Tag Archives: Cross river NY Luxury Homes for Sale

Average rate on 30-year mortgage at 4.1% | Cross River Real Estate

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Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10% from 4.13% last week. The average on the 15-year fixed loan eased to 3.20% from 3.24%.

Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.

Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won’t taper until next year.

The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance. Many home owners get personal loans for people with bad credit so they are able to pay their high interest rates on their mortgage.

Mortgage applications jumped 6.4% in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2% from a week earlier, while refinance applications soared nearly 9%.

U.S. home prices rose in August from a year earlier at the fastest pace since February 2006, according to the latest Standard & Poor’s/Case-Shiller 20-city home price index. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.

The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.

The average rate on a one-year adjustable-rate mortgage increased to 2.64% from 2.60%. The fee eased to 0.4 point from 0.5 point.

http://www.usatoday.com/story/money/personalfinance/2013/10/31/mortgage-rates/3325943/

Mighty Bal Harbour Luxury Tower Bankrupt, Selling Itself Cheap | Cross River Real Estate

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one-bal-harbour-building%2A600.jpg[Photo via SFBJ]

Another one bites the dust! The luxury beachfront condo/hotel building known as One Bal Harbour in (duh) Bal Harbour has officially filed a motion in U.S. Bankruptcy Court to schedule an auction and begin bidding procedures to sell off itself. The debtor, Elcom Hotel and Spa, owns 51 condo-hotel units and 41,047 square feet of the hotel portion of the building at 10295 Collins Ave, and is apparently over $20 million in debt. Oh, and the building’s practically falling apart.

The 300 room, $225 million luxury resort was all the rage back in 2004, when developer WCI Communities claimed to have sold 87% of the building’s units to high-profile buyers.  The high didn’t last long.  In May 2006, three construction workers died when a concrete wall collapsed, and allegations of structural problems and massive flooding have been plaguing the building ever since.  WCI filed for bankruptcy in 2008, and an unlikely duo (a Virginia lumber mogul and a Colombian businessman) Tom Sullivan and Jorge Arevalo swooped in to save the day.  Or so they thought. Long story short, problems arose between Arevalo and both the residential and the hotel associations, then came a seriously detailed and damaging audit report, followed by a hell of a lot of construction defect lawsuits. And here we are!

Opening price is set at $13 million, with Stoneleigh Capital acting as stalking-horse bidder.  Elcom is hoping for an auction before the end of the year, and we’re all hoping someone can get this mess in order before the building starts to look dated. Oh wait, too late. —Margina Demmer · One Bal Harbour trustee seeks bankruptcy auction [SFBJ] · One Bal Harbour: Swanky high-rise address or big condo hotel mess [SFBJ] · One Bal Harbour coverage [Curbed Miami]

September Regional Reports: Prices, Sales Drop Sharply | Cross River Real Estate

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Fall came faster than expected to Western and Midwestern markets in two new September market reports from online brokerages.

For the month ended Sept. 15, median list prices in 24 metropolitan areas were 14 percent above pries a year ago but down from a nearly 16 percent annual gain in August. Median price increases shrank in 19 out of 24 markets. The median sale price of about $272,000 in mid-September was also about 2% lower than in mid-August 2013, according to Lanny Baker, CEO and President of ZipRealty.

“Further moderation in trends was evident in sold-to-list price ratios, new listings volume, pending sales volume, and days on market data for mid-September,” said Baker. “The median number of days on market inched up from 28 in mid-August to 30 in mid-September, though houses are still selling faster this year than last year in every city except Phoenix.”

In September, home sales, prices, and inventory all dropped from August, according to Redfin’s analysis of 19 largely West Coast markets. Prices had their third consecutive month-over-month drop, falling 2.2 percent. Home sales dropped 18.8 percent from August, and inventory fell 3.4 percent. Year over year, prices are up 15.9 percent and home sales up 8.1 percent.

