Tag Archives: Lewisboro NY Real Estate

Lewisboro NY Real Estate

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

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/

 

 

 

Why to Put Your Tub in the Shower | Cross River Real Estate

Putting your bathtub in the shower may be an unexpected idea, but it’s a solid one and a growing trend in bathroom design.
Sure, it looks great, but what does it mean from a practical standpoint? For one, kids (and grown-ups) can splash all they want in the tub without having to worry about water damage or a mess. Two, the right tub model can double as a great shower bench or spot to perch your leg on while shaving.
Curious if this will work in your new bathroom? Take a look at these examples and learn what questions to ask your contractor before implementing this design.

modern bathroom by Elemental Design, LLC

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Waterproofing is vital in these installations. Your bathtub will have a 1½- to-2-inch drain line that will need to travel through your shower’s waterproofing materials.
Tubs in general are awkward and a pain to hook up, so there are a lot of factors to consider here. For example: Will your tub’s anti-tipping brackets poke through your shower membrane? This is a good question to ask your builder.
modern bathroom by Sean O'Brien Architecture

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If this modern tub were a tub shower, it’d be pretty difficult to waterproof because it’s designed as an undermount tub. Clean-lined tubs like this usually don’t have edging that connects the tub with the wall’s waterproofing. Placing the tub inside the shower means the entire area is waterproofed, and it actually simplifies the room’s design.
Tip: A typical shower’s glass door and fixed panels can cost up to $2,000. I like how this shower-tub combination has a single wall panel and no door. A simple design change like this can dramatically reduce the cost of your new bathroom.
Some tubs are a challenge to get into for people with knee or hip issues. If this is the case for you but you still want a tub, a combination like the one shown here can help with accessibility. This barrier-free shower allows for a tub, but the shower itself can still be used for years and years to come.
Tip: If you plan to wash your kids in the tub, place the shower fixtures so they can be used in both the tub and the shower to make things easier.
A built-in tub like this is actually much easier to install than a freestanding one. Waterproofing behind and under tubs with little wiggle room can be difficult, so I always suggest that clients install tubs like this, for practicality and cost savings.
Tip: Make sure your walls are waterproofed up to a height of 6 feet in your shower and tub area’s primary wet zone. Waterproof the walls at least 18 inches above the tub lip in a bathtub without a showerhead.
contemporary bathroom by Altereco Design

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There’s plenty to love about this shower. For starters, the tiny ledge along the wall on the right is a great way to accommodate a smaller tub in a bigger space, while adding extra storage.
The floor outside the tub is actually graded back to the shower, so everything drains with ease. This is a true wet room, and it looks great.
http://www.houzz.com/ideabooks/3149263/

Seven Million to Struggle with Negative Equity for Four Years or More | South Salem Real Estate

Though three million homeowners were freed from the shackles of negative equity in the past year, it will take at least four more years for 7 million or more deeply indebted homeowners to reach positive equity, even as home values continue their current pace of recovery.

As home values continue to rise, the national negative equity rate continued to fall in the second quarter, dropping to 23.8 percent of all homeowners with a mortgage, according to the second quarter Zillow® Negative Equity Report. However, millions of homeowners remain so far underwater that it will take years for them to regain equity, even as home values continue their recovery.

Approximately 12.2 million homeowners with a mortgage were in negative equity, or underwater, at the end of the second quarter, owing more on their mortgages than their homes are worth. That is down from 13 million homeowners in the first quarter and 15.3 million at the same time last year. Roughly one-third of homes are owned without a mortgage. The negative equity rate among all homeowners, both with and without a mortgage, was 16.7 percent at the end of the second quarter.

Nationwide, more than half (57 percent) of homeowners in negative equity are underwater by 20 percent or more, and roughly one in seven (13.4 percent) owes more than twice what their home is worth. According to the most recent Zillow Home Value Forecast, home values are expected to rise 4.8 percent in the next year. Assuming appreciation at that rate going forward, it would take a homeowner underwater by 20 percent roughly four years to reach positive equity.

“Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air. For those homeowners who are deeply underwater, though, there is still a long row to hoe,” said Zillow Chief Economist Dr. Stan Humphries. “The frustratingly slow pace of negative equity declines in the face of such robust home value appreciation is a direct result of the fact that many people in the hardest-hit markets are underwater by an enormous amount. Because of this, negative equity will be a factor in these markets for years to come, constraining the supply of homes for sale and keeping people out of the market who might otherwise get involved.”

The “effective” negative equity rate, which includes those homeowners with a mortgage with 20 percent or less equity in their homes, fell to 41.9 percent, from 43.6 percent in the first quarter. Listing a home for sale and buying a new one generally requires equity of 20 percent or more to comfortably meet related expenses, including the down payment for a new home and associated closing costs, taxes and real estate agents’ fees. Homeowners without enough equity may remain tied to their homes, even if they are not underwater.

