Robert Paul: Third-quarter growth revised up to 2.5 percent | Bedford NY Real Estate
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Town of Pound Ridge NY Has to Raise Taxes Again | Pound Ridge NY Real Estate
POUND RIDGE — Residents would see a 3.4 percent tax increase under the town’s preliminary budget.
The proposal would spend roughly $7.1 million for the general and highway funds, a $146,003 decrease from 2010, according to a town budget synopsis.
While spending is going down, the town is also decreasing the amount of surplus it has set aside in 2011 to help pay for town operations.
The 2010 budget appropriated $850,000 in surplus, while in the proposed 2011 budget, the amount of surplus used would drop to $500,000, said Steve Conti, the Pound Ridge finance director. The town’s goal in the coming years is to lower its reliance on surplus to fund expenditures, Conti said.
“At $850,000 a year, the fund balance would be zero in three to four years,” Conti said.
There are number of areas where the town will save money next year. The departure of a retiring highway department employee, for example, will save the town about $90,000, Conti said. The budget plan also calls for a wage freeze for town employees.
But the town faces rising expenses in other areas. The cost of providing health care to employees is expected to go up by $32,000 in 2011 and town contributions to workers’ pensions will increase $51,000, Conti said.
Deputy Supervisor Jonathan Powers said that amid a challenging budget environment, town officials have been scouring the budget lines looking for savings.
“It’s a modest tax increase,” Powers said. “Because we haven’t laid off any employees, there’s no reduction in services to the town.”
The tax rate for the general and highway funds is $11.81 per $1,000 of assessed value. For the owner of a home assessed at $179,629, the town average, the annual tax bill would be $2,121.44, or $69.86 more than 2010.
While the tax rate to pay for the general and highway funds is on the rise, the amount residents will pay for the land reserve tax will go down in 2011.
That’s because the land reserve tax temporarily declines for the next two years under a ballot initiative , passed this month, that renews the open-space levy for an additional 10 years.
The open-space tax is typically $1 per $1,000 of assessed value, but in 2011 it will be 50 cents per $1,000 of assessed value.
The public hearing on the budget is scheduled for 8 p.m. Dec. 2 at the Town House, 179 Westchester Ave.
Pound Ridge NY Town Board has to Decide on New Cell Tower | Pound Ridge NY Real Estate
A group of Pound Ridge residents want the town board to defer making decision on a plans by T-Mobile’s for building a cell tower in Scotts Corners until a task force can be established to develop a new strategy for the town’s cell tower placements.
The 29-Acre Preservation Association is leading a group of residents who are expected to make their case for the task force during tonight’s public hearing on T-Mobile’s tower construction.
Association member Melinda Avellino said Pound Ridge needs a committee that can create a town-wide cell service “overlay” and evaluate all “new and existing equipment sites or plans, and ensuring that all application and zoning requirements are met by the applicant.”
“We believe that taking a proactive approach is necessary to ensure the responsible placement of cell service equipment that best protects its citizens,” she said.
Tonight’s hearing, scheduled for 7 p.m. at the town house, gives the board, as well as the public, the opportunity to review and comment on T-Mobile’s application for the special use permit it needs to construct a 130′ tower at the Pound Ridge Lions Club Ambulance headquarters on Westchester Avenue in Scotts Corners.
Aside from engineering and construction details, T-Mobile’s presentation will include an overview of the criteria used to select the ambulance corps location from among the 20-plus sites it considered for the tower — a process that began in 2007.
“We’ve invested three years and a lot of money working with town planners, engineering and building consultants to get this project in front of the public,” said Jane Builder, Senior Manager of External Affairs for T-Mobile’s northeast engineering division. “We’ve been sensitive to the various concerns throughout the entire process, and approval from the board will mean cell service for this part of town is finally close to becoming a reality.”
Tower Location Lacking Consensus
But all time and money spent did not keep the board from voicing concerns over the ambulance corps site at its regular meeting last month. According to Deputy Supervisor Jonathan Powers, those concerns center around the topographical features of the location.
“On the one hand it limits the height of the tower and consequently the amount of service coverage,” Mr. Powers said. “On the other, the location and height of the tower will have a definite visual impact.”
Mr. Powers said the board was concerned enough to request that T-Mobile further explore the possibility of building a tower on an alternative site, on a tract of land owned by Oceanus Navigation, located on the opposite side of Westchester Avenue, near the top of Hemlock Hill Road.
