Category Archives: Lewisboro

Upcoming FHA rule could squeeze homebuyers and sellers | Cross River Real Estate

 

Realtors, lenders and community associations are up in arms about forthcoming Federal Housing Administration rules they believe could make mortgage financing more expensive — maybe even impossible — for large numbers of buyers and sellers around the country.

The concerns are not about condo certifications this time around — an issue that has caused hundreds of condo developments to drop their eligibility for FHA mortgages on individual units. The new problem is even broader, affecting potentially tens of thousands of homeowner associations that routinely impose transfer fees whenever units are sold.

Florida condos image via Shutterstock.
Florida condos image via Shutterstock.

The fees, which range from $100 to $500 in most cases, frequently are used by HOAs to replenish capital reserves, make improvements to infrastructure or even fund environmental conservation activities.

Unlike the controversial investor-driven private transfer fees marketed by Wall Street’s Freehold Capital Partners in 2010 and 2011, most HOA transfer fees are used to benefit the community.

Here’s the problem: In response to the widely criticized private transfer fee programs, Fannie Mae and Freddie Mac adopted guidelines in 2012 that banned private-purpose, investor-benefit transfer fees from eligibility for conventional financing. Their rule carefully distinguished between the Freehold Capitol type of fees — which generated income streams for bond investors for up to 99 years — and the typical HOA transfer fees designed to benefit the community’s residents.

More recently, lawyers in the U.S. Department of Housing and Urban Development’s office of general counsel have warned FHA that under existing “free assumability” regulations, the agency is not permitted to insure mortgages on properties that come with “restrictions on conveyance” — encumbrances on the title that could hamper transfers. That includes fees required to be paid at the sale of units in communities governed by homeowner associations.

 

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http://www.inman.com/2014/05/06/upcoming-fha-rule-could-squeeze-home-buyers-and-sellers/?utm_source=20140506&utm_medium=email&utm_campaign=dailyheadlinesam

Step Inside the 1946 Offices of Architect Morris Lapidus | South Salem Real Estate

 

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Despite being best known for speckling Miami with the Neo-baroque and Modern hotels that have since defined old Miami architecture, in the 1940s, architect Morris Lapidus actually had an office headquarters on New York City’s 49th Street. These photos, snagged from the Library of Congress’ Gottscho-Schleisner Collection, were taken years before Lapidus got his most famous commission, Miami’s (James Bond-approved!) Fontainebleau Hotel, and in fact the interiors are far from bold, a surprise coming from a man whose design philosophy was “if you create the stage setting and it’s grand, everyone who enters will play their part.” Sure, there may be no sweeping curves or layer-cake chandeliers, though the photos are far from boring. Have a look at the midcentury office delights—floating bookcases! wood paneling! glass partitions! a hand coming out of a wall!(??)—in the gallery below.

 

 

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http://curbed.com/archives/2014/05/02/step-inside-1948-offices-of-architect-morris-lapidus.php

8 great estates for sale | Cross River Real Estate

 

Pedigree: Encompassing nearly 2,000 acres of Big Sky Country, this postcard-perfect ranch is anchored by a two-story main residence. Porches wrap around much of the home, whose handsome log-cabin aesthetic complements the timber construction of two historic barns on the site.

Property values: The scenic grounds (about 100 miles north of Yellowstone National Park) include a handful of other buildings, chief among them stables for up to seven horses and a refurbished 1889 pioneer schoolhouse.

Talking point: A private airstrip and hangar allow for quick-and-easy arrivals and departures by plane.

 

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http://realestate.msn.com/8-great-estates-for-sale

Down to Earth Farmers Market | Katonah NY Real Estate

 

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Mamaroneck: FULL Market for Last Saturday of the Season;
Bombay Emerald Chutney Co & Sale on Local Meats in Ossining
+ More
May 1st-7th, 2014

DowntoEarthMarkets.com
Lettuce_MSP
What’s New and On Sale This Week

2-3 Pound Whole Chickens
Yellow Bell Farm

Beef Kabob Cubes
SALE: $1.50 OFF per pound
Reg: $11.50/lb; NOW $10/lb

Kiernan Farm

Frozen Kofta, Rajma,
Roti Roll, Saag, & Samosa
Bombay Emerald Chutney Co.


