Tag Archives: Westchester Real Estate

Suburbs Where Poverty Is Soaring | Bedford Corners Real Estate

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white picket fence

Don’t let the white picket fences fool you.

Suburban poverty has grown faster than anywhere else in the country over the last decade, at a rate of 64% since 2000, according to “Confronting Suburban Poverty in America,” a new book by the Brookings Institute. 

For the first time ever, the number of poor people in America’s largest suburbs outnumbers those in cities. It’s a nationwide trend that’s left pretty much no region untouched.

Eighty-five of the nation’s 95 largest metro areas saw a rise in poor households between 2000 and 2011.

“As jobs moved into suburbs—particularly lower-paying jobs in sectors like retail and hospitality—poverty did, too,” the authors write. “And job losses triggered by the Great Recession in industries like construction, manufacturing, and retail hit hardest in suburban communities and contributed to rising suburban unemployment and poverty.”

The number of poor households in the suburbs of Dayton, Ohio increased 109% to 97,581 from 2000 to 2011.

The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”



The number of poor households in Dallas increased 111% to 474,023 from 2000 to 2011.

Dallas metro area includes Fort Worth and Arlington. The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”



The number of poor households in Charlotte, N.C. increased 113% to 140,760 from 2000 to 2011.

Charlotte metro area also includes Gastonia and Rock Hill. The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”



See the rest of the story at Business Insider

 

 

Suburbs Where Poverty Is Soaring – Business Insider.

London development generates nearly $1B in sales before groundbreaking | North Salem Real Estate

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Overseas buyers who account for half of new-home purchases in London are helping drive nearly $1 billion in sales in Circus West at Battersea Powerstation, a new neighborhood of 866 homes that will break ground in July, Bloomberg reports.

The project is part of London’s largest redevelopment area, which is centered around a decommissioned coal-fired power plant on the south bank of the River Thames. By 2030, as many as 16,000 new homes are expected to be constructed around Battersea Powerstation.

The old power plant, which was featured on the cover of Pink Floyd’s 1977 album, “Animals,” is said to said to be the largest brick building in Europe. A new U.S. embassy is also planned for the Vauxhall Nine Elms Battersea Opportunity Area, which will be served by an extension of London’s underground transit system. Source: bloomberg.com.

– See more at: http://www.inman.com/wire/london-development-generates-nearly-1b-in-sales-before-groundbreaking/#sthash.11pcSR3Y.dpuf

 

London development generates nearly $1B in sales before groundbreaking | Inman News.

Make Sure To Vote Tuesday In Bedford | Bedford Corners Real Estate

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Bedford Central School District residents can vote on the district’s $125,057,000 budget for the 2013-2014 and to levy the necessary taxes included, all day Tuesday from 7 a.m. to 9 p.m. in the elementary school serving their attendance area.

The vote will also include a choice of three unopposed Board of Education members: Jennifer Gerken and Suzanne Grant are running for re-election, and newcomer Michael Solomon is the only one running for the third available seat.

 

Make Sure To Vote Tuesday In Bedford | The Bedford Daily Voice.

Housing will reaccelerate economic growth: Fannie Mae | South Salem Real Estate

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The year’s solid economic start faded late in the first quarter, but the recent setback is a temporary one, analysts claim.

The slow in activity is partly due to ongoing fiscal drags, including the budget sequester. However, a modest reacceleration is expected in the second half of this year, as the housing market continues to gain traction, according toFannie Mae’s economic outlook.

Housing is expected to act as a tailwind for the economy throughout the year and into 2014, even though there may be a few hiccups in overall economic activity.

“Our May forecast predicts that the second half of 2013 will be a little stronger than the first half, despite the slowdown during the past couple of months,” Doug Duncan, chief economist for Fannie Mae.

He added, “Employment numbers are getting better, albeit it at a relatively slow pace, and the April employment picture should help boost consumer sentiment toward the economy overall. However, we continue to keep an eye on potential headwinds to our forecast, including the long-term effects of sequestration, spending constraints, the sovereign debt crisis, and the impending debt ceiling.”

Residential investment contributed to economic growth for the eighth consecutive quarter, adding 0.3 percentage points during the first quarter of 2013.

Additionally, the annualized pace of total housing starts in March surpassed the one million market for the first time since the housing crisis, driven solely by a surge in multifamily housing.

Multifamily homebuilding has benefited from a shift in tenure choice over the past several years toward renting, according to Fannie Mae.

