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Pound Ridge NY Homes

Miami-Dade’s septic tanks are already failing due to sea rise | Pound Ridge Real Estate

A Miami-Dade neighborhood that relies on septic tanks experiences flooding during the 2016 King Tide. A new report commissioned by the county shows that half of the county’s septic tanks break down yearly, a problem that sea level rise will worsen.

Miami-Dade has tens of thousands of septic tanks, and a new report reveals most are already malfunctioning — the smelly and unhealthy evidence of which often ends up in people’s yards and homes. It’s a billion-dollar problem that climate change is making worse.

As sea level rise encroaches on South Florida, the Miami-Dade County study shows that thousands more residents may be at risk — and soon. By 2040, 64 percent of county septic tanks (more than 67,000) could have issues every year, affecting not only the people who rely on them for sewage treatment, but the region’s water supply and the health of anyone who wades through floodwaters.

“That’s a huge deal for a developed country in 2019 to have half of the septic tanks not functioning for part of the year,” said Miami Waterkeeper Executive Director Rachel Silverstein. “That is not acceptable.”

Septic tanks require a layer of dirt underneath to do the final filtration work and return the liquid waste back to the aquifer. Older rules required one foot of soil, but newer regulations call for double that. In South Florida, there’s not that much dirt between the homes above ground and the water below.

“All those regulations were based on the premise the elevation of groundwater was going to be stable over time, which we now know is not correct,” said Doug Yoder, deputy director of Miami-Dade County’s Water and Sewer Department. “Now we find ourselves in a situation where we know sea level has risen and continues to rise.”

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A graphic explaining the relationship between groundwater levels and the effectiveness of a septic tank. A new report commissioned by Miami-Dade County shows that half of the county’s septic tanks break down yearly, a problem that sea level rise will worsen.

Sea level rise is pushing the groundwater even higher, eating up precious space and leaving the once dry dirt soggy. Waste water doesn’t filter like it’s supposed to in soggy soil. In some cases, it comes back out, turning a front yard into a poopy swamp.

High tides or heavy rains can push feces-filled water elsewhere, including King Tide floodwaters — as pointed out in a 2016 study from Florida International University and NOAA — or possibly the region’s drinking supply.

Neighbors on a Coconut Grove street worked with a landscape architect to come up with a list of ideas for how to keep their flooded neighborhood dry in the face of sea level rise. Now the city will decide what gets built and how it’s paid for.

In total, there are about 108,000 properties within the county that still use septic, about 105,000 of which are residential. The vast majority (more than 65,000) of the septic systems are in unincorporated Miami-Dade.

Miami Gardens, North Miami Beach, Palmetto Bay and Pinecrest have the most of any city, at about 5,000 each.

Some of those cities will see hundreds more septic tanks experiencing yearly failures within the decade, like North Miami Beach, which has 2,780 homes with septic tanks with periodic issues now. By 2030, that is expected to jump to 3,751.

The report did not forecast past 2040, when the region is expecting around 15 inches of sea rise, a number that is predicted to creep exponentially upward over the decades.

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More than half of Miami-Dade County’s 105,000 residential septic tanks have annual issues. A new report commissioned by the county shows that half of the county’s septic tanks break down yearly, a problem that sea level rise will worsen.Miami-Dade County

“The best response is sewer extension, but obviously that infrastructure takes quite a bit of planning and time,” said Katherine Hageman, the county’s resilience program manager.

“And money,” County Chief Resilience Officer James Murley added.

Ripping out every septic tank and laying down new pipes to connect the homes to the county’s sewer system won’t be cheap. The latest estimate put the price tag at $3.3 billion.

“Who has that?” said Commissioner Rebeca Sosa, who called for the study. “We need to act as fast as possible. We need to get as much assistance as we can from the federal government, from the state.”

That $3.3 billion price tag doesn’t cover commercial properties, an estimated $230 million cost, Yoder said. The county’s current general obligation bond includes $126 million to extend sewer services to businesses. Yoder said the plans are in the design phase.

For now, anyone who wants to connect their property to the county’s sewer system has to pay out of pocket. The report cites the average price as $15,000, but Yoder estimated that in septic-reliant areas like Pinecrest, it could cost around $50,000 per home to tap into the sewer system.

That’s cash most residents don’t have on hand, Haggman said, which is why the county is exploring other ways to help residents out.

“We have options, but I think that’s a good area for more conversation,” she said.

