Millennials move more often | Chappaqua Real Estate

Millennials are moving more often and living in their homes for a shorter period than previous generations. The share of young adults who have lived in their current home for less than two years is nearly 12 percentage points higher than in 1960, according to a new Zillow® analysis. You might think it can be difficult to uproot your life like that, and move everything with, or have to get new things in certain cases. This generation seems fairly adept at it however. Visiting furniture sites like www.homeaccents2.com/Bedroom.html/ in order to get the necessary furniture in their new location once they have moved, along with being proficient at reestablishing basic services and all in all, showing increased adaptability and willingness to take on even drastic change.

While 33.8% of people between 25- and 34-years-old had lived in their home for less than two years in 1960, that share rose to 45.3% by 2017.

moving storage truck has a lot of copy space for text or images right on the side of the truck.
Adobe Stock/Michael Ballardmoving storage truck has a lot of copy space for text or images right on the side of the truck.

Millennials are marrying and having children later in life than their predecessors, which likely plays a role in their shorter housing tenure as these major life milestones are often catalysts for settling into a more stable housing situation, Zillow said.

According to flyttehjelp Oslo, the act of moving is stressful to say the least. Changing your address to your new address is probably one of the less stressful part of moving compared to having to pack-up an entire house. Even so, it is not something to do last minute. It’s important to make the switch of address before the move or else your mail will not follow you to your new address. Your bills, monthly subscriptions and what not will be sitting in your former home and I doubt you’d want to miss any payments.

A USPS address change is an important  thing to take care before you move to a new place.  When you miss important mail, it can cause many other hassles in your life.  A bill may be left unpaid, a check sent to you may be lost, even greetings or presents from family and friends can get left behind in the move. Here is how you can change mailing address.

It used to be a pain to change your address with USPS.  You would have to go to the post office, wait in line to get the right form, fill it out and turn it in to the clerk. It could take a half hour or more just to get this done.  When you are in the process of moving, that is time that could be much better spent on other things.  But now there are websites that allow you to submit your change of address online for free.  The online form is simple and only takes about 2 minutes to fill out and submit.

The process is fast, safe, and secure and can even eliminate some of the problems that can occur when filling out a form by hand.  Hand written forms can be difficult to read and it is possible for information to be entered incorrectly into the system.  Even something as simple as 2 numbers being reversed can mean that your mail will go to the wrong place.  However, by entering the information online and verifying it yourself, you help to ensure that your mail is forwarded to the right address.

The majority (53.5%) of young adults who move do so within the same metro area, perhaps to be closer to work or into a larger place as their family grows. An increasing share are moving to a different metro within the same state. Young adults today are more likely than previous generations to live in urban cores, so these could be job-related moves from college towns or rural areas into nearby cities where job growth has been concentrated in recent years. Movers Montreal are great, they are a good option to hire when you need services and the price is reasonable. These guys are packing a 20” truck, lots of soft furniture wraps, good moving experience, and definitely a great attitude. There are also long distance movers for further destinations.

“Shifting demographic headwinds and evolving workplace norms have significantly altered the housing decisions of young adults today. Untethered from family and enticed by new job opportunities, young adults are more mobile today than they have been over the past nearly 60 years,” said Sarah Mikhitarian, senior economist at Zillow. “Instead of getting married or starting a family in their early to mid-twenties as was the norm in past decades, many are waiting until they are established in their careers. And the typical career trajectory has fundamentally changed since the 1960s as well – rather than climbing a corporate ladder, many are choosing to hop from one role or function to the next, often requiring a move to a new location.”

Among the 35 largest metros in the U.S., the greatest increases in the share of young adults that had recently moved were in Boston (up 22 percentage points since 1960), Pittsburgh (up 20.9), Detroit (up 17.7) and Philadelphia (up 17.4). This is because of move in ready homes | savannah, pooler ga | bluffton sc | landmark 24 already made available. Also, this share of recently moved young adults has fallen since 1960 in four metros –Las Vegas (down 6.7 percentage points), Riverside (down 6.3), San Diego (down 3.8) and Orlando (down 1.3).

