Category Archives: Lewisboro

Insurance Tips for First-Time Home Buyers | South Salem Real Estate

Nothing can seem as exciting — and overwhelming — as buying your first home. Which do you do you first: look for the perfect property or chase the right mortgage? Where does a real-estate agent fit into the picture?

There’s so much to consider that many first-time buyers don’t think about home insurance — a factor that will be important when it comes to closing on their house.

You should factor the ongoing cost of home insurance into your home-buying budget, because it will probably show up in your monthly mortgage payment along with payments on your loan principal and interest and your property taxes. That means you should go into your search knowing the basics about insuring your house and what can drive up the cost of coverage.

Once you choose the house and negotiate an offer, it will be time to find an insurer. There are a few issues to take into consideration before settling on a provider — all policies are not created equal. Using these tips can help you save money and ensure that you have quality coverage to protect your largest investment.

Give yourself credit

You know credit matters when it comes to getting a favorable interest rate on your mortgage. But did you know it also matters for home insurance? That’s because home insurance providers use your credit report as part of the formula for assessing the risk you pose as a policyholder. Their models show that consumers with good credit are much less likely to file claims.

So before you get too far into the buying process, assess your credit and take steps to improve your score. At the very least, make sure to correct any errors. Improving your credit score can result in big savings on your mortgage and your home insurance premiums.

Shop around

The price of home insurance varies widely from carrier to carrier. That’s because each provider has a different algorithm for determining customer premiums. This is one reason why it’s a good idea to comparison shop. You could end up saving yourself hundreds of dollars simply by getting a few different quotes.

Don’t skimp on coverage

While you want to save money on home insurance, it’s important not to skimp on coverage. Standard home insurance policies typically offer protection from a variety of potential risks, ranging from liability to damage from weather-related perils. However, you may want to adjust or add coverage depending on your needs.

 

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http://www.zillow.com/blog/insurance-tips-first-time-buyers-165791/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

The Employment Situation in November – 3-2-1, Lift Off! | South Salem Real Estate

The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 321 thousand in November, an increase well above expectations. Monthly employment gains prior to November have averaged 233 thousand in 2014. Job gains in September and October were revised upward by a total of 44 thousand. The average workweek for all employees and average hourly earnings rose. Job gains were widespread. These labor market gains coupled with recent output growth point to an economic recovery that is gaining momentum (Momentum).

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From the separate household survey the BLS reported the unemployment rate was unchanged at 5.8 percent in November. The report characterized the number of long-term unemployed and under-employed persons (those employed part-time who would prefer full-time work) as little changed in November, but these numbers have been trending down steadily from their peaks. In November these two categories declined by a total of 278 thousand. The labor force expanded by 119 thousand and the labor force participation rate held at 62.8 percent where it has been since April after several years of troubling declines.

Overall this is a very strong report. Jobs are being added at a robust pace, the labor force is expanding, at 5.8 percent, the unemployment rate is at the high end of what some economist might call normal (between 5 and 6 percent). If November’s progress can be sustained economic commentators should be over the moon by next spring.

 

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http://eyeonhousing.org/2014/12/the-employment-situation-in-november-3-2-1-lift-off/

How Can Holiday Shopping Impact Mortgage Approvals | South Salem Real Estate

The holidays are full of generosity and giving, but these feelings can end up costing consumers if they aren’t careful. During the holidays, many stores will try to entice more spending by offering massive discounts for consumers who open a store card. Because of this, the huge increase in holiday shopping is coupled with many people opening new credit cards.

Unfortunately, one of the reasons stores make these “great offers” is so they can lure consumers who are in a shopping frenzy into opening a card with high interest rates and payments. This translates into huge profits for the store and customers stuck with inflated costs for merchandise sometimes equaling triple or more the value of the original purchase, since there are stores online such as ForSale.plus which offer a great variety of products for shopping.

To make matters worse, many store cards offer lower limits to start, so charging up a balance that is close to the limit can cause large score drops due to balance-to-limit ratios on revolving credit (mostly credit cards), putting consumer’s credit scores in a vulnerable position. Another problem with opening new credit is that it reduces the average age of credit. This reflects a higher risk borrower and will drop credit scores.

