Tag Archives: Westchester Homes for Sale

Westchester Homes for Sale

Purchase loans increase even as interest rates spike | Pound Ridge Real Estate

Applications for purchase loans increased last week, even as interest rates skyrocketed to their highest level in nearly two years on news that the Fed may begin to wind down its stimulus program this year, the Mortgage Bankers Association (MBA) reported today.

 

Despite market volatility, “applications for conventional purchase loans picked up by more than 3 percent over the week, and total purchase applications were 16 percent higher than one year ago, indicating that homebuyers are not yet dissuaded by the increase in mortgage rates,” said Mike Fratantoni, vice president of research and economics at the MBA, in a statement.

 

“Government purchase applications dropped again, likely a function of the recent increase in FHA mortgage insurance premiums,” he added.

 

The increase came as the average interest rate for a 30-year-fixed-rate mortgage with a loan balance of $417,500 or less spiked to 4.46 percent from 4.17 percent a week earlier, according to the MBA’s latest Weekly Mortgage Applications Survey.

 

That was the highest rate recorded since August 2011, the MBA said.

 

“Interest rates moved up sharply following the Federal Reserve press conference last Wednesday where it was indicated that the Fed could begin tapering their asset purchases later this year,” Fratantoni said. “Mortgage rates increased by the most in a single week since 2011, and refinance application volume dropped to its lowest level in almost two years.” Source: MBA

 

– See more at: http://www.inman.com/wire/purchase-loans-increase-even-as-interest-rates-spike/#sthash.Xu7JOtZU.dpuf

 

Purchase loans increase even as interest rates spike | Inman News.

American Cities In Decline | Bedford Corners Real Estate

Even as the U.S. population steadily grows, some cities have seen drastic decreases in population.

Many of these cities relied on a particular industry — coal, steel, automotives — that has since left the area and taken away thousands of jobs. Suburbanization has also played a major role, as families fled in favor of suburbs with less crime and better schools.

Here’s a look at 11 American cities that have experienced some of the most drastic population decreases in the country, and what they looked like in better days.

New Orleans

Population at peak (1960): 627,525
Population in 2010: 343,829
Decline from peak: 45.2%

old new orleans

While Katrina helped relieved the city of 29% of its population between 2000 and 2010, the rise of Houston and the broader Texas Gulf Coast port and refinery complex had already put a dent into what was for much of the 19th century and early 20th century the most bustling port in the South.

Dayton

Population at peak (1960): 262,332
Population in 2010: 141,527
Decline from peak: 46.1%

old daytonDayton, Ohio’s population declined after major companies like Mead Paper and General Motors left. Manufacturing was also big in Dayton, and many of those jobs have since left the city.

Scranton

Population at peak (1930): 143,333
Population in 2010: 76,089
Decline from peak: 46.9%

scranton

Scranton, Pa. was the center of Pennsylvania’s coal industry in the first half of the 20th century. The population declined along with the coal industry in the second half of the century.

Niagara Falls

Population at peak (1960): 102,394
Population in 2010: 50,194
Decline from peak: 51%

old niagara

Niagara was never the same after a 1956 landslide destroyed part of the city’s largest hydroplant. The construction of the Robert Moses Parkway has also been blamed for the city’s decline as it allowed travelers to completely bypass the city on the way to Canada.

Buffalo

Population at peak (1950): 580,132
Population in 2010: 270,240
Decline from peak: 53.4%

old buffalo

Buffalo, N.Y. used to be a big transportation hub with the Erie Canal and the Buffalo Central Terminal, a major railroad station. The rise of Amtrak in the 1970s took trains away from the Buffalo Central Terminal and St. Lawrence Seaway that extended to Lake Erie created competition for the Erie Canal. In addition to all that, many manufacturing jobs went overseas.

Pittsburgh

Population at peak (1950): 676,806
Population in 2010: 305,704
Decline from peak: 54.8%

night pittsburgh

The Steel City is another town that has struggled with industrial decline and fleeing manufacturing jobs.

