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Teatown Lake Reservation News | North Salem Real Estate
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Category Archives: North Salem
The Baby Boomer housing sell-off | North Salem Real Estate
When Arthur Nelson, a professor at the University of Arizona, went shopping for a home in Tucson recently, he found plenty of senior citizens trying to sell their homes — but at prices far more than what they were worth. “I was amazed at the number of homes that were overpriced by about 25% where the owners were seniors,” he said. These seniors would barely counteroffer, taking so little off the asking price that it wasn’t worth negotiating, Nelson said.
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A Homebuilding CEO Nailed It On What’s Wrong With The Housing Market | North Salem Homes
Prices are still on the rise, and activity is above crisis levels. But the pace of activity still seems sub-normal, which is being attributed to a combination of: lack of supply, the difficulty of getting a mortgage, and subdued activity among tradition first-time homebuyers.
The missing “first-time homebuyers” is a big source of discussion, as people theorize that the new generation just isn’t interested in homeownership. Or maybe they are interested in homeownership, but due to student loan debt and lack of jobs, they just can’t make it happen.
So what will get them into the housing market? Simple, strong job growth.
On his company’s quarterly conference call this past week (via Calculated Risk), Jeff Mezger, the CEO of homebuilder KB Home, said that there was some slight signs of renewed first-time homebuyer activity. During the Q&A portion of the conference call, Mezger was pressed on what specifically he was seeing. Here’s the key back and forth, where an analyst from JPMorgan asks for clarification on first-time homebuyer activity. Note the bolded part of Mezger’s answer:
Michael Rehaut – JPMorgan
That’s great. I appreciate that. And I guess second question for Jeff Mezger, as there are two Jeffs I have to distinguish. Jeff, you mentioned that in your opening remarks that there was evidence of a reemergence of the first-time buyer and I was hoping you could expand on that a little bit in terms of that if that’s something you are seeing in your own business itself and particularly given that you continue to perhaps shift to maybe away from the historically traditional first-time buyer more of a financially – more financially a stronger type of first time buyer that’s more financially able and more perhaps the move up community, so I was just wondering if this was something that you kind of saw specifically within your own business or if it was more just kind of general comments as it relates to perhaps mortgage lending standards or other trends that you see out there?
Jeff Mezger – Chief Executive Officer
Mike, it’s part of why I split it into the two different business dynamics we are dealing with today. In the higher income with land constrained areas I don’t know that our first-time buyer mix has changed. It’s a different first-time buyer I know it’s a higher income buyer than we would have seen 10 years ago. What I was trying to point out in the cities pick a Texas City because all four of the larger cities has solid job growth and real population growth going on today. And it’s a because of the job growth we are seeing more first-time buyers. They are not – it’s a well healed first-time buyer, but it’s not the high income first-time buyer like you would see in Orange County or up in the Santa Clara County. So I think it’s because you have job growth going on in those cities and that’s within our own business we are seeing this .
read more…
http://finance.yahoo.com/news/homebuilding-ceo-nailed-whats-wrong-151910637.html
National prices now just 12% off their peak | North Salem Real Estate
Home prices nationally rose 0.9% in April, which is up 6.4% year-over-year, according to the most comprehensive and latest report from Black Knight Financial Services.
The report is based on April 2014 residential real estate transactions.
This puts U.S. home prices at just 12% off their 2006 peak.
The Music City, Nashville, hit a new peak in April. It was among seven of 40 largest metro areas to do so.
Click below to see the chart.
Nineteen of 20 largest states see month-over-month growth with no declines.
Looking at the states, Georgia and Massachusetts led monthly gain with 1.6% monthly growth, while Iowa and Arizona brought up the rear with 0.4% and 0.0%, respectively.
read more…
http://www.housingwire.com/articles/30399-black-knight-home-prices-up-09-for-april
New York Ranks High Among Safest States To Live | North Salem Real Estate
WalletHub, the personal finance social media network, recently ranked New York as the 10th safest state to live in.
WalletHub compared each of the 50 U.S. states and the District of Columbia in 26 different metrics. The data is broken down into categories that include workplace safety, emergency preparedness, home and community stability, traffic safety and financial security.
The Empire State ranked in the Top 10 in two categories: home and community safety (third) and financial safety (ninth). New York also finished in the top half in driving safety (13th), but ranked dead last in natural disasters (51st).
Massachusetts,ranked No. 1 overall, just ahead of New Hampshire. Neighbors Connecticut and New Jersey ranked ninth and 13th, respectively.
Nevada was ranked last in overall safety, coming in 51st
read more…
http://bedford.dailyvoice.com/lifestyle/new-york-ranks-high-among-safest-states-live
Drab to Fab: Unearthing Your Home’s Hidden Diamonds | North Salem Real Estate
Every home has “that room” – the one space that’s desperately dated, in disrepair, or otherwise in need of serious help. Of course, that room usually is the one space that everyone can see (we’re looking at you orange kitchen, carpeted bathroom, and boring backyard). So, how do you transform the embarrassing into the astonishing? We’ll show you how to find your diamond in the rough.
Not surprisingly, 33% of HomeAdvisor users reported that the kitchen was the room that could benefit the most from a refresh. And while many of us dream of gutting our kitchens, it’s possible to get a kitchen you can be proud by making a few key updates to your cabinets and countertops.
You probably don’t need to take a look at your cabinets to tell us whether you hate them or not. If you’re like many homeowners, you’re not too fond of them. Perhaps they’re broken and worn out. Or maybe they’re just plain ugly. Whatever the case, updating them will have a huge impact on your kitchen’s look. The question is: do you need to replace them, reface them, or simply paint them? In many cases, the answer depends on your budget. To help you decide, we recommend taking a look at our Cost Guide to see how much others in your area are paying for similar projects.