Gluten-Free Apple Pies
and Tarts

Meredith’s Bread

Gluten-Free Reverse
Chocolate Chip Cookies

Meredith’s Bread

Pork Ribs – Country-Style
SALE: $1.50 OFF per pound

Reg: $10/lb; NOW $8.50/lb

Kiernan Farm


Spelt Bread
Made with 100% organic spelt and whole wheat flours

Orwashers Bakery

Wild Ramps
Yellow Bell Farm

Wild Ramps, Ramp Pesto &
Ramp Sausage

Stone & Thistle Farm


Click on a Market to see all vendor and event details…

Westchester
County

Mamaroneck
*LAST DAY THIS SATURDAY*

Saturdays thru May 3rd
9:00 am to 1:00 pm


Rockland
County


Ossining

OPEN ALL YEAR AROUND
Saturdays
9:00 am-1:00 pm


Larchmont

OPENING DAY: MAY 10th
Saturdays
8:30 am-1:00 pm

Piermont

OPENING DAY: MAY 11th
Sundays
9:30 am-3:00 pm

L
Croton

OPENING DAY: MAY 11th
Sundays
9:00 am-2:00 pm


Rye

OPENING DAY: MAY 11th
Sundays
8:30 am-2:00 pm

Spring Valley

Coming in July

Tarrytown/Sleepy Hollow

OPENING DAY: MAY 24th
Saturdays
8:30 am-1:00 pm


New Rochelle

OPENING DAY: JUNE 20th
Fridays
8:30 am-2:30 pm


Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
Next Weekend – Mother’s Day Weekend – May 10th & 11th

We’re getting ready to open four farmers markets over Mother’s Day Weekend:
Larchmont, Rye, Croton-on-Hudson, and Piermont. These openings are earlier than in years past, and to celebrate the timing with Mother’s Day, we’re hosting “Make Mom a Card!” events at the markets. Ossining’s Down to Earth Farmers Market will have a creation station for Mother’s Day cards, too. We’ll have great music as well. Visit the Down to Earth Markets Calendar for full details.

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

It Takes a Village to Raise a Food Company:
The 2014 Food + Enterprise Entrepreneur Pitch Competition
FBF-Radicle
Christopher Washington of Radicle Farm, a hydroponic farm in urban New Jersey

The reason why more and more people want to buy local food may be as simple as this: It is made by local people. And they have stories to share. Last week, we attended the 2014 Food + Enterprise Pitch Competition, hosted by Slow Money NYC and the Food Book Fair. Playfully dubbed “The Shark Tank for Foodies” by Derek Denckla, the Chair of Slow Money NYC, it was really a casting call for ten inspiring entrepreneurs who deserve tremendous support.

One by one, small business owners described his or her company to the panel of judges who included Taylor Erkkinen, Co-Owner, The Brooklyn Kitchen; Michael Hurwitz, Director, NYC Greenmarkets (GrowNYC); Liz Neumark, CEO, Great Performances Catering, Katchkie Farm; Elly Truesdell, NE Regional Local Forager, Whole Foods; and our very own Jon Zeltsman, President, Down to Earth Markets. Emilie Baltz expertly moderated the panel.

The first entrepreneur, Arshad Bahl, presented Amrita Health Foods, his plant-based energy bar company. The bars are raw, vegan, grain-free and free of the 8 major allergens. Yet, while those words can seem like familiar chorus, his story made them ring clearly. When his son was two-years old, he was diagnosed with autism. In response, he and his wife drastically changed their son’s diet, and now at age 9, their son is off of autism spectrum. Their son’s transformation is the catalyst behind their company.

Along with way, we also heard from entrepreneurs as varied as a farm on Staten Island, purely dedicated to Mexican heritage foods, to Lindsay Jakubowski of Kriemhild Dairy Farms who told the audience that last year butter sales exceeded margarine sales for the first time in 40 years.

After each presentation, the judges offered their feedback as well as a score on the scale of 1 to 5. A score of 1 meant “not ready to fund today” to a score of 5 meaning, “ready to fund here and now.” The first 5 of the night went to Mark Jaffe of Fresh Connection, a service that aggregates food from local farms in upstate New York for delivery to wholesale accounts and restaurants in the city. His work focuses on a weak link in the local food chain: “last mile delivery.” Jaffe’s execution of a simple, yet sorely needed idea won the competition with the highest score from the judges. As he collected his $500 honorarium in the form of a giant check, he said he was thrilled to receive the award on behalf of truck drivers who are his “unsung heroes.”

After last week’s event, we’ve all got a lot of heroes to sing about.

Day Vendors This Week

Mamaroneck

Calcutta Kitchens
Flourish Baking Company
Hudson River Apiaries
Mortgage Apple Cakes
Robinson & Co. Catering Company (British-inspired prepared foods to go)

Ossining

Bombay Emerald Chutney Company


Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837
DowntoEarthMarkets.com

Mortgage applications continue downward heading | Cross River Real Estate

 

Mortgage applications fell 5.9% from one week earlier, according to the Mortgage Bankers Association’s weekly survey of mortgage applications for the week ending April 25, 2014.

