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Westchester Homes

New Listings Cool California Hot Spots | Armonk NY Homes

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In the several California markets that have seen soaring prices and historically low inventory levels during this spring buying season, a flood of new listings drove inventories up.  The increasing inventories are helping to moderate price increases in the hot markets.  In Sacramento, for example, list prices actually declined on a monthly basis.

In Sacramento, inventories increased 81.17 percent and in Stockton-Lodi, 74.80 percent in April.  San Francisco, Oakland, San Francisco also registered monthly inventory increases exceeding 10 percent according to realtor.com’s April trend report.

Nationally, inventories increased by 4.12 percent over the month, while list prices rose by 2.63 percent, as home owners sought to take advantage of what is now widely seen as a sellers’ market.  At the same time, the average age of the inventory fell to 81 days in April, 10.99 percent lower than one year ago.  All of these positive signs point to a housing market that is well on its way to a broad-based recovery.

The recovery continues to reach more and more of realtor.com’s 246 markets.  Year-over-year median list prices increased in 96 markets, held steady in 20 markets and declined in only 30 markets, a pattern that has been steadily improving since the beginning of the year.  These patterns suggest that the housing recovery is likely to be broad, particularly if the overall economy continues to improve.

On a year-over-year basis, the for-sale inventory declined in all but 11 of the 146 markets tracked by realtor.com, with 36 markets registering declines of 20% or more.  At the same time, year-over-year median list prices increased in 96 markets, held steady in 20 markets and declined in 30 markets, a pattern that has been steadily improving since the beginning of the year.  These patterns suggest that the housing recovery is likely to be broad, particularly if the overall economy continues to improve.  While there continue to be pockets of weaknesses, 2013 promises to be a very good year for the housing market.

On a year-over-year basis, April median list prices were up by 1 p or more in 96 of 146 MSAs, and up by 5% or more in 59 MSAs.  Median list prices were down by 1% or more in 30 markets, while 6 experienced a decline of more than 5%.  The remaining 20 markets have not experienced significant changes in their median list price compared to a year ago.  These results represent a significant improvement over March’s results, when only 82 markets were up by 1% or more on an annual basis and 36 markets were down by 1% or more.

 

 

New Listings Cool California Hot Spots | RealEstateEconomyWatch.com.

Is Paying Down Your Mortgage a Bad Idea? | Chappaqua Real Estate

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Making extra payments on your mortgage?
Many people do — they’re anxious to get that mortgage paid down as quick as they can. But especially with interest rates this low, that might not be the best place to put that next dollar.
So what are the top five reasons to postpone that mortgage burning party?

Your emergency fund is on the scrawny side.

Before you send another extra dollar to your mortgage company, beef up your cash reserves.
Sure, you are saving more in interest than you’re earning in your bank account, but what happens if you lose your job?
You can’t rip out your bathtub and sell it on eBay for grocery money. And the bank isn’t likely to loan you the money back while you’re unemployed.
Likewise, if you’re still saving for retirement, putting that extra money toward your retirement savings is a smart move.
You’ll be taking advantage of the power of compounding by putting the money to work for you sooner. You get an extra bonus if adding to your retirement savings garners you more of an employer match.

You are carrying other debt, like credit card debt or a car loan.

Those consumer loans should be paid down first.
It’s likely your credit card interest is higher than your mortgage rate, and your mortgage interest may offer you a tax deduction that you’re not going to get from a credit card or car loan.
Work on reducing your consumer debt to zero before even considering paying down your mortgage.

Capture the arbitrage.

Remember not that long ago when online banks were paying 3.5%? That’s about what you can get a 30-year fixed mortgage for these days.
Economies are cyclical; it’s only a matter of time until those deposit rates return, and go even higher. And when they do, you’ll be glad to have your money earning more in the bank than the bank is charging you on your mortgage.
Imagine the scenario where you could pay off your mortgage if you wanted to, but instead watch the interest you’re earning outpace the interest you’re paying.

Those extra dollars could be put to use elsewhere.

