Category Archives: Bedford

Bedford-bred Upstart could break New York’s Kentucky Derby drought | #Bedford Real Estate

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COURTESY OF CHURCHILL DOWNS

Although Empire City Casino’s Kentucky Derby Day and fancy hat contest are local traditions, this year’s Derby-related activities have the added appeal of a hometown favorite: Upstart, a Bedford-bred horse, will try to bring home a Derby win for New York for the first time in more than a decade.

The three-year-old Upstart, owned by Ralph Evans and bred by Sunnyfield Farms Owner Joanne Nielsen, has a solid record, with a career total of seven starts: three first-place finishes, three seconds, and one third.

The first New York horse to win the Kentucky Derby was Funny Cide in 2003. Since then, no New York horse has made it to the top of this crème de la crème of horse races. Upstart, who won the Holy Bull and was a runner-up in the Florida Derby, has been given 15-1 odds—not impossible, certainly, but he’ll need a bit of luck to pull out a win. Coincidentally, his foalhood nickname was “Lucky;” he was born on April, 13, 2012—a lucky Friday the 13th. And given that only 20 thoroughbreds make it to the Kentucky Derby out of the approximately 30,000 that are born yearly, one could argue luck has always been on Upstart’s side.

It’s not every year New Yorkers get to see a hometown contestant in the Kentucky Derby, so be sure to tune in and root for Upstart. Coverage starts at 4 pm on Friday on NBC.

 

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http://www.westchestermagazine.com/Westchester-Upstart-Horse-New-York-Kentucky-Derby/

Bedford Town Cleanup Days | Bedford Real Estate

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Town Wide CleanUp Days

Please come visit us for Bedford 2015 Town-Wide Clean-up Days at the Crusher Road Highway Facility off Route 22, just North of Route 172, in Bedford Village.

Town residents can bring household debris and metal waste to the Crusher Road Yard during the following periods:

Thursday, April 30th & Friday, May 1st – 7:30am to 3pm

Saturday, May 2nd – 7:30am to 4:30pm

Proof of Bedford residency is required, and fees are as follows:

  • $25 per carload
  • $60 per pickup truck load
  • $115 for small dump trucks (<6 yd)
  • $230 and up for large dump trucks (>6 yd)

Residents may also take brush and tree debris to the Beaver Dam Highway facility on Beaver Dam road off Harris Road during the same days and hours listed above. THERE IS NO CHARGE FOR THIS!

The Highway Department will not accept any of the following items:  tires, batteries, refrigerators, freezers, pressure treated lumber, air conditioners, propane tanks, paint, varnish, chemicals, medical waste, or other toxic materials. See http://bedford2020.org/recyclopedia/ for information on disposing of various types of items.

We also will not accept E-Waste (Televisions, computers, printers, scanners, fax machines, cell phones, VCRs) at our Crusher Road facility, although ewaste is accepted at our 301 Adams Street Recycling Center in Bedford Hills on Tuesdays, Thursdays, and Saturdays from 7am to 3pm.

Please contact the Bedford DPW Highway Division at 666-7669 with any questions.

Bedford Village Chowder & Marching Club will hold their Tag Sale on Friday May 1st and Saturday, May 2nd at the Crusher Road Highway Facility. Chowder & Marching Club also provides truck pick-ups of old household items in exchange for a tax-deductible donation to C&M. Pickups can be scheduled at http://www.chowderandmarching.org/events/clean-up-weekend/

Current Trend For U.S. Median New Home Sale Prices | Bedford Real Estate

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Beginning in January 2014, the trajectory of median new home sale prices in the U.S. with respect to median household income began to follow a new trend, with typical new home sale prices increasing at an average pace of nearly $11 for every $1 increase in typical household incomes.

(click to enlarge)

The good news is that rate of increase is less than half that observed during the primary inflation phases of the first and second housing bubbles in the U.S. The bad news is that rate of increase with respect to household incomes is still 2.7-3.3 greater than those recorded during periods of stable growth in the periods preceding the inflation phases of real estate bubbles.

As we noted in our previous installment, the current pace of growth is consistent with that observed in the latter portion of the inflation of the first housing bubble.

Now, it’s important to note that this situation doesn’t mean that a new crash in housing prices is imminent, or even likely. Now that real estate investors have established a shortage of affordably priced homes in the U.S. market, U.S. homebuilders are now better able to exploit the situation by building more affordably priced homes, which several have begun to do in recent months.

