Tag Archives: South Salem NY Homes for Sale

Luxury Home Price Gains Slower Than Rest | South Salem Real Estate

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Given the recent string of record-breaking sales of ultra-luxury homes –$147 million in East Hampton, $120 million in Greenwich–one might get the idea that the value of high-priced abodes is skyrocketing. But that’s not the case at all. In fact, it turns out that prices for non-luxury homes are rising much faster.

To get at the real numbers, we asked Trulia TRLA +2.15% and Zillow Z +0.89% to cull their data on home prices. Looking at all for-sale, non-foreclosure listings, Trulia found that from May 2013 to May 2014, national home prices rose 6% in top-tier neighborhoods (zip codes where prices are in the top 10% for each city). Prices in neighborhoods not in the top tier rose at a significantly higher rate of 9.3%.

The trend is a reversal from the prior year (May 2012 to May 2013), when national home prices in luxury zip codes rose 9.2% and non-luxury rose 8.4%. (Before that, from May 2011 to May 2012, price gains in both luxury and non-luxury zips were about the same: 0.4% and 0.3%, respectively.)

Looking at the data another way, Zillow explains part of the reason that non-luxury prices are growing faster than luxury. As the graphic below shows, the top third of the residential market fell less dramatically during the housing crash than the bottom third of homes. It’s also come up less in the past three years–but it had less far to travel to recover.

 

 

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http://www.forbes.com/sites/erincarlyle/2014/07/16/data-driven-luxury-home-price-gains-slower-than-rest/

Fixed Mortgage Rates Largely Flat | South Salem Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely flat compared to the previous week amid light economic reports.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending June 5, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.4 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.74 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.58 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 the Regional 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 were little changed amid a week of light economic reports. Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May.”

Home Prices Start Easing, to the Relief of Experts | South Salem NY Homes

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A steep gain in home prices in many markets that helped lift millions of Americans out of the red on their mortgages is now markedly slowing, with new data from the Standard & Poor’s/Case-Shiller national home price index on Tuesday showing that the annual growth in prices had eased in March to 10.3 percent, from the previous year’s increase of 11.4 percent.

But analysts said that the softening of price gains, rather than a worrisome trend, may actually be welcome news. Double-digit increases cannot go on forever, and many economists are using words like “sustainable” and “stable” to describe the slowdown, saying the market is becoming healthier.

Foreclosures make up a smaller percentage of sales, and the higher prices have caused investors to back off, leaving the bigger question of whether housing is affordable and mortgages are accessible to average families that want to buy. First-time home buyers still make up less than 30 percent of the market, according to the National Association of Realtors, while the number of all-cash buyers — not just investors, but older people who are downsizing after the sale of a larger home — has remained elevated.

OPEN Interactive Graphic

Interactive Graphic: Home Prices in 20 Cities

Those factors will help curb any potential new bubbles, said Mark H. Goldman, a real estate expert at San Diego State University. “Here in San Diego, we have a real shortage of inventory, yet prices are softening,” he said, adding that houses in the area may have been priced too aggressively. “A big factor on home price appreciation is affordability.” Prices in San Diego rose 18.9 percent between March 2014 and March 2013, according to Case-Shiller. More moderate increases may give buyers’ incomes a chance to catch up.

Of the 20 cities that Case-Shiller tracks individually, all had double-digit price increases in that time period except Boston, Charlotte, Cleveland, Denver, New York and Washington, which had single-digit increases. In some cases, the cities hit hardest in the housing bust had the biggest gains. Las Vegas, where home prices rose 21 percent, led the list. Cities where demand has accelerated and housing supply is sharply limited by geography and other factors, like San Francisco, also posted large gains. Prices soared there by 21 percent, according to the measure.

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Yellen: Housing remains a big concern | South Salem Real Estate

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Federal Reserve Chair Janet Yellen’s second day on Capitol Hill found her focusing on at least three economic vectors tied to housing – fiscal policy, job creation and the tapering of bond buying.

