Tag Archives: Waccabuc Homes

Branstad, MidAmerican officials plan major wind energy announcement | Waccabuc Real Estate

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Officials at MidAmerican Energy Co. and the state of Iowa are set to make a major announcement regarding a new wind energy development.

Gov. Terry Branstad is expected to discuss the project at his morning news conference Monday and release further details with company officials at a 1 p.m. news conference to be held at the Siemens Energy wind blade factory near Fort Madison.

In August MidAmerican Energy received approval from the Iowa Utilities Board for a $1.9 billion project to install hundreds of wind turbines by the end of 2015.

More than 448 turbines are to be installed in Grundy, Madison, Marshall, O’Brien, and Webster counties.

MidAmerican, Iowa’s largest energy company began building wind turbines in 2004, and it currently has more than 1,200 wind turbines in Iowa.

 

 

http://www.desmoinesregister.com/viewart/20131216/BUSINESS/312160051/Branstad-MidAmerican-officials-plan-major-wind-energy-announcement

Manhattan Rents Dip Again, But Brooklyn’s Won’t Stop Rising | Waccbuc Real Estate

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Elliman%20-%20Manhattan%20Rents%20November%202013.png [Chart via The Elliman Report.]

An NYC newbie might look at the data from Elliman’s monthly rental market report for November and say, “Hey, the rents in Manhattan have declined for three straight months now. Yippee!” The median rental price did, once again, drop year-over-year, down 3 percent to $3,100/month. Hold up: report guru and general market whiz Jonathan Miller cautions that Manhattan renters should contain their glee. “We are seeing rents top out, but the market is still strong,” he says, adding that the rental market saw much of its number exit in order to buy this summer in a flurry of record sales activity. Vacancy rates rose to a relatively high 2.8 percent, and so in order to appease renters, landlords were more willing than usual to offer concessions (say, a free month’s rent). Yet, concludes JMillz, “I don’t think we should expect a long downward trend in rents. The key drivers—rising NYC employment and tight credit—remain in place. I see rents bouncing up and down going forward on some sort of plateau and remaining at a high level.”

MNS%20-%20Manhattan%20YoY%20Rent%20Changes.png [Infographic via MNS.]

Meanwhile, brokerage MNS breaks down its extensive monthly report by neighborhood and type of apartment. Taking all the data together, though, Midtown West, Battery Park City, and the East Village saw the most intense rent hikes, while rents dropped for the Upper East Side, Chelsea, and the Lower East Side.

Elliman%20-%20Brooklyn%20Rents%20November%202013.png [Chart via The Elliman Report.]

Let’s turn our attention to Brooklyn, once seen as a bastion of affordability. Not anymore, folks, given that Elliman found median rents in the booming north and northwest parts of the borough rose yet again, this time by 3.8 percent to $2,800/month. And as rents are climbing, the availability of rentable apartments is decreasing: the number of new rentals slipped 6.5 percent from November of last year. The gap between Brooklyn and Manhattan median rents continues to narrow, with only $300/month between them now. “I see Brooklyn as about a year behind the Manhattan cycle,” Miller says. “I think they have more upside, whereas Manhattan more stable.” But, fear not, there’s relief ahead, in the form of increased supply: “Much of the new development in Brooklyn is rental, so that will temper growth next year, whereas most of the new development in Manhattan is condo.”

 

 

http://ny.curbed.com/archives/2013/12/11/manhattan_rents_dip_again_but_brooklyns_wont_stop_rising.php

Prices Turn Frosty in First November Data | Waccabuc Real Estate

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National and regional rates of growth showed clear signs of winter chills in November, as summer buying activity gave way to the typical winter slow down.  Nationally, home prices cooled off to a 10.8% year-over-year growth, a slight tapering over the previous quarter’s 11.0% yearly growth.

More notable moderation took place in quarterly growth. November national quarterly growth of 1.8% was nearly cut in half when compared to the previous quarter’s 3.3% growth.  The regions experienced moderation over yearly and quarterly rates of growth as well, with few exceptions. The Midwest and the Northeast were the only regions to see slight gains in yearly rates of growth over the previous quarter, according to Clear Capital’s Market Report

While REOs and short sales accounted for 21.6% of all national sales over the previous quarter, it is substantially lower than peak rates of 41.0% in 2011Distressed sale activity, as a portion of total sales, can increase over winter due to some fair market sellers waiting for the more active spring season to list their homes.

Prior to the recovery taking hold, increasing distressed sale saturation rates pushed prices down. Yet, the First-In-First-Out recovery saw distressed markets drive gains, creating a new relationship between high levels of distressed sale saturation and price gains.

The Phoenix MSA has embodied this behavior as one of the first markets to exhibit a sustained recovery alongside its high levels of distressed sale saturation. After significant gains, the market’s growth is now moderating with quarterly growth of 2.4%, less than half of the current annual rate of growth when annualized. Having led the recovery for the better part of a year, Phoenix no longer sits on the top 15 performing list. Other metro markets also confirm higher levels of distressed sale activity can now correlate with higher price gains.

