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Westchester Homes for Sale

Home prices keep soaring | Waccabuc Real Estate

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Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.

The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.

 

Prices in two cities – Dallas and Denver – hit record highs, topping even the peaks they reached during the housing bubble.

However, the national index, which measures prices in the 20 largest markets, is still 24.4% below the peak of June 2006.

Just a year ago, the index posted a 12-month decline in prices. Sellers had been struggling while their homes languished on the market for months, or even years. But prices have increased every month since June 2012, and each month the increase has been greater than the month before.

The gain in home prices has now made this a good time to sell a home. Many sellers are finding themselves in the midst of bidding wars, with buyers eager to make a purchase in a market with a tight supply of houses available for sale. House hunters are also eager to lock in a mortgage while rates are still low, at least by historic standards.

The record low mortgage rates of earlier this year have risen significantly, crimping the purchasing power of potential home buyers. But climbing rates have yet to slow the rapid increase in home prices.

Additionally, prices are being boosted by a sharp drop in foreclosures, which had been holding prices down.

 

 

Home prices keep soaring – Jul. 30, 2013.

London Luxury-Home Prices to Climb 6% This Year on Pound | Armonk Real Estate

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Central London luxury-home values will jump 6 percent this year, Knight Frank LLP said, revising an estimate that prices would be little changed as a weakening pound made the market more attractive to overseas buyers.

The average price of a house or apartment in the city’s most expensive neighborhoods has climbed 4.2 percent this year and interest among prospective buyers remains strong, the London-based broker said in a report today. The pound fell about 5 percent against the euro in the first half and lost 7.9 percent against the Chinese yuan.

Enlarge imageLondon Luxury-Home Values to Rise 6% in 2013, Knight Frank Says

Luxury residential properties are seen on Lennox Gardens, Knightsbridge, in London. Photographer: Simon Dawson/Bloomberg

Marinov Sees Pound Weaker at $1.50 Versus Dollar

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July 29 (Bloomberg) — Valentin Marinov, head of European Group-of-10 currency strategy at Citigroup Inc., talks about the dollar and pound. He spoke July 25 in London. (Source: Bloomberg)

The currency’s weakness “helped to boost overseas interest and domestic demand has been aided by London’s economic recovery,” Knight Frank said.

Foreign investors are buying London properties to preserve wealth as political and economic turmoil menace their home markets, leading prices in the city to rise more than brokers had expected. Knight Frank, along with Jones Lang LaSalle Inc. (JLL) and Savills Plc (SVS), last year forecast that prices would be little changed in 2013 after an 8.7 percent increase in 2012.

Knight Frank as recently as last month said it didn’t expect a significant increase in luxury London home values for the whole of this year. Values rose in June by the smallest annual amount since at least December 2009, the broker said last month.

Savills on July 18 revised its forecast of little or no growth in 2013, saying that prime central London prices would climb 6 percent this year and 3 percent in 2014, according to an e-mailed statement from the broker.

Strongest Increase

London luxury-home prices increased by 0.5 percent in July from the previous month, bringing the gain for the past 12 months to 7 percent, Knight Frank said. The strongest increase was for homes costing less than 1 million pounds, and the biggest gains were in the neighborhoods of Islington, Marylebone and the South Bank. Property prices in prime central London locations are now almost 60 percent above their low during the financial crisis in March 2009, Knight Frank said.

Other factors affecting luxury values include government measures aimed at helping Britons’ enter the housing market by encouraging sales of newly built property and providing guarantees for borrowers with smaller deposits. While the government’s Help-to-Buy program is aimed at mainstream customers, housing market sentiment is “infectious across markets,” the broker said.

Demand Cooled

U.K. house-price growth slowed in July as more Britons offered their property for sale and demand cooled at the start of the summer, Hometrack Ltd. said today. Average values in England and Wales increased 0.3 percent after a 0.4 percent gain in June, the London-based property researcher said in a statement. From a year earlier, prices were up 1.3 percent, the most since 2010.