Metro Area
1960 – Share of Young Adults Who Had Lived in Home Less Than Two Years
2017 – Share of Young Adults Who Had Lived in Home Less Than Two Years
Difference (Percentage Points)
United States
33.8%
45.3%
11.6%
New York, NY
26.6%
39.9%
13.3%
Los Angeles-Long Beach-Anaheim, CA
43.2%
43.9%
0.8%
Chicago, IL
32.2%
46.6%
14.5%
Dallas-Fort Worth, TX
41.5%
52.2%
10.7%
Philadelphia, PA
25.9%
43.3%
17.4%
Houston, TX
36.9%
49.6%
12.7%
Washington, DC
39.5%
50.8%
11.3%
Miami-Fort Lauderdale, FL
44.3%
47.9%
3.7%
Atlanta, GA
35.7%
47.7%
12.0%
Boston, MA
26.8%
48.7%
22.0%
San Francisco, CA
41.7%
46.1%
4.4%
Detroit, MI
28.0%
45.7%
17.7%
Riverside, CA
47.3%
41.0%
-6.3%
Phoenix, AZ
47.8%
49.1%
1.3%
Seattle, WA
41.2%
53.3%
12.1%
Minneapolis-St Paul, MN
N/A
47.7%
N/A
San Diego, CA
54.4%
50.6%
-3.8%
St. Louis, MO
32.9%
44.7%
11.8%
Tampa, FL
41.5%
51.3%
9.8%
Baltimore, MD
28.7%
45.2%
16.5%
Denver, CO
43.9%
53.7%
9.7%
Pittsburgh, PA
24.2%
45.1%
20.9%
Portland, OR
39.3%
51.8%
12.6%
Charlotte, NC
35.9%
47.5%
11.7%
Sacramento, CA
47.2%
47.7%
0.5%
San Antonio, TX
40.2%
49.9%
9.6%
Orlando, FL
52.2%
50.9%
-1.3%
Cincinnati, OH
36.4%
45.6%
9.3%
Cleveland, OH
32.0%
44.1%
12.1%
Kansas City, MO
35.1%
46.9%
11.8%
Las Vegas, NV
57.9%
51.3%
-6.7%
Columbus, OH
40.3%
47.4%
7.2%
Indianapolis, IN
37.0%
49.3%
12.3%
San Jose, CA
44.5%
52.2%
7.7%
Austin, TX
48.0%
51.9%
3.9%

About Zillow

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https://www.builderonline.com/design/consumer-trends/millennials-move-more-often_o?utm_source=newsletter&utm_content=Article&utm_medium=email&utm_campaign=BP_100719&

Mortgage rates average 3.65% | Armonk NY Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.65 percent, a slight increase from last week.

“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications,” said Sam Khater, Freddie Mac’s Chief Economist. “As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.65 percent with an average 0.6 point for the week ending September 26, 2019, slightly up from last week when it averaged 3.64 percent. A year ago at this time, the 30-year FRM averaged 4.71 percent. 
  • 15-year fixed-rate mortgage averaged 3.14 percent with an average 0.5 point, down from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.38 percent with an average 0.4 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 4.01 percent.

NYC sales and prices drop after new taxes | North Salem Real Estate

The Manhattan real estate market stumbled in the third quarter of 2019, new reports show, as prices plunged and fewer buyers were willing to purchase higher-priced properties in the wake of two recent tax increases.

The median sales price for properties fell 17 percent from the same quarter last year, to $999,950, according to new data from CORE. The average sales price dropped 12 percent, to $1.64 million.

Condo sales fell 8 percent, logging 946 transactions. Co-op sales, on the other hand, were up a modest 2 percent year over year.

“The third quarter of 2019 was undoubtedly the most challenging quarter in recent memory, especially for condo sales,” Garrett Derderian, managing director of market analysis at CORE, said in a statement. “Market prices have gone from what was once described as the kindest, gentlest correction to a near free fall. The last time conditions were described in such a way was in the height of the recession.”

Only 9.7 percent of sales were above $3 million, down 14.8 percent from last year. The last time sales above $3 million were that low was in 2012.

Consequently, nearly 30 percent of inventory on the market was priced above $3 million.

