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Astorino: ‘Things Need to Change in Albany’ | Cross River Homes
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Category Archives: Cross River NY
Calgary’s real estate market keeps humming along | Cross River Homes
Being ‘tech savvy’ is not what gets real estate agents business | Cross River Realtor
I reject the idea that younger people can earn a living as real estate agents just because they are “tech savvy,” and that this somehow gives them an advantage that enables them to compete with more experienced agents.
I believe that there is plenty of business for agents young and old, and that we should encourage young people to join our profession. But we might be going about it all wrong. The Internet has been around for more than 30 years. Smartphones have been with us, in one form or another, for 15 years.
Before that we had the Palm Pilot. Many of us “old” agents have evolved, adapted and kept up with the times.
Some of us have even been innovators and early adopters of technology like the iPad, which some experts told us would be useless for business. In some real estate associations and offices, I see an emphasis on having young, “tech savvy” agents teaching older agents about technology.
I think the future of the real estate industry would be better served if older, more experienced agents spent more time teaching younger agents how to be real estate agents.“Young Professionals Networks” (YPNs) for real estate agents have sprung up all over the country.
Many of them offer opportunities for agents to go to bars and parties and social events and network with each other. They also offer occasional educational opportunities that focus on how to use technology.
– See more at: http://www.inman.com/2013/11/15/being-tech-savvy-is-not-what-get-real-estate-agents-business/#sthash.NkQxJR9S.dpuf
Realogy and Trulia might make a nice couple, but are they really headed to the altar? | Cross River Real Estate
Rumors that real estate behemoth Realogy may be in talks to acquire Trulia pushed the price of the listing portal’s shares up 10 percent before markets closed today, but analysts who follow the companies didn’t think much of all the talk.
Realogy — which runs some of the biggest brands in real estate including Coldwell Banker Real Estate, Century 21 Real Estate and Better Homes and Gardens Real Estate — declined to comment. So did Trulia.
Stock analysts who follow the companies said the merger chatter — which put a $52-per-share price target on Trulia, implying a deal in the $2 billion range — was probably just that.
“To me, it feels like a bogus rumor because someone needed to get out of a position,” said Bradley Safalow, founder and CEO of stock analysis firm PAA Research.
Zachary Prensky, managing partner of Little Bear Investments, said he thought the rumor was a “complete fabrication.”
Still, suggestions that an established real estate company like Realogy would (or should) make a play for a listing portal like Zillow or Trulia have been in play this year.
– See more at: http://www.inman.com/2013/11/13/realogy-and-trulia-might-make-a-nice-couple-but-are-they-really-headed-to-the-altar/#sthash.0v2xongA.dpuf
Where the Next Huge Real Estate Bubble May Be Building | Cross River Real Estate
The 2000s real estate bubble—which burst in 2007 and precipitated a once-in-a-century financial crisis and recession—is not something most folks are excited to see a sequel of. But five years of declining or stagnating housing prices, the market turned around big time in 2012, making some analysts worry that we’re seeing the beginnings of Housing Bubble 2.0.
As you can see, home prices in most of the country are far from the bubble levels of mid-2000s, but if you drill down deeper to look at individual markets, one sees a different picture. Jed Kolko, housing economist with the real estate site Trulia, has been tracking home prices across the country to see which markets are over and undervalued. In a forthcoming “Bubble Watch” report, he finds that while most of the U.S. real estate market remains significantly undervalued, there are certain markets that are straying into bubble territory.
According to Kolko’s analysis, which looks at several factors like price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trend, markets in Orange County California and Los Angeles are more than 10% overvalued. Kolko also pegs the Austin, Texas market at 10% overvalued, while 7 other markets range from 4% to 7% overvalued. Those include:
San Antonio, TX;
Honolulu, HI;
San Francisco, CA;
Houston, TX;
Riverside-San Bernandino, CA; and
Oakland, CA
Unsurprisingly, these markets — concentrated in Texas and California, have also seen double digit home appreciation over the past year, with Orange County real estate appreciating a whopping 23.4% since October of 2012.
So are we in danger of another housing bubble like we experienced last decade? Not quite yet, at least nationally. According to Kolko, the market remains roughly 4% undervalued overall. And in some markets, like Cleveland, Ohio and Palm Bay-Melborne-Titusville, Florida, home prices are still 20% below their fundamental value. Furthermore, even the most frothy markets are less overvalued than the national market was in 2004, when home prices were 24% overvalued nationally.
Read more: Where the Next Huge Real Estate Bubble May Be Building | TIME.com
Homing In lets buyers and agents share pictures and comments about listings | Cross River Real Estate
Homing In lets buyers and agents take pictures and make comments about houses for sale or rent and share them with the world.
Its patent-pending technology allows potential buyers to find the nearest available real estate agent for showing requests.
No more waiting for a listing agent who doesn’t respond or can’t show a house because its not convenient for him.
The company is one of 13 in the inaugural class of the Inman Incubator program, a yearlong mentorship, advisory and promotional program to help new companies in the real estate industry succeed.
– See more at: http://www.inman.com/2013/11/08/homing-in-lets-buyers-and-agents-share-pictures-and-comments-about-listings/#sthash.skGac8Pu.dpuf
Promises, promises: the new mayor’s agenda | Cross River Homes
The day after his landslide election win, Mayor-elect Bill de Blasio was already tempering expectations.
