Tag Archives: Waccabuc NY Homes

JPMorgan chief meets Holder in bid for deal to end probes, avoid criminal charges | Waccabuc Real Estate

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The sage of Wall Street journeyed to Washington on Thursday, but Jamie Dimon’s visit was unlike any the JPMorgan Chase chief has made before.

Dimon sought a meeting with Attorney General Eric H. Holder Jr. in an urgent bid to dispose of multiple government investigations into the bank’s conduct leading up to the financial crisis — and avoid criminal charges. The deal that Dimon discussed with Holder would involve paying the government at least $11 billion, the biggest settlement a single company has ever undertaken, according to several people familiar with the negotiations.

It would also potentially pave the way for other giant banks to reckon with Washington for their roles in the near-collapse of the financial system five years ago. While it would be a historic amount, the fine would still represent a sliver of the damage wrought by the bank for selling mortgage securities that it allegedly knew were worthless.

 

 

http://articles.washingtonpost.com/2013-09-26/business/42412898_1_jpmorgan-chase-holder-justice-department

 

 

 

Three Cents Worth: Manhattan Unit Sizes No Small Change | Waccabuc Real Estate

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3CW9-17-13.jpg

After last week’s rental market report release, I thought I’d take a look at the average size of a sale and a rental over the past 20 years. Sales (blue line) represent co-ops and condos that closed during each period.  Rentals (pink line) represent rentals that closed during each period.

The chart shows continued decline in the average size of rentals over the period with a weird blip around the collapse of Lehman.  The sales market showed less variation.  While size fell over the first decade, likely as sharply rising prices pushed shift towards smaller unit sales, the trend began to rise again as the market peaked in 2007-08.

With the micro-unit phenomenon seemingly gaining traction (anecdotally), I’m not sure we’ll see the average size of rental units grow in the near future despite the strength of the current luxury rental market. · Matrix [matrix.millersamuel.com] · Three Cents Worth archive [Curbed]

 

 

 

http://ny.curbed.com/archives/2013/09/17/three_cents_worth_manhattan_unit_sizes_no_small_change.php

 

 

 

 

A Subliminal Approach to Fall Decorating | Waccabuc Real Estate

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all is that sweet spot between the blazing heat of summer and the icy chill of winter. It’s a time for preparing the nest for hibernation. Urrutia Design takes “a subliminal approach to embracing fall through comforting, colorful aspects that can be incorporated throughout the home,” says company founder Jason Urrutia. Below, he and co-principal Martha Carvalho share eight simple, high-impact ways to help you get your autumn cozy on.

traditional family room by Urrutia Design

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1. Stockpile firewood by the mantel. “This creates a nice visual of what’s in store,” says Carvalho. “Even if you don’t have a wood-burning fireplace, a display of wood, either next to the firebox or inside, offers a soothing aesthetic.”
modern living room by Reynaldo Gonzalez Design

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“While just about any wood will do nicely, silver birch logs add an especially graceful arrangement without looking too lumberjack-like,” Urrutia says.
contemporary by Urrutia Design

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2. Candles, candles, candles. This is candle season, so use them generously anywhere you want extra ambience. “Votives are great, but don’t be afraid to use those big-boy-sized candles in large hurricanes,” offers Urrutia.
contemporary living room by Urrutia Design

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3. Change out throw blankets. “Replace light fabrics for heavier ones, like faux fur or wool,” Carvalho says. Lay a throw blanket or two across furnishings for extra color and texture. Add a big basket filled with enough throws for everyone in the household to curl up under.
rustic living room by Urrutia Design

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4. Branch out. “Fill oversized glass vases with a compilation of branches in any shape and length you wish,” Carvalho says. Urrutia adds, “This type of arrangement is elegant and understated, and will last you the entire season.”

As Mortgage Applications Fall, Lower Loan Limits Loom | Waccabuc Real Estate

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Rising rates continue to have an impact on home purchase applications. The number of mortgage applications filed last by 13.5% from the prior week on a seasonally adjusted basis as interest rates increased, the Mortgage Bankers Association said Wednesday.

The purchase component eased 2.7% this week relative to last and has fallen 16.8% since the first week in May on a seasonally adjusted basis. Rates reversed course last week and turned upward after easing in the prior week. The average rate for a 30-year fixed rate mortgage was 4.57% last week according to Freddie Mac.

On an unadjusted basis, MBA reported the market composite index declined 23%. The refinance index slipped 28% from a week earlier, while the seasonally adjusted purchase index slid 2.7%.

The sudden drop in purchase applications comes as loans for new homes have taken market share away from refinancing since January, raising its market share from 27% to 53% in July.