Let’s talk about your counters. If you aren’t happy with your kitchen there’s a good chance your countertops are partially to blame. While the reasons for your disdain are probably many, there are a couple of things you can do to rid yourself of your ugly counters. Your first option is to replace them. While this is the spendiest option, it’s the option that will have the biggest impact on the look and value of the room. Your other option (if you have laminate counters) is to resurface them. Far less expensive than replacing your countertops, resurfacing your counters is a labor-intensive, yet affordable option that can change the look of your kitchen without breaking the bank. To learn what option is best for you, we recommend talking to a counter pro.
Don’t like your bathroom? You’re not alone. You could open the checkbook and remodel your bathroom. Or you could make a few strategic updates that are guaranteed to have an impact.
When it comes to a bathroom update, one of the biggest areas of opportunity is to replace your shower or bathtub. Like most fixtures, bathtubs and showers start to show their age after a number of years. Sometimes the fix is as easy as having the tub refinished. This is a great option if you have a period tub that will be costly to replace. If refinishing is out, spending the money on a high-quality replacement will get you a tub or shower that will improve the look of the room and the value of your home.
If replacing your tub isn’t in the cards, replacing your cabinet hardware and light fixtures are affordable updates that can have freshen up your dated bathroom. While both jobs are doable DIY-projects, replacing your light fixtures can be tricky, especially if you’re not comfortable working with electricity. If you’d rather contract the job out to a pro, we can help you find a pro you can trust. (NOTE: When working with electricity, always make sure to turn the power off at your service panel.)
When it comes to remodeling, the yard is often one of the last spaces to be addressed. Though this makes perfect sense from a budget standpoint, it makes less sense when you consider how visible your yard is and how much curb appeal can affect your home’s value. So, what can you do to transform landscaping your loathe in a yard you can be proud of? Here are a few options.
Perhaps the project that will have the most immediate impact is clearing out or trimming overgrown shrubs, bushes, and trees. While it can be very labor intensive, cleaning up your landscaping is a project that can be tackled in as little as a few hours or as long as a weekend. Or you can clear your calendar and hire a landscaping pro to do the job for you. Think you look good after a haircut? Just imagine how your yard will look.
read more….
http://welcome.homeadvisor.com/diamondintherough?m=homesense&entry_point_id=28038335
Realtors expect median home prices to rise 4% | North Salem Real Estate
Realtors expect home prices to continue to appreciate over the next year, with a median price increase expected of 4% over the next 12 months, according to the latest survey of the National Association of Realtors in their confidence index.
The index reflects the responses of more than 3,000 NAR members about their sales transactions.
The full report can be read here.
“Slower sales due to tight credit conditions, declining affordability due to the recent price growth amid modest income gains, and fewer distressed sales likely account for the modest expectations,” economists note in the report.
Some states are slightly more optimistic about home price increases, such as in Florida, where low housing inventories and high demand are expected to boost prices.
read more….
http://www.housingwire.com/articles/30288-realtors-expect-median-home-prices-to-rise-4
$35M Kessler Canyon Ranch Wants $1M a Square Mile | North Salem Real Estate
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Location: Garfield County, Colo.
Price: $35,000,000
The Skinny: According to the listing, Cowgirl magazine once said of this ranch that “Arriving at Kessler Canyon is like entering a new state of mind”, which tells us that there is such a thing as Cowgirl magazine, and that the scenic beauty and luxury of the place is impressive even to hard-bitten, outdoorsy travel journalists. Sitting on 35 square miles of rugged western Colorado land (a spread only slightly smaller than the city of Boston), Kessler Canyon offers plenty of wilderness activities for its next owners and dozens of their paying guests. Originally built as a private ranch by the Kessler family, it’s currently being used as a resort featuring a five-star, eight-bedroom hunting lodge, a six-suite guest house, and five guest cabins, as well as a luxurious owner’s suite. Outdoors there’s a skeet shooting range, boating, and plenty of fish and game to hunt. Inside there’s a wine tasting cellar, something called the “Poseidon Spa,” and the “Safari Lounge,” not to mention a rod and gun room. It’s asking $35M, and can continue to be run as a resort, or can be converted back to a private retreat.
read more….
http://curbed.com/archives/2014/06/09/35m-kessler-canyon-ranch-wants-1m-per-square-mile.php
Teatown Lake Reservation News | North Salem Real Estate
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PoMo ’90s Time Capsule Wants $5.5M in South Florida | North Salem Real Estate
32 images
Location: Tequesta, Fla.
Price: $5,499,900
The Skinny: The early 90s are very much alive and well in this South Florida waterfront estate: from the all-white PoMo exterior to the smoothest of smooth jazz that provides the soundtrack to the listing site’s photo slideshow, this mansion is the architectural equivalent of high-waisted acid wash jeans with an electric blue skypager clipped to the belt. Enter through the custom woodwork double front doors and you’ll experience (per the brokerbabble) “warm, Florida modern allure draped in sophistication and delights, while conveying an unmistakable sense of strength, volume, and boldness”, which sounds more like the copy for a shampoo ad than a listing description, but does manage to communicate the fact that the place is huge. The expansive open plan ground floor is a case in point, with features that include three crystal chandeliers (natch), a sky-bridge, marble floors, and walls of floor-to-ceiling windows with pretty spectacular views of the Intracoastal Waterway. Sadly, the home’s special brand of conspicuous gigantism is not to everyone’s taste, as it’s been on and off the market since 2009, and has recently suffered a PriceChop of $400K. It’s now asking $5.499M, which you’ll be happy to know includes a “pool deck adroned [sic] with a massive custom bronze sailfish”.
read more….
http://curbed.com/archives/2014/05/29/pomo-90s-time-capsule-wants-55m-in-south-florida.php