Category Archives: Lewisboro

Easier mortgage rules, stable rates bring back U.S. home buyers | South Salem Real Estate

Many U.S. home buyers are returning to the market after almost a year as interest rates stabilize and regulators propose more relaxed rules on mortgage lending.

U.S. homebuilders D.R. Horton Inc and Toll Brothers Inc reported jumps in orders this week at rates not seen since last year.

“We’re definitely seeing a lot more purchase business than we have in the past,” said Matt Hackett, underwriting manager at Equity Now, a New York-based mortgage lender.

Interest rates fell in October to their lowest since June 2013 after rising steadily for the past year. Although up slightly since, they are still at historic lows.

New rules proposed will allow Americans to buy homes with down payments as low as 3 percent.

“The buyers realize that they’re never going to get this kind of low interest rate environment,” said David Crowe, chief economist at the National Association of Home Builders.

Wayne Wellington, a 47-year old inspector at the Broward County housing authority in Florida, said he wanted to upgrade his current house for a larger property before rates spiked.

“Interest rates look like they’re on the verge of moving up a little bit and I’ve got to capitalize now on these wonderful rates,” he told Reuters.

The improvement in buyer sentiment is bringing much needed relief to homebuilders, which reported an underwhelming spring selling season this year. Spring selling is to homebuilders what the holiday season is to retailers.

“First-time home buyers are the ones missing from the marketplace (and) part of the reason we’ve had a relatively slow recovery in housing. Some relaxation in the overly restrictive lending standards will bring the first-time home buyer back,” Crowe said.

The Dow Jones U.S. home construction index rose about 4 percent this year to Monday’s close, after doubling between January 2012 and January 2014.

Five of the largest U.S. homebuilders – D.R. Horton, Toll Brothers, Lennar Corp, PulteGroup Inc and KB Home – trade below their intrinsic values, according to StarMine.

The StarMine model measures how much a stock should be worth when considering expected growth rates over the next 15 years.

 

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http://finance.yahoo.com/news/easier-mortgage-rules-stable-rates-182541447.html

Buy Lauren Bacall’s Dakota Home for a Whopping $26 Million | Katonah Real Estate

 

DakotaExterior.jpgThe late great Lauren Bacall‘s long-time Dakota residence is poised to hit the market any minute now, asking a whopping $26 million. Her estate tapped Warburg Realty to broker the place, which she purchased back in 1961 for a pittance, when she could count Boris Karloff, Judy Holliday and Roberta Flack as neighbors. All ye who would like to live in the storied Dakota building: it’s haunted.

Reports vary: did the venerable actress pay $28,000 or $48,000 back in the day? Either way, it’s appreciated a lot. Appraisers valued the apartment, which apparently hasn’t been touched in years and is crying out for a good renovation, at $9 million. So the difference of $19 million is no doubt because Bacall was all-around beloved, and institution, and with that star power comes a hefty asking price. Stay tuned for photos.

 

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http://ny.curbed.com/archives/2014/11/06/buy_lauren_bacalls_dakota_home_for_a_whopping_26_million.php

DIY Spirit Reinvents an Industrial Home | Cross River Real Estate

 

After living for six years in his downtown Edmonton loft, in the Canadian province of Alberta, this homeowner was ready for a change. He liked the industrial nature of the space — soaring ceilings, raw redbrick walls, exposed ducting and conduit — but didn’t like its low-grade cabinetry. Plus, he was flat-out tired of his furniture.While he didn’t mind getting his hands dirty doing some of the work of refreshing the space, he knew he needed professional help when it came to the layout and choosing colors and furniture styles. He found designer Brenda Brix of AMR Design while searching for local professionals on Houzz and enlisted her help through a design consultation. She wrote up a detailed plan, and he implemented it himself, finding materials and furnishings and even teaching himself how to build and modify pieces.

For example, he bought mirror tiles and antiqued them. He took a basic pine cabinet from Ikea and distressed it. He even located his own stainless steel and installed it himself as a backsplash. “I wanted to add personal touches and cool things that people would come in and we could talk about them for five minutes,” he says.

Dreamy 1830s Abode Was a Stop on the Underground Railroad | Katonah Real Estate

 

4470KatherinesWay1.jpg

Location: Westerville, Ohio
Price: $1,250,000
The Skinny: Several homes in the northeastern Columbus suburb of Westerville, Ohio, were stations on the Underground Railroad. One of them, an updated five-bedroom with a spiffy columned facade, some beautiful mounted panels rescued from the LeVeque Tower, a Jeffersonian-looking dome topped with a skylight, and a 1930s schoolhouse outfitted for guest accommodations, was put on the market just the other day.