It’s important to note that for mortgages, even a minimal score drop can affect the score threshold and pricing. Depending on the current credit scores and profile, even if the drop is 2 points under the score threshold needed for the best pricing consumers can wind up paying hundreds of thousands of dollars more over the life of the 30 year loan. This can also mean the borrower cannot afford the amount of loan they were planning on. So opening a Bloomingdale’s card at the wrong time could end up causing a family to lose their dream neighborhood and needing to purchase a smaller house in a less desirable school district. Most individuals opening a store card during the holiday season are not thinking about the huge impact it may have on their family’s future.

What shoppers should remember when holiday shopping is that charging on a regular credit card is a better idea if they plan on paying the balance off a month or two prior to applying for a mortgage. In addition, since credit grantors do not hold card holders responsible for fraudulent charges, it is much better to use a credit card rather than a bank debit card. If a thief gets a hold of the debit card number the losses may be far greater. Essentially, using credit is not a bad thing if one knows the rules of credit and how timing can impact score drops.

​Feel free to reach out to us if you have any credit questions or reports you would like reviewed!

Contact Tracy:

Do you have any credit questions?
Tracy Becker, President
155 White Plains Road
Suite 200
Tarrytown, NY 10591
or  (toll free) 866-388-9400
F :(914) 524-5014 ​​

Housing Costs Plunge for Owners, Soar for Renters | Katonah Real Estate

A much higher proportion of renters than homeowners are cost burdened by their housing expenses and the number is growing quickly due to rising rents and affordable home prices.

Last year, 39.6 million households spent more than 30 percent of their income on housing, down from 40.9 million in 2012 and a peak of 42.7 million in 2010.  Still, just over a third of U.S. households (34 percent) were cost burdened in 2013, including about a quarter of all homeowners (26 percent) and half of all renters (49 percent), according to the Harvard Joint Center for Housing Studies.

Last year’s decline in the number of cost-burdened households, however, occurred almost exclusively among homeowners.  Cost burdened households are those where housing costs exceed 30 percent of income.

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Nearly 19 million owners were cost burdened in 2013, down from 20.3 million in 2012.  The number of owners with severe cost burdens – paying more than 50 percent of income for housing – also slid, from 8.5 million in 2012 to 8.1 million in 2013.  The easing of owner cost burdens is due in part to a dramatic decline in median homeowner housing costs.  After surging during the housing bubble, inflation-adjusted owner costs have dropped to about 2.5 percent below their 2001 level (Figure 2).  Owner burdens are also down due to a significant reduction in the overall number of homeowners – fully 294,000 fewer households in 2013 than 2012.  This decline in the number of homeowners for the third straight year (and the fifth time since 2007) suggests that many burdened owners dropped out of ownership, moving into the costly rental market.

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With many exiting ownership and new households forming, the number of renter households was up by 615,000 in 2013.  Indeed, a major reason why renter cost burdens remain persistently high is that the overall number of renters continues to grow.  Despite a slight decline in cost-burdened share, the sharp growth in renter households pushed the number with cost burdens up for the twelfth consecutive year, reaching 20.8 million in 2013.  Of these, about 11.2 million were severely burdened in both years.  Cost pressures also continue to drive burdens higher as over the past decade, renter costs have largely gone up, while renter incomes have declined.  As Figure 2 shows, real median renter costs in 2013 were about five percent higher than in 2001 while, even with modest income gains in 2013, median incomes were nearly 11 percent lower.  If past patterns hold and income growth remains stagnant, rental costs continue to climb, and affordable ownership stays out of reach, rental cost burdens will only continue to grow.

 

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http://www.realestateeconomywatch.com/2014/11/housing-costs-plunge-for-owners-soar-for-renters-2/

New home sales squeak out weak gain in October | Cross River Real Estate

Sales of new homes in the United States printed at an annual rate of 458,000 for the month of October, up 0.7% from September.

This tepid gain was saved from being a decline by a surprising jump in sales in the Midwest, which saw 15.8% gains, and better than usual gains in the northeast of 7.7% month-over-month.

“The slight rise in new home sales in October is somewhat disappointing, as it is more of the same of what we’ve seen throughout 2014 – tepid growth in housing constrained by a slowly recovering economy,” said Quicken Loans vice president Bill Banfield.

October’s gain is 1.8% above the October 2013 estimate of 450,000.

But that month-over-month gain was only achieved because September’s new home sales figure was dramatically revised downward from 467,000 to 453,000.

Dragging down new home sales was the West and South, which saw a -2.7% decline and -1.9% decline, respectively.

The imbalance there is due to the fact that the West and the South are vastly larger housing markets compared to the Midwest and Northeast.