It’s worth noting that many buyers rushed to purchase properties before an increase in the city’s mansion tax and transfer tax took effect in July.

“Third quarter data reflects a more accurate snapshot of the current market – continued price correction,” Diane M. Ramirez, Chairman & CEO of Halstead, said in a statement.

Halstead’s own report released on Wednesday showed Manhattan apartment sales fell 16 percent in the third quarter – with sales above $5 million dropping nearly 50 percent.

Properties, meanwhile, spent an average of 192 days on the market – the highest quarterly total since the final quarter of 2012.

In July, New York City increased its mansion tax – a progressive tax that applies to home sales of more than $1 million – to a maximum of 3.9 percent, up from a flat-rate of 1 percent. The tax rates vary from 1.25 percent for $2 million sales, to 3.9 percent for sales of $25 million and higher. The city also increased a one-time charge on properties worth more than $2 million – known as the transfer tax. That fee, typically paid by a seller, varies from 0.4 percent for transactions under $3 million, to 0.65 percent for anything above $3 million.

As previously reported by FOX Business, more than 25 percent of new condos that have been built in New York City since 2013 remain unsold. In terms of units – of the 16,242 condos built since 2013, about 12,133 have sold. That means more than 4,100 have not.

Experts have said the trend could be indicative of a potential future recession.

Falling real estate prices come as concerns mount over the new tax law’s impact on high-tax states – particularly a $10,000 cap on state and local tax (SALT) deductions. Some people have begun fleeing states like New York and New Jersey, headed for lower-tax areas like Florida and Texas.

New York was one of a handful of states dealt a blow in its bid to challenge the SALT cap this week, after a judge dismissed its lawsuit.

read more…

https://www.foxbusiness.com/real-estate/nyc-housing-prices-near-free-fall-recession-era-tax-hikes

Case Shiller home price index up 2% year over year | Mt Kisco Real Estate

July 2019 saw an annual increase of 3.2% for home prices nationwide, matching the previous month’s pace, according to the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic.

The 10-City and 20-City composites reported a 1.6% and 2% year-over-year increase, respectively. During the month, 15 of 20 cities reported increases both before and after seasonal adjustment.  

“Year-over-year home prices continued to gain, but at ever more modest rates,” says Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices. “Charlotte surpassed Tampa to join the top three cities, and Seattle may be turning around from its recent negative streak of YOY price changes, improving from -1.3% in June to -0.06% in July.”

According to the index, Phoenix, Las Vegas and Charlotte reported the highest year-over-year gains among all of the 20 cities.

In July, Phoenix led with a 5.8% year-over-year price increase, followed by Las Vegas with a 4.7% increase and Charlotte with a 4.6% increase. Seven of the 20 cities reported larger price increases in the year ending July 2019 versus the year ending June 2019.

“Overall, leadership remains in the southwest (Phoenix and Las Vegas) and southeast (Charlotte and Tampa),” Murphy said. “Other pockets of relative strength include Minneapolis, which increased its YOY gain to 4.2%, and Detroit, which is closely behind at 4.1% YOY.”

“The 10-City and 20-City Composites both experienced lower YOY price gains than last month, declining to 1.6% and 2.0% respectively. However, the U.S. National Home Price NSA Index remained steady with a YOY price gain of 3.2%, the same as prior month,” Murphy said. “Home price gains remained positive in low single digits in most cities, and other fundamentals indicate renewed housing demand.”

 The graph below highlights the average home prices within the 10-City and 20-City Composites:

Case-Shiller - July

Reducing California homelessness | Waccabuc Real Estate

Ben Carson leaves Union Rescue Mission on skid row

President Trump’s big idea for fixing California’s homelessness crisis should look familiar to many prominent Democrats: Eliminate layers of regulation to make it easier and cheaper to build more housing.

On the eve of a two-day swing through the state this week, Trump’s Council of Economic Advisers released a report blaming “decades of misguided and faulty policies” for putting too many restrictions on development and causing home prices to rise to unaffordable levels. It’s a continuation of a strategy that the president began in June, when he signed an executive order to establish a White House council to “confront the regulatory barriers to affordable housing development.”