The oldest sections, which were built in 1830, according to the marketing material, have a healthy amount of exposed brick that’s since been balanced out by large windows and glass doors in the rear of the home. Much of the yellow pine and walnut woodwork is original, and there’s vintage tiling in a few of the bathrooms. With a pool and an expansive brick patio, facing out on a about five acres with “mature trees & landscaping,” this handsome historic hodgepodge is priced at $1.25M.

 

 

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http://curbed.com/archives/2014/11/04/westerville-ohio-underground-railroad-home-for-sale.php

The Haunted Histories of 13 Famous New York City Places | Katonah Real Estate

 

p01bcbtf.jpg[Ghosts are everywhere.]

New York City’s old townhouses and historic apartments hide plenty of dark, ghostly secrets, but many of the city’s most famous destinations have their own ghastly histories as well. Grand Central, the Empire State Building, Radio City Music Hall, even Central Park, all host their own otherworldly spirits, born from some gruesome part of history. Elise Gainer, the owner of Ghosts, Murders, and Mayhem Walking Tours, catalogued many of these horrific tales in her bookGhosts and Murders of Manhattan, and we mapped 13 of the most well-known sites for a historic, haunted Halloween tour.

 

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http://ny.curbed.com/archives/2014/10/31/the_haunted_histories_of_13_famous_new_york_city_places.php

Houses groan, creak, and pop on a regular basis | Cross River Real Estate

Homes make strange noises. They’re built from many different materials — glass, concrete, wood — that expand and contract at different rates.

“[But] the most noise your house should make is a popping sound, like your knuckles cracking, and only once in a while,” said Bill Richardson, former president of the American Society of Home Inspectors and owner of Responsive Inspections in Bosque Farms, N.M.

If your home is making noises that rival the best of Metallica, then it may be sending you signals that there’s a problem. We asked the experts to catalogue some of the more worrisome pops, hisses, groans, creaks and knocks, and tell us what they mean and how they can be remedied.

Here are the top seven problem noises and how they can be solved.

1. What is that clanking sound when I turn on the heat?

The problem: When most homeowners first turn on their heating system in the fall, they hear a little moaning and groaning as the heating system expands and rubs against the frame of the house, says Mike Kuhn, the New Jersey owner of HouseMaster inspection service and coauthor of “The Pocket Idiot’s Guide to Home Inspections.” With a baseboard hot-water system, you can also expect “normal clinking and knocking,” says Kuhn. The circulator pump or pumps to the system, however, “should be silent when they run,” says Kuhn. If you hear knocking or clanking, typically located at the boiler itself, it might be a sign of impending failure of the circulator pump, he says.

The solution: Get a repairman out to check on it, pronto.

2. There’s a strange scratching sound coming from behind the walls.

The problem: If you hear strange noises like scratching and possibly chittering coming from places where no one lives in the house, you could have mice, squirrels, raccoons or even bats sharing your quarters, says Richardson. “Any kind of wild critter could be up in the attic,” he says. And these freeloaders aren’t just a nuisance; bats can carry deadly rabies. In the Southwest, the droppings of mice can spread hantavirus. Some animals will tear up insulation to nest or chew through siding and even electrical wires, causing fires.

The solution: As soon as you suspect an intruder, get on it: Set traps. (Call in a pro if the animal is stubborn or large.) Finally, prevent the problem from reoccurring by sealing up the entrances to your house with steel wool, metal sheeting, caulk and/or hardware cloth.

To keep raccoons away, put garbage in sealed, secure metal cans that can’t be tipped. Bring pet food inside. After pests have been removed, make sure vents and chimneys are securely covered with mesh or a grille, so those spaces can still breathe.

3. There’s no one in the house and I can still hear running water. How can that be?

The problem: “You definitely don’t want to hear water running if nobody’s using anything,” says Richardson. The sound could indicate many things — a busted pipe in a wall, under the floor or even in the irrigation system.

The solution: If you hear running water when you shouldn’t, shut the main off and see if the noise goes away, says Richardson. If it does, you’ve got a leak somewhere — and a problem in need of fixing. Unless you’re really handy and ready to do surgery on your home, call in a plumber.

4. I hear a bubbling (or cracking) sound coming from the water heater. Is that normal?

The problem: A gas-fired hot-water heater works pretty much like boiling a pot of water: A fire is lit and the water inside is heated until it’s ready for use. “A lot of sediment builds up at the bottom of a hot water tank, and that sediment works like an insulator,” forcing the burner to work harder, Kuhn says. The strange noise you hear is the bubbling sediment — and a sign that the tank is probably experiencing fatigue and may be facing premature failure, he says.

