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Realtor.com(R) National Housing Trend Report Shows Dramatic National Year-Over-Year Inventory Declines are Easing | Armonk Homes

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Realtor.com(R), the leader in online real estate operated by Move, Inc. (NASDAQ: MOVE), today released the realtor.com(R) National Housing Trend Report for the month of July 2013. July’s real estate market data shows the nation experienced a 5.24 percent decline in housing inventory, which is the second month in a row with year-over-year inventory declines in the single digits. National median list prices increased 5.27 percent year-over-year while median age of inventory is down 16.67 percent.

While California markets have dominated the list of markets with the largest housing inventory declines in the first part of 2013, they have been replaced by a new set of market leaders including: Detroit, Mich.; Boston; Denver; Honolulu and Naples, Fla. The large decreases in the for-sale inventory in these markets suggests the beginning of a housing market recovery process similar to what was observed in Florida in 2011, and in California in 2012 and 2013.

“The recovery is entering a new phase where inventory shortfalls are no longer the driving force behind changes in housing prices in many markets. Larger inventories, especially in the hotter markets that experienced rapid price increases in the spring, are expanding buyers’ choices and helping to moderate price increases,” said Steve Berkowitz, CEO of Move, Inc. “This month’s report also underscores the uneven nature of the housing recovery and its dependence on the strength of the local economy.”

 
      Realtor.com(R)'s Key National Market Indicators for July 2013 

                                     Year-over-Year %  Month-over-Month % 
                          July 2013       Change             Change 
                          ---------  ----------------  ------------------ 
Number of Listings        1,959,030       -5.24%             1.41% 
------------------------  ---------  ----------------  ------------------ 
Median Age of Inventory    85 days       -16.67%             6.25% 
------------------------  ---------  ----------------  ------------------ 
Median List Price         $199,900        5.27%              0.00% 
------------------------  ---------  ----------------  ------------------

National Highlights:

   -- Dramatic national year-over-year inventory declines have evaporated. 
      Nationally inventories in July are only 5.24 percent below the level of a 
      year ago compared to being down 16.47 percent year-over-year in January. 

   -- Inventory declines decrease in local markets.  In July 2013, the number 
      of markets with decreases in year-over-year inventory declined from 125 
      markets in June to 118 markets in July.  This suggests that this fall 
      inventories in some markets may return to levels of a year ago and may 
      continue to slow price increases in some markets. 

   -- Markets are still moving fast. All but five markets are continuing to 
      experience year-over-year declines in age of inventory and on a 
      month-over-month basis. On a national level, housing inventory is 
      approximately 17 percent below last year, but the national age of 
      inventory increased 6.25 percent month-over-month. 

   -- Price declines decrease in local markets.  Median listing prices are now 
      negative year-over-year in only 31 markets, which is down from 36 in 
      June

read more...

http://online.wsj.com/article/PR-CO-20130813-907459.html?mod=googlenews_wsj

Soaring real estate portal valuations are all about growth | Armonk Real Estate

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Zillow and Trulia are on a growth tear, their “market caps” — the value of outstanding common stock — soaring into the stratosphere in 2013. But like their older sibling, Move Inc., the companies have lost money, overall, since launching.

The three big listing portals all employ a similar business model — selling leads, advertising and tech services to real estate agents. And if Move has racked up a $2 billion net accumulated loss in its 20-year life, why do analysts think the younger startups will not only survive, but thrive?

Move (founded 1993)Zillow (founded 2005)Trulia (founded 2005)
Net accumulated loss through 2012$2.0 billion$71.7 million$47.1 million

Sources: Move, Zillow and Trulia 2012 annual reports.

The answer is projected growth, a focus on consumers, and faith in a new breed of management, analysts who follow the three companies say.

Looking back at the most recent four quarters, Move is still the leader in revenue. But Trulia’s market cap is nearly three times Move’s, and investors think Zillow is worth about six times as much as Move. In 2012, Zillow booked about $6 million in profits on $117 million in revenue, while Trulia lost $11 million on $68 million in revenue. According to its most recent annual report to investors, Move made $4.7 million on $199 million in revenue.

Revenue, market caps and projected revenue growth

CompanyRevenue, four quarters through second-quarter 2013Market cap, Aug. 9, 2013Projected 2013 revenue growth, percent
Zillow$152.1 million$3.24 billion60.0%
Trulia$92.8 million$1.41 billion73.3%*
Move$213.9 million$553.2 million14.2%

Source: Google Finance and firms’ earnings call transcripts. *Estimate generated by projecting 60 percent Q4 year-over-year revenue growth, in line with recent quarters, and using the midpoint of Trulia’s projected Q3 revenue: $31 million.

