Tag Archives: Katonah NY Real Estate

Katonah NY Real Estate

Apartment glut may tame rising rents | Katonah Real Estate

Home builders and investors have poured money into so many new rental units that tenants

may see rent growth slow in the near future, one economist said.

While there will likely be “robust demand” in 2015 from renters — and young adults, in particular — builders have already started and plan to start enough new apartment projects that the days of excess demand may soon be over, said Ryan Severino, senior economist at Reis, a New York-based research firm focused on commercial real estate.

“Demand will struggle to keep pace with the significant amounts of new construction that should come online over the next few years,” Severino said.

Growth in rents over coming years should remain positive, according to Reis, but it will likely slow from 2014’s heady pace of about 3.5%, which far outpaced overall consumer inflation.

“Although an improving labor market with more jobs and faster wage growth should provide landlords with more leverage to increase rents, over time this will be stymied by the sheer number of new units that are going to come online, increasing competition in the market,” Severino said.

The frenzy for apartments has been fed by a choppy jobs market that made it tough for workers to set aside enough cash for a down payment. Also, persistently high credit standards have kept singles and families from obtaining a mortgage, a key financial ingredient for many would-be homeowners, particularly first-time buyers.

Seeing an opportunity, developers ramped up apartment building. The rate of private construction spending on new multi-family residences was up 27% in November from the year-earlier pace, more than double a 13% gain for new single-family homes, according to government data. Meanwhile, outstanding multifamily-mortgage debt swelled in the third quarter, rising the most since the end of 2007, the Mortgage Bankers Association said Tuesday.

Rental vacancy rates are the lowest in 20 years, which gives landlords power to raise rents. Government data show that landlords recently ramped up rents by the fastest pace in six years. But that power may taper as the supply of rental units rises.

“With a veritable deluge of new supply set to come online over the next few years, vacancy is headed higher. The supply pipeline swells larger and larger on a weekly basis and presents the greatest risk to the apartment market’s health,” Severino said.

http://www.marketwatch.com/story/apartment-glut-may-tame-rising-rents-2015-01-06

Your January Home Checklist | Katonah Real Estate

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With the shortest days (and longest nights) of the year, midwinter can certainly live up to its bleak reputation— but this season also encourages slowing down, simplifying and getting cozy. This January, take advantage of the momentum a new year brings to clear out clutter, start a healthy habit and make plans for the year ahead. Here are 15 ideas for a refreshed and revived home.

The Room Illuminated

1. Do the postholiday cleanup. Pack up holiday decorations carefully for next year and give your living space a thorough cleaning to pick up stray pine needles. Break down cardboard boxes, gather wrapping materials to recycle and find homes for holiday gifts.

2. Buy flowers and light candles. Boost spirits on short winter days by lighting candles (real or battery powered), and indulge in cut flowers from the market or a new potted houseplant to freshen the air.

Scordio Construction.inc

3. Create space to get some exercise indoors.Especially if winters are cold where you live, making a workout zone in the house can be a great help in staying healthy when you can’t get outside. Even a corner of a room cleared of furniture can be enough space for rolling out a yoga mat or working out with weights.

MasterBrand Cabinets, Inc.

4. Give your command center a reboot. The spot where you drop items as you walk in the door can be a clutter magnet. Make a fresh start for the new year by clearing away the paper, old pens, rubber bands and other random items that have migrated into your command center. Clean the surface, remove old notices from the bulletin board and put up a new calendar.

Space Grace & Style

5. Sharpen knives. Cooking with sharp knives cuts down on prep time and is safer, too. Take your kitchen knives to a pro to be sharpened, and maintain them between sharpening sessions with a honing tool at home.

6. Give your kitchen a healthy makeover. Making a resolution to eat more healthfully? Start by clearing those less-healthy options out of your pantry and fridge. Place fresh fruits and vegetables front and center, and put healthy-food prep aids, like a juicer or blender, on the counter where you are more likely to use them.

Nanette Wong

7. Check smoke and carbon monoxide detectors. With more heater use and wood fires in the fireplace, and less opening of windows, winter is an especially important time to make sure those smoke and carbon monoxide detectors are working. Use the test button on each device and change batteries as needed.

8. Clear clutter responsibly. If you are doing a new year’s purge of unwanted items, keep things out of the landfill and help others by donating gently used items to a good cause. For other items be sure to recycle responsibly — try the Earth 911 recycle search to find a recycling center that accepts electronics, paint, clothing and more in your area.

Castle in Scotland Gets 21st-Century Redo | Katonah Real Estate

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All photos by Peter Lander Photography via Houzz

Until recently, this stunning 17th-century castle in the Scottish Highlands was drafty, run-down, and had no modern amenities. Built for the daughter of a Lord in 1620, the five-story, multi-turreted castle with a gabled roof had hosted the Duke of Cumberland’s troops on their way to the 1746 Battle of Culloden in grand style, but had fallen into neglect by the 19th century. By the time the Scottish firm Maxwell & Company was hired to turn it into a vacation home for a family of four, according to Houzz, the castle required a complete (and historically sensitive) restoration of its exterior and interiors.

