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Pound Ridge Real Estate for Sale

Farm real estate values decrease slightly | Pound Ridge Real Estate

The U.S. Department of Agriculture recently announced Nebraska’s 2015 farm real estate value and cash rent for cropland has decreased by 2 percent.

Allan Vyhnalek, educator at the Platte County Extension Office, said based on the changing prices of corn and soybeans, the decline in real estate value is “absolutely expected.”

In February 2015, the University of Nebraska-Lincoln published a report on farm real estate that gave specific numbers for regions within the state.

The east region, which includes Platte and Colfax counties, saw an overall decrease of 3 percent. Dryland cropland decreased by 9 percent and other types of cropland (pivoted, gravity irrigated, etc) decreased by 3 percent. However, the values of grazing land increased, tillable by 16 percent, non-tillable by 20 percent and hayland by 24 percent.

Due to the 2005 ethanol mandate, Vyhnalek said crop prices jumped to $5 to $7 a bushel for corn and $11 to $15 a bushel for soybeans. When grain prices rose, so did the cost of production and real estate. According to the 2015 UNL real estate report, over the past five years the east region’s real estate values increased by 89 percent.

Statewide, values increased by 116 percent.

Prices for corn are now around $3.41 a bushel with soybeans at $8.85 a bushel, lower than previous years.

Thomas Dobbe, regional vice president of Farm Credit Services of America, said the increased cost of equipment, fertilizer, seeds, etc., could have “acted as a damper” on the real estate market, but it’s too early to tell if this decrease is a fluke or the start of a trend.

“It may be an indication that the market will not go any higher,” Dobbe said, “or a sign that the market is taking a breather. We won’t know if it’s done going up or if it will continue to go up.”

Dobbe and Vyhnalek said the value of an individual plot of land depends more on the quality of its soil and topography than overall trends. Property taxes will continue to increase, and the value decrease is unlikely to affect rental prices.

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http://columbustelegram.com/news/local/farm-real-estate-values-decrease-slightly/article_5aa2a5fb-19a8-5bf5-a12e-7f9662df4625.html

As housing prices skyrocket in New Orleans, miniature houses are the answer | Pound Ridge Real Estate

This house in the Irish Channel is being built on an 880-square-foot lot. It goes on sale next month.

Photo by CHERYL GERBER

This house in the Irish Channel is being built on an 880-square-foot lot. It goes on sale next month.

Tiny houses veer between fad and architectural fascination in cities across the world, but in New Orleans ­— where waterways and old plantantion lines make frequent curiosities out of the street grid — they may be finding a natural home.

With undeveloped standard-sized lots increasingly scarce among the most sought-after neighborhoods along the Mississippi River, architects and developers are looking for building opportunities on small parcels that have been overlooked until now. While planners around the country tout the urban-infill trend as a counterweight to suburban sprawl, some New Orleanians worry the smaller structures may congest their neighborhoods.

Architect Jonathan Tate and developer Charles Rutledge say they have identified more than 5,000 irregularly-shaped vacant lots traditionally seen as too tiny to be built upon. In the hopes of transforming some of these parcels into new small-but-affordable housing stock, they are building their first “starter home,” a house on an 880-square-foot lot in the 3100 block St. Thomas Street in the Irish Channel.

“The lot on St. Thomas ‘wasn’t worthy of a house’ is what the neighbors said,” Tate says.

Irish Channel real estate has skyrocketed in value over the past few years, but Tate and Rutledge say it has 20 to 30 irregularly sized empty lots that measure less than 900 square feet. They think if they could use the land to build smaller houses, they could utilize empty space and also open up an increasingly expensive neighborhood to first-time homebuyers.

“The Irish Channel is particularly interesting because the value is going way up, and it’s pushing people out,” Rutledge says. “We want to see how to make housing more affordable without cheap architecture.”

The solution on St. Thomas Street has been to buy a smaller plot of land and build a smaller house, which will have lower construction costs. The house looms tall and thin on a sliver of land between a Creole cottage and a warehouse. That’s the practice of cash house buyers in Knoxville.

“If we’re working with odd lots, we can be inventive with how we use space and [take advantage of] all parts of the lot,” Tate says. “Stylistically, its contemporary, but there’s enough familiarity to them.”

Real estate agent Tracey Moore, who will put the house on the market in August, has said the team is filling a particular niche in the real estate market that has yet to be addressed.

