Tag Archives: Pound Ridge Real Estate

Pound Ridge Real Estate

Live in a Marcel Breuer Home Inspired By a MoMA Showhouse | Pound Ridge Real Estate

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Location: Princeton, New Jersey
Price: $2,000,000
In 1949, Philip Johnson commissioned a series of exhibition houses for MoMA’s sculpture garden, to offer up an “economical solution for an individually built, architect-designed country home,” as an alternative to the prefabs and Cape Cod-style dwellingsfilling America’s new suburbs. The “House in the Museum Garden” series may not have had the transformative effect he hoped for, but for Marcel Breuer, who designed the first home in the series,the exposure yielded a handful of commissions built in the same style. These included the Lauck House, on four acres in Princeton, New Jersey, which was recently put on the market for$2M.

A 2011 Dwell article on Breuer’s original MoMA home—which the Rockefellers purchased and had rebuilt on their estate, in Pocantico Hills, New York, where it now hosts the resident artists of the Rockefeller Brothers Fund—shows a very close resemblance. Both were built with butterfly roofs, and a “bi-nuclear” layout so that they could adapt as families grew, essentially creating ‘apartments’ at each end; the master bedroom and master bath in one, and bedrooms, a bathroom, and a playroom at the other, with a kitchen in between.

This idea has since been expanded upon with the Lauck House, by way of a double-height extension built in the ’80s, adding a glassed-in communal area to what would have been the childrens’ side. The 3,800-square-foot home has vertical wood siding both outside and in, flagstone floors, and like the home upon which it was based, a kind of funky rope railing in the living room. It’s currently owned by an architect couple, who purchased it in 2008 an undertook “complete restoration and preservation work.”

 

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http://curbed.com/archives/2015/01/15/breuer-lauck-house-princeton-for-sale.php

3-D tours for Real Estate | Pound Ridge Real Estate

 

Here’s how models are made using a camera and software developed by one of the leading companies in the space, Matterport:

Step 1. Position the camera in the spot you want to scan. You’ll need to scan from many locations — 70 on average — to capture an entire home.3d_step1setting-up-camera1

Step 2. Open the Matterport iPad app, and press the blue button that says, “Ready to Scan.” Pretty straightforward!

3dstep2

The camera will rotate 360 degrees, snapping photographs that give Matterport’s models their photo-realistic quality, and collecting readings from infrared sensors that infuse the images with a 3-D feel. You circle the camera as it spins to stay out of view and avoid scanning yourself. Each spin takes about 30 seconds.

Throughout the scanning process, 3dstep3you can see a top-down view of the space you’ve mapped on the iPad app, so you know what gaps you need to fill in. Every blue dot marks a spot where you conducted a scan. These dots represent the vantage points that you’ll be able to hop between when you use the model.

Step 3. Once you feel like you’ve covered the premises, you’ll need to mark windows.

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That tells Matterport’s software to process only 3-D data captured for the space between the camera and the window, and to exclude data for space outside the window that could extend beyond the camera’s range.

You’ll also need to mark mirrors, since they can trick the camera into believing that their contents represent actual space rather than just a reflection. You can also tweak the boundaries (as I did below) of a scan if you want to trim some spaces from the 3-D model, like a boiler room.

Step 4. When you’re done marking features in the model, tap upload to transfer the data to Matterport’s processing platform, which will convert the data into a photo-realistic 3-D model.3dstep5 The upload and rendering should take from one to two hours.

You’ll receive an email when the process is complete, notifying you that your model is ready for viewing or management within the Matterport content management tool.

 

matterport ready for viewing

Voila!

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Here’s me tooling around in the model.


In the beginning, you can see its “dollhouse” view, a bird’s-eye perspective that makes it easier to digest a home’s layout.

 

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http://www.inman.com/2015/01/05/3-d-tours-may-be-the-most-powerful-do-it-yourself-real-estate-marketing-tool-ever/

Solid Housing Starts Report for November | Pound Ridge Real Estate

 

Data for housing construction activity in November indicated ongoing high levels of activity as builder confidence remains positive.

According to the data from the Census Bureau and HUD, the pace of total November housing starts was down slightly (1.6%) from an upwardly revised October number. The October housing starts estimate was revised up from the initial reading of 1.009 million units (on a seasonally adjusted annual pace) to 1.045 million, with increases for both single-family and multifamily construction.

For November, the rate of single-family construction starts came in at 677,000, down 5.4% from the elevated October reading (716,000).

Multifamily starts of properties with five or more units increased 7.6% to a 340,000 rate in November. The starts rate for 5+ unit construction has been in an approximate stable range of 300,000 to 350,000 since August.

The pace of total starts was up in three of the four Census regions. Single-family starts were down noticeably in the South, after a jump in October.

