Category Archives: North Salem

Climbing interest rate slows refinance boom | North Salem Real Estate

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The mortgage refinance boom is ending on Long Island as in the nation, a change that will take some wind out of the sails of a modest economic recovery.

Since early May, the interest rate on a typical 30-year mortgage rate has risen almost one percentage point, to 4.32 percent, according to mortgage finance giant Freddie Mac.

That rise has choked off banks’ refinancing business by reducing the money homeowners save by paying off their old mortgage with a new, lower-rate deal.

What that means, in turn, is that fewer homeowners have a boost in discretionary income that they might spend on things like home improvements, gasoline, college costs or paying down debt.

While it’s hard to calculate how much of a boost such refinancing gave to Long Island, it appears considerable.

At Bethpage Federal Credit Union, one of the Island’s largest mortgage lenders, president and chief executive Kirk Kordeleski estimates that his refinance customers saved a total of about $56 million in interest from 2009 through 2012.

Add that to the savings won by refinancing customers of others lenders such as Wells Fargo and Chase, he said, and “a lot of money went into people’s pockets to help the Long Island economy during that time.”

Lower payments

Bill consolidation and lower monthly mortgage payments were key drivers of the refinance boom.

Dan and Lisa Donoghu,  of Fort Salonga, accomplished both when they refinanced in May through Lynx Mortgage Bank LLC in Westbury. Their interest rate went down from about 3.88 percent to 3.5 percent, they lengthened their term from 15 years to 20 and took cash out.

“My two boys are in college and my daughter got married in August, so I had some big bills I wanted to take care of,” said Dan, 51, a New York City Fire Department deputy chief in Manhattan and a registered nurse at Brookhaven Memorial Hospital Medical Center in Patchogue.

The couple — Lisa is also a nurse — bought their house in June 2001 with a 30-year mortgage at about 7 percent and had refinanced twice before, Dan said. They got lower rates and shortened the term to 15 years. “After my younger son gets out of college in three years, then we’ll have the option of prepaying to get us back to where we’re hoping to be — retiring without a mortgage,” he said.

Nationally, the Mortgage Bankers Association trade group in Washington says refinancing nationwide fell 18 percent from $388 billion in the fourth quarter of last year to $316 billion in this year’s second quarter and is forecast to fall by another 40 percent from the second quarter to the current, third, quarter.

The boom was great while it lasted.

 

 

 

http://www.newsday.com/business/climbing-interest-rate-slows-refinance-boom-1.6155561

60 Sensational Social Media Facts and Statistics on Twitter in 2013 | North Salem Realtor

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Social media facts and statistics are often pieced together from sites that  seem credible but sometimes they leave a lingering doubt. Is it smoke, mirrors  or is it a fact? Stating it can be easy but verifying it can be almost  impossible.

As they say… “there are damned lies and then there are  statistics“.

When you are raising $1 billion in a public float, the numbers are under the  microscope. The government is glancing over your shoulder and the investors are  casting a withering eye and wanting a return. You are moving from private to  public and that can be unforgiving. Just ask Facebook’s executives after they  went public last year.

Twitter is floating part of its business to raise capital as it seeks to  continue growing on a web that doesn’t like downward subscriber and revenue  trajectories.

What has Twitter revealed?

Here are some of the numbers that were part of the 800 page filing for the  Twitter IPO.

  1. In 2010 Twitter’s revenue was $28 million
  2. Last year (2012) Twitter achieved sales of $317 million
  3. The first half of this year saw revenue of $254 million
  4. If this rate of growth continues it will exceed $656 million for the full  year
  5. 87 percent of revenue is from advertising
  6. Twitter currently has 218 million active monthly users
  7. 169 million of these users are from outside the USA
  8. Twitter has never made a profit
  9. It has lost an accumulated $419 million since launch
  10. Private investors have put a total of $759 million into the social networks  coffers
  11. Twitter has $375 million cash in the bank
  12. Twitter has generated 64 cents per user in the last 3 months.(Meanwhile in  the same period Facebook created $1.58 per user and LinkedIn a $1.53)
  13. Twitter is mobile centric and 65% of its advertising earnings are from ads  on tablets and smartphones
  14. There are 2,000 employees
  15. Market value on floating is predicted to be as high as $20  billion

So they are the numbers for the float. What are some other interesting social  media facts and statistics about Twitter?

