Category Archives: Pound Ridge

Calgary’s country residential real estate market set to take off | Pound Ridge Real Estate

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A longer winter season in the Calgary area has had an impact on sales in the country residential market but with the weather warming up it’s expected that sector will see an uptick in activity similar to what’s happening in the city and in surrounding towns.

“As the snow has melted and access to rural properties becomes an easier venture, buyers are becoming more motivated to purchase within the rural markets,” said Mark Evernden, with Sotheby’s International Realty Canada in Calgary. “As well as warm weather, a strong and growing economy accompanied by low interest rates also make home buyers eager and able to obtain homes.”

According to the Calgary Real Estate Board, year-to-date until the end of April, there have been 263 MLS sales in the ‘country residential’ market which includes acreages. That’s down 2.95 per cent compared with the same period a year ago. However, the average sale price has increased by 2.64 per cent to $823,253. New listings are off by 1.20 per cent to 991.

Evernden said the country residential market is now in full swing of activity.

“It is seasonal. The longer winter does impact the sales and volume as we are seeing. From a marketing position, the green pastures and rolling hills with colour give it that extra appeal to the consumer with digital and print marketing that goes out. No different than terrible rain seasons and gloomy days in the tropics,” he said, adding that there will now be an increase in viewings driven by the better weather, strong economy and migration of high net worth clients to the area.

Read more: http://www.calgaryherald.com/Calgary+country+residential+real+estate+market+take/8347802/story.html#ixzz2Sd9SPf18

Cash Sales: 30 Percent of Residential Sales | Pound Ridge Real Estate

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Approximately 30 percent of REALTORS® reporting on their last sale had a cash sale (32 percent in February). Investors and international buyers typically pay cash. About 9 percent of REALTORS® reporting a sale to a first-time homebuyer also reported cash sales, while over 70 percent of reported last sales to investors and international buyers were for cash. This is based on data from the March REALTORS® Confidence Index Survey.

What Does This Mean for REALTORS®?
The first time buyer faces a challenge—particularly given that investors are in many cases paying cash—as are second home buyers and international buyers. The key to success appears to be getting financing in place.

 

 

 

http://economistsoutlook.blogs.realtor.org/2013/04/30

Real Estate Q&A: 1031 Tax-Deferred Exchanges and Renters Insurance Coverage | Pound Ridge Real Estate

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Investment property 1031 tax-deferred exchanges

Hi Leonard — I own a few investment properties, and I want to trade up to bigger properties. I’ve owned them a long time and would like to avoid paying taxes with a 1031 tax-deferred exchange. What are the ins and outs and basics on these? Rob H., Virginia Beach, VA

Hi Rob — OK first, are these investments performing well? If yes, you should really think through whether or not you want to trade up to a bigger property. Trading up to a better property may be a good idea, but not just a bigger one.

When you do an exchange, you might save money on taxes, but you still have the significant transaction fees that all real estate deals incur. So that could easily be 10-15 percent of the sales price — which is a much bigger slice of your equity that is gone, gone, gone due to the transaction.

The basics are simple: Sell one property, sales proceeds are held by a third-party intermediary, buy another property of an equal or higher price. Any taxable gain you would have had to recognize on the sale of the existing property is now deferred until you sell the new property (and it could be deferred indefinitely if you keep doing 1031 exchanges). But don’t forget those transaction fees.

The tough part is that you must identify the property(ies) you plan to purchase within 45 days of selling the first one and close escrow within 180 days. Many people take their own sweet time, and wham: The 45 days go by, the exchange fails, and they pay the taxes!

Make sure to get good quality advice on the rules and regulations way before you start the process to sell the first properties that you plan to exchange.

Renters insurance

Hi Professor — I’m considering requiring my existing tenants to carry renters insurance when their lease renews. They’re pressing back a little due to the cost. Any guidance on how to deal with this? Martha M., Cushing, OK

Hi Martha — Renters insurance protects everyone: the tenant, the landlord and people who are guests in the house. It’s pretty inexpensive, generally costing $125-$225 per year for basic coverage.

