Daily Archives: October 11, 2013

Brooklyn home prices hit 10-year record high | Pound Ridge Realtor

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Brooklyn is no longer the place to buy a home when you can’t afford Manhattan.

Homes in the Borough of Kings are selling at record-high prices, thanks to surging demand and low-but-rising mortgage rates, according to new real-estate figures.

Before the economic meltdown, the average price of a Brooklyn home hit $603,428 in 2007 — then sank to $494,720 in 2009 — but has rebounded to a stunning $694,777, according to the Elliman Report.

“It isn’t a discount neighborhood anymore,” said Pam Liebman, CEO of The Corcoran Group.

Pricey Manhattan homes are helping to drive buyers across the Brooklyn Bridge, but many are attracted to the hipster borough because it’s become an attractive place to live.

“Brooklyn is commanding record sales because it is truly a destination. People no longer view it as an alternative to living in Manhattan,” said Dottie Herman, president and CEO of Douglas Elliman Real Estate.

Liebman concurs.

“People are choosing to go to Brooklyn for the lifestyle. It’s not your father’s Brooklyn anymore,” she said.

“It’s percolating in every neighborhood,” Herman said. But some percolate more than others.

For example, in Carroll Gardens/Boerum Hill/Red Hook, co-op sales average $937,000, up 41 percent from the same quarter last year.

Condos in Williamsburg/Greenpoint now average $914,000, up 21 percent over the year, according to Cor­coran.

Upper-end luxury homes jumped to a median sales price of $1.7 million borough-wide, an increase of 18 percent.

Brooklyn is “hot because of all the restaurant openings, Barclays Center,” said Frank Percesepe, regional senior vice president, Brooklyn for Corcoran. “So many commercial neighborhoods are getting new buildings, and they are getting turned around into beautiful neighborhoods.”

Meanwhile, even if you can afford a Brooklyn home, it’s harder to find one. Inventory is at its lowest third-quarter level in five years. And what’s available is relatively new.

 

 

http://nypost.com/2013/10/10/brooklyn-home-prices-hit-10-year-record-high/

Euro Zone Sees House Prices Rise | Chappaqua NY Homes

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Euro-zone house prices rose slightly in the three months to June, the European statistical agency Eurostat said on Thursday, in another indication that the currency area’s economy is slowly mending.

Separate national figures released since June suggest the rise may have continued in recent months, with Dutch and Irish prices rising in July and August. Eurostat has only recently begun issuing the euro-zone data on housing prices.

House prices across the 17-country euro zone were 0.3% higher in the second quarter of this year compared with the first three months, although they were still 2.2% lower than in the second quarter of 2012. The quarterly gain was the first since the second quarter of 2012, when prices rose 0.1%.

House prices in the euro zone are still 5.5% below the peak reached five years ago, according to Eurostat. Home prices plummeted in some countries as the impact of the 2008’s global financial crisis caused banks to reduce mortgage lending and many people lost their jobs. Now, with the economy emerging from an 18-month-long recession in the second quarter, conditions are beginning to change.

“The economies which are showing reasonable strength at the moment are beginning to see their housing markets improve,” said Professor Michael Ball, housing expert and professor of urban and property economics at Henley Business School at Reading University in the U.K. “There is evidence of economic growth, rising jobs and mortgage availability is quite good, and above all mortgage interest rates remain quite low.”

Rising house prices make homeowners feel wealthier and more willing to spend. They also reduce the risk that banks will suffer losses on their mortgage loans.

Nevertheless Mr. Ball advocated caution. “One quarter of rising prices doesn’t make a boom, and in real terms prices are still falling in many countries,” he said.

 

 

 

http://online.wsj.com/article/SB10001424052702303382004579127162132681226.html

 

 

 

How The Shutdown Is Hurting The Housing Market | Mount Kisco Real Estate

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As with so many other types of economic activity, the government shutdown is causing more fear than actual harm in the housing market thus far.

But that doesn’t mean things won’t start going wrong in the very near future.

Various federal agencies play greater or lesser roles in real estate transactions. With most of them sidelined, simple matters such as closing on mortgages are becoming more complicated.

“It’s going to add up pretty quickly, because loans can’t be closed in many cases,” says Mark Zandi, chief economist for Moody’s Analytics, a financial research organization. “The damage is going to start to mount and in a few days it’s going to be a significant problem for the housing market.”

The market, which had grown more robust over the past couple of years, was starting to cool off this fall anyway, due to rising prices and interest rates.