While the average rate has been on the rise, the National Association of Realtors reported that the Federal Housing Finance Agency is considering reducing the limits on mortgages that can be backed by Fannie Mae and Freddie Mac. Currently, the GSEs can support loans up to $417,000 in most markets and up to $625,500 in higher cost markets, while loans above this are supported by the private “jumbo” market made up of banks and private MBS securitizers.

Rates on jumbo loans have eased to party or slightly better than conforming loans in recent months as banks have started taking more loans into portfolio to compensate for weak commercial and refinance business. However, these loans are very high quality with large down payments and high FICO scores. The concern then is that if the loan limits decline, the private sector may still not be ready to pick up the non-pristine lending activity in the high cost portion of the market, cutting off access to credit for this portion of the market, resulting in reduced demand and sales.

Mortgage rates have had an impact on mortgage activity in recent weeks. Some borrowers will be able to adjust to higher rates either through larger down payments or purchasing lower priced homes. However, the higher rates may curb some home purchases as affordability wanes. A reduction in loan limits would only amplify this effect, particularly in the high cost markets that they currently support, according NAR.

 

 

http://www.realestateeconomywatch.com/2013/09/as-mortgage-applications-fall-lower-loan-limits-loom/

Searchable History of All Tweets: This Week in Social Media | Waccabuc Realtor

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Welcome to our weekly edition of what’s hot in social media news. To help you stay up to date with social media, here are some of the news items that caught our attention.

What’s New This Week?

Topsy Offers Entire History of Public Tweets: “If you’re curious about your own first tweet—or any other piece of Twitter history” be sure to check it out.

You can now search through the entire Twitter archive.

 

SlideShare Redesigns Browse Page: “The experience is much more visual, and like before, you can sort through SlideShares based on topic category, content type, language and date. Users can now also share, save and like SlideShares directly on the browse page.”

The new update makes “SlideShares more easy to find, share and enjoy.”

LinkedIn Adds Volunteer Aspirations to Profile: “You will be able to share your philanthropic aspirations on your LinkedIn profile by calling out whether you want to volunteer and serve on a nonprofit board.”

“Your network is more likely to send volunteer and board opportunities your way if they know that you’re looking and what you’re looking for.”

Here’s more noteworthy news to follow:

SlideShare Updates Privacy Policy: SlideShare is updating its privacy policy to help clarify existing language and help SlideShare “prepare for future features and functionality” that they “anticipate will continue to add value” to the user experience.

Here are a couple of interesting social media tools worth noting:

Strike Social: A tool to discover how well your content is performing on YouTube.

 

Spirit: A tool to set your tweets to disappear with a simple hashtag.

Check out Spirit if you’d like to put a lifespan on any of your tweets.

Don’t miss this:

5 unexpectedly hot housing markets | Waccabuc Real Estate

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Five housing markets in which home prices, building permits and employment growth have increased at impressive rates since their troughs between 2007 and 2011 are not all found in warm, sunny locales, according to the NAHB/First American Improving Markets Index (IMI).

The five markets, in which home prices have gained an average 28.4 percent since their recent bottom, permits are up an average 17.8 percent, and employment has increased an average 12.8 percent, are:

Phoenix, Ariz.

Odessa, Texas

Bismarck, N.D.

Boise, Idaho

Detroit, Mich.

 

Source: InvestingAnswers – See more at: http://www.inman.com/wire/5-unexpectedly-hot-housing-markets/#sthash.dGyrV7Uk.dpuf

Buy This $35M Palm Beacher For Florida’s ‘Favorable’ Taxes | Waccabuc Real Estate

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Either whomever wrote this property listing is absolutely clueless, or they’ve really got to learn a few things about being discreet because nothing says “Hey let’s audit this guy” like buying a really expensive house with a listing which features “Florida’s favorable tax climate” more prominently than bedroom count or square footage. Fitting to the theme, the house even looks like it should be in a tropical tax haven with its island decor. But besides all that gauche money talk that (we imagine) would never leave the mouth of a true Palm Beach blue blood, the $35 million house has its advantages, including eight bedrooms, a fifty foot pool, gorgeous lake views, yacht dockage, and a location in the absolute center of town. You could walk to Worth Avenue, to the beach, to the Breakers, and to the Everglades Club! (if they let you in…) · 445 Antigua Lane, Palm Beach [StreetEasy]

 

 

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http://miami.curbed.com/archives/2013/08/29/buy-this-35m-palm-beacher-for-floridas-favorable-taxes.php

 

The Solidity and Stature of NYC’s Central Savings Bank | Waccabuc Real Estate

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Welcome back to Curbed Classics, a column in which writer Lisa Santoro traces the history of a classic New York City building. Have a building to nominate for a future installment? Please suggest it to the tipline.

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Banking and commerce are integral to the city’s livelihood, so it’s no wonder that New York City’s banking institutions are designed to look important. This is certainly the case with Central Savings Bank, which stands out even among the noteworthy classical structures that are its neighbors. The building is easily accessible to the public and warrants a closer look.