The facts on tweets, hashtags and other numbing numbers

Twitter thrives on tweets and hashtags. What are some of the latest figures  on the 140 character web tweeting? I have pulled some numbers out of the  Infographic below for those who have to rush off to a meeting or are having a  short sharp coffee while reading this post.

  1. 135,000 Twitter accounts are registered every day
  2. 58 million tweets a day
  3. There are 2.1 billion searches on Twitter every 24 hours
  4. Some of the top and interesting hashtags include the potential reach  generated by these hashtags:  #mancrushmonday (5.5 million),  #TransformationTuesday(10.17 million) and #ThrowBackThursday (31.4 million)
  5. Justin Bieber has the largest following with over 44 million followers
  6. Katy Perry is second with more than 42 million
  7. Lady Gaga comes in third at 40 million plus

If you want to find out the other 38 facts you cn view them in the  infographic below

 

 

Read more at http://www.jeffbullas.com/2013/10/09/60-sensational-social-media-facts-and-statistics-on-twitter-in-2013/#CDD9LDdPvPxZ1meU.99

6 Trees You’ll Fall For | North Salem NY Real Estate

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he leaves are changing, the nights are crisp. In much of the world, gardeners are laying down their tools, cleaning up their gardens and perhaps breathing a sigh of relief that another gardening season has come and gone.
But the planting season isn’t over. Fall — particularly until late October in colder areas of the country and until November in the South — is the preferred time to plant many species of trees. Planting conditions are near perfect: The soil is warm, the sun isn’t too hot and there’s usually more rain. The weather that makes people say, “Fall is my favorite time of year,” is ideal for many newly planted trees, too.
Different types of trees prefer different living conditions. Not every tree should be planted in fall, of course. The reason is in the roots: Trees with larger, thicker roots that reach deeper into the soil, such as magnolias and oaks, are better off planted in spring. Trees best planted in fall, such as crabapples, maples, elms and honeylocusts, have fibrous root systems shallow enough to readily reach water and nutrients. This allows them to settle in and put out new root growth before the weather turns frigid.

traditional landscape by Liquidscapes

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One of the best trees for small gardens, crabapples (Malus spp.) top out at a manageable 20 feet. They flower gloriously in the spring in shades of light pink, dark pink or white. Fruits follow, and although they must be cooked for humans to find them palatable, birds depend on them to get through the winter. Hardy to zones 5 (to -20°F) to 8 (15°F), crabapples need full sun and well-drained soil.
traditional landscape by Noelle Johnson Landscape Consulting

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At the garden center, look for trees that are in containers or that are balled and burlapped. These can be planted in fall. Dormant (bareroot) plants must be planted in spring.
When buying a tree, always check to be sure it’s healthy: no dead branches, splits or damage to the trunk. A damaged trunk interrupts the flow of water up and sugars down the tree. A tree may recover, but a damaged trunk can ultimately kill a tree.
farmhouse landscape by Wagner Hodgson

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Some Great Trees for Fall Planting
Native to North America, honeylocusts (Gleditsia triacanthos) have fern-like leaves that provide airy shade, so they are a good choice if you want shade but not too much. The species has fierce thorns and grows well over 80 feet tall, but cultivars are thornless and grow to about 40 feet. They need full sun and are hardy in zones 3 (-40°F) to 7 (0°F).
traditional landscape by Dear Garden Associates, Inc.

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Green hawthorn (Crataegus viridis) is a lovely tree with three seasons of interest: white flowers in spring, red fall foliage, and in winter, red berries that birds adore. Hardiest in zones 5 (-20°F) to 7 (0°F), hawthorns stay under 40 feet. They require full sun and do best in soil that’s not too rich or too moist. The cultivar ‘Winter King,’ shown here, is especially disease-resistant and drought-tolerant.