“Of course, the things I’m talking about, a lot of them are bold, a lot of them are big changes,” he said Wednesday at an event announcing his transition team. “And they are an attempt to address a problem that has been decades in the making.”
He added, “None of us is going to promise people perfection any day soon.”
Victories built on gleaming, progressive promises have been known to disappoint as they collide with the realities of governing (see: Obama, Barack). And Mr. de Blasio will be operating under higher expectations than most, having been elected to tackle income inequality.
Mr. de Blasio believes higher taxes on the wealthy to pay for universal prekindergarten will close the gap. But his proposal for $500,000 households to pay more exemplifies how much of the problem is beyond his reach.
First, he must persuade a recalcitrant state Legislature, including Senate Republicans, who run the chamber in a fragile alliance with a breakaway faction of Democrats. And 2014 is an election year for them, rendering a tax increase an even longer shot than usual in Albany. Gov. Andrew Cuomo, for his part, pledged last month to lower taxes, not raise them.
Even if Mr. de Blasio finds the money, observers doubt the city currently has the infrastructure to deliver on the promise.
“Do we have the capacity in New York City to provide universal pre-K for every 3- and 4-year-old?” asked Carol Kellermann, executive director of the Citizens Budget Commission. “It’s all done right now through the nonprofit sector. Do they have the capacity to just start adding tens of thousands of kids?”
In his policy book, the mayor-elect argues that New York needs universal pre-K in order to compete with countries such as India and China. But research on the matter has shown that the benefits of pre-K are decidedly mixed, though children from disadvantaged backgrounds gain the most from early education.
Mandating affordability
Real estate executives, meanwhile, wonder how Mr. de Blasio will make good on another campaign promise—200,000 new or preserved affordable-housing units in 10 years—without the traditional menu of tax breaks and other incentives for developers. Mr. de Blasio would require developers to build affordable units in exchange for allowing larger buildings to be constructed.
“If the goal is to make landlords build affordable housing, then reducing subsidies and requiring affordable units will result in fewer units,” said one real estate source. “People will just build condos instead of rentals or just not build at all. That’s basic economics.”
But the mayor-elect’s mandate from voters will help him handle developers. “I think Bill de Blasio is going to do just fine,” said de Blasio donor Steven Witkoff, president and CEO of the Witkoff Group, a real estate investment firm, at a recent Crain’s event. “I don’t think the city works unless we do have an affordable-housing component.”
Plea for patience
Questions surround a host of Mr. de Blasio’s other proposals. It’s unclear how he will go about persuading Albany to let the city raise its minimum wage or “end the era of stop-and-frisk” without totally doing away with the police tactic. Mr. de Blasio was elected in part because he embraced an aspirational vision of a more egalitarian city. His challenge now will be living up to those promises without bankrupting the city or isolating his liberal base.
http://www.crainsnewyork.com/article/20131110/POLITICS/311109976#
NAR Data Show Realtor(R) Education Level Closely Tied to Income | Cross River Homes
Private island costs less than the average NYC apartment | Cross River Real Estate
Only in New York is a private island cheaper than an average apartment.
Savvy city dwellers looking for a new home might want to consider buying their own private island less than two hours north in Putnam County.
While the average New York apartment costs more than $1.4 million, Willow Island on Putnam Lake in Patterson costs $995,000 — and comes with a three-story, four-bedroom home.
In contrast, the average price of a two-bedroom Manhattan apartment is $1.35 million — and $2.63 million for a three-bedroom.
The one-acre property also comes with its own special New York City provenance. The house was built by one of the engineers who created the Holland Tunnel.
The island is an hour-and-a-half commute from New York City, says listing broker Uri Hanoch, of Douglas Elliman.
But the deal does come with a hitch. The new buyer will have to row home each night from Patterson, where the property comes with a two-car garage.
The sellers are retired ad exec Larry Plapler, 79, and his wife Amelia, 70, who first put the island on the market in 2010 for $1.5 million.
Plapler — who has made the weekly drive with his wife, Amelia, and family for the past 38 years — once told The Post that the getaway makes him feel a world away from his Upper East Side home.
The 1¹/₂-bath home is 5,600-square feet and comes with 48 open-view windows. The home includes a floor-to-ceiling stone fireplace and an artesian well. There’s a guest cottage and a private garage for your boat, according to the listing.
“Access,” according to the listing, “is a quick five minutes by a rowing boat or 5 mph electric motorboats. Canoes, kayaks, rowboats and sailboats are also welcome.”
Gas-powered boats are forbidden on Putnam Lake, on the Connecticut border.
http://nypost.com/2013/11/06/private-island-costs-less-than-the-average-nyc-apartment/
Homing In lets buyers and agents share pictures and comments about listings | Cross River Real Estate
Homing In lets buyers and agents to take pictures and make comments about houses for sale or rent and share them with the world. Its patent-pending technology allows potential buyers to find the nearest available real estate agent for showing requests.
No more waiting for a listing agent that doesn’t respond, or can’t show a house because its not convenient for them.
The company is one of 13 in the inaugural class of the Inman Incubator program, a yearlong mentorship, advisory and promotional program to help new companies in the real estate industry succeed.
– See more at: http://www.inman.com/2013/11/08/homing-in-lets-buyers-and-agents-share-pictures-and-comments-about-listings/#sthash.hH6eXCBV.dpuf