“Harmful local government policies in select cities, along with ineffective federal government policies of prior administrations, have exaggerated the homelessness problem,” Tom Philipson, acting chairman of the Council of Economic Advisers,told reporters Monday.

But while the administration’s argument broadly mirrors what some Democratic lawmakers have been trying to do in California, easing rules on development, allowing fourplexes on land currently zoned for single-family homes or cutting some state environmental rules that restrict building, it’s too simple to link Trump’s approach with that of his liberal antagonists, several state lawmakers said.

Instead, they said, the president’s positions on homelessness are more about trolling California than attempting to find actual solutions. Some also argue that the administration’s report takes a common Republican tactic — deregulation — that often benefits the party’s deep-pocketed donors and slaps it on yet another subject — homelessness.

Democratic state Assemblyman Miguel Santiago, who represents skid row and other neighborhoods in downtown Los Angeles,is the author of recently passed legislation that would make it harder to use state environmental laws to block homeless housing and shelters in Los Angeles.

He said it was hard to take Trump’s ideas seriously when the president has also proposed cutting federal housing dollars and clawing back Obama-era rules that aimed to desegregate neighborhoods. Another proposed Trump administration policy would deny federal housing aid to households that include anyone living in the country illegally, even when other members are eligible for such aid as lawful residents or U.S. citizens.

“I think it’s politics at its worst where he is going to pick on a vulnerable community — no different than when he picked on immigrants — and he’s going to target them,” Santiago said. “We’re already hearing it: ‘Here’s West Coast liberals, not able to solve the problem.’ I think it’s a little cynical for someone who has done everything in their right mind to make it worse on the working poor.”

The Trump administration’s report says that the San Francisco and Los Angeles metropolitan areas could see huge reductions in homelessness if they were to unwind restrictions on development, estimating that the population of people living on the streets and in shelters would go down by more than half and 40%, respectively.

The report doesn’t cite any specific regulations that are increasing housing costs, nor recommendations on what regulations should be eliminated.

State Sen. Scott Wiener of San Francisco, who has made a name for himself arguing for the reduction of local zoning rules, said he disagreed with the Trump administration’s apparent pitch to cut back on all regulations and allow for more building of all types everywhere. Instead, his recently shelved Senate Bill 50 was designed to make it easier to build housing near existing job centers and mass transit specifically for affordability and environmental reasons.

Wiener also pointed to national Democrats, such as presidential candidates Elizabeth Warren of Massachusetts and Cory Booker of New Jersey, and former President Obama, who have pushed for stripping away some development rules as part of their plans to make housing more affordable.

“I don’t agree with the president’s view that we should be like Arizona because that would lead to sprawl,” Wiener said. “But I do agree with Elizabeth Warren, Cory Booker and Barack Obama that we should move away from restrictive housing policies because restrictive housing policies lead to more homelessness.”

In addition to deregulation, the Trump administration’s report also calls for using law enforcement to deal with homeless people and encampments, arguing that “more tolerable conditions for sleeping on the streets” increased the homeless population.

That argument has largely been panned by experts, who point to more complicated, intertwined causes of homelessness, including poverty, addiction and lack of affordable housing. Therefore, the recommendation to use police is wrongheaded as well, said Los Angeles Mayor Eric Garcetti.

“The White House report on homelessness treats this crisis like fodder for a cable news debate,” Garcetti said in a statement. “We don’t have time for that. If the president really cares about solving this crisis, he wouldn’t be talking about criminalization over housing. He’d be making dramatic increases in funding for this country’s housing safety net.”

In the past week, Trump’s advisers have toured homeless encampments and public housing projects in Los Angeles and San Francisco, but offered few solutions.

On Wednesday morning, after meeting with LAPD Chief Michel Moore, Department of Housing and Urban Development Secretary Ben Carson visited skid row to tour the Union Rescue Mission. He didn’t offer much substance about the administration’s plans, but encouraged a greater focus on public-private partnerships.

Carson also indicated that HUD might start reserving housing grants to local governments that are willing to make changes to local zoning laws.

“We will get preference points to people who are willing to look at these things,” he said. “You know, we have so many archaic rules on the books all over the country.”