 

 

London Luxury-Home Prices to Climb 6% This Year on Pound – Bloomberg.

Linkin Park’s Joe Hahn Relists Brentwood Home | North Salem Real Estate

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You may know him as the cool headphones-wearing Mr. Hahn or as that guy behind the turntable at a Linkin Park concert. Either way, Joe Hahn has left his mark on the rock music scene.

He’s also trying to leave his Brentwood home. After listing the modern 6,458-square-foot house for $5.5 million in January, he dropped the price to $4.9 million before temporarily taking it off the market. Now relisted for $4.6 million, the home is still 143.7 percent more expensive than the median Brentwood home.

The high price tag isn’t surprising, though. Located in an exclusive Brentwood Hills gated community at 1076 Carrara Pl, Los Angeles, CA 90049, the 5-bedroom, 6-bath property is designed around floor-to-ceiling windows with ocean, city and canyon views. The home is also equipped with solar panels, an on-site compost center and sleek finishes inside and out.

Hahn grew up in Glendale before joining Linkin Park as the band’s DJ and programmer. He became the first Korean-American to receive a Grammy when the band won the award for Best Hard Rock Performance in 2002.

He purchased the home under a trust for $3.9 million in 2006, according to property records. The for-sale listing is held by Rodeo Realty’s Ben Salem.

 

 

Linkin Park’s Joe Hahn Relists Brentwood Home | Zillow Blog.

Katonah Museum of Art Donates Quilts | Katonah Real Estate

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Quilts made by hundreds of community members and visitors to the Katonah Museum of Art recently were donated to My Sister’s Place and to babies born at the Bedford Women’s Correctional Facility.

The Katonah museum is dedicated to developing meaningful relationships with the community, both individuals and other organizations and businesses. To that end, the museum created the quilt lab as part of its “Beyond the Bed” quilt exhibition that was on display earlier this year. Museum visitors made hundreds of log cabin quilt squares, which 33 volunteer quilters then sewed together to create 10 colorful quilts.

The project gave visitors to the Katonah Museum of Art a better understanding of just how much time, vision and skill goes into creating a quilt. It also gave visitors the opportunity to play a hands-on role in the process of community quilt-making, as well as knowing their creative efforts would help people in need.

 

 

Katonah Museum of Art Donates Quilts | The Bedford Daily Voice.

R.I. real estate market continues recovery; prices up 10 percent, sales up 15 percent | Katonah Real Estate

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The real-estate market continued to recover in Rhode Island throughout the second quarter of this year, and the median house price reached $209,900, up 10 percent compared with April, May and June 2012.

The number of houses sold increased by 15 percent in the second quarter, according to statistics released Tuesday by the Rhode Island Association of Realtors.

In the first six months of 2013, 3,968 houses were sold in Rhode Island. Of those sales, 881, or about 22 percent, were distressed, meaning they were foreclosures or short sales.

During the same period in 2012, nearly 30 percent of the house sales — 1,083 of 3,636 — were distressed, according to association statistics.

“The supply of homes for sale has dropped, eliminating the excess of homes for sale, particularly those sold through foreclosure and short sale,” association president Victoria Doran said. “Sellers need to understand, however, that the decrease in distressed sales is what is elevating the median price. Homes sold through conventional means still need to be reasonably priced.”

Rhode Island’s median house price peaked at a high of $282,500 in 2006, but fell to $199,900 in 2009 and dropped to $190,000 in 2012. But the association said that Rhode Island’s real-estate market “has been gaining strength since January.”

The condominium market also had a strong second quarter, with a 19-percent jump in the median sales price, to $202,750, and a 28-percent increase in sales volume; 18 percent of the 474 condo sales were distressed.

The multifamily market, the segment most affected by foreclosures and short sales, also continued to rally in the second quarter. The median price increased by 5 percent, to $126,000, and the sales volume increased by 2 percent. The association said that the “bulk of the multifamily market … changed hands in prior years as investors snapped up distressed sales.” In the second quarter, 38 percent of the 347 multifamily sales were distressed.

