Tag Archives: Cross River Luxury Real Estate

Refinancings drop 4% with purchases up 0.2% | Cross River Real Estate

 

Continuing the long-term trend this year, mortgage applications decreased 2.2% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 25, 2014.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week.

“Despite mortgage backed security issuance being up 38 percent from the first quarter average, the MBA index continues to show declines. This suggests that there are fundamental shifts occurring in the market where big players (reporting to the MBA) may be giving up market share or perhaps not holding as many loans in portfolio, thereby pushing up the bond issuance,” said Quicken Loans Vice President Bill Banfield. “In either case, the current level of activity for purchases and refinances has been directional stronger in recent months based on actual security issuance. With home prices stabilizing from a rapid level of appreciation and interest rates either falling or holding steady recently, I expect to see continued improvements in the purchase arena.”

 

read more…

http://www.housingwire.com/articles/30841-mortgage-applications-continue-fall-with-22-drop

 

A Village With a Changed Image | Cross River Homes

Two decades ago, Dobbs Ferry, then a working-class village in southern Westchester along the Hudson River, was considered by many the poor stepsister of its immediate neighbors — artsy Hastings-on-Hudson on its southern border and upscale Irvington to the north.

While Hastings and Irvington attracted well-heeled buyers from Manhattan and the tonier sections of Brooklyn, Dobbs Ferry, about 20 miles north of New York City, was often overlooked. Its housing stock was limited, and its school system lower-performing than those of its neighbors.

Thanks a good a HOA Management from the community you can learn about about this in https://realtybiznews.com/3-things-you-need-to-know-about-hoa-management-companies/98759826/, the village’s image has since changed. The turning point came in 1998, when the Dobbs Ferry Union Free School District became the first in Westchester to join the International Baccalaureate organization, based in Geneva — prompting home buyers to take a fresh look at the virtues of the 2.4-square-mile village of 11,000 residents. The Baccalaureate group offers junior and senior high school students a two-year, preuniversity course of study.

“The change in the high school program was what drove the engine,” said Linda Jo Platt, who moved from Manhattan to Dobbs Ferry with her husband, Bruce Platt, in the 1970s. “A lot has happened for the better in Dobbs Ferry,” said Ms. Platt, the director of the Community Nursery School, which is owned by South Presbyterian Church in the village. Mr. Platt is a systems analyst for a data firm in Manhattan.

read more…

Freddie Mac June 2014 U.S. Economic and Housing Market Outlook | Cross River Real Estate

 

Freddie Mac (OTCQB: FMCC) released today its U.S. Economic and Housing Market Outlook for June providing a mid-year assessment as well as how for-sale inventory and vacancy rates will affect the near-term outlook. The complete June 2014 U.S. Economic and Housing Market Outlook and forecast table are available here.

Outlook Highlights

  • Low for-sale inventory will help to sustain house price and rent gains but at the expense of affordability in the short term.
  • While the total number of vacant units has decreased by 4.2 percent from the first quarter of 2010 to the first quarter of 2014, the number of vacant units for sale has declined by 24.2 percent (485,000 units).
  • Home purchase applications have picked up a bit recently with the traditional homebuying season underway, yet they’re still currently 13 percent below last year. For this reason, we’re lowering our overall homes sales forecast from 5.5 million to 5.4 million.
  • We expect fixed rates to rise gradually during the second half of the year in part as a result of the Federal Reserve’s “tapering” of net mortgage-backed securities acquisitions. Expect the 30-year fixed-rate mortgage to gradually rise higher, ending the year around 4.4 percent.

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

“We’re nearly half way through the year and single-family housing remains weaker than we projected six months ago, while multifamily appears to be right on track. With vacancy rates moving back in line with historical averages, even falling below historical averages in some markets, and for-sale inventories remaining tight, U.S. home price indexes are likely to continue their above-inflation growth for the remainder of the year, as will rent gains, albeit much slower than in 2013. The important question is how much further will prices and rents have to rise to give incentives for more existing owners to list their property for sale and developers bring more supply to the market. Construction has rebounded over the past two years but is still significantly below the levels one would expect to see given projections of household formations.”

