Tag Archives: Chappaqua Luxury Homes

Big loans are back for real estate | Crain’s | Chappaqua Luxury Properties

Funding for real estate projects in the city is flowing again, with many developers taking advantage of the improving environment to refinance properties, according to Real Capital Analytics’ ranking of the top financing deals, which appears in this week’s Crain’s.

Out of the Top 35 deals done in the past 12 months, 24 were refinancings. The remainder were new loans taken out for acquisitions.

The largest loan made in the past 12 months was an $800 million refinancing done in September 2010 for 245 Park Ave. Brookfield Asset Management and ING Clarion tapped into Bank of China for the deal. It was followed by Boston Properties’ $700 million loan from MetLife for the Citigroup Center at 153 E. 53rd St. in March. The third-largest was a $650 million refinancing of One Bryant Park in June by Bank of America, which owns the building in partnership with The Durst Organization.

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“We’re seeing big loans again,” said Dan Fasulo, managing director of Real Capital Analytics. “It’s a very healthy sign that liquidity has returned to the market place.”

As a measure of that phenomenon, even the smallest of the Top 35 financings done in the past 12 months was for in excess of $100 million. It was the $110 million refinancing of 200 Water St., arranged for Rockrose Development Corp. by Freddie Mac.

The composition of lenders was highly eclectic. Bank of China took the honors of doing the biggest transaction and also loaned $110 million to SL Green Realty Corp. and CPP Investment Board for the refinancing of Manhattan Tower at 600 Lexington Ave. Several U.S. banks, including Bank of America, Wachovia, Morgan Stanley and Goldman Sachs, also featuring prominently on the list, as did several German institutions, such as DekaBank, WestImmo and Deutsche Bank.

There were also some surprises in the data.

“For all the talk of the investment banks not lending, there are a lot of them in this list, including foreign banks,” Mr. Fasulo said. “The insurance companies have also been very active lately.”

Among those was MetLife, which was behind two of the Top 10 transactions; and Pacific Life Insurance Co., which helped SL Green and New York State Teachers’ Retirement System refinance 919 Third Ave. with a $500 million loan done at the end of March.

Although most of the top transactions were office related, there were five apartment refinancings. Fannie Mae provided funding for two deals, including the $175 million loan for Lands End I at 265-275 Cherry St. in Manhattan, while Freddie Mac provided $133 million to refinance an apartment tower at 4720 Center Blvd. in Long Island City, Queens.

Green and Healthy: Shouldn’ t Our Homes Be Both? | Chappaqua NY Homes

Robyn Griggs Lawrence thumbnailOf the nearly 80,000 chemicals in commerce, the U.S. Environmental Protection Agency has tested only 200 for toxicity. These chemicals contribute to indoor air that’s five to 10 times more unhealthy than outside air. And children now spend an average of 90 to 97 percent of their time indoors.

Based on these sobering statistics, green building veteran David Mosrie presented a number of fine solutions for making our homes healthy and toxin-free in “Exploring a Health-Based Model for Sustainability” on The Healthy House Institute’s website this week.

“The vogue strategy in the U.S. green building industry of airtight shells and chemically based construction materials, driven by an unchecked zeal to pursue increasingly incremental energy efficiency savings, is broadly accepted throughout the industry,” Mosrie writes. “However, we feel this strategy and the value structure that supports it should be earnestly re-examined. We feel there is a better way. “

Mosrie and Anthony Brenner founded Push Design in Asheville, North Carolina, after Brenner discovered that his 9-year-old developmentally disabled daughter suffered from an acute case of Multiple Chemical Sensitivity Syndrome (MCS). Upon further investigation, the team discovered that 4 million people in the United States suffer from MCS, and significantly more suffer from lower grade forms of environmental and chemical sensitivities, including childhood asthma. According the American Medical Association, polluted air causes 94 percent of all respiratory ailments, accounting for a third of the total cost of health care in the United States. “Through one father’s passionate quest to build a safe and healthy environment for his daughter we discovered a promising new path for sustainable design and construction,” Mosrie explains.

Push Design built a “formative model for what we feel is the next frontier of sustainable design and construction.” They developed their Health-Based Building strategy after tackling three key issues.

1. Energy Efficiency—At What Cost?

“While energy efficiency is without question an important component of sustainability, it is but a single component, and establishing it as the defining parameter and main measure is a misappropriation,” Mosrie states.” A more comprehensive perspective is called for. Is an energy efficient home that does not sincerely account for the environmental impact or long-term health effects of its residents truly sustainable?”

2. Reasess Values and Priorities

“We put forth the premise that the overriding principle should be Health. Health can then be divided into two major categories – Human Health and Environmental Health. Energy Efficiency is but a component of the latter subcategory, and should be reassigned to this position.”

3. Restructure Values for Health-Based Building

“As we work regularly with hypersensitive clients, we have developed strategies and implemented materials that prove that a significantly higher standard of health can be implemented without sacrificing performance or incurring significant additional costs.”