Average rates of yearly growth in the top performing markets were 19.2% in November, while average distressed sale saturation sat at a relatively high 24.5%.

Low performing markets, on the other hand, had average rates of yearly growth of 4.9% in November, while average distressed sale saturation sat at a relatively low 17.2%.

 

http://www.realestateeconomywatch.com/2013/12/prices-turn-frosty-in-first-november-data/

Ideabooks Aid Design Collaboration in Seattle | Waccabuc Real Estate

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Style can be hard to verbalize. What’s my personal home decor style? It’s a little bit of this and a little bit of that. I don’t know that I could sum it up in a sentence, but I do know that I could point it out in a picture. Tom and Jessica Freeman discovered this while remodeling their 1902 Seattle home. Both had strong opinions about what they wanted in their new house but were unsure how to communicate that to the right architect.
After browsing the 2 million-plus photos on Houzz, the couple narrowed their search by metro area so they could look at projects in Seattle. They came across architect Michael Knowles’ work. Drawn by his more traditional projects they saw on Houzz, they ended up hiring both Knowles and his wife, Colleen, an interior designer. Sharing and collaborating design concepts via their Houzz ideabooks streamlined the process and helped lead the couple to their dream home.
Houzz at a Glance Who lives here: Tom and Jessica Freeman Team: Michael Knowles, architect; Colleen Knowles, interior designer Location: Seattle Size: About 2,400 square feet; 3 bathrooms, 2 bedrooms
Photography by Tom Marks

The 1902 house had undergone an extensive renovation in the 1980s, but the bones of the house were good. “We pretty much touched every room, but some had a lighter touch than others,” says Michael Knowles.
The kitchen went through the biggest changes. Although the footprint remains the same, a few structural changes and new surfaces resulted in a dramatic update. Previously it had a vaulted, open ceiling with a clerestory window. Although the window was intended to bring in more light, a neighbor’s house blocked the view, and the open ceiling felt like wasted space.
The floor plan made the most of the space and worked well for the couple’s cooking habits. The Freemans didn’t particularly like the color of the cabinets, but they were solid wood and well made, so they kept them.
AFTER: After searching through dozens of kitchen photos on Houzz featuring black granite, the Freemans determined the look they wanted very quickly. “The ideabooks allowed us to communicate with Michael and Colleen much faster,” says Jessica Freeman. “It was an absolute dream to work with them.”
Michael closed off the kitchen ceiling and repainted the cabinets in a bright white. The cabinets had to be removed during construction, but he put them back in using almost the same layout. A new granite countertop and gray tile backsplash add contrast to the color palette, while new pot lights and ceiling pendants make the kitchen feel brighter than it did with the higher ceiling.

Nation’s home recovery may be on shaky ground | Waccabuc Real Estate

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Concerns are rising that the nation’s year-long revival in residential housing might be facing an uncertain future. The latest publication to tackle the issue was none other than the venerable Economist, which had this to say:

What effect will this slowdown will have on builders? Previous busts have taught them to control the inventory of new properties coming to the market. If they react abruptly to falling sales by building less, the housing market may be “on the verge of a significant correction”, argues Ian Shepherdson of Pantheon Macroeconomics. Although residential construction is only 3% of GDP, in each of the past five quarters it has contributed around a quarter of America’s economic growth.

                    Source: The Economist

If prospective buyers can’t picture living in a particular home, they’ll walk away | Waccabuc Real Estate

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While showing homes to a young couple with two small children I discovered a house can look too perfect. Since I just met the buyers as they had arrived in town, I didn’t have much time to schedule appointments and make my showing schedule. Some of the sellers had only a couple hours’ notice to prepare for the showings. Even with the short notice, these sellers have extremely neat homes. There was not one child’s toy left out, or book, dish, wrinkled pillow or toothbrush out of place.

The buyers kept commenting about how neat these homes were and even questioned if these occupied homes had real people living there. The houses looked too perfect. I know for a fact that one of the homes was professionally staged because the listing agent always requires her sellers to stage their homes. Some of the other houses may or may not have been professionally staged.

Staging — when done right — can help a home sell. I have seen some wonderful staging jobs. But a couple of these homes lacked that warm, lived-in feeling. This turned off the young couple with the two small children. I saw them squirm and cross their arms. They made generic statements about how this is nice and that looks pretty, but not buying-sign comments.

We saw some vacant homes and some new construction, too. Seeing these homes empty did not seem to bother the buyers, as they could see the real potential the homes offered — a clean palette, so to speak.

I showed another home that was occupied where the sellers left it neat but with a lived-in feeling. You could feel it the moment you stepped in the door. The buyers responded very favorably and started seeing themselves living there. They wanted to linger and ask questions. Yes, there were some personal family photos around, toys in the corner, things on the kitchen counter. The beds were made and the house was clean, but it felt lived in by a happy family.