For instance, the homeownership rate continued to decline in the first quarter, dropping to 65% — the lowest rate since the third quarter of 1995, the report noted.

By contrast, new single-family home sales rose in March, jumping 51%, which is the biggest gain since the second quarter of 2003.

Despite the robust gain in new home sales in the first quarter, homebuilders’ confidence from the Nation Association of Home Builders’ survey continued to cool in April, declining for the third consecutive month.

 

 

Housing will reaccelerate economic growth: Fannie Mae | HousingWire.

Lenders prep for increase in millennial housing demand | Katonah Real Estate

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The pent-up demand for the millennial generation to buy houses is starting to surface, according to a report from Rob Chrisman.

Millennials, which range from 18 to 34, have put off buying houses due to the recession, high unemployment and student loan debt.

In the report, Chrisman explained that a lot of lenders are prepping for the upcoming demand.

Hamilton Group Funding, a Florida based mortgage banker, is continuing its aggressive expansion plans in multiple states, seeking to acquire mortgage firms or branches with $50 to $250 million in annual residential production, Chrisman said.

In addition, Chrisman noted that First Guaranty Mortgage Corporation is growing its retail division, adding loan officers and operational staff in New Jersey.  

Millennials are 90 million strong according to Chrisman, and as the demand increases, the industry will have to prepare itself to meet the surge. 

 

 

Lenders prep for increase in millennial housing demand | HousingWire.

Why your prospects need a property manager | Bedford Hills Real Estate

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Michelle Horneff-Cohen, president of Property Management Systems, provides information on how you can help protect your clients’ investments and ensure them many happy years as a property owner. She writes:

“Becoming a property owner and leasing a unit opens the door for many legal concerns. A property manager eats, breathes, and lives local ordinance. If they don’t, they aren’t a real PM.”

To read the rest of Cohen’s article, click here.

 

Why your prospects need a property manager | HousingWire.

Home Depot reported strong first quarter earnings, citing the recovering housing market | Bedford Real Estate

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Home improvement retailing giant Home Depot reported strong first quarter earnings this morning, citing the recovering housing market as a key driver.

Earnings per share were $0.83 versus analysts’ consensus prediction of $0.77. Revenues came in at $19.1 billion, topping estimates for $18.69 billion.

U.S. same-store sales rose 4.8% during the quarter.

“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,” said Home Depot Chairman and CEO Frank Blake in the press release.

Shares are up 3.6% in pre-market trading.

Below is the full text from the release:

ATLANTA, May 21, 2013 /PRNewswire/ — The Home Depot®, the world’s largest home improvement retailer, today reported sales of $19.1 billion for the first quarter of fiscal 2013, a 7.4 percent increase from the first quarter of fiscal 2012. Due to the 14th week in the fourth quarter of fiscal 2012, first quarter sales benefited from a seasonal timing change that added approximately $574 million to sales. On a like for like basis, comparable store sales for the first quarter of fiscal 2013 were positive 4.3 percent, and comp sales for U.S. stores were positive 4.8 percent.

(Logo:http://photos.prnewswire.com/prnh/20030502/HOMEDEPOTLOGO )

Net earnings for the first quarter were $1.2 billion, or $0.83 per diluted share, compared with net earnings of $1.0 billion, or $0.68 per diluted share, in the same period of fiscal 2012. For the first quarter of fiscal 2013, diluted earnings per share increased 22.1 percent from the same period in the prior year.

“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,” said Frank Blake, chairman & CEO. “I would like to thank our associates for their hard work and commitment to our customers.”

Updated Fiscal 2013 Guidance

Based on its year-to-date performance and outlook for the balance of the year, the Company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 2.8 percent with comparable store sales up approximately 4.0 percent for the year. The Company raised its fiscal 2013 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 17 percent to $3.52 for the year. The Company’s fiscal 2013 sales and earnings-per-share guidance is based on a 52-week year compared to fiscal 2012, a 53-week year.

The Company’s earnings-per-share guidance includes the benefit of its year-to-date share repurchases and intent to repurchase $4.4 billion in additional shares over the remainder of the year, which will bring the total dollar amount of shares repurchased to $6.5 billion for the year.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at earnings.homedepot.com.

Read more: http://www.businessinsider.com/home-depot-q1-2013-earnings-2013-5#ixzz2TvsZlvWk

 

 

Home Depot Q1 2013 Earnings – Business Insider.