Gary

Population at peak (1960): 178,320
Population in 2010: 80,294
Decline from peak: 55%

gary indiana loc

Gary, Ind. took  a big hit when the steel industry collapsed. The city has deteriorated so badly over the past few decades that the city is now considering cutting off city services to about half its land and moving residents to more viable areas.

Cleveland

Population at peak (1950): 914,808
Population in 2010: 396,815
Decline from peak: 56.6%

old cleveland

Many large companies that once provided thousands of jobs to people in Cleveland, such as John D. Rockefeller’s Standard Oil Company, have since left the city. The country’s industrial decline over the past few decades along with the rise of suburbanization drove Cleveland’s drastic population decline.

Youngstown

Population at peak (1930): 170,002 
Population in 2010: 66,982
Decline from peak: 
60.6%

old youngstown

Youngstown has been accused of failing to diversify to stave off nationwide industrial decline. Many regard the shuttering of the Youngstown Sheet and Tube Company on September 19, 1977, aka “Black Monday,” as the death knell of the city.

Detroit

Population at peak (1950): 1,849,568
Population in 2010: 713,777
Decline from peak: 61.4%

old detroit

Detroit has lost more than a million people since its peak in the mid-20th century, and the population decline isn’t expected to end anytime soon. Known as Motor City, Detroit was the center of an auto industry boom after World War II. The boom has long since ended, however, and many manufacturing jobs have disappeared. Detroit’s population decline can also be attributed to middle-class families moving to the suburbs to avoid the high crime and plummeting property values in Detroit.

St. Louis

Population at peak (1950): 856,796
Population in 2010: 319,294
Decline from peak: 62.7%

loc st louis

St. Louis was once the continent’s railway hub, but as rails became less important, so did the city. Its problems were further compounded by disastrous urban renewal policies that sparked an intense wave of mid-century white flight. The city is now not even in the top 50.

 

 

American Cities In Decline – Business Insider.

Despite Lower Prices, 40 Million Households are Burdened by Housing Costs | Armonk Real Estate

Since 2007, the number of households are paying more than half of their income for housing despite the crash in home values and bottom basement interest rates has increased by 2.6 million.

As of 2011, over 40 million households were at least moderately cost burdened (paying more than 30 percent of their incomes for housing), including 20.6 million households that were severely burdened (paying more than half of their incomes for housing), according to the State of the Nation’s Housing 2013 released yesterday by the Joint Center for Housing Studies at Harvard University.

The latest increases in the number of severely burdened households represent a jump of 347,000 from 2010, 2.6 million from 2007 when the recession began, and 6.7 million from a decade ago.

The most recent increases were almost entirely among severely burdened renters, whose numbers soared by 2.5 million from 2007 to 2011, pushing the share to 27.6 percent. While up only 173,000 over this period, the number of cost-burdened homeowners had already surged by 2.7 million in 2001-07 amid the sharp rise in house prices and the widespread availability of easy mortgage credit.

However, the incidence of cost burdens has not fallen much more dramatically among owners despite the substantial decline in home prices and low interest rates. Indeed, the share of severely burdened owners rose from 12.1 percent in 2007 to 12.6 percent in 2011. The lack of progress reflects the difficulties that many owners locked into excessive mortgage debt face in attempting to refinance and the still-weak state of the economy. In fact, the overwhelming majority of underwater homeowners continue to make payments on mortgages that exceed the present value of their homes, the report said.

While increasingly prevalent at all income levels, severe hous­ing cost burdens are much more common among households with the lowest incomes. Nearly seven out of ten households with annual incomes of less than $15,000 (roughly equivalent to year-round employment at the minimum wage) are severely burdened. With income inequality worsening over the past decade, the share of households with these low incomes has continued to grow.

Meanwhile, the stock of low-cost housing that these households can afford continues to shrink. Between 2007 and 2011, the number of renter households with extremely low incomes (less than 30 percent of area medians) increased by 2.5 million. Over the same period, the number of available housing units that households at this income level could afford to rent declined by 135,000. As a result, the gap between the supply of affordable housing and demand from extremely low-income renters dou­bled in just four years to 5.3 million units. Given that the typical unit completed in 2012 rented for $1,100 per month, new hous­ing development is unlikely to alleviate this affordability gap.

