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Housing recovery falls back to 54% back to normal | Bedford Real Estate

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The housing recovery is now 54% back to normal in April, down from 56% in March due to the sharp drop in new home starts. Trulia‘s Jed Kolko writes that construction starts dropp to 853,000, down 16% from March. Existing home saled inched up slightly month-over-month, while non-distressed sales increased 25% year-over-year. The delinquency rates + foreclosure rates dropped sharply to the lowest level since September 2008.

To read the full report from Trulia ($29.47 0.2%), click here.

 

Housing recovery falls back to 54% back to normal | HousingWire.

Bedford NY Luxury Market Inventory Report | RobReportBlog

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5/22/13

Bedford NY Area Luxury Real Estate Market Report

Over $2,000,000
Homes for Sale165
Homes Sold (6 Mos.)27
Homes in CC, pending, sold44
Inventory- sold36.66 months
Inventory- sold, cc, pending22.51 months

 

 

Bedford NY Luxury Market Inventory Report | RobReportBlog.

$190 Million Greenwich Compound Is Priciest Home In The U.S. | Bedford Real Estate

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A glance at a property in Greenwich that is reported to be the most expensive listing in the United States. It is listed for $190 million. Photo Credit: With permission from David Ogilvy

 

Listing agent David Ogilvy says the 12-bedroom Neo-French Renaissance Victorian and the 50.6-acre property is “a fantastic piece of property.”
“It’s just an incredibly beautiful spot,’’ said Ogilvy, whosereal estate office is part of Christie’s International Real Estate. “There were a few other major houses down on the water. The only one of this size that has sold was in Riverside in 1952 or ’53. There hasn’t been anything else on either side of the water like this.”
The property includes a mile of shoreline and two islands. Other features include a 75-foot pool and spa, grass tennis court, poolhouse, carriage house and gatehouse cottage.
The home was built in 1896 – Ogilvy had no record of its original cost – and was purchased by the Lauder Greenway family. Harriet Lauder Greenway’s father helped Andrew Carnegie start what would become U.S. Steel, according to the Wall Street Journal story. The article also said the home is owned by John Rudey, the chairman of U.S. Timberlands Services. He purchased the property in 1982. The property is being listed for the first time since 1904, according to the Ogilvy listing.
Ogilvy said the price tag was based on appraisals and previous waterfront sales. “A home with 4.2 acres went for $39.5 million, or about $9 million an acre,’’ he said. “You multiply that by 50, and you get a hefty number. Sometimes people are shocked at how much it is. It’s the only one with 50 acres left in Greenwich.”
The Realtor said he and Rudey have had conversations over the past few years about the property. “I knew the property, but I was even more amazed when I saw it,’’ Ogilvy said.
The owner has no timetable for a sale, Ogilvy also said. “There was a property that I listed and sold back in 2004 for $45 million,’’ Ogilvy said. “People told me I had rocks in my head, and we listed it, sold it and closed on it in 100 days. A timetable is not a problem.”

 

 

 

 

 

 

 

 

 

Listing agent David Ogilvy says the 12-bedroom Neo-French Renaissance Victorian and the 50.6-acre property is “a fantastic piece of property.”
“It’s just an incredibly beautiful spot,’’ said Ogilvy, whosereal estate office is part of Christie’s International Real Estate. “There were a few other major houses down on the water. The only one of this size that has sold was in Riverside in 1952 or ’53. There hasn’t been anything else on either side of the water like this.”
The property includes a mile of shoreline and two islands. Other features include a 75-foot pool and spa, grass tennis court, poolhouse, carriage house and gatehouse cottage.
The home was built in 1896 – Ogilvy had no record of its original cost – and was purchased by the Lauder Greenway family. Harriet Lauder Greenway’s father helped Andrew Carnegie start what would become U.S. Steel, according to the Wall Street Journal story. The article also said the home is owned by John Rudey, the chairman of U.S. Timberlands Services. He purchased the property in 1982. The property is being listed for the first time since 1904, according to the Ogilvy listing.
Ogilvy said the price tag was based on appraisals and previous waterfront sales. “A home with 4.2 acres went for $39.5 million, or about $9 million an acre,’’ he said. “You multiply that by 50, and you get a hefty number. Sometimes people are shocked at how much it is. It’s the only one with 50 acres left in Greenwich.”
The Realtor said he and Rudey have had conversations over the past few years about the property. “I knew the property, but I was even more amazed when I saw it,’’ Ogilvy said.
The owner has no timetable for a sale, Ogilvy also said. “There was a property that I listed and sold back in 2004 for $45 million,’’ Ogilvy said. “People told me I had rocks in my head, and we listed it, sold it and closed on it in 100 days. A timetable is not a problem.”