 

 

R.I. real estate market continues recovery; prices up 10 percent, sales up 15 percent | Breaking News | providencejournal.com | The Providence Journal – The Providence Journal.

LI housing prices rise but concerns remain | Waccabuc Real Estate

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Long Island’s real estate market is rising. Don’t expect it to soar.

The local housing market in June posted some of the highest median prices in three years: $425,000 in Nassau County and $340,000 in Suffolk, according to the Multiple Listing Service of Long Island. Sales activity was brisk, with 2,048 homes changing hands, more than twice as many as in the doldrums of early 2009.

A shortage of homes for sale — plus buyers’ sense that mortgage rates will keep rising — has sparked “feeding frenzies” at some open houses, with sale prices occasionally exceeding list prices, said Marie Asher, an associate broker with Century 21 American Homes in East Meadow.

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“The market has totally changed,” she said. “I don’t want to say it’s a seller’s market, but we’re heading that way.”

A close look at the Island’s housing market, however, shows signs of lingering distress among homeowners. That distress is likely to keep the recent sprint from turning into a marathon.

Nearly 1 in 10 homeowners with mortgages here owes more than their homes’ value. The number of initial foreclosure filings is on the rise, after a brief respite last year. Banks continue to impose tight lending standards on would-be buyers. And if interest rates jump much more, the higher cost of borrowing could choke off some buying.

Plus, the Island’s economy remains troubled. And home prices on Nassau’s South Shore, in particular, are still suffering the aftereffects of superstorm Sandy, which hit on Oct. 29.

“The housing market continues to recover from its recent lows, but a plateau is in sight,” said Irwin Kellner, Port Washington-based chief economist for MarketWatch.com. Prices could rise by 10 percent to 15 percent, but they are likely to level off next year as interest rates continue to climb, Kellner predicted.

To be sure, the local housing market is increasingly favorable to sellers — particularly in areas not damaged by Sandy.

Quick deal surprises seller

Dottie Weremeychik recently found a buyer for her late uncle’s four-bedroom Cape in Hicksville. The home was listed at just under $330,000 in March, quickly garnered four offers and went into contract within six weeks for close to the list price, to a family buying their first home, according to Asher, who handled the sale.

“I was totally shocked,” said Weremeychik, a Wantagh resident. “I was truly expecting the house to sit for a very, very long time.”

Some first-time home buyers say they want to jump in soon, before prices and interest rates rise further. The average rate for a 30-year fixed-rate loan recently hit 4.31 percent, according to Freddie Mac. The record low was 3.31 percent, reached in November 2012. In May, the average rate was 3.35 percent. Higher interest rates tend to put a damper on home sales, since they price some buyers out of the market.

For now, though, rising interest rates have delivered a jolt of activity. Buyers “are realizing that the bottom has been hit,” said Marianne Garvin, chief executive of the Community Development Corp. of Long Island.

 

 

LI housing prices rise but concerns remain.

Rising rates, shortages chill sales of U.S. homes | Pound Ridge Real Estate

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National home sales fell in June thanks to rising mortgage rates and inventory shortages, after reaching a six-year high in May, but stayed even in the Northeast.

The Pending Home Sales Index, which is based on home contract signings, fell by 0.4 percent to 110.9 in June, the National Association of Realtors said. Still, the index is nearly 11 percent higher than a year before.

The report added: “The PHSI in the Northeast was unchanged at 87.2 in June but is 12.2 percent higher than a year ago.”

In June, Massachusetts recorded its the best month for home sales since June 2010, according to the Warren Group.

The national decline comes after the index hit a six-year high in May, and seems to have been brought by rising mortgage rates and fewer homes for sale, the NAR said.

“Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June,” NAR chief economist Lawrence Yun said.

The average 30-year mortgage rate was 4.31 percent last week, and reached a two-year high of 4.51 percent in late June. The rates jumped after Federal Reserve chairman Ben Bernanke said the central bank could slow its bond-buying program later this year.

