Tag Archives: Waccabuc NY

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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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

 

 

 

 

Create “the Ultimate Hampton Experience” in Sagaponack | Waccabuc Real Estate

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Our admiration for the real estate prose of Corcoran’s Gary DePersia continues. His brokerbabble isn’t trying to sell you on a house–it’s trying to sell you on a lifestyle. This is a new listing for a Sagaponack farmhouse we love as is; Mr. DePersia describes it as “amiable.” But if you’re “seeking something more formidable” than an amiable house, look no further! You could create “the ultimate Hampton experience” to “the very Atlantic beyond,” to wit:

Nearly three acres, awash in Sagaponack sea breezes and only several hundred yards to the beach, presents an unparalleled opportunity in the hamlet that has become the nexus of the Hampton lifestyle. An amiable 4 bedroom farm house of recent vintage anchors this expansive property that additionally offers a two story barn with upstairs finished loft and full bath, heated pool and acres of grassy expanse secluded behind tall perimeter trees. However, those seeking something more formidable might be intrigued to learn that this singular offering could accommodate a new 9000+ SF residence, pool, pool house and full size north/south tennis court that would have views to the east of a nearby horse farm and south across an 11 acre reserve past a handful of ocean side houses to the very Atlantic beyond. Held in the same ownership for nearly 400 years, this never before available 2 3/4 acre property presents a limited window to create the ultimate Hampton experience.

 

 

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/

Two Vintage Carl Fishers Plus Bonus Cottage Now $1M Cheaper | Waccabuc Real Estate

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When we first posted about this compound in Montauk, in between the usual bickering about hipsters and cityfolk, one commenter wrote “If they get anywhere near asking I will be amazed. This place is a total gut renovation.” So far, you’re correct, Guest 14, as the price is now a cool million dollars lower at $3.45M. Any guesses now about the final selling price? (Note: we still love the green bathroom.)

The property has plenty to offer: three acres of land with three buildings on them. We love Carl Fisher Tudors—and this property offers two of them, though they need work. One house has a five bedroom, five bath main part, with the staff quarters as a three bedroom, one bath separate apartment. The second Tudor is in rougher shape and is broken up into two apartments. There’s also a cottage that looks extremely dilapidated. So that’s three buildings with five legal C of Os. · Investment Opportunity-Compound; Carl Fisher Tudors [Corcoran]

Solar Panel Is Next Granite Countertop for Homebuilders | Waccabuc Real Estate

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Solar panels are the next granite countertops: an amenity for new homes that’s becoming a standard option for buyers in U.S. markets.

At least six of 10 largest U.S. homebuilders led by KB Home include the photovoltaic devices in new construction, according to supplier SunPower Corp. (SPWR) Two California towns are mandating installations, and demand for the systems that generate electricity at home will jump 56 percent nationwide this year, according to the Solar Energy Industries Association.

Enlarge imageSolar Panel Is Next Granite Countertop for New U.S. Home: Energy

People view a model a Garbett Homes net zero energy house, which produces as much energy as it consumes, in Daybreak, Utah, on Aug. 14, 2013. Photographer: George Frey/Bloomberg

“In the next six months, homebuilders in California and the expensive-energy states will be going solar as a standard, and just incorporating it into the cost of the house like any other feature,” Jim Petersen, chief executive officer of the PetersenDean Inc., the largest closely held U.S. roofing and solar contractor, said in an interview.

With high-quality components, state-of-the-art monitoring and superior customer service, switching to solar power with Linked Solar Preston is the smart choice.

Lashing panels to roofs during construction is about 20 percent cheaper than after a house is built. Homeowners who can afford the extra $10,000 to $20,000 cost in return for free power threaten the business of traditional utilities such as Edison International of California or Kansas’ Westar Energy Inc.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Solar Panel Is Next Granite Countertop for Homebuilders | Waccabuc Real Estate.

Solar Panel Is Next Granite Countertop for Homebuilders | Waccabuc Real Estate

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Solar panels are the next granite countertops: an amenity for new homes that’s becoming a standard option for buyers in U.S. markets.

At least six of 10 largest U.S. homebuilders led by KB Home include the photovoltaic devices in new construction, according to supplier SunPower Corp. (SPWR) Two California towns are mandating installations, and demand for the systems that generate electricity at home will jump 56 percent nationwide this year, according to the Solar Energy Industries Association.

