Tag Archives: Waccabuc Homes

New-Home Sales in U.S. Unexpectedly Slump to Eight-Month Low | Waccabuc Real Estate

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Sales of new U.S. homes unexpectedly plunged in March to the lowest level in eight months, reflecting a broad-based retreat that signals the industry is facing bigger challenges than just bad weather.

Sales dropped 14.5 percent to a 384,000 annualized pace, lower than any forecast of economists surveyed by Bloomberg and the weakest since July, Commerce Department data showed today in Washington. The median forecast of 74 economists surveyed by Bloomberg News called for the pace to accelerate to 450,000.

The housing recovery has slowed as higher borrowing costs and rising prices make properties less affordable. Shortages of buildable lots and skilled labor also have hindered construction as the market heads into its busiest time of year.

“The housing market is in a rut that’s so far not showing signs of getting better,” Guy Berger, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut, said before the report. “They don’t have enough lots, they don’t have enough workers. That’s playing a big role.”

Stock extended earlier losses after the report. The Standard & Poor’s 500 Index dropped 0.3 percent to 1,874.04 at 10:05 a.m. in New York.

Economists’ estimates ranged from 428,000 to 476,000. The Commerce Department revised the February reading up to a 449,000 pace from a previously estimated 440,000.

 

 

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http://www.businessweek.com/news/2014-04-23/new-home-sales-in-u-dot-s-dot-unexpectedly-slump-to-eight-month-low

Sales of existing homes slowed in March | Waccabuc NY Homes

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Americans bought fewer homes in March, and the rate of sales dropped to the lowest level since July 2012, according to industry data released Tuesday.

Sales of existing homes fell 0.2 percent in March from the previous month to a seasonally adjusted annual rate of 4.6 million, the National Association of Realtors reported. They fell  7.5 percent from the same time last year.

 

 

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http://www.washingtonpost.com/business/economy/sales-of-existing-homes-slowed-in-march/2014/04/22/58cd8e08-ca20-11e3-a75e-463587891b57_story.html

Spotlight on Wood Countertop Refinishing | Waccabuc Real Estate

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Wood countertops are not for everyone.

They have a warm feel about them that exceeds most other types of tops. But they do require periodic maintenance that can involve refinishing, which can be necessitated by general wear and tear or by the wood’s own behavior. Wood countertop refinishing is a discipline that Topcoat Finishes has considerable experience in.

One of the more common wood behavior issues is the ordinary expansion and contraction of the wood itself. Wood moves with the season. It expands with moisture and humidity in your home, and it contracts when the air becomes dry. As an organic material, wood is very much alive. Sometimes movement can cause wood to split.

How Wood Splits:

Wood splitting, or “checking”, is when the wood opens up along the course of it’s grain. It is an obvious split or separation in the wood.

While checking is visually desirable in some wood features, such as post and beam or other rustic types of wood joinery, on countertops it can become difficult to live with.

Imagine trying to clean your countertops, and crumbs and debris keep getting swallowed up in cracks on the surface. Not desirable at all.

Checking can also compromise the finish that is on the countertops rather quickly.

What to do when Wood Splits:

We recently tackled a wood countertop refinishing project in the pantry of a client’s home. The wood species is antique reclaimed oak. This tends to be very dry wood, so when it checks, it can get big in a hurry.

Here are the steps we took to remedy the problem:

  • fill the cracks with multiple rounds of a clear wood epoxy, until proud on top of surface
  • when epoxy is dry (follow mfr directions), sand the repaired areas
  • inspect to make sure there are no dimples or hairline cracks within the repairs
  • sand entire countertop surfaces
  • apply multiple coats of desired finish

 

http://www.jlconline.com/wood/spotlight-on-wood-countertop-refinishing_o.aspx

Old-School East Hampton Mansion for $10.5M | Waccabuc Real Estate

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20 Apaquogue Road, East Hampton
9 images

We wish the pictures were better with this listing. It starts out very well. “Built in 1902, this Georgica mansion sits high and majestically on meticulous grounds and is situated on the treasured Apaquogue Road in East Hampton Village.” Can’t argue with that. The 6000sf house has got six bedrooms and 5.5 baths and its own two-bedroom, one-bath carriage house. There are lovely brick pathways, mature plantings and a pool set on one acre. We’d like to see more and better pictures of the interiors. The kitchen and baths, for one. The property last sold in October 2007 for $8.5M, which would have been the top of the market. What do you think?