“Smaller lots are hard to deal with, but because they’re small, they’re still somewhat affordable,” Moore says. “Most of the time, these lots are just sitting there with grass growing or people are putting trash on them.”

Moore says for someone trying to break into the housing market in a trendier neighborhood such as the Irish Channel or Bywater, smaller lotsare the only things left. Though the thought of developing irregularly sized lots isn’t necessarily new, developers often overlook them because they may not turn as much of a profit, Moore adds. Tate and Rutledge acknowledge this, and say their first house on St. Thomas may need to sell for more to make up for the potential of losing money on the sale of future starter homes in the area.

They bought the 16-by-55-foot lot on St. Thomas for $22,000. By comparison, a regular-sized lot in the area recently sold for $285,000, and that’s not including the price of building a house. Houses in the area have sold for up to $400 per square foot. The team hopes to sell starter homes for around $200 per square foot.

“We’re trying to provide an alternative option for someone with a price point that doesn’t exist in this part of the city,” Tate adds.

Affordability is a major reason tiny houses have drawn increasing interest around the country. Gregory Paul Johnson, founder of the Small House Society in Iowa City, Iowa, told The New York Times the notion of very small houses becoming popular would have been absurd in the early 2000s.

“But there are so many powerful forces at work right now, like rising energy costs and the mortgage crisis,” Johnson told the newspaper. “I think people want small homes because they cost less to purchase, maintain, heat.”

But one person’s innovation may be another’s imposition. Several neighbors recently turned out to protest another narrow home on a small lot on Chestnut Street.

The developer, Logistics Park LLC of New Orleans, is planning a two-story home for the lot at 4621 Chestnut St. The house would be 12-feet, 10-inches wide, 65 feet long, and 28 feet tall, for a total floor area of approximately 1,500 square feet.

The lot itself measures 21 feet across, nearly half the 40 feet normally required, but the city granted a construction permit in March because “a single-family lot can be developed on by right” under usual circumstances, said Leslie Alley of the City Planning Commission. City officials, however, did not notice that the lot had been commonly owned with the neighboring lot property until just last year, Alley said, which means a variance should have been required.

When neighbors pointed out the prior common ownership of the neighboring lots, a stop-work order was issued and a hearing set before the Board of Zoning Adjustments. Anne Raymond, representing the developer, told the board that the lot width dates back nearly a century.

“The lot area and width are the historical lot area and width from 1908,” Raymond said. “It is how it is.”

The July 13 hearing also brought a number of neighbors in opposition. Justin Chopin, who lives on the Valence Street side of the block, said the lot is too small to be independently developed, and the developer should have known that when they bought it.

“They had to do so knowing it was never going to be conforming to the zoning regulations,” Chopin said. “There’s not ample parking. It doesn’t fit with the construct of the other houses.”

Lorraine Neville, whose husband is musician Art Neville, said the lot was always part of the neighboring home as a side yard.

“I know this to be true; it was never an independent lot,” Lorraine Neville said, noting that she had a letter signed by 15 adjacent neighbors opposing the construction.

 

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http://www.bestofneworleans.com/gambit/tiny-houses-in-new-orleans/Content?oid=2724392

Susan Macarz

America’s Most Violent (and Most Peaceful) States | Pound Ridge Real Estate

While violent crime rates in the country have fallen steadily over the past several decades, the United States is still one of the less peaceful nations in the world. According to the Global Peace Index 2015 report, the United States ranked 94th out of 162 countries. However, the peacefulness of American communities varies considerably within states.
Following the example of the Peace Index, 24/7 Wall St. generated an index to rank the peacefulness of each state in the nation. States with high violent crime and homicide rates, as well as high estimated small arms ownership and high incarceration rates were identified as less peaceful, while states with lower incidence of these factors were more peaceful. According to our index, Maine is the most peaceful state, while Louisiana is the least peaceful.

Click here to see the least peaceful states in America.

Click here to see the most peaceful states in America.

In an interview with 24/7 Wall St., Aubrey Fox, executive director of the U.S. office at the Institute of Economics and Peace, said, “A perfectly peaceful place would be a place where there is no violence and no fear of violence.” He explained this would be a place with no crime, no police spending, a strong government, and a healthy economy.