The Central Savings Bank (currently Apple Bank), located at 2100-2108 Broadway at West 73rd Street, was built between 1926 and 1928 by the architecture firm of York & Sawyer. The bank had been founded in 1859 and was originally known as The German Savings Bank in the City of New York, with its first location inside the Cooper Union building. Just five years later, in 1864, the bank would move a bit uptown to Fourth Avenue and 14th Street, eventually occupying a new bank building that was constructed in 1872. Decades later, during World War I, the bank changed its name to “Central Savings Bank.” Though the name change may have been due to anti-German sentiment, the bank continued to flourish and the trustees banked (sorry) on the Upper West Side’s business and residential development and chose to open an uptown branch.

CSBold_8_13.jpg [The Central Savings Bank, via NYC-architecture.]

York and Sawyer was an obvious choice for the new building. In addition to both working for the prolific firm of McKim, Mead and White, York and Sawyer were experienced in designing other noteworthy banking institutions, such as the Federal Reserve Bank of New York on Liberty Street and the Bowery Savings Bank on 42nd Street. The Central Savings Bank commission would be especially stately given its unique location atop a trapezoidal lot adjacent to Verdi Square. With the latitude to design a building free from the confines of adjacent structures, and complemented by nearby open space, the designers were able to create a unique, iconic structure.

CSBdoor_8_13.jpgThat structure was a six-story freestanding building designed in the style of an Italian Renaissance palazzo. Constructed of rusticated limestone, the building was adorned with decoration that would in fact be very fitting for a palazzo. This included the two lions surrounding the clock above the main entrance, cartouches featuring the heads of classical figures and shields containing the caduceus motif&151;two snakes ensnarled around a staff—which has become the modern symbol of commerce and negotiation. In addition, the exterior features stunning wrought iron doors, gates, grilles and lanterns designed by Samuel Yellin, considered the country’s master iron craftsman during the 1920s. The building is still not as highly decorated and elaborate as its Parisian-inspired neighbors to the south, the Ansonia and the Dorilton, but is instead serious and refined.

 

 

 

 

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http://ny.curbed.com/archives/2013/08/21/the_solidity_and_stature_of_nycs_central_savings_bank.php

 

Sales of New U.S. Homes Fell More Than Forecast in July | Waccabuc NY Homes

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Purchases of new U.S. homes plunged 13.4 percent in July, the most in more than three years, raising concern higher mortgage rates will slow the real-estate rebound.

Sales fell to a 394,000 annualized pace, Commerce Department figures showed today in Washington. The reading was the weakest since October and was lower than any of the forecasts by 74 economists Bloomberg surveyed.

A jump in borrowing costs over the past three months may be prompting buyers to hold back, showing the difficult job ahead for Federal Reserve officials as they try to wean the economy from monetary stimulus while sustaining growth. The falloff in demand is in contrast to a surge in confidence among builders such as Toll Brothers Inc. (TOL), which suggests they remain optimistic about the long-term outlook as employment improves.

“It’s definitely a rate shock,” said Doug Duncan, chief economist at Fannie Mae in Washington. “You could see another month or two of weak sales or it could go longer. This is a sustainable recovery, but we’ve also said it’s not robust. Along the way, there will be some hiccups. This is certainly a hiccup.”

Stocks rose, with the Standard & Poor’s 500 Index’s posting its first two-day gain in three weeks, as investors weighed the housing data against signals from Fed policy makers on stimulus cuts. The S&P 500 climbed 0.4 percent to 1,663.5 at the close inNew York.

The median estimate of economists surveyed by Bloomberg called for a decrease to 487,000. Forecasts ranged from 445,000 to 525,000. The Commerce Department also marked down readings for each of the previous three months with June’s sales pace revised down to 455,000 from a previously reported 497,000 pace.

Economic Surprise

The difference between July’s outcome and the average estimate of economists surveyed was 7 times larger the poll’s standard deviation, or the average divergence between what each economist forecast and the mean. That was the biggest surprise since April 2010. The S&P Supercomposite Homebuilding Index, which includes companies such as Lennar Corp. (LEN) and KB Home (KBH), fell 1.5 percent in the first 30 minutes after the figures were released. It was down 3.1 percent at 1:12 p.m. in New York.

New-home purchases were 6.8 percent higher in July than the same period in 2012 on an adjusted basis, today’s report showed. The median price increased 8.3 percent last month from a year ago to $257,200.

That’s one reason builders are becoming more upbeat, with the National Association of Home Builders/Wells Fargo confidence index rising this month to the highest level since November 2005.

 

 

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http://www.bloomberg.com/news/2013-08-23/sales-of-new-homes-in-u-s-plunged-more-than-forecast-in-july.html