| Bedford Corners NY Real Estate Report | RobReportBlog | ||
| 2013 | 6 months ending 7/5 | 2012 | |
| 10 | Sales | 10 | |
| $1,105,000.00 | median sold price | $11,800,002.00 | |
| $315,000.00 | low sold price | $450,000.00 | |
| $3,600,000.00 | high sold price | $4,800,000.00 | |
| 3891 | average size | 4239 | |
| $344.00 | ave. price per foot | $346.00 | |
| 244 | ave days on market | 215 | |
| $1,410,600.00 | average sold price | $1,546,900.00 | |
| 96.32% | ave sold to ask | 93.92% | |
Amanda Tappan, 21, tries her best to save money. She shares an apartment with four roommates, pays off her credit card each month, and drives between odd jobs in her used Chevy Cavalier.
But when she graduates next month from the University of South Florida, she won’t be spending that money, or her early career wages, on buying a home. Instead, that money will go straight toward her $16,000 in student loans.
“It was so easy to get a student loan. … But then two years later, it was like, ‘Why did I do that?’ ” Tappan said. “I want to have most of my debt gone before I even think about buying a house.”
The young marketing and management student is one of 38 million Americans who face a staggering $1 trillion in student loans, more than people nationwide owe on car loans or credit cards.
So instead of buying their first home after graduation, those educated debtors are running the other way, stoking worries that the massive debt could block many from the housing market just as it begins to rebuild.
For decades, young hopefuls like Tappan were one of the housing market’s most dependable fuels. Young families and new buyers bought starter homes en masse, allowing sellers to move up into better homes.
But over the past decade, as the recession zapped jobs and student debt quadrupled, young buyers have started to stay away. First-time buyers have traditionally bought 40 percent of the homes on the market, National Association of Realtors data show. In May, their market share plunged to 28 percent.
Americans paying off student loans are, depending on income, 25 to 36 percent less likely to own a home than those who are free of student debt, a One Wisconsin Now survey of 61,000 people found last month. Indebted graduates faced an average of 21 years of debt before their student loans were paid off.
In Florida, more than half of the state’s Class of 2011 graduated with an average of $23,000 in debt, Institute for College Access & Success data show. That’s a little less than the average indebted American graduate who owes $27,000. Students at some local schools face an even weightier anchor. At the private University of Tampa, 58 percent of graduates flipped their tassels with an average debt of $31,000.
Student debt eats up first-time buyers’ savings accounts, typically their first choice for making down payments. It stops them from qualifying for mortgages under banks’ tight debt-to-income demands.
And it can discourage them from taking on new expenses. Students said they’ll be forging into the chaotic working world already making hundreds of dollars a month in loan payments. Who has the confidence to add another bill, especially a big one like a mortgage?
Christa Hegedus, a USF St. Petersburg junior, said she expects to graduate into an unforgiving job market with nearly $10,000 in debt, despite her two scholarships.
“I have friends who graduated with thousands and thousands of dollars in debt, and they’re working at a restaurant,” said Hegedus, who wants to be a state senator. “I don’t know how anyone could do it and expect to buy a house.”
Shadow of student loans could hurt housing market as graduates swim in debt | Tampa Bay Times.
The super-heated housing market may be cooling down in the Bay Area, as multiple bids aren’t come in as fast as a few weeks ago, nor are over-bids.
Sunnyvale is a red-hot market and homes often sell within a week, maybe a couple of days, or even one day. But in this super-heated market we’ve seen a lot of buyers offering from $50,000 to $100,000 over the asking price. However, something has changed because now all of a sudden buyers are taking a breath before they make an offer.
A three bedroom, two bathroom house in Sunnyvale went on the market five days ago. As recently as a couple of weeks ago, multiple offers would have come in even before the first open house. However, Pertria real estate agent Barbara Lymberis says it’s taking a little longer.
“In this market it’s taking a little bit longer for buyers to make a decision to make an offer. I would say we’re probably looking at 10 days to two weeks before we start to see offers,” Lymberis said.