It took three years to do all that, and install plumbing and electrical systems, but now the castle has 11 bedrooms and copious reception rooms decorated with period furniture, stained oak floors, and aristocratic objects like a portrait of the patriarch of Clan Mackintosh. The architects did such a through job of melding past and present that the nearly 400-year-old castle ended up winning an award for its “cohesion of design.” The post-renovation photos are amazing:

November Chicago Real Estate Market Update | Katonah Real Estate

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Once again, in about 2 weeks, the Illinois Association of Realtors is going to report that Chicago home sales declined in November – by about 12.3% – and once again I’m going to tell you that it’s not really that bad – depending upon your perspective. The Chicago real estate market is really doing OK when you look at non-distressed sales.

First of all the real decline in November home sales was more like 10.2% when calculated on a consistent basis. But more than 100% of the decline was attributable to a decline in distressed sales. In other words, when you just focus on non-distressed properties the Chicago real estate market actually saw a 6.7% increase in home sales.

But the headline number did drop and the graph below puts November into perspective vs. previous years with all the Novembers flagged with red squares. It looks like it was pretty much in the middle of the pack for the previous 7 years. And on the other side of the bubble you would have to go back to 1998 to find sales at this level.

Chicago Home Contract Activity

Home sale contract activity remains on the light side, which is what is driving the low sales numbers ultimately. I’m currently estimating November contract activity at 9.1% below last year’s level. You can see the long term trend in this number in the graph below, which shows the numbers trending downward for several months now.

Pending Home Sales

The graph below tracks pending home sales, which is essentially the cumulative difference between contracts written and sales closed, in terms of months of supply. It’s an indicator of how many months of closings can be fed from properties that are already under contract. Although the numbers have been running lower than last year November popped back up to right around where it was last year at 2.2 months supply.

Distressed Home Sales

As I mentioned above the big story is the decline in distressed home sales, which is the main driver of lower home sales these days. Notice how this segment of the market is now down to only 20.2%, the lowest level by far since I’ve been tracking it. That’s down from 32.8% last year and a high for November of 43.8% in 2011.

http://www.chicagonow.com/getting-real/2014/12/november-chicago-real-estate-market-update-home-sales-drop-err-not-really/

Home prices up more than expected: S&P/Case-Shiller | #Katonah Real Estate

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U.S. single-family home prices showed a stronger-than-expected rise in September on a yearly basis, but the rate of the increase decelerated from August, a closely watched survey showed on Tuesday.

“The overall trend in home price increases continues to slow down,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.9 percent in September over September 2013. In August, it rose 5.6 percent on a yearly basis. A Reuters poll of economists forecast a 4.6 percent increase.

Economist Robert Shiller told CNBC’s “Squawk on the Street” the reading was not exciting, and he noted that the winter season is historically slow for home sales.

”We haven’t expected exciting growth for a while, but it does look like seasonally adjusted home prices are still growing,” he said.

On a seasonally adjusted monthly basis, prices in the 20 cities rose 0.3 percent in September. A Reuters poll of economists had forecast an increase of 0.1 percent.

http://www.cnbc.com/id/102214295

The Haunted Histories of 13 Famous New York City Places | Katonah Real Estate

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[Ghosts are everywhere.]

New York City’s old townhouses and historic apartments hide plenty of dark, ghostly secrets, but many of the city’s most famous destinations have their own ghastly histories as well. Grand Central, the Empire State Building, Radio City Music Hall, even Central Park, all host their own otherworldly spirits, born from some gruesome part of history. Elise Gainer, the owner of Ghosts, Murders, and Mayhem Walking Tours, catalogued many of these horrific tales in her bookGhosts and Murders of Manhattan, and we mapped 13 of the most well-known sites for a historic, haunted Halloween tour.

http://ny.curbed.com/archives/2014/10/31/the_haunted_histories_of_13_famous_new_york_city_places.php

Katonah-Lewisboro Schools Superintendent Search Gets Under Way | Katonah Real Estate

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Representatives from the firm hired to find a new Katonah-Lewisboro schools superintendent gave an overview of the search, which will involve a mix of confidentiality for candidates and public events.

The representatives, John Chambers and Deborah Raizes, are from Hazard, Young, Attea Associates. Chambers, whose resume includes having served as superintendent for the Bronxville and Byram Hills school districts, also brought up his 10 years of serving as a John Jay High school principal. Raizes’ resume includes having served as as a Scarsdale school board member, including time as president.

Raizes and Chambers, who gave a presentation at the school board’s Sept. 15 meeting, outlined the superintendent-search process.