Yellen wasn’t as specific or blunt on Thursday before the Senate Banking Committee as she was on Wednesday before a congressional committee.

“Of course the recovery of the housing sector is very important. To see that ongoing is important to our recovery and has been a very important factor in the downturn,” Yellen told senators.

On Wednesday, though she warned more strongly that housing is a headwind for the economy.

“One cautionary note, though, is that readings on housing activity – a sector that has been recovering since 2011 – have remained disappointing so far this year and will bear watching,” she said. “Another risk – domestic in origin – is that the recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery.”

Weak job growth and wage stagnation remain challenges for both housing and for the economy in general.

On bond buying and the commitment to the tapering, Yellen held her ground.

“What we need to see in order to follow that plan is continued improvement in the labor market and an overall pattern of growth that is sufficient to cause us to project continued improvement,” she said. “Our objective is to make sure that the economy moves back to full employment or maximum employment, and we are making gradual progress….

“Whenever we meet we ask ourselves the question, ‘do we continue to believe that the economy is on a path that will take us toward our objective of reaching full employment or maximum employment?’ And we also think about inflation, which is running below our 2% objective and ask ourselves, ‘does incoming evidence suggest that inflation will also be moving back up to 2% over time?” Yellen said. “If the answer to those two questions is ‘yes,’ we will continue to reduce the pace of our asset purchases.”

 

 

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http://www.housingwire.com/articles/29954-yellen-housing-remains-a-big-concern

California city looks to sea for water in drought | South Salem Real Estate

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This seaside city thought it had the perfect solution the last time California withered in a severe drought more than two decades ago: Tap the ocean to turn salty seawater to fresh water.

The $34 million desalination plant was fired up for only three months and mothballed after a miracle soaking of rain.

As the state again grapples with historic dryness, the city nicknamed the “American Riviera” has its eye on restarting the idled facility to hedge against current and future droughts.

“We were so close to running out of water during the last drought. It was frightening,” said Joshua Haggmark, interim water resources manager. “Desalination wasn’t a crazy idea back then.”

Removing salt from ocean water is not a far-out idea, but it’s no quick drought-relief option. It takes years of planning and overcoming red tape to launch a project.

Santa Barbara is uniquely positioned with a desalination plant in storage. But getting it humming again won’t be as simple as flipping a switch.

After the plant was powered down in 1992, the city sold off parts to a Saudi Arabia company. The guts remain as a time capsule — a white elephant of sorts — walled off behind a gate near the Funk Zone, a corridor of art galleries, wineries and eateries tucked between the Pacific and U.S. 101

 

 

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http://news.yahoo.com/california-city-looks-sea-water-drought-142629739.html

Mortgage Rates up slightly to 4.33% | South Salem Realtor

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following an uptick in the 10-year treasury note and amid a week of soft housing data.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.6 point for the week ending April 24, 2014, up from last week when it averaged 4.27 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.6 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.61 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.58 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.62 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 the Regional 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 edged up following the uptick in the 10-year Treasury note late last week. Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales fell nearly 15 percent in March to an annual rate of 384,000, well below consensus.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

How will school-boundary changes affect the DC real estate market? | South Salem Real Estate

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Homebuying just got a little more complicated in the District of  Columbia.

Many buyers, whether or not they have children, want to know they’re moving into  an area with good schools. For those with children, it’s an immediate concern. For  those without children, it’s a question of resale value.

This week, Mayor Vincent Gray unveiled a proposal to overhaul school boundaries,  including changes to the way school assignments are determined. It’s the first  proposal to change the boundaries in decades, and it comes as the D.C. real estate  market has heated up, including in neighborhoods east of the Anacostia River.  Darrin Davis, owner of Anacostia River Realty, says, “The D.C. market is hot. I  just sold five houses this week.”

So will changes to school boundaries cool that market?

Eldad Moraru, with Long and Foster, says D.C. has become a desirable place — not  just for young career-minded singles, but for families too. And the proposed  school-boundary changes raise questions.