Besides borrowing more money with another bond, the report pointed out the county’s best options would be continuing to collect the per-home fee or establishing special taxing districts and spreading the cost into a neighborhood.

Silverstein said the findings raise significant concerns about impacts from septic tanks not just in 20 years, but now.

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https://www.miamiherald.com/news/local/environment/article224132115.html

Westchester loses AAA bond rating | Pound Ridge Real Estate

  • County used reserves to pay retroactive salary increases
  •  S&P cuts Westchester rating to AA+ and it could go lower

New York’s Westchester County, home to the wealthy suburbs of Scarsdale and Bronxville, lost its AAA grade from S&P Global Ratings and Fitch Ratings after drawing down its cash reserves to cover retroactive raises given to government employees.

The county, which borders New York City to the north, had its grade cut one level by both companies Tuesday to AA+. S&P said there’s a one-in-three chance that it will downgrade the county’s bonds again in the next two years as the government contends with budget shortfalls, given how “narrow” its reserves were at the end of the 2017 fiscal year.

The downgrades came ahead of the county’s planned auction of $200 million of general-obligation bonds on Thursday.

“We remain concerned over the county’s ability to sustainably align revenue and expenditures and rebuild reserves to a level consistent with that of similarly rated or higher-rated peers,” said S&P analyst Nora Wittstruck.

Westchester’s general fund balance could fall to less than 4 percent of spending at the close of fiscal 2018, about half the level of reserves the county had previously maintained, S&P said.

The new federal limit on deductions for state and local taxes and mortgage interest could further strain the county’s budget. That cap could make it harder for residents who pay the the highest property taxes in the U.S. to sell their homes, while others could challenge their real-estate tax assessments, potentially weakening Westchester’s biggest source of income.

The average property-tax bill in the county last year was $17,179, the highest in the the U.S., according to a report by Attom Data Solutions. The federal tax law changes set a $10,000 limit on deductions for state and local levies and capped the mortgage-interest deduction to loans of $750,000.

There are some signs that high property taxes and the federal shift are having an impact.

The median price of single family homes in the county dipped to $675,000 in the third-quarter of 2018, a 3.6 percent decline from the previous quarter, according to an October 11 report by Miller Samuel Inc. and and Douglas Elliman Real Estate. Luxury homes prices fell even more, with a 6.4 percent decline to $2.1 million.

Westchester is New York’s third-wealthiest county by median family income, after Nassau and Putnam and has the second-highest per-capita income after Manhattan.

The county’s new executive, George Latimer, has proposed selling parking lots in White Plains to plug a $22 million hole in his 2019 spending plan, according to the Journal News.

If the parking lot sale falls through, the county would have to cut spending, raise property taxes above the planned 2 percent increase or tap reserves again. The county’s $1.94 billion proposed budget includes $453 million in sales-tax revenue, 5 percent more than the year end-estimate of fiscal 2018, based on the expectation that the state will allow collections on Internet purchases.

“We believe the revenue forecast assumes a couple of significant risks,” Wittstruck said.

In a statement, Latimer said the downgrades weren’t a surprise.

“As we have said these past few months, the county is in serious financial stress,” Latimer said. “Regardless of the many steps we are taking to improve our footing, these problems were not created overnight and they will not be solved overnight.”

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https://www.bloomberg.com/news/articles/2018-11-27/westchester-county-loses-aaa-rank-after-using-reserves-for-pay

Zillow Stock Plunges as a Cooling Housing Market Stymies Its Risky Expansion Plans | Pound Ridge Real Estate

Zillow’s stock plunged as much as 20% late Tuesday after the company warnedthat revenue this quarter would fall short of Wall Street expectations, exacerbating investor concerns about the prospects of online real-estate startups like Zillow and Redfin as the U.S. housing market is starting to slow down.

The news caused Zillow’s stock to fall as low as $32.40 a share in after-hours trading, or 20% below its official closing price of $41.04 a share. Redfin, another online real-estate company, fell as much as 6.5% in aftermarket trading.

After nearly a decade of recovery and slow growth, the U.S. housing market has been heading into a slowdown in 2018. Not only are mortgage rates rising, but housing prices have been climbing about twice as fast as average incomes. Sales of new homes as well as previously owned homes have been slowing from a year ago. Tax reform enacted late last year has also reduced tax incentives to buy homes.