The solution: Ideally, you should flush out your hot water tank every few months, using the drain valve near the bottom of the floor. “However, nobody does it,” says Kuhn, because it can be a pain to do. If your water heater is already making these noises, draining it might help. “It could (work) a little bit longer, [and] it could go a lot longer,” but the damage is probably done, says Kuhn.

5. My furnace is making a whistling (sucking) sound that it’s never made before. Is it going to need to be replaced?

The problem: “What that can connote is that your filter hasn’t been changed,” says Richardson. “And your furnace is trying to pull in air from around it.” That’s not good, he explains, because it means the furnace is working too hard. “What it will do is start sucking exhaust gasses from the furnace into the house.”

The solution: Install clean filters regularly — “anywhere from three months to monthly, depending on atmospheric conditions,” says Richardson.

 

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http://www.zillow.com/blog/7-creepy-house-noises-163176/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

 

 

Should you rent or buy? | South Salem Real Estate

Analysts may huff and they puff, but is the market blowing another housing bubble?

Earlier this month Trulia, the online real estate marketplace, released a report detailing its research into the wisdom of buying versus renting. Which option should you choose? As it turns out, buying makes more sense than renting in all 100 of the markets studied, but the devil is in the details.

Using a 30-year, fixed-rate mortgage with a 20 percent down payment as the baseline, Trulia found that on average buying is 38 percent cheaper than renting. However, the advantage dissipates rather dramatically as the size of the down payment and the number of years buyers plan to remain in the dwelling grow smaller. An interactive map compares different scenarios.

Does this mean you should start putting open houses on your calendar? Not necessarily. As this Reuters graphic shows, August prices for the Standard & Poor’s/Case-Shiller 20-city index grew at a 5.6 percent year-over-year average. All 20 markets showed price increases, although the rate of  increase slowed for the eighth straight month, which Jed Kolko, Trulia’s chief economist, sees as evidence that we aren’t on the verge of a bubble. As price increases decelerate, speculation shrinks as well.

Taken together, the evidence suggests that buying is advantageous, but not so urgent that one needs to pounce now in order to avoid being left out in the cold.

U.S. home prices, August 2014

At Home With a Stunning View | Katonah Real Estate

 

High on a sandstone ridge looking east over the Pacific Ocean, this Australian beach home sits proudly, taking in the scene. Wowed by the views of the ocean, the owners snapped up a plot of land on one of Sydney’s Northern Beaches, determined to design a home that responded to its dramatic topography and views.

Neil Mackenzie of Mackenzie Pronk Architects was only too happy to help. “The site is stunning,” he says. “Our clients had spent a decade in the U.K. when we began working with them. They were in the process of returning to the blue skies and surf of home, so I think the idea of a true Australian beach house was like a dream.”

Getting a Mortgage Is Growing Easier | Katonah Real Estate

 

The nation’s largest mortgage firms plan to once again buy loans where the borrowers put as little as 3% down.

Perhaps you thought the days of putting little money down for a home were gone. Well, not so fast. On Monday the CEO of Fannie Mae, Timothy Mayopoulos, announced that the housing giant planned to once again buy loans for which the borrowers put as little as 3% down. Mayopoulos told the crowd gathered at the Mortgage Bankers Association conference in Las Vegas that Fannie, which along with Freddie Mac supports the bulk of the mortgage market today, is working to finalize the details of the offering and gain regulatory approval to proceed. “We want this business,” he said.

So far no details have been announced about what income or credit score requirements borrowers making such small down payments will need to meet the group’s standards. Mayopoulos said more information would be released in the coming weeks. Both Fannie and Freddie previously purchased loans with 3% down but had stopped in recent years. Today the firms usually require at least a 5% down payment on most loans.

Melvin Watt, director of the Federal Housing Finance Authority, which regulates the two government enterprises, said his group was working with them to develop “sensible and responsible guidelines” for the 3% loans, in an effort “to increase access for creditworthy but lower-wealth borrowers.” He cited “compensating factors” in evaluating such borrowers, though he didn’t say what those factors would be.

A 3% down payment is not exactly nonexistent today. The Federal Housing Administration has been offering mortgages with as little as 3.5% down for years. Traditionally, most borrowers were lower income, and the amount they could borrow was capped, but today even higher income folks use FHA loans to buy homes in expensive areas (loan limits vary by state but typically top out at $625,500). In recent years, these mortgages—which come with higher fees than traditional loans, as well as pricey mortgage insurance—have accounted for a larger than normal share of the market.