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On a three-month moving average basis (graphed above) the November report is consistent with positive builder confidence, as reported by the NAHB / Wells Fargo Housing Market Index, and confirms that housing construction is experiencing solid but gradual gains.

For November, single-family starts, on a three-month moving average basis, stand at 685,000, which is a post-recession high. Total housing starts, on a three-month moving average basis came in at 1.034 million – also a post-recession high. The moving average for total housing starts has now been above a one million annual rate for three consecutive months.

Homes under construction_Nov

Another metric consistent with the ongoing recovery in housing, including its economic impact, is the count of housing units under construction. For November, the number of single-family units under construction (on a seasonally adjusted basis) was 364,000, while the count for multifamily was 450,000 according to the Census/HUD estimates. At the start of 2014, the single-family count was 336,000 homes.

 

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http://eyeonhousing.org/2014/12/solid-housing-starts-report-for-november/

Mortgage Rates Move Higher for Second Consecutive Week | Pound Ridge Real Estate

 

Fredie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the second consecutive week amid better than expected economic data. This 30-year fixed-rate mortgage also rose above 4 percent for the first time in three weeks.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending November 6, 2014, up from last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 4.16 percent.
  • 15-year FRM this week averaged 3.21 percent with an average 0.5 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.96 percent.
  • 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 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 links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates continued to rise this week with the 30-year fixed-rate mortgage eclipsing the 4 percent mark. The rate increases coincide with real GDP beating consensus expectations of 3.0 percent growth by growing at an annualized rate of 3.5 percent in the third quarter. The ISM Manufacturing Index also beat expectations registering 59 in October, up from September’s reading of 56.6.”

 

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Groovy Stone-and-Cedar Pavilion Wants $1.65M | Pound Ridge Real Estate

 

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Location: Hopewell, N.J.
Price: $1,650,000
The Skinny: A ’70s relic with modernist leanings in Hopewell, New Jersey, has been bouncing on and off the market since 2010. Recently relisted with Keller Williams (no, not that Keller Williams), it’s been reduced in price from $2.75M to $1.65M. The 3,750-square-foot home was designed by architect Philip Collin (no, not that guy), who was trained at Princeton and contributed a spiraling pavilion to the 1964 New York World’s Fair. For this home, built in 1970 and sited on 42 acres, Collin filled in a stone and cedar frame with white walls and large floor-to-ceiling windows. The living room at the center has a wet bar and a sunken seating area—one of those groovy and ill-fated residential relics that are so abhorred they just have to be due for a comeback—and clerestories in the interior walls that keep it and the bedrooms very bright. The carpet and the tile aren’t doing the place any favors, but that’s a pretty simple fix. Also included: a pool, a small guesthouse, and an odd, yellow-green basement.

More photos, this way. >>

Charlotte seeing its homes sell quickly | Pound Ridge Real Estate

 

There may be fewer listings on the Charlotte, North Carolina, housing market today than there were a year ago, but what is for sale is selling faster. Closed sales rose nearly 6 percent in July from July of 2013, according to the Charlotte Regional Realtor Association; that, as the inventory of homes for sale fell nearly 5 percent.

“The market is strong, though not everything is selling at the prices the sellers want,” said Bonnie Papandrea, a real estate agent with Wilkinson & Associates Real Estate in Charlotte. “Closer to town, those properties are doing fabulous and getting the price point back to almost 2006.”

 

The median price of a Charlotte-area home that sold in July rose 5.5 percent from a year ago, and sellers are getting on average about 95 percent of their list price. Sellers have been getting a bit more realistic, at least on a national scale, lowering their list prices and negotiating more, according to a report from Redfin, a national brokerage.

Charlotte had been a target of large-scale investors in single-family rental homes, but that demand is easing, especially as home prices rise. Investors need to get bargain-priced homes in order to make the investment work, and there are fewer and fewer distressed homes coming onto the market. There is also more competition in the market.

 

 

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http://finance.yahoo.com/news/charlotte-seeing-homes-sell-quickly-153933644.html

 

How One Israeli Firm Thinks Architecture Can Make Peace | Pound Ridge Real Estate

 

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When Israel began building a wall along the West Bank in 2003—called the “separation fence” by some, the “Apartheid wall” by others—Yehuda Greenfield-Gilat and Karen Lee Bar-Sinai were about to graduate from architecture school at Technion, the Israel Institute of Technology. As aspiring architects studying and living “in the shadow of a territorial conflict,” as Greenfield-Gilat says, they were shocked to see that architects were involved in only the most superficial conversations about the aesthetics of the wall—there were no bigger-picture architectural discussions about how the wall would change its surroundings. “It was insulting that architects were not considered by themselves as people who have something to say about the most significant spatial fact that [was] being built in Israel,” Greenfield-Gilat says now.