Those trends have hurt the stock performance of Zillow and Redfin alike. At its low point late Tuesday, Zillow was down 51% from its 52-week high, while Redfin was down 53% from its high point in the past year.

Zillow started out as an online real-estate listings service that, once successful, began to seek out new business models. Like Redfin, it moved into buying and selling homes. In May, Zillow’s stock plunged on news that it would start buying and quickly flipping homes for resale. In August, its stock plunged on again on news it was buying an online-mortgage lender, Mortgage Lenders of America. Both represent traditionally risky markets that Zillow believed would pay off in the long term.

“Zillow Group is undergoing a period of transformational innovation,” Zillow CEO Spencer Rascoff said in the company’s earnings release. “We believe that these changes will have positive long-term effects for consumers, our industry partners and our business. It will take time for advertisers to adapt to these changes, but we are confident that they set us up for long-term growth.”

During that expansion, however, Zillow and Redfin have had to face dual headwinds in rising interest rates, which can deter home purchases, and in slowing home purchases.

While Zillow’s move into adjacent markets may hold some long-term promise, investors are concerned about their short-term outlook. “Zillow was in fantastic shape just six months ago,” CNBC’s Jim Cramer said last month. “We loved their attempts to corner the real estate advertising market. Then they decided to move into a totally new, totally risky business at what may be the worst possible time, and the stock has since cratered.”

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http://fortune.com/2018/11/06/zillow-stock-plunges-20-warns-disappointing-revenue-risky-expansion/

Freddie Mac researches renting | Pound Ridge Real Estate

New research by Freddie Mac Multifamily finds a large and growing segment of renters continue to believe renting is a more affordable option than owning, even as many of those same renters are feeling the squeeze of rising housing costs. The latest “Profile of Today’s Renter” reveals that all generations of renters continue to perceive renting as the more affordable housing choice and remain satisfied with their current situation.

According to the survey pdf, 78 percent of renters believe renting is more affordable than owning – up a stunning 11 points from just six months ago in February 2018. This is the case even as the majority of renters (66 percent) reported difficulty affording their rent at some point over the past two years. The survey found nearly 9 in 10 renters employed in the essential workforce, such as healthcare and education, had significant difficulty affording the rent over the past two years.

Affordability of Renting

While perceptions of affordability over owning increased by 11 points to 78 percent among all renters, the survey found this was evident across generations. In fact, millennials (up 14 points to 75 percent), Generation Xers (up 11 points to 70 percent) and baby boomers (up eight points to 81 percent) all saw marked increases in the perception that renting is more affordable than owning.

Rising Cost of Renting

The survey also indicates that a significant number or renters – 66 percent – reported having trouble affording their monthly rent in the last two years – significantly more than the 43 percent of homeowners who experienced similar difficulties. More than half of renters say these changes affected spending on food, utilities and other essentials (51 percent) – as well as savings (50 percent) and nonessential items (64 percent). For renters living in rural areas, the impacts were particularly stark, with 77 percent spending less on essential items versus 59 percent in urban and suburban areas. While a majority of renters across generations reported these difficulties, older millennials (aged 28-37) reported the greatest hardship, with 79 percent reporting trouble affording rent over the past two years.

As noted earlier, renters employed in the essential workforce – such as the healthcare and education sectors – had significant additional difficulty affording rent, with a staggering 88 percent reporting hardship affording rent over the past two years. This is compared with 65 percent of all other workforce renters and 61 percent of homeowners in the essential workforce. Approximately half (48 percent) of renters working in essential jobs believe it is difficult to find housing that is affordable close to where they work – compared to 39 percent of homeowners in the essential workforce.

Rental Satisfaction

A consistent number of renters – 63 percent – continue to express their satisfaction with their rental experience. In fact, 58 percent of renters believe that renting is a good choice for them now and do not have plans to buy a home at this time – up from 54 percent in February. Over the last three years there has been a gradual increase in the number of renters who are not interested in buying. This quarter shows a small increase in this trend, with 23 percent of renters reporting they have no interest in buying a home – up from 20 percent in February. In addition, 42 percent of baby boomers have expressed no interest in owning a home.

A total of 66 percent of renters plan to continue renting for their next residence – up 11 points from February. Consistent with this view, fewer renters (41 percent) believe buying a home will be equally or more affordable in the next 12 months – down from 46 percent in February.

