Category Archives: Lewisboro

Mortgages in 2014: Winners and Losers | Cross River Real Estate

More and more home buyers are finally getting the financing they need, according the year-end Elli Mae Originations Insights Report. But not everyone fared so well.

Two out of three applications for a mortgage were approved in November and December, the highest approval rate in years. Some 67.1 percent of applications were approved, up from 31 percent two years ago and well above the 2014 annual average of 63.3 percent.

Even more importantly, today more people with good but not perfect credit scores are getting mortgages to buy a home. The average FICO score for all loans in 2014 was 726, 12 points lower than 2013 and 22 points lower than it was 748 in 2012. However, the average FICO for a mortgage still higher than the median average FICO score of 692.

FHA borrowers with even lower FICO scores are more likely to get a mortgage approval than conventional borrowers. The average FICO score to buy a home in 2014 was only 684, down from 695 in 2013.

Yet there’s bad news for student loan debtors. Debt to income requirements for purchase loans barely budged in 2014. Average front end ratios for purchase loans were the same in 2014 as 2013: 24 percent. Back end ratios loosened slightly, rising only from 36 to 37 percent. The data may reflect the impact of the QM Rule, implemented in 2014, which limits DTI ratios to 43 percent. For first-time buyers saddled with high student loan debt, this is not good news.

Home buyers applying for conventional financing saw very little improvement in average FICO scores during the year. FICO scores remain very high compared to other loan types. In 2014 the average FICO was 755 for conventional loans, far above the average of 726 for all loan types. By comparison, the average FICO for conventional purchase loan borrowers was 759 in 2013 and 763 in 2012. In two years, the average FICO score for approved conventional purchase loans has changed only 8 points.

Borrowers with the credit and down payment for a conventional loan were also more likely to get approved. A higher percentage of conventional purchase loan applications were approved than any other loan type. In December, 62.8 percent were approved compared to 63.2 percent for FHA loans and 7.1 percent for all purchase loans.

http://www.realestateeconomywatch.com/2015/02/mortgages-in-2014-winners-and-losers/

What’s Happening to the Most Important Homes in Real Estate? | South Salem Real Estate

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What’s really happening with homes in the bottom price tiers?

These are the most important homes in the entire real estate economy. They are where the housing ladder begins: they are then entry point for new buyers, the starter homes that MUST be available and affordable for Millennials if the housing economy is to ever function again as it was meant to. Until families ready to move up lists their starter homes, nothing is available to buy.

Reams have been written about tight credit stopping first time buyers but almost nothing about an equally serious problem. Homes on the lowest tier haven’t appreciated sufficiently for owners to sell—or even to make it possible for them to sell.

Despite the progress that has made since the housing crash, some 5.1 million homes, or 10.3 percent of all residential properties with a mortgage, were still in negative equity as of Q3 2014, according to CoreLogic. Another 9.4 million had less than 20-percent equity (referred to as “under-equitied”), making it virtually impossible for them to sell or refinance. That totals some 14.3 million homes or about 28 percent of homes with a mortgage are frozen in place.

A disproportionate number of lower cost homes are among this total, according to a new analysis from Black Knight Financial Services released this week. Black Knight’s latest Mortgage Monitor Report, based on data through the end of November 2014, found that home price recovery varies significantly for properties within different tiers of home values. .A decade after the housing crash, some 85 percent of homes valued at less than $200,000 of no equity while 94 percent of homes valued at greater than $200,000 have equity. Home price recovery for the lowest 20 percent of property values has lagged behind those it the top price tiers.

“We looked at HPI appreciation from pre-crisis peaks to today in the 10 states currently trailing the furthest behind their pre-crisis housing maximums,” said Barnes. “The data showed a clear difference in the levels of recovery among home price tiers. The Black Knight HPI separates home values for every geographical division into five equal tiers; those in the lowest 20 percent of home values have been lagging behind their higher-valued counterparts in recovery to pre-crisis peaks, sometimes considerably.

http://www.realestateeconomywatch.com/2015/02/whats-happening-to-the-most-important-homes-in-real-estate/

Down to Earth Markets | Katonah Real Estate

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Bake Up the Love: Valentine Baking Class with Christiane’s Backstube on Feb. 11th;
Brand New Vendor Debuts at Mamaroneck Farmers Market;
Ossining Winter Market Hosts Music with Shovel Ready String Band + More

February 5-11th, 2015
DowntoEarthMarkets.com

What’s New, In Season, and On Sale This Week
Dark Chocolate Challah Bread Perfect for Valentine’s Day – offered only once a year! Orwasher’s Bakery	Pork & Ale Pub Pie Stone & Thistle Farm SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma Bombay Emerald Chutney Company	Valentine’s Day Cookies & Cupcakes Regular and gluten-free Meredith’s Bread

Click on a market to see all vendor and event details…
Ossining Winter

Saturdays
9:00 am-1:00 pm
Claremont Elementary School
Van Cortlandt Avenue, off of N. Highland (Rte. 9)
Mamaroneck Winter
Saturdays
9:00 am-1:00 pm

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details.