If interest rates go up due to the fear or reality of a debt default — and the costs for short-term treasuries are already starting to spike — that would have major consequences for real estate sales.

“This government shutdown, which is an artificial obstacle to the recovery, is clearly not a good thing,” says Lawrence Yun, chief economist for the National Association of Realtors.

What’s Not Working

Anyone who has purchased or refinanced a house knows a lot of paperwork is involved. The tall stack of forms that buyers and sellers sign at closings is largely generated or required by federal agencies that may now be temporarily out of the game.

Still, real estate agents and mortgage lenders have thus far been able to work their way around many of the hurdles put up by the partial government shutdown.

 

 

 

http://www.npr.org/2013/10/08/230467533/how-the-shutdown-is-hurting-the-housing-market

Updates from North Castle Supervisor Arden | Armonk NY Homes

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Dear Neighbors,

 

One of my key strategies for North Castle has always been to improve the appearance of our Town while reducing cost. That is why I am pleased to announce our green initiative this week that reflects this two-part philosophy. I would also like to draw your attention to a very special memorial service.

 

2014 BUDGET PROCESS

North Castle has begun its 2014 budget development. I have been meeting with the Town Administrator, Comptroller and the various Department Heads to review their plans.  During these meetings we will be drilling down and developing budget plans for each department and for the Town overall. I am encouraged by the numbers thus far and want to thank all the department heads for their hard work. I am confident that in the coming weeks we will once again deliver a budget that provides necessary services at the lowest cost to the taxpayers.  My goal, simply put, is to restore North Castle’s reputation as the low tax town in Westchester County. The tentative budget is due onOctober 30, 2013.

BEAUTIFICATION

If we want North Castle to stay a beautiful town, we have to nurture our environment and keep giving back to it. In this spirit, for the second year in a row, North Castle has taken advantage of the New York Power Authority’s Fall Tree Power program. This program enables us to purchase trees at a substantial savings. When you purchase one tree at the discounted price, you receive the second one free. This year we will be receiving 10 Colorado Spruces, 10 Flowering Pears for a total of 40 new trees. Importantly, we will be planting these trees in all three hamlets of North Castle, not just Armonk. Thanks very much to the members of our Beautification Committee and the Green Acres Garden Club for all their hard work. Special thanks to our Parks employees for planting our new trees.

 

MEMORIAL FOR SOCCER COACH MICHAEL JONES

If your children play soccer in North Castle, you know the name Michael Jones. Mike Jones, better known as “Jonesy” was one of our community’s most beloved soccer coaches and he was tragically murdered on October 7th, one year ago. The soccer families I have spoken to have told me that Mike, who came here from Liverpool, did much more than teach soccer skills to our kids. With his ever jovial personality, he created a special connection with each and every child. He was a spirit-lifter, self-esteem builder, parent supporter and incredibly loyal friend. Over the years, he lived with several Armonk residents on his tours here and became part of their families. On October 14TH, at 11:00 am, on the IBM Track Field  there will be a dedication of a memorial to this special young man to help insure that he is never forgotten. Please contact rememberjonesy@gmail.com for more information or make a donation at www.mikejonesmemorialfund.com.

 

Sincerely,

 

 

Supervisor Howard Arden

6 Trees You’ll Fall For | North Salem NY Real Estate

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he leaves are changing, the nights are crisp. In much of the world, gardeners are laying down their tools, cleaning up their gardens and perhaps breathing a sigh of relief that another gardening season has come and gone.
But the planting season isn’t over. Fall — particularly until late October in colder areas of the country and until November in the South — is the preferred time to plant many species of trees. Planting conditions are near perfect: The soil is warm, the sun isn’t too hot and there’s usually more rain. The weather that makes people say, “Fall is my favorite time of year,” is ideal for many newly planted trees, too.
Different types of trees prefer different living conditions. Not every tree should be planted in fall, of course. The reason is in the roots: Trees with larger, thicker roots that reach deeper into the soil, such as magnolias and oaks, are better off planted in spring. Trees best planted in fall, such as crabapples, maples, elms and honeylocusts, have fibrous root systems shallow enough to readily reach water and nutrients. This allows them to settle in and put out new root growth before the weather turns frigid.

traditional landscape by Liquidscapes

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One of the best trees for small gardens, crabapples (Malus spp.) top out at a manageable 20 feet. They flower gloriously in the spring in shades of light pink, dark pink or white. Fruits follow, and although they must be cooked for humans to find them palatable, birds depend on them to get through the winter. Hardy to zones 5 (to -20°F) to 8 (15°F), crabapples need full sun and well-drained soil.
traditional landscape by Noelle Johnson Landscape Consulting