Survey Methodology

Freddie Mac’s custom renter research is based on a survey conducted online between August 13-15 among 4,040 adults aged 18 and over, including 1,059 renters, by Harris Poll, on behalf of Freddie Mac, via its QuickQuery omnibus product. The previous survey was conducted between January 30-February 1, 2018 among 4,115 adults and 1,209 renters using the same methodology.

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http://www.freddiemac.com/research/consumer-research/20181017_affordability_renting.html

6 Food Trucks to Book for Your Wedding | Pound Ridge Real Estate

With so many events – engagement parties, showers, rehearsal dinners, after parties and send-off brunches – associated with your wedding day, food trucks are the perfect mobile way to break out of a catering rut, or the use of white tablecloth bulk for your table’s decoration at your wedding. Six of our favorites offer a variety of cuisines and services perfect for all your events, or even the big day itself.

Melt Mobile

Based in Stamford, this duo of trucks offers seven grilled cheeses, plus sweet dessert melts.

The Menu: Rentals include the full menu (from the original to the jalapeno popper to the pulled pork with caramelized onions and pickles), plus any daily specials.

The Cost: Main service is $25/person; end-of-night service is $400 plus consumption. Bookings more than 1 hour from Stamford incur a $250 travel fee.

Test it Out: Follow Melt Mobile on facebook for a weekly list of locations.

Book it: www.melt-mobile.com

Walter’s Hot Dog Truck

Mamaroneck’s iconic hot-dog stand now has a small fleet of trucks serving its most popular standards.

The Menu: Customers can pick and choose which dishes (hot dogs, fries, potato puffs, ice cream, and homemade Italian ices, to name a few) they’d like to offer.

Cost: Starts at $1000 and varies based on the menu

Test it Out: The truck is at the White Plains Farmers’ Market on Wednesdays (10 a.m. to 4 p.m.) until November.

Book it: www.waltershotdogs.com/truck

The Cookery’s DoughNation

Chef David DiBari’s Dobbs Ferry pizza truck serves original interpretations of Neapolitan-style pies.

The Menu: Five pies: Margherita; Cookery meatball with silky ricotta; four cheese drizzled with chili honey; Brussels sprouts and bacon; and fresh lemon with scamorza and basil.

The Cost: Prices range from $1,200 (up to 50 guests) to $2,700 (up to 200 guests)

Test it Out: Find it at farmers’ markets in Irvington, Hastings-on-Hudson, and Chappaqua.

Book it: www.thecookerysdoughnation.com; only available April to November within 65 miles of Dobbs Ferry.

Frites of NY

Party of Two Catering operates this popular Hudson Valley-based truck specializing in fries tossed with flavorful seasonings or smothered in creative toppings.

The Menu: Choose from three options. The Basic Party (two hours of service, choose three menu items from more than 15 options) and the After Party (one hour of service, choose from seven options) both feature all-you-can-eat topped fries. The Toss Up is a pay-by-the-hour service and only includes tossed fries.

Cost: The Basic Party, $14 per guest; the After Party, $7 per guest; the Toss Up, $5 per guest per hour.

Test it Out: Follow Frites of NY on Facebook to find the truck at events.

Book it: www.fritesofny.com; truck is not permitted in Rockland, Greene or Albany counties.

The Souvlaki Truck

Greek street food (and thick-cut oregano fries) is the big draw for this Yonkers truck.

The Menu: Choose from Vending Style (guests order individually) or Buffet Style (setup of trays), to bring chicken souvlaki, pork souvlaki, lamb gyro, falafel, and fries to your guests.

The Cost: Vending style charges a truck rental fee (starts at $500) plus consumption; Buffet Style, $1,000 up to 50 guests, then $15 per guest.

Test it Out: The truck parks on Central Ave in Yonkers (between Fort Hill Ave and Ardsley Rd) Tuesday through Sunday.

Book it: www.souvlakitruck.com

Bona Bona Truck

The sweetest way to cap the night? How about a few scoops Nick DiBona’s popular, locally made ice cream.

The Menu: Scoops (cups or cones), sundaes, and shakes in flavors like rainbow cookie and cannoli, plus plenty of whipped cream, sauces, and sprinkles.

The Cost: $350 truck-rental fee plus per person fees $6-$13 (depending on the menu)

Test it Out: Follow Bona Bona Ice Cream Truck on Facebook to find it at events.