Announcements

Mamaroneck: Armelle for Kids Plays this Saturday
Calling all kids who like to dance and sing: You are in for a treat.
Larchmont-based singer, Armelle Gloaguen, and her band, The Hand Jive Tribe, know how to get kids moving and grooving to music from around the world. She sings in English, French, Spanish, Korean, Chinese, and in a Sierra Leone dialect. They’ll play from 10 am to noon – see you there!

Ossining: Shovel Ready String Band Lights Up the Stage

This Saturday, join us for the Shovel Ready String Band! This local band knows how to celebrate the joy of bringing people together at the market. They play bluegrass, country blues, snappy good time tunes – and more – so make sure to stop by between 10 am to noon to enjoy their sound.

Ossining: The 2015 Learning Center at Down to Earth Markets

Down to Earth Markets is delighted to announce our 2015 Learning Center series. Once a month, we’ll invite local food makers to share their secrets to a class held in our office at 173 Main Street, 3rd Floor, in Ossining. The kick-off event is “Bake Up the Love with Christiane’s Backstube” on
Wednesday, February 11th from 7-9 pm. Each class is $15 or $40 for three.
Click HERE to learn more and buy tickets!

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities. Here’s where to find them this week:

Mamaroneck – Saturday, February 7th

Calcutta Kitchens
Hudson River Apiaries
Kontoulis Family Olive Oil
**NEW TO MARKET!** – LizBeth’s Dessert Boutique

Ossining – Saturday, February 7th

Bombay Emerald Chutney Company
Kontoulis Family Olive Oil
Taiim Falafel Shack
Wave Hill Breads

Frank ‘Lefty’ Rosenthal’s Far-Out Vegas Home Lists for $777K | South Salem Real Estate

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Location: Las Vegas, Nevada
Price: $777,000
The former Las Vegas home of Frank “Lefty” Rosenthal, the late casino exec, mob associate, and FBI informant whose exploits inspired Martin Scorsese’s Casino, is back on the market for a lucky-sounding $777K. Though some things have changed since Lefty’s day, it’s about as groovy a 70s time capsule as you’re likely to find adjacent to the Las Vegas Country Club.

According to listing agent Brian Burns, Lefty spent around $500K having the three-bedroom reconstructed back in the mid-70s, after it was gutted by fire. The interior was done by designer Stephen Chase, who at the time was working for Arthur Elrod out in Palm Springs.

There have been four owners since Lefty (the current ones bought it in 2011 for $615K), all of which have been intent on “keeping the historic integrity of the home intact,” says Burns. Most of the floors have been redone over the years, though, and a second-floor picture window was added in back. The current owners redid the kitchen with a new backsplash and Caesarstone countertops, and outfitted the dwelling with a Savant smart home system.

The pieces of wall art in the living and dining rooms, which were commissioned by Stephen Chase when he was designing the interior, are including in the sale, as are the semicircular couch and lamp in the living room, the bedrooms sets, and a bunch of Lefty memorabilia. Also included, according to a 2011 article in the Las Vegas Review Journal: “bulletproof doors and picture windows, a hidden gun compartment,” and a “suspected” bullet mark chipped from one of the windowpanes.

http://curbed.com/archives/2015/01/29/frank-lefty-rosenthal-vegas-home-for-sale.php

Local Farmers Markets | Katonah Real Estate

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SIX Rotating Vendors & Music at Mamaroneck Winter Farmers Market;
Join Us: Down to Earth Markets’ 2015 Learning Center;
Vendors Offer Yummy Specials in both Ossining & Mamaroneck!