Also adding to the slowdown is a lack of homes on the market.

“The persistent lack of inventory also is contributing to lower contract signings,” Yun said.

 

Rising rates, shortages chill sales of U.S. homes | Boston Herald.

Create a Simple Marketing Plan | Bedford Corners Real Estate

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A simple marketing plan that outlines all the important pieces needed to successfully and consistently market your business is something every small business should create. Whether you want to focus solely on inbound marketing or you want to integrate online with off-line marketing activities, there are 10 important reasons why your small business needs a realistic but simple marketing plan.

  1. To specify a vision for your business

  2. To solidify your mission

  3. To outline what you want to accomplish
  4. To describe your ideal client
  5. To articulate what makes you different
  6. To provide a road map for achieving your goals
  7. To help you focus on what is important
  8. To create an action plan for what you need to do and when
  9. To track your progress
  10. To remind you that this is your business and not a hobby

Let’s take a look at the key parts of your marketing plan that needs your attention:

Your business vision

Your vision statement is a vivid description about what you want your business to be such that it inspires and motivates you and helps you create a mental picture of the business you want.

There are benefits to having a clear vision statement:

  • Serves as a compass to keep you heading in the right direction.
  • Enables you to assess the many opportunities that are presented to you and make decisions based on whether the opportunity helps you get closer to your vision.

 

Create a Simple Marketing Plan | Social Media Today.

Home Prices Post Another Big Gain In May, Best Boost Since 2006 | Chappaqua Homes

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U.S. home prices posted their best year-over-year gain since March 2006 in May, according to the latest reading from the S&P/Case-Shiller indexes.

Each of the 20 cities that make up the 20-city composite index posted annual and sequential gains, paced by the Southwest and West. San Francisco posted a 24.5% seasonally-adjusted gain over the prior year, followed by Las Vegas’ 23.3% gain and Phoenix’s 20.6% gain. New York posted the weakest annual gain, up 3.3%.

 

 

Home Prices Post Another Big Gain In May, Best Boost Since 2006 – Forbes.

‘Flipping Out’ Designer Jeff Lewis Lists Los Feliz Home | Pound Ridge Real Estate

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While settling down and starting a family may still be an ambition of Bravo TV’s “Flipping Out” designer Jeff Lewis, it looks like he will not be doing it at the Los Feliz mansion he has called home for more than a year.

The 3-bedroom, 3-bathroom home located at 1946 N Gramercy Pl, Los Angeles, CA 90068 is now on the market for $3.195 million. Built and designed in 1937 by legendary architect Wallace Neff, the previously bare-boned beauty has been transformed into a 3,730-square-foot masterpiece, while still keeping its Hollywood golden age roots in mind. Neff’s designs remain popular among L.A.’s elite, including the recently listed homes of Bob Newhart and former Maroon 5 drummer Ryan Dusick.

According to property records, Lewis purchased the gated pad twice. He first scored the property for $1.265 million in 2004 and fell in love, saying he “had an instant connection” with it in an interview with People magazine. The decor mastermind implemented renovations including a galley-style kitchen before an offer came along that he could not refuse, selling the house for $2.795 million in 2006.

Lewis regretted giving up the gem so soon, however, telling People “the universe clearly brought us together” when it came back on the market in 2011 due to a foreclosure. Lewis quickly snagged the crib for $1.625 million with the intention of fixing up a few things.

Unsurprisingly, a few minor adjustments quickly turned into yet another extensive renovation. Featured on season six of “Flipping Out,” the home became Lewis’ pet project spanning a 12-month period.

Throughout the now-finished interior, black-and-white patterns make a subtle pop against neutral colors — from hand-cut-and-laid marble flooring to tastefully implemented wallpaper. With his partner of four years, Gage Edward, Lewis also installed a circular formal dining room, wet bar, solid wood-paneled walls and a glossy ebony finish on the floors.

 

 

 

‘Flipping Out’ Designer Jeff Lewis Lists Los Feliz Home | Zillow Blog.