Tag Archives: Cross River Luxury Real Estate

March new home sales plunge 14.5% | Cross River NY Homes

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Sales of new homes dropped sharply last month, falling 14.5% to their weakest level since mid-2013, the Census Bureau said Wednesday.

The annual sales rate was 384,000, down from February’s revised rate of 449,000.

Economists had predicted an annual rate of 450,000, according to the median forecast in Action Economics survey.

That would be a little higher than last year’s average monthly rate of 431,000, but less than half the 1-million-plus average the industry saw from 2000 through 2006.

Although the housing market typically improves this time of year, the spring buying season has shown little strength so far this year.

The National Association of Realtors reported Tuesday that March existing home sales fell 0.2% to an annual rate of 4.59 million.

 

 

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http://www.usatoday.com/story/money/business/2014/04/23/march-new-home-sales/8043789/

Housing is in danger of overheating again: Zillow’s Stan Humphries | Cross River Homes

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Home values in more than 1,000 U.S. cities are expected to surpass their pre-2008 levels within the year, according to a new report released today by Zillow.

“It’s definitely a mixed bag of news,” says Humphries in the video above. “On the one hand you’re happy that home prices are recovering so nicely. On the other hand home values were definitely overvalued in 2006 and the fact that just so shortly after the greatest housing recession of the century we’re already seeing a lot of metros return to their peak levels is a sign for how robust the recovery is…but some markets are definitely in danger of overheating again.”

He continues: “In some markets, people are spending more of their incomes on a mortgage than they did during the 15 years before the housing runoff,” says Humphries. “Broadly speaking though, at a national level we think homes are still very affordable.”

Another issue that’s affecting home buyers: lending requirements. Now that the volume of refinancing has decreased, banks are getting searching for new ways to make money: they’re lowering down payment requirements, targeting lower credit-score borrowers and more.

A recent Wall Street Journal article reveals that mortgage standards are becoming more lax. Within the past year, one in six homebuyers made down payments of less than 10%, which is the highest share since 2008 (excluding FHA mortgages). But in early 2007 that figure was more than 44%.

 

 

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http://finance.yahoo.com/blogs/daily-ticker/housing-is-in-danger-of-overheating-again–zillow-s-stan-humphries-122948058.html

Waterfront Robert Gurney Design Asks $2.5M In Annapolis | Cross River Real Estate

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Location: Annapolis, Md. Price: $2,569,100 The Skinny: Think of residential architecture in and around the D.C. area, and you’ll probably picture a Georgetown row house or a sprawling suburban McMansion in Anne Arundel, but as we’ve seen before, the Beltway has at least one practitioner of modern design in the glass-lovin’ form of Robert Gurney. Here we’ve got a twofer from the AIA award-winning architect, with a glassy, angular, three-bedroom main house sharing a lot on Maryland’s Harness Creek with a traditional-ish two bedroom cottage. The main attraction, of course, is the spiky silhouette of the bigger home, with its floor-to-ceiling windows and its mix of wood siding and copper cladding. The light-filled interiors, which currently have kind of a CB2 showroom feel, are promising spaces, and the kitchen is a minimalist exercise in putting everything (including the Sub-Zero) in an island and a few teak wall cabinets. The cottage, which is used by the current owners as a rental property, has an enclosed porch and sits just a few feet from the water. The whole thing comes with an acre of land and is asking $2.569M, more than double what it sold for just over a year ago.

 

 

 

http://curbed.com/archives/2014/04/16/waterfront-robert-gurney-design-asks-25m-in-annapolis.php

Vacation homes are back in vogue | Cross River Homes

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Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors.

NAR’s 2014 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012.

Investment-home sales fell 8.5 percent to an estimated 1.10 million in 2013 from 1.21 million in 2012.

Owner-occupied purchases rose 13.1 percent to 3.70 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity.

NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”

Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell to 20 percent in 2013 from 24 percent in 2012.

Yun said the pullback in investment activity is understandable. “Investment buyers slowed their purchasing in 2013 because prices were rising quickly along with a declining availability of discounted foreclosures over the course of the year,” he said.

“In 2011 and 2012, investment property was a no-brainer because home prices had sharply over corrected during the downturn in many areas, creating great bargains that could be quickly turned into profitable rentals. With a return to more normal market conditions, investors now have to evaluate their purchases more carefully and do their homework,” Yun added.