According to Fox, one of the largest drags on peacefulness in the country and in individual states has been the high levels of homicide and incarceration. Only three of the 10 least peaceful states had incarceration rates that did not exceed the national rate of 498.1 per 100,000 Americans. In all of the most peaceful states, incarceration rates were well below the national figure.

5 Drivers of Peace

Less peaceful states needed to have relatively large police forces. The ratio of law enforcement employees to state residents exceeded the national proportion of 285.5 law enforcement workers per 100,000 Americans in eight of the 10 least peaceful states, while all of the most peaceful states had proportionately small police forces.

There are two ways to look at the relationship between peace and enforcement, Fox explained. While the perfectly peaceful community would have zero police officers, communities need to invest in policing to deal with local threats and lower crime. However, “There is typically a point at which you get less return on your investment,” Fox said.

Fox gave an example of a community with crime at a 50-year low, but where police are spending seven times as much to keep it that way. “We really need to ask how much of a lost opportunity cost is that?” Fox argued. In fact, U.S. crime levels are at their lowest level since 1972. Police spending was far lower at that time, however, according to Fox.

The connection is far from well-understood, however. Crime continued to drop in the U.S. during the most recent economic downturn, for example. During the downturn, police spending fell dramatically.

Still, economic costs add up the less peaceful a community becomes, and poor socioeconomic climates can lead to less peacefulness. “Being poor or having less access to resources does put you on a path that is less peaceful,” Fox said.

The manner in which these factors lead to violence, however, is very difficult to establish empirically. John Roman, senior fellow at the Urban Institute, an economic and social policy think tank, said, “The biggest predictor of whether there’s violence is dense clusters of unskilled young men.” He went on to explain that poor socioeconomic factors such as low educational attainment, high poverty rates, and high unemployment all lead to more violence by contributing to higher numbers of unskilled young males.

Read more: America’s Most Violent (and Most Peaceful) States – 24/7 Wall St. http://247wallst.com/special-report/2015/07/15/americas-most-violent-and-most-peaceful-states/#ixzz3gRvMfKQT

Slow but Steady Climb Back to Normal | Pound Ridge Real Estate

Local economies continue to move toward economic and housing normality according to the NAHB/First American Leading Markets Index. The national index moved one percentage point to .91 in the first quarter of 2015 and 4 percentage points from the same quarter last year.

The index measures proximity to normal through three elementary indicators of economic and housing stability: the level of single-family housing permits, home prices and employment as compared to the last period of normality for each. A value of one means that indicator has returned to normal. The three are averaged for a single measure. More than 350 metropolitan areas are scored in this fashion.

In the first quarter of 2015, 68 markets or metropolitan areas had an index value of one or greater, an increase of 7 markets in one year. The increase is heavily driven by the increase in metro areas employment index. The number of markets back to or above normal in employment levels increased from 30 to 56 over the year. The number of markets returning to house price levels last seen in the early aughts has remained high at 95% of all metros measured. The slowest indicator to return to normal has been single-family permits as only 7% of the listed metros are issuing as many or more permits compared to the early aughts.

The markets leading in recovery are leading in employment and vice versa. Strong employment growth leads to the need for more homes and the markets showing the greatest improvement are in strong employment markets, primarily in energy production and refining. Half of the 68 metros with an index value of one or above are in the oil/energy belt in the middle of the country.

Note: The publicly available data used to compute the LMI reflects the updated boundaries and list of Metropolitan Statistical Areas made by the Office of Management and Budget (OMB) as a result of the 2010 Decennial Census. The historic data used for comparison were also updated to reflect post-2010 geography.

 

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http://eyeonhousing.org/2015/05/

U.S. Housing Stability Improves for Third Consecutive Month | Pound Ridge Real Estate

Freddie Mac today released its newly updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize at the national level for the third consecutive month. Thirty-four of the 50 states, plus the District of Columbia, and 37 of the 50 metros, are now showing an improving three month trend.