September 2013Month-Over- Month ChangeYear-Over-Year Change
Median Sale Price$330,470.00-2.20%15.90%
Total Homes Sold73,781-18.80%8.10%
Total Homes For   Sale234,670-3.40%-17.50%

Redfin reported that

  • Eighteen of the 19 cities measured saw home prices increase year over year; eight saw month-over-month increases.
  • Las Vegas led the price gains with a 30.3% year-over-year increase. Philadelphia was the only market without a year-over-year gain; prices were flat at 0.0 percent.
  • Chicago saw the biggest sales gains, with home sales up 25.9% from September 2012.
  • Sacramento’s sales volumes took the hardest hit with a 8.9% drop from a year earlier.
  • Inventory came in at 234,670 total listings across the 19 metro areas studied.
  • Las Vegas had the largest inventory drop at 46.6%. The only market with a yearly increase in homes for sale was Phoenix, with a 1.7% bump.

According to ZipRealty, the top 10 markets based on percentage median price growth as of Sept. 15 were:

MetroYear-Over-Year Price   Growth
1)Sacramento33%
2)Las Vegas31%
3)Los Angeles26%
4)San Francisco Bay   Area25%
5)Phoenix23%
6)Orlando21%
7)San Diego21%
8)Orange County20%
9)Portland15%
10)Chicago15%

 

The 10 ZipRealty markets with the greatest number new listings as of Sept. 15 were:

MetroYOY Increase in   New Listings
1)Denver19%
2)Tucson &   Orange County15%
3)Baltimore14%
4)Washington,   DC/Northern Virginia & Richmond, Va.11%
5)San Diego &   Seattle10%
6)Raleigh9%
7)Dallas8%
8)Chicago &   Orlando7%
9)Houston &   Sacramento6%
10)Los Angeles5%

 

 

 

 

http://www.realestateeconomywatch.com/2013/10/september-regional-reports-prices-sales-drop-sharply/

 

Q&A: Patching Water-Damaged Plaster | Cross River Real Estate

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Q.

My company has done plaster repair work for many years. After repairing water-damaged walls or ceilings, we occasionally get called back to “fix” an unsuccessful repair. Our second repair attempt involves digging out a very bumpy, chalky substance, and more often than not, we have to repeat this process a number of times until the patch finally takes hold. What causes this reaction on some water damage jobs and not others? What is the most efficient way to deal with this problem?

A.

Mel Hines responds: The problem you refer to is caused by efflorescence — salts in the plaster are brought to the surface by the intruding water. The water often causes the magnesium in the lime coat to expand and produce the blisterlike effect you refer to. One of our recent reader, hired a water damage restoration contractor in Phoenix area and got rid of such problems.

Assuming that the water intrusion has been stopped, the first step is to chip away the lime coat at the affected area. Other than this, if you want a best solution then go for plumbing service in the sutherland shire.  There is a good chance that the bond between the finish lime coat and the plaster base coat has been weakened.

When faced with this situation, I use a wire brush to scrub away any loose base-coat particles, then apply a coat of Kilz (Masterchem Industries, Inc., P.O. Box 368, Barnhart, MO 63012; 314/942-2510) to the base-coat plaster. Kilz is an alkyd-based sealer, primer, and stain blocker. The plaster base coat must be completely dry before application. Next, I apply a coat of Durabond (United States Gypsum Corp., 125 S. Franklin, Chicago, IL 60606; 800/552-9785). Durabond is a fast-setting, low-shrinkage compound with tenacious bonding qualities and accelerated setting times. When the plaster walls and ceilings in your home are damaged, it can cause various practical problems, as well as decrease your home’s value. To fix this eyesore, you’ll need to repair the plaster, hire professional contractor like Plaster Installation New Jersey Agency.

Finally, I apply a skim coat of ready-mixed all-purpose joint compound. After a light sanding, the repair is ready for painting.

Mel Hines owns Atlanta/Pro-Serve, a ceiling and wall repair service in Atlanta, Ga.

Citigroup to pay Freddie Mac $395 million to resolve mortgage claims | Cross River Real Estate

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According to Businessweek, Citigroup (C) agreed to pay Freddie Mac $395 million to resolve potential future repurchase claims tied to about 3.7 million loans sold to Freddie between 2000 and 2012.