Their revenue might be less, but Zillow and Trulia’s blazing growth, both in terms of revenue and Web market share, trumps that of Move and realtor.com, which is operated by Move under a special agreement with the National Association of Realtors, through the second quarter.

“Investors are always going to pay more for growth,” said Bradley Safalow, founder and CEO of stock analysis firm PAA Research LLC, who covers all three companies.

Aaron Kessler, a stock analyst who covers Zillow for Raymond James Financial Inc., agreed: Zillow’s faster growth accounts for its much higher relative valuation.

The price of a share of Zillow stock has shot up 233 percent this year, and Trulia’s share price is up 158 percent. Move, too, is up 77 percent, as the housing rebound has stoked investors’ interest in many companies whose fortunes are tied to the real estate sector

– See more at: http://www.inman.com/2013/08/13/soaring-real-estate-portal-valuations-are-all-about-growth/#sthash.wIFi0T96.dpuf

Fannie Mae to pay Treasury $10.2B as housing prices rise | Armonk Homes

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Fannie Mae, the mortgage financier seized by U.S. regulators in 2008, will pay the Treasury Department $10.2 billion after reporting its sixth consecutive quarterly profit on continued recovery in the housing market.

The government-sponsored enterprise, which is operating under federal conservatorship, had net income of $10.1 billion for the three-month period that ended June 30, according to a statement released Thursday.

“Fannie Mae reported a strong second quarter in 2013 driven primarily by continued stable revenues and boosted by a significant increase in home prices in the quarter, which resulted in a reduction in the company’s loss reserves,” the company said in the statement.

After its latest payment, Washington-based Fannie Mae will have sent the Treasury a total of $105 billion, compared with the $117.1 billion of aid the company has received. Freddie Mac, which Wednesday reported a $5 billion quarterly profit, will have paid about $41 billion after drawing $72 billion.

Don Layton, Freddie Mac’s chief executive officer, said his McLean, Va.-based company may send Treasury as much as $28.6 billion within the next two quarters if tax credits it holds have value based on expectation of continued profitability.

Fannie Mae and Freddie Mac have returned to profitability as the housing market recovered and they raised fees for loan guarantees. Fannie Mae’s net income last year exceeded that of companies such as Wal-Mart Stores Inc., General Electric Co. and Berkshire Hathaway Inc., according to data compiled by Bloomberg.

The two companies were seized in September 2008, shortly before the failure of Lehman Brothers Holdings Inc. and the rescue of American International Group Inc., amid losses that pushed them toward collapse. They ceased this year paying 10 percent dividends that returned $65 billion to Treasury and now turn over any profits above a permitted capital reserve.

Fannie Mae and Freddie Mac, which were created by the federal government before becoming publicly traded companies, buy mortgages from lenders and package them into securities on which they guarantee payments of principal and interest.

President Barack Obama on Aug. 6 called for the two companies to be replaced with a government mortgage reinsurer that would sustain losses only in catastrophic circumstances.

Hedge funds including Paulson & Co. Inc. have been pushing Congress to abandon plans to liquidate the companies as they buy up preferred stock that has been soaring after being considered worthless, according to people with knowledge of the discussions. Some owners of preferred shares have sued the U.S. government, charging that some of the companies’ profits should eventually go to stockholders.

From The Detroit News: http://www.detroitnews.com/article/20130808/BIZ/308080078#ixzz2bi7uV22s

 

Fannie Mae to pay Treasury $10.2B as housing prices rise | The Detroit News.

Home prices continue to ramp up nationwide | Armonk Real Estate

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Representing a new post-bubble high, Las Vegas experienced a 31.2% jump in annual home prices in July, becoming the first metro to surpass 30% growth since the beginning of the recovery.

In the latest home data index released by Clear Capital, July home price trends continued to be strong both nationwide and when broken down between the nation’s four major regions.

Nationally, home prices grew 9.3% from last year, and were up 1.6% over the previous quarter. Interestingly enough, national home prices remained 33.4% below peak values, indicating the new norm for the nation’s housing.

“While July home prices continue to ramp up throughout the country led by Las Vegas posting more than 30% yearly growth, let’s not forget a healthy recovery means moderation as the new normal takes hold,“ said Alex Villacorta, vice president of research and analytics at Clear Capital.

Over the last half of 2013, Clear Capital continues to call for a moderation in home price trends. “A rising price floor will dampen some potential homebuyers’ appetites, particularly as recent gains bring many markets back into pre-bubble equilibrium,” Villacorta added.

 

Home prices continue to ramp up nationwide | 2013-08-06 | HousingWire.

North Castle Seeks Proposals To Rehabilitate Windmills | Armonk Real Estate

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The Town of North Castle is accepting through Aug. 8, proposals from contractors to rehabilitate the town’s windmills.

The town is looking to repair three ornamental windmills in the Windmill Farm section of town.

