Tag Archives: Westchester Real Estate

Actor Tom Hanks and wife sell home for $5.225 million | Waccabuc Real Estate

Purchased by the A-list duo for $1.9 million when they were first married in 1988, the home has 4 bedrooms, 5.5 bathrooms and 6,289 square feet. The gorgeous but rather boring and monochromatic house has large living spaces, a library and even a private beauty salon, according to Trulia.

The couple’s other property holdings include yet another Pacific Palisades mansion they picked up in January 2010 for $1.45 million and a beachfront Malibu Colony spread they’ve owned since the early 1990′s, Trulia ($30.57 0%) reports.

To see photos of the house, click here.

 

Actor Tom Hanks and wife sell home for $5.225 million | HousingWire.

Home sales may begin to soften this summer | Katonah Real Estate

Despite the fact that inventory improved in April, and will have improved again in May, Redfin anticipates a lull in sales this summer. Months of bidding wars and record-low inventory earlier this year has finally taken a toll on some buyers. Rising interest rates are likely discouraging some buyers as well, writes Redfin.

Month over month, the number of customers taking tours fell 3.0% from April, compared to a 2.2% loss between April and May in 2012. Meanwhile, the number of customers making offers dropped 2.1% from April to May, also slightly more than last year’s 1.1% decline.

 

Home sales may begin to soften this summer | HousingWire.

Rising rates could push more buyers to purchase now | Waccabuc Real Estate

The increase in mortgage rates, a reaction to the improving economy and housing markets, could fuel already hot housing markets as potential home buyers look to seal a deal before rates rise any further, writes the Los Angeles Times.

Christopher Thornberg, head of the West L.A. consulting firm Beacon Economics, said the increases might add as much as 1 percentage point to mortgage rates by the end of next year. He said:

“I think rates will drift slowly higher. But within these ranges, home prices are still cheap compared to incomes and apartments.”

 

Rising rates could push more buyers to purchase now | HousingWire.

Wells Fargo still leans in on mortgage business | Pound Ridge Real Estate

The mortgage business is a top source of revenue for banks, and mega bank Wells Fargo is no exception.

Wells Fargo ($40.55 -0.7%) CEO and President John Stumpf presented at the Sanford C. Bernstein Strategic Decisions Conference on Wednesday discussing the overall health of the bank.

Stumpf said the culture of our company and the way we do business is about serving customers. “We work together. And if it’s not mortgage – its mortgage today, it might be credit card tomorrow.”

“It might not be an even tradeoff and might not be a quarter-by-quarter tradeoff, but if we provide great services and products, the rest seems to take care of itself,” he added.

However, Wells Fargo may adapt for the customer, but the bank’s revenue tells a slightly different story.

Mortgage is an important business, the CEO explained. “We love the mortgage business. For two-thirds of Americans, it is still the biggest asset purchase they’ll ever do. It is part of the way Americans save and it changes families.”

Despite the bank saying it will follow the customer, the bank shows no signs of backing away from mortgages anytime in the near future.

“To be in the consumer business, we think you have to be in the mortgage business. We like it that we love that business, but we also love the other 89 businesses we are in,” Stumpf said.

 

Wells Fargo still leans in on mortgage business | REwired.

Redskins’ star purchases new $2.5 million home | Cross River Real Estate

The home – complete with the one amenity that will make life easier on that pummeled set of legs and body: an elevator – is situated in Creighton Farms in Loudon County, about 30 miles east of D.C.

The neighborhood has a Jack Nicklaus-designed golf course as its centerpiece, meaning that the high-energy Griffin will have a place to swing his clubs when he’s not strengthening that busted knee or trying to talk Shanahan into letting him go for it on fourth down.

 

Redskins’ star purchases new $2.5 million home | HousingWire.

Mortgage insurance activity picks up in April | South Salem Real Estate

The month of April brought in a slew of new mortgage insurance applications, National Mortgage News reports.

During the month, 49,018 applications for coverage were filed, topping March’s 43,278 estimate.

The three members of the trade group—Genworth, MGIC and Radian—had NIW volume of $11.36 billion in April, compared with $10.04 billion in March, $11.46 billion in October 2012 and $7.1 billion in April 2012.

 

Mortgage insurance activity picks up in April | HousingWire.

Soaring Prices Slow Hedge Funds | Katonah Real Estate

Boasting of spending up to $8 billion dollars to buy tens of thousands of foreclosures to convert into single family rentals, nearly 50 Wall Street investment firms set real estate markets on fire over the past 18 months. Now they are running for cover as soaring prices water down their return on investment.

