Category Archives: Lewisboro

Foreclosure Inventory Fell 36% in November: CoreLogic | South Salem Real Estate

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The number of homes in some stage of foreclosure dropped 36% in November compared to the previous year, according to a report Wednesday from CoreLogic.

The Irvine, Calif.-based data firm said in a press release that roughly 567,000 homes were in foreclosure, compared to 880,000 homes in November 2013.

The number of completed foreclosures fell 10%, to 41,000. Compared to a peak in September 2010, completed foreclosures were down 64%.

“While the national level of foreclosures may normalize in the next two years, there will always be the potential for some pockets of distress in the mortgage market,” said Molly Boesel, a senior economist at CoreLogic, in a press release.

Florida reported the highest number of foreclosures for the 12-month period ending in November, with 118,000 homes completing the process.

 

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http://www.nationalmortgagenews.com/news/distressed/foreclosure-inventory-fell-36-in-november-corelogic-1043605-1.html

Billionaire Bachelor Pad with ‘Sex and the City’ Cred Asks $37M | Katonah Real Estate

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Location: New York, New York
Price: $37,000,000
Billionaire investor and Pittsburgh Penguins’ co-owner Ron Burkle has put his triplex penthouse in NoHo on the market for$37M, and apart from being pretty jaw-dropping, the place has a very colorful history, as Curbed NY noted. When it was still the event space Sky Studios, it hosted Jerry Seinfeld’s wedding, a birthday party for Chelsea Clinton, and the shoot for that Sex and the City scene where Richard tries to convince Samantha he actually cares about her.

After purchasing the place in 2007 for $17M, Burkle ebarked on the kind of renovation you’d expect from a billionaire with a taste for historic architecture. Curbed NY has arun-down of the specifics, which include things like a “17th Century Dutch Tudor working fireplace” and a “hand carved backlit onyx bar,” as well as a great room with “cast-iron columns, custom wood-coffered and copper-leafed barrel vaulted ceilings.”

On the second floor, there’s a “glass-encased great room with soaring 17’+ ceilings,” which opens out onto a garden with a “sunken fire pit and custom water sculpture.” Up one more level, a bathroom with predictably great views connects to a heated outdoor swimming pool and a “yacht-inspired upper sundeck.” Together, monthly real estate taxes and maintenance fees are over $11K.

 

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http://curbed.com/archives/2015/01/14/sky-studios-ron-burkle-penthouse-for-sale.php

 

3 Reasons It’s Not a Seller’s Housing Market | South Salem Real Estate

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If you’re considering purchasing a home, but worried that rising home prices mean you’ll pay too much for a house, think again. Just because home prices have risen doesn’t mean it’s a seller’s market out there. Here’s why.

1. Home Prices Aren’t Necessarily Inflated

Home prices have gone up, but have they done so unreasonably? Rewind to 2012, the unemployment rate exceeded 8%, short sales and foreclosures were still rampant, consumer confidence was low, the prospect of job growth was bleak and the general consensus was that the economy was still licking its wounds from the recession. People don’t buy homes when they’re feeling skittish about their job. Fast forward to 2015, job growth is getting traction, the banks are clearing foreclosures from their balance sheets and short sales are dropping. The result? Because the pendulum swung so far in the opposite direction with drastically low real estate prices several years ago, today’s prices in general are a reasonable correction of a settling housing market.

The likelihood for prices to continue to rise by leaps and bounds while credit is still tight is a shot in the dark, as wage strength has still not peaked. Remember, banks still have tight constraints on lending and are especially picky when approving large mortgages. Home prices in many markets are in direct proportion to the local economy. Take San Francisco, for example, where home prices are, without question, exorbitant. The tech industry is having a massive boom, driving prices up. The stronger the local economy, the more people working, the more support housing prices will have to remain strong.

2. Many Sellers Have Unrealistic Expectations

This average home price appreciation has brought sellers out of the woodwork in hopes of attaining a maximum price. Many have expectations far larger then what the market will bear. The best example of this is a home listed on the market for longer than 30 days within a strong local economy. Look at Sonoma County, Calif., where if a house is on the market longer than 30 days without a contract, it’s a good sign the property is listed too high. The only alternative is to drop the list price to induce an offer. It’s not uncommon at all these days to have a home close escrow at a price beneath the original listing price. (If you’re a seller who’s not sure what to offer on a house, talk with your real estate agent and take their advice — this is what you hire them to do.)

3. Multiple Offers Are Less Common

A good indication of a seller’s market is when there are large numbers of multiple offers – say eight to 10 – for each listed property. That is a strong indicator of the true seller’s market, much like it was in early 2014 and even summer of 2014. But these days I’m seeing that a handful of offers at best is more realistic. Less competition means a greater opportunity to get your foot in the door.