The deal with Freddie Mac is “another important milestone in successfully resolving Citi’s remaining legacy mortgage issues,” Jane Fraser, chief executive officer of CitiMortgage, said.

The deal doesn’t release the bank from liability tied to servicing the loans. It excludes less than 1,000 loans from the period, and Citigroup said it believes it is adequately reserved for those.

                    Source: Businessweek

12 Awesome Social Media Facts and Statistics for 2013 | Cross River Realtor

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social media facts and statistics

As the world continues to embrace social media, the ways we use the social  networks are becoming clearer.

Twitter with its short and snappy messaging is very dependent on mobile usage  and smart phones. The rise of the visual web is making Pinterest and Tumblr the  fastest growing social networks on the planet. Facebook is where we share with  friends and family. Google+ is no longer an afterthought and is embedded in  Google’s web assets including Gmail, local checkins and the mobile Android  ecosystems.

Google is getting the data it wants from Google+. Demographics, usage and  content popularity. This is feeding into how it is ranking search results and  much more. The universes of content, social and search are being woven together  and creating a web experience that looks more like magic everyday. The social  and mobile web is becoming an extension of our lives as we share, search and  upload photos.

Artificial intelligence that adds other dimensions to humanity has already  arrived but we just don’t notice it. We take it for granted

So what are the latest social media facts and statistics provided by the  latest study by GlobalWebIndex for the second quarter of 2013?

#1. Google+ is catching up to Facebook

Facebook still dominates at 70% of account ownership but Google+ is not far  behind at just over 50%. Keep in mind though that Google+ account is mandatory  whenever you create a new  Gmail account. This is pushing up the account  ownership stats. No other social network has Google’s web assets leverage.

The large Chinese internet user population is producing some large Chinese  centric social networks including Sina Weibo, Tencent Weibo and Qzone. So  Facebook doesn’t just have Google+ breathing down its neck. The rise of China’s  social networks will possibly be a threat in the future.

Social media facts figures and statistics 2013 1

#2. Facebook active usage still dominates

Facebook has nearly 50% of all the world’s internet users as active users.  This is only set to increase as regions and countries in the developing world  including Africa, Asia and South America get connected to the web.

Social media facts figures and statistics 2013 1

#3. Pinterest is the fastest growing social network

The visual web is driving the rise of Pinterest and Tumblr with growth rates  of 88% and 74% respectively over the last 12 months. Twitter and LinkedIn though  are still rapid risers with growth rates around 40%.

Social media facts figures and statistics 2013 1

#4. LinkedIn is the most popular for older users

LinkedIn is the network of choice for most knowledge workers and  professionals. It is maybe the most conservative of the social networks due to  the fact it is all about business. It is becoming more social as it has realized  that this will enhance its user penetration and attractiveness.

The latest statistics show it having 7% of its users over 55 and 14% in the  45 to 54 age range.

Social media facts figures and statistics 2013 1

#5. Usage of social networks by older users is increasing

Social networks were and still are a hit with the younger demographics. Don’t  think though that social media is for the teens. The increase in usage by the 55  to 64 year olds is greater than 100% for Facebook, Twitter and Google+.

The young aren’t the only ones having fun.

 

 

 

Read more at http://www.jeffbullas.com/2013/09/20/12-awesome-social-media-facts-and-statistics-for-2013/#zcxL7Wyd1SvY5LVq.99

Hidden single-family rental markets remain profitable for investors | Cross River Real Estate

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There have been a number of reports out recently indicating that institutional investors are losing interest in real estate. However, a recent report from RentRange and RealtyTrac revealed that there are still a number of single-family rental markets that investors would benefit from checking into.

The markets were determined by evaluating gross rental yield data, a commonly used method of comparing properties. The rental yield is determined by dividing the gross annual rental income by the purchase price or market value of the property.

The analysis was limited to single-family homes with three bedrooms. The top 25 markets had the highest gross rental yields in counties where institutional investor like Gainesville Coins purchases accounted for 5% or less of all residential sales in the three-month period ending in July, and the unemployment rate was 7.5% or lower.

