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North Salem NY Homes

Shock, horror! Brokers are less sanguine | North Salem Real Estate

Published: November 11, 2013 – 1:50 pm

It goes without saying that real estate brokers in the city are still confident about the state of the current market, but in a bit of a surprise that faith in a better tomorrow has ebbed a bit from the readings of earlier this year and what’s more brokers have lost faith that things will get better. Those shifts and more came out in an third quarter survey of both commercial and residential brokers conducted by the Real Estate Board of New York.

In all, REBNY polled about 350 brokers working in the city, and asked them 10 questions about their assessment of the markets, with each answer ranging from zero to 10 for the most optimistic response. Overall, the confidence index was 8.75 this quarter, down from a high of 8.9 earlier this year.

“I think both commercial and residential sides were generally optimistic but the report was done at the end of the third quarter, just about the time the government shutdown took place, and before the mayoral election had happened,” said Michael Slatterly, REBNY’s senior vice president for research.

But on the residential side, a lack of new affordable housing units drove confidence down to 8.33. While such a reading is still on the high side, it nonetheless stands as the lowest reading since the second quarter of 2012. Respondents told REBNY that the glut of luxury housing on the market, while relatively little is available for income groups other than the ultra-rich, was a driving factor behind the decline in confidence from 8.71 from last quarter, despite the fact that sales rose to record levels in the third quarter according to REBNY data.

One of the lowest metrics concerned financing. Residential brokers were less confident about the future of financing markets.

They averaged a response of 6.16, the lowest number since the second quarter of last year. When residential brokers were asked generally about their confidence in the current market, the average answer was 7.45, the lowest number all year, but about a point higher than last year.

The combination of major creditors like Freddie Mae and Fannie Mac have been tightening their criteria, and budget uncertainty in Washington, may have driven the numbers down, Mr. Slatterly noted.

On the other hand, echoing the concerns voiced by brokers, financing for ultra-luxury residential buildings continued to be plentiful. Hines’ tower adjacent to the Museum of Modern Art and Time Equities’ long-stalled tower at 50 West St. recently scored huge financing deals to allow them to move forward.

In contrast, commercial brokers had a much rosier outlook on leasing activity as the economy continues to pick up. Their confidence ticked up to 9.18 for the current overall market, the highest number since the second quarter of 2012, when the number was 7.48. And in contrast to concerns voiced by their residential peers about financing, commercial brokers rated the current borrowing environment a perfect 10.

 

crainsnewyork.com

 

 

 

Stabilizing September Prices and Inventories Build Market Equilibrium | North Salem Homes

In September, inventories have returned to levels of a year ago and the buying season ended with the greatest price gains seen in years, according to realtor.com’s September trend report.

Many markets in California, Arizona and Nevada–plus Detroit–that were the center of the housing crisis now appear to be well on the road to a robust recovery. More than 20 percent of the markets covered by realtor.com reported exceptionally large year over year list price gains of 12 percent or more and exceptionally large inventory shortages.  As both prices and inventories become more balanced, affordability and availability will improve, creating better market conditions for both sellers and buyers, realtor.com said.

The recovery has yet to make an impact on markets where prices are the same or lower than they were last year at this time. Representing 20 percent of realtor.com’s markets, these are located in the Midwest, South and Northeast, including Cleveland, Trenton, Hartford, Cincinnati and Buffalo.  The impact of a weak economy continues to takes in toll in many of these markets but most have put in place the foundation for future growth.  Both inventories and age of inventories are down compared to a year ago.

The recovery is having an extraordinary impact on the heartland.  A number of major markets that didn’t suffer the brunt of the housing crisis nor face difficult local economic conditions had in an amazing buying season.  Chicago, Boise, Portland OR, Minneapolis-St. Paul, Ann Arbor, Washington, DC, Nashville, Houston, Denver and Corpus Christie have all achieved price appreciation of 12 percent or higher over last year.

 

 

http://www.realestateeconomywatch.com/2013/10/stabilizing-september-prices-and-inventories-build-market-equilibrium/

Climbing interest rate slows refinance boom | North Salem Real Estate

The mortgage refinance boom is ending on Long Island as in the nation, a change that will take some wind out of the sails of a modest economic recovery.

Since early May, the interest rate on a typical 30-year mortgage rate has risen almost one percentage point, to 4.32 percent, according to mortgage finance giant Freddie Mac.