Push Design’s model incorporates the following basic design principles:

One of the major failings in modern building practice is an over-reliance on mechanical solutions and the lack of sincere exploration of the potential impact of passive strategies, Mosrie states. He advocates scaled down active systems as a secondary strategy while maximizing passive strategies such as thermal mass and breathable wall systems first.

The Precautionary Principle states that if an action or policy might cause severe or irreversible harm to the public, in the absence of a scientific consensus that harm would not ensue, the burden of proof falls on those who would advocate taking the action. “The current system has effectively given the public a false assurance that a stricter protection standard has been established, either by the government or the certifying authority, where actually the average LEED-certified building achieves only 6 percent of its total points for ‘indoor environmental quality,’ the category most closely tied to health,” Mosrie states.

“We often face the offhand objection that our approach must be significantly more expensive as we employ materials that are at a premium price,” Mosrie states. “However, our recent projects have come at market cost or less when the final tally was calculated—and with a unique palate of benefits not found in most projects (carbon negativity, nearly toxin-free, mold-resistant, pest resistant, others).” The team takes a systems-based approach and keeps an open mind to new materials and solutions.

“Although we applaud the advance of the sustainability industry in the U.S. over the last 10 years, we have not yet achieved our goals,” Mosrie concludes. “We are confident that the use of dangerous and impactful industrial chemicals is not the solution, and that this strategy does not reflect the core principles of sustainability or ecological design. We should attain to a higher standard. In fact, we must. “

To learn more about how you can keep your home green and healthy, check out Green and Healthy: Make Your Home Both in Natural Home & Garden.

green and healthy 

You can create an energy-efficient yet toxin-free home. Photo By Marshal Safron

NAR pushes for gradual changes to secondary mortgage market | Chappaqua NY Homes

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Former high-level officials for Presidents Barack Obama and George W. Bush agree that any changes to the secondary mortgage market to drive private capital back into housing must be gradual. Otherwise, the shock to the system could destabilize the economy and housing.

“You don’t want the medicine to kill you,” said David Axelrod, former senior adviser to President Obama and one of the chief architects of his election three years ago. “You want to come out healthier on the other side.”

Dana Perino, the chief spokesperson for President Bush during his second term, predicted that lawmakers would debate reform proposals for the two government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, for another two years before changes are enacted. “You can’t throw this thing in reverse,” she said, referring to the need to take time in crafting a solution to the two companies. As recently as last week, Fannie Mae announced it needed another federal infusion of $8.5 billion as it works through the bad loans on its books.

The message from Perino and Axelrod jibes with the one REALTORS® will be sending to their members of Congress this week on their visits to Capitol Hill. NAR’s proposal calls for replacing the two companies over time with another entity that maintains federal support of the market without allowing executives and shareholders of the new company to privately profit while taxpayers take any losses.

Keeping the MID Intact

During those Capitol Hill visits, REALTORS® will also be talking about the need to preserve the mortgage interest deduction, and in response to a comment from a REALTOR®, imploring Axelrod to talk to his boss about the importance of the deduction to the young buyers she works with, Axelrod said he generally agreed with the need for the MID to benefit households getting into the housing market and trying to build wealth.

Maintaining the current value of the deduction for higher-wealth households is something that should be talked about, said Axelrod, alluding to a controversial proposal in the Obama administration’s latest budget request to cut the value of MID and other itemized deductions for higher-income households.

“Your young couple should be able to take advantage of that tax deduction,” he said, but that raises the question of whether there should be a “limit so [the deduction] is there for that young couple that really needs the help.” The Obama administration’s proposal would cut the value of itemized deductions to 28 percent for households in the 35 percent tax bracket.

‘Nudge Lawmakers In a Creative Direction’

Both Perino and Axelrod encouraged REALTORS® to use their meetings with lawmakers this week to drive home their messages on policies that impact housing.

“NAR is an amazingly powerful organization,” said Perino, “not because you have a great D.C. lobbying group, but because you represent all those communities. Members of Congress want their communities to thrive, so if NAR comes with creative ideas and a united front, you can nudge lawmakers in a creative direction and get things done.”

Axelrod ended his comments with a note of optimism. “It’s a testament to our country,” he said, “that we’re always perfecting our union, always moving forward — and hopefully we do that in a way that sustains and strengthens the middle class. Key to that is the work you do, home ownership.”

Chappaqua NY Homes

Chappaqua NY Real Estate Hit With Double Dip | 45% Drop In Sales | RobReportBlog

 

Chappaqua NY real estate got hit hard over the last six months through March 2011.  Sales dropped 45%.  In the same period in 2010 there were 46 sales in Chappaqua and in 2011 that number fell to 25.

The median price of a Chappaqua NY home rose 3% to $900,000.  Last year the median price of a Chappaqua NY homes was $873,800.