Wolfgang Puck Drops $14M on Pritzker-Approved L.A. Villa | North Salem Real Estate

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21 images

Anthony and Jeanne Pritzker—members of über-rich American family noted not only for its Hyatt fortune, but also as the benefactor of the famous architecture prize—have finally found a buyer for their eight-bedroom villa in Bel Air: celebrity chef Wolfgang Puck. According to The Real Estalker, Puck laid down $14M for the Mediterranean spread christened Villa les Violettes. The place listed for $21.99M over a year and a half ago, when the Pritzkers’ new spread, a positively palatial compound boasting 53,000 square feet of living space and a bowling alley, wrapped up construction. That original ask was shaved down with painful sluggishness—18 times over the course of a year, to be exact—until, in March 2013, Villa les Violettes blinked off and on the market, emerging with a new $16.495M ask.

Inside the 1938 manse, which the Pritzkers bought in 2001 for $9.5M: a limestone foyer, a “ballroom-sized living room” with parquet floors and 15-foot ceilings, a double-height library, a media room, a silvered dining room, and a marbled kitchen The Real Estalker insists “will get a soup-to-nuts overhaul.” Outdoor details include a 3,500-square-foot garden and trellised flowers like whoa—plus a pool, a fancy-pants outdoor dining area, palm trees, resort-style furniture, and a tennis court.

 

 

 

http://curbed.com/archives/2013/10/08/wolfgang-puck-drops-14m-on-pritzkerapproved-la-villa.php

This home is a true homage to midcentury style | North Salem Real Estate

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Call it kismet. Call it a pipe dream come true. Matthew and Bobbie Fisher fell in love with a renovated midcentury modern house designed by architect Irwin Stein. But it was so out of their price range that they stayed put and kept house hunting. A year later Craig Wakefield, the Realtor who’d shown them the Stein-designed home, sent the Fishers an email letting them know that the house was still on the market — at a drastically reduced price. The Fishers landed their dream home, which turned out to be in nearly pristine condition. Perhaps that’s because the previous owners were dentists who had operated a practice out of the house. They had built a wing that included a waiting room, exam rooms, a reception area and a parking lot. The Fishers turned the latter into a sprawling meditative lawn, while the rooms became extra living spaces and storage. For the rest, all they had to do was fill it “with things we love,” Bobbie says.
Houzz at a Glance Who lives here: Matthew Fisher and Bobbie Ann Tilkens-Fisher, and their cats, Lucha and Lincoln Location: Wallingford, Pennsylvania Size: 2,600 square feet, plus a 600-square-foot attached former dentist office; 4 bedrooms, 2 full bathrooms, 2 half bathrooms That’s interesting: The house was originally designed for a young  dentist the was voted among the best dentists and his wife, and included space for a fully operating dental practice, although now a days you can see post for several dentist services online, While Stein’s designs often incorporate wavy rooflines, he designed this home to mimic the leaves of the landscape’s tulip poplar trees, some of which still remain on the property. even in this website, that offer the best services for this.

midcentury entry by Adrienne DeRosa

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Simple lines come together to create dramatic planes and volumes across the exterior.
midcentury entry by Adrienne DeRosa

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The foyer offers an impressive view of what lies ahead.  Repeating materials and a neutral color scheme give the home a sense of flow that feels as natural as the surfaces themselves.
Bobbie found this vintage Turkish rug at auction; the sideboard was inherited from Matthew’s grandmother.
midcentury living room by Adrienne DeRosa

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A sunken den off the foyer receives abundant light from a bank of windows.  This room was added in 1968 after the original owners requested more space to accommodate their growing family.
Bobbie bought the curved 1950s secondhand sofa for $10 and had it reupholstered in durable Crypton fabric to save it from their cats’ claws. Built-in bookshelves clad in white laminate wrap most of the perimeter.
Cocktail table: vintage Adrian Pearsall
midcentury kitchen by Adrienne DeRosa

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While the Fishers might appreciate a little more wiggle room, they are in no hurry to make drastic changes to the kitchen, which bears the original cabinetry. “Matthew and I always said our next house would have a big gourmet kitchen and a big bathtub, and we have neither,” Bobbie says. “When we first moved in, we thought we would definitely need to replace the two-burner cooktop with a four-burner, but we haven’t. The kitchen is surprisingly efficient.”