 

$190 Million Greenwich Compound Is Priciest Home In The U.S. | The Bedford Daily Voice.

 

Home values rise 5% for sixth consecutive month | Bedford Real Estate

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For the sixth straight month, home value appreciation was at or exceeded 5%, according to data from Zillow. More specifically, home values rose in April to $158,300. 

Home values jumped 5.2% over year ago levels, Zillow ($59.41 0%)reported, reaching their highest level since June 2004.

A majority of the 365 metros — 55% to be exact — experienced home value appreciation in April from March. Sacramento saw the largest monthly increase, with home values jumping 3.4%. Las Vegas and San Francisco also reported monthly increases of 3% and 2.8%, respectively. 

Looking forward, home values from April 2013 through April 2014 are predicted to rise 4% to approximately $164,648, according to Zillow. This is a drop from the 5.2% annual rate of appreciation reported between April 2012 and April 2013 and indicates a shift in supply and demand in some of the hardest-hit markets. 

“April marks the sixth straight month of annual home value appreciation of 5% or above, the longest such streak since the height of the bubble in 2006. In the short-term, this has been welcome news for homeowners. But in the long-term, this cannot be sustained, and consumers entering the market today should not expect this kind of appreciation to last,” said Zillow Chief Economist Stan Humphries. 

Humphries added, “Overall, we expect home value appreciation to moderate as more supply comes on line over the next year, but in some areas, runaway home value appreciation, combined with expected interest rate hikes in coming years, runs a real risk of pricing out many potential buyers. Home values in these areas will have to flatten or even fall to come back in line.”

Chicago was the only metro that did not experience year-over-year home value increases. More than half of the 30 largest metros covered saw double-digit percentage increases.­

 

 

Home values rise 5% for sixth consecutive month | HousingWire.

Home Depot reported strong first quarter earnings, citing the recovering housing market | Bedford Real Estate

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Home improvement retailing giant Home Depot reported strong first quarter earnings this morning, citing the recovering housing market as a key driver.

Earnings per share were $0.83 versus analysts’ consensus prediction of $0.77. Revenues came in at $19.1 billion, topping estimates for $18.69 billion.

U.S. same-store sales rose 4.8% during the quarter.

“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,” said Home Depot Chairman and CEO Frank Blake in the press release.

Shares are up 3.6% in pre-market trading.

Below is the full text from the release:

ATLANTA, May 21, 2013 /PRNewswire/ — The Home Depot®, the world’s largest home improvement retailer, today reported sales of $19.1 billion for the first quarter of fiscal 2013, a 7.4 percent increase from the first quarter of fiscal 2012. Due to the 14th week in the fourth quarter of fiscal 2012, first quarter sales benefited from a seasonal timing change that added approximately $574 million to sales. On a like for like basis, comparable store sales for the first quarter of fiscal 2013 were positive 4.3 percent, and comp sales for U.S. stores were positive 4.8 percent.

(Logo:http://photos.prnewswire.com/prnh/20030502/HOMEDEPOTLOGO )

Net earnings for the first quarter were $1.2 billion, or $0.83 per diluted share, compared with net earnings of $1.0 billion, or $0.68 per diluted share, in the same period of fiscal 2012. For the first quarter of fiscal 2013, diluted earnings per share increased 22.1 percent from the same period in the prior year.