Alejandro Sanz Taking His 15 Grammys, Selling His Historic N. Bay Road Hacienda For $15M | Cross River Homes

 

26 images

Many grammy winning Latin singer Alejandro Sanz is selling his guitar-filled mediterranean revival villa built in 1933 on the shores of Sunset Lake, the body of water formed by the sheltering embrace of the four Sunset Islands. The house, which we’re curious to identify the original architect of (could it be DeGarmo, Pancoast, Fatio?), was renovated by “legendary designer” Wallace Tutt, of Thomas Kramer’s ‘haunted’ house fame. A search of property appraiser’s records for the architect proved fruitless. So did the Miami Beach historic property database. Just from the look of it, however, the house could be a Russell Pancoast or even an August Geiger. It’s sleuthing time.

 

 

read more…

 

 

http://miami.curbed.com/archives/2014/06/05/alejandro-sanz-house.php

 

Latin Music Star’s Miami Beach Mansion Wants $18M | Cross River Real Estate

 

26 images

Location: Miami Beach, Fla.
Price: $18,000,000
The Skinny: Spanish-born Latin music star Alejandro Sanz has hung a “For Sale” sign and an $18M asking price on his waterfront Miami Beach manse. The 1933 mansion has been beautifully restored, and features interiors by the late, legendary designer Wallace Tutt, who counted among his many clients such celebs as Gianni Versace (whose South Beach home he famously designed), Thomas Kramer, and Cher. The nine-bedroom, 7,500-square-foot Mediterranean Revival home sits directly on Sunset Lake along the Intracoastal Waterway and, as befits the abode of a 15-time Latin Grammy award winner, features a fully equipped recording studio designed by Grammy-winning engineer Rafael Sardina. There’s also a gym, tennis court, heated pool, and 160 feet of water frontage. And guitars. Lots of guitars.

 

read more…

 

http://curbed.com/archives/2014/06/04/alejandro-sanz-miami-beach-mansion-for-sale.php

 

Down to Earth Farmers Markets | Cross River Real Estate

 

 

JAN2014-DTE-E-Mail-Masthead_(722x226pxl)FRESH-2-(1

Great sales in Ossining + British-inspired specialties in Larchmont;
New vendors in Piermont & Croton + More

May 15th-21st, 2014

DowntoEarthMarkets.com
Lettuce_MSP
What’s New, In Season, and On Sale This Week

Asparagus
Migliorelli Farm
Rexcroft Farm

Asparagus & Roasted Tomato
Quiche

Meredith’s Bread

Asparagus Turnovers
Robinson & Co. Catering

Baked German Goodies
Bienenstich, Mohnstreusel, Linzer,
and more

Christiane’s Backstube

Drunken Goat Cheese
Raw milk aged cheese, soaked in wine
“Fruity with firm interior, reminiscent of Parmesan”
Acorn Hill Farm


Ground Beef: Buy five 1lb pkgs
& get $2 OFF per pound!
(Reg $9.75/lb; now $7.75/lb)