Astorino: Update On Affordable Housing In Westchester | Chappaqua Real Estate

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In 2009, my predecessor, Andrew Spano and the Board of Legislators signed a legal settlement obligating the county to spend $51.6 million to develop 750 units of fair and affordable housing in 31 so-called eligible or mostly white communities by the end of 2016.

Here’s an update on the status.  Let’s start with the bad news.

The U.S. Department of Housing and Urban Development (HUD) is trying to use the settlement to dismantle local zoning laws.  HUD has the misguided view that zoning and discrimination is the same thing.

It is not. Zoning restricts how land is used, not who lives there. The impediment to where people live in Westchester is money, not race or ethnicity.

Washington bureaucrats, who you will never see or meet, want the power to determine who will live where and how each neighborhood will look.  What’s at stake is the fundamental right of our cities, towns, and villages to plan and zone for themselves.  This home rule is guaranteed by the New York State Constitution.

HUD wants no restrictions – in any neighborhood – on height, size, acreage, density, or number of bedrooms. HUD even sees sewers as a problem, which is critically significant since Westchester zoning protects the drinking water of 8 million New Yorkers.

If there are no restrictions for HUD, there will be no restrictions for any developer. A high rise can be built on any street, even right next door to you. And if HUD can trample on zoning here, it can do it anywhere.

I urge you to read the HUD letters for yourself and see how the federal government is trying to abolish even basic zoning protections.

Now here’s the good news.

The county is ahead of schedule in fulfilling its obligation in the settlement. Our current benchmark is to have 300 units with financing in place by the end of 2013. The county exceeded the mark in December and currently has 309 units in place with financing, of which 117 are already occupied. Over 91 percent of the required 750 units are already in the pipeline.

Ask yourself this: If the county is ahead of schedule in building affordable housing in these communities, how can their zoning be exclusionary?

One of Westchester’s greatest strengths is its diversity. It is the fourth most-diverse county in the state — tied with Manhattan — in terms of African-Americans and Hispanics.

I pledge to defend with every tool at my disposal the right of people to live anywhere in Westchester in any home they can afford.  There is absolutely no place for discrimination in our county. But we won’t be bullied or threatened by HUD to do things that are not in the settlement.

 

Astorino: Update On Affordable Housing In Westchester | The Bedford Daily Voice.

Westchester May See Traffic, Transit Delays After Metro-North Crash | Armonk Real Estate

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Westchester residents can expect chaos on highways and rail lines for at least the next week as crews continue to repair damage caused by Friday evening’s train collision in Fairfield County, Connecticut Gov. Dannel Malloy said Sunday evening.

“There are going to be substantial delays until we get this line back in full service,” Malloy said in a press conference. “Residents should plan for a week’s worth of disruptions. The delays will not be limited to mass transit, as more people get behind the wheel to drive and make their own connections.”

Metro-North warned customers that travel times will be significantly longer and trains will be crowded Monday. Customers should stagger their work schedule or seek alternative means of travel to get to work, Metro-North said.

About 30,000 train commuters are affected by the break in train travel in the Bridgeport-Fairfield area, Malloy said. Those commuters are expected to hit train stations in lower Fairfield County or Westchester County or to travel via Interstate 95 and the parkways to get to work or elsewhere Monday morning.

Connecticut will have 150 buses on the highways as train shuttles, in addition to the normal rush-hour traffic. Malloy also noted that the weather is expected to be wet Monday morning, causing more potential problems.

“If all of those were to get on the highway in single-occupancy cars, we will literally have a parking lot,” Malloy said.

 

Westchester May See Traffic, Transit Delays After Metro-North Crash | The Bedford Daily Voice.

Katonah Museum of Art Begins Search For New Executive Director | Katonah Real Estate

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The Board of Trustees of the Katonah Museum of Art has announced that a formal search for the Museum’s next Executive Director has begun.

The Board has retained worldwide executive search firm Heidrick & Struggles, renowned for the placement of chief executives, board of directors and senior level management assignments in both the corporate and nonprofit sectors.

In addition, the Museum will engage input from its local residents.

“Our Board is focused on vision and ensuring that our long-standing mission of excellence in art and education is carried out through new programs, initiatives and collaborations — and most significantly, the next phase of executive leadership,” said Board President Rochelle Rosenberg.

“This is a very important moment for the Museum.  As we continue to serve the community, we look forward to new leadership, greater opportunities and growth,” she added.

Katonah Museum of Art Begins Search For New Executive Director | The Bedford Daily Voice.