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At the garden center, look for trees that are in containers or that are balled and burlapped. These can be planted in fall. Dormant (bareroot) plants must be planted in spring.
When buying a tree, always check to be sure it’s healthy: no dead branches, splits or damage to the trunk. A damaged trunk interrupts the flow of water up and sugars down the tree. A tree may recover, but a damaged trunk can ultimately kill a tree.
farmhouse landscape by Wagner Hodgson

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Some Great Trees for Fall Planting
Native to North America, honeylocusts (Gleditsia triacanthos) have fern-like leaves that provide airy shade, so they are a good choice if you want shade but not too much. The species has fierce thorns and grows well over 80 feet tall, but cultivars are thornless and grow to about 40 feet. They need full sun and are hardy in zones 3 (-40°F) to 7 (0°F).
traditional landscape by Dear Garden Associates, Inc.

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Green hawthorn (Crataegus viridis) is a lovely tree with three seasons of interest: white flowers in spring, red fall foliage, and in winter, red berries that birds adore. Hardiest in zones 5 (-20°F) to 7 (0°F), hawthorns stay under 40 feet. They require full sun and do best in soil that’s not too rich or too moist. The cultivar ‘Winter King,’ shown here, is especially disease-resistant and drought-tolerant.

Kitchen of the Week: Paring Down and Styling Up in a Pennsylvania Tudor | Waccabuc Real Estate

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ill Unruh’s 80-year-old Tudor was designed by renowned Philadelphia architects Wallace and Warner, but you wouldn’t have known it from the kitchen. Dark granite and other 1980s touches belied the home’s style heritage, which Unruh was eager to restore.
With help from contractor Kyle Lissack, Unruh stripped the kitchen of all of its finishes and started from scratch. The new space focuses on streamlined simplicity, with the contents limited to what the family uses on a daily basis. “The more space for junk you have, the more likely it is that you’ll keep it,” Unruh says.
Kitchen at a Glance Who lives here: Jill Unruh, her husband and their 2 young sons Location: Bryn Mawr, Pennsylvania Contractor: Kyle Lissack, Pinemar Size: 308 square feet

transitional kitchen by Pinemar, Inc

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Simple subway tile covers the entire back wall from floor to ceiling. Even the range hood is wrapped in drywall and tiled over. “I didn’t want the eye to see all this stainless steel,” Unruh says.
The tile makes for easy cleaning, particularly around the cooking area.
Backsplash: Daltile; range: Wolf; countertops: statuary marble; cabinetry: custom by Pinemar
transitional kitchen by Pinemar, Inc

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Despite the kitchen’s spaciousness, Unruh and Lissack limited themselves to minimal counters and cabinets. This simple approach to storage prompted Unruh to get rid of all unnecessary items.
The open shelves are painted a custom navy blue to add dimension to the neutral room.
transitional kitchen by Pinemar, Inc

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Unruh keeps her most-used items on display for easy access; everything else is tucked away in cupboards and the mudroom pantry. Pullout shelves next to the refrigerator store after-school snacks; the sliding function makes it easy for the kids to find what they need without getting in the way of dinner prep.
Sink: Cotswold, Just Sinks; wood countertops: edge grain maple, Grothouse Lumber; flooring: flat-sawn white oak; faucet: Waterstone; refrigerator: Sub-Zero
transitional kitchen by Pinemar, Inc

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The kitchen cabinetry used to loop all the way around the kitchen, leaving just a small spot for a 30-inch oven. Eliminating the cabinetry in this corner created room for a little workspace with appliance garages and an area for a Wolf range.
transitional kitchen by Pinemar, Inc

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This nook on the back wall once opened to a servant’s staircase to the second floor. But the steps were so steep and narrow that Unruh knew her family wouldn’t use them. So she and Lissack closed off the top of the staircase and replaced the door at the bottom with a custom bar. The cupboard beneath opens to reveal the steep original stairs, which the family uses for bar storage.
Wine cooler: Liebherr

6 Tips for Finding Prospects on LinkedIn | Cross River Real Estate

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Are you using LinkedIn to connect with new leads and clients?

Do you want to learn about social selling tactics on LinkedIn?

Social selling is the use of social media to discover and connect with new leads and new clients.

In this article, you’ll discover a 6-step process to find new leads and attract new clients on LinkedIn.

