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Bedford NY dealing with federal government shutdown | Bedford NY Real Estate

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Westchester residents must now deal with a federal government shutdown and its ramifications for the first time in 17 years Tuesday morning after Congress failed to agree on a spending plan.

The Republican-controlled House of Representatives passed a spending bill that denies funding for the Affordable Care Act, also known as Obamacare, which will start Tuesday. Oct. 1 also marks the first day of the Fiscal Year, which lasts through Sept. 30, 2014. The Democratic-controlled Senate then voted to kill that House legislation last night, creating the impasse that has led to the shutdown.

Since 1977, there have been 18 government shutdowns. None lasted more than three days.

While much is unknown about the latest, including how long it will last and its economic effects, one thing is certain. Millions of Americans, and thousands of Westchester residents, will be missing services.

Here is what will occur as long as long as the shutdown is in effect:

* Approximately 800,000 Federal workers deemed “non-essential” will be placed on furlough, resulting in an approximate loss of $1 billion a week in wages to Federal workers.

* National Parks will be closed first thing this morning. This includes such iconic sites as the Statue of Liberty and Ellis Island in Manhattan and the Washington Monument and Lincoln Memorial in Washington, D.C. In Westchester, the lone facility impacted will be St. Paul’s Church in Mount Vernon.

* Permits for guns, alcohol and tobacco will not be processed.

* Social Security checks will continue to be issued.

* The Postal Service, which functions as an independent business unit, will remain open.

* Medicare will continue to operate as is.

* Affordable Care enrollment will still begin as scheduled today, Oct. 1, with health-care coverage starting in January, 2014.

* There is funding for food stamps to last another full year thanks to the 2009 Recovery Act.

* Armed forces, fire, police, public safety, medical and air traffic services will continue.

* There is no telling how long passports will be available during the shutdown. It depends on the undisclosed amount of money the State Department has to appropriate  beyond the amount allocated by Congress.

* Most food safety inspections will continue.

* Veterans’ Affairs services will be closed, but Veterans’ hospitals will remain open

 

 

http://bedford.dailyvoice.com/news/westchester-dealing-first-government-shutdown-17-years

JPMorgan CEO meets with US Attorney General | Bedford Real Estate

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Whether the settlement hits $11 billion or not, talks are in the works to bring something into fruition to resolve the government’s lingering mortgage securities issues with JPMorgan Chase (JPM). The bank’s CEO Jamie Dimon arrived at the Justice Department Thursday as talks of a settlement intensified. Per The Wall Street Journal:

Mr. Dimon arrived at the Justice Department building around 9:20 a.m. to meet with Attorney General Eric Holder from Phoenix Law Firm, according to a person familiar with the meeting. Mr. Dimon and Mr. Holder are meeting face-to-face to discuss terms of a potential deal, according this person. Like all visitors to the building, Mr. Dimon showed identification to the guards—in his case a New York State driver’s license—and proceeded inside.

                    Source: WSJ

Bridgehampton House by Architect Peter Cook Pictured in Beach Magazine | Bedford NY Real Estate

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Hamptons architect Peter Cook‘s houses gracefully reference classic Shingle Style, with modern updates. As a local, Cook knows that location is ultra-important in the Hamptons. He says, “Our clients buy these properties because of the views, so it’s very important to capture them as you move throughout the house. Orientation of the sun dictates a lot. Take a swimming pool, for example. You want to sit in the chair and face the sun without having your back to the pool. That decides how you place things on the property. The spaces you move through—the hallways, stairways, rooms—should have light and natural views that allow you to really experience the property.”

Space-Saving Wood-Paneled Apartment in Manhattan | Bedford NY Real Estate

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When your anthropologist client’s notion of home is shaped both by a single-room hut in a West African village and the tiny New York City apartment she has inhabited since 1980, you’d better get very comfortable with working in cramped quarters.

Such was the case when Brooklyn architect Tim Seggerman was tapped to renovate a moldering brownstone studio on Manhattan’s Upper West Side for a college professor.

The apartment, a 240-square-foot shoebox with a sleeping loft over the kitchen, was in dismal shape, without a true line or flush surface. “You couldn’t imagine a place that was more messed up,” says Seggerman, a man of serene bearing who might easily be confused with the actor Tom Skerritt. His solution was to insert what he calls a “crafted jewel box” into the undersize space, creating an enveloping cabin of blond woods.