Lymberis and other agents told ABC7 News that buyers are moving slower because of a number of recent developments. Interest rates are inching up, past four percent now, after the Federal Reserve signaled it may ease its mortgage buying this fall. Higher rates will also make it more expensive for investors to borrow money to buy rental properties.
“It’s been multiple offers, overbidding, people buying with all cash, offers with no appraisal contingencies or any contingency whatsoever, which is a dangerous situation for anybody. I think buyers are getting frustrated with that,” Keller Williams Realty agent Quincy Virgilio said.
In recent months, buyers found themselves overbidding, and then discovering the house didn’t appraise for the contract price. So they would have to come up with the difference in cash in order to get a loan.
“Buyers overpaid because they had to, you know, in order to beat out the competition. A lot of buyers would pay more than they might in a balanced market,” Lymberis said.
But the bidding frenzy may be cooling off. The asking price for a three bedroom home in Sunnyvale is $879,000.
“I have not seen as many multiple offers in the last two weeks as I had before, and so I would say that we probably have a little cooling off period,” Cedar Mortgage Company broker & President Marge Nogosek said
Bay Area housing market bidding frenzy cooling off | abc7news.com.
1 W Century Dr, Los Angeles, CA
For sale: $15.5 million
A penthouse sitting atop a 42-story building in New York is one of many, a dime a dozen in a city where homes don’t often come with garages or backyards.
A penthouses in a Los Angeles high-rise, however, is a rarity — but a trend that developers are banking on for the City of Angels.
Once upon a time, Los Angeles was a city with loads of land. The wealthy could move in and buy swathes of real estate, creating estates on an acre or more.
Today Los Angeles is enormous, with a population more than 3.8 million, and growing. Traffic while always bad, is increasingly so, and the idea of a private, gated villa on a hill is no longer attractive.
Enter a new market for New York-style residences, starting with The Century, a brand new, 42-story luxury building.
“Certainly the market has changed,” explained Mary Ann Osborn, vice president of sales at The Related Companies, which developed New York’s Time Warner Center and is now behind The Century. “A lot of people were not living in high-rises, but it’s been an educational process.”
The process has had success. The building is already 65 percent sold, with buyers including Candy Spelling, who dumped her massive estate back in 2008. She was one of the first buyers, picking up a penthouse before the building was completed for $34.8 million. Other celeb residents have followed suit, including Paula Abdul, Elizabeth Berkley and Cheryl Cole.
The stars are among a growing L.A. population looking for amenity-heavy and worry-free living.
“They are looking for a turn-key home; they want the conveniences,” Osborn said. “It’s estate living vertically — you’re keeping or enhancing their standard of living.”
The Century sits on 4 acres in Century City, with lush outdoor gardens and high-ranked security. All of the condos have access to the tower’s features, which include an entertainment suite with a private, 16-person seating room, as well as a gym, 75-foot lap pool and new restaurant by chef David Myers.
Although modeled after New York, the units are not New York sized.
“This is a building you would see in New York on Fifth Avenue but on acreage,” Osborn said. “People are surprised at the size of the closets compared to New York.”
And of course the unit with the largest closets is the last remaining penthouse, listed at $15.5 million. Measuring 5,665 square feet, the condo has 3 bedrooms and 4.5 baths, as well as a 746-square-foot terrace. The master suite features a private home office with fireplace and “midnight kitchen.”
Home of the Week: New High-Rise Offers NY Living in LA | Zillow Blog.
You may picture him as Papa Elf living in a miniature home in the North Pole, but off-screen Bob Newhart owns a recently expanded estate on Amapola Lane in Los Angeles. For the first time in 23 years, the actor and comedian has listed the 5-bedroom, 7-bath home for $15.5 million.
