Tag Archives: South Salem NY Homes for Sale

Washington housing market uneven in fourth quarter | South Salem NY Real Estate

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Washington state’s housing market softened in the fourth quarter of 2013 compared to the quarter before, but remained stronger than a year ago, according to the Runstad Center for Real Estate Studies at the University of Washington.

Sales of existing homes declined 8.6 percent in the September-December quarter of 2013, but still were 9.2 percent higher than the same time in 2012.

The seasonally adjusted sales rate was 91,340 homes, meaning that if the quarter’s pace continued unchanged for a year, that number of homes would be sold.

“Washington’s housing market is finding its balance,” said Glenn Crellin, associate director of the Runstad center. “Sales throughout 2013 totaled 93,730 units, well above any of the last five years, but still well below the pre-recession frenzy.”

An inadequate supply of listings available for sale continues to be a problem and contributes to increases in home prices, Crellin said.

The statewide median home sales price during the fourth quarter was 6 percent above a year ago at $256,300. Price increases were especially strong in the metropolitan Seattle area.

Median prices were lower than a year earlier in 16 counties, but most declines were less than 2 percent. Median prices ranged from $70,000 in Lincoln County to $421,000 in King County.

 

http://south-everett.villagesoup.com/p/washington-housing-market-uneven-in-fourth-quarter/1117564

 

Is housing bubbly? There is a lot going on | South Salem NY Homes

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There is a lot going on right now in housing and mortgage markets. But one of the debates that continues to rage on is whether U.S. housing markets are in a bubble or not.

HousingWire’s own monthly HW Magazine talked about it in detail in our January issue.

So too has CNBC’s John Carney, in a post from late last year with the headline: Yep, it’s another housing bubble. And then on January 14 of this year, Peter Wallison at the American Enterprise Institute wrote a breathless op-ed proclaiming: The bubble is back.

But is it really a bubble just because home prices are rising again?

They say a picture is worth a thousand words, and this chart published today by rating agency DBRS in their annual overview of the RMBS market for 2014 suggests that anyone claiming a new housing bubble is simply ignoring the most basic housing fundamental of them all: nominal home prices.

Most markets haven’t yet reached their pricing level highs from the previous cycle, with the exception of two markets that saw the least amount of decline.

Those who want us to think there is a bubble cite the relationship between home prices and rental rates; or look at some calculated measure of affordability. And when those are out of whack, they say it’s a bubble.

But it could be that rental rates are themselves out of whack, not housing prices. And it could be that other variables are affecting affordability rather than just prices, too. Supply and demand factors can do funny things to ratios, all of which need to be read in context.

No analysis should ignore market fundamentals, should it? Can we really be building another housing bubble if home prices in almost every U.S. market right now haven’t even surpassed levels they once were at — even after the strong price rebound we’ve already seen in the previous year?

After five years of a housing economy that has been either horrible or just plain bad, it’s difficult to believe that one good year somehow suddenly puts the nation’s housing markets back into the bubble.

 

 

http://www.housingwire.com/blogs/1-rewired/post/28599-the-most-important-chart-in-housing-right-now

Manhattan apartment sales market caps off winning year as deals and prices hit new records | South Salem NY Homes

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Sales volume surges nearly 27%; Average price rises 5.3% to $1,538,203

Manhattan’s apartment market ended 2013 on a high note as a flood of buyers sent sales volume and prices to record levels, according to multiple reports.

Sales in the quarter surged nearly 27% to 3,297, compared with last year, marking the largest number of fourth quarter closings on record, according to Douglas Elliman….

Read more: http://www.nydailynews.com/new-york/manhattan-apartment-sales-market-caps-winning-year-deals-prices-hit-new-records-article-1.1564829#ixzz2pMEXfPji

Real Estate: Avoid these common mortgage scams | South Salem NY Real Estate

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The sluggish economy and slowly recovering housing market create the perfect environment for mortgage scams, with desperate homeowners as easy prey for scammers.

The crooks make the deal sound attractive and legit. Thousands of homeowners are duped in mortgage scams each year, and con artists don’t have to look far for victims, says Yolanda McGill, senior counsel for the Fair Housing & Fair Lending Project, an initiative by the Lawyers’ Committee for Civil Rights Under Law in Washington, D.C.

Most of the victims reach out to the scammers themselves through Internet searches, she says. She bases her conclusion on thousands of complaints that her organization has received from mortgage scam victims.

”The people showing up in our databases are people who are looking for help on the Internet,” she says.

— A theft in-‘deed’

Lured by promises of a better interest rates and lower mortgage payments, some borrowers end up signing away their houses.

Thieves pose as mortgage professionals or attorneys who pledge to modify or refinance the homeowner’s mortgage. The borrower is asked to sign the supposed modification papers. One of the pages in the stack of documents is a deed that, once signed, transfers ownership of the property to the perpetrators or a company related to them.

While many homeowners would be able to spot such an ingenious trick, others don’t bother to read or simply don’t understand the documents they sign, says Brian Sullivan, a U.S. Department of Housing and Urban Development spokesman.

Pierre Penthouse Now Costs $95M After $30M Price Cut | South Salem NY Homes

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One of the Real Estate Things To Watch in the coming year was going to be the competition between the city’s five listings asking $100 million or more. But one of those listings, the $125 million penthouse atop the Pierre Hotel owned by the widow of stock investor Martin Zweig, has already dropped out of the $100 million race, cutting its price by $30 million, down to a paltry $95 million. Despite the 24 percent discount, if the residence got its full ask it would still set a city record, and remains a long shot. But an impressive long shot nonetheless, encompassing the three top floors of the famous hotel, with 16 rooms including the living room, which, according to the brokerbabble, “is considered the most magnificent privately owned room in the world.” It carries monthly charges of $42,720.