You can explain to them what it covers and why it is worthwhile for them to carry this insurance. It protects their personal property from damages or theft, covers liability in case someone gets hurt at the property and more (check the policy for specifics).

You could also offer to pay for or chip in for the policy for the first year, or longer. It gives you some protection, too. Insurance covers them for losses so they won’t ask you to cover their losses. Note: Even if you are not legally responsible, that doesn’t mean that you wouldn’t be asked to help by the tenant.

You certainly don’t want a good tenant to leave over a couple of hundred dollars, so think it through and do what you need to so your tenant stays in the property for a long time.

 

 

http://www.zillowblog.com/2013-05-03

Housing Market Improvements: How Will You Adjust? | North Salem Real Estate

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Wade Corbett

A very wise man named Obi Wan once said: “I feel a great disturbance in the Force.” OK sure, it’s a Star Wars quote, and I’m talking about the housing market and not a metaphysical power, but the overall message still applies! If you pay close attention, you’ll notice the market has begun to shift. Depending on your area, you may be seeing a little change, or you may be seeing a lot of change already. The latest numbers reflect this positive upturn and show that real estate is drastically improving.

If you’ve been in this industry for the last six or seven years, you know that selling real estate takes a certain amount of hustle. When the market is less than stellar, you’ve got to work harder in order to keep business alive. Maybe you’ve had to hold your transactions together with duct tape to prevent them from falling apart. Or maybe you’ve been working 60 hours to do what 40 hours used to accomplish. Either way, kudos to you! But with the market springing back to life, does this mean an end to the “hustle era”?

Two weeks ago, I had the immense pleasure of addressing a class full of aspiring new REALTORS®. If I had given my speech in 2009, this class would have had 25-30 students in attendance. In 2013, the class consisted of 50-70 eager students, all scheduled to take their licensing exam the following week. As I addressed the students, I began to notice that a large majority of these future REALTORS® were very young! Why are these young people hoping to join the real estate sales force? I believe they know about the shift! They know the real estate marketing is going to gather steam, and they want to get in before things really start to pick up.

As the stock market, jobs, and overall economy continue to improve, the real estate market will inevitably follow suit. But is your business model prepared to handle the improving market demands? Do you have your systems in place to take on a larger work load while still trying to hold those difficult transactions together? You may want to consider tweaking the way you run your business to accommodate for the changes that are to come. Foresight is essential to success.

 

 

http://ypnlounge.blogs.realtor.org

More move-up buyers are ‘going to Miami’ | Pound Ridge Real Estate

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Home sales in Miami rose year-over-year for the 11thconsecutive month in March. The March report fromDataQuick also revealed sizeable increases in mid- to high-end activity and a record level of sales to investors and other absentee buyers.

Miami’s median price paid for a home rose 14.1% year-over-year, marking the 15th consecutive month that the city saw a gain.

In March, there were 10,215 new and resale houses and condos closed in the metro area that encompasses Miami-Dade, Palm Beach and Broward counties. Sales in March rose 18.8% from February and 7.1% from one-year prior, according to DataQuick.

However, while a sharp gain between February and March is normal, the change between those two months has averaged 26.7% since 1997.

During the first quarter of 2013 — January through March — a total of 28,294 homes sold in the region, a 14.2% increase from the first-quarter of 2012.

Sales of homes that were priced below $100,000 dipped 11.2% year-over-year, while sub-$200,000 homes dropped 3.3%.

In Miami and other markets slammed by foreclosures in recent years, you tend to have the greatest inventory restraints in the most affordable areas — the bottom third or so of the market, says Andrew LePage, a spokesperson for DataQuick.

 

 

http://www.housingwire.com

US home prices up 9.3 pct., most in nearly 7 years | North Salem Homes

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U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years. The gains were driven by a growing number of buyers who bid on a limited supply of homes.

The Standard & Poor’s/Case-Shiller 20-city home price index increased from an 8.1 percent year-over-year gain in January. And annual prices rose in February in all 20 cities for the second month in a row.

Phoenix led all cities with an annual gain of 23 percent in February. Prices jumped nearly 19 percent in San Francisco. In Las Vegas, home prices increased 17.6 percent and in Atlanta they rose 16.5 percent.