Kiernan Farm

Hydroponic Tomatoes
Rexcroft Farm

Leek Pie with Sauce Veloute
& Baby Spuds

Robinson & Co. Catering

Pickled Ramps
Stone & Thistle Farm

Pickles – SALE!
$1 OFF all quarts: Full Sour, Half Sour, New & Kosher Dill

Pickle Licious


Ramp Pesto
Stone & Thistle Farm

Radishes
Migliorelli Farm

Rhubarb Almond Squares
Christiane’s Backstube

Salad Greens
Rexcroft Farm

Thyme and Lavender Sausage Rolls
Robinson & Co. Catering

Wild Foraged Ramps
Stone & Thistle Farm


Click on a Market to see all vendor and event details…

Westchester
County


Rockland
County


Ossining

Saturdays
9:00 am-1:00 pm


Larchmont


Saturdays
8:30 am-1:00 pm

Piermont

Sundays
9:30 am-3:00 pm

L
Croton-on-Hudson

Sundays
9:00 am-2:00 pm


Rye

Sundays
8:30 am-2:00 pm

Spring Valley

Coming in July

Tarrytown/Sleepy Hollow

OPENING DAY: MAY 24th
Saturdays
8:30 am-1:00 pm


New Rochelle

OPENING DAY: JUNE 20th
Fridays
8:30 am-2:30 pm


Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
Piermont

Piermont welcomes back Ed Packer and his Irish root music – with Bob Dylan influences, too – back to the market for the first time this season. Being right on the river means a lot to him, and we hope to hear songs from his new release of “The River’s Journey,” inspired by the Hudson.

Visit the Down to Earth Markets Calendar for full details.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Twitter @DowntoEarthMkts.

Introducing Collaboration: Down to Earth Markets & Good Food Jobs
align-what-you-do-with-who-you-are
Words of Wisdom by Good Food Jobs

Work is love made visible. – Kahlil Gibran, The Prophet
A gathering chorus of voices is calling for “sustainable” food. The word points towards a fundamental shift in the way we do things, but it’s tough for one word to shoulder it all. It’s a feeling in our gut: Our food – that which nourishes us – could be better. Collectively, we’re creating demand for food produced in a way that replenishes our resources, rather than exhausts them. And as Taylor Cocalis, co-founder of Good Food Jobs, recently wrote to owners of small farms and food companies, “Human resources are the most important resources you have.”

Guided by the idea of sustainability in all aspects of food – including work — Down to Earth Markets is delighted to announce a new collaboration with Good Food Jobs, the website where job seekers go “to satisfy the hunger for meaningful work.”

Now farmers and food makers who sell at Down to Earth Markets can post their job listings on Good Food Jobs at a deeply discounted rate. In turn, the job listings (often for weekend help at the markets) are viewed by thousands of potential workers who are passionate about better food.

Doug Ornstein, Assistant Operations Manager at Down to Earth Markets and the catalyst behind the collaboration, came up with the idea while vetting applications for market managers this season. “There are so many smart, passionate, and talented people who want to work in sustainable food that I thought our vendors should work with some of them, too,” he explained.

“I believe that the crucial next step in fixing the broken food system is to create a different kind of food economy – one with meaningful jobs,” he elaborated, “If waves of people start working in good food that will instigate the kind of change in food that we’re looking for.”

Dorothy Williams-Neagle, co-founder of Good Food Jobs, spoke along these lines as well, “We know that the farmers market is a hotbed of folks who are transforming our food system for the better. We wanted to provide an opportunity for them to spread the word about their job openings more affordably and effectively. For us, it was as simple connecting the resources we are able to provide to the needs of those vendors whose work we support wholeheartedly.”

With Good Food Jobs, Taylor and Dorothy make the path by walking on the topic of sustainable food and work. They stirred debate earlier this year with an announcement that they would no longer post unpaid internships on their site. In explaining their decision, they said that money isn’t the only kind of compensation needed for work. Rather, employers could offer room and board, products, or other items as compensation. They opened the conversation about the value of work.

Taylor has since noted that some small business owners replied, “But what if we can’t afford to pay someone in this position now?”

She responded, “A paid employee [not just by money] that you can retain for years will become a far more valuable asset than a revolving door of interns.” She went on to say that if work is consistently done without compensation of any kind, then there is a fundamental flaw in the company business plan.

We 100% agree with this view of sustainability in work. Down to Earth Markets is a small business that believes in order to have sustainable food, we have to have sustainable businesses. We have five full-time employees and two part-time employees who support approximately 15 market managers and 100 vendors. We can create livelihoods in this work. With this collaboration with Good Food Jobs, that is exactly what we’re setting out to do.

We’d love to hear your feedback on this. Reply to this email and let us know your thoughts on the topic of work and sustainable food. And if you stroll the market and think, “it should be nice to work here,” just click on this link to see if there’s an opportunity with your favorite vendor. Thank you for shopping at Down to Earth Farmers Markets this weekend.