Built in 1941 by architect Wallace Neff, the home is one of several mansions designed in his famous “California style,” which drew heavily from Spanish and Mediterranean architecture. Neff’s designs grew in popularity among Old Hollywood stars and remain in high demand by celebrities today — Bill and Melinda Gates, Brad Pitt and Jennifer Aniston, Diane Keaton and Madonna have paid top dollar to live in a “California style” home.
Newhart’s French-country estate is located in Old Bel-Air, an affluent suburban pocket outside L.A. The remodeled main house features spacious living rooms, a formal dining room, maid’s quarters, cook’s kitchen and a sunny breakfast nook. The second floor includes a master suite with a sitting area, his-and-hers baths and walk-in closets, as well as two additional bedroom suites. A poolside cabana — complete with a kitchen, 2 baths and a second-floor guest apartment — provides outdoor entertainment space.
Property records show Newhart purchased the home under a family trust in 1990. The Chicago native reportedly launched his acting career in 1958 as a copywriter for a major independent film and television producer. He went on to record a best-selling album of comedic monologues, “The Button-Down Mind of Bob Newhart” and star on “The Bob Newhart Show.” More recently, Newhart has played film roles in “Catch-22,””Elf” and “The Librarian.”
Bob Newhart Lists Bel-Air Beauty Designed by Wallace Neff | Zillow Blog.
So you’ve been told to create a Facebook business page right? Apparently having a page will put your business on the map, you’ll drive loads of leads to your website, blog, offers and make a ton of sales!
Along the way you’ll also build your credibility, reach and influence and perhaps become a celebrity CEO or a well known public figure (if that floats your boat!)
Well, all this is actually true! It can all happen and more, there is a “but” though and it’s a BIG one!
It will come down to the amount of time and effort you put into your page. Unfortunately we can no longer just slap a page up and people come flocking.
Oh no, times have changed on Facebook.
So what are the fundamental things you MUST do to get your first 1,000 fans on Facebook and consequently your leads & profile?
Here’s 10 Steps which, if carried out with gusto and invested in regularly will bring you untold rewards of great engagement and exposure! Ready? Let’s begin….Read more of this article
10 Steps to Your First 1000 Fans on Facebook – Jeffbullas’s Blog.
In many ways, most of us would strangely qualify as video marketing experts; simply because companies spend billions of dollars per year trying to determine what types of advertising entices us. Believe it or not, analysts examine almost every aspect of our daily lives to determine how we interpret the world around us and they’re desperate to learn things like:
The list goes on and on, to the point where humans are studied by marketing experts more than global warming, cancer research and all professional sports combined. In other words, knowing who your producing a video for can actually be more important than the marketing itself. We see it every day at Next Day Flyers and it never ceases to amaze us how far some corporations go to gain even the slightest of edges within the marketplace.
SEE ALSO: The Week’s Best Viral Videos & Marketing Lessons – Brands Rule Edition
So how do you really get to know your customers? Here are three quick tips to get you started:
1. Target your Key Demographics
Many of you may be thinking, “Why would a major life insurance brand use 1970’s Peanuts characters to try and sell a product in 2013?” If you can figure out the answer to that question, then you’ll be one step closer to really understanding your key demographics. It’s no accident when a commercial that makes us fall out of our chair laughing or reminds us of a great childhood memory…because it was designed specifically for us.
The entire reason for creating an advertising campaign is to give viewers that split-second “Aha!” moment where they completely connect with your brand, and you have to know your ideal consumer to achieve that. Think about specifics:
The more questions that you can think to answer, the better your marketing will target your ideal client specifically.
2. Never Be Afraid of Variety
Likewise, do not be afraid to test the market with several different video marketing approaches to see which ones generate the largest buzz among consumers. One good example of diverse advertising would be GEICO; from “A Caveman Can Do It” to the lovable gecko lizard to their biker made of money, this company has never feared making specialized marketing ads that were focused only on a small portion of their demographics.
The bigger lesson to be learned here is that it’s never too late to change a company’s image. If a video marketing campaign doesn’t seem to be working, then it’s better to start over now than to continue to feed an unpopular approach. Major corporations are forced to do this every day so don’t let your ego get in the way of the bigger picture.
