Tag Archives: Bedford Corners Homes

Bedford Corners Homes

Eliot Spitzer in talks for 2.8-acre Kedem Winery site in Williamsburg | Bedford Corners Real Estate

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Eliot Spitzer, who last year made his most aggressive move since returning to the family firm with the purchase of a pricey West Side development site, is close to inking a deal to buy a large, stalled residential project on the Brooklyn waterfront, according to sources.

Spizter Enterprises is in negotiations to buy the 2.8-acre Kedem Winery site in Williamsburg, where developer the Rector Hylan Corp. has for several years  tried unsuccessfully to build a pair of mixed-use towers two blocks south from Two Trees Management’s Domino Sugar Factory development.

Spitzer Enterprises declined to comment and the current owner could not be reached. Several sources said Spitzer is in advanced negotiations to buy the site, though another prospective buyer may be in the mix as well.

The Rector Hylan development firm bought the six lots that make up the property between Broadway and South 9th Street for $11.3 million in 2003, and three years later received a pair of special permits from the City Planning Commission allowing for larger, denser buildings than the area’s zoning would have allowed.

The company had planned to build a 24-story tower with 309 residential units on the southern end of the site and an 18-story tower on the northern side with 104 units. All told, the buildings would have an envelope greater than 600,000 square feet, including 26,400 square feet of retail along Kent Avenue. The developer agreed to set aside 20 percent of the buildings’ units as affordable housing.

But Rector Hylan struggled to secure financing for the project as the market turned downward and ultimately failed to get shovels in the ground. When the permits lapsed last summer the company filed for and was granted a three-year extension. The renewal will take them to mid-June 2016.

– See more at: http://therealdeal.com/blog/2014/08/25/eliot-spitzer-in-talks-for-2-8-acre-kedem-winery-site-in-williamsburg-sources/#sthash.WoIPaOkQ.dpuf

How hard is it to get a mortgage? | Bedford Corners Real Estate

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Is it really that hard? Yes. And no. And mostly yes again. And maybe it should be.

And since January 10 when the CFPB’s Qualified Mortgage rule took effect, it is definitely harder. So yes.

But there’s more to the story than that, and it doesn’t mean only Patsy Pays Perfect can qualify anymore.

The Qualified Mortgage rule has definitely put the squeeze on would-be homebuyers seeking a mortgage. People with lower income, the self-employed, those with credit scores on the margin, and people whose income comes from tips, bonuses or other harder to document sources are definitely being are all facing an uphill battle.

Industry analysts say that anywhere from 10% on the low side to 20% on the high side of people who have a mortgage now would not qualify for a mortgage under today’s rules.

But the rules and standards for getting a mortgage were already tightening long before the CFPB put their screws to it. In fact, the industry had largely self-corrected – as if it had a choice – long before Washington put it in ink with heightened documentation and tighter standards.

Mortgage applications, the first step in the mortgage process, have been down this year almost consistently.

 

 

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http://www.housingwire.com/blogs/1-rewired/post/31082-how-hard-is-it-to-get-a-mortgage

 

Three-in-One Waterfront Glass House Wants $3.75M | Bedford Corners Real Estate

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25 images


Click here to view the full photogallery.

Location: Henry Island, Wash.
Price: $3,750,000
The Skinny: The little glass house, it seems, will always be with us, but this contemporary home on Washington State’s Henry Island adds a unique wrinkle to the basic four-glass-walls template to set itself apart. Instead of designing one small glass house (or one gigantic windowed box) the architects here divided up the 2.700 square feet of living space into three separate modules, connected in the rear by a long, low-slung breezeway. The three bedrooms are spread out across the modules, with the largest of the glass compartments containing the living areas and kitchen. All of the rooms look out onto Nelson Bay and have sliding glass walls and doors to allow for—Pacific Northwest weather permitting—indoor/outdoor living. The 24-acre property comes with a private mooring buoy and docking rights, and is located just a short sail away from Roche Harbor. It’s asking $3.75M

 

 

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http://curbed.com/archives/2014/08/13/three-waterfront-glass-houses-in-one-want-375m.php

Fannie Mae: Americans increasingly skeptical on housing | Bedford Corners Real Estate

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Consumer attitudes about the direction of the economy overall have grown more negative and Americans’ attitudes toward the housing market remain mixed, according to results from the Fannie Mae July 2014 National Housing Survey.

