Tag Archives: Waccabuc NY Homes

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/

Dreaming in Color: 8 Ravishing Red Bedrooms | Waccabuc Real Estate

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I’m not a morning person, so I’ll take any help I can get for waking up early and feeling motivated to start my day. Bold red is an attention-getting hue, so it’s a great color for those who need assistance getting revved up and energized. Keep in mind, though, that red has been shown to raise blood pressure slightly as well as increase stress and anxiety levels, so it’s not a good color for those who need their bedroom to be a mellow sanctuary. Of course, deeper and darker reds that veer toward burgundy are less “hot” and therefore more soothing, so look for those if you prefer a more calming effect in your bedroom.

For those of you ready to go red, check out these eight bold red bedrooms from around Houzz, along with a few tips for working with the hue in your own bedroom.

I love a strong accent wall color, especially when it’s picked up elsewhere in the room via textiles, furnishings and decorative accessories. This deep red is gorgeous set against the rich wood details, and the white wall helps lighten it all up.
If a solid red wall is too intense for you, try breaking it up with plenty of white. This is a fantastic and affordable way to get a one-of-a-kind look in your bedroom, with just masking tape and paint.
Or use red as an attention-getting background hue for fun, decorative wall decals that are easy to install and also easy to change out down the road. This is another cost-effective way to get a supercustom look in your bedroom.

New Jersey home prices dip in October | Waccabuc Real Estate

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Home prices in New Jersey remained stagnant between September and October, reflecting a nationwide cooling down-period for the real estate market, according to a monthly Home Price Index report from CoreLogic, a real estate analytic firm.
The average price of a single-family home in New Jersey fell by 0.33 percent month-to-month. In the Newark region, one of the statistical areas studied by CoreLogic, prices slipped by 0.74 percent. Atlantic City and the Jersey City-New York-White Plains area saw gains of 0.19 percent and 1.21 percent respectively. Camden and Trenton saw declines of 0.66 percent and 0.27 percent.
Nationally, prices increased 0.2 percent.

Mark Fleming, chief economist for CoreLogic, said in a statement that the “monthly growth rate is expected to moderate even further in November and December.”

CoreLogic president and chief executive officer Anand Nallathambi said “the housing market appears to be catching its breath.”

 

 

http://www.nj.com/business/index.ssf/2013/12/new_jersey_home_prices_dip_in.html

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.

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.

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↑ 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

Fed needs to detect asset bubbles when they’re forming | Waccabuc Real Estate

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Janet Yellen, vice chair of the Federal Reserve Board of Governors, appeared every bit the monetary policy dove that investors expected during her first big hearing in front of the Senate Banking Committee as Fed Chair nominee.

Yellen reiterated her approach to Fed policy, showing a commitment to using the low federal funds rate and the ongoing $85 billion in monthly asset purchases to drive an economic recovery. The fed views economic success against the backdrop of two key indicators — unemployment and price stability.

Yellen eschewed suggestions from Senators that a souped up market – driven by recent Fed asset purchases and low interest rates – has caused a new bubble to inflate in areas such as housing.

“The Fed needs to detect asset bubbles when they are forming,” Yellen said. “By and large, I would say I don’t see evidence at this point of asset price misalignments at a level that would threaten financial stability.”

Yellen went on to ensure Senators that the Fed has a variety of tools at its disposal to pull back aggressive monetary policies should price misalignments or other issues surface.

The nominee then pointed to the housing market as a primary beneficiary of Fed policies.

 

 

 

http://www.housingwire.com/articles/27966-yellen-fed-needs-to-detect-asset-bubbles-when-theyre-forming

Experts mull over housing bubble expectations | Waccabuc Real Estate

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Despite rapid increases in home prices over the past year, prices are 4% undervalued in the fourth quarter — meaning the market is nowhere near another housing bubble, Trulia (TRLA) claims in a new report.

To put it into perspective, prices were as much as 39% overvalued in the first quarter of 2008 — at the height of the bubble — then dropped to being 15% undervalued in the fourth quarter of 2011, the real estate firm says.

“If prices nationally are 4% undervalued, why are so many people worried that a new bubble is forming,” questioned Trulia chief economist Jed Kolko.

He added, “Because prices have risen quickly over the past year, and even with the recent slowdown in the past few months, rising prices stoke bubble fear.”

In October, asking prices were up 11.7% year-over-year, which is roughly the same sharp increases seen in 2004 when the housing bubble was inflating.

Consequently, some market analysts believe that housing is in the depths of a bubble.

Given the fact that home prices are rising faster than real median household income as well as mortgage purchase applications, it signals the same factors experienced in the previous housing bubble, explained George Mason University finance professor Anthony Sanders.

“For the average American household, they are in a housing bubble,” he said. “For Chinese and other domestics and foreign investors, house prices are a bargain.”

 

 

http://www.housingwire.com/articles/27950-experts-mull-over-housing-bubble-expectations