“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,” said Frank Blake, chairman & CEO. “I would like to thank our associates for their hard work and commitment to our customers.”

Updated Fiscal 2013 Guidance

Based on its year-to-date performance and outlook for the balance of the year, the Company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 2.8 percent with comparable store sales up approximately 4.0 percent for the year. The Company raised its fiscal 2013 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 17 percent to $3.52 for the year. The Company’s fiscal 2013 sales and earnings-per-share guidance is based on a 52-week year compared to fiscal 2012, a 53-week year.

The Company’s earnings-per-share guidance includes the benefit of its year-to-date share repurchases and intent to repurchase $4.4 billion in additional shares over the remainder of the year, which will bring the total dollar amount of shares repurchased to $6.5 billion for the year.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at earnings.homedepot.com.

Read more: http://www.businessinsider.com/home-depot-q1-2013-earnings-2013-5#ixzz2TvsZlvWk

 

 

Home Depot Q1 2013 Earnings – Business Insider.

NYC unemployment rate hits 4-year low | Bedford NY Real Estate

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New York City’s unemployment rate last month dropped to the lowest level in four years, led by gains in employment and health services, the state Department of Labor said in a monthly report Thursday. If you need to file for unemployment you can visit the unemployment office.

The jobless rate fell to 8.4% in April, compared with 8.9% the previous month, reaching the lowest level since March 2009, the labor department’s seasonally-adjusted figures showed. The city added 16,400 jobs last month, according to seasonally-adjusted numbers provided by Barbara Byrne Denham, chief economist for real estate investment firm Eastern Consolidated.

“It certainly looks like strong private-sector job growth,” said James Parrott, chief economist of the Fiscal Policy Institute. “That’s very positive, and clear.”

About 4,500 new jobs were created in the employment services sector, a sign that job gains will continue in the near future, Ms. Denham said. Employment services includes temporary hiring, which usually lead to permanent positions at the companies where workers are assigned, she said. Employment in the industry has grown 8.6% this year, the most of any sector.

An additional 3,100 jobs were added in health and social services, and the securities industry gained 1,000 positions. All growth took place in the private sector, as the federal and local governments shed 1,700 employees combined.

 

NYC unemployment rate hits 4-year low | Crain’s New York Business.

Bedford Set As Filming Location For Robert Durst Documentary | Bedford NY Real Estate

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A scene for an upcoming documentary based on the story of Scarsdale’s Robert Durst and his wife—who was last seen getting on a train in Bedford 30 years ago—will be shot in Bedford Hills on April 13, the Journal News reported.

The documentary comes from filmmaker Marc Smerling, who co-wrote the screenplay for the 2010 movie based on Durst’s life called “All Good Things.” Smerling talked to Durst after the release of that movie, the report said.

Smerling told the Bedford Town Board last week in an application for the filming permit it was a conversation that rekindled his passion for the story.

The film will revisit a mystery tale that began on Jan. 31, 1982, after Durst said he put his wife, Katie Durst, on a train to Manhattan and never saw her again, the Journal News said.

The police investigation was reopened in 2000 after Durst moved to Texas. Soon after, Durst’s friend Susan Berman—who police wanted to speak to in regards to the case—was fatally shot in Los Angeles.

Durst would eventually be arrested in 2001 for the murder of his neighbor Morris Black, telling police he shot his neighbor accidentally and proceeded to dismember him in a panic. After being acquitted for murder but arrested for the dismemberment and gun possession.

 

Bedford Set As Filming Location For Robert Durst Documentary | The Bedford Daily Voice.

Annual St. Patrick’s Carnival, Raffle Begins In Bedford | Bedford Real Estate

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Festivities will include arcade-style games, new rides, home-cooked carnival favorites and outdoor grills.Photo Credit: Provided

BEDFORD, N.Y. – The Carnival at St. Patrick’s Parochial School in Bedford Village continues its 40-year tradition this week, culminating in a grand prize raffle for a 2013 Mercedes-Benz C300 4Matic or $25,000 in cash.