The median sales price of new houses sold in October 2014 was $305,000, while the average sales price was $401,100.

The seasonally adjusted estimate of new houses for sale at the end of October was 212,000. This represents a supply of 5.6 months at the current sales rate.

 

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http://www.housingwire.com/articles/32183-new-home-sales-squeak-out-weak-gain-in-october

 

Behind the Hedges and Inside the History of Danielle Steel’s Spreckels Mansion | Waccabuc Homes

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2080 Washington Street (before the infamous hedge), via SAN FRANCISCO HISTORY CENTER, SAN FRANCISCO PUBLIC LIBRARY
The Spreckels Mansion at 2080 Washington – best known as the current home of romance superstar novelist Danielle Steel – has been a major San Francisco landmark since day one and has played host to tales that are worthy of her books. Of course, it’s now hidden behind a massive hedge worthy of a photo tribute, but we took a peek inside the storied home’s history. Here now is a look back at one of the city’s most iconic mega-mansions.

The house that sugar built >>

The Spreckels family is one of San Francisco’s oldest and most illustrious. Their story goes back to Claus Spreckels, who first started a brewery when he brought his family to San Francisco in 1856. Claus soon switched to the sugar industry and built his fortune in Hawaii by allegedly acquiring water rights in poker game with the King of Hawaii. He built his first SF-based sugar refinery in 1867 at 8th and Brannan, but soon needed more space and opened a larger facility in Potrero Point. His California Sugar Refinery funded additional Spreckels enterprises, like a resort hotel in Aptos, an investment in the Santa Cruz Railroad, and sugar beet operations in the Salinas Valley that sprouted the company town of Spreckels, California.

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Spreckels’ Sugar Factory beneath Potrero Hill c1890s, via Found SF

Claus was the sugar daddy (sorry) to thirteen children with his wife Anna, but only five survived to adulthood. The oldest son, John, established a transportation and real estate empire in San Diego, while second son Adolph ran the family sugar business. Adolph was a big whale in San Francisco, but it was his wife Alma who gained the moniker “great grandmother of San Francisco”.

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Adolph and Alma with their kids, both via SAN FRANCISCO HISTORY CENTER, SAN FRANCISCO PUBLIC LIBRARY

Alma lived a true rags to riches story. She was born in the Sunset in 1881 when it was still a windswept district of sand dunes. Her parents were Danish immigrants, and while her father spent more time hating on the city’s nouveau riche than working, her mother ran three successful business out of the family home. Alma had an interest in art and took night classes at Mark Hopkins Art Institute. At six feet tall, “Big Alma” soon became a favorite model of local artists. These jobs led to several lucrative side gigs as a nude model.

After a lawsuit against an ex-boyfriend for “de-flowering,” Alma became something of a celebrity in the city, and was the obvious choice to model for sculptor Robert Aitken’s monument to Naval hero Admiral Dewey and President William McKinley (it still stands today in the center of Union Square). Wealthy bachelor Adolph Spreckels was on the Citizen’s Committee in charge of the landmark’s funding and became smitten with the model. After “courting” for five years, they finally married in 1908.

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Alma looking fierce as the Goddess of Victory atop the Dewey Monument in Union Square, both via Flickr/Peter Kaminski

The new couple first lived in Sausalito, but Adolph purchased the property that would become the Spreckels mansion as a Christmas present for Alma. The Victorian-style home was torn down to make room for a new French Chateau designed by architects Kenneth MacDonald Jr. and Beaux-Arts trained George Applegarth (fun fact: Applegarth was buddies with Jack London, and the pair would ride their bikes from the Bay Area to Yosemite and Half Dome). The Spreckels had to buy up several nearby Victorians to make room for the new manse, and Alma insisted on saving the structures by moving eight of them to new locations. Completed in 1912, the new house became host to lots of lavish parties and launched Alma into high society.

Alma went to Europe on a trip to stock the new house with loads of 18th century antiques. She became friends with dancer Loie Fuller in Paris, who in turn introduced her to sculptor Auguste Rodin. Together, the women secured thirteen of Rodin’s bronzes, which Alma brought to the Panama Pacific International Exposition of 1915. This sparked the idea for Alma to build a museum for her art. It later became the California Palace of the Legion of Honor.