Perhaps your career could use a boost from some coaching or certifications?
The additional money you’ll earn year after year from investing in your working future may return loads more than the savings on your mortgage.

 

Is Paying Down Your Mortgage a Bad Idea? | Chappaqua Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Denver housing market recovers but sellers remain scarce | Waccabuc Homes

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Denver’s housing rebound is in full swing, but sellers are acting as though they didn’t get invitations to the party.

“The question each and every day is: Where are the sellers?” said Gary Bauer, an independent real estate research analyst.

At the end of April,metro Denver had just shy of 7,000 pre-owned homes available for sale, a third fewer than a year earlier and less than half the 15,000 to 20,000 homes that Bauer said would represent a normal market.

“I can’t figure out why people aren’t listing,” said Brenda Yates, a broker associate with Keller Williams DTC.

Yates and her husband plan to put three properties on the market, after finally seeing enough appreciation to make it worthwhile, and they don’t expect it will take long for them to sell.

The median price of homes sold in metro Denver last month rose to $280,000, up from $268,200 in March. The latestStandard & Poor’s/Case-Shiller Home Price indexreports 14 straight months of price increases in Denver, with prices up nearly 10 percent year-over-year as of February.

Scarcity is triggering bidding wars and causing homes to move quickly, often on the first day, brokers report. The median time a new listing in April remained available before going under contract was four days, reports Jim Smith, owner of Golden Real Estate.

 

 

Denver housing market recovers but sellers remain scarce – The Denver Post.

Supervisor Lee Roberts Won\’t Seek Re-election Tops Bedford News | Bedford Real Estate

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After 20 years in Bedford politics, Lee Roberts will be stepping down as town supervisor when November elections come around.

Roberts was elected as a councilwoman in 1993 and held that position for a decade before being named Bedford town supervisor. Currently in her fifth term, she will not be trying to make it six.

“After 10 years as supervisor, I think it’s time for new faces and new people,” she said.

When asked about what she’ll miss most, Roberts did not hesitate.

“Working with the residents,” she said. “In my mind, this is the best town in America. We have fabulous town officials and volunteers that make anything possible. It’s simply an outstanding community.”

 

 

Supervisor Lee Roberts Won\’t Seek Re-election Tops Bedford News | The Bedford Daily Voice.

Time to take the measure of the recovery | Waccabuc Real Estate

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Commentary: Many global indicators are at inflection points

Long-term rates fell this week to the lows of 2013, mortgages stickier than 10-year T-notes. Although long Treasurys made it to 1.85 percent, mortgages are still 3.75 percent or so — the mortgage market frightened to death that any loan it buys today will live until its 360th payment.

Trading everywhere has ceased for Passover, Good Friday, and Easter, but next week brings a flood of brand-new information for March, capped on Friday by employment data. Thus a good time to reflect.

I do not recall a moment in which so many economic elements at the same time have been at points of inflection. In the old days (five years ago) nothing much mattered except U.S. data. In global markets the world is more important than the U.S.

1. Rates are down because of Europe. Period. Euro elites are secure looking down their noses: “Cyprus is unique, the euro-zone will be fine, just a little austerity and economic reform ahead.” Au contraire… bank funding costs in March everywhere except Germany rose by 25 percent (who wants a haircut at shoulder-level?); French and Spanish 10-year yields are opening versus German; nobody is making fiscal progress, the combination of austerity and euro-shackles making recovery impossible. Yet everyone who has cried euro-failure “Wolf!” has been premature. Or wrong: maybe there is no wolf at all. Or, if the wolf finally does arrive, the bigger the shock.

2. The stock market set a new high yesterday, greeted by no exuberance. Usually a technical “breakout” like this is followed by a big run. Not. This new high is a half-inch above the same top in 1999 and 2007. Whee. And yet … stocks could really run and bring back the wealth effect.

3. That wealth effect may already be here. This morning’s news: personal incomes jumped 1.1 percent in February and spending with them, up 0.6 percent.

 

 

 

Time to take the measure of the recovery | Inman News.