It is expected that this project will begin within two weeks of the signing of the request for proposal  agreement.

Proposals must be received at the office of the Town Clerk by 3 p.m., Aug. 8, 2013. Any
questions regarding this RFP should be directed to Sal Misiti, North Castle Water & Sewer Department,
at 914-273-1882.

 

 

North Castle Seeks Proposals To Rehabilitate Windmills | The Armonk Daily Voice.

Live Near A Clinton At The Whitman’s Bonkers $25M Penthouse | Armonk Real Estate

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Event: A “top broker lawn party” to launch the sale of The Whitman‘s new-to-market penthouse
In the house: Every broker under the sun (seriously, more than 150 of them), including Elliman bigwigs Howard Lorber and Dottie Herman, as well as Fredrik Eklund, who made an appearance before his Million Dollar Listing New Yorkfinale party, plus architect Jeffrey Cole, contractor Allan Bloom of Facet Construction and his team, and a smattering of potential buyers
Dress code: Sleek summer dresses paired with sky-high heels for the ladies; summer suits for the gents, sometimes sans jackets, and the occasional dude in shorts with a backpack. What was he doing there?
Menu: An assortment of delicious chichi canapes (asiago and artichoke pizzette, barbequed duck crepes, Maryland crab cakes, summer rolls) and libations from not one but two bars
Overheard: “Look at this view!” “Oh, the hoi polloi is here.” “Where’s all the wine?” “It’s gor-gee-oso!”

Conversion The Whitman only has four residences, and the three on lower floors, priced in the $10 million ballpark, are already spoken for—one by former First Daughter Chelsea Clinton, who made a splash with an early buy of $10.5M back in March. That leaves the penthouse, a 10,000-square-foot giantess of a full-floor duplex that overlooks Madison Square Park. It’s asking$25,000,000. The 3,000-plus square feet of outdoor space includes a terrace on the lower level and a big, landscaped roof deck above the living room that both overlook Madison Square Park, plus a croquet pitch between the upstairs den and the master bed and bath, and a putting green behind the master bath, facing 27th Street. As party attendees oohed, aahed, and passed judgement over the luxurious trappings—courtesy of interior designer Jeremiah Brent (it’s actually the first New York project for the partner of designer Nate Berkus)—some of the 4BR/6.5BA apartment’s luxe amenities made themselves apparent.

The keyed elevator (note: still under construction) opens up onto a private foyer that will soon be enclosed in some kind of fancy notched semi-opaque glass—Cole was particularly enthusiastic about this, as well as the to-be-installed banister of the stairwell to the roof deck. It’s the little things.

Then you step into a spacious living room with three arched windows facing the park that opens up onto terrace, a.k.a. outdoor space #1. Backtracking to the area by the door, a staircase takes you up to the den… but wait, let’s keep walking north through the apartment’s massive restaurant-style kitchen, which includes a giant warming rack above an island, dual wine fridges that can hold 108 bottles at a time, a grand total of four Miele ovens, and grow lights for your herbs (“This is the most impressive thing in the apartment,” someone breathed).

 

Live Near A Clinton At The Whitman’s Bonkers $25M Penthouse – Hangover Observations – Curbed NY.

Corporate America has a Flare for Solar Industry Investment | Armonk Real Estate

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A few weeks ago, American Honda announced an innovative financing partnership with Solar City, a major solar installer. (Full disclosure: My wife works for Solar City).  Under the terms of the deal, the carmaker will use $65 million its own money to pay for its customers and dealers to install solar panels on their properties and reduce their future electric bills.

The money involved is not a big deal in terms of corporate finance, so why do I think this announcement is a big deal? Because it could, if other companies follow Honda’s lead, be the key to providing the investment dollars the solar industry needs to make rapid inroads throughout the country.

What’s holding up the solar industry?

The cost to install solar energy is declining rapidly — panel prices fell by 41% in the fourth quarter of 2012 compared to the previous year.  This helped solar installations in the United States to grow rapidly in 2012, from 1,855 megawatts (MW) in 2011 to 3,300 MW.  (The average coal plant in the U.S. has a capacity of about 650 MW).  Even better, annual installations are projected to climb to an estimated 9,000 MW in 2016.

Right now, a lack of investment capital may be the biggest barrier to the industry’s continued  growth. Bloomberg New Energy Finance forecasts that the industry will need $3.1 billion of equity investment in 2013, compared to $1.8 billion in 2012.  This need for investment comes at a time when American corporations – excluding financial firms — are sitting on $1.7 trillion, some of which could easily be invested in the solar industry, earning substantial returns, in dollars and good will, for corporate lenders.

 

Corporate America has a Flare for Solar Industry Investment | Environmental Defense Fund.

