Tag Archives: Pound Ridge NY Homes

Pound Ridge NY Homes

Will 2015 be the year ‘normal’ returns? | Pound Ridge Real Estate

 

As the housing industry makes a slow climb back to pre-boom character, household formation trends, rising home values and low interest rates make 2015 a candidate for the year “normal” will happen, according to Patrick Stone, president and CEO of the title and real estate services firm Williston Financial Group.

In the boom period from 2001 to 2006, Stone said, housing vacancy in the U.S. rocketed up to 2.9 percent from a historical equilibrium of 1.7 percent as builders put up 2.3 million more homes (single-family homes and multifamily units) than households were created.

That oversupply led to falling home prices, a great slowdown in new-home construction and a bunch of underwater homeowners, he said.

Patrick Stone

Patrick Stone

In the last five years, household formation outpaced housing construction by 1.1 million, Stone said, but housing, now at 2.1 percent vacancy in the U.S., won’t reach a supply-and-demand “equilibrium,” given current trends, for two or three more years.

“I don’t think new-home construction will catch up to household formation before then,” Stone said.

In the last 12 months, Stone said, equity in U.S. homes rose $2 trillion, to $9.1 trillion, which still falls short of 2007′s equity level of $10 trillion. Rising home values will continue to bring more homes on the market, he said.

– See more at: http://www.inman.com/2013/07/19/will-2015-be-the-year-normal-returns/#sthash.vkbvAc81.dpuf

 

Will 2015 be the year ‘normal’ returns? | Inman News.

Housing: Should you stay or should you go? | Pound Ridge Real Estate

If you listed a home for sale in the last few months, you may have been pleasantly surprised.

 

Demand has been robust, and stories abound of houses selling for well above their asking price. In states like Florida that were especially hard hit by the housing collapse, prices in some markets are up double digits from a year earlier.

 

And when mortgage rates began their sharp rise several weeks ago, demand initially rose as buyers—apparently worried about locking in rates before they moved higher—rushed to sign deals.

 

But logic suggests that that particular party can’t last. In fact, mortgage applications slipped for the week ended July 12, the Mortgage Bankers Association said.

 

Meanwhile, a recent survey by Trulia found a of consumers said they would be discouraged from buying a home if interest rates rose above 5 percent.

 

All of which raises some tough questions for many homeowners: Should you rush to sell your house now, even as the summer doldrums approach? Or with the economy and the job market apparently on the mend, is it better to wait for the moderate pickup in activity that usually surfaces in the fall?

 

Housing starts are down. How worried should we be? CNBC’s Diana Olick has a realty check.

It depends partly on what kind of home you’re selling.

 

If you have a house that would appeal to a family, it makes much more sense to act now, says Lawrence Yun, the National Association of Realtors’ chief economist. “If someone has a large house that would be a good fit for a family with kids, they would have a harder time in the fall months,” he said. “Even though some say there’s a second revival, it’s not as strong as the spring.”

 

Even if you’re not selling a potential family home, Yun says waiting may be risky. “Even if there are slightly more people with jobs, from the seller’s strategic point of view, I think they will see more potential buyers at a lower interest rate.”

 

There is also the matter of inventories. The number of homes on the market in June was about 7 percent below the level a year earlier, according to Realtor.com. In some markets, it is almost impossible to find a home in certain price ranges.

 

But the overall supply of homes for sale has been building, and home builders are gaining confidence, both of which suggest more competition awaits potential sellers.

 

Still, even with these clouds on the horizon, experts like Frank Nothaft, chief economist at Freddie Mac, says sellers don’t need to panic.

 

The market is strong right now, he said, but “I don’t mean to say it’s going to be bad in a couple of months.” While buyers may be experiencing some sticker shock from the rapid rise in mortgage rates, he does not expect much more in the way of rate hikes. In any case, he added, in most markets, homes tend to still be “very affordable” at a 4.5 percent mortgage rate.

 

Housing: Should you stay or should you go?.

Inventory shortages ease | Pound Ridge Real Estate

Inventory shortages that constrained home sales this spring are beginning to ease, with the number of homes listed for sale trending upwards in June, according to realtor.com data, The Wall Street Journal reports.