2011 Chappaqua NY Real Estate stats

25  homes sold

$900,000   median price

$1,800,000    high price

$288,000   low price

3095     average square feet

$316  average price per foot

187  average DOM

93.76%   average sold to ask

2010 Chappaqua NY Real Estate stats

46  homes sold

$873,800    median price

$2,625,000    high price

$545,000    low price

3240   average square feet

$310  average price per foot

179  average DOM

94.15%    average sold to ask

Chappaqua NY Homes

Chappaqua Luxury Homes

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Home Insurance Primer For Chappaqua NY | Chappaqua NY Homes

What you need to know when you are considering Home Insurance:

1. You’re a statistic.

To an insurer, you’re not a person; you’re a set of risks. An insurer bases its premium (or its decision to insure you at all) on your “risk factors,” including your occupation, who you are, what you own, and how you live.

2. Know your home’s value.

Before you choose a policy, it is essential to establish your home’s replacement cost. A local builder can provide the best estimate.

3. Insurers differ.

As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.

4. Don’t just look at price.

A low price is no bargain if an insurer takes forever to service your claim. Research the insurer’s record for claims service, as well as its financial stability.

5. Go beyond the basics.

A basic homeowners policy may not promise to entirely replace your home.

6. Demand discounts. Insurers provide discounts to reward behavior that reduces risk.

However, Americans waste money every year because they forget to ask for them!

7. At claims time, your insurer isn’t necessarily your friend.

Your idea of fair compensation may not match that of your insurer. Your insurer’s job is to restore you financially. Your job is to prove your losses so you get what you need.

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Chappaqua Luxury Homes

Chappaqua NY Weekend Real Estate Report | RobReportBlog | Chappaqua NY Homes

Chappaqua Real Estate Report   |    RobReportBlog

86   homes available

$1,100,000    median price

$27,500,000   high price

$449,000   low price

$411  price per foot

106   average days on market

4159   average size

Chappaqua NY Homes

Chappaqua Luxury Homes

Oil Versus Gas Fuel. What do I do? | Chappaqua NY Homes

 


Gas Furnaces vs. Oil and electric Furnaces
Most residential furnaces are old, highly inefficient, and a cause of high energy bills and pollution. And many are oil furnaces, which raises the question: is it worth changing to a gas furnace?

Furnace and fuels
For many years oil and natural gas heating systems were in direct competition, without no clear economical advantage of any of them.

Today, in most cases, gas furnaces are a better option due to their efficiency, cleanness, easier maintenance, and also by economical reasons. Propane isn’t such a good option, and electricity isn’t a true economical choice, except for small needs…

Fuel Prices
The oil and gas prices are still fluctuating, making it difficult to give a definitive advice. But most experts bet on gas, even considering prices fluctuations or the supply and connection charges, surcharges, discounts, etc. involving the different fuels.

Electric furnaces
Electric furnaces have low maintenance requirements and are easy to install and cheap, but they are much more expensive to operate than gas (and oil…) furnaces.

Electric furnaces should only be considered for infrequently uses and small needs, mostly in moderate climates. But in this case electric furnaces have other well positioned competitors, like modern gas stoves or even insert fireplaces…

Oil furnaces
Oil furnaces are no more a popular option. Their efficiency has risen a lot (80% and more are the standard), and there are now new high-efficient oil furnaces offered by manufacturers like Carrier/Bryant or Thermo Pride, but that doesn’t make them a first option.

High efficient oil furnaces – with a reliability that prior models didn’t offer – require a different and better chimney, often an upgrade with a stainless steel liner inside the old structure. Installing a sealed-vent model is highly advantageous, even if that costs more…

Oil Furnaces disadvantages
Oil furnaces are now a relatively clean option, but not as cleaner as the gas one; they also require more maintenance than their gas or electric counterparts, besides storage tanks and insurance costs and other higher requirements; but above all, they involve higher running costs – a trend that will not be reversed in the future, according to most forecasts…

New natural gas and propane furnaces
In most cases, switching from oil or electric furnaces to gas units is an economical option. Even if the gas furnaces require relining the chimney or a plastic venting out the side wall, as high-efficiency furnaces do.

Gas furnaces are cleaner, require low maintenance, provide higher energy savings and are more friendly for the environment. Bet on a highly efficient gas furnace system, if you are not considering hypotheses like solar, heat pumps or space heating combined with high levels of home insulation and sealing…

Propane furnaces are usually modified natural gas equipment, for regions where natural gas isn’t available.

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Chappaqua NY Weekly Real Estate Report | Chappaqua NY Homes – Robert Paul’s blog

Chappaqua NY Weekly Real Estate Report | Chappaqua NY Homes

Chappaqua NY Real Estate Report  |   RobReportBlog

Chapp2  

84  homes available

$27,500,000  high price

$449,000  low price

$1,097,500  median price

4097  average square feet

$414  average price per foot

107  average days on market

Chappaqua NY Real Estate

Chappaqua Luxury Homes

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