Eleven of the 20 cities reported price gains in February compared with January. Those monthly numbers are not seasonally adjusted and reflect the slower winter buying period.

The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The February figures are the latest available.

Steady hiring and near-record low mortgage rates are driving up demand, helping sustain the housing recovery that began last year. Buyer traffic was 25 percent higher in March than it was a year ago, according to the National Association of Realtors.

 

 

http://www.hattiesburgamerican.com

The Perfect Facebook Post? | Pound Ridge NY Realtor

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Perfection. What is that?

In the world of cars ….is it a Ferrari? If it is art… could it be the Mona Lisa? With the profession of architecture, is it personified in the Sydney Opera House?The Perfect Facebook Post

A rose?

Big claims… but you have to admit their all damm good. Memorable even…and maybe even the term excellent could be rolled out and we could even stretch it to “awesome”.

When you see something that is splendid you know it. The visual impact can be visceral , emotional and inspiring.

Whatever the phrase it is always good to strive for perfection. But keep in mind that if you are always “waiting” for your creation to be sublime and faultless then that post will never be published or that book will never be written.

At some stage the finger needs to hit that “publish” button or that “enter” key.

7 Tips for the Perfect Facebook Post

Images on Facebook are the most shared of any media. As humans we do like a good picture. Facebook just makes it easy to acknowledge that with a “like” or if we get really get excited we can even share it with our 500 “best” friends.

Creating a perfect Facebook post for images is maybe not possible, but here are 7 tips to help you move along the spectrum of excellence towards a “God like” Facebook post.

1. Post copy

Keep it short and sharp and less than 90 characters or make sure that you if you have a URL include it near the top of that text. Oh yes…asking a question about the image is sublime because it increases engagement.

2. Call to action

You need to include a URL in your post copy that drives your audience either deeper into Facebook, your blog or website. Also make that ugly long link more attractive by shortening it with bit.ly

A bit like putting lipstick on a pig.

3. Target your Post

If you are targeting a country, language or audience then make the post relevant and specific for them.

4. Timely promotion

Want to reach a bigger audience?… then run it as a “sponsored story” on Facebook within 24 hours of posting. To ensure it works as an ad unit make sure the image is square.

5. Image Upload

Make it at least 300×300 pixels and use an image that has high impact. This includes close-ups of people (don’t use a company logo) and colors like red and orange are good.

6. Mobile first

Facebook is very often viewed on a mobile (some figures show that as being 70%) so use simple images, short copy and yes/no questions are ideal.
Read more at http://www.jeffbullas.com/2013/05/03/the-perfect-facebook-post/#2z70R0yXlk7K6Cdw.99

Construction Spending, ISM Index, ADP Payroll, Mortgage Purchase Applications | North Salem Real Estate

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In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses construction spending, the ISM index, ADP payroll figures, and mortgage purchase applications.

 

  • A stream of fresh economic data appears on the first day of every month. Here is a quick summary of today’s data and what it may mean to you.
  • Construction spending on residential buildings rose, but activities on new commercial buildings and government-funded projects declined. This means there is and will be more construction job opportunities for homebuilding.
  • The manufacturing sector is barely holding on. The ISM index, which measure activity in this sector, fell for the second consecutive month. The latest reading of 50.7 is only marginally above the critical 50 mark, which separates expansion and contraction. This means job gains in the manufacturing sector will slow or even possibly reverse in a few months.
  • ADP, a company that processes payroll checks for many firms, revealed 119,000 net new jobs in April in the private sector. This data has smaller coverage than the official employment data from the government, which is scheduled to come out this Friday. This likely means that official job gains will be comfortably positive, but the job creation pace is still not strong enough to meaningfully bring the unemployment rate down.
  • Mortgage applications for a home purchase fell slightly, though are up by 13 percent from one year ago. Applications for refi rose and are up 31 percent from one year ago. This means that home buying demand remains strong, but mortgage brokers need to prepare for a potentially sharp decline in mortgage refi activity in 2014.
  • Finally, the big cities are creating jobs. The L.A.-Santa Ana region added 116,000 net new jobs in the past 12 months. The Greater New York City area put 106,800 new people to work. However, La-La land and the Big Apple have huge populations so the job growth rates were only in line with the national pace. Dallas and Houston are the true stars. Dallas added 101,000 net new jobs in the past 12 months, while Houston put 102,300 more people to work. These Texas job growth rates were triple the national job growth rate. This means there will be greater housing demand per each REALTOR® in Texas versus other parts of the country.