The total number of listings rose by 4.3 percent from May to June, to 1.9 million homes. While that’s down by 7.3 percent from the same time a year ago, inventory was off 18.6 percent year over year in February, the newspaper said.

Real estate industry observers have speculated that home price gains might spur more homeowners to put their properties up for sale — and for builders to break ground on more new homes.

With the latest CoreLogic Home Price index showing a 12.2 percent year-over-year gain in home prices in May, the recent uptick in listings — though bolstered by a normal seasonal increase — suggests that these market reactions may be starting to play out.

“No one wants to sell at the bottom, but prices have now been rising for more than a year and by more than 30 percent in some markets — triggering some homeowners to lock in those gains, including those who have been underwater,” said Jed Kolko, chief economist at listing portal Trulia.

But while home value appreciation may be coaxing some to sell, National Association of Realtors Chief Economist Lawrence Yun said in a statement last month that growth in home supply will primarily depend on an increase in construction.

– See more at: http://www.inman.com/2013/07/15/inventory-shortage-eases/#sthash.oM9YQ165.dpuf

Talk of doing away with Fannie and Freddie is just that | Pound Ridge Real Estate

 

A quick bye-bye to Fannie and Freddie? Don’t bank on it.

With the sudden gush of congressional proposals designed to kill the two government-sponsored companies as fast as possible — the most recent floated at the end of last week by a key committee leader in the House — you’d think Fannie’s and Freddie’s days are numbered.

In the long run they probably are, but a close look at legislative plans such as the “PATH Act” (Protecting American Taxpayers and Homeowners Act) offered Friday by House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) tells me that Fannie and Freddie are going to be around for years — maybe into the next decade, beyond 2020.

Depending on how you see their current and past roles supplying the bulk of funds for home mortgages along with FHA, that’s either good news or terrible news.

Here’s how I see it.

Fannie and Freddie have been in “conservatorship” — which was designed to be a short-term legal purgatory allowing the White House and Congress time to figure out what to do with both companies — for nearly five years.  Despite a bold-sounding commitment by the Obama administration in early 2011 to work with Congress to return housing finance primarily to the private sector and out of the grips of federally chartered Fannie and Freddie, 2013 has been the first year we’ve seen a serious proposal for how to do that.

– See more at: http://www.inman.com/2013/07/16/talk-of-doing-away-with-fannie-and-freddie-is-just-that/#sthash.sDJFtI8F.dpuf

China’s Real-Estate Sector Sees Solid Housing Demand | Pound Ridge Real Estate

China’s real-estate sector showed strength in the first half of the year amid solid housing demand, despite government controls on the market and slowing economic growth.

While the buoyancy in the housing market could lead to tighter market curbs in the months ahead, analysts said that for now, growth levels were within tolerable levels.

Reuters

Workers welding a steel frame at a construction site in Hefei, Anhui province.

Total property investment in China in the first half of the year rose 20.3% compared with a year earlier to 3.68 trillion yuan ($599.3 billion), according to data released Monday by the National Bureau of Statistics. That is marginally slower than the 20.6% growth in the first five months of the year.

The statistics bureau doesn’t give data for individual months.

Residential and commercial property sales totaled 3.34 trillion yuan in the January-June period, up 43.2% over a year earlier. Sales totaled 2.59 trillion yuan in the five months ended May, up 52.8%.

“Inventory levels in major cities are leveling off, so we’re positive on construction starts and expect growth in this portion of the market to reach 5% to 7% this year,” said Johnson Hu, an analyst at CIMB Securities.

Construction starts by area in the first half rose 3.8% from a year earlier to 959.01 million square meters. They were up 1% at 736.13 million square meters in the January-May period.

The increase comes despite a more than three-year government campaign to keep real-estate prices in check amid fears that higher housing costs could lead to social unrest. Efforts include limiting home purchases, squeezing credit to developers and tightening down-payment requirements.

Larger developers have been buying land in what are known as tier one and tier two cities—China’s most affluent and developed cities—because of expectations of continued housing demand from migrants as the government pushes ahead with its plans to speed up urbanization. Developers typically purchase land and keep it in what they call a land bank for later use.

“Despite uncertainties in the macro environment and credit conditions, most of the developers we talked to last week still have aggressive plans for land banking” in the second half of this year, said Credit Suisse analyst Jinsong Du.

