Tag Archives: Mt Kisco Real Estate for Sale

Lenders Loosen up as Refis Tank | Mt Kisco Real Estate

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In July, lenders loosened up their underwriting standards more than they have in yeas as purchase mortgages overtook refinancing as the leading source of mortgage originations according to Ellie Mae’s July Originations report.

“In July, the mix of purchase loans to refinances was 53% versus 47%: the largest percentage of purchase loans since we began tracking the data in August 2011,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was a further indication that housing seems to be improving. Just six months ago, 73 percent of all mortgages were refinancings.

“Credit standards continued to ease in July,” said Corr. “The average FICO score fell to 737, from 742 in June 2013, and it is now at the lowest level since we began our tracking in August 2011. Similarly we saw slight increases in both loan-to-value and debt-to-income ratios last month-signs that lenders are willing to accept slightly more risk to maintain volume. Dent to income ratios also have risen to the highest level since Elli Mae began tracking mortgage data in February 012.

To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the April 2013 applications) to calculate an overall closing rate of 55.4% in July 2013, up from 54.3% in June 2013.

MONTHLY ORIGINATION OVERVIEW FOR JULY 2013

July 2013*

June 2013*

6 Months Ago
(January 2013)*

1 Year Ago
(July 2012)*

Closed Loans

Purpose

Refinance

47%

51%

73%

58%

Purchase

53%

49%

27%

42%

Type

FHA

19%

19%

18%

24%

Conventional

71%

71%

74%

67%

Days to Close

All

47

47

54

48

Refinance

48

47

55

48

Purchase

46

46

51

47

ARMs vs. Fixed, Length, Rate

ARM %

5.2%

4.0%

2.1%

3.1%

15 Year %

15.5%

16.5%

16.9%

15.3%

30 Year – Note Rate

4.357

3.918

3.634

3.870

*All references to months should be read as month ended.

PROFILES OF CLOSED AND DENIED LOANS FOR JULY 2013

Closed First-Lien Loans

Denied Loans

(All Types)

(All Types)

FICO Score (FICO)

737

702

Loan-to-Value (LTV)

81

84

Debt-to-Income (DTI)

24/36

28/44

 

 

 

 

Lenders Loosen up as Refis Tank | RealEstateEconomyWatch.com.

Mortgage Rates up on Signs of Stronger Economic Recovery | Mt Kisco 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 moving back up near their highs for the year amid recent data pointing to signs of a stronger economic recovery, as well as positive news coming from the housing and manufacturing sectors.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.7 point for the week ending September 5, 2013, up from last week when it averaged 4.51 percent. A year ago at this time, the 30-year FRM averaged 3.55 percent.
  • 15-year FRM this week averaged 3.59 percent with an average 0.7 point, up from last week when it averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.24 percent. A year ago, the 5-year ARM averaged 2.75 percent.
  • 1-year Treasury-indexed ARM averaged 2.71 percent this week with an average 0.5 point, up from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.61 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 edged up this week on signs of a stronger economic recovery. Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year. In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011.”

How Much For A One-Bedroom Condo In Long Island City? | Mt Kisco Real Estate

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Where/What: A 1BR/1BA condo in Long Island City
Square feet: 842
Maintenance/CC: $636
The Skinny: The listing for this apartment touts its 14-foot-high ceilings, hardwood floors, and “oversized casement windows.” Perhaps as a result of the slightly awkward layout, there’s a smaller extra room (not pictured) with a washer/dryer that could be used as a slightly claustrophobic home office or for extra storage. You also get a dishwasher, as well as a ginormous bathroom with a monolithic tub and a tiled shower. The building itself has a roof deck, courtyard, and a gym with a pool and sauna. How much is the seller asking?

Pricespotter%20Floorplan%208_21.gif

· Pricespotter archives [Curbed]

 

 

How Much For A One-Bedroom Condo In Long Island City? – Pricespotter – Curbed NY.

Softer U.S. Mortgage Rule Said to Be Proposed at End of August | Mt Kisco RealEstate

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A new version of a rule requiring lenders to keep a stake in risky mortgages that they securitize will be proposed by U.S. regulators in the last week of August, according to two people familiar with the matter.

The 500-page draft regulation written by a panel of six agencies will replace a more stringent proposal for the Qualified Residential Mortgage rule, said the people, who asked not to be identified because the plan isn’t public. The first version drew protests from housing industry participants and consumer groups when it was released in 2011.

The plan will require banks to retain a slice of mortgages when borrowers are spending more than 43 percent of their monthly income on all of their debt. The earlier version would have required banks to keep a stake in loans when borrowers were spending more than 36 percent of their income on all loan payments and in loans with a down payment of less than 20 percent. The rule will carve out mortgages backed by Fannie Maeand Freddie Mac, one of the people said.