 

 

 

http://economistsoutlook.blogs.realtor.org/2013/05/01

Middle Aged Homeownership Plummets | Pound Ridge Real Estate

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Home ownership fell across all age groups in the first quarter of the year, but declines were greatest not among younger Americans under 35 who have been having problems getting financing and finding homes to buy but among middle aged households over 45, which traditionally register the highest home ownership rates but suddenly registered significant decreases.

According to the latest Census Bureau data, the national homeownership rate fell by .4 percent in the first quarter to 65 percent, its lowest since 1995, and a surprise to many observers in light of the recovering housing economy. Even more surprising was the steep decline among middle aged householders who traditionally score the highest homeownership rates of all age groups.

Homeownership fell more among those age 45 to 54 than any other age group, declining .8 points from 72.1 to 71.3 percent, the first quarterly decline since 2011. The new rate for the age group is lower than it has been at any time during the housing recession. Householders age 55 to 64 saw their homeownership rate fall .6 percent, from 76.7 to 77 percent. By contrast, those under 35 lost only .3 percent on their homeownership rate.

“The number has gone down for middle-aged people because they’re the ones who lost their homes to foreclosure,” Brad Hunter, chief economist for Metrostudy, told the Wall Street Journal. “The uptick among young people is what we can describe as the allure of newly rising prices and low interest rates.”

However, the numbers of bank repossessions due to foreclosure have been generally declining over the past year. Bank repossessions did increase 9 percent in the fourth quarter of 2012 over the third quarter, yet they were still down 14 percent from the fourth quarter of 2011. During the first quarter of this year, repossessions have declined. Lenders repossessed 43,597 properties nationwide in March, the lowest since September 2007. U.S. bank repossessions in March decreased 3 percent from February and were down 21 percent from a year ago, according to RealtyTrac.

Short sales may have more to do with turning middle aged homeowners into renters than foreclosures. Short sales now account for virtually the same volume as foreclosures. RealtyTrac reported short sales accounted for 22 percent of all homes sold last year. REO and pre-foreclosure sales accounted for only 21 percent of all sales.

Short sales of properties not in foreclosure accounted for an estimated 22 percent of all U.S. residential sales in 2012 and increased 4 percent from 2011. Non-foreclosure short sales nationwide accelerated throughout the year, increasing from the previous quarter in each quarter. Fourth quarter non-foreclosure short sales increased 2 percent from the third quarter and were up 17 percent from the fourth quarter of 2011, reaching a seven-quarter high.

 

 

 

http://www.realestateeconomywatch.com/2013/05

How to Herd Cats on Twitter | North Salem Realtor

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If there is one thing you have to love about Twitter is that sometimes it seems like the “Wild West”. Untamed but with many opportunities.How to herd cats on Twitter

At other moments it feels like you are herding cats.

A chaotic stream of tweets that have no apparent organisation, theme or filters.

Wikipedia says this on herding cats:

“An idiomatic saying that refers to an attempt to control or organize a class of entities which are uncontrollable or chaotic. Implies a task that is extremely difficult or impossible to do, primarily due to chaotic factors.”

Now doesn’t that sound like Twitter?

It is trying to make sense of its chaos, embracing a jumble of jellyfish or throwing a net over a swarm of bees.

Always fun, sometimes dangerous but with a lot of potential.

Twitter has its own rhythm

Facebook is filtered for family and friend fun. Google+ is like Twitter on intelligence steroids…. Long form content preferred, geeky and very visual….with an overdose of males from Silicon Valley.

Well… what about Pinterest?…..It needs no explaining, just pin your image and let it speak its thousand words.

And Instagram?
Read more at http://www.jeffbullas.com/#fdqVDq4OumJ51rAX.99