 

China’s Real-Estate Sector Sees Solid Housing Demand – WSJ.com.

Heated housing market gets bit tighter for first-time buyers | Pound Ridge Real Estate

No one has to tell Brandon and Holli Hadwin of Rockledge how fortunate they were to pull the trigger on purchasing their first home in March.

The couple locked in at a 3.75 interest rate for a 30-year mortgage and were able to move into a four-bedroom, two-bathroom home in the Levitt Park subdivision.

Interest rates have crawled to well beyond 4 percent now, and that has Brandon Hadwin breathing a sigh of relief.

“I’m definitely glad we jumped at it when we did,” said the 24-year-old member of the Honor Guard at Patrick Air Force Base. “It could have meant us not getting this house.”

There’s little question in many U.S. markets, including Brevard County’s, that housing is making a solid turnaround.

U.S. home prices have risen 14 straight months, but evidence suggests that first-time buyers have been increasingly on the sidelines because of rising prices and tight inventories.

In May, first-time buyers accounted for 28 percent of existing-home purchases, down from 34 percent a year before and 36 percent two years ago, according to the National Association of Realtors.

The declining share of first-timers means many have missed out on low interest rates — which recently moved up from near-record lows — and home prices, which have risen sharply from their bottom.

“The people buying homes today are participating in home price growth. Younger people, they are being left out,” says Lawrence Yun, chief economist of the NAR. “It remains to be seen when the first-time buyer can return.”

Why they matter

First-time buyers are critical to a housing recovery, because they help existing-homeowners sell and move up to larger or more expensive homes. But their presence is being reduced by:

• Competition. Cash buyers accounted for 33 percent of existing home sales in May. Investors, who are often all-cash buyers, accounted for 18 percent of purchases, the NAR data says.

Cash buyers are tough competitors, especially in markets with limited inventory and for first-time buyers who often use low-downpayment loans to finance purchases.

 

 

Heated housing market gets bit tighter for first-time buyers | FLORIDA TODAY | floridatoday.com.

World’s biggest offshore wind farm with 300 turbines | Pound Ridge Real Estate

Plans to create the world’s biggest offshore wind farm off the coast of Britain have been approved.

Work on the massive Triton Knoll site – 288 giant wind turbines off the Lincolnshire coast – can now begin after the £3.6bn project was given the go ahead.

It will dwarf Britain’s current largest offshore facility, the 175-turbine London Array in the Thames Estuary unveiled last week by David Cameron.

Go-ahead: An offshore wind farm off the coast of Skegness in Lincolnshire

Go-ahead: An offshore wind farm off the coast of Skegness in Lincolnshire

When complete, the new giant windfarm will generate 1.2 gigawatts of electricity, enough to power for 820,000 homes.

But critics say it will not come without a cost, as offshore power is currently subsidised by the taxpayer at three time the wholesale price of conventionally-produced electricity.

And the scheme is not without controversy. As part of the project, energy giant RWE are proposing building a substation the size of 30 football pitches connected to the offshore turbines, in the Lincolnshire countryside.

The proposal was met with anger by some residents, who have accused the company of trying to turn the area into an industrial site.

Others said it would drive down house prices The Government also approved a second scheme yesterday, in Wales. Energy company Vattenfall confirmed it is investing £400 million in England and Wales’ largest onshore wind farm at Pen y Cymoedd, South Wales.

The scheme, which will consist of 76 turbines, will begin next year, with the first power being generated for the grid in 2016.

Hundreds of jobs are expected to be created in the construction phase of both projects.

Plans: Map showing where the massive Triton Knoll wind farm will be built off the Lincolnshire coastline

Plans: Map showing where the massive Triton Knoll wind farm will be built off the Lincolnshire coastline

Tensions between energy firms and residents have been growing over the past two years as applications have soared.

There are currently more than 3,000 onshore wind turbines in Britain, with a further 2,500 approved or being built.

Despite increasing public anger at the subsidies paid for green power, ministers have shown no sign of changing course.

Last month , Ed Davey, the Energy Secretary, promised guaranteed prices – fixed at up to triple the market rate – for electricity from ‘green’ technologies such as wind, solar and biomass until 2019, in a bid to expand the sector.

