue Hill at Stone Barns opened in 2004.

lj012214inn24 The downstairs dining room, which was not open the evening I went, but all lit with beautiful candles anyway.

The second answer: very good. The food is beautifully presented, and the flavors shine with signature Jean-Georges magic: a little heat, a little sweet, a little acidity, a little umami. The chef is Blake Farrar, who formerly cooked in Jean-Georges’ restaurant The Mark in Manhattan.

lj012214inn25 Booths downstairs.

The third answer: gorgeous. The renovations of the building, a former inn and restaurant dating from 1833, will leave you slack-jawed. A big white-brick fireplace is the centerpiece of the dining room. The decor is mid-century-modern (elegant wood tables and chairs), vintage (mismatched silver and linens) and farmhouse chic (reclaimed barn wood, exposed beams), all rolled into one.

lj012214inn26 A fireplace downstairs.

The fourth answer: it won’t break the bank — unless you want it to. Entrees range from $25 to $38. If you’re there for a celebration, you can spend $300 on a bottle of wine. If you’re there on a Tuesday, you can get an appetizer and a pizza and be out of there for under $50.

lj012214inn31 The busy dining room upstairs.

Food writer Megan McCaffrey and I had a reservation for opening night, but because of the snowstorm, we decided to change it to Wednesday. It meant we missed Martha Stewart and Richard Gere, but lucked in to a sighting of Ryan Reynolds and Blake Lively.

It also means the restaurant had one more day to work out kinks. Besides a little technical difficulty with the check at the bar and the extra salt on our fries, we didn’t notice many.

Because we changed our reservation at the last minute, we could only get in at 5 p.m. (I think I was the first customer at the restaurant!) We ordered drinks at the bar while the staff scurried around, getting the dining room ready for the evening.

lj012214inn01 My Manhattan.

The bar is small — about 10 seats — and there are 10 or so tables in the lounge alongside it.

lj012214inn02 Tables in the lounge.

The lounge and dining room are separated by a banquette (for both). The dining room has a soaring ceiling, but feels cozy nonetheless.

lj012214inn10

This is not a review, just our first impressions of a restaurant on its second night open to the public. But here’s a look at the food. It was all terrific, though a couple of dishes were heavy handed on the salt.

Our first dish was the Peekytoe Crab Crostini with Garlic Aioli ($14). It came on a rye toast, considerately cut into four pieces, which made it easy to share. Sweet and buttery, and just as good as when I had it at ABC Kitchen.

 

 

http://food.lohudblogs.com/2014/01/27/inn-pound-ridge-jean-georges-first-look/?utm_source=dlvr.it&utm_medium=twitter

Home Prices in 20 U.S. Cities Rise Most Since February 2006 | Pound Ridge NY Real Estate

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Home prices in 20 U.S. cities rose in November from a year ago by the most in almost eight years, providing a boost to household wealth.

The S&P/Case-Shiller index of property prices in 20 cities climbed 13.7 percent from November 2012, the biggest 12-month gain since February 2006, after a 13.6 percent increase in the year ended in October, a report from the group showed today in New York. The median projection of 31 economists surveyed by Bloomberg called for a 13.8 percent advance.

A limited number of available properties is helping to sustain home price appreciation even as higher mortgage rates cool demand and leave purchases out of reach for some Americans. Further strides in the housing market this year would be made easier by a pickup in job and income growth.

 

http://www.bloomberg.com/news/2014-01-28/home-prices-in-20-u-s-cities-rise-by-most-in-almost-eight-years.html

Thirty Somethings Flip-Flopped on Homeownership | Pound Ridge Real Estate

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An analysis by Chris Porter, a senior manager at the John Burns Real Estate Consulting practice, has some frightening findings for the housing industry.  Americans aged 30 to 34 years old in 2012 had the lowest homeownership rate of any similarly aged group before them… yet just five years earlier, in 2007, the same people had the highest homeownership rate at 25-29 years old than any group before them.

Porter calls it an amazing reversal of fortune and possibly the most amazing, underreported demographic fact today.

Using homeownership-by-age data from the Census Bureau, Porter compared households by years of birth to examine how homeownership changes over consumers’ lifetimes.

•            Lowest ever in 2012: 30-34 year-olds in 2012 (born between 1978 and 1982) had a 47.9% homeownership rate. This is a full 6.5 percentage points lower than those five years older had achieved at the same age and lower than any group before them! (This is based on data available beginning with those born in 1948.)  Porter calls them the “Subprime Generation.”

•            Highest ever 5 years prior: Those same 30-34 year-olds had a 40.5% homeownership rate 5 years prior when they were 25-29 years old in 2007. This is 6.2 percentage points higher than 25-29 year-olds in 2012 and higher than any 5-year cohort before them.

‘Our consulting team has been pointing out a real dearth of entry-level buyers over the last several years, which is counterintuitive when you consider that this has been the most affordable time in generations to buy a home. What we learned is that a huge percentage of households bought a home earlier than usual, and that same group has gone through more foreclosures than any generation before them,” Porter wrote in his blog.

What does this mean? It is more difficult than usual to sell entry-level homes today, but the pent-up demand for entry-level housing is huge, he said.

 

 

http://www.realestateeconomywatch.com/2014/01/thirty-somethings-flip-flopped-on-homeownership/

Profit on Home Retailers | Pound Ridge Homes

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For investors looking to profit from the rebounding U.S. housing market, stocks in the repair and rebuilding sector such as Home Depot(HD_) and Lowe’s(LOW_) should do better than DR Horton(DHI_), Beazer Homes(BZH_), and other home builders.
At present, home sales are starting to cool down, according to the National Association of Realtors. But the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University predicts that remodeling work will increase at a double digit rate for early 2014.

December home sales were the second weakest month for 2013.

Last year, real estate buying was at its highest level since 2006. But investors should not expect that to continue. Joel Narooff, Chief Economist for National Economic Advisors, warned that the pace was simply “not sustainable” due to “mortgage rates likely to move up this year, sales and price gains will likely be half of what we saw last year.” Moreover, November’s rate was adjusted, so the December sales report was not that bullish.

 

 

http://www.thestreet.com/story/12266445/1/profit-on-home-retailers.html?puc=yahoo&cm_ven=YAHOO