Applications perked up last week by 4.3%, breaking a four-week streak of declines.

The Market Composite Index, a measure of mortgage loan application volume, fell 5.9% on a seasonally adjusted basis from one week earlier.

The Refinance Index decreased 7% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier.

“Both purchase and refinance application activity fell last week, and the market composite index is at its lowest level since December 2000,” said Mike Fratantoni, MBA’s chief economist. “Purchase applications decreased 4% over the week, and were 21% lower than a year ago. Refinance activity also continued to slide despite a 30-year fixed rate that was unchanged from the previous week. The refinance index dropped 7% to the lowest level since 2008, continuing the declining trend that we have seen since May 2013.”

 

 

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http://www.housingwire.com/articles/29838-mortgage-applications-continue-downward-heading

Homeownership hits lowest level since June 1995 | Katonah Real Estate

 

The homeownership rate in the first quarter of 2014 is at the lowest since June 1995.

The rate of homeownership at the end of 1Q2014 was 64.8%, which is 0.2 percentage points lower than the first quarter 2013 rate of 65%, according to the U.S. Census Bureau.

The rental vacancy rates inside principle cities, in the suburbs and outside MSA’s were not statistically different from the first quarter 2013 rates.

Anthony Sanders, distinguished professor of real estate finance at George Mason University, says on his blog Confounded Interest, that he knows exactly why.

“Here is the reason why: declining real median household income, declining wage earnings growth, declining mortgage purchase applications,” he says.

 

 

 

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http://www.housingwire.com/articles/29833-homeownership-hits-lowest-level-since-june-1995

 

Home sales finally thaw, but just slightly | Waccabuc Real Estate

 

U.S. home buyers signed more contracts to buy existing homes in March, as weather in much of the country warmed and as more listings came onto the market. An index of so-called “pending” home sales from the National Association of Realtors rose 3.4 percent from February, the first gain in nine months, but is still down 7.9 percent from March of 2013.

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” Lawrence Yun, chief economist for the Realtors. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Regionally, sales in the Northeast increased 1.4 percent, but are 5.9 percent below a year ago. In the Midwest, sales slipped 0.8 percent and are 10.1 percent below March 2013. Pending home sales in the South rose 5.6 percent, but are 5.3 percent below a year ago. The index in the West increased 5.7 percent monthly, but is 11.1 percent below March, 2013. The Realtors still predict overall home sales for 2014 will come in lower than last year, at 4.9 million units sold.

Fast-rising home prices have caused at least some of the slowdown in sales during this spring season. In fact, prices in several major metropolitan markets hit new peaks in February. With median home values well above the national average, Denver, San Jose, Austin, Dallas and Houston hit new price highs, according to Black Knight Financial Services. Metropolitan markets in California made up eight of the top ten biggest price gains in February, with Portland, Ore., and Seattle, rounding out the list. Home prices fell in several Northeast and Midwest markets, like Cincinnati, Allentown, Pa. and Atlantic City, N.J. Nationally, home prices are still 13.5 percent below their June, 2006, peak, but that gap is closing fast.

 

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https://homes.yahoo.com/news/home-sales-finally-thaw-just-140000849.html

U.S. pending home sales jump, end losing streak | Cross River Real Estate

 

Contracts to buy previously owned U.S. homes rose in March for the first time in nine months, in the latest sign the housing market was stabilizing after a recent wobble.

The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 3.4 percent to 97.4. The increase beat economists’ expectations for a 1.0 percent advance.

These contracts become sales after a month or two, and March’s rise suggested home resales could rebound in the months ahead after stumbling last summer following a run-up in mortgage interest rates.

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” said Lawrence Yun, the NAR’s chief economist.

“Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Existing home sales in March fell to their lowest level in more than 1-1/2 years, but details of the report suggested the downward trend in sales had probably run its course, with housing inventory rising and more first-time buyers coming into the market.

 

 

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http://finance.yahoo.com/news/u-pending-home-sales-jump-140000344.html

Boerum Hill Townhouse Asks $3.8M, and More | Katonah Real Estate

 

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↑ In Boerum Hill, this brick townhouse is asking $3.795 million. In addition to numerous dead animal parts, the 1860s house features period moldings, original wood floors, pocket doors and shutters, and five original marble fireplaces. There’s also a pretty large garden.

 

 

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http://ny.curbed.com/archives/2014/04/27/boerum_hill_townhouse_asks_38m_and_more.php