Book it: www.bonabonaicecream.com; only available within 20 miles of Larchmont

read more…

6 Food Trucks to Book for Your Wedding

Mortgage rates average 4.05% | Pound Ridge Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year mortgage rate hovering around 4 percent for the fourth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.05 percent with an average 0.5 point for the week ending May 11, 2017, up from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
  • 15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14 percent this week with an average 0.5 point, up from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 2.78 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield jumped 8 basis points this week while the 30-year mortgage rate rose 3 basis points to 4.05 percent. Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the 4 percent mark.”

US existing sales increase 2% | Pound Ridge Real Estate

Sales of previously owned houses in the United States rose 2 percent to a seasonally adjusted annual rate of 5600 thousand in October of 2016. It is the highest figure since February of 2007, beating market expectations of a 0.5 percent fall or 5430 thousand. Sales of single family homes went up 2.3 percent to 4990 thousand while those of condos were flat at 610 thousand. The average price fell 1 percent and the months’ worth of supply went down to 4.3 from 4.4. Existing Home Sales in the United States averaged 3881.83 Thousand from 1968 until 2016, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. Existing Home Sales in the United States is reported by the National Association of Realtors.

 

 

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http://www.tradingeconomics.com/united-states/existing-home-sales

 

Mortgage rates drop to 3.54% | Pound Ridge Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates declining for the second consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending June 16, 2016, down from last week when it averaged 3.60 percent. A year ago at this time, the 30-year FRM averaged 4.00 percent.
  • 15-year FRM this week averaged 2.81 percent with an average 0.5 point, down from last week when it averaged 2.87 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, down from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 3.00.

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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield continued its free fall this week as global risks and expectations for the Fed’s June meeting drove investors to the safety of government bonds. The 30-year mortgage rate responded by falling 6 basis points for the second straight week to 3.54 percent — yet another low for 2016. Wednesday’s Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.’s upcoming European Union referendum will make it difficult for Treasury yields and — more importantly — mortgage rates to substantially rise in the upcoming weeks.”

Existing home sales drop 3.4% in October | Pound Ridge Real Estate

Existing home sales, as reported by the National Association of Realtors, decreased 3.4% in October, and the annual share of first-time buyers in 2015 fell to its second-lowest level since the survey was launched in 1981. Total existing home sales in October decreased to a seasonally adjusted rate of 5.36 million units combined for single-family homes, townhomes, condominiums and co-ops, down from 5.55 million units in September. October existing sales were up 3.9% from the same period a year ago.

Existing Home Sales October 2015

Existing sales were flat in the Northeast and fell 0.8% in the Midwest, 3.2% in the South 8.7% in the West. Year-over-year, all four regions increased, ranging from 8.6% in the Northeast and 8.3% in the Midwest to 2.7% in the West and 0.5% in the South.

Total housing inventory decreased by 2.3% in October, and is 4.5% below its level a year ago. At the current sales rate, the October unsold inventory represents 4.8-month supply, compared to a 4.7-month supply in September. One-third of homes sold in October were on the market for less than a month.

The distressed sales share fell to 6% in October, the lowest since the series began in October 2008. Distressed sales are defined as foreclosures and short sales sold at deep discounts. The October all-cash sales share remained unchanged at 24% in October, compared to 27% a year ago. Individual investors purchased a 13% share in October, unchanged from September but down from 15% during the same month a year ago.

The October median sales price of $219,600 declined to the lowest level since April, but was 5.8% above the same month a year ago, and represented the 44th consecutive month of year-over-year price increases. The median condominium/co-op price of $207,100 in October was up 1.6% from the same month a year ago.

 

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http://eyeonhousing.org/2015/11/existing-sales-realign/

Home Prices: The Tilting of America | Pound Ridge Real Estate

The chart below from Case-Shiller’s release today of its July data says it all.  Prices now are shifting a lot on a monthly basis.  The range between appreciating and depreciating markets seems to be growing and no longer do the “sand” states, judicial foreclosure states or foreclosure states or cities with the best economies and most jobs.

Rather, with the possible exceptions of Cleveland and Boston, appreciating markets are to be found west of the Mississippi and depreciating ones to the east, as if America were a great raft at sea with too much weight on one end.

These are seasonally adjusted month-over-month increases and they are particularly important because both seasonally adjusted existing sales and pending sales dropped unexpectedly in August, according to NAR.  Like Case-Shiller, NAR found annualized prices in the West (7.1%) much higher than the East (2.4%)2015-09-29_13-30-14

 

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http://www.realestateeconomywatch.com/2015/09/home-prices-the-tilting-of-america/