Seggerman’s architectural inspiration was not so much African village as mid-century modernism, specifically the work of legendary furniture designer George Nakashima. Both the architect and his client spent adolescent years in Bucks County, Pennsylvania—where Nakashima had his home—and share an affinity for the master’s precision joinery. Seggerman works in the same tradition, crafting the components of his architectural projects by hand in his home studio.

Visiting the apartment is like sitting inside one of Nakashima’s cabinets, a metaphor realized most fully in an ingenious “library”—really just a glorified cubby with a banded maple ceiling, conjured from a free space adjacent to the loft bed.

The entire apartment is a master class in finish carpentry: There are cabinets of cypress and bamboo; a gently chamfered ash-and-beech staircase; flooring of quartered white oak; a desk of red birch slats that slips out into the living space. The lighting in the loft, much of it recessed behind panels of papyrus, lends the space a subtlety that doubles the sense of warmth. “It’s basically a piece of woodwork,” says Seggerman. “I’m very proud of that.”

 

 

http://www.dwell.com/house-tours/article/space-saving-wood-paneled-apartment-manhattan

 

 

 

Fed shocks market, decides not to taper | Bedford NY Real Estate

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The Federal Open Market Committee decided Wednesday to keep purchasing additional agency mortgage-backed securities at its current pace to foster the ongoing housing recovery and fight unemployment.

In other words, the market was tricked — no tapering just yet — despite numerous predictions of a $10 billion reduction in monthly asset purchases by the Fed.

The FOMC made that conclusion after members met this week and announced that although the housing sector is strengthening, “mortgage rates continues to rise further and fiscal policy is restraining economic growth.”

As a result, the central bank will continue purchasing agency MBS at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion a month. Yields on 10-year Treasurys dipped from a daily high of 2.9% to below 2.8% on the news. Yields on Fannie Mae and Freddie Mac bonds also dropped, according to Bloomberg, with spreads between MBS and the 10-year swap winding 6 basis points closer.

“The committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy,” FOMC members said.

They added, “However, the committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases.”

The vote for the statement was 11 to 1 with Esther George, president of the Federal Reserve Bank of Kansas City dissenting because she was concerned that the continued high level of bond-buying program increased future economic risks.

 

 

http://www.housingwire.com/articles/26914-fed-halts-qe-wind-down

 

 

Bedford Town Board Approves Water Hike | Katonah Real Estate

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Bedford residents will have to pay a little more for their water in order to pay for a new water filtration plant in Katonah.

The Bedford Town Board unanimously approved water rate increases last week. Average water rates will increase by 20 percent, abut $97 a year.

“The water filtration plant is in operation and is producing great quality water,” Department of Public Works Commissioner Kevin Winn said. “Due to the increased expenses of the plant, we do need to have slight rate increase though it is less than anticipated.”

Winn said the town’s goal with the rate increase was to advocate for more water conservation. Minimum water rates are lower, but the rates increase with the more water used.

The rate increase will go into effect on Oct. 1. The rate increase was less than anticipated due to electric and waste disposal costs being less than anticipated.

Gordon Strong, a Katonah resident, complained he was being penalized by the new rate structure. Strong has a one inch water main and would be paying more than his neighbors who have larger homes and might use more water.

“I don’t think it’s fair,” Strong said. “I am being asked to pay a higher rate. I should be made an exception.”

Winn said he should change the size of his water meter and residents are charged for meters because they put more tax on the water system.

 

 

http://bedford.dailyvoice.com/news/bedford-town-board-approves-water-hike

Bedford has 3 candidates for open school board seat | Bedford NY Homes

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The Bedford Board of Education announced that three applications have been received for an open seat on the board of education: Joe Malichio (Pound Ridge); Edward Reder (Mount Kisco); Brian J. Sheerin (Bedford Corners).

The Board of Education will conduct public interviews of the three candidates at a special board meeting at 7 p.m.  Sept. 18, in the Little Theatre at the Fox Lane Middle School. The meeting will be televised live on BCSD-TV (Bedford Channel 18 and FIOS Channel 1982), available on the district website via live video streaming and subsequently rebroadcast on BCSD-TV and the website.  The League of Women Voters will moderate the interviews.