 

 

http://www.realestateeconomywatch.com/2013/08

All-cash deals on the rise | Katonah Real Estate

As mortgage rates creep up and stringent lending standards continue to make it difficult for many homebuyers to get loans, all-cash deals are accounting for more and more home sales completed in the U.S.

RealtyTrac data released today shows that 40 percent of all home sales in July — including single-family homes, co-ops, condos and townhomes — were made without a loan being recorded, up from 35 percent in June and 31 percent in July 2012.

A Goldman Sachs Group report released this month estimated that more than half of home sales during the last year and a half were all-cash deals.

OrganizationEstimated percentage of deals that were all-cash in July 2012Estimated percentage of deals that were all-cash in July 2013
RealtyTrac31%40%
Goldman Sachs Group50-plus%55-plus%
National Association of Realtors27%*31%*

Sources: RealtyTracGoldman Sachs Group (PDF)National Association of Realtors *Existing-home sales

Goldman Sachs analysts compared home sales data from the National Association of Realtors and the Census Bureau with data from the Mortgage Bankers Association and Lender Processing Services to come up with that estimate.

NAR’s data, built from monthly surveys of agents, shows all-cash deals made up 31 percent of existing-home sales in July, up 4 percentage points from the same time a year ago. But that estimate is made by calibrating sales with Census Bureau home sales data from 2011 — the last time NAR had enough data to recalibrate estimates — which could account for the some of the difference, NAR spokesman Walt Maloney said.

– See more at: http://www.inman.com/2013/08/29/all-cash-deals-on-the-rise/#sthash.3VWjHkN5.dpuf

 

 

All-cash deals on the rise | Inman News.

Katonah Weekly Real Estate Report | #RobReportBlog

Katonah   NY Weekly Real Estate Report9/10/2013
Homes for sale45
Median Ask Price$999,000.00
Low Price$450,000.00
High Price$18,995,000.00
Average Size4143
Average Price/foot$447.00
Average DOM132
Average Ask Price$2,451,618.00

Fixed mortgage rates retreat from a 2-year high | South Salem Real Estate

Fixed mortgage rates eased up from a two-year high this past week as lenders offered a 30-year mortgage at an average rate of 4.51%, up from 4.58% a week earlier, the Los Angeles Times reported.

The newspaper gave a rundown of all the changes this past week:

“The 15-year fixed-rate mortgage averaged 3.54%, down from 3.6%, according to Freddie Mac. Starting interest rates for popular types of variable-rate loans were up slightly, the McLean, Va., housing finance giant said.”

Freddie’s chief economist, Frank Nothaft, said the market is being driven by speculation about when the Federal Reserve will cut back on its stimulus program, which involves buying $85 billion a month in Treasury and mortgage bonds.

                    Source: The Los Angeles Times

Move facilitating sharing of listings between California MLSs | Katonah Real Estate

Agents with two California multiple listing services — MetroList Services Inc. and i-Tech MLS — will see confidential information about shared listings from the source MLS using a reciprocal deep-linking service powered by realtor.com operator Move Inc.’s “Find” search tool.

Agents at those MLSs — and any others in California that agree to sign on to the service — will see an additional layer of detail about shared listings that includes offers of cooperation and compensation, agent contact information, and showing details, Move said.

MetroList Services is based in Sacramento, and serves more than 17,000 real estate professionals in seven counties — Sacramento, Placer, El Dorado, San Joaquin, Stanislaus, Merced and Yolo. I-Tech MLS is a joint venture of the Glendale Association of Realtors and the Pasadena-Foothills Association of Realtors.

Any MLS in California can participate by contracting with Move for the Find search tool, becoming a party to the reciprocal deep-linking agreement, and implementing the technology on their MLS system, Move said.

“This innovative agreement is a model for MLSs seeking collaborative solutions that meet the business and technical needs of their customers, which are now inseparable,” said Move CEO Steve Berkowitz in a statement. “The agreement and integration is a landmark step towards maximizing the tremendous potential of the Find application by allowing licensed agents to work together across MLSs to access complete listing information in real time to serve their clients.”

MetroList Services President and CEO Tom Beede called reciprocal deep linking “the most cost-effective way to provide real estate agents with access to confidential information on for-sale properties, because it’s free.”

– See more at: http://www.inman.com/2013/09/04/move-facilitating-sharing-of-listings-between-california-mlss/#sthash.VHAWjPB9.dpuf

 

Move facilitating sharing of listings between California MLSs | Inman News.

Calgary and Edmonton buck national housing market trend of declining sales | Cross River Real Estate

A soft landing is underway in the Canadian housing market and should continue but Calgary and Edmonton are bucking the trend with sales rising compared with a year ago, says a new report released Tuesday by BMO Capital Markets.

The report, by Sal Guatieri, senior economist for BMO, said the Canadian housing market is “calming not crashing.”