The agencies will seek public comment before each holds a vote on the final rule. The agencies involved in the rulemaking are the Federal Reserve, Federal Deposit Insurance Corp., Department of Housing and Urban Development, Federal Housing Finance Agency, Office of the Comptroller of the Currency, and Securities and Exchange Commission.

 

read more…

http://www.bloomberg.com/news/2013-08-13/softer-u-s-mortgage-rule-said-to-be-proposed-at-end-of-august.html

 

 

 

Mt Kisco Real Estate sales down 12% | Median price up 51% | RobReportBlog

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Mt Kisco   NY Real Estate ReportRobReportBlog
20136 months ending 8/82012
41Sales47
$760,000.00median sold price$503,500.00
$395,000.00low sold price$275,000.00
$3,950,000.00high sold price$2,875,000.00
3074average size2694
$277.00ave. price per foot$254.00
193ave days on market204
$848,469.00average sold price$694,371.00
95.88%ave sold to ask94.80%

Luxury Housing’s Latest Trend: ‘Limited-Edition’ Residences | Mt Kisco Real Estate

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When Louis Birdman and Gregg Covin decided to build a luxury condo tower on Miami’s Biscayne Boulevard, the developers won approval for a 750-unit tower rising 60 stories. They enlisted internationally acclaimed architect Zaha Hadid – it will be her first skyscraper in the Western Hemisphere — to design a $300 million concrete tower that will rise over Biscayne Bay.

 

But rather than carve out hundreds of studios and one-bedroom apartments, the Miami-based developers decided to try something less conventional: offer massive luxury spreads with enough square footage to rival standalone mansions. The resulting One Thousand Museum Tower plan consists of a mere 83 units spanning the full 60 stories.

 

“We are a very limited-edition building,” says Birdman of the project, which will break ground once a round of financing is complete. “We are not a small building, but we are small in terms of the number of units.”

 

One Thousand Museum Tower’s smallest units, half-floor apartments encompassing 4,600 square feet, start at around $4.9 million. Full-floor units will run up to $15 million and a duplex penthouse spreading across 11,000 square feet will likely have an asking price of $30 million. Units will have private balconies, 10- to 20-foot-high ceilings, floor-to-ceiling windows and access to swanky building amenities like a rooftop helicopter pad, a spa, indoor and outdoor pools, valet parking and “security” concierges.

 

Multifamily construction has roared back to life across the U.S. But rather than build low- to mid-range housing for the lion’s share of the population, more developers are going boutique, rolling out ultra high-end condo buildings with extra spacious, amenity-laden units promising a high degree of exclusivity.

 

Call them “limited edition” residences. Developers like Birdman and Covin are targeting this niche market because it translates into significantly more money for their efforts. “It’s a trend we saw in the marketplace of downtown Miami,” explains Birdman. “Units over 3,000 square feet are bringing a premium of almost double [the price per square foot] over average-sized units of 1,100 square feet.”

 

Other developers in the Miami area have caught on. Boutique hotelier Ian Schrager is peddling The Residences at the Miami Beach Edition, a luxury hotel-condo hybrid in Miami Beach comprised of 26 “limited-edition” condos scattered across the top floors of the existing hotel and in a new neighboring tower. The residences, set to be unveiled next year, are designed by architect John Pawson and will boast “outdoor rooms” stocked with private pools, dining areas and pergolas.

 

Seven weeks after the sales office opened in January, more than half of the 26 condos – which had been priced 200% higher than the local market — had reportedly already found buyers, for an average of more than $3,000 per square foot. In March two side-by-side Edition penthouses totaling more than 16,000 square feet (including 9,843 square feet of interior space) went for $34 million in South Florida’s most expensive condo deal to date.

 

Luxury Housing’s Latest Trend: ‘Limited-Edition’ Residences – Forbes.

Housing Prices Continue Climbing | Mount Kisco Real Estate

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The solid housing recovery is supporting further gains in home prices, according to the Standard & Poor’s/Case-Shiller report released Tuesday. Kathleen Madigan joins MoneyBeat with details.

 

Home prices in 10 major U.S. cities increased 11.8% in the year ended in May, according to the S&P/Case-Shiller home price index. Home values in 20 cities were up 12.2% on the year, compared to a 12.4% gain projected by economists.

 

On a non-seasonally adjusted basis, the 10-city index increased 2.5% in May from April, and the 20-city index increased 2.4%.