Consider this: Mortgage rates are down, increasing affordability. More people can afford to pay a little bit more for a home and not feel financially squeezed because their housing payment is lower. Prices do rise in relationship to what a ready and able buyer is willing to pay for a property. But the basics also come into play, including the location of the property, school district, bedrooms, bathrooms and lot size are all critical factors in the listing price of a home. Agents know this, but not so much sellers, who still believe they can get top dollar for their property regardless of whether they really can.

 

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http://finance.yahoo.com/news/3-reasons-not-sellers-housing-181010833.html

Apartment glut may tame rising rents | Katonah Real Estate

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MarketWatch
Home builders and investors have poured money into so many new rental units that tenants
may see rent growth slow in the near future, one economist said.

 

While there will likely be “robust demand” in 2015 from renters — and young adults, in particular — builders have already started and plan to start enough new apartment projects that the days of excess demand may soon be over, said Ryan Severino, senior economist at Reis, a New York-based research firm focused on commercial real estate.

“Demand will struggle to keep pace with the significant amounts of new construction that should come online over the next few years,” Severino said.

Growth in rents over coming years should remain positive, according to Reis, but it will likely slow from 2014’s heady pace of about 3.5%, which far outpaced overall consumer inflation.

“Although an improving labor market with more jobs and faster wage growth should provide landlords with more leverage to increase rents, over time this will be stymied by the sheer number of new units that are going to come online, increasing competition in the market,” Severino said.

The frenzy for apartments has been fed by a choppy jobs market that made it tough for workers to set aside enough cash for a down payment. Also, persistently high credit standards have kept singles and families from obtaining a mortgage, a key financial ingredient for many would-be homeowners, particularly first-time buyers.

Seeing an opportunity, developers ramped up apartment building. The rate of private construction spending on new multi-family residences was up 27% in November from the year-earlier pace, more than double a 13% gain for new single-family homes, according to government data. Meanwhile, outstanding multifamily-mortgage debt swelled in the third quarter, rising the most since the end of 2007, the Mortgage Bankers Association said Tuesday.

Rental vacancy rates are the lowest in 20 years, which gives landlords power to raise rents. Government data show that landlords recently ramped up rents by the fastest pace in six years. But that power may taper as the supply of rental units rises.

“With a veritable deluge of new supply set to come online over the next few years, vacancy is headed higher. The supply pipeline swells larger and larger on a weekly basis and presents the greatest risk to the apartment market’s health,” Severino said.

 

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http://www.marketwatch.com/story/apartment-glut-may-tame-rising-rents-2015-01-06

Gorgeous Brooklyn Heights Townhouse Wants $7.2 Million | Cross River Real Estate

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First up is this beautiful brick townhouse in Brooklyn Heights. The house was built in 1849 and there’s a ton of historic details, plus an elevator, 12′ ceilings, and bay windows overlooking a garden designed by landscape architect Alice Ireys. The place is 25′-wide and has around 6,500 square feet of living space. It’s asking $7.2 million.

↑ Over in Williamsburg, this three-story townhouse is asking $4.3 million. The place was built in 1890 and was gut-renovated 13 years ago. It’s currently configured for multiple families but it can be converted into a single-family home quite easily.

↑ This four-unit, two-story investment property in Weeksville is asking $1.495 million. The place is fully-rented and offers an income of $8,400/month. It has a two-car garage, separate boilers, hardwood flooring, and a coin operated laundry.

 

 

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http://ny.curbed.com/archives/2015/01/04/gorgeous_brooklyn_heights_townhouse_wants_72_million.php

Your January Home Checklist | Katonah Real Estate

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With the shortest days (and longest nights) of the year, midwinter can certainly live up to its bleak reputation— but this season also encourages slowing down, simplifying and getting cozy. This January, take advantage of the momentum a new year brings to clear out clutter, start a healthy habit and make plans for the year ahead. Here are 15 ideas for a refreshed and revived home.
Eclectic Living Room by The Room Illuminated
The Room Illuminated
1. Do the postholiday cleanup. Pack up holiday decorations carefully for next year and give your living space a thorough cleaning to pick up stray pine needles. Break down cardboard boxes, gather wrapping materials to recycle and find homes for holiday gifts.

2. Buy flowers and light candles. Boost spirits on short winter days by lighting candles (real or battery powered), and indulge in cut flowers from the market or a new potted houseplant to freshen the air.