– See more at: http://www.inman.com/next/when-marketing-to-families-a-staged-listing-should-evoke-lived-in-feeling/#sthash.IdbSlOrt.dpuf

Most Popular Manhattan Rental Listings Of The Last Week | Waccabuc Real Estate

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Yesterday we rounded up the top 10 most expensive rental listings in the city, but those places aren’t exactly where most of the city’s renters are looking. So today, we are looking at the top 10 most popular Manhattan rental listings of the past week, according to data from StreetEasy. The listings, which were sorted by the number of pageviews, highlight that everyone is always searching for the best deal—the most expensive unit on this list is a $3,000/month two-bedroom.

↑10) 32 East 7th Street, East Village The listing for this two-bedroom makes no mention of a living room, and judging by the photos, there may not be one. The kitchen is small, and one of the bedrooms is a super weird shape, but it’s just $2,350.

↑ 9) 402 East 78th Street, Upper East Side A no-fee 1BR/1BA near First Avenue is listed for $1,895, and the photos looks pretty great, but the place has been sitting on the market for more than two months. The price was also recently reduced by $155, and there’s a free month of rent, so it seems like there’s something wrong with the place that’s not evident in the listing.

Screen-Shot-2013-11-20-at-10.08.03-AM.jpg

↑ 8) 226 West 16th Street, Chelsea There are no photos of this 600-square-foot 1BR apartment, which is never a good sign, but the price, $1,995, has obviously attracted attention. The listing says the unit is rent-stabilized and has a full kitchen, but it also says the rent is $2266.52.

↑ 7) 322 West 11th Street, West Village Possibly the nicest unit on this list is this 2BR/1BA asking $3,000 per month. The kitchen is small, but there are high ceilings and both bedrooms can fit a queen-sized bed.

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↑ 6) 551 West 165th Street, Washington Heights For just $925/month, there’s a furnished studio next to the Columbia Presbyterian Medical Center. The brokerbabble describes the building as “immaculate, secure and very safe,” but the place looks like a hotel room in the photos.

↑ 5) 10 Jones Street, West Village If this listing for a $2,200/month one-bedroom in the West Village seems too good to be true, that’s because it is. It’s actually just for a bedroom in a 2BR/1BA duplex apartment that has 16′ ceilings and exposed brick walls. The photos were taken at nighttime, which always makes apartments, no matter how nice they are, look like a scene from a horror movie.

↑ 4) 251 West 15th Street, Chelsea Between 7th and 8th Avenues, there’s a small duplex asking $1,680/month. The kitchen is teeny, with a half-sized refrigerator, and the sleeping loft looks like it’s only about 4-feet high.

 

 

 

 

http://ny.curbed.com/archives/2013/11/20/the_most_popular_manhattan_rental_listings_of_the_last_week.php

A Bubble in Rising Texas Markets? | Waccabuc Real Estate

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Trulia, the national real-estate data-crunching outfit, has been maintaining a “bubble watch” since May, 2013, tracking local markets where home prices are rising fast enough that the dollar signs threaten to outrun the “market fundamentals.” This week, Trulia’s bubble watch list puts four Texas metropolitan areas in its top ten, including the coastal markets of Houston and San Antonio.

Trulia chief economist, Jed Kolko, reports on the organization’s data in Forbes: “At the metro level, home prices are above their fundamental value in 17 of the 100 largest metros. Most of these overvalued metros are only slightly so: Of the 17 overvalued metros, just two–Orange County and Los Angeles–look at least 10% overvalued. (Austin rounds up to 10% but is actually slightly below.) Several California metros also stand out for having both overvalued prices AND sharp price increases, including Orange County, Los Angeles, Oakland, and Riverside-San Bernardino.” (For the full story, see “Trulia: Home Prices Are Simmering, Not Bubbling.”)

The Houston market, according to the Trulia report, is presently overvalued by 6% after rising 13.9% in the past year. San Antonio, the report says, is overvalued by 4% after rising by 11.1%.

Those numbers don’t qualify those cities for bubble status, even by Trulia’s reckoning—somewhat arbitrarily, Trulia reserves the “bubble” label for areas where it considers the prices to be more than 10% above what Trulia believes justified by underlying demand and production. But even so, Texans are taking exception to the inclusion of three Texas cities on the top ten list. Market watcher Steve Cook notes the controversy on his Real Estate Economy Watch blog (for Cook’s full post, see “Smile when you say ‘bubble,’ mister“).

“Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University, responded that concerns about a price bubble in Texas’ housing markets are overblown,” writes Cook. “He said some of the recent increases are just making up for several years in the recession when Texas home prices were declining or flat.”

 

 

http://www.jlconline.com/home-prices/a-bubble-in-rising-texas-markets-.aspx