January 29th-February 4th, 2015
DowntoEarthMarkets.com

What’s New, In Season, and On Sale This Week

Bacon Marmalade
Stone & Thistle Farm

Full Sour Pickle Special:
$1 OFF on all quart sizes
Pickle Licious

JUST CRUST Chips and
Rustic Croutons: 1 bag for $5 or
2 for $7.50
Flavors include Naked, Garlic, &
With a Kick
Wave Hill Breads

Marble Loaf (slices)
Christiane’s Backstube

Pate de Campagne
Stone & Thistle Farm

Pistachio Cookies
Christiane’s Backstube

Roasted Bone Broth
Stone & Thistle Farm

Roman Focaccia
Buy 2 at $5 each & get 1 FREE
Wave Hill Breads

SALE: Save $2 when you buy two items incl. Chutneys, Frozen Samosa, Kofta, Saag, & Rajma
Bombay Emerald Chutney Company

Wheat Grits with Pear Loaf (slices)
Christiane’s Backstube

Valentine’s Day Cookies & Cupcakes
Regular and gluten-free
Meredith’s Bread

St. Thomas Episcopal Church
168 W. Boston Post Road

Headed to the city? We’ve got markets there, too. CLICK HERE for details.

Announcements

Mamaroneck: Music at the Market

This Saturday, January 31st, enjoy music by guitarist Ed Packer from 10 am to noon.
He‘s a farmers market favorite with both his original and fun cover songs!

Ossining: The 2015 Learning Center at Down to Earth Markets

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Mortgage Loan Rates Fall to 16-Month Low | Cross River Real Estate

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The Mortgage Bankers Association (MBA) released its most recent report on mortgage applications Wednesday morning. It noted a weekoverweek increase of 14.2% in the group’s seasonally adjusted composite index for the week ending January 16, following a rise of 49.1% for the two week period endingJanuary 9. Mortgage loan rates dropped on all types of loans for the third consecutive reporting period and are now at levels equal to mid2013.

On an unadjusted basis, the composite index increased by 17% weekoverweek. The seasonally adjusted purchase index decreased 3% compared to the week ended January 2. The unadjusted purchase index rose by 3% for the week and is now 3% higher year over year.

The MBA’s chief economist explained:
Mortgage application volume increased last week to its highest level since June 2013, led by a
22 percent increase in refinance application volume. This increase was largely due to mortgage
rates dropping to their lowest level since May 2013. However, the recent reduction in FHA
mortgage insurance premiums also played a role: FHA refinance applications increased 57
percent last week.
Adjustable rate mortgage loans accounted for 6.4% of all applications, up from 5.9% in the prior week.
The MBA’s refinance index increased 22% weekoverweek, and the percentage of all new applications that were seeking refinancing rose from 71% in the prior week to 74%.

Conventional refinancing applications rose 21% weekoverweek, while government refinancing rose 29%.
FHA refinancing applications rose 57%, raising the FHA share of all refinancings from 4.1% to 5.2%, compared with the prior week.

http://247wallst.com/housing/2015/01/21/mortgage-loan-rates-fall-to-16-month-low/

All Eyes on Texas Real Estate as Oil Prices Plunge | Waccabuc Real Estate

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When you live in a state heavily influenced by oil, saddle up and hold on for the ride. What comes up must come down, and real estate has room on the downside. The real question is really just how much. My clients are all energy professionals, and when I visit with them, nine out of ten have one thing in mind: housing prices in Texas. They buy out of need, but wait… didn’t most people already buy when Texas was booming?

Demand poured in and buying was frenzied. Now, demand is leveling off and prices will too. Where you purchased will dictate whether it will be a reward or a risk. If you think you’ll find a goldmine this time around, think again. The last time I saw a foreclosure in Tanglewood, Houston people were lined up for showings, and that was when banks weren’t even lending money. Now, Texas has more money pouring into the economy from all parts of the globe and a “deal” might mean just being happy with current pricing.

Considering residential pricing is not at $2500.00 per square foot yet, there are lots of deals in the area; but it’s all relative to what you’re used to. Getting a property that’s already discounted is a pretty good deal even though it doesn’t have a sale tag on it. But watch out for those new high rises, now that crude is at $50.00 per barrel, you may want to think twice about buying that new penthouse. If you have already purchased when crude was priced at $100.00, well, let’s just say you might have to wait for the next merry-go-round. High-rises take as long to build as a boom, so by the next time we see $80.00 oil, buyers will be back at those doorsteps again too.

All Eyes on Texas Real Estate as Oil Prices Plunge

Mixing Vintage and Modern in an Urban Family Kitchen | South Salem Real Estate

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Emily and Ian Allison’s kitchen looked like it was thrown together on a whim, that’s because it kind of was. When previous owners converted their 1888-built home into a duplex, they put together an ad hoc kitchen on the second floor because the original kitchen resided on the ground floor. So when the Allisons bought both units and rented out the bottom floor, they were stuck with a kitchen that seriously lacked function. “There wasn’t even a single drawer,” says Ian. “It was a bummer.”