Bar-Sinai and Greenfield-Gilat, now 36 and 37, believed architecture and architects had a place in the conversation about conflict resolution. For their Technion thesis project, they designed a transportation hub that, after a final Israeli-Palestinian agreement, could serve as both a border and a functional structure within Jerusalem, strengthening the city rather than fragmenting it. The project raised all kinds of big questions, as Greenfield-Gilat recalls: “How can we use architectural tools and insights in order to enhance…territorial peace agreements? How do you create a border within a city that does not really destroy the city?” And so, in 2006, they formed SAYA, a firm focused on “resolution planning,” or the idea that design and architecture can be tools for peace. The firm’s name is short for “Studio Aya,” in memory of Greenfield-Gilat and Bar-Sinai’s friend and fellow architect Aya Shapira.

Many of the firm’s current projects are thought-driven, paid for by think tanks, universities, or international agencies and governments. Most often, the architects come up with ideas based on needs they see in the world and pitch them to relevant organizations, though sometimes it’s the other way around. It’s prebuilding rather than rebuilding. The idea, as Bar-Sinai explained in a talk at Harvard’s Graduate School of Design last year, is to “be in the prime minister’s head,” to get policymakers to think, as much as possible, like architects.

 

 

 

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http://curbed.com/archives/2014/01/09/how-one-israeli-firm-thinks-architecture-can-make-peace.php

Why mortgage rates haven’t risen as expected | Pound Ridge Real Estate

 

By most estimates, mortgage rates were expected to climb this year, with rates on the 30-year fixed-rate mortgage predicted to exceed 5%. Instead, rates are now lower than they were this time in 2013 — much to the advantage of mortgage shoppers.

There are a few reasons why higher rates never came to pass.

Rates on the 30-year fixed-rate mortgage averaged 4.15% for the week ending July 10, according to Freddie Mac’s weekly survey of conforming mortgage rates. A year ago, rates averaged 4.51%.

“In January, we were projecting at the end of the year that the 30-year would be 5.1%,” said Leonard Kiefer, deputy chief economist with Freddie Mac. “We most recently revised that down to 4.4%.

Supply and demand

Economists had largely expected rates to rise once the Federal Reserve indicated it would taper its purchase of mortgage-backed securities through its quantitative easing program, Kiefer said. Rates did, in fact, rise spike upward due to that indication last summer.

But when the Fed actually began purchasing fewer of these securities, mortgage rates began to fall. That’s because the tapering ended up coinciding with a reduction in mortgage originations — which means fewer mortgage-backed securities were being issued, Kiefer said.

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http://finance.yahoo.com/news/why-mortgage-rates-haven-t-145257442.html

Mortgage Defaults Sink Below 1 Percent | Pound Ridge Real Estate

Mortgage default rates fell below one percent for the first time in years, providing further evidence that the foreclosure era is all but over.

Data through June 2014, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed decline in default rates. After eight consecutive months of rate declines, the first mortgage default rate fell to 0.89.

“Consumer credit default rates continue to drift lower and have reached a historical low,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. “Recent economic reports are encouraging with the unemployment rate now at a six year low and strong job creation in recent months. The continued declines in consumer default rates confirm other indicators of an improving economy. Credit standards for mortgage loans continue to be somewhat restrictive and may be contributing to low first mortgage default rates.

 

 

 

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http://www.realestateeconomywatch.com/2014/07/mortgage-defaults-sink-below-1-percent/

Down Payments Squeeze First-time Buyers | Pound Ridge Real Estate

 

It’s no secret that raising the cash for a down payment is the toughest hurdle first-time buyers face on the road to home ownership. For many, government programs like FHA, USDA Rural Development guaranteed loans, VA loans and down payment assistance programs sponsored by state and local housing authorities have made all the difference.

Yet requirements by lenders in the wake of the QM Rule and overall tighter loan-to-value ratio standards are taking their toll. Average down payments are rising again, making it tougher for millennials who may face student loans and other financial hurdles.

Fewer first time home buyers are putting low down payments, according to the latest Realtor Confidence survey. About 60 percent of first time home buyers put down 6 percent or less compared to about 74 percent in 2009. Realtors reported that buyers who pay cash or put down large down payments generally win against those offering lower down payments.. For buyers with sufficient financial resources, a higher downpayment also means saving on mortgage insurance premium payments.

Down payments have already increased when last year, when the media for first-time buyers was 5 percent for first-time buyers and 14 percent for repeat buyers, according to NAR’s Profile of Home Buyers and Sellers.

Last year first-time buyers used a variety of resources for the loan downpayment: 78 percent tapped into savings; 27 percent received a gift from a friend or relative, usually from their parents; and 7 percent received a loan from a relative or friend. Nine percent sold stocks or bonds and 8 percent tapped into a 401(k) fund. Among entry-level buyers who said that saving for a downpayment was difficult, 54 percent said student loan expenses delayed savings.

 

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http://www.realestateeconomywatch.com/2014/05/down-payments-squeeze-first-time-buyers/