Later Wednesday, Carson rejected a request made earlier this week by Gov. Gavin Newsom and other elected officials for additional resources for homelessness, including 50,000 housing vouchers. In his written response, Carson echoed the report from Trump’s Council of Economic Advisers.

“Your letter seeks more federal dollars for California from hardworking American taxpayers, but fails to admit that your state and local policies have played a major role in creating the current crisis,” he wrote. “If California’s homeless population had held in line with overall population trends, America’s homeless rate would have decreased. Instead, the opposite has happened, as California’s unsheltered homelessness population has skyrocketed as a result of the state’s overregulated housing market, its inefficient allocation of resources and its policies that have weakened law enforcement.”

Dan O’Flaherty, a Columbia University economics professor whose work is cited more than a half-dozen times in the Trump administration’s report, said he agreed that loosening local homebuilding rules would decrease costs and lessen homelessness. But he said that the report vastly overstates the potential impact of doing so.

And even if the report is correct that deregulation would reduce Los Angeles’ current homeless population by 40%, it would still take decades for that to happen.

“You do 40% over 40 years?” O’Flaherty said. “Big whoopie.”

Overall, O’Flaherty said the report ignored well-regarded research that shows public subsidies can help homeless people find new homes, and instead asserted without evidence that simply increasing mental health and drug treatment programs without housing assistance would decrease the homeless population.

Margot Kushel, a professor of medicine at UC San Francisco who recently received a $30-million grant from Salesforce CEO Marc Benioff and his wife to study solutions to homelessness, panned the Trump administration’s report as being out of line with most research on the subject.

One notable lapse, she said, was that it argued permanent supportive housing, which attempts to house people who are chronically homeless and have disabilities in buildings that also have social services, was ineffectual. Multiple studies, she said, show that 85% or more of those receiving such housing stay there.

The success of permanent supportive housing, she said, “is not controversial and it has had broad bipartisan support because the evidence is so overwhelming.”

Like others, Heidi Marston, chief program officer for the Los Angeles Homeless Services Authority, questioned whether some in the Trump administration, including Carson, really understood the best practices being used to help homeless people.

For example, during his visit to skid row on Wednesday, Carson offered a somewhat muddled answer to a question about “housing first,” the widely accepted national model that prioritizes getting people off the streets and into permanent supportive housing, regardless of their sobriety or health status.

“When we talk about something like housing first, housing first is a good idea because it gets people off the street and it actually costs less money when you get them off the street,” he said. “But you can’t stop with housing first. You have to go with housing second, which means you diagnose the reason that they were there in the first place and housing third, which means you try to fix it.”

Marston would love to see the federal government offer more help on homelessness, and she was among those who met with Trump officials last week.

“We focused on educating them,” she said, “trying to help them understand why we practice a low-barrier approach and what housing first really means.”

read more…

https://www.latimes.com/california/story/2019-09-18/trump-housing-homeless-ben-carson-california-deregulation

Housing starts jump | South Salem Real Estate

Total housing starts posted a 12.3 percent increase in August (1.364 million units) compared to an upwardly revised July estimate of 1.215 million units, according to the joint data release from the Census Bureau and HUD. Relative to August 2018, total starts are 6.6 percent above the annual pace of 1.279 million units.

Single-family production in August posted a monthly increase of 4.4 percent to a seasonally adjusted annual rate of 919,000. Single-family starts in July were revised up to 880,000 units. The three-month moving average for single-family in August is 888,000 units.

On a year-to-date basis, single-family starts are 2.7 percent lower as of August relative to the first eight months of 2018. Single-family permits, a useful indicator of future construction activity, rose 4.5 percent in August (866,000 units) compared to July but have registered a 4.1 percent loss thus far in 2019 compared to last year.

Regional data show, on a year-to-date basis, positive conditions for single-family construction only in the South (+1.1 percent). Single-family construction is down 6.9 percent in the West, 4.8 percent in the Midwest, and 11.9 percent in the Northeast.