Now Fannie seems intent to grab some of that business. The low-down-payment loan, Mayopoulos promised, “will also be competitively priced, including against FHA execution.”

In a related move, FHFA’s Watt also announced that the agency is working to provide more details on when the housing giants can force a lender to buy back a loan that goes bad, which he hopes will encourage banks to loosen their lending standards. Over the past few years Fannie and Freddie have required lenders to buy back millions of dollars of bad loans, “sometimes for seemingly minor issues, such as missing a piece of paperwork,” said Keith Gumbinger, vice president at mortgage information publisher HSH.com.

“This clarification might allow lenders to look at riskier borrowers with less fear of having to buy these loans back in the future,” he said. He noted, though, that any changes are likely to be incremental: “It might let a few more borrowers in at the margin, but it won’t be like flipping a light switch where FICO scores down to 640 are now in.”

It’s important to note that Fannie and Freddie can’t force banks to lower their lending standards. In fact, most banks today require tougher standards than the government agencies impose, partially because they are fearful of having to buy back loans that go bad. For example, Fannie and Freddie will buy loans with FICO scores as low as 620, but most banks require at least a 660 or 680, Gumbinger said.

Similarly, lenders could always decide not to offer 3% down loans, even though Fannie and Freddie have agreed to eventually start buying them again. So it remains to be seen whether and how much the rule changes, when they are formally announced in the next few weeks, will ease the way for borrowers.

 

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https://time.com/money/3529857/low-down-payment-mortgage-fannie-mae-freddie-mac/?xid=yahoo_money

How Ikea Became America’s Furniture-Selling Powerhouse | #Waccabuc Real Estate

Ikea fired a shot heard round the retailing world when it landed on American soil in 1985, opening its doors in a shopping mall just outside of Philadelphia. I was there—writing a story about the Swedish retailer for Metropolitan Home magazine, where the store’s advance buzz had preceded its arrival. Amazingly to a cynical New Yorker, reality more than met the hype. The low prices were awesome: who ever heard of industrial steel towel racks selling for $5 to $24? Where could you find a three-seat sofa for $329? (Even more amazingly, similar products—the 1985 pieces are no longer around—sell for roughly the same prices today). Go visit https://lmhomeinteriors.com.au/ for more furniture options.

The designs themselves were clean-lined and appealing in a Euro-Style way. Even more impressive was the obsessive attention to detail: all the fabric in the store was sewn with the same color thread. Everything was in stock unassembled, of course—and tags included the size of the packing carton, even indicating the dimensions that would fit into specific car models.  Then there was the playroom for kids—a safe place to leave them so parents could shop at their leisure. A cafeteria served Scandinavian food that was cheap and tasty. It was the most user-friendly store I had ever seen. Fire protection tips for your property are easy to find, but they don’t work unless you are using them. Innovation, design and authority on the use of fire barriers are provided from Sinisi Solutions. For more info, visit this page.

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Ikea ads from 1990 and 1991.

Shoppers apparently thought so, too. The crowds were overwhelming. The store had to close its doors because it had run out of merchandise, and it posted a sign saying, “Ikea is full. Please come back next week.” The company rang up $50,000,000 in sales its first year.

The retailer expanded slowly, largely because it hadn’t found a way to meet the overwhelming demand. Before it could open more locations, it had to make sure that there would be enough inventory for them.A manual planer would be for small projects, an electric planer for larger or regular projects due to its speed and the stationary planers are for heavy-duty work which require a lot more space.The source for best planer is here,you can check out here.

When Ikea finally arrived in the New York area, opening an Elizabeth, New Jersey, story in May 1990, shoppers were ready.Twenty-seven thousand people visited it on opening day, buying close to $1.5 million worth of furniture. By the time the first weekend was over, the furniture store had sold over $3 million worth of Swedish-designed products, clogging major traffic arteries and filling auxiliary parking fields to overflowing, and even now a days people continue going to Ikea to find simple and affordable furniture for their home, and for other people with different preferences they can also go to sites as https://www.firesideantiques.com/ to get good antique furniture for their houses.

In August of this year, the company opened its 40th U.S. store in Merriam, Kansas. St. Louis and Las Vegas are on the drawing boards. And it has aggressive plans to open even more in the next five years. “We see 25 possible markets,” says Rich D’Amico, Ikea’s deputy marketing manager. For new store locations, explains Joseph Roth, Ikea’s expansion public affairs manager, Ikea seeks an area with a population of two million people living within a 40 to 60 mile radius, or, alternatively, a 40 to 60 mile drive time.

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http://curbed.com/archives/2014/10/08/how-ikea-became-americas-furnitureselling-powerhouse.php