The winds have already started to shift in the single-family rental business, according to data from RadarLogic. The composite price per square foot paid by institutional investors in 25 of the largest metropolitan area housing markets increased 14.4 percent year over year in March. Over the same period, asking prices for rents have increased just 2.4 percent, according to Trulia, Inc. As a result, yields on single-family rentals are declining.

During the twelve months ending March 2013, purchases of residential real estate by corporations, partnerships and investment trusts in the 25 metropolitan areas included in the RPX Composite increased 41 percent. To put this figure in context, purchases by all other buyers increased only two percent during the same time period. Across the 25 metropolitan areas, institutional investor purchases accounted for 12.2 percent of all property transactions in March 2013, up from 8.8 percent in March 2012, reported RadarLogic.

Conditions for purchasing investment properties have worked in most markets during the intervening weeks. Since March, the median year-over-year list price has risen 2.63 percent according to Realtor.com and much more in some markets where hedge funds have been active like Oakland (up 12.77 percent in April), Las Vegas (up 7.25 in April), Phoenix (up 4.09 percent in April) and Atlanta (up 2.94 percent in April).

Bloomberg Businessweek article last week reported two smaller investment funds have curtailed purchases. Och-Ziff pulled out of the business last fall and Carrington Mortgage Holdings has stopped buying. The Bloomberg piece by John Gittelsohn reported that funds are buying property now, including homes sold by Carrington, for rents that yield 6 percent to 8 percent a year, before costs such as insurance, taxes and vacancies, according to Bruce Rose, Carrington’s CEO. Carrington’s model called for mid-single digit net returns on annual rents on an unlevered basis, according to Rose. While returns would vary by market, they would generally be in the mid- to high teens over the duration of the holding period, with the profit from home price appreciation.

However, a spokesman for the largest institutional, Blackstone, said, “We’re continuing to purchase homes where they fit into our business plan.”

 

Soaring Prices Slow Hedge Funds | RealEstateEconomyWatch.com.

10 DIY Planters to Dress Up Your Garden | Bedford Corners Real Estate

How do you can about your garden apart from watering? Are you sure it’s getting enough sunlight? Have you Use a Backpack Sprayer for Roundup to spray chemicals that kill weeds, pests or any kind of disease? How about its pot? Why put your plants in a boring pot, when you can make your own unique planter with materials you may already have on hand?

Not just for spaghetti

Source: apartmenttherapy.com

Source: apartmenttherapy.com

How many colanders do you come across at weekend yard sales? Fit one with a linked chain to create an appealing hanging planter for colorful pansies.

Radio flyer

Source: cre8tivedesignsinc.com

Source: cre8tivedesignsinc.com

A rusted wagon is reborn as a planter displaying pretty annuals. The wheels on the wagon mean the planter can be easily moved around the yard or garden to gather sun or serve as a showpiece.

Getting the boot

Source: trash2treasure.wordpress.com

Source: trash2treasure.wordpress.com

Pairs of red rain-boot planters parade across this porch. Though “made for walking” (as the song goes), these repurposed boots are filled with a variety of herbs and geraniums in a matching hue. Contrasting flower colors would create an equally pleasing look. If you want to see the interesting history of flowers, click here and see all the information related to flowers.

Wheel winners

Source: eatingrules.com

Source: eatingrules.com

This cluster of tires, all dressed up in show-stopping colors, makes for a fun and funky wall of flowers. Best of all, these tires won’t end up in a landfill.

Got oil?

Source: greayer.com

Source: greayer.com

In this bright and playful courtyard, recycled and painted oil drums provide new homes for trees as well as plants. Some of the drums are fitted with platforms to serve as benches. Who wouldn’t want to sit and stay awhile?

Cinder(ella) blocks

Source: lifewithoutexpectations.com

Source: lifewithoutexpectations.com

Stacked cinder blocks, with their readymade potting compartments, create a geometric platform to show off a variety of plants. Unfinished or painted in bold colors, cinder blocks make quick and easy planters with structural heft.

Teapots, short & stout

Source: recyclart.org

Source: recyclart.org

Cracked teapot got you down? Look at this charming, cheerful series of teapots adorning the railing of a stone staircase. Any cracks would be perfect for drainage!

Dressy drawers

Source: meredith.com

Source: meredith.com

Three stacked dresser drawers create a planter with stepped-up height and flair. Shabby chic makes its way to the garden!

Bountiful bathtub

Source: billbatesphotography.com

Source: billbatesphotography.com

A waterfall of petunias cascades out of an old cast-iron bathtub. So many of these antique beauties are discarded to make way for new fixtures, yet here this classic household icon is whimsically reborn.