The dramatic increase in the burden of housing costs was one of a number of topics discussed at a webinar that originated at the Center’s offices in Cambridge.

 

Despite Lower Prices, 40 Million Households are Burdened by Housing Costs | RealEstateEconomyWatch.com.

Home Prices Only 18 Percent from Peak | Waccabuc Real Estate

Home prices have regained nearly half of the value lost since prices peaked in June 2006 and prices rose 1.5 percent last month and 4.5 percent above January prices.

Lender Processing Services today released its latest LPS Home Price Index (HPI) report, based on April 2013 residential real estate transactions. Home prices in April were only 18.1 percent below their peak in June 2006, having regained nearly half of the value lost during the housing depression during the past 14 months.

In January 2012, LPS estimated that from the market peak in June 2006, the average national home price was down 31 percent. Prices fell from a national average of $282,000 in June 2007, to $226,000 in December 2008, and finally to $196,000 in January 2012. During the period of most rapid price changes, from July 31, 2007, through December, 2009, prices declined $56,000 from $282,000. The average annual decline during that time was 13.8 percent.

The median national home price in April was $217,000, some $48,000 below the peak of $265,000.

States where homes gained the most equity last month were California (2.6%), Florida (1.4%), New Jersey (1.4%) and Texas (0.9%). Metros with greatest gains were Chicago (2%); Dallas (1%), Los Angeles (2.2%), New York (1.3%) and Washington (1.3%)

 

Home Prices Only 18 Percent from Peak | RealEstateEconomyWatch.com.

Property Auctions: Myths vs. Truth | Bedford Corners Real Estate

With the U.S. housing market continuing down the road to recovery, inventory remains tight as home sellers are waiting it out, hoping to regain some of their home equity lost during the downturn. One buying and selling option often overlooked by consumers is property auctions and estate auctions. Because property auctions are not considered a traditional method of selling or buying, misperceptions and myths abound about the auction process. Here are several myths debunked.

Myth No. 1: I won’t get the price that I want

Truth: Home auctions allow interested buyers to compete with one another for the home they want. It’s this competition that brings out the true market value of a home. On auction sites, bids are placed in a transparent marketplace, so buyers can see offers and interest in real time. Additionally, sellers set a reserve price, which is the minimum amount of money they will accept for their home. Meanwhile, buyers benefit by seeing exactly how much money it will take to be the “highest bid” instead of wondering why their offer wasn’t accepted in a traditional process.

Myth No. 2: Auctions are complicated

Truth: While the auction process may be unfamiliar, it is actually geared toward transparency and simplicity. On most auction sites, pertinent property information, disclosures and auction terms are provided to buyers weeks before bidding starts. Open houses are held on many properties, and buyers are often able to complete a home inspection before bidding. Having a set auction date also reduces the uncertainty that buyers and sellers face with a traditional real estate transaction. Many auction sites are available to answer questions from home buyers and sellers.

Myth No. 3: Auctions don’t benefit agents

Truth: Auction companies often work with agents to generate more listings and sales. Agents can focus on building their network of prospective clients, listings and industry contacts while the auction site handles the property marketing and auction logistics. Agents conduct open houses, upload quality photographs and answer questions about the home and neighborhood. Listing agreements between sellers and agents and commissions stay intact during the auction process.

Myth No. 4: Auction fees are expensive

Truth: There are different types of fee structures for property auctions, depending on the auction house. In many cases, a fee equal to a small percentage of the winning bid is charged to the buyer. Some auction companies may charge the seller a nominal fee to market their home. On Auction.com, there is no cost to homeowners or agents to sell properties, and there is no cost to bid. There is a buyer’s premium (5 percent of the winning bid price), which is paid when the transaction closes.

Myth No. 5: Buyers have to pay cash

Truth: While paying in cash is certainly an option, many homes can be financed through a traditionalhome loan. Buyers are usually only required to put down a deposit, which then gives them between 30 and 45 days to close the loan and the deal.