That rise has choked off banks’ refinancing business by reducing the money homeowners save by paying off their old mortgage with a new, lower-rate deal.

What that means, in turn, is that fewer homeowners have a boost in discretionary income that they might spend on things like home improvements, gasoline, college costs or paying down debt.

While it’s hard to calculate how much of a boost such refinancing gave to Long Island, it appears considerable.

At Bethpage Federal Credit Union, one of the Island’s largest mortgage lenders, president and chief executive Kirk Kordeleski estimates that his refinance customers saved a total of about $56 million in interest from 2009 through 2012.

Add that to the savings won by refinancing customers of others lenders such as Wells Fargo and Chase, he said, and “a lot of money went into people’s pockets to help the Long Island economy during that time.”

Lower payments

Bill consolidation and lower monthly mortgage payments were key drivers of the refinance boom.

Dan and Lisa Donoghu,  of Fort Salonga, accomplished both when they refinanced in May through Lynx Mortgage Bank LLC in Westbury. Their interest rate went down from about 3.88 percent to 3.5 percent, they lengthened their term from 15 years to 20 and took cash out.

“My two boys are in college and my daughter got married in August, so I had some big bills I wanted to take care of,” said Dan, 51, a New York City Fire Department deputy chief in Manhattan and a registered nurse at Brookhaven Memorial Hospital Medical Center in Patchogue.

The couple — Lisa is also a nurse — bought their house in June 2001 with a 30-year mortgage at about 7 percent and had refinanced twice before, Dan said. They got lower rates and shortened the term to 15 years. “After my younger son gets out of college in three years, then we’ll have the option of prepaying to get us back to where we’re hoping to be — retiring without a mortgage,” he said.

Nationally, the Mortgage Bankers Association trade group in Washington says refinancing nationwide fell 18 percent from $388 billion in the fourth quarter of last year to $316 billion in this year’s second quarter and is forecast to fall by another 40 percent from the second quarter to the current, third, quarter.

The boom was great while it lasted.

 

 

 

http://www.newsday.com/business/climbing-interest-rate-slows-refinance-boom-1.6155561

60 Sensational Social Media Facts and Statistics on Twitter in 2013 | North Salem Realtor

Social media facts and statistics are often pieced together from sites that  seem credible but sometimes they leave a lingering doubt. Is it smoke, mirrors  or is it a fact? Stating it can be easy but verifying it can be almost  impossible.

As they say… “there are damned lies and then there are  statistics“.

When you are raising $1 billion in a public float, the numbers are under the  microscope. The government is glancing over your shoulder and the investors are  casting a withering eye and wanting a return. You are moving from private to  public and that can be unforgiving. Just ask Facebook’s executives after they  went public last year.

Twitter is floating part of its business to raise capital as it seeks to  continue growing on a web that doesn’t like downward subscriber and revenue  trajectories.

What has Twitter revealed?

Here are some of the numbers that were part of the 800 page filing for the  Twitter IPO.

  1. In 2010 Twitter’s revenue was $28 million
  2. Last year (2012) Twitter achieved sales of $317 million
  3. The first half of this year saw revenue of $254 million
  4. If this rate of growth continues it will exceed $656 million for the full  year
  5. 87 percent of revenue is from advertising
  6. Twitter currently has 218 million active monthly users
  7. 169 million of these users are from outside the USA
  8. Twitter has never made a profit
  9. It has lost an accumulated $419 million since launch
  10. Private investors have put a total of $759 million into the social networks  coffers
  11. Twitter has $375 million cash in the bank
  12. Twitter has generated 64 cents per user in the last 3 months.(Meanwhile in  the same period Facebook created $1.58 per user and LinkedIn a $1.53)
  13. Twitter is mobile centric and 65% of its advertising earnings are from ads  on tablets and smartphones
  14. There are 2,000 employees
  15. Market value on floating is predicted to be as high as $20  billion

So they are the numbers for the float. What are some other interesting social  media facts and statistics about Twitter?

The facts on tweets, hashtags and other numbing numbers

Twitter thrives on tweets and hashtags. What are some of the latest figures  on the 140 character web tweeting? I have pulled some numbers out of the  Infographic below for those who have to rush off to a meeting or are having a  short sharp coffee while reading this post.