 

Prices in Dallas and Denver surpassed their pre-financial crisis peaks set in June 2007 and August 2006, respectively. “This is the first time any city has made a new all-time high,” the report said.

 

In addition, five cities—Atlanta, Chicago, San Diego, San Francisco and Seattle—posted monthly gains of more than 3% for the first time, said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

 

Home prices have been rising for more than a year. Low mortgage rates and stronger job growth lifted demand at a time when supplies of homes were relatively tight.

 

The recent increase in mortgage rates could slow the uptrend in home prices. Some potential buyers may no longer qualify for a mortgage at the higher rates, and they may have to lower their price bids on a home in order to keep the monthly mortgage payments down to an affordable level.

 

Averaged across all cities, the home price indexes have returned to levels last seen in the spring of 2004, but remain 24%-25% below the June-July 2006 peaks, said the report.

 

 

Housing Prices Continue Climbing – WSJ.com.

The full catastrophe | Mt Kisco Real Estate

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“Zorba, have you ever been married?”

“Am I not a man?” Zorba says. “Of course I’ve been married. Wife, house, kids, everything — the full catastrophe!”

Zorba wasn’t saying marriage or having children was a nightmare. He was reflecting on life, with its sadness, tragedies, trials and tribulations.

When I read the news about NAR and realtor.com amending their marriage agreement, Zorba came to mind.

From a business angle, the history of realtor.com fits the bill of the “full catastrophe.” It’s a narrative of fear, boldness, criminality, insider dealing, greed, success and secrets — and in this case a troubled marriage.

Lately, revisionist history abounds about this epic real estate insider story.

 

 

The full catastrophe | Inman News.

How to Lock in Savings as the Real Estate Market Heats Up | Mt Kisco Real Estate

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Home prices in the U.S. rose 12.2% year over year in May 2013 according to CoreLogic (www.corelogic.com), which provides data on the real estate markets, and they were up 2.6% from April to May. Home prices rose in all but two states in May.

At the same time that home prices are soaring, interest rates are on the rise, with the average 30-year fixed rate mortgage currently now well over 4%, according to Bankrate.com (www.bankrate.com/mortgage)

Given these trends, some homeowners may think that it is too late to take action to save money on some of the largest home-related expenses. That is not necessarily so. In fact, even with home prices and interest rates up, there are still plenty of money-saving opportunities that could save homeowners hundreds or even thousands of dollars.

Refinance

It is not too late to refinance a mortgage. Sure, mortgage rates have risen somewhat, but they remain low historically. Depending on a homeowner’s situation, there are several possibilities to lower monthly payments by refinancing. For example, refinancing might make sense for:

A homeowner who expects to be in his home indefinitely and who still has a mortgage with an interest rate well above what is available in today’s market. Although a rule of thumb once was that for a refinance to make financial sense, it needed to result in at least a one percentage point reduction in the mortgage rate, in fact, depending on the upfront cost of the refinance, the reduction in monthly payment, and how long the homeowner expects to own the home, even a lesser reduction could be a big money-saver over time.

A homeowner who doesn’t expect to own his home more than five to seven years and can lower his rate by refinancing to a five-year or seven-year adjustable rate mortgage (ARM).

A homeowner who believes that interest rates are likely to continue to go up and, therefore, who wants to refinance an ARM to a fixed rate loan.

 

 

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » How to Lock in Savings as the Real Estate Market Heats Up | Mt Kisco Real Estate.

Turn your historic building’s facade into a tax break | Mt Kisco Real Estate

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If you happen to own a historic building, you could be sitting on a tax deduction gold mine. If you meet various strict IRS requirements, you may be able to donate a facade easement to a charity and reap a substantial charitable tax deduction.

However, you need to be careful. Due to past abuses by some property owners, the IRS tends to be very suspicious of facade easement deductions.

A facade easement is a legally binding agreement that the owner of a historic structure enters into with a charity whose mission includes historic preservation. The owner gives up the right to demolish or make other destructive alternations to the exterior of the building.

The easement, which must run with the title to the property forever, gives the nonprofit the right to review and preapprove any changes to the building exterior.

All other rights and obligations of ownership, such as the right to sell or lease the property, and the duty to maintain it, remain with the owner. The owner may also make any changes he or she desires to the building interior.

Why would a homeowner want to grant a facade easement? Two reasons: (1) it ensures that the historic character of the exterior of their structure will be preserved; and (2) it may result in a tax deduction — a deduction that could be substantial.

– See more at: http://www.inman.com/2013/07/19/turn-your-historic-buildings-facade-into-a-tax-break/#sthash.5jyTvXoj.dpuf

 

 

Turn your historic building’s facade into a tax break | Inman News.