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

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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.

Home of the Week: New High-Rise Offers NY Living in LA | Pound Ridge Real Estate

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1 W Century Dr, Los Angeles, CA
For sale: $15.5 million

A penthouse sitting atop a 42-story building in New York is one of many, a dime a dozen in a city where homes don’t often come with garages or backyards.

A penthouses in a Los Angeles high-rise, however, is a rarity — but a trend that developers are banking on for the City of Angels.

Once upon a time, Los Angeles was a city with loads of land. The wealthy could move in and buy swathes of real estate, creating estates on an acre or more.

Today Los Angeles is enormous, with a population more than 3.8 million, and growing. Traffic while always bad, is increasingly so, and the idea of a private, gated villa on a hill is no longer attractive.

Enter a new market for New York-style residences, starting with The Century, a brand new, 42-story luxury building.

“Certainly the market has changed,” explained Mary Ann Osborn, vice president of sales at The Related Companies, which developed New York’s Time Warner Center and is now behind The Century. “A lot of people were not living in high-rises, but it’s been an educational process.”

The process has had success. The building is already 65 percent sold, with buyers including Candy Spelling, who dumped her massive estate back in 2008. She was one of the first buyers, picking up a penthouse before the building was completed for $34.8 million. Other celeb residents have followed suit, including Paula Abdul, Elizabeth Berkley and Cheryl Cole.

The stars are among a growing L.A. population looking for amenity-heavy and worry-free living.

“They are looking for a turn-key home; they want the conveniences,” Osborn said. “It’s estate living vertically — you’re keeping or enhancing their standard of living.”

The Century sits on 4 acres in Century City, with lush outdoor gardens and high-ranked security. All of the condos have access to the tower’s features, which include an entertainment suite with a private, 16-person seating room, as well as a gym, 75-foot lap pool and new restaurant by chef David Myers.

Although modeled after New York, the units are not New York sized.

“This is a building you would see in New York on Fifth Avenue but on acreage,” Osborn said. “People are surprised at the size of the closets compared to New York.”

And of course the unit with the largest closets is the last remaining penthouse, listed at $15.5 million. Measuring 5,665 square feet, the condo has 3 bedrooms and 4.5 baths, as well as a 746-square-foot terrace. The master suite features a private home office with fireplace and “midnight kitchen.”

 

Home of the Week: New High-Rise Offers NY Living in LA | Zillow Blog.

Purchase loans increase even as interest rates spike | Pound Ridge Real Estate

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Applications for purchase loans increased last week, even as interest rates skyrocketed to their highest level in nearly two years on news that the Fed may begin to wind down its stimulus program this year, the Mortgage Bankers Association (MBA) reported today.

 

Despite market volatility, “applications for conventional purchase loans picked up by more than 3 percent over the week, and total purchase applications were 16 percent higher than one year ago, indicating that homebuyers are not yet dissuaded by the increase in mortgage rates,” said Mike Fratantoni, vice president of research and economics at the MBA, in a statement.

 

“Government purchase applications dropped again, likely a function of the recent increase in FHA mortgage insurance premiums,” he added.

 

The increase came as the average interest rate for a 30-year-fixed-rate mortgage with a loan balance of $417,500 or less spiked to 4.46 percent from 4.17 percent a week earlier, according to the MBA’s latest Weekly Mortgage Applications Survey.

 

That was the highest rate recorded since August 2011, the MBA said.

 

“Interest rates moved up sharply following the Federal Reserve press conference last Wednesday where it was indicated that the Fed could begin tapering their asset purchases later this year,” Fratantoni said. “Mortgage rates increased by the most in a single week since 2011, and refinance application volume dropped to its lowest level in almost two years.” Source: MBA

 

– See more at: http://www.inman.com/wire/purchase-loans-increase-even-as-interest-rates-spike/#sthash.Xu7JOtZU.dpuf

 

Purchase loans increase even as interest rates spike | Inman News.

Report: Bill Gates Buys FL Equestrian Estate for $8.7M | Pound Ridge Real Estate

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Seattle-based Microsoft founder Bill Gates — and second richest man in the world — remarkably, doesn’t own an excess of properties. Previously, when his horse-loving daughter competed in Florida, the multi-billionaire rented homes for his family rather than buying.