John Paulson Lists His More Modest Aspen Home for $30M | Armonk NY Real Estate

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john-paulson-aspen-lakes-ranch.jpg
Location: Aspen, Colo.
Price: $29,900,000
The Skinny: Hedge fund manager John Paulson, who made most of his $11.2B fortune by shorting the sub-prime mortgage market, bought this extravagant Aspen home, dubbed Aspen Lakes Ranch, for $24.5M. Set on 8.4 acres, the 13,000-square-foot mansion was built on spec by a local developer, who included seven bedrooms, ten bathrooms, a stocked pond, a private sandy beach, and a guest house. Apparently, this wasn’t quite enough for Paulson, his wife, and two daughters, who are now decamping for one of America’s ultimate estates. Last summer, the family paid $49M for Saudi Prince Bandar’s Hala Ranch, originally listed in 2006 for $135M, and renamed it Star Ranch. The 128-acre spread is centered around a giant, 56,000-square-foot main house, with 15 bedrooms, 16 bathrooms, barber shop and beauty salon, and a master suite that’s said to be large enough “for a party for 450 people.” Now, Paulson is looking to trade-in the ever so slightly more modest Aspen Lakes Ranch, John Paulson lists Aspen Lakes Ranch for cool $29.9 millionasking$29.9M. The family wouldn’t be hurting too much, even if he had to keep both mountain getaways. After all, the hedge funder personally pocketed a record $4.9B in 2010

 

John Paulson Lists His More Modest Aspen Home for $30M | Armonk NY Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Remodeling? Avoid These Costly Mistakes | Armonk NY Homes

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While many Americans are ready to take on remodeling/renovation projects this spring, doing it the wrong way can be costly. Some errors to avoid:

Not knowing exactly what you want

If you don’t know exactly what you want or specify what you want, you’re going to get what the contractor thinks you want. And it could end up costing you dearly! For home remodeling design ideas, inspiration and a whole lot more (including cost estimates), check out Zillow Digs (free on the iPad or the Web). You can search by style, cost or room. And what’s really cool is that you can search by specific elements within a room, such as quartz or granite countertops, for example. Share your boards with your contractor so that you’re clear on your objectives.

Hiring the first contractor who comes along

Sure, he may seem nice, and he may seem competent, but have you checked him out? What do your friends say about him? Have you contacted his references? Seen his work? Are there any complaints lodged against him? (P.S.: The Better Business Bureau just released its top 10 list of inquiries from consumers, and half relate to home improvement.) What do subcontractors and suppliers have to say about their dealings with him? Is he licensed and insured? As excited as you may be about taking on this new project, you need to do a fair amount of due diligence.

Jumping at the lowest bid

Get at least three bids, and throw out the lowest one so as to avoid the inevitable consequence: cheap materials, shoddy installation, etc. Don’t invite trouble in! Rather, hire someone who not only comes in within target, price-wise, but is someone you feel personally comfortable with.

Not insisting on a written contract

Every detail about your project should be included in a contract, from the start date to the approximate completion date, right down to the brand of fixtures to the number of coats of paint. Be as specific as possible! Also important: setting a time limit for fixing defects so that if a dispute arises, it’s not endless.

Not setting a payment schedule

How you pay a contractor is almost as important as how much. Spell out the payment schedule in the contract, beginning with the amount to be paid upfront (which should be no more than 30 percent).  Periodic payments after the work starts should correspond to completed segments of the project. And the best way to ensure that work gets done when and how you want it? Leave a significant sum (at least 10 percent) to be paid only when the job is completed to your satisfaction.

Purchase loans tick up | Chappaqua NY Real Estate

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Applications for purchase loans increased a seasonally adjusted 2 percent for the week ending May 3 from the previous week, and were up 12 percent on an annual basis, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Meanwhile, applications for refinance loans climbed 8 percent from the previous week reaching the highest level since December 2012. The MBA attributed the gain to increases in both the conventional and government refinance indices. Source: MBA

www.inman.com

The Inflation Data Are Pointing To Another Housing Bubble | Katonah Real Estate

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t’s easy to spot a Fed-sponsored housing bubble if you look in the right places. The best place to start is an analysis of price inflation as measured by the BLS as compared to a CPI-variant that takes actual housing prices into consideration instead of rent.