“Some of them — I won’t say all of them, but some buyers are holding off on  making decisions until this plays out to its completion.”

Moraru, who is licensed in D.C., Virginia and Maryland, says the uncertainty  created by Gray’s proposals could send buyers elsewhere. “I’m sure there are some  people who’ve opted to go ahead and purchase in other school districts like  Maryland and Virginia because of this, but others are taking a wait-and-see  approach.”

Davis says buyers who are looking to Anacostia, where the housing stock is  plentiful and the prices are within reach for many priced out of other  neighborhoods, tend to be young singles. Schools may not be a major consideration  for those buyers right now, but he says, “I do see that being an issue five to ten  years down the line.”

 

 

http://www.wtop.com/109/3600068/How-will-school-boundary-changes-affect-DC-real-estate

L.A.’s ‘Unsellable’ Fleur de Lys Just Sold for $102M… in Cash | South Salem Real Estate

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Screen-shot-2012-02-10-at-2.52.37-PM.jpg

Nobody freak out, but it seems that Los Angeles’ Fleur de Lys, the estate that broke records when it hit the market in 2007 for $125M and, despite years of floundering, stuck stubbornly to its exorbitant ask, has sold for $102M, a record for L.A. county. What’s more, the “trophy estate,” as the L.A. Times dubs it, apparently sold amid a bidding war that engaged three billionaires, with the winner (previously reported to be businessman and “junk bond king” Michael Milken) agreeing to pay all cash for this 100-room mansion, as well as its rare Louis XIV and Louis XV antiques.

Designed by Richard Robertson III and completed 2002, Fleur de Lys comes with 35,000 square feet of marble walls and spindly furnishings, all spread across 12 bedrooms, 15 bathrooms, accommodations for a 10-person staff, a 50-seat screening room, and a three-bedroom caretaker’s house. As the Los Angeles Times writes, “The 3,000-square-foot wine cellar and tasting room is larger than most American houses, as is the manager’s house.” The jumbomanse was built for billionaire David Saperstein and his then-wife, Suzanne. After David’s much-publicized affair with their Swedish nanny, the two went through a much-publicized divorce that left his ex with the palace. This, of course, all went through in 2007, when a recession made it extremely difficult to sell megalomansions.

Much like the largest private residence in the country, Fleur de Lys took inspiration from Versailles—practically a requirement for homes of this stature, apparently. The property first hit the market in 2007, slinked off the market in October 2009, and again listed for its original ask—a staggering $125M—in July 2011.

Thought it was once rumored to have sold to Formula One heiress Tamara Ecclestone, it seems Fleur de Lys actually went to Milken, a businessman/philanthropist and onetime so-called “junk bond king.” The buyer was initially identified as an anonymous French billionaire, but the paper has since uncovered that “taxes will be mailed to the Milken Institute in Santa Monica.”

 

 

http://curbed.com/archives/2014/03/31/las-unsellable-fleur-de-lys-just-sold-for-102m-in-cash.php

This Carriage House With a Secret Pool Wants $85,000/Month | South Salem Real Estate

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24 images

This 25-foot-wide house on East 83rd Street was once J.P. Morgan’s carriage house, and if the 19th century industrialist could see it today he would either be really impressed or run away screaming, because the entire house—from lighting to music to thermostats—is controlled via touchpad. And that’s not even the most intriguing part: apparently, the kitchen floor can slide open to reveal a swimming pool. (The pool is not pictured, but that’s okay—it doesn’t sound like something people would want to see pictures of.)

The house’s owner, businessman Karan Trehan, bought it with his wife in 1995 and they renovated it together, filling the 7,200-square-foot building “with artwork and heavy Anglo-Indian furniture, reflecting their shared Indian background.” After the couple separated in 2007, Trehan renovated the house again to reflect it being a sick bachelor pad. All the art is now for sale, and the house is available to rent at $85,000/month. Make sure you get a look at that pool before you sign the lease, though.

http://ny.curbed.com/archives/2014/03/20/this_carriage_house_with_a_secret_pool_wants_85000month.php