Tag Archives: Mt Kisco NY Homes

Robert F. Kennedy Jr. Property in Westchester County Is for Sale | Mt Kisco Real Estate

A listing on the Web site of Ginnel Real Estate refers to the three-story, 10,000-square-foot colonial-style home, in the Mount Kisco area, as a “state-of-the-art and eco-friendly country estate” with geothermal heating and cooling, energy-efficient appliances and fiber-optic lighting. It sits on 10 acres on South Bedford Road.

Muffin Dowdle, the agent listed as managing the sale, did not respond to requests for comment.

The names of Mr. Kennedy and his estranged wife, Mary R. Kennedy, appear on a deed for the property, as well as on a record of a $500,000 mortgage taken out on the residence in June 2010.

The Kennedys were embroiled in divorce and child-custody proceedings in the period before Ms. Kennedy’s death. The body of Ms. Kennedy, 52, was found in a barn on the property. The medical examiner said she died of asphyxiation after hanging herself.

Home sales dip, but tight inventories provide price support | Mount Kisco NY Homes for Sale

Sales of existing homes slipped from August to September but were still up strongly from a year ago — a sign that the national housing market is finding solid ground, the National Association of Realtors said today.

At a seasonally adjusted annual rate of 4.75 million, sales of single-family homes, townhomes, condos and co-ops were down 1.7 percent from August to September, but up 11 percent from a year ago.

September sales of existing homes were up 11 percent from last September with a seasonally adjusted annual rate of 4.75 million, which represents a slight dip of 1.7 percent from August’s upwardly revised rate of 4.83 million.

The 2.32 million homes on the market at the end of September represented a 5.9-month supply, down from 8.1 months a year ago. Many analysts view a six-month supply of housing as an even balance between buyer and seller demand.

Thanks to tight inventories, the national median home price was up 11.3 percent to $183,900 from a year ago, the seventh month in a row of annual increases and the longest stretch of annual increases in six years.

“We’re experiencing a genuine recovery,” said Lawrence Yun, NAR’s chief economist, in a statement. “More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest,” he said.

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Low inventory will be a temporary issue, said Jed Kolko, Trulia’s chief economist. “Rising prices will get some homeowners back above water and willing to sell their homes, and tight inventory will encourage builders to keep ramping up new construction, bringing more new homes to market,” he said.

First-time buyers accounted for 32 percent of purchasers in September, up from 31 percent in August.

Foreclosures and short sales sold for 21 percent below market value, on average, and accounted for 24 percent of September’s sales.

All-cash deals accounted for 28 percent of September’s sales — up a percentage point from August and down two from last September.

Existing-home sales, September 2012

Seasonally adjusted annual rate4.75 million
% change from September 201111.0%
% change from August 2012-1.7%
National median price$183,900
% change from September 201111.3%
Unsold inventory (months’ supply)5.9
Share of all-cash buyers28%
Share of investor buyers18%
Share of first-time buyers32%
Share of distressed sales24%

Source: National Association of Realtors

All U.S. regions saw existing-home sales and prices rise in September from a year ago.

As was the case in August, the Midwest led the way in home sales with a 19.6 percent year-over-year increase to an annual rate of 1.1 million sales. The median price in the Midwest also rose in September from a year ago, up 7 percent to $145,200.

The South saw sales jump 14.2 percent from last September to an annual rate of 1.93 million. Median prices jumped, too, to 13.1 percent from last September to $163,600.

Home sales rose 7.3 in the Northeast on an annual basis to a rate of 590,000. Median prices in the region rose 4.1 percent to $238,700.

The West experienced a slight 0.9 percent yearly increase in home sales to 1.13 million, but saw the largest yearly median price jump of any region, 18.4 percent to $246,300, in September.

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30-Year Fixed Mortgage Rate Continues to Rise | Mount Kisco Real Estate

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.26 percent, up from 3.18 percent at this same time last week.

The 30-year fixed mortgage rate hovered between 3.18 and 3.28 percent for the majority of the week, dropping to the current rate this morning.