Myth No. 6: Auctions are only for distressed properties

Truth: While auctions have been a beneficial way to buy and sell bank-owned homes, they are also commonly used for non-distressed properties, short sales, commercial properties and luxury homes. Any individual looking to buy or sell a home would be wise to explore their options when it comes to property auctions. Transparent and streamlined procedures, far-reaching marketing and the simplicity of online bidding make auction sites an additional choice for buying and selling.

Property Auctions: Myths vs. Truth | Zillow Blog.

The Hamptons 18 Essential Hotels | Chappaqua Realtor

Hamptons Hotel Week June 2013
THE 1708 HOUSE
Ancient, charming
This bed-and-breakfast in fact does date from 1708. There are four eighteenth-century guest rooms with original wood floors, beamed ceilings, four-poster beds, and clawfoot tubs and also more modern rooms and cottages. The cellar, dating to 1648, is an atmospheric place to have a glass of wine. Location is unbeatable: you can walk to the center of Southampton and the beach.
THE 1770 HOUSE
Beautiful, luxurious
Everything about the 1770 House is luxurious and the staff goes out of their way to be charming. Originally built as a private residence for William Fithian in 1663, this place has been an inn since 1770. The six guest rooms and carriage house are all beautifully appointed; some rooms even have fireplaces and private entrances. The restaurant is also top-notch.
Landmark, atmospheric
You feel like a guest in an old-fashioned mansion at the American Hotel. The hotel was built in 1846 at the height of Sag Harbor’s whaling heyday, but today, the American Hotel is one of the most elegant and charming hotels in the Hamptons, and offers a noted restaurant and bar. If that’s not enough, it is reputedly haunted by drowned whalers.
Unique, lovely
Nowhere else on the East End will you find a hotel that looks like this. The public rooms and guest rooms are beautifully decorated in William Morris floral wallpapers and fabrics. Originally an eighteenth century house, the building was remodeled the house in the English Arts and Crafts style. Each guest room is different, and the spacious public rooms are inviting places to gather. The hotel is right on East Hampton’s Main Street, walkable to shops and restaurants.
Charming, luxurious
The Maidstone (aka the William L.H. Osborn House) is another old East Hampton inn, built in 1840. But there’s no stuffiness here. The Scandinavian c/o hospitality group remodeled four years ago; now the guest rooms are filled with Scandinavian antiques and the bathrooms are luxurious. Freestanding cottages out back are frequented by celebrities to hide from the paparazzi. Want to sneak away from your adoring public? Borrow one of the vintage Scandinavian Kronan bikes available for guests.
HARTMAN’S BRINEY BREEZES MOTEL
Unpretentious, homey
Briney Breezes is the quintessential Montauk family motel, right across from Umbrella Beach and a short walk to the village. It’s clean, relaxing, and has a huge greensward in front of the pool on which children play on summer nights. Many rooms are efficiencies, which makes it even more useful for family stays.
Cozy, pretty
At the Hedges Inn, each well-appointed room overlooks either Town Pond or the beautiful gardens. The Hedges was built in 1873 as a summer boarding house and has been recently renovated with 21st century comforts. The front porch has been a favorite relaxing spot for generations of visitors to East Hampton and the inn is particularly renowned for its wonderful breakfasts.
HUNTTING INN
Historic, comfortable
There aren’t many places you can stay that have been an inn since the American Revolution. The oldest part of the house was built for Rev. Nathaniel Huntting in 1699. David Gardiner, the East Hampton historian described in the 1840s, described the “High merriment and frolicking, the oceans of flip” to be found at the Huntting Inn. While you’re not that likely to find flip on the menu of the Palm restaurant onsite, the rooms are picturesque and comfortably furnished with antiques, and the Main Street location means guests can walk to shops and the movies.
INN AT WINDMILL LANE
Private, relaxing
At The Inn at Windmill Lane (formerly known as The Reform Club), privacy for guests is ensured: many have their own patios and seating areas. It combines European style with Hamptons relaxation. You can walk to the village; you can walk to the ocean, and the staff is extremely friendly and accommodating.
Cozy, chic
The pet-friendly hotel, close to Crescent Beach, is a Victorian mansion that has been recently updated with modern beach chic and a French vibe. Each room overlooks the beautiful gardens; there’s also an outdoor bar in the garden and a bakery on th

 

The Hamptons 18 Essential Hotels – Hotel 18 – Curbed Hamptons.