Vibrant wheelbarrow

Source: myyardrocks.com

Source: myyardrocks.com

A flourish of flowering plants breathes new life into an old wheelbarrow. What a festive way to dress up a utilitarian tool!

10 DIY Planters to Dress Up Your Garden | Zillow Blog.

How to Make Your Home a Product | Armonk Real Estate

GoodbyeMany homeowners have been sitting on the sidelines, stuck in their homes and unable to sell because of low home prices or negative equity. But as the market bounces back in many parts of the country, some sellers are starting to see the light at the end of the tunnel.

If a home sale is in your near future, it’s time to start thinking of your home as a product to be sold on the market. Once for sale, your home becomes less about where you live, where you’ve made memories or have lots of life experiences. And to achieve top dollar, you have to look at your property through the eyes of prospective buyers who will be touring your home. You have to focus on what buyers are looking for.

How is my home a product?

Once you are on the market, your home is the equivalent of a product on the shelf at your home goods or design store. Buyers walking up and down those aisles looking at their options aren’t any different from buyers walking through open houses. Like any product for sale, you want your home to stand out and be as appealing as possible. This means depersonalizing the home, decluttering and doing any improvements that will help show the home in as neutral a light as possible. You want buyers to walk through your home and imagine themselves living there. You don’t want them thinking they’re walking through someone else’s home. Simple things such as taking down photos, religious artifacts and diplomas are a good first step.

Emotionally detaching is step 1

For those homeowners who’ve spent a lifetime in their home, a lot of emotions are attached to it. Even newer homeowners are likely to have become attached to their homes. It could be where you brought home your first-born or where you were living during some major life changes. Deciding to sell the home you love can bring up all kinds of emotional or psychological conflicts.

Awareness is the first step. Know that it’s normal and highly likely that you’ll experience strong feelings about selling your home. Allow yourself to “grieve” if you need to.

Cleaning, painting and staging: The home is ground zero for stress

Most people assume that the hardest part about selling a beloved home is the closing, handing over the keys, or walking out for the last time. Actually, by that time, most sellers have psychologically moved on.

It’s the act of clearing out the clutter, taking out some furniture and/or making small improvements to the home that tugs at the heart. Repainting your favorite pink room to a more neutral color, taking down and packing up your family photos or transforming your comfortable living room into more of a “staged” look can create incredible stress.

When in doubt, don’t do it

If you’re not sure you’re ready to sell or you have the least bit of doubt, don’t do it. Don’t be pressured by your partner, spouse or the “hot” real estate market. As a way to resist the change, a seller will ultimately shoot themselves in the foot by overpricing the home or not making the necessary improvements. If you have the luxury of moving out prior to selling, do it. Moving out, packing up and clearing out will be emotional. But by the time it’s ready to be staged and go on the market, you’ll have emotionally detached from the home. You’ll start to see it as an investment.

Smart sellers understand they’re selling their homes and also making a financial decision. Being able to consider this well in advance will allow you to slowly start to emotionally detach from the home and start thinking of the financial decision and the transaction that’s about to take place. Keeping your eye on the prize, you’ll want to price your home competitively and have it show like a model home to attract the most buyers.

 

How to Make Your Home a Product | Zillow Blog.

How homeowner insurance rates have spiked | Bedford NY Real Estate

Nationwide, an average homeowner paid $909 for homeowner insurance coverage in 2010, up 36 percent from 2003. Inflation rose 19 percent during the same period. Here’s a look at what homeowners in states bordering the Atlantic Ocean or Gulf of Mexico paid, ranked by percentage change since 2003. The totals do not include flood insurance, which is sold separately under a federal program.

1. Florida: $1,544, up 90.6 percent(asterisk).

2. Rhode Island: $1,092, up 62.3 percent.

3. Louisiana: $1,546, up 58.6 percent.

4. Massachusetts: $1,050, up 56.5 percent.

5. Alabama: $1,050, up 54.2 percent.

6. Mississippi: $1,217, up 53.5 percent.

7. South Carolina: $997, up 48.4 percent.

8. New Jersey: $867, up 48.2 percent.

9. Connecticut: $1,052, up 47.3 percent.

10. New Hampshire: $791, up 46.8 percent.

11. Maine: $676, up 46.3 percent.

12. Georgia: $833, up 46.1 percent.

13. New York: $1,044, up 44.8 percent.

14. Delaware: $636, up 43.9 percent.

15. Virginia: $753, up 34.5 percent.

16. Maryland: $784, up 34.3 percent.

17. North Carolina: $757, up 31.4 percent.

18. Texas: $1,560, up 17.5 percent(asterisk).

 

How homeowner insurance rates have spiked – Yahoo! News.