“Mortgage rates rose slightly at the end of last week following the release of the Federal Open Market Committee’s meeting minutes and a stronger than expected jobs report,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, we expect rates to remain fairly steady since we do not foresee any new announcements that have the potential to offset the optimistic tone set by last week’s employment figures.”

Additionally, the 15-year fixed mortgage rate this morning was 2.63 percent, and for 5/1 ARMs, the rate was 2.52 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

*The weekly rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

Mt Kisco NY Homes | The day we can’t forget: Sept. 11, 2001 | Inman News

The day we can’t forget: Sept. 11, 2001

Real estate industry reflections on the 10th anniversary of 9/11

Editor’s note: Inman News reporter Andrea V. Brambila assisted in compiling this report.

The first time we visited the World Wide Web. The call to bring down the Berlin Wall. The elation of the first moon landing.

The assassinations of John F. Kennedy and Martin Luther King Jr. Pearl Harbor.

9/11.

These are events that shape generations. In our thinking, our actions, our culture. Our government. Our future.

Our fears.

I awoke on Sept. 11, 2001, to a distressed phone call from my Mom. “It’s horrible.” I was still spiraling out of sleep, and this just wasn’t making sense.

“What’s going on?” I asked. Something big.

Nothing felt safe in that instant. I recalled how years earlier, during a cross-country adventure with a few friends, we toured the public observation deck in one of the Trade Center towers and marveled at the epic and breathtaking view. Gone.

All of us, even those not directly touched by the loss of friends and loved ones were impacted, too.

Sept. 11, 2001, was the most significant globally historic event in my lifetime since the symbolic crumbling of the Cold War, when people chipped away chunks and pushed down whole sections of the Berlin Wall. And how different those events were.

Earlier this week I was talking with my best friend, a schoolteacher, about how 9/11 changed the U.S. How it changed us. We pondered whether the youngest generation is somehow different, in mindset and even behaviorally, having grown up in a post-9/11 environment. And whether the changed security environment has significantly impacted our daily lives and outlook.

I’ve still got a tourist trinket from that New York City visit years ago — it’s a tiny copper-hued metal model of the Trade Center towers that my kids will no doubt ask about. And I’ll have to explain what it is and what it means to me. And what that day means for all of us — even those of us too young to remember.

Inman News reached out to our readers and columnists and asked them to reflect on the impacts of 9/11. This report also includes reader commentary from the September 2001 Inman News archives, and links to real estate-related articles about the anniversary. Please share your thoughts in the comments section below.

Margaret Kelly
CEO
Re/Max LLC
“Because of the magnitude of the tragedy, 9/11 is one of those unforgettable moments that I will remember the rest of my life. I will never forget where I was and what I was doing. It became a day that I was glued to the TV trying to understand exactly what had happened, and what it might mean for our future. But I also remember how good it felt to see our country come together.

“Even today, when I read accounts of what happened in New York, it becomes a very emotional moment, reliving the accounts of heroism and the suffering. I pray for the victims and their families, and hope we never experience an event like that again.”

Charlie Young
President and CEO
ERA Real Estate

“I was in a meeting in Ohio when I heard the news. Time seemed to stand still, but my mind started racing with worry: for my friends and neighbors who worked in the city, for my family in N.J. I drove home in a rental car — because the airports were closed — and was struck by the absolute absence of planes in the sky, and a pervasive stillness that hung everywhere.

“When I got home, I witnessed the American spirit in action, watched how we all banded together and worked to support our friends, families and neighbors through such a difficult time. Our separatism disappeared: Differences were erased as we focused on the grief we shared and learned that we were more similar than we thought. At the time, we seemed more united than ever before, but 10 years later, we seem to have lost the strength we found in each other.”

Andrea Altieri
Broker-manager
Cherry Creek Properties
“I lived in Washington, D.C., on 9/11 where I watched my friends and neighbors wait for news about loved ones in the Pentagon and on airplanes. We huddled together and watched the Pentagon burn, wondering if it was the beginning of the end. Business didn’t seem very important.”