Not any longer. According to South Florida’s Gossip Extra and property records, Gates now owns a place in Wellington, FL, paying $8.7 million in cash. The Mediterranean-style residence is vastly different and much smaller than Gates’ high-tech and modern compound spanning over 5 acres with 50,050 square feet of living space on Lake Washington, about 8 miles east of Seattle.

The home Gates just purchased in Wellington is reportedly a residence he and his family rented last year in January while his teenage daughter competed in the Winter Equestrian Festival. Built in 2010, the estate has 4 beds and 4 baths with a 7,234-square-foot, open floor plan. Horse-friendly features like a 20-stall barn and show-jumping arena were likely part of Gates’ decision to buy the home.

Gates isn’t the only business man buying in Wellington. New York City Mayor and Bloomberg Founder Michael Bloomberg has a home there as well as the former owner of the L.A. Dodgers, Frank McCourt.

 

Report: Bill Gates Buys FL Equestrian Estate for $8.7M | Zillow Blog.

Top 10 Tips for Home Sellers | Pound Ridge Real Estate

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Top 10 tips for Home Sellers

1) Know what comparable homes in your area have sold for.

Knowing what other homes in your area have sold for will help you get top dollar for your home at sale time.

Keep an eye out for homes that are similar to yours. Watch the sales prices of homes that are similar models, have the same number of bedrooms and bathrooms, finished basements, garages, decks or patios, additions, and other similar features to your home.

Home sales prices are public information, you can consult your county or state to find out this information.

2) Learn the lingo.

The process of selling a home brings with it a host of terms that you may have never heard before. Click here for the definitions to some important words you’re likely to encounter.

3) Landscaping can add as much as 10 to 15 percent to the value of your home.

Add a few trees and shrubs to your landscape and you’ll not only improve the view, attract birds and wildlife, but also make your home more energy efficient. And that’s attractive to potential buyers.

Properly positioned deciduous trees (trees that shed their leaves in the fall) can save you up to 25 percent of your typical energy bill for heating and cooling. These trees provide cooling shade in the warm summer months; and in the cold winter months block chilling winds, yet let through precious sunlight that warms your home.

Computer models from the Department of Energy have predicted that just three trees, carefully placed around the house, can save an average household between $100 and $250 in heating and cooling energy costs annually.

Well-planned landscaping can reduce your energy costs by as much as 50 percent. And you don’t have to just use trees. Fences, walls and rows of shrubs can block winter winds and shade during the summer, and vines grown on trellises can shade windows or the entire side of a house. To deflect winter winds, plant evergreen trees and shrubs on the north and west sides of your house. To deflect summer winds, plant on the south and west sides of your house.

Make sure when you select your trees, shrubs and other plants, that you choose plants that are suitable for your environment. For example, in warm climates that lack significant rainfall, choose specimens that are drought-tolerant. If you choose the wrong plants, you’ll end up spending in plant maintenance and water what you saved on the energy costs.

Not sure what trees to plant? The Arbor Day Foundation (www.arborday.org) has a “Tree Wizard” that you can consult to determine the best trees and shrubs for your region of the country.

4) A shiny coat of paint and a little straightening up go a long way

Spend a day of your time and a few dollars for a new can of paint, and not only can you give an old room a new look, but you’ll add some value to your home come sale time.

Not sure what color to paint? Flip through some magazines or watch the many home improvement programs in television. There are excellent redecorating ideas out there that can make a drastic improvement in your home for little money.

Also, try to look at your home the way a stranger might see it, and make some small improvements that could go a long way.

  • If there are kids’ toys on the floor, put them away.
  • Stains on the carpet? Hit them with some spot remover.
  • Have a cat or dog that sheds all over everything? Take a sticky lint remover to your chairs and drapes.
  • Remove light fixtures and clean them out, the brighter light will make your house look cleaner.
  • Burn scented candles to let off a pleasant aroma – but do not forget to blow them out if you leave and don’t leave them burning around small children.
  • Dust blinds, banisters and windowsills – these areas don’t always get caught by the duster.