London Luxury-Home Prices to Climb 6% This Year on Pound | Armonk Real Estate

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Central London luxury-home values will jump 6 percent this year, Knight Frank LLP said, revising an estimate that prices would be little changed as a weakening pound made the market more attractive to overseas buyers.

The average price of a house or apartment in the city’s most expensive neighborhoods has climbed 4.2 percent this year and interest among prospective buyers remains strong, the London-based broker said in a report today. The pound fell about 5 percent against the euro in the first half and lost 7.9 percent against the Chinese yuan.

Enlarge imageLondon Luxury-Home Values to Rise 6% in 2013, Knight Frank Says

Luxury residential properties are seen on Lennox Gardens, Knightsbridge, in London. Photographer: Simon Dawson/Bloomberg

Marinov Sees Pound Weaker at $1.50 Versus Dollar

0:59

July 29 (Bloomberg) — Valentin Marinov, head of European Group-of-10 currency strategy at Citigroup Inc., talks about the dollar and pound. He spoke July 25 in London. (Source: Bloomberg)

The currency’s weakness “helped to boost overseas interest and domestic demand has been aided by London’s economic recovery,” Knight Frank said.

Foreign investors are buying London properties to preserve wealth as political and economic turmoil menace their home markets, leading prices in the city to rise more than brokers had expected. Knight Frank, along with Jones Lang LaSalle Inc. (JLL) and Savills Plc (SVS), last year forecast that prices would be little changed in 2013 after an 8.7 percent increase in 2012.

Knight Frank as recently as last month said it didn’t expect a significant increase in luxury London home values for the whole of this year. Values rose in June by the smallest annual amount since at least December 2009, the broker said last month.

Savills on July 18 revised its forecast of little or no growth in 2013, saying that prime central London prices would climb 6 percent this year and 3 percent in 2014, according to an e-mailed statement from the broker.

Strongest Increase

London luxury-home prices increased by 0.5 percent in July from the previous month, bringing the gain for the past 12 months to 7 percent, Knight Frank said. The strongest increase was for homes costing less than 1 million pounds, and the biggest gains were in the neighborhoods of Islington, Marylebone and the South Bank. Property prices in prime central London locations are now almost 60 percent above their low during the financial crisis in March 2009, Knight Frank said.

Other factors affecting luxury values include government measures aimed at helping Britons’ enter the housing market by encouraging sales of newly built property and providing guarantees for borrowers with smaller deposits. While the government’s Help-to-Buy program is aimed at mainstream customers, housing market sentiment is “infectious across markets,” the broker said.

Demand Cooled

U.K. house-price growth slowed in July as more Britons offered their property for sale and demand cooled at the start of the summer, Hometrack Ltd. said today. Average values in England and Wales increased 0.3 percent after a 0.4 percent gain in June, the London-based property researcher said in a statement. From a year earlier, prices were up 1.3 percent, the most since 2010.

 

 

London Luxury-Home Prices to Climb 6% This Year on Pound – Bloomberg.

Westchester Health Department Puts News On Facebook | Armonk Real Estate

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The Westchester County Health Department is now providing breaking public health news and information on Facebook.

Residents can “like” the Health Department’s page to get health information and alerts in their news feed.

In addition to news, the department’s page also offers information on health and wellness, including exercise tips and nutrition information.

 

Westchester Health Department Puts News On Facebook | The Armonk Daily Voice.

Real estate investment trust yields robust rewards despite risk | Armonk Real Estate

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Sinking money into real estate investment trusts is considered to be one of Wall Street’s most complex investments.

Owning shares of REITs gives investors an opportunity to get investment exposure to real estate, including apartments, shopping centers and office buildings. But they’ve gained a reputation of being risky and confusing — especially after the industry was pummeled during the last real estate crash.

Even Lloyd McAdams, chief executive of Anworth Mortgage Asset Corp., makes no bones about saying his Santa Monica REIT does carry some risk. But it also has given shareholders high dividend yields as the real estate market has recovered.

“The potential magnitude of the risks we have to manage around has been the most daunting aspect of managing the business,” said McAdams, who has been CEO since the company was founded in 1998.

Market shocks have been a challenge for Anworth, whose portfolio holds residential real estate where the mortgages are secured by government guarantees from Freddie Mac,Fannie Mae and Ginny Mae.

Anworth’s stock price has had big gyrations because of the company’s ties to the housing market. The stock at one point traded above $15 before the housing crisis walloped the industry. It now trades for about $5 a share.

But analysts are bullish on the company’s prospects and hail its consistent dividend. The company has averaged about a 10% payout every year for the last decade. That compares to the 2.65% average weighted dividend yield for the Standard & Poor’s 500 index.

 

 

Real estate investment trust yields robust rewards despite risk – latimes.com.