Gerald Bushnell, owner-broker, Ace Realty Inc.
“My wife and I sat in front of the TV in disbelief as we watched the brutal attack in our coma-like state. The first tower was on fire and no one knew why. After many minutes went by we watched in horror as the second plane crashed into the adjoining tower. We continued to watch all day as the towers collapsed and listening to the news about the other airplanes crashing in Pennsylvania and the Pentagon.

“We were the owners of Ace Realty Inc. in Dallas, Texas, a small but successful real estate company that specialized in selling condominiums. I had just received a shipment from China of Sign Boots, an invention I had created that cleans dirt off the sharp tips of metal real estate signs.

“The National Association of Realtors’ convention was taking place the following week in Dallas and I had a booth set up and ready for the thousands of Realtors that would be flying in to attend the convention. The convention opened their doors as planned only without the thousands of Realtors.

“Many committed nearby Realtors drove to the convention, but Realtors that lived outside of the area were unable to jump on a plane because flights were canceled. Besides, no one wanted to leave their families and homes to travel during this troubling time.

“Real estate sales slowed. September, October and November were the worst sales months for the year, and in December business started back up again.

Erica Lockwood
Executive recruiter
Joseph Chris partners
Indiana

“All of the 9/11 stories and pictures make me feel like it was just yesterday. My stomach has that wrenching feeling and tears start to swell up as the memories come flooding back.

“Ten years ago (on Sept. 11) I was on a business trip in Philadelphia. Our flight was to leave on 9/11 after our last appointment. Standing in the middle of a Starbucks I heard the unbelievable news. Someone rushed to get a tiny TV so that we could watch what was happening.

“The bridges and highways were shutting down — threats of bombs were everywhere. We saw the first tower had been hit, assuming like most that it was an accident, and then saw the second plane fly directly into the second tower and then couldn’t take our eyes off of the TV — even as the towers fell and the news reports (announced) that we had been attacked by terrorists.

“I recall a woman running out of the Starbucks hysterical because her son worked in one of the towers, and countless others having relatives or friends who would most certainly be somewhere in or near Ground Zero.

“Thankful that the rental car was still in our possession, we made the quiet trip across Pennsylvania, Ohio and back home to Indiana. Every time I see that bright blue fall sky I can’t help but remember that day and how it forever changed our lives.”

Kris Berg
Broker-owner
San Diego Castles Realty
Columnist
Inman news
“Sept. 11 was a dichotomy for our family. My husband was three days into a six-day backpacking trip in the Sierras. While he was enjoying the freedoms we have so long celebrated, unaware of the events unfolding, those of us who remained connected feared for those same freedoms.

“As I readied my then-middle school children for what should have been another routine day, my oldest daughter said, “Look, Mom. New York is on fire.” No time for television, I told her. We would be late. Perhaps foolishly, I deposited them in front of the school as the second tower came down.

“For me, Sept. 11 marks a day of remembrance — remembrance of both heroes and ordinary people who would be driven to do extraordinary things in the face of adversity. It is a day when I pause to reflect on how precious are the freedoms that we take for granted and that from acts of hate can be born true united communities of tolerance and compassion.

“As for my husband, he emerged from the wilderness two days later to have another backpacker on his way into the park recount the story, a story my husband initially discounted as some lunatic’s rantings.

“And when he finally confirmed the events, my husband too was left with a renewed sense of the importance of family and community — and renewed sense of national honor and pride.

Lisa Ludlow Archer
MyCarolinaHome.net
“I can remember exactly where I was. In a high-rise working at a big bank in uptown Charlotte. My dad was flying from Boston to (Los Angeles). I didn’t hear from him till late that afternoon. (It was the) scariest, and a life-changing, day. He quit his 30-year career in computer consulting and got his real estate license.”

Kevin Lisota
CEO, co-founder
Findwell
“Where was I on 9/11? Well, this was before my days as a real estate agent. I was working in the tech industry for Microsoft. I was flying from Japan to Seoul, South Korea, for a new product launch when it happened.