  1. 135,000 Twitter accounts are registered every day
  2. 58 million tweets a day
  3. There are 2.1 billion searches on Twitter every 24 hours
  4. Some of the top and interesting hashtags include the potential reach  generated by these hashtags:  #mancrushmonday (5.5 million),  #TransformationTuesday(10.17 million) and #ThrowBackThursday (31.4 million)
  5. Justin Bieber has the largest following with over 44 million followers
  6. Katy Perry is second with more than 42 million
  7. Lady Gaga comes in third at 40 million plus

If you want to find out the other 38 facts you cn view them in the  infographic below

 

 

Read more at http://www.jeffbullas.com/2013/10/09/60-sensational-social-media-facts-and-statistics-on-twitter-in-2013/#CDD9LDdPvPxZ1meU.99

Most Americans Think Home Prices Will Rise Next Year | North Salem Real Estate

Most Americans think home prices will go up over the next 12 months, especially upper-middle-income households according to a new Bankrate.com report.

Among households earning between $50,000 and $75,000 per year, some 65% expect prices to rise and just 6% expect prices to fall. Twenty-seven percent say they will stay the same and just nine percent forecast a decline.

In July, Bankrate established that 23% of Americans believe real estate is the best way to invest money not needed for more than 10 years. That was the second-most common response, slightly behind cash.

“It seems like Americans’ love affair with real estate has returned,” said Greg McBride, CFA, Bankrate.com’s senior financial analyst. “But there are still some clear headwinds, including rising mortgage rates, stubbornly high unemployment and the relatively low U.S. household savings rate.”

McBride said he didn’t see concern over rising rates reflected in the survey, which was taken during the first week of September.  Rather, he said the data indicated a higher degree of confidence in real estate as an investment than the stock market, which “puts a lot of eggs in the homeownership basket,” he said,

Bankrate found that Americans’ financial security turned negative in September for the first time since February. The Financial Security Index slipped from August’s 100.5 reading to 99.5 in September. Readings below 100 indicate deteriorating financial security compared with one year previous.

The readings on debt, net worth and overall financial situation dropped from August to September. Americans’ comfort level with their debt took the biggest hit; those feeling less comfortable than one year ago (21%) now outnumber those feeling more comfortable (17%).

Savings remains a drag on financial security, with those feeling less comfortable with their savings now compared to one year ago outnumbering those feeling more comfortable by a margin of greater than two-to-one. Whether looking at age group, income bracket or educational attainment, no group feels more comfortable with their savings now versus last year.

 

 

http://www.realestateeconomywatch.com/2013/09/6635/

 

Texas Oilman’s $14.5M Estate Has Three Pools, Tennis Court | North Salem Homes

Location: Houston, Texas Price: $14,500,000 The Skinny: Gene Van Dyke made his fortune as one of the country’s last of an adventurous breed of oilmen known as wildcatters; for decades, the Houston-based Van Dyke Energy Company drilled exploratory oil and gas wells throughout the United States, Alaska, and Holland’s North Sea, and at one point had 27M acres of exploration and drilling rights in Africa, or “more deepwater rights than Shell, ExxonMobil and BP combined,” according to a 2001 Forbes piece. Van Dyke’s 11,737-square-foot mansion, on the market for $14.5M, is filled with an interesting mix of wallpapers, upholstery, rugs, and other types of patterned decor that often seem to be at odds with one another. But it’s the rest of the property’s 2.8 acres that’s the real eye-catcher, anyway, boasting three separate pools, one of which, apparently, “is thought to be one of the largest private pools in the U.S.” There’s also a full-size tennis court with lights and stands, as well as a party pavilion with a bar, a stage big enough for an orchestra, and an outdoor kitchen. And, for good measure, lion statues guarding every entrance.

All-cash deals make huge comeback | North Salem Real Estate

Call it the summer of the cash sale. All-cash home purchases skyrocketed during the summer months of 2013, with their share of total sales growing by more than 40 percent from the beginning of June to the end of August, amid sustained appetite from investors, a recent spike in interest rates and tight inventory.

Cash purchases accounted for 45 percent of sales in August, up from the 2013 trough of 32 percent seen in April and May, according to RealtyTrac data provided exclusively to Inman News. RealtyTrac That indicates that the market share of cash sales has increased 41 percent in just the last three months.