 

 

http://hamptons.curbed.com/archives/2014/04/15/oldschool_east_hampton_mansion_for_105m.php

 

6 tips for fostering client loyalty: It’s about providing ‘wow’ experiences | Waccabuc Real Estate

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It’s not always easy to build loyalty with your clients in the real estate business — or any business for that matter. Building loyalty takes time and there are a number of essential things that you should be doing. Here are six practical tips you can use to foster client loyalty.

1. Plan loyalty-building events Events such as client appreciation days and seminars can be fantastic loyalty-builders.

Both of these events are not only great for strengthening relationships with your clients, they’ll also help you get introduced to more people (potential real estate leads) if you encourage your clients to bring friends and family members along.

A client appreciation event can be anything from bowling to a barbecue to a fireworks show. And remember that seminars are perfect for positioning yourself as a “home expert” because the purpose of the seminar will be to educate your clients on any number of topics relating to homeownership. You can conduct the seminar yourself or invite an expert in to speak. It could be an interior designer, hardwood flooring specialist or any other professional who can offer valuable advice your sphere would be interested in.

2. Send a real estate newsletter In addition to a real estate newsletter or e-newsletter being a great keep-in-touch tool, it’s a powerful instrument for establishing trust, credibility and expertise. It’s important for the e-newsletter to include helpful and interesting information such as how to assess the value of one’s home, advice for boosting curb appeal, and more. A good real estate customer relationship management (CRM) platform will come with a professionally designed and written monthly e-newsletter so you don’t have to spend the money, or take the time, to create one each month.

3. Offer a homeowner’s checkup It is a good idea to meet with clients occasionally to do a homeowner’s checkup. You can provide current information and available services such as a local market update, a simple inspection of their home, a review of their current mortgage, and more. These checkups are also good opportunities to have a discussion about the client’s home goals. As this type of meeting can be time-consuming, I recommend you offer this to only your best clients (your “A list”).

4. Make quarterly check-in calls Again, this is something you’d do for only your top clients, but after meeting with them face to face, phone calls are the next best thing from a relationship-building standpoint. Schedule quarterly “keep-in-touch calls” and after the call, record in your real estate CRM what you spoke about. This is important because next time you talk with that client, you can ask how Jimmy’s baseball tournament or Mary’s surgery went. During these calls, you can also offer recommendations on reputable home professionals, which is a win-win-win situation.

Showing genuine interest in your clients’ lives is instrumental to relationship-building, and of course developing a referrals-based business. 5. Send a real estate thank-you card to clients who referred you These days, a handwritten card is rare, which is why you should send them out to express your appreciation each time you get a referral.

In the card, thank the referrer, mention that you rely on referrals to build your business, and promise to take good care of the person he referred. You’ll also want to keep the referrer in the loop and let him know the outcome of the person he referred.

 

 

 

– See more at: http://www.inman.com/next/6-tips-for-fostering-client-loyalty-its-about-providing-wow-experiences/?utm_source=20140414&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.BEwHCiLI.dpuf

Look Inside The Restored Gate Lodges At Vizcaya | Waccabuc Real Estate

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33 images

[Photos courtesy RJ Heisenbottle Architects]

The two halves of Miami’s sublime Vizcaya, with the villa and gardens on one side and the farm village (and formerly the farm) on the other, are linked across South Miami Avenue by coordinating gate lodges that were recently the recipients of a restoration by architect Richard Heisenbottle. These are highly ornate gateways to each realm that both include, multi-level buildings. They included functional spaces for the estate as well as, in the western lodge, a residence for the chauffeur. That lodge incorporated an archway over the driveway and easy access to the garage, where Vizcaya’s vehicles were kept.

 

 

 

http://miami.curbed.com/archives/2014/04/04/the-vizcaya-gate-houses.php

Credit Scores: Mortgage Lenders Ease Requirements | Waccabuc Real Estate

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According to a report prepared by Ellie Mae, a mortgage technology company, the average FICO credit score for approved mortgage loans dropped to 727 in December 2013. It was 748 a year earlier.

The average credit score for home loans backed by Fannie Mae and Freddie Mac also dropped a little; December 2013 borrowers had an average credit score of 756, down from December 2012′s average of 761.

Refinance mortgages backed by Fannie Mae or Freddie Mac were approved with an average credit score of 729 in December 2013; this was a significant drop from the average credit score of 763 in December 2012.