Note to America’s builders: less-expensive homes are starting to move.

Purchases of new homes climbed 7.8 percent from the previous month to a seasonally adjusted 539,000 annualized pace in February, a seven-year high, according to the latest U.S. government report. Perhaps the best news for the housing industry as a whole came in the breakdown of sales, by price.

Americans signed contracts to purchase 17,000 new houses in the $200,000-to-$299,999 price range last month, the most since March 2008. That amounts to 39 percent of the 44,000 properties sold in February (unadjusted and not annualized). Another 8,000 homes-the most in nine months-sold in the range of $150,000 to $199,999.

The shifting sales mix of new homes toward lower-priced homes is prompting an increase in sales volumes, which is a desirable outcome for the current market. Since November 2014, when the median new home sale price in the U.S. peaked at $302,700, the median sale prices of new homes has fallen in each month since, and in February 2015, stands at a preliminary value of $275,500. This figure will be revised several times over the next several months.

 

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http://seekingalpha.com/article/3054396-the-current-trend-for-u-s-median-new-home-sale-prices?ifp=0

Bank of Mom and Dad Puts Kids in Houses | Bedford Real Estate

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New research by loanDepot LLC indicates the number of parents who expect to help their Millennial-age children purchase a home in the future will increase by 31 percent compared to the past five years, from 13 to 17 percent. Half (50%) of the parents who will help their children buy a home say they’ll contribute toward down payments, while 20 percent will cover closing costs and 20 percent will cosign the loan.

In the future, about two-thirds of parents (67%) say they they’ll use savings to help their children buy a home, compared to 72 percent in the past. The number of parents who plan to use cash from a refinance or take out a personal loan to help their children buy a home is expect to double. In the past, just 4 percent of parents refinanced their homes and 3 percent used personal loans. In the future, those numbers are expected to increase to 8 percent for parents who will refinance and 8 percent for parents who will take out a personal loan.

“Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase,” said Dave Norris, president and chief operations officer at loanDepot LLC. “First time home buyers comprise 28 percent of the today’s home buying market[1], an almost all-time low. Through the survey, 75 percent of Millennial-age home-buyers who received financial support from their parents said that assistance made it possible for them to buy a home. Without that financial support, it’s likely the pool of Millennial first-time home buyers would be even smaller than today.”

AGREE TO DISAGREE

The loanDepot research surfaced opposing views between parents and Millennial-aged buyers about whether or not the parent’s financial support was or will be a gift, loan, inheritance or something else altogether. While most parents (68%) view the financial support as a gift, only 29 percent of Millennial-aged children agreed. More Millennials (36%) view their parent’s financial support as a loan to be repaid than as a gift (29%).

 

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http://www.realestateeconomywatch.com/2015/03/bank-of-mom-and-dad-puts-kids-in-houses/

Seventy-Nine Homes Proposed Near Downtown Bedford Village | Bedford Real Estate

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Developer Wilder Balter Partners is proposing a 79-home project on a site near Bedford Village’s downtown, a location that Rippowam Cisqua previously sought to use for a high school.

The project, which carries the working title “Bedford Farm,” calls for using the northern portion of a 113-acre site, which is bounded by Old Post Road (Route 22) to the north, Crusher Road to the west, Vinton Avenue to the east and the Mianus River to the south.

Seventy of the homes would be “age-targeted” and consist of single-family and two-unit structures. Nine of the units would be affordable homes and be located across the developed portion of the site.

Additionally, the project calls for a four-acre farm, which would be used for growing produce that residents and local restaurants could use. A full-time farmer would work and live at the site.

Other amenities include a gazebos and a 5,000-square-foot clubhouse containing a gym, potentially a pool, a catering kitchen, a billiards room and a personal-training space.

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http://bedford.dailyvoice.com/news/seventy-nine-homes-proposed-near-downtown-bedford-village

New-home sales jump to 539,000 rate in February, highest in 7 years | Bedford NY Real Estate

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New U.S. homes sold at an annual rate of 539,000 in February to mark the best month of sales in seven years, the government reported Tuesday. The pace of sales for January was also revised up sharply to 500,000. It’s the first time annualized sales have hit 500,000 or more for two straight months since early 2008, though demand is still far lower compared to the years prior to the Great Recession. Economists polled by MarketWatch had forecast sales to total a seasonally adjusted 455,000 last month. The median sales price climbed 2.6% to $275,500 in February from a year ago. All the homes now on the market would be sold in 4.7 months at the current sales pace, down from 5.7 months in January. That leaves the supply of new homes for sale at the lowest point since June 2013. Unless more homes are built soon, the lack of supply could force prices higher in the spring months when home buying is typically at a peak and potentially constrain sales. Builders have filed permits to increase construction, though they have been focusing more on condos and townhouses than single-family homes. The rise in new home sales in February is at odds with other reports on existing home sales and new construction that showed a decline last month owing to heavy snow in large swaths of the eastern United States.