The recent meteoric rise in cash sales’ market share hit its fastest clip yet in August, with cash purchases’ share of total sales jumping 6 percentage points month over month to 45 percent. That’s the highest level that RealtyTrac has recorded since March 2012, right around when home prices hit their post-meltdown low.

Looking back a year, cash sales’ market share was up a whopping 50 percent in August, RealtyTrac said.

 

read more…

 

http://www.inman.com/2013/09/26/cash-sales-share-of-total-purchases-skyrockets-by-nearly-a-third-in-2-months/#sthash.nABqVPhW.dpuf

Economists Expect Fed to Cut Asset Purchases Next Year | North Salem Real Estate

Businesses economists surveyed by the National Association of Business Economists believe there is an 80 percent probability the Federal Reserve will reduce its purchase of assets next year and 45 percent believe both purchases of Treasurys and mortgage-backed securities will be reduced this year.  The Fed’s asset purchase program has been keeping mortgage rates are record lows in recent years.

In light of their expectations the purchasing program will decline next year, which is likely to raise mortgage rates substantially, the economists’ expectations for slower home price growth in 2014 relative to 2013.

Home prices are likely to grow 6% in 2013, which is an upward revision from the last NABE survey in May, when panelists suggested a 4.4% increase. Moreover, panelists suggest that home prices will grow at 4.8% in 2014, which is an increase from their 4% estimate for 2014.

They estimate that real residential investment will grow 13.8% in 2013, which is an increase from the 12.1% increase in residential investment in 2012, and that it will grow 14% in 2014. Moreover, housing starts are estimated to grow at 0.95 million units in 2013 and at 1.16 million units in 2014, which is an improvement from 0.78 million housing starts in 2012.

Regarding asset purchases, the economists believe that there is a 45% probability that the Fed will reduce both the monthly purchases of $40 billion in mortgage-backed securities and the monthly purchases of $45 billion in Treasurys and a 19% probability that these monthly purchases of Treasurys and mortgage-backed securities will not be reduced.

They believe that there is a 20% probability that the asset purchases of the $45 billion in Treasurys will be reduced, with no change in the monthly purchases of the mortgage-backed securities; and a 15% probability that the asset purchase of mortgage-backed securities will be reduced, but that the purchases of Treasurys will be unchanged.

 

 

http://www.realestateeconomywatch.com/2013/09/

5 September Home Improvement Projects From Bob Vila | North Salem Homes

As another summer slips away, the days seem to straddle the seasons, alternating between warm breezes and brisk winds. So, too, do home improvement tasks. This month, the focus is primarily on the peripheries — clearing clutter in the garage, brightening a lackluster entry, gathering valuable seeds from the garden, replacing tired bathroom fixtures and closing up that vacation home.

Source: Carney Logan Burke Architects

Source: Carney Logan Burke Architects

No. 1: Close up the vacation house

For homeowners fortunate enough to have a vacation retreat, Labor Day weekend signals the start of the annual ritual of closing up the seasonal getaway. Although best practices vary by region, if you have an unwinterized rural cottage, beach retreat or mountain cabin, there are a few basic things you can do to help safeguard your house through the cold months ahead:

  • A few weeks before you leave, begin evaluating the condition of your home top to bottom, inside and out. Find out what broke over the summer (or what’s about to) and arrange to have repairs made. Tradesmen in towns with seasonal occupants are usually inclined to negotiate when the population ebbs.
  • On the exterior, check the foundation, siding and trim for cracks and crevices that could let in moisture or provide an entry point for unwelcome creatures. Closely examine where the roof overhang meets the house. Pests as teeny as wasps and as large as squirrels often seek to nest in the solar-warmed space of house attics.
  • Clear the gutters so that rain and snowmelt run freely away from the base of the house and, using a ladder or binoculars, inspect the roof for raised shingles, making repairs if necessary. Another prudent defense is to trim back any tree branches near the house that could cause damage in a strong storm.
  • Electricity should be shut off at the main, but leave on circuits that control such essentials as the alarm system. Also be sure to unplug appliances, especially the large and expensive ones, just in case lightning strikes. Gas can be turned off at the main, but for many homeowners, it’s probably safer and easier to call the utility and temporarily suspend service.
  • All water pipes should be drained. Accomplish this by turning off the main water supply, opening all faucets and leaving them open. Remember also to drain the supply hoses into indoor outlets like the dishwasher and outdoor outlets like the sprinkler system. If winter conditions are brutal in your area, take the precaution of hiring a professional plumber to do the work.
  • Inside, clean out closets and cabinets, leaving them open to ventilate. Remove and store all bedding in plastic (throw in moth balls if you have them) and, for protection against burrowing mice, cover all mattresses.
  • The kitchen deserves time and attention because food can attract animals and canned goods can explode if they freeze. Store nonperishable food in metal containers and relocate cans to the basement if possible, or take them back to your primary residence.