Cash house sales hit high as smart money retreats | Cross River Real Estate

 

What do you make of the fact that all-cash home sales are at a record high even as institutional investor interest is dropping to its lowest level in two years?

Are families, as one tweeter (see Tweet below) put it, “shrewdly avoiding taking on usurious 4.21% 30-year mortgages?” (The lowest rate in 2014, by the way.)

RealtyTrac reported Thursday that the percentage of all-cash buyers has soared in the past year, with 42.7% of all U.S. residential property sales in the first quarter all-cash purchases, up from 37.8% in the previous quarter and up from 19.1% in the first quarter of 2013.

Notably, this is the highest level since RealtyTrac began tracking all-cash purchases in the first quarter of 2011. Meanwhile, institutional investors are walking away from housing.

According to RealtyTrac’s report, institutional investors — entities that have purchased at least 10 properties in a calendar year — accounted for 5.6% of all U.S. residential sales in the first quarter, down from 6.8% in the fourth quarter of 2013 and down from 7% in the first quarter of 2013 to the lowest level since the first quarter of 2012.

So who are these cash buyers?

“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” said Daren Blomquist, vice president at RealtyTrac. “The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors.”

 

read more…

 

http://www.housingwire.com/blogs/1-rewired/post/29955-cash-house-sales-hit-high-as-smart-money-retreats

Upcoming FHA rule could squeeze homebuyers and sellers | Cross River Real Estate

 

Realtors, lenders and community associations are up in arms about forthcoming Federal Housing Administration rules they believe could make mortgage financing more expensive — maybe even impossible — for large numbers of buyers and sellers around the country.

The concerns are not about condo certifications this time around — an issue that has caused hundreds of condo developments to drop their eligibility for FHA mortgages on individual units. The new problem is even broader, affecting potentially tens of thousands of homeowner associations that routinely impose transfer fees whenever units are sold.

Florida condos image via Shutterstock.
Florida condos image via Shutterstock.

The fees, which range from $100 to $500 in most cases, frequently are used by HOAs to replenish capital reserves, make improvements to infrastructure or even fund environmental conservation activities.

Unlike the controversial investor-driven private transfer fees marketed by Wall Street’s Freehold Capital Partners in 2010 and 2011, most HOA transfer fees are used to benefit the community.

Here’s the problem: In response to the widely criticized private transfer fee programs, Fannie Mae and Freddie Mac adopted guidelines in 2012 that banned private-purpose, investor-benefit transfer fees from eligibility for conventional financing. Their rule carefully distinguished between the Freehold Capitol type of fees — which generated income streams for bond investors for up to 99 years — and the typical HOA transfer fees designed to benefit the community’s residents.

More recently, lawyers in the U.S. Department of Housing and Urban Development’s office of general counsel have warned FHA that under existing “free assumability” regulations, the agency is not permitted to insure mortgages on properties that come with “restrictions on conveyance” — encumbrances on the title that could hamper transfers. That includes fees required to be paid at the sale of units in communities governed by homeowner associations.

 

read more…

 

http://www.inman.com/2014/05/06/upcoming-fha-rule-could-squeeze-home-buyers-and-sellers/?utm_source=20140506&utm_medium=email&utm_campaign=dailyheadlinesam

U.S. pending home sales jump, end losing streak | Cross River Real Estate

 

Contracts to buy previously owned U.S. homes rose in March for the first time in nine months, in the latest sign the housing market was stabilizing after a recent wobble.

The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 3.4 percent to 97.4. The increase beat economists’ expectations for a 1.0 percent advance.

These contracts become sales after a month or two, and March’s rise suggested home resales could rebound in the months ahead after stumbling last summer following a run-up in mortgage interest rates.

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” said Lawrence Yun, the NAR’s chief economist.

“Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Existing home sales in March fell to their lowest level in more than 1-1/2 years, but details of the report suggested the downward trend in sales had probably run its course, with housing inventory rising and more first-time buyers coming into the market.

 

 

read more…

 

http://finance.yahoo.com/news/u-pending-home-sales-jump-140000344.html