Category Archives: South Salem

This Housing Indicator Continues Its Downward Spiral | South Salem Real Estate

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After managing a bounce from levels not seen in decades, mortgage applications continued their downward spiral. In the latest update from the Mortgage Bankers Association, for the week ended March 7, applications for home loans fell 2.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 1 percent.

There has been a steady slide in mortgage applications over the past nine months as the housing market returns to a more sustainable pace. As the chart above shows, applications are near their worst level in years. The Refinance Index also fell 3 percent from the previous week, while the Purchase Index declined 1 percent. On an unadjusted basis, the Purchase Index was 17 percent below year-ago levels.

Overall, the refinance share of mortgage activity accounted for 57 percent of total applications, the lowest shares since April 2011 and down from 58 percent a week earlier. Furthermore, interest rates rose in the latest report, which will likely hinder any momentum in refinance activity.

 

http://wallstcheatsheet.com/personal-finance/this-housing-indicator-continues-its-downward-spiral.html/?ref=YF

 

Get Your Fill of Burnt Orange in This 1953 Time Capsule | South Salem Real Estate

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17 images

Even in a city as laden with midcentury gems as Los Angeles, the hunger for cork floors, built-ins, glass walls, and period kitchens—that oven!—cannot be satisfied. So when homes like this untouched 1953 spread, on the market for the first time in half a century, become available, there’s no shortage of fanfare/drooling—and for good reason. In Silver Lake—the enclave once named Best Hipster Neighborhood in the country, in large part because of it’s imminently mockable obsession with Dwell-style architecture—this design by L.A. architect Al Martin is what Curbed LA calls “highly textural,” what with its acoustic tile ceilings, plastic-y kitchen cabinets, and raw brick. There’s also, for better or for worse, much in the way of original overhead lighting—including orb lamps at the bar and fluorescent strips in the kitchen—plus two clunky brick fireplaces, a workshop, and a wraparound deck. How much does one need to move in? $1.595M. Photos, however, are free.

 

http://curbed.com/archives/2014/03/10/get-your-fill-of-burnt-orange-in-this-1953-time-capsule.php

Fully Reno’d ‘House of the Day After Tomorrow’ Asks $5.5M | South Salem Homes

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Location: Lake Forest, Ill.
Price: $5,499,000
The Skinny: When George Fred Keck designed a forward-looking sequel to his 1933 World’s Fair “House of Tomorrow” (inevitably, if unfortunately, dubbed the “House of the Day After Tomorrow”) there’s little chance that he could have foreseen what the the actual future had in store for his speculative creation. Originally built in 1936, the home received an extensive 1990s “renovation” which, according to a recent profile of the place in the Journal, added a second story and ballooned the floorplan to a whopping 15,400 square feet. Which begs the question: how much of a home can you drastically change while still attributing its design to the original architect? A look inside provides an answer, of sorts, where the etched glass, water feature, and recessed lighting scream “I come from the ’90s!” and the only remaining design aspect that can be attributed to Keck is its energy efficiency. The seven-bedroom, nine-and-three-tenths-bathroom manse (what exactly constitutes three-tenths of bathroom? A closet with a sink?) is asking $5.499M.

 

http://curbed.com/archives/2014/03/05/fully-renod-house-of-the-day-after-tomorrow-asks-55m.php

Do You Understand Income Tax Considerations of Rental Properties? | South Salem Real Estate

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A rental property can generate “taxable losses” that can be used to reduce your normal salary income, hence the federal income taxes you pay. It’s difficult for most people to understand how taxes work, and even more confusing once we get into the realm of rental properties and taxes. Note that understanding how taxes impact personal residences are a completely different topic, as those are governed by totally separate tax codes and go elsewhere on your 1040 form.

Below are some of the basics to understanding rental properties and federal income taxes.

Often I hear people saying that they want to buy some real estate to save money on income taxes. However, depending on your tax situation, owning real estate might not save you a dime on taxes. It wholly depends on your specific tax picture and the IRS rules about Passive Activity Loss Limitations.