News Facts:

  • The national MiMi value stands at 74.7, indicating a weak housing market overall but showing a slight improvement (+0.35%) from October to November and a positive 3-month trend of (+1.07%). On a year-over-year basis, the U.S. housing market has improved (+3.94%). The nation’s all-time MiMi high of 122.5 was June 2006; its low was 60.3 in September 2011, when the housing market was at its weakest. Since that time, the housing market has made a 23.9 percent rebound.
  • Fifteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (95.8) the District of Columbia (94.3), Montana (91.4), Wyoming (91.2), and Hawaii (89.1) ranking in the top five.
  • Eight of the 50 metro areas have MiMi values in a stable range, with San Antonio (89.5), Austin (87.0), Houston (85.3), Los Angeles (84.1) and Salt Lake City (83.6), ranking in the top five.
  • The most improving states month-over-month were Georgia (+1.32%), North Carolina (+1.28%), Michigan (+1.27%), Maryland (+1.14%) and Delaware (+1.12%) On a year-over-year basis, the most improving states were Nevada (+17.45%), Illinois (+10.15%), Rhode Island (9.65%) Colorado (+8.63%) and Ohio (+8.45%)
  • The most improving metro areas month-over-month were Atlanta (+1.64), Detroit (+1.40%), Charlotte (+1.35%), Birmingham (+1.32%) and Cleveland (1.20%). On a year-over-year basis the most improving metro areas were Las Vegas (+20.14%), Chicago (+12.37%), Denver (+10.68%), Miami, (+10.57%), and Providence (+9.45%).
  • In November, 34 of the 50 states and 37 of the 50 metros were showing an improving three month trend. The same time last year, 34 states plus the District of Columbia, and 41 of the top 50 metro areas were showing an improving three month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Housing markets are stabilizing. Low mortgage rates help to keep affordability in-check across many markets. Labor markets are strengthening, but generally have room for improvement. We’re keeping an eye on markets with deep ties to energy. We’ve noticed some deterioration on a month-over-month basis in some of these energy markets, especially smaller markets with less diversified economies. Overall MiMi has improved for the third consecutive month showing housing markets are getting back on track.”

The 2015 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 50 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

$65M Historic Mansion is Miami’s Most Expensive Listing | Pound Ridge Homes

25LaBrisaFacadeDay.jpg

A 17,000-square-foot historic mansion dating to the 1920s has hit the market in Miami for $65M, making it the city’s priciest listing. Naturally, it’s represented by same real estate agent who listed America’s most expensive property, a $139M spectacle with a 22-carat gold leaf entry gate, also in Florida. This comparatively modest nine-bedroom mansion in the affluent Coconut Grove neighborhood comes with 6.9 acres of “mature landscaping,” a private port that accommodates a 70-foot yacht, and a lot of charming original woodwork, including exposed ceiling beams and wooden balconies.

Gawk away at the 1920s splendor. >>

It’s not Miami’s most expensive listing ever—those honors go to Gianni Versace’s over-the-top Casa Casuarina, listed for $125M before getting a bunch of PriceChops and selling at auction a year later for just $41.5M—but this place does have a guest cottage and a four-car garage in a converted coach house. Oh, and there’s a bit of policy history here: original owner Kirk Munroe, who was deeded the land in 1886, introduced the first animal protection legislation in Florida’s history after an injured manatee washed onto his property. Hopefully the oligarch who buys this will also be an advocate for manatees (or at least be careful when parking the yacht).

 

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http://curbed.com/archives/2014/10/20/65-million-house-for-sale-miami-la-brisa-most-expensive-house.php

 

 

 

Home Prices are 3% Undervalued Nationally | Pound Ridge Real Estate

Trulia’s Bubble Watch shows whether home prices are overvalued or undervalued relative to their fundamental value by comparing prices today with historical prices, incomes, and rents. The more prices are overvalued relative to fundamentals, the closer we are to a housing bubble – and the bigger the risk of a price crash. Sharply rising prices aren’t necessarily a sign of a bubble. By definition, a bubble develops when prices look high relative to fundamentals.

Bubble watching is as much an art as a science because there’s no definitive measure of fundamental value. To try to put numbers on it, we look at the price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trends. We use multiple data sources, including the Trulia Price Monitor, as leading indicators of where home prices are heading. We combine these various measures of fundamental value rather than relying on a single factor because no one measure is perfect. Trulia’s first Bubble Watch report, from May 2013, explains our methodology in detail. Here’s what we found this quarter. (This report contains larger-than-usual revisions of previous Bubble Watch estimates. See note.)