The share of respondents who believe the economy is on the wrong track increased by 5 percentage points from last month to 59%.

The 12-month home price change that consumers expect declined again in July, falling to 2.3%, and the share of respondents who expect home prices to climb in the next year also continued on a downward trend, falling to 42%.

“The continued cautious sentiment expressed across the range of consumer indicators this month gives weight to our view that the first phase of the housing recovery is decelerating, and 2014 will be a year of mixed housing outcomes with home prices rising more slowly and home sales falling slightly,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

“We have always believed that for the housing recovery to be considered robust, we will need strong and sustained full-time job and income growth. Recent data indicating the creation of more than 200,000 jobs over each of the last six months, combined with this month’s improvement in the share of consumers reporting significantly higher household income than a year ago, does provide some reason for optimism. If these trends continue, they could lead to some upside in housing in 2015,” he said.

 

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http://www.housingwire.com/articles/30959-americans-increasingly-skeptical-on-housing-economic-recovery

Banks aren’t being stingy on mortgage lending | Bedford Corners Real Estate

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The general feeling in the mortgage markets is one of constricted lending.

Many reasons are given: tighter regulations, a high cost of origination, stronger underwriting standards.

Neil Cavuto in Fox Business says don’t blame the banks because you can’t get a mortgage.

After all, they’re not being stingy, they’re being smart, he argues:

My friends, banks aren’t being tight-fisted, they’re just returning to form — and I like to think a fiscally-prudent form at that. Their demands may seem out of the recent norm, but they are very much the historical norm. You have to have a good credit score, a good employment history, and likely a good amount of dough to put down to show you’ve got serious intent. What’s more, you have to prove that intent. You have to prove promise. You have to prove you’re not flipping through the process, you’re understanding the process and the responsibility that comes with owning a home.

These might seem like outrageous demands to some today. We’re just going back to the simple demands pre go-go days! For previous generations they were the way things were done — so what’s so dangerous about returning to those basic standards now?

 

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Banks aren’t being stingy on mortgage lending

 

The greatest threat to the housing industry | Bedford Corners Real Estate

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Monday Morning Cup of Coffee takes a look at news crossing HousingWire’s weekend desk, with more coverage to come on bigger issues.

As Independence Day festivities slide into the rearview mirror, it’s time for a sobering look a the housing industry, and Sober Look takes just that, looking at why home price gains have slowed.

One of the reasons cited is the continuing weakness in wage growth. As they note, the latest data seem to indicate that in spite of the overall improvements in job creation, wage growth remains subdued – hovering around 2% per year over the past three years or so.

Click the graph below to enlarge.

“And wage growth is a key determinant in home price valuation. Merrill Lynch for example shows that current home prices may already be above where they should be, based on Merrill’s fair value index that is driven to a large extent by wages,” the report says.

 

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http://www.housingwire.com/blogs/1-rewired/post/30553-monday-morning-cup-of-coffee-the-greatest-threat-to-the-housing-industry

Mortgage apps continue slide after last week’s free fall | Bedford Corners Real Estate

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Mortgage applications continued their decline after last week’s 9.2% free fall, dropping another 1% for the week ending June 20, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

This comes despite mortgage rates continuing their decline, and a serious slowdown in home price appreciation.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1% on a seasonally adjusted basis from one week earlier to the lowest level since April 2014. On an unadjusted basis, the Index decreased 2% compared with the previous week.

The Refinance Index decreased 1% from the previous week to the lowest level since May 2014.

“Another dip in mortgage applications is particularly disappointing after the welcome news of increased home sales earlier this week,” said Quicken Loans vice president Bill Banfield. “While we have seen many of the indicators regain the footing they lost in the recession, housing cannot reach its stride until the employment picture attains stability.”

 

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http://www.housingwire.com/articles/30431-mortgage-apps-continue-slide-after-last-weeks-free-fall

 

Taper continues, monetary policy and interest rates unchanged | Bedford Corners Real Estate

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The following are the most salient highlights, directly cited, for the housing industry from today’s Federal Open Markets Committee statement.