Good-Bye Low Mortgage Rates; Good-Bye Housing Recovery | Bedford Hills Real Estate

The already struggling U.S. housing market recovery took it on the chin this week…

While most investors were focused on the collapsing stock market, courtesy of the Fed’s announcement Wednesday that it would pull back on its $85.0-trillion-a-month paper money printing program some time later this year, bond yields rose sharply.

The yield on the bellwether 10-year U.S. Treasury bill has jumped almost 50% over the past 12 months—and that means mortgage rates are rising sharply. This should be of no surprise to my readers, as I have been warning about higher interest rates for some time now. (See “Gone Are the Days When the U.S. Bond Market Was the Place to Be.”)

If there is one factor that affects activity in the housing market the most, it is interest rates. That’s why the nail in the coffin for the housing market might now be in.

The National Association of Realtors reports first-time home buyers accounted for only 28% of all the existing-home purchases in the U.S. housing market in May. What’s even more troubling is that they have been declining in number. In April, first-time home buyers accounted for 29% of purchases; and in the same period a year ago, they bought 34% of all existing homes in the U.S. housing market. (Source: National Association of Realtors, June 20, 2013.)

Looking forward, I won’t be surprised to see the number of first-time home buyers decline even further, because the Federal Reserve has pulled the rug right out from under their feet by saying it may pull back on its quantitative easing later this year, thus pushing mortgage rates sharply higher.

The standard 30-year fixed mortgage rate jumped to 4.24% today, up from only 3.67% a month ago.

As I have been writing, the U.S. housing market has been propped up this year by institutional investors moving in and buying single-family homes for the sole purpose of renting them out—for investment purposes. Institutional investors became major buyers of single-family homes in key areas of the U.S. housing market and even bid up prices.

But now that yields across the board are rising, is the housing market that attractive to institutional investors? Money flows to the highest and safest returns. With rates rising, the big-money guys might finally have other investment alternatives to look at. Combine less focus on the housing market from institutional investors with declining demand from first-time buyers and rising interest rates, and quickly the housing recovery becomes a has-been.

 

Good-Bye Low Mortgage Rates; Good-Bye Housing Recovery – Yahoo! Small Business Advisor.

Mountain Penthouse on Aspen’s Main Street Asks $8.75M | Pound Ridge Real Estate

 

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Location: Aspen, Colo.
Price: $8,750,000
The Skinny: In most mountain towns, spending close to $9M would earn a buyer a substantial piece of property and a sprawling mansion, but not so in the favored mountain playground of the rich and famous, Aspen, Colo. This newly built penthouse on Main Street is asking $8.75M and measures just 3,200 square feet. Aside from the high price, the location is prime for those looking for easy access to Aspen’s many bars and restaurants—nevermind the annual Food & Wine Classic, which just wrapped up—and offers a short walk to the lifts at Aspen Mountain. The modern interior is home to four bedrooms, three bathrooms, “wide-planked European rift-cut white oak floors, custom cabinetry, diamond finish plaster walls, and slab stone countertops,” while 1,250 square feet of outdoor space and a three-car garage round out this low-maintenance offering.

Mountain Penthouse on Aspen’s Main Street Asks $8.75M – House of the Day – Curbed National.

10 Insights on Twitter’s Raw Marketing Power | Bedford Corners Realtor

Twitter is the the most efficient marketing megaphone I have ever seen.10 Insights on Twitters Raw Marketing Power

It moves news, ideas and content in real time with only 140 characters. It is not only lightning fast, it is global. It amplifies your message and engagement with just one click.

Its attraction for me was it was free to use and simple.

I started using Twitter about 4 months before I launched my blog and I discovered that it was a great tool to not only engage with people but to distribute my content. I then proceeded to not only create content but build my Twitter followers as it provides an unfiltered stream that is not restricted by update choking and censoring that occurs with Facebook.