The pair snatched up the penthouse in the newly built Azzurra building in 2008, paying a nice $3.7 million for the modern pad.
By 2009 or 2010, depending on reports, the romance between Handler and Harbert fizzled, and the two parted ways, as well as real estate. According to property records, Handler sold her half of the penthouse to Harbert, and his name is currently on the deed.
Now with some growth in the real estate market, Harbert is ready to dump the property for more than he paid for back in ’08. The home at 13700 Marina Pointe Dr #1901, Marina del Rey CA 90292 is currently listed for $3.95 million.
The 3-bedroom, 3.5-bath place has what every penthouse should: loads of windows with panoramic views and plenty of space. Upgrades include an automated system for the lights and a sound system. The 3,319-square-foot home has a 400-square-foot wraparound terrace, steam shower and 100-gallon fish tank in the foyer.
Chelsea Handler and Ted Harbert’s Former Love Nest for Sale | Zillow Blog.
Pending home sales rose in May to the highest level since late 2006, possibly driven by buyer fears that mortgage rates will rise further.
The Pending Home Sales Index from the National Association of Realtors, based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2; the data reflect contracts but not closings.
Contract activity is at the strongest pace since December 2006 when it reached 112.8; pending sales have been above year-ago levels for the past 25 months.
Existing-home sales are projected to increase 8.5 to 9.0 percent, reaching about 5.07 million in 2013, the highest in seven years; it would be slightly above the 5.03 million total recorded in 2007.
The PHSI in the Northeast was unchanged at 92.3 in May but is 14.3 percent above a year ago. In the Midwest the index jumped 10.2 percent to 115.5 in May and is 22.2 percent higher than May 2012. Pending home sales in the South rose 2.8 percent to an index of 121.8 in May and are 12.3 percent above a year ago. The index in the West jumped 16.0 percent in May to 109.7, but with limited inventory is only 1.1 percent above May 2012.
RealEstateEconomyWatch.com » Mortgage Rate Rise Drives Sales » Print.
[Via Business Insider.]
Josh Barro took property tax data from the Lincoln Institute of Land Policy and broke it down for Business Insider, showing just how high the taxes levied on New York City rental buildings are, especially compared with other high-rent cities. And though we don’t know exactly how much of that is passed on the renters themselves, general wisdom is that it’s a lot. Now for some fun facts: Of the 50 largest cities in the U.S., only Detroit has a has a higher tax rate on apartment buildings. And just think about how much more New York real estate costs—but then, when you compare New York solely to other high-rent cities (where median rents exceeded $1,000 in 2011), New York still comes out on top in the tax department. This is not a contest we want to win.
Check out this other graph, which shows that owner-occupied homes and small apartment buildings are taxed at much lower rates than walk-up rentals and apartment buildings with elevators. “Our tax rates on owner-occupied homes are actually some of the lowest among large cities. But who can afford to buy here?” Barro asks.
[Via Business Insider.]
So we know that rental buildings get taxed more than rental buildings in other cities and 6.4 times owner-occupied homes, but how much is really passed on to renters? In Boston, a study showed that landlords take care of 85 percent of the burden, but in New York it’s likely that more of the cost is shouldered by tenants paying inflated rents, mostly because apartment supply here is more limited and there needs to be some kind of incentive for landlords not to convert their buildings to co-ops or condos.
“Rent control does shield many New York renters from the burden of property tax increases. But that doesn’t help market-rate tenants like me. And tax abatements for new rental buildings are tied to requirements to set aside affordable units; again, the benefit of the abatement does not flow through to tenants paying market rate,” Barro concludes. “Living in New York is crazy expensive. Partly, that’s for reasons outside the control of policymakers. But one reason is this hidden tax on renters that New York has decided, uniquely among large cities, to impose. It’s a big mistake.”
How New York City Renters Are Getting Screwed By Taxes – The Rent Is Too Damn High – Curbed NY.