Kelli Kaufer Designs

BEFORE: There also were limited counter and cabinet space and a river-rock floor left over from the 1960s or 1970s that the couple had attempted to cover up. “We erroneously painted the floor black,” Ian says. “But it started to chip, and you could see the brown and cream-colored river rock tile beneath.”

Fed up, the couple met with interior designer Kelli Kaufer. After several conversations about their likes and dislikes, they handed the reins over to Kaufer. “We basically said, ‘We trust you. Build a kitchen that you think suits us,’” Ian says.

Kelli Kaufer Designs

AFTER: They gutted everything but left the plumbing where it was to save money. Kaufer interpreted the couple’s personalities — he’s a bass player; she’s a digital artist — into a design that channels modern urban hipness with a vintage feel.

For example, repurposed bleacher seats form the honey-colored lower cabinets, while old schoolhouse chalkboards make up the countertops. There are also a black ceiling, pops of color and a funky, graphic floor pattern. But, above all, there’s finally function. “It looks like us, it’s functional, and it’s a delight to be in,” Ian says.

Flat-slab upper cabinets deliver a dose of modern, and the flooring plays on an old houndstooth print that’s been around for a century, Kaufer says. She enlarged the pattern and printed it in a funky color on tiles.She then painted the ceiling black as a visual trick that forces the eye up and makes people pay attention to the whole space.

Hip Hillside Spec Home | Katonah Real Estate

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Location: Los Angeles, Calif.
Price: $1,849,000
One of a pair of “brother and sister residences” designed by Fung + Blatt architects and developed by Ground Up is on the market for the first time. But is this terraced spec home the brother or the sister?

This one’s called the Jem Residence, and the other is the Scout Residence. Which doesn’t really bring us any closer to answering the question, because to the extent that those words can be considered human names, neither is very gendered. Update: A commenter who advises me to “read a book” sometime says that these are characters from Harper Lee’s 1960 novel To Kill a Mockingbird, which I haven’t read. Jem is the brother and Scout is the sister. And here I thought Scout Willis was the only noteworthy Scout.

Anyway, this 2,170-square-foot three-bedroom home was built with “careful recognition and nod to the masters of mid-century and modernist architecture,” with large balconies and a very chic and chicly decorated interior, with folding glass doors a few raw concrete-block walls. The asking price is $1,849,000.

http://curbed.com/archives/2015/01/20/fung-blatt-jem-residence-for-sale.php

Snap Up a Well Done North Haven Flip | #Waccabuc Real Estate

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88 Sunset Beach Road, North Haven

The brokerbabble for this really lovely flip begins, “Just finished ground up renovation of Captains Manse.” And by “captains manse” we mean “1950s cape,” and by “Just finished ground up renovation” we mean “we shoved assloads of stacked stone everywhere!” All kidding aside, we’re pretty impressed with how stylish the house looks now. It’s been turned from a dowdy three-bed, two-bath to a handsome five bedroom, 4.5 bath house, with 3500sf. The natural materials and copious use of glass keeps the look cohesive, yet modern and airy. We particularly like the interesting lighting. The plot is 0.65 acres, and the original studio has been kept to adjoin the new pool, which is fenced with glass and stacked stone. The place previously sold for $945K; given the quality of the improvements, we don’t think $1.995M is ridiculous.

http://hamptons.curbed.com/archives/2015/01/13/snap_up_a_well_done_north_haven_flip_asking_1995m.php

Buying Bedford Real Estate

Robert Paul Realtor buying Bedford real estate

Category Archives: Lewisboro

Mortgages in 2014: Winners and Losers | Cross River Real Estate

What’s Happening to the Most Important Homes in Real Estate? | South Salem Real Estate

Down to Earth Markets | Katonah Real Estate

Frank ‘Lefty’ Rosenthal’s Far-Out Vegas Home Lists for $777K | South Salem Real Estate

Local Farmers Markets | Katonah Real Estate

Mortgage Loan Rates Fall to 16-Month Low | Cross River Real Estate

All Eyes on Texas Real Estate as Oil Prices Plunge | Waccabuc Real Estate

Mixing Vintage and Modern in an Urban Family Kitchen | South Salem Real Estate

Hip Hillside Spec Home | Katonah Real Estate

Snap Up a Well Done North Haven Flip | #Waccabuc Real Estate