Westchester Senator Cries Foul On $14 Toll For Tappan Zee Bridge | North Salem NY Real Estate

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New York State Senator Greg Ball (R – Patterson) announced a bipartisan public-private partnership bill in an effort to keep tolls down on the new Tappan Zee Bridge.

New York State recently learned that the federal loans requested will only cover roughly 33 percent of the bridge’s cost as opposed to the 49 percent that was requested a year ago.  The result would be tolls approaching $14 or more.

“Over $14 is too high,” Ball said in a statement. “Simply raising the toll is not a sustainable solution. We can’t continue to pass the tab onto those that cross the bridge and the tax payers. New York is the capitol of capital and we must unlock the private sector to fund and maintain this vital infrastructure project.”

Assemblyman Robin Schimminger (D- Kenmore), chairman of the Assembly Committee on Economic Development, Job Creation, Commerce and Industry, has joined ball in creating the new legislation.

“This forward-thinking legislation creates a framework that will allow for and encourage investment in the state by private companies in order to advance the development and operation of public infrastructure,” Schimminger said in a statement. “This would be extremely helpful to efforts aimed at boosting Upstate New York’s economy.”

The public-private partnership legislation will help transfer the risks associated with building, financing, operating and maintaining public infrastructure projects from the taxpayers to the private sector. One of the key benefits is that private partners are responsible for project cost overruns eliminating the government’s risk going back to taxpayers for additional funds.

 

 

 

 

http://whiteplains.dailyvoice.com/politics/westchester-senator-cries-foul-14-toll-tappan-zee-bridge

 

False Alarm. First-time Buyers are Not Declining | North Salem NY Real Estate

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Are the numbers of first-time buyers shrinking, victimized by cash-bearing investors, credit-tight lenders mounting mortgage interest rates and soaring home prices? Are they “increasingly getting left behind in the real-estate recovery” as the Journal reported n July?

Well, not exactly, argue two economists from the Atlanta Federal Reserve.  Reports based on surveys of Realtors to the contrary, first timers are doing just well as ever, thank you very much.  “We do not share the concern about weakness in housing demand going forward because we are not convinced that the data indicates a material decline in first-time buyer participation,” concluded researchers Jessica Dill and Ellyn Terry.

Examining date from the Census Bureau’s American Housing Survey Public Use Microdata and the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey as well as other sources.

Claims of a decline in first-time buyer participation that appear to be based on a comparison of data across different surveys should be treated with caution, they said. There are several sources of data available for tracking the first-time buyer share of market. “In comparing the trends of each series separately, we don’t find there to be much in the way of a material decline in the share of first-time home buyers over the time periods and data series we examined.”

They examined the monthly American Housing Survey time series and he long-term linear trend line from October 1983 through September 2011 was slightly upward-sloping. Many have argued, though, that the first-time homebuyer tax credit program pulled demand forward and that the tax credit period (July 2008-September 2010) distorts the overall long-term trend. Indeed, when we exclude this time period, we find that the slope becomes slightly downward-sloping. They observed a similar trend when we fit a trend line to the National Association of Realtors’ Profile of Home Buyers and Sellers time series. From 2001 through 2012, the trend is slightly upward-sloping when they included the tax credit period and slightly downwardly-sloping when they excluded the tax credit period.

 

http://www.realestateeconomywatch.com/2013/09/false-alarm-first-time-buyers-are-not-declining/

 

Most Americans Think Home Prices Will Rise Next Year | North Salem Real Estate

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Most Americans think home prices will go up over the next 12 months, especially upper-middle-income households according to a new Bankrate.com report.

Among households earning between $50,000 and $75,000 per year, some 65% expect prices to rise and just 6% expect prices to fall. Twenty-seven percent say they will stay the same and just nine percent forecast a decline.