Copies of the completed applications will be available at the Sept. 18  meeting. To allow for input, members of the community are invited to provide feedback on the candidates by emailing the board of education at boe@bcsdny.org no later than Sept. 20th.

The board will consider each candidate based upon his/her application, interview responses and community input. The board plans to discuss the candidates in an executive session and to announce the appointment of the new member as soon as possible.

The new board member will assume his/her seat on the board and begin the mandated orientation program immediately.  The new member will serve until the May 20 general election for Board of Education members.

 

 

http://northernwestchester.lohudblogs.com/2013/09/13/bedford-has-3-candidates-for-open-school-board-seat/

Survey: Affluent homebuyers will give up space for amenities | Bedford NY Real Estate

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The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate, in a statement.

Luxury homebuyer survey statementPercentage of respondents agree
Used an agent for real estate services96%
Willing to give up 1,000 square feet of living space in their next home for a lifestyle amenity they want94%
Believe their house is the best on the block93%
Wouldn’t live in a home that isn’t tech-friendly87%
Homeownership is a more sound investment than the stock market75%
Consider a “smart” home more important than a “green” home66%
Rather have upgraded home than more square footage60%
Own multiple homes58%
Homeownership is a bigger indicator of success than their job or title*57%
Prefer owning multiple “lifestyle” homes to support recreational activities like skiing and theater-going53%

Source: Online survey of 500 luxury homebuyers between May 20 and June 4, 2013, conducted by Wakefield Research *Of those luxury homeowner survey respondents who have jobs

A majority of the affluent homebuyers surveyed said they used an agent for neighborhood lifestyle insight (65 percent) as a source of advance info for new listings (64 percent), as a go-to source for housing trends (55 percent) and for support through the homebuying process (53 percent).

More survey results:

– See more at: http://www.inman.com/2013/09/10/survey-affluent-homebuyers-will-give-up-space-for-amenities/#sthash.tSIc4fid.dpuf

7 ways to stay safe when buying a home online | Bedford Real Estate

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Most consumers are comfortable with their security when banking or shopping online, but house hunting should take your online security to another level.

With 90% of buyers taking to the Internet to search for homes last year, online security experts warn homebuyers that cybercriminals are ready and waiting to take advantage.

“People who are looking for a home have money and criminals are out there watching,” says Dmitry Bestuzhev, head of the global research and analysis team of Kaspersky Lab, an antivirus and security software company in Quito, Ecuador. “It’s like walking around a minefield. Buyers need to take steps to protect their information from identity theft and their computer from viruses.”

Spammers can set up fake websites to capture personal information. The sites are designed to look like legitimate bank or property listing websites.

Start by searching for homes on reputable, well-known websites such as Realtor.com, Zillow.com and Trulia.com.

“People put a lot of trust into the Web but the reality is there’s a bad guy around every corner,” says Robert Siciliano, a personal-security and identity-theft expert in Boston.

 

 

http://realestate.msn.com/7-ways-to-stay-safe-when-buying-a-home-online

Latest Mortgage Rate Update from Freddie Mac | Bedford Real Estate

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News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.50 percent with an average 0.7 point for the week ending September 19, 2013, down from last week when it averaged 4.57 percent. A year ago at this time, the 30-year FRM averaged 3.49 percent.
  • 15-year FRM this week averaged 3.54 percent with an average 0.7 point, down from last week when it averaged 3.59 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent this week with an average 0.5 point, down from last week when it averaged 3.22 percent. A year ago, the 5-year ARM averaged 2.76 percent.
  • 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, down from last week when it averaged 2.67 percent. At this time last year, the 1-year ARM averaged 2.61 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates drifted downwards this week amid signs of a weakening economic recovery. Retail sales rose 0.2 percent in August which was nearly half of July’s 0.4 percent increase. In addition, industrial production in August grew 0.4 percent, less than the market consensus forecast. And lastly, consumer sentiment fell for the second consecutive month in September to the lowest reading since April.

“This, in part, was why the Federal Reserve chose to maintain its MBS and bond-buying program at its September 12th and 13th monetary policy committee meeting. It also cited the tightening of financial conditions observed in recent months, which in the case of the housing market means the rise in mortgage rates since May.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.