First and foremost you should never make real estate investment decisions based solely on tax considerations. The first order of business is do your due diligence and determine if an investment makes sense based on cash flows, cash on cash returns, renovation costs, rental income, financing, and the risk of any particular property. Once you believe it makes sense in every other sense, then you can contemplate the tax effects.

Important note: Always have a CPA, attorney or licensed tax professional guide you through your individual tax picture — this article is an illustration of one scenario but your scenario can be very different based on your financial picture.

To better understand, let’s first quickly discuss the IRS 1040 form.

The 1040 form you fill out each year does two things:

 

http://homes.yahoo.com/news/understand-income-tax-considerations-rental-properties-184514095.html

Zillow signs NY State MLS as latest member of partnership program | South Salem NY Homes

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Zillow is set to acquire listings directly from NY State MLS, a multiple listing service (MLS) with more than 10,000 members that covers all 62 counties of New York state.

The deal adds the MLS to a roster of others that have joined the Zillow Partnership Program while further tightening Zillow’s strong grip on New York.

In exchange for providing listings, Zillow will offer brokers and agents who belong to the NY State MLS enhanced branding and other perks, as it does for all MLSs that join the Zillow Partnership Program.

Zillow dangles such incentives because access to MLS feeds allows it to improve the freshness of its inventory. Listing feeds from some sources don’t allow for frequent updating, but direct feeds from MLSs let Zillow refresh listings as often as every 15 minutes.

“We understand our members’ desire to display the most up-to-date listing data while maintaining maximum exposure,” said Dawn Pfaff, president of NY State MLS, in a statement. “This partnership ensures listings sent to Zillow are updated multiple times per day and kept current for prospective homebuyers.”

Listings fed to the Zillow program appear on the Zillow Real Estate Network, which includes Yahoo Homes, Google Now, HotPads, HGTV’s FrontDoor.com and AOL Real Estate.

– See more at: http://www.inman.com/2014/03/03/zillow-signs-ny-state-mls-as-latest-member-of-partnership-program/?utm_source=20140303&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.JCO3rqep.dpuf

While S.F. prices rise, housing becoming less affordable all over the nation | South Salem NY Homes

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San Francisco is not alone in demanding housing prices that present economic challenges—if not outright hardship—to its residents.

According to The Demand Institute, home prices will rise an average of 2.1% annually each year from 2015 to 2018, which indicates a healthy increase: real estate will no longer be tanking in the USA, and that increase would (in an ideal economy) line up decently with increased income. But like all averages, that figure obscures major differences between one area and the next.

The Demand Institute began studying developments in the U.S. housing market three years ago. Its latest report shows analysis of “2,200 cities, towns, and villages that are home to half the population of the U.S.” The Institute posits that “The home is often a family’s single most valuable and visible economic asset, and housing in a community is a reliable gauge of its prosperity.”

Yet prosperity is a relative term because wealth is concentrated unevenly in American towns and cities.

 

http://blog.sfgate.com/ontheblock/2014/02/28/while-s-f-prices-rise-housing-becoming-less-affordable-all-over-the-nation/

Bankrate: Mortgage Rates Show Little Movement | South Salem Homes

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Mortgage rates saw very little change this week, with the benchmark 30-year fixed mortgage rate inching lower to 4.48 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage stepped back to 3.50 percent, while the larger jumbo 30-year fixed mortgage climbed to 4.51 percent. Adjustable rate mortgages were slightly up this week, with the average 1-year ARM moving up to 3.29 percent and the 5-year ARM rising to 3.30 percent.

Mortgage rates have been in a docile state over the past few weeks, as uncertainty regarding global markets has receded. While the pace of the U.S. economic recovery is still an open question, things have transitioned to a wait-and-see mode that translates into tame movements in mortgage rates. The surge of monthly economic releases over the next ten days may answer some of those economic questions, and be a catalyst for renewed volatility in the bond market, and ultimately, mortgage rates. Mortgage rates are closely related to yields on long-term government bonds.

On May 1, 2013, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.48 percent, the monthly payment for the same size loan would be $1,011.00, a difference of $111 per month for anyone that waited too long.

 

 

http://finance.yahoo.com/news/bankrate-mortgage-rates-show-little-123000542.html