This is a followup to my post Dissecting the Fed-Sponsored Housing Bubble; HPI-CPI Revisited; Real Housing Prices; Price Inflation Higher than Fed Admits.

Data for the following charts is courtesy of Lender Processing Services (LPS), Specifically the LPS Home Price Index (HPI).

The charts were produced by Doug Short at Advisor Perspectives. Anecdotes on the charts in light blue are by me.

Background

The CPI does not track home prices per se, rather the CPI uses a concept called “Owners’ Equivalent Rent” (OER) as a proxy for home prices.

The BLS determines OER from a measure of actual rental prices and also by asking homeowners the question “If someone were to rent your home today, how much do you think it would rent for monthly, unfurnished and without utilities?”

If you find that preposterous, I am sure you are not the only one. Regardless, rental prices are simply not a valid measure of home prices.

OER Weighting in CPI

CPI categories

Mish Shedlock

OER is now at 24.041% of CPI, which still rounds to 24.0%, but the other housing wedge is now an even 17.0%, down from 17.1% in the previous version.

 

The rest of the charts show various effects if one substitutes actual home prices as measured by the HPI in the data.

Two Inflation Indexes 

CPI with HPI substitute for OER and FFR

Mish Shedlock

click on any chart for sharper image

As measured by the CPI, price inflation is 1.47% annualized. As measured by HPI-substitution, price inflation is a much higher 3.33%. The Fed would have you believe everything is under control. Of course they said the same thing in 2005.

Read more: http://globaleconomicanalysis.blogspot.com/2013/05/hugely-negative-real-interest-rates.html#ixzz2SnQBfapO

Cicadas set to overrun Hudson Valley | Bedford Hills NY Homes

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Billions of cicadas lurking underground in the Hudson Valley and along the East Coast are awaiting their cue: when ground temperature reaches exactly 64 degrees.

Only then will the inch-long creatures crawl out of the burrows they have lived in for 17 years, climb trees and begin several weeks of riotous mating calls, sex, parenthood and finally death. Then the insects’ offspring will crawl underground to begin the cycle over again.

In the Hudson Valley, showtime could come within days as the air temperature climbs and the earth warms.

Scientists say the cicadas with bulging red eyes will outnumber people from North Carolina to Connecticut by about 600-to-1 and that the males’ mating calls will be as loud as a rock concert.

In 2004, Gene Kritsky, an entomologist at the College of Mount St. Joseph in Cincinnati, measured cicadas at 94 decibels, saying it was so loud “you don’t hear planes flying overhead.”

Cicadas come out every year in different regions around the world, but the variety about to make their entrance along the East Coast are different. They’re called magicicadas — as in magic — and are red-eyed. Magicicadas are found exclusively in the eastern half of the United States.

There are 15 U.S. broods that emerge every 13 or 17 years, so that nearly every year some place is overrun. Last year it was a small area, mostly around the Blue Ridge Mountains of Virginia, West Virginia and Tennessee. Next year, two places get hit: Iowa into Illinois and Missouri; and Louisiana and Mississippi. Still, it’s possible to live in these locations and actually never see them.

This year’s invasion is one of the bigger ones. Several experts say that they really don’t have a handle on how many cicadas are lurking underground but that 30 billion seems like a good estimate. At the Smithsonian Institution, researcher Gary Hevel thinks it may be more like 1 trillion.

Even if it’s merely 30 billion, if they were lined up head to tail, they’d reach the moon and back.

This year’s invasion, dubbed Brood II by scientists, is expected to cover large swaths of the Hudson Valley, according to Daniel Gilrein, an entomologist with Cornell Cooperative Extension of Suffolk County. Nature lovers, he said, should plan expeditions in late May and early June to see the insects at work.

 

http://newyork.newsday.com/news