Multifamily starts (2+ unit production) registered an increase of 32.8 percent in August to a 445,000 annual rate compared to July. On a year-to-date basis, multifamily 5+ unit production is slightly up 0.4 percent thus far in 2019, while multifamily 5+ unit permitting is trending higher with an increase of 4.2 percent relative to the first eight months of 2018.

read more…

http://eyeonhousing.org/2019/09/housing-starts-rebounds-in-august/

Average FICO score at record high | Katonah Real Estate

credit cards

The average FICO score stands at 706, a record high, said Ethan Dornhelm, vice president of scores and predictive analytics at FICO. That compares with 686 at the 2009 end of the Great Recession and it eclipses the 690 at the 2006 height of the housing bubble.

The key drivers are U.S. economic expansion that has propelled job growth and an increase in consumer education about protecting and improving scores, Dornhelm said in a blog post. In addition, the passage of time is helping to remove the credit scars from events that happened during the financial crisis, he said.

“Consumers who suffered financial misfortune during the Great Recession have over the past few years had the associated missed payments from that time period purged from their credit file, in accordance with the Fair Credit Reporting Act,” he said.

Measuring different credit events, the biggest improvement between April 2009 and April 2019 was the timeliness of mortgage payments, Dornhelm said. A decade ago, 7.2% of the population had been 90 days or more late on a mortgage payment within the last two years. By April, it had dropped to 2.8%.

Also showing big improvement was the percentage of the population who had been 90 days or more past due on a credit card in the last two years. A decade ago, it was 13%, and in April it was 8.6%.

The jump in FICO scores was due to “score improvement, not score inflation,” Dornhelm said.

“Significant improvement in the overall population’s credit profile has been the key driver of the 20-point increase in national average FICO score over the past decade,” he said. “These improvements are reflective of improving consumer financial health, as would be expected during a period of economic expansion.”

Economic data signaling the chance of a looming recession has increased uncertainty in the credit-scoring realm, he said. 

FICO score chart 2019

“The average FICO score will continue to change, but in what direction?” Dornhelm said. “Trade talks with China, the possibility of a `no-deal Brexit,’ and Fed interest rate decisions loom large as concerns of a recession persist.” 

(Image courtesy of FICO)

NYC developers constantly lie about how tall their buildings are | Bedford Hills Real Estate

You ain’t dreaming. New York’s toniest buildings really are bigger on the inside than the outside.

For a small pool of New York buyers, a floor in the 90s is the new Park Avenue address — and developers are fudging numbers to accommodate them.

In 2013, Saudi retail magnate Fawaz Al Hokair signed an $87.7 million contract for a splendiferous privilege: owning the top floor of the Western Hemisphere’s tallest residential tower, 432 Park Ave. Al Hokair could boast that his 8,255-square-foot penthouse is on the 96th floor — six floors higher than billionaire Michael Dell’s then-record-breaking spread on the 90th floor of One57 (previously the city’s tallest residential tower).

Splendiferous, that is, if you ­ignore the fact that 432 Park is an 88-floor tower, eight floors less than advertised.

That’s not a fluke, it’s a power move. Nearly every new luxury condo in the city’s latest wave of super-tall construction mislabels floors to stroke buyers’ vanity.

“If you have the 95th floor in your address, that’s going to be impressive to pretty much everyone,” said Leonard Steinberg of Compass Real Estate. “Being on the 95th floor is unbelievable. In how many cities can you even live on the 95th floor?”

Like a short man in Cuban heels, One57 boasts a 90th-floor penthouse that is, technically, on the 75th floor. For more than a decade, billionaire developer Stephen Ross occupied the 80th-floor penthouse of his Time Warner Center, but has since moved up to the 92nd floor of his latest tower, 35 Hudson Yards. In reality, the Time Warner Center has 53 floors. His Hudson Yards building has 71.

“When [brokers] go see buildings under construction, we say, ‘Go to the top floor’ — which is often marketed as the 90th, but there will be a sign in the elevator that reads 63,” said broker Tristan Harper of Douglas Elliman.

This sleight of hand is achieved by developers in different ways, Harper and other experts explained. For one, most new residential skyscrapers have lobbies with tremendous ceiling heights. They might be counted as 10 or more stories. Many also have several floors of building ­mechanicals and amenity spaces that are counted.