 

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http://sf.curbed.com/archives/2014/11/25/behind_the_hedges_and_inside_the_history_of_danielle_steels_spreckels_mansion.php

 

Inside the Battery’s Century-Old Pier A | Katonah Real Estate

[All photos by Max Touhey.]
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At the southernmost tip of West Street, a pier juts out into New York Harbor. Until just a few weeks ago, it was fenced in, and closed off to the public. But after a years-long renovation and restoration process, Pier A—a 128-year-old structure with a handsome clocktower that once served the docks and harbor police as well as the city’s fire department—is open to the public for the very first time in its long history. To say that the makeover has been hotly anticipated would be an understatement. Taking the pier from decrepit and abandoned to a three-story, flood-prepared building with beautifully-designed bars and restaurants (run by the Poulakakos group) as well as a visitor’s center, plus a public promenade, plaza, and ample seating, cost around $40 million, with the Economic Development Council footing most of the bill. But boy, is she pretty. And those views of the Statue of Liberty aren’t bad either, especially in the sunset.

Take a look around >>

Home prices up more than expected: S&P/Case-Shiller | #Katonah Real Estate

U.S. single-family home prices showed a stronger-than-expected rise in September on a yearly basis, but the rate of the increase decelerated from August, a closely watched survey showed on Tuesday.

“The overall trend in home price increases continues to slow down,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.9 percent in September over September 2013. In August, it rose 5.6 percent on a yearly basis. A Reuters poll of economists forecast a 4.6 percent increase.

Economist Robert Shiller told CNBC’s “Squawk on the Street” the reading was not exciting, and he noted that the winter season is historically slow for home sales.

”We haven’t expected exciting growth for a while, but it does look like seasonally adjusted home prices are still growing,” he said.

On a seasonally adjusted monthly basis, prices in the 20 cities rose 0.3 percent in September. A Reuters poll of economists had forecast an increase of 0.1 percent.

 

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http://www.cnbc.com/id/102214295

 

 

Housing starts drop 2.8% in October but permits up | Katonah Real Estate

Privately-owned housing starts dropped 2.8% in October to print at a seasonally adjusted annual rate of 1,009,000 units, which is still 7.8% above the October 2013 rate of 936,000.

Single-family housing starts, which have been lagging through the summer and fall, finally perked up, growing 4.2% from last month’s tepid performance.

This comes one day after the National Association of Home Builder’s monthly survey said builder confidence is up for November.

Notably the only region with gains in starts was the South, which saw an increase of 10.1%. The West saw a drop of 10.9%, the Northeast dropped 16.4% and the Midwest plunged 18.5%.

“While permits rose in October, starts declined on weakness in the multi-family sector. Still, following yesterday’s rise in the NAHB Index, there appears to be a significant amount of confidence amid home builders breaking ground on new projects as low financing costs and improvement in the labor market are expected to bring new demand for housing,” said Lindsey Piegza, chief economist for Sterne Agee. “While there has been improvement in sales since a weak start to the year, demand has hardly been robust. Minimal income, lackluster savings, and more stringent borrowing restrictions are in some cases outweighing historically low borrowing costs.

“After a surge in buying activity in mid-2013 sparked by the Fed’s taper talk, demand slipped noticeably and has since been unable to recapture the highs of 2013. In the end, without jobs and income growth, consumers remain restrained, translating into positive, but modest demand,” she said.

Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,080,000, which was 4.8% above the revised September rate of 1,031,000 and is 1.2% above the October 2013 estimate of 1,067,000.

Paul Diggle, property economist for Capital Economics, was optimistic in his outlook.

“The decline in housing starts in October was entirely driven by a fall in the volatile multi-family component,” Diggle said. “With single-family starts, building permits and homebuilder confidence all rising, the outlook is becoming increasingly positive.”

The permits level is also the highest since June 2008.

Single-family authorizations in October were at a rate of 640,000, which makes for a 1.4% gain on the revised September figure of 631,000.

 

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http://www.housingwire.com/articles/32101-housing-starts-drop-28-in-october-but-permits-up

Plug the holes in your house this winter | Katonah Real Estate

Leaky spots around windows and doors are notoriously big problems for homeowners in locations with cold winters and humid summers, and they can lead to bigger problems. Even before adding insulation to your house, the most important step in making your house more comfortable is controlling air movement. The principle is pretty simple: plug up the holes in your house. Since doors and windows are the biggest holes in a home, weather-stripping is where your efforts should begin. Weather-stripping is a great DIY project too, since it involves just a very basic knowledge of tools.

Below you’ll find the best ways to weather-strip for reduced drafts and leaks this winter.