Go easy on yourself and get started with the close-down process sooner rather than later. Shutting the house properly in the fall helps ensure that your summer abode is healthy and sound upon your return in the spring.

Source: kohler.com

Source: kohler.com

No. 2: Update the bath

If you have a dated bath in need of new fixtures, you’ll have no trouble finding attractive replacements that suit both your taste and budget. But if you’re planning to replace the faucet yourself, be sure to take into consideration the configuration of your sink or vanity. Single-hole sinks fit either single-handled or smaller two-handled faucets. Center-set sinks feature three holes drilled within 4 inches and accommodate single-handled designs or two-handled faucets mounted on a plate or escutcheon. Widespread sinks, which have three separate holes at least 8 inches apart, accept larger two-handled designs. Knowing which configuration you have will make the replacement an easy DIY endeavor.

No. 3: Take advantage of the garden

Many veteran gardeners save seeds almost compulsively. Why? Because if you harvest the seeds from your own garden, you not only save money but also ensure that you have the varieties you love. And, saving seeds is simple enough for even novice gardeners. For flowers, cut heads once their seed pods have dried (or shortly before), then hang them upside down in a paper bag to dry. After allowing enough time for drying, remove the seeds, separating them as much as possible from the chaff and other plant material. For fruits and vegetables, harvest fruit seeds once the fruit has become fully ripe or overripe. Before setting the seeds out to dry, give them a thorough wash. Adjust your approach with podded vegetables like beans and peas. Let these seeds dry in their pods on the plants before you gather them. With a little time and preparation, you will have the makings for a successful planting season come spring.

 

 

http://www.zillowblog.com/2013-09-09

 

Breezy Point Slow to Recover from Fires and Flooding | North Salem Real Estate

No place on the East Coast took a harder hit from last October’s Hurricane Sandy than the blue-collar neighborhood of Breezy Point, in Queens. When the storm surge swept over the low-lying streets, electrical power was still on—and soon, fires broke out. By the end of the night, nearly 130 houses burned. In all, some 350 houses were totaled by flood, fire, or both.

Nine months later, Breezy Point is far from recovering, reports the Huffington Post (“Breezy Point Sees Little Rebuilt After Devastating Superstorm Sandy Fire,” by Meghan Barr). “Rows of rectangular boxes sunk into the sand form a graveyard of wrecked homes. American flags waving feebly from the ground help mark where a street once existed,” the Post reports. “A perfect storm of government inefficiency, cumbersome permit laws, and general confusion has hampered the recovery effort in Breezy Point.”

The Wall Street Journal chimes in (“Recovery Is Choppy in Breezy Point,” by Josh Dawsey): “Some leaders and homeowners in Breezy Point, where all the homes are owned by a cooperative, said they had been stymied by city and federal rules.”

But the New York Daily News is focusing on success (“First new Breezy Point homes are starting to rise after Superstorm Sandy,” by Clare Trapasso) — highlighting the story of residents Rich and Tracy Whalen, whose modular house has just been set on a new poured concrete foundation. “The couple is racing against the clock to be in their two-story, three-bedroom modular home by Labor Day — right around the time their second child is due,” the paper reports. Whalen, a volunteer firefighter, told the paper, “This is our home. This is where we grew up. A little water’s not going to scare us away.”

For Christine and George Donley, an older couple, rebuilding is a hard slog — but they’re not giving up, reports NBC News: (“‘It will be beautiful again’: Breezy Point couple returns home, and recovers through rebuilding,” by Miranda Leitsinger). “Sixty-three years old sleeping on a mattress on the floor is tough,” Christine said as she presented the single habitable room of their Breezy Point home. “He sleeps on the couch, and this is where we live now.”

But Christine Donley’s determined: “”We will get through this,” she told NBC. “I am stronger than the storm. I am. It took me a long time to say that, but I said it the other night. I am stronger.”