Start social selling on LinkedIn with these 6 simple steps. Image source: iStockphoto

#1: Make Your Profile Easy to Find

Most of social selling requires an active outreach process. But you can draw prospective clients to you when you optimize your profile with keywords a potential new client might use when seeking out someone with the products or services that you provide. Add strong keywords to the Title and Summary sections of your profile to ensure you show up in search results.

Remember that you’ll only show up in search results for people in your network. This includes first-, second- and third-level connections, and people who are members of groups you belong to. For this reason it’s beneficial to have a larger LinkedIn network rather than keeping it limited to close personal connections.

The more connections you have, the more searches you will show up in. That said, try not to treat LinkedIn as a popularity contest, since you’re limited to 3000 connection invites.

#2: Create Strategic Alliances

Next you’ll want to remember to network and build business relationships with peers in your industry.

Find professionals who share a target market similar to yours, but don’t offer the service you provide. Once you connect with them, consider fostering a reciprocal relationship to generate referrals for each of you.

Before connecting with a prospect, ask yourself “What do I have to offer her?”

The third-party credibility you receive will dramatically shorten the sales cycle with prospective clients.

#3: ‘Search’ for Opportunities

Now you can focus on finding the prospects you want for your business.

First, join a few LinkedIn groups to network with a wider audience.

Second, use the excellent functionality of Advanced Search to find prospects. You can filter by relationship, groups, location and industry, and the Save Search function even allows you to store effective criteria.

Search by relationship, groups, location and industry.

Use the Tags feature in LinkedIn Contacts to sort your results and save profiles of prospects to the Profile Organizer without being connected to them.

#4: Carefully Craft Your Message

After you identify someone you want to connect with, you’ll want to carefully tailor your communication.

A great first impression with your prospects on LinkedIn should leave them with an interest in your service and a willingness to continue communication.

 

 

 

http://www.socialmediaexaminer.com/finding-clients-on-linkedin/

Completed foreclosures fall 34% | South Salem NY Real Estate

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Completed foreclosures dropped 34% year-over-year in August 2013, according to data from CoreLogic (CLGX). As a whole, August’s completed foreclosures hit 48,000 filings, down from 72,000 filings in August 2012.

From a month ago, completed foreclosures grew a slight 1.3% from 47,000 actions in July 2013.

Overall, the nation has experienced 4.5 million completed foreclosures across the country since the start of the financial crisis in September 2008.

Through August 2013 this year, approximately 939,000 homes were in some stage of foreclosure, compared to 1.4 million in August 2012, a year-over-year decrease of 33%.

From August to July, the foreclosure inventory declined 3.2%. In August, the foreclosure inventory represented 2.4% of all homes with a mortgage, compared to 3.3% in August 2012.

By the end of August, 2.1 million mortgages, or 5.3% of loans survyed, were seriously delinquent, the lowest level since December 2008.

 

 

http://www.housingwire.com/articles/27288-foreclosure-inventory-plummets-34

 

September foreclosure activity falls 27% | Katonah NY Homes

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Foreclosure filings in the U.S. dropped 27% year-over-year in September, RealtyTrac reported in its latest foreclosure update.

The report shows 131,232 U.S. homes facing either a default notice, auction sale or bank repossession in September, down 27% from last year and 2% from the previous update.

In fact, the month of September marked 36 months of annual declines in foreclosure activity, with third-quarter foreclosure activity falling to its lowest quarterly level since 2Q 2007, RealtyTrac noted.

As a whole, the data and research firm recorded 376,931 properties with foreclosure filings in the third quarter, down 7% from the previous quarter and a 29% drop from last year.

“The September and third-quarter foreclosure numbers show a housing market that is haltingly returning to health,” said Daren Blomquist, vice president of RealtyTrac. “In a healthy housing market foreclosures are rare but streamlined while still protecting the rights of the homeowner.”

“While foreclosures are clearly becoming fewer and farther between in most markets, the increasing time it takes to foreclose is holding back a more robust and sustainable recovery,” Blomquist added.

 

 

http://www.housingwire.com/articles/27345-september-foreclosure-activity-falls-27

Chinese investors remain confident in the US | Bedford Hills Real Estate

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According to The Wall Street Journal, China recently purchased a record amount of U.S. government agency debt and mortgage-backed securities, even as it sold Treasurys. The WSJ has more:

“There is no evidence that Chinese investors are losing confidence in the U.S. market,” said Ian Lyngen, a senior government bond strategist at CRT Capital Group LLC. “In fact the notion that they are buying dips [in bond prices] is longer-term constructive” for the U.S.

                    Source: WSJ