“The vice president of my division and myself arrived at the hotel in Seoul at about 11 p.m., and turned on the TV to witness the Trade Centers collapsing. Obviously it was a night of watching CNN and checking on things at home.

“Our product launch the next day went on as planned, with some heartfelt comments by the Microsoft vice president. We ended up being trapped in Seoul for about five days, waiting for the international flights to start back up and eventually getting our spot on a flight.

“Strangely, I think we got back home sooner than a lot of domestic travelers, but it was a surreal trip, with not much to do other than hang in our hotel room and watch the newscasts from back home.

Zachary Hanz
Marketing associate
Entrust IRA Administration Inc.
Chicago, Ill.
“On 9/11, I was in my senior year of high school. My older brother lived in New York, and when the second tower was hit, a teacher pulled me out of class to his office so we could call him.

“It turned out he was OK and had somehow slept through the whole thing. Eventually, school was let out and I sat with my parents glued to the TV. The next day was my 18th birthday, which I spent eating pizza and cake while contemplating joining the military with a few gung-ho friends.”

Mt Kisco NY Real Estate | 5 reasons real estate hasn’t recovered | Inman News

5 reasons real estate hasn’t recovered

What’s happening with jobs, shadow inventory?

The housing bubble of 2006 burst in large part due to lax lending practices that led up to the housing recession. The collateral damage from these practices hammered personal fortunes through foreclosures and investment losses.

The devaluation of mortgage-backed securities tied to nonperforming mortgages kick-started the falling dominoes in this global financial crisis.

Now the mortgage lending industry is making up for their slipshod business practices by tightening credit standards to an extreme level. This has partly to do with regulations recently put in place that make one wonder if anyone consulted real estate professionals and economists before they were enacted.

It’s commonly agreed that the easy-money lending practices that were in vogue before the downturn in 2006-07 should be left behind. Then, buyers didn’t need to qualify to get a stated-income mortgage. Unrealistic teaser-rate mortgages were popular, and 100 percent and 110 percent financing was available.

Buyers had little at risk except their good credit, which for many went up in smoke when home prices stopped rising and they were left upside down in their house because the price they could sell for had dropped lower than the balance owed on their mortgage.

Not only were they precluded from borrowing more, but many who lost jobs fell behind on their mortgage payments and lost their homes in foreclosure.

It’s a good practice for lenders to actually qualify buyers before giving them a mortgage. Buyers should make a cash down payment. However, many lenders want down payments equal to 20 percent or 25 percent of the purchase price.

Proposed risk-retention rules that would require lenders have more “skin in the game” when offering loans with less than a 20 percent down payment has met opposition from real estate industry and consumer groups. Regulations should be implemented that protect lenders, buyers and investors while fueling a sustainable recovery in the housing market.

Lenders also need to streamline their underwriting procedures. Underwriting criteria have tightened in the last six months. Buyers are told their loan has been formally approved; based on that, they remove their financing contingency.

Then, it’s not uncommon for the lender to ask the buyers for more documentation. This leads to delays in closings. Some deals fall apart and put the buyers’ deposit at risk.

HOUSE HUNTING TIP: Slow job growth is holding the housing market back in many areas. On the national level, only 25 percent of the jobs lost in the great recession have been replaced. The recovery has been plagued with joblessness and underemployment. The national unemployment rate currently hovers around 9 percent.

Because the home-sale market is a localized business, the housing recovery will be uneven. Some areas, such as Texas; Washington, D.C.; and the Silicon Valley in the San Francisco Bay Area, have strong local economies and are generating sufficient jobs to actually produce a pickup in local housing markets.

To illustrate how important the local factor is, Silicon Valley has strong job growth even though the unemployment rate in California is about 11 percent.

The additional major factor that’s keeping housing down is the backlog of foreclosures. Lenders are in some cases holding houses they’ve foreclosed on off of the market. This is sometimes referred to as the “shadow inventory.”

Lenders have tried to keep from flooding an already challenged real estate market with more inventory, which could cause prices to decline further.

THE CLOSING: However, for a sustainable recovery, these properties need to be sold.

Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”