Ministers say the financial incentive will make Britain an attractive place to invest and transform our energy supply, and are hoping that 30 per cent of power produced by 2020 will be from renewables.

Onshore wind farms are set to be given a minimum of £100 per megawatt hour – double the current wholesale rate of £50 – while offshore wind will receive a staggering £150.

The difference between the wholesale price and the agreed rate will be met by the taxpayer.

In February, more than 100 Tory MPs criticised the Government’s plan to introduce more wind farms.

Dozens of backbenchers wrote to David Cameron to demand that the £400million in subsidies paid to the ‘inefficient’ industry each year is ‘dramatically cut’.

Director of offshore renewables at industry body RenewableUK Nick Medic said the approval for the new Triton Knoll offshore wind farm was a ‘historic step’ for the industry.

He said: ‘It is the biggest project consented so far anywhere in the world, and shows the UK’s offshore sector maturing to take on new challenges of scale.

‘Following world leading projects such as the London Array, opened last week, Triton Knoll will demonstrate what offshore wind can do for the UK on a grand scale.

‘The planning consent today keeps the country firmly at the forefront of offshore wind development and will help secure up to 20 per cent of electricity from offshore wind per year by 2020.’

Read more: http://www.dailymail.co.uk/news/article-2361335/Worlds-biggest-offshore-wind-farm-300-turbines-built-Lincolnshire.html#ixzz2YvNXPgjE
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World’s biggest offshore wind farm with 300 turbines will be built in Lincolnshire | Mail Online.

20 things your friends wish you’d stop posting on Facebook | Pound Ridge Realtor

Oversharing is not caring

Do you update your friends on every miniscule detail of your life? Whether you’re talking about what you ate for breakfast or the centipede you just found in your shoe, we invite you to consider that itmay be overkill.

 

20 things your friends wish you’d stop posting on Facebook – Social – Tech – MSN Living.

Fresh Food from Local Sources | Pound Ridge Realtor

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 Fresh Food from Local Sources
7/11-7/17/2013
DowntoEarthMarkets.com
Radishes3_MGP_June2013
What’s New, in Season, and On Sale this week

Apricots
Alex’s Tomato Farm

Ayurvedic Spices
Bombay Emerald Chutney Company

Blueberries
Migliorelli Farm

Blueberries (Black and Red)
Newgate Farms

Broccoli
Little Seeds Gardens
Karl Family Farms

Cherry Tomatoes
Little Seed Gardens

Corn
Alex’s Tomato Farm
Migliorelli Farm

Country Bouquets
Newgate Farms




Cucumbers
Newgate Farms

Currants

Alex’s Tomato Farm

*Frozen Kofta, Rajma, Saag, & Samosa – $2 OFF when you buy a combo of 4 frozen items/chutneys*
Bombay Emerald Chutney Company

Green Beans
Dagele Brothers Produce

Grilled White Cheddar Cheese Sandwiches
Ladle of Love

Kirbies
Little Seed Gardens
 
Lettuces – Green & Red Leaf, Romaine
Newgate Farms

Peaches
Alex’s Tomato Farm

 

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Buyers still value agents’ knowledge and negotiating skills | Pound Ridge Real Estate

Do buyers actually go to a neighborhood they’d like to live in, then check a mobile app with geolocation abilities to see nearby listings on the market?

Will buyers sign up to use a tech-focused brokerage’s virtual office website, and then work with an agent with another firm?

Does an agent risk making a bad impression — and losing out on repeat business — by carrying an old feature phone, and failing to respond to his clients’ text messages?

Answers to these and other questions of pressing importance to agents, brokers and companies that provide services to them were flying at today during a panel discussion, “Hear It Direct from Today’s Buyers: Live Consumer Panel.”

Jennifer Berman, regional manager of First Team Real Estate, grilled six buyers, ranging from first-timers to experienced investors.

The takeaway: Buyers valued not only their agent’s tech skills, but their experience, including neighborhood knowledge and negotiating skills.

– See more at: http://www.inman.com/2013/07/10/buyers-still-value-agents-knowledge-and-negotiating-skills/#sthash.q7e2MAT8.dpuf

 

Buyers still value agents’ knowledge and negotiating skills | Inman News.