 

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http://www.marketwatch.com/story/new-home-sales-jump-to-539000-rate-in-february-highest-in-7-years-2015-03-24?siteid=bnbh

Snow and Housing Starts | #Bedford Real Estate

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Construction on new homes in the United States slumped 17% in February, mostly because of heavy snowfall that sidelined builders in the Northeast and Midwest. But nationwide permits for future construction rose to the second highest level since the end of the Great Recession, suggesting construction will pick up in the spring.

So-called housing starts sank to an annual rate of 897,000 in February from a revised 1.08 million in January, the government said Tuesday. That was well below the estimate of analysts polled by MarketWatch, who predicted that starts would total a seasonally adjusted 1.03 million.

New construction in the Northeast tumbled 56% to mark the lowest rate since 2009, with the number of single-family houses being built slipping to a record low, the Commerce Department reported. Builders were frozen out in many major markets such as the Boston that was buried beneath a record nine feet of snow during the winter.

Starts also sank 37% in the frigid Midwest and 18.2% in the West, but just 2.5% in the South, where almost 50% of all new construction takes place.

At the same time, though, permits for new construction, a sign of future demand, rose 3% to an annual rate of 1.09 million. That’s the highest level since October and the second strongest increase since the end of the recession in mid-2009.

Permits rose in all major regions except for the Northeast, where they dropped 17.4%.

The biggest increase in applications for new construction once again involved multi-dwelling projects such as apartment buildings and townhouse rows. Permits for projects of five units or more jumped nearly 20%, reflecting a postrecession trend in which more people are renting instead of owning, especially younger people.

Permits for single-family homes, which make up three-quarters of the housing market, fell 6.2% compared to the prior month. They were up 2.8% from a year earlier, however.

 

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http://www.marketwatch.com/story/housing-starts-slump-on-winter-weather-2015-03-17?link=MW_Nav_NV

Bedford NY Town Offices Memo | Bedford Real Estate

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A MESSAGE FROM
SUPERVISOR CHRIS BURDICK

Dear Residents,

 

We’re pleased to announce that the Town has launched an annual report, please click here for the  2014 Town of Bedford Annual Report.

Please do not hesitate to contact me with any questions.

I can be reached at Supervisor@bedfordny.gov or at 666-6530.

Warmest regards,

Chris Burdick

Supervisor

Average New Home Loan Rate Dips Below 4 Percent | Bedford Real Estate

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Earlier today, the Federal Housing Finance Agency (FHFA) reported a 10 basis point decline in mortgage interest rates for the month of January.  Looking into the data a little further shows that the story was essentially the same for the subset of mortgages used to purchase newly built homes,

On conventional mortgages for new homes, FHFA tables show the average contract interest rate declining from 4.03 to 3.92 percent—the first time it’s dipped below 4 percent since May.

Contr Rate Jan 15

Meanwhile, average initial fees and charges on the loans, increased slightly from 1.16 to 1.18 percent.  The result was a 9 basis point decline in the average effective interest rate (which amortizes initial fees over the estimated life of the loan) on new home loans, from 4.14 to 4.05 percent.

While the average size of the mortgages declined, from $336,500 to $331,700, the average price of the new homes purchased with the loans moved in the opposite direction—recovering from $437,300 to $440,300 after a one month dip.  Although not quite up to the November peak, this is still the second highest average new home price on record.

Avg Price Jan 15

The combination of smaller loans and higher price took the average loan-to-price ratio on new home mortgages down from 78.9 to 77.3, a ratio more typical of recent history (the average for 2014 was 77.6).

LTP Jan 15

This information is based on FHFA’s Monthly Interest Rate Survey (MIRS) of loans closed during the last five working days in January.  For other caveats and details on the MIRS methodology, see the technical note at the end of FHFA’s February 26 news release.

 

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http://eyeonhousing.org/2015/02/average-new-home-loan-rate-dips-below-4-percent/