Contemporary Home Gym by Scordio Construction.inc
Scordio Construction.inc
3. Create space to get some exercise indoors.Especially if winters are cold where you live, making a workout zone in the house can be a great help in staying healthy when you can’t get outside. Even a corner of a room cleared of furniture can be enough space for rolling out a yoga mat or working out with weights.
Contemporary Kitchen by MasterBrand Cabinets, Inc.
MasterBrand Cabinets, Inc.
4. Give your command center a reboot. The spot where you drop items as you walk in the door can be a clutter magnet. Make a fresh start for the new year by clearing away the paper, old pens, rubber bands and other random items that have migrated into your command center. Clean the surface, remove old notices from the bulletin board and put up a new calendar.
Eclectic Kitchen by Space Grace & Style
Space Grace & Style
5. Sharpen knives. Cooking with sharp knives cuts down on prep time and is safer, too. Take your kitchen knives to a pro to be sharpened, and maintain them between sharpening sessions with a honing tool at home.

6. Give your kitchen a healthy makeover. Making a resolution to eat more healthfully? Start by clearing those less-healthy options out of your pantry and fridge. Place fresh fruits and vegetables front and center, and put healthy-food prep aids, like a juicer or blender, on the counter where you are more likely to use them.

Eclectic Living Room by Nanette Wong
Nanette Wong
7. Check smoke and carbon monoxide detectors. With more heater use and wood fires in the fireplace, and less opening of windows, winter is an especially important time to make sure those smoke and carbon monoxide detectors are working. Use the test button on each device and change batteries as needed.

8. Clear clutter responsibly. If you are doing a new year’s purge of unwanted items, keep things out of the landfill and help others by donating gently used items to a good cause. For other items be sure to recycle responsibly — try the Earth 911 recycle search to find a recycling center that accepts electronics, paint, clothing and more in your area.

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http://www.houzz.com/ideabooks/34504062?utm_source=Houzz&utm_campaign=u918&utm_medium=email&utm_content=gallery8

What Housing Policies are in the Tax Extenders Legislation? | #Katonah Real Estate

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On December 16th, the Senate approved a one-year extension of the set of tax policies known as “tax extenders.” With the House of Representatives having previously adopted this extension, the legislation (H.R. 5771, which contains the “Tax Increase Prevention Act of 2014″) is now headed to the President, who is expected to sign the bill into law.

It is important to note that for most items in the bill, this one-year extension is for 2014.  The extenders then sunset again at the end of the year, and will be part of the tax policy debate in 2015.

A number of housing-focused policies are in the bill, including many items supported by NAHB. Homeowners, home builders, developers, remodelers, and other housing stakeholders are advised to review this list and consider which items may benefit their (or their clients’) taxes for the coming filing season.

All of the following items were extended for 2014 and then sunset at the end of the year:

  • Section 45L Tax Credit for Energy Efficient New Homes. Provides builders a $2,000 tax credit for exceeding energy standards by 50%. The base energy code is the 2006 International Energy Conservation Code plus supplements. Section 45L is expected to save home builders $267 million in taxes for 2014 construction activity.
  • Fixed Credit Rate for 9% Low Income Housing Tax Credit projects. The bill will renew the 9% LIHTC fixed rate, but only for 2014 allocations.
  • Section 25C Tax Credit for Qualified Energy Efficiency Improvements. This is a credit worth up to $500 (subject to a $500 lifetime cap), with lower caps for certain products like windows, for consumers to install qualified energy-efficient upgrades. Remodelers often leverage 25C tax credits when working with clients. Section 25C is expected to save home owners who remodel $832 million in taxes for 2014 improvements.
  • Section 179D Energy Efficient Commercial Buildings Deduction. Provides a deduction up to $1.80 per square foot for commercial buildings, including multifamily buildings built under the commercial code, that exceed specific energy efficiency minimums.
  • Section 163 Deduction for Mortgage Insurance. Allows taxpayers, subject to an income cap, to deduct premiums paid for private mortgage insurance and FHA/RHA/VA insurance premiums. The deduction for MI is expected to save home owners $919 million for tax year 2014.
  • Bonus Depreciation. Extends 50% bonus depreciation.
  • Section 179 Small Business Expensing. Increases the maximum expensing amount to $500,000 for qualified property on up to $2 million in property placed in service.
  • Mortgage forgiveness tax relief. The provision would eliminate any taxes home owners might face due to renegotiating the terms of a home loan, which might result in forgiving or canceling a portion of the outstanding mortgage. Applies only to principal residences and through the 2014 calendar year.

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http://eyeonhousing.org/2014/12/what-housing-policies-are-in-the-tax-extenders-legislation/

Keep Your Houseplants Healthy Through the Winter | Waccabuc Real Estate

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Even though your plant resides in a pot indoors, it’s still keenly aware of the seasons. With shorter days, drier air and cooler temperatures, winter is perhaps the most challenging time a year for houseplants.

The trick to helping plants endure the harsher conditions is simply modifying your care routine. Check out these tips to keep houseplants happy and alive this winter.