(For the full text of the FOMC statement, click here.)

1) The FOMC is optimistic about the economy, but not housing

The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace and labor market conditions will continue to improve gradually, moving toward those the Committee judges consistent with its dual mandate.

The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions.

  • Economic activity has rebounded in recent months.
  • Recovery in the housing sector remains slow.
  • Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated.
  • Household spending appears to be rising moderately and business fixed investment resumed its advance
  • Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee’s longer-run objective, but longer-term inflation expectations have remained stable.

2) Tapering will continue

Beginning in July, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $15 billion per month rather than $20 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $20 billion per month rather than $25 billion per month.

The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.

 

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http://www.housingwire.com/articles/30365-yellen-taper-continues-monetary-policy-and-interest-rates-unchanged

Dr. Dre Selling View Mansion, Moving to Brentwood | Bedford Corners Real Estate

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Now that hip-hop star and headphone honcho Dr. Dre has bought Tom Brady and Gisele Bundchen’s mega-estate in Brentwood, he’s listed his home in the Hollywood Hills.

Source: IMDb

Source: IMDb

The gated home at 9161 Oriole Way, Los Angeles, CA has a magnificent view and almost 10,000 square feet on one of the coveted “bird streets” above the Sunset Strip, where many celebrities tuck mansions into the hillside. Dr. Dre bought the mansion in 2011 for $15.4 million and has listed it for $35 million — just $5 million less than he reportedly paid for Tom and Gisele’s super-estate.

It’s listed by Kurt Rappaport of Westside Estate Agency, who handled both sides of the Brentwood sale, as well. His listing describes Dr. Dre’s house as having “the best view estate in the city” and doesn’t offer any photos of the home’s interior.

Here’s what it does say: the home has 6 bedrooms, 9 baths, a library and media room, a guest house and wine cellar, as well as a pool and patio that offer a glimmering view of LA.

Want to buy Dr. Dre’s home? Calculating costs, here’s what your monthly mortgage payment looks based on a 30-year fixed mortgage, with 20 percent ($7 million) down: $134,549 a month.

 

 

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http://www.zillow.com/blog/dr-dre-selling-153602/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Freddie Mac: Housing Markets Lay an Egg | Bedford Corners Real Estate

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Housing markets overall are largely flat compared to a month ago and especially since last year at this time. Of those markets that are improving or experiencing a stable range of housing activity, most are benefiting from the energy boom taking place along the country’s mid-section.

Freddie Mac’s Multi-Indicator Market Index (MiMi) reports that:

  • The national MiMi value stands at -3.06 points indicating a weak housing market overall with only a slight improvement (+0.03 points) from February to March and a 3-month flat trend (+0.05 points). However, on a year-over-year basis, the U.S. housing market has improved by 0.66 points. The nation’s all-time MiMi low of -4.49 was in November 2010 when the housing market was at its weakest.
  • Ten of the 50 states plus the District of Columbia are in their stable range with North Dakota, Wyoming, the District of Columbia, Alaska, and Louisiana ranking in the top five and unchanged from last month.
  • Four of the 50 metro areas are in their stable range, San Antonio, New Orleans, Austin and Houston.
  • The five most improving states month-over-month are Ohio (+0.12), Rhode Island (+0.11), Illinois (+0.10), Texas (+0.10) and South Carolina (+0.09). From one year ago the most improving states remained unchanged: Florida (+1.83), Nevada (+1.60), South Carolina (+0.99), California (+0.97) and Texas (+0.96).
  • The five most improving metro areas month-over-month are Cincinnati (+0.11), Columbus (+0.11), Houston (+0.10), Riverside (+0.10), and San Antonio (+0.10). From one year ago the most improving metros remained unchanged: Miami (+2.37), Orlando (+1.91), Las Vegas (+1.71), Tampa (+1.57), and Riverside (+1.44).
  • Overall, in March, 13 of the 50 states plus the District of Columbia are improving based on their three month trend, and 20 of the 50 metros show an improving trend.

 

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http://www.realestateeconomywatch.com/2014/05/freddie-mac-housing-markets-lay-an-egg/