He said the Oceanus Navigation location had been on T-Mobile’s list of possible sites and because the property’s elevation was much higher, it could accommodate a 170′ tower and significantly greater service coverage. The site had been eliminated from consideration because after a year trying, T-Mobile had not been able to secure an agreement to lease the land from its owner.
At the board’s insistence, however, T-Mobile agreed to conduct a balloon visualization test on the property.
The 29-Acre association members present at the meeting reacted by openly challenging the board’s ability to act in the best interests of its constituents.
Armonk NY Real Estate Market Report | November 2010 | RobReportBlog
There are ninety-nine (99) Armonk NY Homes currently available. The Median Price of an unsold Armonk NY Home is $1,299,400. The low price is $469,000 and the high price is $14,995,000. The average Armonk NY Home is 4845 square feet, has been on the market for 225 days and is asking $405 per square foot.
Armonk NY Homes finds sales are up 27% for the past three (3) months compared to the same period in 2009. The Median Price for a sold Armonk NY Home is $1,038,280 this year and was $1,024,687 last year. The average Armonk NY Home is 3684 square feet, takes 231 days to sell and averages $312 per foot. Armonk NY Homes sell at 93.66% of asking price
In 2009 the average Armonk NY Home sold was 3825 square feet, sold in 206 days at $306 per foot. In 2009 Armonk NY Homes sold for 94.30% of asking price.
Pound Ridge NY Real Estate Report | November 2010 | Rob Report Blog
Eighty-five (85) Pound Ridge NY Homes are currently available. The Median Price for Pound Ridge NY Homes is currently $989,800. The low Pound Ridge NY Home for sale is $317,000 and the high is $10,000,000. The average home takes 132 days to sell. The average size for a Pound Ridge NY Home is 4090 square feet and is asking $344 per foot.
Over the last three (3) months the Pound Ridge NY Real Estate Market is up 27% compared to the same period in 2009. The current sold Median Price in Pound Ridge NY is $796,675. In 2009 the Median Price was $825,000. The average Pound Ridge NY Home selling is 3353 square feet, takes 165 days to sell and averages $271 per square foot. The average selling price to asking price in Pound Ridge is 92.55%.
In 2009 the average Pound Ridge NY Home was 3498 square feet, took 230 days to sell, and averages $267 per foot. The average Pound Ridge NY Home sold at 92.81% of asking price in 2009. (source: EAMLS.)
New Lending Guidelines From Fannie Mae in Katonah NY | Katonah NY Real Estate
NEW lending guidelines being rolled out by Fannie Mae will make securing a mortgage a lot easier for some borrowers but harder for others.
The rules, effective on Dec. 13, will allow buyers to use gifts and grants from nonprofit groups for their minimum 5 percent down payment, which is the threshold set by Fannie Mae, the government-owned company that sets lending standards and buys mortgages from lenders. (Freddie Mac is considering similar new guidelines, said Brad German, a spokesman.)
Previously, borrowers had to contribute a minimum 5 percent down payment from their own funds, but additional down payment money could be from a gift (though never from a home seller). The exception was for borrowers who put 20 percent down: all that money could come as a gift.
Because many lenders now require a down payment of 10 percent or more, the new rules mean that borrowers will still have to come up with extra funds — either their own or gifts.
Still, “this is definitely going to help upgrade buyers and young couples who for whatever reason don’t have enough money and are getting some from their families,” said Edward Ades, the owner of Universal Mortgage, a broker in Brooklyn.
The gift rules apply only to single-family principal residences, including town houses, co-ops and condominiums, and covers mortgage amounts in excess of 80 percent of the property’s value. Also, there is a limit on the loan balance — $729,000 in high-cost areas like New York City, and $417,000 in other areas.
Now, the not-so-good news.
Fannie Mae is getting tougher on debt-to-income ratios, or the amount of a borrower’s gross monthly income that goes toward paying off all debts. The maximum ratio for those seeking a conventional mortgage will drop to 45 percent from 55 percent under the new guidelines.
5 Real Estate Scams You Need to Know About | Chappaqua NY Real Estate
Don’t be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
You can report instances of suspected mortgage fraud to Stopfraud.gov.
Mortgage Bankers Report Foreclosures Are Falling in Lewisboro | Lewisboro NY Real Estate
Fewer homes are falling into foreclosure, the Mortgage Bankers Association reported Thursday.
The percentage of homes that entered some stage of foreclosure in the third quarter fell to 13.52 percent compared to 14.42 percent in the second quarter in part because of state and federal investigations into procedural errors, the bankers said.
Mortgages more than three months overdue also fell during the third quarter to 8.7 percent of all loans, down from 9.11 percent in the second quarter.
