Tag Archives: Mount Kisco Real Estate

Fixed Mortgage Rates Tick Down | Mt Kisco NY Realtor

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing average fixed mortgage rates moving down slightly as we head into the spring homebuying season.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.34 percent with an average 0.7 point for the week ending April 10, 2014, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
15-year FRM this week averaged 3.38 percent with an average 0.6 point, down from last week when it averaged 3.47 percent. A year ago at this time, the 15-year FRM averaged 2.65 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.09 percent this week with an average 0.5 point, down from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.62 percent.
1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.5 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.62 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.

“Mortgage rates eased a bit following the decline in 10-year Treasury yields. Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Steam Heat vs. Hydronic Heat | Mt Kisco Real Estate

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Q: I’m doing a remodel on a home that is currently heated with steam radiators. The boiler is fairly new, but I’m wondering if I should stick with steam or convert to hydronic? And if I do keep the steam system, should I upgrade to newer radiators or keep the old, bulky, but classic-looking ones?

A: Keith Cappuccio, a licensed plumber in New York City, responds: Steam is a time-tested method of heating a home. Although it’s not as versatile as hot water (hydronic) heat, when installed correctly steam should provide decades of relatively maintenance-free operation. When asked about the feasibility of converting a steam system to a hydronic one, I usually point out the following items for general consideration.

First, many steam systems are one-pipe systems, with only a supply pipe and no return, so it might not be possible to re-use the existing steam pipes to circulate water through the house. Running new pipe would not be a problem if you are gutting the home’s entire interior. If you aren’t, though, you can anticipate having to remove and refinish a significant amount of plaster and trim to run those new lines, even though trusted PEX brands can be fished through the house more easily than the copper pipe of 20 years ago.

Next, hydronic systems use more pumps, valves, and relays than a steam system, so maintaining a hot-water system over the years may prove to be more parts-and-labor intensive.

But hydronic heat has its benefits. It is very versatile and can be used for radiant, baseboard convectors, or freestanding radiators—all in the same system. Plus you can combine a solar water heater with the boiler for a super-efficient design. There are other options such as a burner service company that provide boilers for rent. If you like your old inefficient boiler replaced, apply today for your free boiler grants. You may qualify under the Government’s ECO scheme in 2020.

My advice? If the work you’re planning to do is more cosmetic, stick with the present steam system. If the house will be gutted, however, consider re-using the boiler block as a hot-water unit and install a radiant manifold with 3/8-inch PEX lines traveling individually to each radiator. The supply manifold includes balancing valves to control the temperature of each heating circuit. You’ll get a classic look, while saving money on radiators and a new boiler.

http://www.jlconline.com/heating/steam-heat-vs-hydronic-heat_o.aspx

Eliot Spitzer puts $145M worth of apts. on the block | Mt Kisco Real Estate

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Real estate scion and former governor Eliot Spitzer is selling a big portfolio of apartments his family owns on the East Side in a deal that could fetch $145 million or more.

Mr. Spitzer has put 144 rental units at the Corinthian, a huge apartment tower his father Bernard Spitzer began building in the mid 1980s and finished in 1987. Robert Knakal, chairman of the brokerage firm Massey Knakal Realty Services, is marketing the apartments and confirmed the units were on the market.

“The market for any type of property today, but especially residential assets, is spectacular,” Mr. Knakal said. “It’s a great time to take advantage of it.”

The 57-story building, at 330 E. 38th St., is one of Manhattan’s largest residential towers, with 863 units, and a distinct columnar facade that provides the apartments inside with curving bay windows that offer sweeping views of midtown. The Spitzers sold most of those apartments in the years immediately after they constructed the tower, but when the city’s sales market slowed by the late 1980s, they decided to hold on to 144 units and convert them to rental properties.

The family has held onto the apartments, which are scattered throughout the tower, ever since.

Having lost a tightly-fought bid for city comptroller last year and with his father in his 80s and in poor health, the deal is also a sign that the younger Spitzer has begun to take a more active hand in steering the family’s real estate business. In December, he acquired a prime development site in the Hudson Yards for $88 million.

The sale of the Corinthian apartments could be a way for Mr. Spitzer to raise capital for future acquisitions or help finance the purchases he has made.

“Eliot is very sensitive to the fact that the family has extracted as much value as it can from some of the assets it owns,” said Jeffrey Moerdler, a real estate attorney with the firm Mintz Levin, who is a friend of Mr. Spitzer’s and handles the legal work for many of his real estate transactions, including this current sales effort. “He’s trying to monetize those buildings and revinvest in assets that have the opportunity to generate new value.”

http://www.crainsnewyork.com/article/20140325/REAL_ESTATE/140329923/eliot-spitzer-puts-145m-worth-of-apts-on-the-block

Latest Snowstorm Expected To Arrive Overnight In Mount Kisco | Mt. Kisco Realtor

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Latest Snowstorm Expected To Arrive Overnight In Mount Kisco | The Mt. Kisco Daily Voice.

This Nazi resort never opened, but it will be a luxury vacation spot | Mt Kisco NY Real Estate

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On the picturesque beaches of the northern German island of Rügen, along the Baltic Sea, sits an empty 20,000-person resort. The buildings stretch nearly three miles down the coast, with all 10,000 rooms facing the beautiful bay just 500 feet from the water’s edge. Yet, no one ever used the rooms, movie theater or planned swimming pools.

Prora, known by locals as The Colossus, was built from 1936-1939 as part of the Nazi program of “Strength Through Joy.” The plan was to house workers in eight identical six-story buildings, feed them catered meals in scheduled seatings, and prepare them through propaganda and social activities to do their part in Hitler’s plan for Germany. It was also one of the largest architectural projects of the time, with 9,000 workers. The design, done in a Bauhaus style, won a Grand Prix award at the 1937 Paris World Exposition.

But the Nazi resort plans never came to fruition. The outbreak of World War II meant the project was never finished as construction workers headed to the weapons factories instead.

But finally, some plans are moving forward to turn some of the buildings into luxury apartments and vacation rentals.

http://travel.yahoo.com/blogs/compass/nazi-resort-never-opened-luxury-vacation-spot-224346831.html