Enlarge imageSolar Panel Is Next Granite Countertop for New U.S. Home: Energy

People view a model a Garbett Homes net zero energy house, which produces as much energy as it consumes, in Daybreak, Utah, on Aug. 14, 2013. Photographer: George Frey/Bloomberg

“In the next six months, homebuilders in California and the expensive-energy states will be going solar as a standard, and just incorporating it into the cost of the house like any other feature,” Jim Petersen, chief executive officer of the PetersenDean Inc., the largest closely held U.S. roofing and solar contractor, said in an interview.

Lashing panels to roofs during construction is about 20 percent cheaper than after a house is built. Homeowners who can afford the extra $10,000 to $20,000 cost in return for free power threaten the business of traditional utilities such as Edison International of California or Kansas’ Westar Energy Inc.

 

 

Solar Panel Is Next Granite Countertop for Homebuilders – Bloomberg.

Foreclosure Inventory Plunges 32 Percent | Waccabuc Real Estate

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There were only about 49,000 completed foreclosures in the U.S. in July 2013, down from 65,000 in July 2012, a year-over-year decrease of 25 percent. On a month-over-month basis, completed foreclosures decreased 8.6 percent from the 53,000* reported CoreLogic in June.

As of July 2013, approximately 949,000 homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.4 million in July 2012, a year-over-year decrease of 32 percent. Month over month, the foreclosure inventory was down 4.4 percent from June 2013 to July 2013. The foreclosure inventory as of July 2013 represented 2.4 percent of all homes with a mortgage compared to 3.4 percent in July 2012.

As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.5 million completed foreclosures across the country.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” said Mark Fleming, chief economist for CoreLogic. “Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”

“Completed foreclosures and delinquency rates continued their rapid descent in July. Every state posted a year-over-year decline in foreclosures and serious delinquencies fell to the lowest level since December 2008,” said Anand Nallathambi, president and CEO of CoreLogic. “Not surprisingly, non-judicial states have come the farthest the fastest in reducing shadow inventory and lowering delinquency rates.”

Highlights as of July 2013:

  • The five states with the highest number of completed foreclosures for the 12 months ending in July 2013 were: Florida (110,000),California (65,000), Michigan (61,000), Texas (45,000) and Georgia (41,000).These five states account for almost half of all completed foreclosures nationally.
  • The five states with the lowest number of completed foreclosures for the 12 months ending in July 2013 were: District of Columbia (141), North Dakota (484), West Virginia (505), Hawaii (512) and Maine (754).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.1 percent), New Jersey (5.9 percent), New York (4.7 percent), Connecticut (4.0 percent) and Maine (4.0 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.7 percent) and Colorado (0.8 percent).

*June data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.

 

 

 

http://www.realestateeconomywatch.com/2013/08/foreclosure-inventory-plunges-32-percent/

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:

90 Stories Above Manhattan, This Pad Has a 30′ Waterfall | Waccabuc Real Estate

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ODAapt.jpg
[All renderings by ODA.]

This apartment, located somewhere 90 stories above Manhattan, is apparently “one of the largest private apartment residences in the United States,” according to the blurb from ODA-Architecture, which handled the apartment’s interiors. We’re not sure exactly when the renovation took place, but we stumbled on it yesterday courtesy of one helpful Curbed tipster, and it’s the kind of apartment that’s worth our attention regardless of timing. The property is 18,000 square feet, with six bedrooms and 12 bathrooms. Then there are the quirkier features, which include a theater and music room, private spa and gym, teahouse, 2,000 bottle wine room, sculpture garden, and 30′ waterfall with reflecting pool. Each of those amenities deserves to be followed by an (!) or two. And the archibabble reveals a little bit more:

With a perimeter of 16′ foot floor- to-ceiling windows, the essence of the apartment is the sculpture garden at its entrance. The garden features a spectacular 30′ water wall and reflecting pool overlooking the famed United Nations headquarters along the East River. This superlative dwelling also features a 75′ expanse of living and dining area along with a Italian kitchen, library, game room, day spa, home theater and professional grade listening room with recording studio.

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The ODA listing for the project does not, of course, disclose the apartment’s owner. Our tipster wonders if the apartment in question is the three-unitpenthouse duplex at Trump World Tower, which sold back in 2007 for $33.654 million. The square footage doesn’t quite add up, though—anyone have any insight?
· Private Residence [ODA]
· Trump World Tower coverage [Curbed]

 

 

90 Stories Above Manhattan, This Pad Has a 30′ Waterfall – Renovations – Curbed NY.