Only 46 percent of mortgage applicants approved had credit scores above 750 in December 2013 while approximately 57 percent of applicants had credit scores over 750 a year earlier. Mortgage Credit Scores: What’s Going On? – –

 

Reasons for approving mortgages with lower minimum credit scores include mortgage lenders’ growing confidence as the economy improves and mortgage defaults decrease.   As rates rise and refinancing activity dries up, lenders may also exercise more flexibility with credit scores in order to encourage more business.

While this isn’t life-changing news for would-be mortgage applicants with sub-par credit scores, a mortgage lender’s willingness to work with less-than-perfect credit is a positive sign in the aftermath of the recession.

But wait — there are conflicting opinions concerning how or if mortgage lenders will change their minimum required credit scores for any but the best-qualified applicants. Mortgage applicants with credit problems can expect to encounter glitches on the path to mortgage approval. Mortgage Underwriting Policies: Out with Overlays — or Not

Another practice that can limit a mortgage applicant’s chances of approval is the use of “lender overlays.” Lender overlays are underwriting requirements, imposed by lenders, in addition to the guidelines set out by Fannie Mae, Freddie Mac or the federal government. Overlays create extra hoops for applicants to jump through (or get stuck in).

Some analysts have said that mortgage lenders may be willing to reduce or eliminate lender overlays if economic conditions continue to improve.

 

 

http://blog.listedby.com/uncategorized/1064/

Survivors Face Foreclosures After Reverse Mortgage Borrower’s Death | Waccabuc Real Estate

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There are a number of reasons someone might take out a reverse mortgage: to pay for prescriptions or medial care, to subsidize their daily living expenses or even to settle their fear of becoming a burden to  their family. But the product that was designed to keep elderly consumers in their homes is now wreaking havoc on their surviving loved ones.

 

Children and surviving spouses of reverse mortgage borrowers are finding that the loans are threatening their own livelihood and that lenders aren’t being upfront about their options to resolve the debt, The New York Times reports.

Reverse mortgages allow a borrower, 62 years or older, to convert the equity on their home into a lump sum or monthly payments. The funds are not required to be paid back until the borrower moves or dies

Although the reverse mortgage industry has been in decline since the financial crisis — only 51,000 loans were taken out in 2012, far below the 115,000 loans taken out in 2007 — the default rate is on the rise and surviving family members are left with the bill.

And that’s just the situation that Isabel, whose story is told in the Times piece, found herself in when her mother passed away. Now, she has a stack of foreclosure notices for her parent’s home because she was never told her options in resolving the debt.

Her mother began borrowing against the equity of her home in 2009. When she died two years later the outstanding reverse mortgage balance hovered around $308,000. The company that extended the loan moved to foreclose on the house unless Isabel paid the debt in full.

However, Department of Housing and Urban Development regulations for reverse mortgages require banks offer survivors the option to settle the loan for 95% of the home’s current fair market value. Because reverse mortgage loans are tied to the equity in one’s home, it is a finite amount, which can fluctuate with the changing home value.

 

 

http://consumerist.com/2014/03/27/despite-regulations-survivors-face-foreclosures-after-reverse-mortgage-borrowers-death/

Mortgage rates tick up after slight decline | Waccabuc Real Estate

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Average fixed mortgage rates were up a bit from last week, applying additional pressure for those local markets that are already feeling an affordability pinch, according to Freddie Mac. This follows last week’s slight downtick.

“Mortgage rates rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015,” said Freddie Mac chief economist Frank Nothaft. “Also, the S&P/Case-Shiller 20-city composite house price index rose 13.2% over the 12-months ending in January 2014.”

Freddie Mac’s new blog noted this week: “One thing seems certain: we aren’t likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012. The all-time record low – since Freddie Mac began tracking mortgage rates in 1971 – was 3.31% in November 2012. Conversely, the all-time record high occurred in October of 1981, hitting 18.63%. That’s more than four times higher than today’s average 30-year fixed rate of 4.32% as of March 20.”

The 30-year fixed rate mortgage averaged 4.4% with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32%. A year ago at this time, the 30-year FRM averaged 3.57%.

The 15-year FRM averaged 3.42% with an average 0.6 point, up from last week when it averaged 3.32%. A year ago at this time, the 15-year FRM averaged 2.76%.

 

 

http://www.housingwire.com/articles/29458-mortgage-rates-tick-up-after-slight-decline