The event begins Tuesday night and runs through Sunday. Admission is free.

Carnival grounds are located on the big green lawn of St. Patrick’s school at Route 22 and Greenwich Road. Parking is free at the church and surrounding areas of Bedford Town Park and Bedford Elementary School.

Raffle tickets are $100; 1,000 tickets will be sold.

Always starting the Tuesday after Mother’s Day, the carnival draws thousands of families from Northern Westchester, Putnam County and nearby Fairfield County.

The event is run by church volunteers. All money raised from the raffle will be used for educational and charitable ministries of the parish.

Festivities will include arcade-style games, new rides, home-cooked carnival favorites and outdoor grills. On Saturday and Sunday, one bracelet lets you ride all afternoon for a single price

 

Annual St. Patrick’s Carnival, Raffle Begins In Bedford | The Bedford Daily Voice.

More millennials see homeownership as a good investment | Bedford NY Real Estate

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PulteGroup survey: Intention to buy rose among most 18- to 34-year-olds in the last year

Most millennials that make more than $50,000 a year are more interested in buying homes than they were a year ago, a recent survey by homebuilder PulteGroup, Inc. found.

Nearly two-thirds, or 65 percent, of renters between 18 and 34 who responded to the survey and had an income above $50,000 said that their intention to buy has “significantly or somewhat increased in the past year,” PulteGroup said.

“Millennials have witnessed the housing boom and bust, but still believe homeownership is a good investment,” said Fred Ehle, vice president for PulteGroup, in a statement. “Consistent with other third-party research that shows more than 90 percent of millennials plan to buy a home someday, we see a lot of young adults who are making financial sacrifices to afford a place of their own.”

As part of the survey, PulteGroup also polled people on what home aspects matter most to them. The company found that millennials highly value efficient use of space in a home, with 69 percent of respondents indicating that they “overwhelmingly want an open layout space in the kitchen and family rooms for entertaining family and friends.”

Millennial survey respondents also said these features were either very important or extremely important to them:

  • 84 percent said ample storage for daily items;
  • 76 percent said space for TV, movie, or sports watching;
  • 73 percent said the entry to the home;
  • 63 percent said an outdoor living space or deck; and,
  • 36 percent said the ability to conduct business from home.

 

More millennials see homeownership as a good investment | Inman News.

8 Steps To Reduce Property Taxes- Richard Kilfoil | Bedford Homes

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As the sluggish economy drags on, county boards everywhere are looking for ways to replace lost income–re-assessments of residential real estate taxes is just one of those ways. Sometimes it’s fair, other times it avoids belt-tightening. If your property taxes have been raised and you feel it’s unfair, here is how to prepare to meet your assessor for a review to lower them:

1. Look for reporting mistakes. Examine the assessor’s entire property description. Note discrepancies and document them with blueprints, surveys, photos or other inspection reports.

2. Compare neighborhood assessments. Are other homes in your neighborhood assessed similar to yours? Check the web first; some counties post assessments online.

3. Compare current sales. Talk to a local real estate agent (if you need a referral, I’m glad to help) and get a report of comparables sold within the last 6 months. Sold homes count, listings don’t.

4. Take pictures. Document where your home needs repair compared to other homes in better shape in your neighborhood.

5. Get a new appraisal. If your home is unusual or hard to “comp” this is the one time it can work in your favor. If you recently refinanced and the value is lower, use that report instead.

6. Get your contract. If your taxes increased soon after you purchased, values probably haven’t changed that much. Document with your purchase agreement.

7. Are you exempt? There are many special exemptions: homestead, mortgage, senior citizens, veterans, disabled persons, and even energy-efficiency. Check with your county and check them all.

8. Prepare your case. In writing, briefly and professionally describe why you are entitled to the reduction, followed by documentation of your reasons. Make sure you have any required forms completed and know all deadlines for your appeal.

 

 

8 Steps To Reduce Property Taxes- Richard Kilfoil | Bedford Homes | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.