Public participation will include a series of focus groups, which will be held on Sept. 29, Sept. 30, Oct. 3 and Oct. 7. The first focus group is scheduled for 7:30 p.m. at the high school library, while the second is set for 10 a.m. at the high school auditorium. Additionally, an online survey has been posted and will run until Oct. 3.

http://bedford.dailyvoice.com/schools/katonah-lewisboro-schools-superintendent-search-gets-under-way

Freddie Mac says rates average 4.23% | #Katonah Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates making their biggest one-week gain so far this year and bringing them to their highest level since the week ending May 1.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending September 18, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.50 percent.
15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.26 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.06 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.11 percent.
1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.65 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

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

“Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance. Meanwhile, the Labor Department reported that its Consumer Price Index (CPI) declined 0.2 percent in August reflecting declines in energy prices. Excluding food and energy, the CPI was unchanged.”

Company Restoring Egypt’s Oldest Pyramid Has Actually Made It Worse | #Katonah Real Estate

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Egypt’s oldest pyramid, the Pyramid of Djoser, in the ancient burial ground of Saqqara, is looking a little worse for the wear. After more than 4,600 years in the desert, some of the stones have eroded or fallen away, a rising water table has weakened the bedrock below the tombs, and a 1992 earthquake put the structure at risk. Unfortunately, the company hired to restore the ancient pyramid starting in 2006 may have made it worse.

Activists tell the Egypt Independent that the company, Shurbagy, has continued working on the pyramid after overseeing its deterioration and partial collapse.

Activist Amir Gamal of the “Non-Stop Robberies” movement told Egypt Independent that “New walls were built outside the pyramid as if the pyramid were a modern construction, which is opposite to international standards of restoration, which prevents adding more than 5% of construction to antiquities if necessary.” He continued to say that “Adding the modern construction is a large pressure on the decaying pyramid, which threatens catastrophe.”

Built in the 27th century B.C. for Pharaoh Djoser, the 200-foot-tall step pyramid was designed by one of the earliest known architect-engineers in history, Imhotep. It’s considered the earliest example of large-scale construction with cut stone in the world, a major deviation from the low, flat-roofed, mud-brick design of earlier Egyptian burial sites. Archeologists have criticized Egyptian authorities for choosing Shurbagy to oversee the restoration, as the company had not previously completed any restoration projects.

http://www.fastcodesign.com/3035117/fast-feed/the-company-restoring-egypts-oldest-pyramid-has-actually-made-it-worse?partner=rss

Weak Home Sales, Falling House Prices | Katonah Real Estate

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Followers of the housing market got spooked a couple weeks ago by some data suggesting the market was in trouble. First, the recent pending home sales data from the National Association of Realtors showed a 1.1% decline, when economists had forecast a 0.5% increase. Second, the S&P Case-Shiller 20-city house price index declined 0.3% on a monthly basis, when economists had predicted a 0.4% increase. Is it game over for the U.S. housing market?

U.S. housing affordability and homeowner vacancy rates
There’s no doubt that the housing market has slowed from the strong growth it saw in 2013, but that doesn’t mean it’s about to crash. On the contrary, there are four key reasons the market is likely to improve.

First, despite the talk that rising mortgage rates will choke off demand, housing still remains relatively affordable. Take a look at the National Association of Home Builders/Wells Fargo housing opportunity index — the higher the number, the more affordable housing is.

Source: NAHB/Wells Fargo.

Affordability fell in the second half of 2013, but on a historical basis, it’s still supportive of good growth in the housing market. Readers can see that, according to the index, housing is more affordable than it was for most of the 1992-2009 period.

Second, homeowner and rental vacancy rates suggest that the number of houses and rentals available is shrinking. Vacancy rates simply refer to the percentage of properties which are unoccupied. A look at the data from the U.S. Census Bureau demonstrates that rental vacancy rates are falling sharply, while homeowner vacancy rates remain low. The lower the number, the fewer properties there are available to rent or buy

Buying Bedford Real Estate

Robert Paul Realtor buying Bedford real estate

Tag Archives: Katonah NY Real Estate

Apartment glut may tame rising rents | Katonah Real Estate

Your January Home Checklist | Katonah Real Estate

Castle in Scotland Gets 21st-Century Redo | Katonah Real Estate

November Chicago Real Estate Market Update | Katonah Real Estate

Chicago Home Contract Activity

Pending Home Sales

Distressed Home Sales

Home prices up more than expected: S&P/Case-Shiller | #Katonah Real Estate

The Haunted Histories of 13 Famous New York City Places | Katonah Real Estate

Katonah-Lewisboro Schools Superintendent Search Gets Under Way | Katonah Real Estate

Freddie Mac says rates average 4.23% | #Katonah Real Estate

Company Restoring Egypt’s Oldest Pyramid Has Actually Made It Worse | #Katonah Real Estate

Weak Home Sales, Falling House Prices | Katonah Real Estate