Limit watering

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Considering their growth rate is significantly slower during the winter, plants do not require as much water. Test the soil by putting your finger about one inch into the soil. If it feels dry, the plant needs a good soaking. Be sure to use lukewarm water.

Try a new window

From summer to winter, the angle of the sun changes, so place your plants near a different window for the season. You can also wash the window glass, inside and out, to help let in more light. Don’t forget to rotate the plants every so often to make sure they receive light evenly on all sides.

No food necessary

Because plants grow very little during the winter, fertilization is not necessary during these months. It’s best to withhold food until spring, when the days are much longer and the sun is stronger. Resume weekly feedings closer to spring to give plants a boost.

A good cleaning

Dusty leaves can clog pores, making it difficult for plants to fully absorb essential nutrients. Using a damp cloth, wipe the leaves to get rid of any dust or debris. A thorough cleaning will also help get rid of any unwanted pests.

Improve humidity

Houseplants prefer a humidity level of 40 to 50 percent. Unfortunately, during the winter months, the humidity level in heated homes tends to only be 10 to 20 percent.

To combat low humidity, frequently mist the plants, and put any tropical plants on a tray of rocks with a small amount of water. Or turn on a humidifier to cut through dry air.

Pay attention to temperature

Source: Zillow Digs

During the daytime, most plants prefer a temperature between 65 to 75 degrees Fahrenheit, and at night time about 10 to 15 degrees cooler. Dramatic fluctuations in temperature can be damaging, so it’s best to keep plants away from cold windows, or sources of heat, such as stoves, fireplaces and radiators.

Pruning

To stay healthy and attractive, plants need a little pruning from time to time as part of their maintenance. Many houseplants have soft stems, which make them relatively easily to prune — no tools required.

Using your thumb and forefinger, pinch off any dying flowers and remove any damaged leaves.

For thicker stemmed plants, pruners or sharp scissors may be necessary.

 

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Castle in Scotland Gets 21st-Century Redo | Katonah Real Estate

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Screen Shot 2014-12-10 at 3.15.15 PM.pngAll photos by Peter Lander Photography via Houzz

Until recently, this stunning 17th-century castle in the Scottish Highlands was drafty, run-down, and had no modern amenities. Built for the daughter of a Lord in 1620, the five-story, multi-turreted castle with a gabled roof had hosted the Duke of Cumberland’s troops on their way to the 1746 Battle of Culloden in grand style, but had fallen into neglect by the 19th century. By the time the Scottish firm Maxwell & Company was hired to turn it into a vacation home for a family of four, according to Houzz, the castle required a complete (and historically sensitive) restoration of its exterior and interiors.

It took three years to do all that, and install plumbing and electrical systems, but now the castle has 11 bedrooms and copious reception rooms decorated with period furniture, stained oak floors, and aristocratic objects like a portrait of the patriarch of Clan Mackintosh. The architects did such a through job of melding past and present that the nearly 400-year-old castle ended up winning an award for its “cohesion of design.” The post-renovation photos are amazing:

 

 

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http://curbed.com/archives/2014/12/10/chilly-1620-castle-in-scotland-warms-up-with-a-renovation.php

 

Cultured Austin Home with Exquisite Gardens | #Waccabuc Real Estate

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Exterior_Main_house.jpegPhotos by Zac Seewald

Location: Austin, Texas
Price: $4,500,000
The Skinny: One of the coolest residences in Austin is on the market. Built in 1979, the original structure was designed by architect Robert James Coot, and has since been transformed by additions from Paul Lamb in 1988 (the farmhouse style kitchen, outdoor dining area, and lower level guest suite) and Mell Lawrence in 2003 (the expanded master bedroom, the covered second-floor porch, and the first-floor bedroom suite). Broker Laura Gottesman describes the result as “eclectic but elegant,” and speaking of eclectic, as of 2007, it sits across from an almost Brutalist-looking, AIA Austin-approved concrete work studio, also designed by Lawrence. This swell hodgepodge has been listed for$4,500,000 by landscape architect James David, who has lived and worked on it for three decades with his partner, Gary Peese.

In the two acres of surrounding gardens, “terraces linked by limestone steps, landings and garden paths” sit alongside what’s essentially the showroom of David / Peese Design, the landscape architect firm the couple runs together. Their work here has been featured in House & Garden, Metropolitan Home,Garden Design, House Beautiful, and most importantly, for our purposes, Martha Stewart’s “field trip” series. Inside, the home has limestone and plaster finishings, and a diverse assemblage of furniture that a tasteful buyer should really try convincing them to part with, collected over the years by the couple behind Austin’s now-shuttered but fondly remembered home decor and gardening store, Gardens.

 

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http://curbed.com/archives/2014/12/09/-james-david-home-for-sale-austin.php