“Buying single-family homes as rentals still yields solid returns in many markets across the nation, but it is difficult for individual investors and even small-to medium-sized institutional investors to find reasonably priced inventory in markets dominated by the 800-pound gorillas in the single-family rental space,” said Daren Blomquist, vice president at RealtyTrac.

A September report from Preqin, based on interviews with 140 private real estate investors, revealed that the proportion of investors making new private real estate commitments dropped in the last year, with smaller investors becoming more hesitant to make commitments.

Blomquist noted that this analysis has identified the top overlooked markets where single-family rentals still make good financial sense but where there is little to no competition from the big players.

According to Wally Charnoff, CEO of RentRange, “Real estate investment opportunities vary greatly market by market. “The availability of gross rental yield information and other valuable analytics empower buyers to make more scientific decisions about where to invest,” he added.

http://www.housingwire.com/articles/26921-hidden-single-family-rental-markets-still-profitable-for-investors

Three Cents Worth: Manhattan’s Middle Market Shows Life | Cross River Real Estate

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This week I thought I’d take a look at the breakdown of sales by price in the most recently completed quarter.  Last year I was using a donut analogy to describe the Manhattan apartment market—weak in middle and strong on the outside (bottom/top). I wanted to illustrate how the mix in 2013 could be showing signs of change rather than continuing to see a disproportionate amount of activity on the margins. For reference I provided an inset in the form of a pie (sorry) chart to show a simple breakdown of the market in the second quarter of 2013.  The column chart was a bit more involved.  It represents the difference between 2Q 2013 and 2Q 2012 as measured by percentage to illustrate any market shifts that may be occurring. For example, the market share of the $1K-$500K was 21.3 percent (in pie chart), 4.1 percent less (in column chart) than 25.4 percent in the year ago quarter.

· Sub $500k market lost share (4.1 percent) likely due to lack of supply and tight credit.  Too soon in the data to see rise in mortgage rates but expect more weakness. · $501k to $4M or middle, upper middle of market showed slight gains from a year ago—something we haven’t seen in quite a while.  This is nearly 3/4 of the entire market so “middle” is quite a broad description. · $4M+ showed mixed results but generally unchanged.

With rising mortgage rates and little gain in supply across much of the market, I suspect we will continue to see an erosion in market share at the entry level sales as more first time buyers get shut out.  I’d like to think the middle of the market would continue to improve in share—a market starting to see more trade-ups and lateral movement but perhaps not at the pace we’ve seen year to date.  The overhyped high end will probably muddle along in balance with no real change in supply.

 

 

http://ny.curbed.com/archives/2013/08/20/

 

 

 

Green Buildings Could Be Half U.S. Projects, Worth $248 Billion By 2016 | Cross River Real Estate

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Green building may represent more than half of all commercial and institutional construction as soon as 2016. CleanTechnica looks into a new report from the USGBC entitled “LEED in Motion: People and Progress,” that details green building’s exponential growth and outlines both the value of the industry and its reach into American Lives. Among the highlights:

  • More than 4.3 million people live and work in LEED-certified buildings
  • More than 6.2 million people interact with LEED projects every day during their daily routine
  • Green building represented 44 percent of all commercial and institutional construction in the U.S. in 2012, and this percentage should increase to 55 percent by 2016.

 

http://www.ecobuildingpulse.com/legislation/

2013 elections: Who is running in Westchester, Rockland, Putnam | Cross River Real Estate

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With petitions submitted for independent lines for local office last week, the lists of candidates in Rockland, Putnam and Westchester are nearly complete. The Sept. 10 primary will put the final stamp on who is running in November.

Below are the candidate lists for each county (only primary candidates in Putnam):

Westchester – all candidates (unofficial):

http://public.tableausoftware.com/views/Westchesterscandidatesin2013/Dashboard1?:embed=y&:display_count=no

Rockland primary and general election candidates:

https://rocklandgov.com/files/8813/7692/0033/2013_Primary_candidate_list.pdf

Putnam primary candidates:

http://www.putnamcountyny.com/wordpress/wp-content/uploads/2013/06/2013-WEBPAGE-LIST-CANDIDATES-FOR-PRIMARY.pdf