The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a 180 miles from his primary residence.

Buyers plan to own their recreational property for a median of six years, down from 10 years in 2012.

 

 

http://www.rew-online.com/2014/04/10/report-vacation-homes-are-back-in-vogue/

 

Plunge in refinancing hits mortgage applications | Cross River Homes

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The volume of mortgage applications fell last week despite a steady average rate on the commonly used 30-year fixed mortgage.

A large drop in refinances pushed the overall volume lower, but applications to purchase a home rose 3 percent from the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). Purchase applications, however, are still down 14 percent from a year ago, when mortgage rates were a full percentage point lower.

Refinance activity has been falling steadily since the rate rise early last summer. Applications to refinance fell 5 percent last week from the previous week and are now at their lowest level since the end of 2013. The average contract rate on the 30-year fixed conforming mortgage held steady last week at 4.56 percent.

 

 

http://www.cnbc.com/id/101566721

Consumer credit ticks higher in February | Cross River Real Estate

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Consumer credit edged higher in February, increasing at a seasonally adjusted rate of 6-1/2%, the latest report from the Federal Reserve said.

In addition revolving credit decreased at an annual rate of 3-1/2%, while nonrevolving credit grew at an annual rate of 10%.

“Consumer credit rose a sharp $16.5 billion in February but the revolving component, where credit cards are tracked, continues to be very soft, down $2.4 billion in the month,” analysts with Econoday said.

“Strength once again is entirely in the non-revolving component, up $18.9 billion and reflecting demand for car loans as well as the government’s acquisition of student loans. The consumer, still hesitant to use credit cards, hasn’t been a leading force for the economy,” Econoday added.

 

http://www.housingwire.com/articles/29586-consumer-credit-ticks-higher-in-february

Celine Dion Chops Price By $9.5M, Private Water Park Included | Cross River Real Estate

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16 images

Mizz Celine Dion has knocked almost $10 million off the price of her Jupiter compound, lazy river, water slides, zero-entry pools and all, according to Gossip Extra. The now $62.5 Million house is 10,000 square feet, has ten bedrooms, and comes with a lot of beachfront on 5 1/2 acres of land.

 

 

 

http://miami.curbed.com/archives/2014/04/02/celine-dion-pricechop.php

7 Things Not to Do When Flipping Houses | Cross River Real Estate

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Mold, wood rot, warped floors, a dated bathroom — these problems might seem a nightmare to the average home buyer, but to a seasoned flipper, a house full of flaws could mean profits.

With the housing market improving after the 2008 crash, house flippers — and reality TV shows about house flippers — are back. From “Flipping San Diego” to “Flipping Boston,” the nationwide trend of buying a house at less than market value, spending some money to fix it up and reselling it at a higher price is once again a lucrative way to turn a profit.

Seasoned house-flippers Kim Williams and Maria Powell spent time with “Nightline” in and out of various fixer-uppers in a Charlotte, N.C., neighborhood — flips in North Carolina have increased by 14 percent in the past year, with flippers averaging a profit of $50,000 per property.

The duo talked about a few of the do’s and don’ts of flipping they have learned over the years.

1. Don’t Go Over Budget When Buying the Home
Both Williams and Powell say it’s important to stay within your budget and purchase “at the right price” from the start. Additional costs can come later in upgrades to the house or contractor costs. So don’t get attached to a house when you walk in.

“It’s not emotional,” Powell said.

2. Don’t Ignore the Upgrades You Really Should Make
Some properties need only the bare minimum, Powell said, such as putting a fresh coat of paint on the walls or adding carpets. But if the bathroom needs new plumbing or if the kitchen needs new appliances, Powell said flippers would get more on their returns if they spent the money to make those necessary upgrades.

“I think sometimes people don’t see the things they could do to bring the money back,” she said. “If you do the minimum, there are some properties you should do that [for], but if the neighborhood will carry a higher price point, then you want the best use of the property.”

3. Don’t Buy a Home Without Getting It Inspected First
A few cracks in the foundation or a leaky window could be easy fixes or major problems, so both Powell and Williams said getting an inspection before purchasing a home, even if you have already put in an offer, is very important before going to closing.