Some — like One57 or 35 Hudson Yards — have hotels on the first couple dozen floors. Instead of counting from the first apartment, developers will divide building height by eight feet (the measure of a typical New York ceiling height) to get a total floor count that is higher than the actual number of residential floors. Or they count from the ground to determine on which floor an apartment would theoretically be.

That’s why residences at One57 start on the 22nd floor, while 35 Hudson Yards begins on the 53rd. In the industry, it’s known as marketing floors versus real floor, or “construction counting.”

“If we lived by the letter, buildings in New York would have a 13th floor — and I haven’t seen a 13th floor in a long time,” Steinberg said, adding that he considers the practice of embellishing floor numbers to be a mostly harmless example of “truthful hyperbole . . . Every developer wants to maximize value.”

Harry Macklowe is often credited with inventing vanity numbering with his Metropolitan Tower, which opened in 1985 on the south end of Central Park, now considered “Billionaires Row.” Macklowe advertised the building as having 78 floors, when it really has 66.

But it was Donald Trump who introduced 90th-floor fever. When Trump World Tower opened in 2001, he proclaimed it the “tallest residential building in the world” at 90 floors. (If you count them up, there are 72.)

“I chose 90 because I thought it was a good number,’’ Trump told The New York Times in 2003.

While the city allows developers to label floors as they please, it requires that the real number be disclosed on official offering plans.

But experts agree that, in a market where higher floors equal higher prestige and higher dollars, the rubber ruler is here to stay.

“If you repeat something often enough, it becomes the new normal,” said Steinberg. “There was a moment when a Botoxed face looked really weird. Now a face without Botox looks weird. It’s like that with real estate.”

read more…

https://nypost.com/2019/09/14/nyc-developers-constantly-lie-about-how-tall-their-buildings-are/

California nears statewide rent control | Pound Ridge Real Estate

In the pipeline apartments

California is one step away from enacting statewide rent control after the state’s two legislative bodies both approved the measure.

The bill will cap annual rent increases by 5%, including the rate of inflation. In addition to the rent cap, a bill known as AB-1482, the Tenant Protection Act of 2019, will allow “just cause” eviction policies to qualified housing in California. 

The bill was approved this week by the California State Senate and the California State Assembly. 

The bill now moves to the desk of California Gov. Gavin Newsom, who is expected to sign the bill into law.

When Newsom signs the bill, the bill would make the state one of the few in the nation with statewide rent control. 

California, one of the nation’s priciest housing markets, is following Oregon’s footsteps in enacting rent control. In March, Oregon approved a law placing an annual limit on rent increases of 7% plus inflation.

The bill appears to have Newsom’s support, as the governor tweeted that “The rent is too damn high — so we’re damn sure doing something about it” and “Because there should be a cap on how much you pay for rent…Because your landlord shouldn’t be able to evict you for no reason.” 

Gavin Newsom@GavinNewsom

CA is about to enact the strongest renter protections in the NATION.

Because there should be a cap on how much you pay for rent.

Because your landlord shouldn’t be able to evict you for no reason.

It’s about time.3,6634:04 PM – Sep 12, 2019Twitter Ads info and privacy948 people are talking about this

“In this year’s State of the State address, I asked the Legislature to send me a strong renter protection package. Today, they sent me the strongest package in America,” Newsom said in a statement after the Assembly passed the bill. “These anti-gouging and eviction protections will help families afford to keep a roof over their heads, and they will provide California with important new tools to combat our state’s broader housing and affordability crisis. I would like to thank Assembly Speaker Rendon, Senate President pro Tempore Atkins, Assembly member Chiu and the bill’s co-authors for passing this legislation, as well as the broad coalition of stakeholders whose persistence allowed this bill to move forward.”

The move is a reversal from what happened in the state nearly a year ago. In the November 2018 election, California voters shot down a previous rent control initiative, Proposition 10. The proposal would have to capped annual rent increases to prevent unjust evictions. 

Proposition 10 was aimed to repeal the Costa-Hawkins Rental Housing Act. In 1995, California passed the Costa-Hawkins Rental Housing Act, limiting the use of rent control and prohibiting local governments from imposing caps on single-family homes and condos. 