5) Thinking of doing a remodeling project to add to your home’s value come sale time? Here are some important features homebuyers are looking for in the homes they buy today.

General features

  • Floor plans that reflect an open, casual lifestyle
  • Upstairs laundry rooms
  • Linen closets
  • Decorative moldings
  • Recessed lighting

Entertainment spaces

  • Big family rooms
  • Sunrooms and other areas that encompass the kitchen
  • Small living rooms

Kitchens

  • Natural wood cabinets
  • Hardwood floors
  • Solid-surface and granite countertops
  • Stainless steel appliances

Bathrooms

  • Large showers
  • Separate, compartmented toilets
  • Soaking tubs

Community

  • Tot lots and playgrounds
  • Parks and trails
  • Community swimming pools

*Compiled from multiple industry sources

6) Help your home sell faster by including features that will appeal to an older buyer.

These features can make your home more marketable to a wider variety of home buyers, which makes these features a better “bang” for your remodeling “buck”. Many of these features can be put in for little or no additional cost during your remodeling project.

General features:

  • Path lighting to front or rear doors
  • At least one entrance with no steps
  • A shelf by the front door
  • Handrails on any steps or porches
  • One-story layouts, should you be designing a new home
  • Improved lighting with recessed fixtures in common areas and hallways
  • Lever handles on doors and windows
  • Lower light switches and thermostats; raised outlets
  • Wider doorways

Kitchen/laundry room features:

  • Lever-handle faucets with pull-out spray
  • Rolling island that can be placed back under the counter
  • Revolving corner shelves and pull-out shelves
  • Lower, side-opening oven
  • Side-by side refrigerator with slide-out shelves and a water/ice dispenser
  • Cooking range with controls on front
  • Larger cabinet and drawer pulls
  • Front-loading washer and dryer

Bathroom features:

  • Two to three attractive looking grab bars in shower
  • Lever handles on faucets
  • Slide-bar-type hand-held shower, for sitting or standing
  • Inset shampoo nooks
  • Curbless showers – nothing to step over
  • Tub and Shower controls moved closer to entry point

*Source: National Association of Home Builders

 

Top 10 Tips for Home Sellers – AHAA – Association for Homeowners Across America.

Instagram Videos: This Week in Social Media | Pound Ridge Realtor

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What’s New This Week?

Video Now on Instagram: Instagram users now have another way to share stories: video. “When you go to take a photo on Instagram, you’ll now see a movie camera icon. Tap it to enter video mode, where you can take up to 15 seconds of video through the Instagram camera.”

Facebook Allows You to Attach Photos to Comments in Timeline:  You can now attach a photo directly when commenting on a post in the Facebook Timeline.

facebook comment photo

You can now attach photos to comments on updates in Facebook profile timelines.

Discussion From Our Networking Clubs: Thousands of social media marketers and small business owners are asking questions and helping others in our free Networking Clubs. Here are a few interesting discussions worth highlighting:

Facebook Updates Page Insights: Facebook is rolling out updates to the Page Insights tool and inviting a select group of Page admins to participate in this preview. “These global changes include improvements to the way Facebook organizes and reports the People Talking About This (PTAT) and Virality metrics.”

facebook page insights update

These new updates to Facebook Page Insights aim to give you “more insights about the people who interact with your Page content.”

Facebook Gives Developers New Open Graph Tags: The new Open Graph tags will “help people follow their favorite media publishers and journalists.”

facebook tags for pubishers

Media publishers can now “include Open Graph tags in their article’s HTML to generate better previews of their content when shared on Facebook.”

Facebook Enables Comment Sorting by Recent Activity on Business Pages: Mari Smith notes, “If you have the Replies feature enabled on your fan Page, you can now sort comments by Recent Activity.”

TweetDeck Makes it Easier to Arrange Columns: The popular Twitter management tool has made a few improvements to make it easier to use.

 

Instagram Videos: This Week in Social Media | Social Media Examiner.