We estimate that home prices nationally are 3% undervalued in the third quarter of 2014 (2014 Q3). In 2006 Q1, during the past decade’s housing bubble, home prices soared to 34% overvalued before dropping to 13% undervalued in 2012 Q1. One quarter ago (2014 Q2), prices looked 5% undervalued; one year ago (2013 Q3), prices looked 6% undervalued. This chart shows how far current prices are from a bubble…

 

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http://seekingalpha.com/article/2533125-bubble-watch-home-prices-3-percent-undervalued-with-few-metros-bubbling-up?ifp=0

Good news for the housing market? | Pound Ridge Real Estate

 

Home Depot (HD) recorded strong second-quarter earnings on the same day the U.S. Census Bureau and the Department of Housing and Urban Development reported multifamily housing starts soaring. Per Forbes:

Home Depot reported $23.8 billion in second quarter revenue, a 5.7% increase over the year-ago quarter and a figure that cleared the $23.5 billion Wall Street consensus.

“In the second quarter, our spring seasonal business rebounded, and we saw strong performance in the core of the store and across all of our geographies,” Frank Blake, Home Depot chairman and CEO, said in a statement Tuesday morning. 

And as a result, homebuilder stocks on the HW 30, HousingWire’s exclusive list of mortgage related stocks, were up on the news Tuesday.

 

 

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Good news for the housing market?

 

 

Here’s why there aren’t any houses to buy | Pound Ridge Homes

 

 

The supply of existing homes on the market remains low, at 5.2 months in March, according to a report from Freddie Mac.

The total number of homes offered for sale relative to the number of households in the U.S. has been running at the lowest level in more than 30 years.

“The housing recovery is struggling to shift into a higher gear, and obviously there are various imbalances holding this back from happening, but at the heart of the matter it comes down to jobs,” said Frank Nothaft, Freddie Mac vice president and chief economist.

But these low inventory challenges are the direct offspring of several features of today’s market.

1. Underwater homeowners

Since the Mortgage Forgiveness Debt Relief Act expired on Dec. 31, 2013, many underwater homeowners are reluctant to short-sell.

CoreLogic reported that 6.5 million homeowners remained underwater as of year-end 2013.

Meanwhile, there was also a sharp decline in short sales at the beginning of 2014, from 5.2% of sales in December to 2.2% of sales in February.

2. Low rates

Many borrowers were able to refinance into record low rates in the past several years.

According to the Bureau of Economic Analysis, the average interest rate on single-family mortgages outstanding was 3.9% during the first quarter of 2014, drastically down from the average 30-year fixed-rate average rate of 4.4% for new loans during the quarter.

As a result, homeowners are reluctant to sell their current home and forego the low rate mortgage loan they currently have.

3. REO sales slow

Despite real-estate owned sales remaining strong in some markets, in aggregate REO sales have slowed considerably over the past couple of years.

 

 

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Here’s why there aren’t any houses to buy

Dracula’s castle is now for sale in Romania | Pound Ridge Real Estate

 

A view of Bran Castle, Romania. (Daniel Williams/The Washington Post)

The Transylvanian castle erroneously reputed to be the abode of that terrifying abomination Dracula is now technically “for sale.” Bran Castle, an atmospheric pile perched atop a crag, is set to be sold off by its Habsburg owners. The Romanian government has reportedly lodged an $80 million bid.

The fortress dates to the 13th century and has been occupied by various bands of warriors and knights over the years. Images of Bran Castle supposedly reached Bram Stoker, the 19th-century Irish author of “Dracula,” who drew inspiration for his famous work from travelogues and sketches by British diplomats and adventurers in what was then Wallachia (modern-day Romania). He envisioned the scene surrounding the vampire’s lair like so:

The castle is on the very edge of a terrific precipice. A stone falling from the window would fall a thousand feet without touching anything! As far as the eye can reach is a sea of green tree tops, with occasionally a deep rift where there is a chasm. Here and there are silver threads where the rivers wind in deep gorges through the forests.

Bran Castle fits the bill and has since become a popular tourist destination for those seeking their Dracula thrills. The structure was in the possession of the Romanian Habsburg royal line, but it was appropriated by the state with the advent of Communism. After the fall of the Iron Curtain, the Habsburgs’ descendants were ceded back the fortress and set about restoring it — making it the desired attraction it now is.

 

 

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http://www.washingtonpost.com/blogs/worldviews/wp/2014/05/14/draculas-castle-is-now-for-sale-in-romania/?tid=up_next