Twitter is well known for spreading and breaking news and is the darling of politicians and celebrities. What is not often understood is its raw naked power to make your content as an online publisher to flow across a global web.

It helps make your content  ”liquid

So what is engagement on Twitter?

There are three types of Twitter engagement and total  engagement is the sum total of these three key components. 

1. @Replies

When a follower sends a Tweet directly by using your brand handle at the beginning of the Tweet. This will only show up in your feed, and the feeds of users who follow you both.

Example: “ @jeffbullas What Twitter tools do you use? 

2. Retweets

A retweet is when a follower directly shares your brand message with their audience.

Example: “ whoa!! RT @jeffbullas: 10 Secrets of Professional Writers Every Blogger Should Know http://ow.ly/h08r4 #blogging #writing #blog 

3. Mentions

When a user includes your brand hand, but not as a direct @Reply.

Example: “8 Great Twitter Tools That Will Get You Tweeting Like A Pro http://po.st/q232TU vía @jeffbullas  

Add these all together and you have “total engagement” as a pure metric.

Insights into Twitter’s raw marketing power

I have been trialling an analytics tool and platform called “Simply Measured” and plugged in my social media network accounts and have let it start collecting data and after a week it was  a revelation to take a closer look at the insights it revealed.

#1. Twitter engagement megaphone

The top graphic that is produced once your report is live is the “Twitter Engagement Megaphone”. It is a snapshot of your Twitter activity, engagement and potential reach and impressions in a graphical format.

What was surprising for me was the size of my Twitter “Potential Reach” at over 11 million and “Potential Impressions” which is calculated at 146 million.

Potential impressions have always been an important metric for advertisers. For traditional mass media like newspaper, radio and TV, it has been one of the only metrics available to gauge success, and its relevance is also prominent throughout the social media revolution.

Definition for “Potential Impressions”: “The total number of times a tweet from your account or mentioning your account could appear in users’ Twitter feeds”. 

Jeff Bullas Twitter engagement megaphone

What is the importance of potential impressions?

It is important for measuring brand impact as it measures the viral power beyond your inner circle of influence which is your follower count. If your content is having a viral impact then the potential impressions metric is the most important data point that identifies that trend.

For a more detailed breakdown of how it is calculated read this explanation.

#2. Twitter engagement breakdown

In looking at this metric what stood out was that retweets were by far the largest, which is a good thing as it is the engagement type with the most reach. The other revelation was the Tweet with the most engagement over the 7 day period was a Tweet with the headline “Facebook Finally Joins the Hashtag Party”

Twitter engagement breakdown

#3. Top time and day for Twitter engagement

This shows that mid week is the the top time with Wednesday the most active at between 7 and 8am. Surprising also was that it was over 26% of total mentions.

Top time and day for Twitter engagement

#4. Best tweets by content

I tweet with links almost every time. Normal tweets without links do not create as much engagement as a link or a video tweet.

Want to drive engagement then you need to include a link.


Read more at http://www.jeffbullas.com/2013/06/21/10-insights-on-twitters-raw-marketing-power/#u0R1xOXT6MLfV8zx.99 

 

www.jeffbullas.com/2013/06/21/10-insights-on-twitters-raw-marketing-power/.

Secluded Carriage House in Quiogue for $1.849M with Lovely Gardens | Chappaqua Real Estate

 

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This 1890 carriage house has a lot of historic charm, but unlike many old houses, it has large, spacious rooms. Features include coffered ceilings,wide-plank floors, a fabulous granite kitchen with pro appliances, and a sunny porch. There are five bedrooms and three and a half baths in 3556sf. We like the soothing, summery neutral palette warmed up with antiques, too. Outside, specimen trees and formal gardens are on a lot of 1.3 acres. The setting is very private, with a long gated driveway, but Main Street shopping is a short walk away. There’s room for a pool and pool house.
· 478 Main St [Elliman]

 

Secluded Carriage House in Quiogue for $1.849M with Lovely Gardens – This charming house – Curbed Hamptons.