The bankers say it is too early to know whether this represents a positive trend because once the foreclosure investigations grind to a halt, foreclosure activity will pick up.
Elizabeth Duke, a Federal Reserve Board governor, testified that the Fed expected about 2.25 million foreclosure filings this year and in 2011, and 2 million in 2012. “They will remain extremely high by historical standards,” Duke said in a prepared statement.
Source: The New York Times, David Streitfeld (11/18/2010)
History of Pound Ridge NY | Pound Ridge NY Real Estate
| Originally home to the Siwanoy and Kitchawong Indians (Mohican tribes, a subgroup of the Algonquians), the town takes its name from a tribal “pound” or enclosure for game that was on one of the area’s many “ridges”. The Indians led a relatively peaceful life of planting, hunting, and fishing. Pound Ridge was originally settled in 1640’s as part of a tract of land purchased from local Indians by Captain Nathanial Turner, and it was officially incorporated in 1788. For the last 250 years there has been much controversy over the spelling of “Pound Ridge” or “Poundridge”, but finally in 1948 the Town Board declared the name to be the two-worded version. During the Revolution in 1779, Pound Ridge was the scene of the dramatic raid led by the British Lt. Col. Banastre Tarleton (his portrait by Sir Joshua Reynolds shown at right). He overwhelmed the local militia commanded by Major Ebenezer Lockwood and the regiment of Continental Light Dragoons (mounted infantry) led by Lt. Col. Elisha Shelton stationed in the Hamlet area. Fortunately, Tarleton got a bit lost finding Pound Ridge, which enabled the Americans more time to prepare. However, with better than a 2 to 1 advantage, Tarleton (a.k.a. “The Butcher”) conquered, plundered, and burned much of the town. By 1920, the population dwindled to 515. Then, during the 1930’s things changed. Hiram Halle, an inventor and businessman, came to Pound Ridge from New York City and began renovating and reconstructing houses. He hoped to enhance the community, and it did attract actors, writers, artists, and musicians. They discovered that Pound Ridge was a charming and convenient getaway and began purchasing homes. Benny Goodman was one of the first of these residents, and he even composed a melody entitled “Pound Ridge”. Many creative people and celebrities continue to move to Pound Ridge (sometimes referred to as the 2nd Hollywood). By the 1940’s, Pound Ridge’s population rose to almost 800, and it continued to grow slowly and steadily to 4,000 in 1980 and 4,550 in 1990 to 4,700 in 2000. Interest in the preservation of Pound Ridge’s architectural heritage has also been maintained throughout the years. These older landmarks and homes (with wells and barnegats for crushing seashells) are an integral part of the character of the town and provide the community a shared “pride of place”. The current population of the residents of the Town of Pound Ridge, NY includes 4,918 people (2004 US Census) living mostly in single-family dwellings on 2 or 3-acre minimum zoning districts. In addition there are deer galore, emus, swans, ducks and geese, foxes and coyotes, raccoons, otters, squirrels, chipmunks, frogs, crickets, etc.. And last but not least is the official Town of Pound Ridge Cemetery originally known as “Burial Hill”. |
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8 Ways to Improve Your Credit in Pound Ridge NY | Pound Ridge NY Real Estate
Credit scores, along with your overall income and debt, are a big factor in
determining if you’ll qualify for a loan and what loan terms you’ll
be able to qualify for.
determining if you’ll qualify for a loan and what loan terms you’ll
be able to qualify for.
- Check for and correct errors in your credit report. Mistakes happen, and
you could be paying for someone else’s poor financial management. - Pay down credit card bills. If possible, pay off the entire balance every
month. However, transferring credit card debt from one card to another could
lower your score. - Don’t charge your credit cards to the maximum limit.
- Wait 12 months after credit difficulties to apply for a mortgage. You’re
penalized less for problems after a year. - Don’t purchase big-ticket items for your new home on credit cards
until after the loan is approved. The amounts will add to your debt. - Don’t open new credit card accounts before applying for a mortgage.
Having too much available credit can lower your score. - Shop for mortgage rates all at once. Too many credit applications can lower
your score, but multiple inquiries from the same type of lender are counted
as one inquiry if submitted over a short period of time. - Avoid finance companies. Even if you pay the loan on time, the interest
is high and it will probably be considered a sign of poor credit management. - This information is copyrighted by the Fannie Mae Foundation and is used with
permission of the Fannie Mae Foundation. To obtain a complete copy of the publication,
“Knowing and Understanding Your Credit,” visit Home Buying Guide.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®