“In most regions, sales have fallen at double-digit rates this year from high levels last year,” said Guatieri. “But the rate of decline has slowed recently.

“By contrast, Alberta enjoys decent sales growth.”

As of April, the three month moving average of sales in the existing home market was down 10.9 per cent across the country. However, Calgary and Edmonton were the only two major markets to see growth at three per cent and 1.2 per cent, respectively.

Also, while the average sale price across Canada rose by only 1.0 per cent, Calgary led the nation with a 7.5 per cent hike. Edmonton was up 3.2 per cent.

Guatieri said Calgary’s resale prices are “supported by good valuations, following the 2008 correction, and strong job growth.”

“The upward trend should continue, as Alberta is expected to lead the nation’s economic performance in 2014,” he said.

According to the Calgary RealEstate Board, year-to-date until May 27, there have been 9,541 MLS sales in the city, up 3.89 per cent compared with the same period a year ago. The average sale price has risen by 6.6 per cent while the median price has increased by 5.51 per cent to $399,900.

At the national level. Guatieri said tighter mortgage ruls have slowed credit growth, helping to cool the housing market in an orderly fashion.

“Lack of pent-up demand, with homeownership rates near 70 per cent, and elevated household debt have abetted the slowing,” he said.

“Nationwide, sales are expected to stabilize this year amid steady job growth. Although long-term interest rates are likely to rise moderately next year, they should remain relatively low for some time.”


 

Calgary and Edmonton buck national housing market trend of declining sales.

County, NY state hit utility on complaints of slow restoration efforts after Cuomo order | Lewisboro Realtor

State and county officials had what appeared to be the first confrontation with a utility to speed up the restoration of power after the storm following Gov. Andrew Cuomo’s warning to companies to act fast.

State Director of Operations Howard Glaser said the response by New York State Electric and Gas Corp. to its customers without power in northern Westchester County was “silence, darkness and an utter lack of any NYSEG presence whatsoever.” Glaser then proposed a new motto for NYSEG: “Lights out, Nobody’s Home,” according to an email he sent to NYSEG President Mark Lynch that was obtained by The Associated Press.

“Any objective assessment is that NYSEG is by far the poorest performing utility in this situation in the state,” Glaser wrote.

An NYSEG spokesman said the utility was slowed by the number of trees downed during the superstorm, but more crews were coming in to help with its restoration efforts.

Cuomo and Westchester County Executive Robert Astorino were assigning monitors to watch NYSEG’s progress. Glaser said, if necessary, Cuomo would order another utility to take over the restoration effort for NYSEG customers.

Westchester County Executive Robert Astorino on Thursday said he and state officials met with the utility’s president Wednesday after residents complained. Officials said crews weren’t working to restore power the way other utilities were and the process was moving too slowly or was nonexistent.

Astorino says NYSEG also wasn’t communicating adequately. Public works crews were forced to wait to clear streets of trees and debris until they heard from NYSEG if downed lines were safe, he said.

NYSEG had about 114,000 customers without power at the peak, a tally that was down to about 80,000 by midday Thursday. The pace was similar to other utilities in New York: Statewide, the peak number of power outages was 2.2 million, down to about 1.6 million by midday Thursday. In a statement Thursday, the company said the majority of customers downstate should have power back by midnight Sunday, but some won’t get electricity back until midnight on Nov. 7.

The Cuomo administration said the volume of complaints from NYSEG’s northern Westchester service area prompted a tour Tuesday night, where they said they found none of the crews at work chain-sawing and splicing, as Consolidated Edison crews were doing. In addition, Cuomo spokesman Josh Vlasto said, NYSEG was singled out because it was slowest to return power the Metropolitan Transportation Authority needed to clear tunnels and power trains and pumps.

A NYSEG spokesman in Westchester didn’t immediately respond to questions about the meeting and the complaints, but a corporate spokesman, Dan Hucko, said the first essential task was to make sure the main transmission line was safe to handle power. That required walking and driving along the line and observing it by helicopter.

“That takes time, especially in Westchester and Dutchess and Putnam counties, because of the trees that were down,” he said. “It’s a pretty long, involved process. We have a lot of crews there and we are sending more crews down there on an hourly basis.”

He said crews from NYSEG’s sister company in Maine had completed restoration work at home Wednesday night and were headed to New York on Thursday to help out.

“I can imagine in some of the states and residential areas that people haven’t seen our crews because they have not gotten there yet, and there are other crucial elements.”

Astorino told the AP his meeting with Mark Lynch, president of NYSEG, was “very frank, candid and sometimes uncomfortable.”

“There was an obvious breakdown in communication between NYSEG and local communities that needed to be fixed immediately,” he said. “I don’t think there was a lot of lost time. There was some frustration.”

Astorino said he thought “things have gotten a little better” since his meeting with Lynch.