In July, Bankrate established that 23% of Americans believe real estate is the best way to invest money not needed for more than 10 years. That was the second-most common response, slightly behind cash.

“It seems like Americans’ love affair with real estate has returned,” said Greg McBride, CFA, Bankrate.com’s senior financial analyst. “But there are still some clear headwinds, including rising mortgage rates, stubbornly high unemployment and the relatively low U.S. household savings rate.”

McBride said he didn’t see concern over rising rates reflected in the survey, which was taken during the first week of September.  Rather, he said the data indicated a higher degree of confidence in real estate as an investment than the stock market, which “puts a lot of eggs in the homeownership basket,” he said,

Bankrate found that Americans’ financial security turned negative in September for the first time since February. The Financial Security Index slipped from August’s 100.5 reading to 99.5 in September. Readings below 100 indicate deteriorating financial security compared with one year previous.

The readings on debt, net worth and overall financial situation dropped from August to September. Americans’ comfort level with their debt took the biggest hit; those feeling less comfortable than one year ago (21%) now outnumber those feeling more comfortable (17%).

Savings remains a drag on financial security, with those feeling less comfortable with their savings now compared to one year ago outnumbering those feeling more comfortable by a margin of greater than two-to-one. Whether looking at age group, income bracket or educational attainment, no group feels more comfortable with their savings now versus last year.

 

 

http://www.realestateeconomywatch.com/2013/09/6635/

 

Texas Oilman’s $14.5M Estate Has Three Pools, Tennis Court | North Salem Homes

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Location: Houston, Texas Price: $14,500,000 The Skinny: Gene Van Dyke made his fortune as one of the country’s last of an adventurous breed of oilmen known as wildcatters; for decades, the Houston-based Van Dyke Energy Company drilled exploratory oil and gas wells throughout the United States, Alaska, and Holland’s North Sea, and at one point had 27M acres of exploration and drilling rights in Africa, or “more deepwater rights than Shell, ExxonMobil and BP combined,” according to a 2001 Forbes piece. Van Dyke’s 11,737-square-foot mansion, on the market for $14.5M, is filled with an interesting mix of wallpapers, upholstery, rugs, and other types of patterned decor that often seem to be at odds with one another. But it’s the rest of the property’s 2.8 acres that’s the real eye-catcher, anyway, boasting three separate pools, one of which, apparently, “is thought to be one of the largest private pools in the U.S.” There’s also a full-size tennis court with lights and stands, as well as a party pavilion with a bar, a stage big enough for an orchestra, and an outdoor kitchen. And, for good measure, lion statues guarding every entrance.

Your relationships with inspectors don’t have to be scandalous | North Salem Real Estate

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In a recent Broker Notebook column, Inman News columnist Teresa Boardman discussed how, in her view, taking care of the buyer’s inspection is a questionable business practice. As someone who has been on both sides — a former real estate agent and current owner of a home inspection franchising company — I understand where the author is coming from.

I see her point of view and agree to a certain extent. But I don’t believe home inspectors and real estate agents fostering trusted networking relationships is necessarily a questionable practice.

On the contrary, I think it can really help the customer. Undoubtedly, it can become a problem when home inspectors and real estate brokers become too buddy-buddy for the homebuyer’s own good.

But, having been on both sides, I believe that when a real estate broker finds a certified professional home inspector who consistently offers an unbiased third-party look at a property, it is oftentimes in the best interest of the homebuyer to utilize that trusted home inspector.

Let’s consider an example from that highly popular Fox program “Scandal” for clarity — and please disregard the fact that the name of the show is “Scandal” for the purpose of this analogy.

Those who have watched the series know that the lead character, Olivia Pope, is a professional fixer who is hired by clients to fix things, no matter the problem. Along with her associates, Pope uses any means necessary to protect the client. In a dramatic turn of events during one episode, one of her clients is working against Pope’s dearest friends

 

Read more…

 

http://www.inman.com/2013/09/27/your-relationships-with-inspectors-dont-have-to-be-scandalous/#sthash.wqvhMii9.dpuf