Surging home sales stir new housing bubble fears | Pound Ridge Real Estate

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There are differences between this run-up in prices and the housing bubble that preceded the financial crisis, said Gary Thomas, theNational Association of Realtors‘ president.

“The boom period was marked by easy credit and overbuilding, but today we have tight mortgage credit and widespread shortages of homes for sale,” Thomas said. The improved housing market and mortgage rates still near record lows, despite a recent rise in rates, is pulling buyers back in the market faster than it’s prompting sellers to put homes on the market. Buyer traffic 29% above a year ago, but the supply of homes for sale is actually down 10%, writes CNNMoney.

 

Surging home sales stir new housing bubble fears | HousingWire.

Detroit teams up with group to prevent foreclosures | Pound Ridge Real Estate

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In an effort to help thousands of homeowners facing foreclosure, theMichigan State Housing Development Authority on Friday announced a partnership with the faith-based community to spread the word about relief funds available, The Detroit News writes.

One of the first efforts in the partnership is a Tax Foreclosure Housing Fair in Detroit on Saturday for homeowners in Wayne, Oakland and Macomb counties. It’s part of the Step Forward Michigan program which offers up to $30,000 for homeowners to pay delinquent taxes, mortgage assistance or condo association dues

 

Detroit teams up with group to prevent foreclosures | HousingWire.

P. Allen Smith: How to Grow Edamame | Pound Ridge Real Estate

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Edamame is a vegetable soybean in the same family as the soybeans farmers grow but there are a few differences. Vegetable soybeans are harvested while they are still green while field soybeans are left on the plant to dry. Vegetable soybeans are larger than field soybeans with a creamier texture and mild, nutty flavor.

If you think edamame is a tasty snack, you should try growing the beans in your garden. Edamame’s flavor is that much better when prepared fresh from the garden and it’s very easy to grow.

Prep

Choose a site with full sun and well-drained soil amended with organic matter such as humus or compost.

Some sources recommend treating the beans with inoculant powder (Rhizobium japonicum inoculant) to help them absorb the nitrogen they need. I find that planting soil with plenty of compost will produce a good crop without inoculating the beans. You can read more about inoculating beans here.

Planting Edamame

Sow edamame soybeans after the last frost date in your area and when the soil has warmed up to 60 degrees F.

Sow seeds 1 inch deep and 3 inches apart. Keep the soil consistently moist, but not soggy, until the beans germinate.

Growing Edamame

Caring for Edamame Plants

Caring for edamame is pretty simple. Just keep the area weeded and give the plants 1 inch of water each week.

Harvesting Edamame

Expect all the beans on a plant to mature at once. They are ready when the pods are plump and bright green. With the right weather and growing conditions you can expect about a quarter pound of beans per plant.

Edamame Seeds

Edamame Seed Sources

Gardeners in areas with a short growing season should select early maturing varieties.

P. Allen Smith Garden Home.

Networking and social media: A recipe for REO success | Pound Ridge Realtor

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Brokers working in the REO space face stiff competition, but social media — when used correctly — is leveling the playing field, making it easier for tech-savvy professionals to gain a foothold in the space.

Social media, conferences and networking all play a role in a professional’s success.

Experts at HousingWire’s Real Estate Expo (REX) discussed how growing your REO business starts with you.

The panel featured Windy Keefe, manager of business development withREO Network; Brent Taggart, senior vice president with Green River Capital; Kirby Pearson with Pearson Realty Group; Lauretta Martin with The Martin Group and TMG Properties; Marcia Toms withPEMCO; and Patti Donovan with Freddie Mac.

When it comes to standing out as a broker, Taggart said a simple letter of recommendation makes a world of difference, especially when it’s exposed online or through simple social media tools.

In addition, he said people should be active and involved in boards, including the National Association or Realtors, rather than simply limiting their involvement to paying membership dues.

Meanwhile, Donovan said, “A strong thing for us is people who are making a difference in peoples lives that live in the communities that they work in.”

But, perhaps, the greatest change in real estate networking revolves around the social media space.

“Social media is a good way to connect and help build that relationship. It should be an extension of a way to stay in contact,” said Toms.

 

Networking and social media: A recipe for REO success | HousingWire.