According to the California Secretary of State, 61.7% of voters were against repealing the Costa-Hawkins Rental Housing Act, while a mere 38.3% voted for it.

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Michael Douglas sells Bedford mansion | Bedford NY

Buys home in Irvington

17VIEW GALLERYLocation: Irvington, N.Y.Price: $4.5 millionSize: 11,653 square feet, 8 bedrooms, 10 full and 2 half bathrooms

Though it barely qualifies as what most financial mortals might consider downsizing, Hollywood veterans Michael Douglas and Catherine Zeta-Jones have slightly reduced their considerable residential footprint in New York State’s fancy-pants Bedford. Selling a more than 15,000 sq. ft. Bedford Corners mansion for almost $20.5 million and concurrently snapping up a not quite 12,000 sq. ft. Gatsby-esque manor house about 20 miles away, in Irvington, for exactly $4.5 million.

Douglas and Zeta-Jones bought the more than 13-acre Bedford Corners spread about five years ago for $11.25 million. They sold it in what appears to have been a clandestine, off-market deal to a mysterious corporate entity. It links back to the impossibly posh Sherry Netherland building on Manhattan’s Fifth Avenue. Situated in the coveted Guard Hill area, the palatial estate is anchored by a stately 26-room residence that dates to the late 1800s. At the time of their purchase, it offered eight bedrooms and 18 bathrooms plus an extensive spa facility with not just one but two indoor swimming pools, check this if you’re interested in a Custom Pool Resurfacing. The property additionally included a two-unit cottage for guests or staff, a car brought from buy here pay here near me, collector’s garage and a full array of equestrian facilities.

The lavish living couple’s only somewhat smaller but far less expensive new digs, dubbed Long Meadow, meanders over 12 bucolic and largely wooded acres that roll down to the Hudson River. Just 25 miles outside Manhattan and built in the early 1930s, the 22-room stone-accented red brick Georgian mansion sits at the head of a long, gated driveway with eight bedrooms and 10 full and two half bathrooms. Listing details disclose the baronial three-story behemoth also has a total of seven fireplaces, an 11-zone heating and cooling system, a four-car garage and annual taxes that top $150,000.

An elegant columned portico leads to gracefully proportioned and intricately detailed living spaces that include a formal and living and dining rooms, both with an antique limestone fireplace and the latter sporting candy apple red lacquered walls that reflect light tossed off from a delicate crystal chandelier. There’s also double-height wood-paneled library flooded with natural light through massive arched windows, a casual lounge with wet bar and a fully updated center island kitchen with commercial-grade appliances and marble countertops. A stone-floored loggia opens to a massive stone-paved terrace that is partly shaded by a black and white striped awning and offers a stunning tree-framed view across the Hudson River, while the mansion’s eight bedrooms include a two-bedroom guest suite and a spacious owners suite that comprises a large bedroom and separate sitting room, a dressing room and a glitzy bathroom with a jetted tub next to a white marble fireplace.

The mansion’s lowest level opens the estate’s rolling grounds and contains an indoor swimming pool, fitness room, recreation/games lounge and, outside, a summer kitchen. Marketing materials indicate the estate offers “enormous untapped potential” to add an outdoor swimming pool and cabana, tennis court and guest cottage. As noted by The Hudson IndependentHoulihan Lawrence Realtors had both sides of the deal.

The Douglas-Zeta-Joneses have long and famously presided over an international portfolio of luxury homes that have made them regular fodder for property gossip columns around the globe. In addition to a sprawling co-operative apartment in a prestigious apartment house overlooking Central Park on New York City’s Central Park West and a large house in Zeta-Jones’ hometown of Swansea, Wales, the couple have long owned a walled compound in Bermuda that came up for sale earlier this year at $19 million but is no longer listed on the open market, although it’s unclear if it’s been sold. The couple’s 10-bedroom compound on the Spanish island of Majorca, which is co-owned by Douglas’s ex-wife Diandra Douglas, was also set out for sale earlier this year and is still available at a whopping $32.5 million.

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Moving to Irvington