Existing home sales decline 4.3% in November | South Salem NY Homes

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Existing home sales fell 4.3% for November to a seasonally adjusted rate of 4.9 million, according to Thursday’s report from the National Association of Realtors, although median prices show strong growth year-over-year.

That’s down from 5.12 million in October, and 1.2% below the 4.96 million-unit pace in November 2012.

Lawrence Yun, NAR chief economist, said the market is being squeezed.

“Home sales are hurt by higher mortgage interest rates, constrained inventory and continuing tight credit,” he noted. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new home construction. As such, rents are rising at the fastest pace in five years, while annual home prices are rising at the highest rate in eight years.”

HousingWire will have detailed analysis of this, as well as today’s coming report on jobless claims for the week and where mortgage rates stand, and how it all ties into the Fed’s announcement Wednesday that it will begin tapering its purchase of mortgage-backed securities and Treasurys in 2014.

 

 

http://www.housingwire.com/articles/28356-existing-home-sales-decline-43-in-november

Home prices cooling, but double-digit gains remain common | South Salem NY Real Estate

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Home prices in Southwest Florida continue to post double-digit gains, despite some predictions that those hefty increases that have been a hallmark of 2013 will begin to taper off.

Prices of single-family homes in the Sarasota-Manatee region climbed 11 percent in October over last year, according to the latest report from real estate data provider CoreLogic.

That fell short of the 12.5 percent increase reported nationwide, which marked the 20th straight monthly boost in homes prices in the U.S.

But prices outpaced the U.S. in Charlotte County, where they jumped 14.7 percent in October over the same period in 2012.

Both regions, however, topped the national average for month-to-month price gains.

Home prices from September to October rose 0.4 percent in Sarasota-Manatee and 0.5 percent in Charlotte, compared with a 0.2 percent average hike throughout the country.

That small nationwide gain, experts suggest, indicates prices may be starting to level off.

“In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,” said Mark Fleming, chief economist for CoreLogic.

 

 

http://www.heraldtribune.com/article/20131216/ARTICLE/131219721/-1/sports03?Title=Home-prices-cooling-but-double-digit-gains-remain-common

Warren Buffet’s new real estate brand wants to learn from — and recruit — millennials | South Salem NY Homes

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A group of younger agents will help Warren Buffett’s new real estate franchise brand, Berkshire Hathaway HomeServices, buck the aging agent trend and connect with the perspective of a younger generation.

The Irvine, Calif.-based franchisor has selected 10 agents, all 35 years old or younger, to serve a two-year term on the “REthink Council,” from a pool of more than 40 applicants, based on their ideas and proficiency — transaction sides, sales volume and awards.

The council will provide input to BHHS leadership on how to connect with millennials, the 20- and 30-somethings born during the early 1980s through the turn of the century.

The new franchise network — which 51 brokerages have committed to affiliate with — wants to become an attractive brand for younger agents, and share innovative ideas with member brokers and the industry at large.

The dearth of younger agents was part of the motivation for establishing the REthinkCouncil. Millennials are not only scarce among the ranks of real estate buyers and sellers, but underrepresented in the ranks of real estate agents.

Agents under the age of 40 made up just 11 percent of the Realtor population in 2013, according to the National Association of Realtors’ 2013 member profile, down from 20 percent in 2003.

 

 

– See more at: http://www.inman.com/2013/12/12/warren-buffets-new-real-estate-brand-wants-to-learn-from-and-recruit-millennials/?utm_source=20131212&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.f4OPAxYE.dpuf

Refined Casual Style for a Gracious Farmhouse | South Salem Homes

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This Georgia couple enjoyed their lakeside country vacation house so much that they decided to live there. While the rustic 1960s prefab cabin was all they needed for relaxed weekend stays, it was not suitable for full-time living, so they remodeled and expanded the house, making it look like a simple, rambling farmhouse that had grown over time. The new house is more refined than the original cabin but still lends itself well to casual living and maintains that familiar beloved feeling.
Houzz at a Glance Who lives here: A couple of empty nesters who love to entertain Location: Harris County, Georgia Architects: Historical Concepts Interior designer: Melanie Davis Landscape designer: Bill Lincicome Size: 4 bedrooms, 4 bathrooms
Photography by Blayne Beacham

The idea was to make the house look and feel like a genuine rambling farmhouse with additions built over decades.
The cabin held many great memories for three generations of the family. Their first idea was to preserve the original cabin as a guesthouse and build a new main house. But the owners and designers realized that the cabin’s location atop the knoll was the most picturesque spot on the property.
AFTER: Creating more ways to enjoy the views of the 100-acre farm and lake was a priority. Each room now leads to a porch or is open to the pastoral views. This new front entry unites the original cabin (left) with the addition (right).
The metal roof of the old house was the right choice for the new farmhouse as well. “It’s about as indigenous to this type of farm as the local fieldstone seen on the old stone walls around the property,” says Historical Concepts principal Terry Pylant.
The shaded portion of the plan shows the footprint of the original house, which was kept intact. The placement of the new entry porch and hallways gives the interiors a comfortable flow.

South Salem sales up 25% | Median price down 3% | #RobReportBlog

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South   Salem NY Real Estate ReportRobReportBlog
20136 months ending 11/222012
45Sales36up 25%
$550,000.00median sold price$567,500.00down 3%
$190,000.00low sold price$245,000.00
$1,450,000.00high sold price$1,210,000.00
2617average size2702
$254.00ave. price per foot$226.00
179ave days on market208
$639,013.00average sold price$602,737.00
96.19%ave sold to ask93.64%