Category Archives: Waccabuc NY

Sandy Forced Poor to Leave Illegal Units | Waccabuc NY Homes

Superstorm Sandy has placed a spotlight on tens of thousands of basement apartments, attics and other informal living spaces which are forms of affordable housing that are often illegal but also vital in New York City.

Advocates for the poor said thousands of people were dislodged from such apartments after the 2012 storm, and many are still homeless, as their landlords have difficulty finding resources to fix illegal residences. Such units often rented for less than nearby legal units and were home to people with low incomes.

It is hard to come by hard numbers of illegal apartments in the coastal areas slammed by Sandy, neighborhoods such as Midland Beach in Staten Island and Rockaway Park in Queens. City officials say 63,000 residential units were damaged during Sandy, and advocates estimate that under counts thousands of illegal apartments.

“It’s true that a lot of the units were maybe illegal, almost definitely substandard,” said Judith Goldiner, an attorney with the Legal Aid Society. “I’m not going to tell you they were great housing, but on the other hand they were affordable housing to a lot of low-income people.”

Related
Landowners Fight Protective Dunes

Not all basement apartments are illegal. They can be legally rented in some cases if they are more than half above ground, have seven-foot or higher ceilings and comply with a host of other city regulations. Housing advocates are pushing to legalize basement apartments that meet safety standards, and Mayor-elect Bill de Blasio has said he supports bringing them into the regulated housing system. Safety concerns have slowed such efforts.

Unregulated apartments posed special problems for homeowners trying to make repairs after Sandy. Many were unable to get government funding to repair illegal basement units, or their units now sit below the floodplain and can’t be rebuilt.

Others were afraid of seeking help and getting fined when their undeclared apartments were discovered. The Department of Buildings has issued about 30,000 violations for illegal apartments since 2009, including more than 4,400 in 2012.

Some homeowners relied on the rental income to help pay their mortgages, putting them in danger of foreclosure. Of 31,700 pre-foreclosure notices filed in the city between November 2012 and November 2013 nearly 8% were in Sandy-hit areas, according to the Center for New York City Neighborhoods.

Before Sandy, Gloria Harris, a 49-year-old Health and Hospitals Corp. employee, lived on the second floor of her two-story Rockaway Peninsula home and rented the main floor for $1,100 a month. When she asked for disaster recovery money, she said the Federal Emergency Management Agency called her house a one-family home and wouldn’t pay for repairs to the second floor. She has stopped making mortgage payments but said she can’t afford to lose the house.

“Even if I sell the house and I go to rent, with the money I make I can’t afford rent in Brooklyn, or even in Queens,” said Ms. Harris, who bought her home in June 2011.

http://online.wsj.com/news/articles/SB10001424052702303799404579282352875335252#utm_source=Rebuilding%20NY%20Alert&utm_medium=alert-html&utm_campaign=Newsletters

Consolidated Edison rate freeze announced | Katonah NY Real Estate

New York officials say Consolidated Edison Co. has agreed to a two-year freeze in electric delivery rates and a three-year freeze in gas and steam distribution rates starting in 2014.

The settlement proposal, pending approval by the state Public Service Commission, could result in rate decreases for some commercial and industrial customers.

The joint proposal recommends spending $1 billion to make more resilient the company’s electric, gas and steam systems.

Con Edison said lower financing costs and other savings will help offset rates, with most customers seeing little change, and will also fund its program to harden equipment against storms.

http://www.crainsnewyork.com/article/20140102/ECONOMY/140109995

14 Predictions for NYC’s Housing Market in 2014 | Waccabuc Real Estate

Low inventory, bidding wars and record-setting prices were recurring themes for New York’s residential real estate market in 2013.

In 2014, rising mortgage rates, a new mayor and administration and a surge in new construction could be the factors that spark major changes in real estate. DNAinfo asked the experts for their forecasts.

1. Rising mortgage rates will likely dampen price growth by mid 2014

Concern over rising mortgage rates pushed some prospective buyers to seal the deal in 2013. In Manhattan’s third quarter, for instance, the number of sales spiked 30 percent compared with the year before — the most transactions since the recession began — according to a report released by Douglas Elliman, the city’s largest residential brokerage.

But with rates expected to rise, resulting in higher monthly costs, buying may no longer be an option for some, which may make for a less frenzied market.

“2014 is going to be the year of ‘slow and steady,'” said Dottie Herman, president and CEO of Douglas Elliman, “With interest rates inching up, that should help level things off to a more sustainable level of housing price growth.”

Frances Katzen, one of Elliman’s top brokers, agreed: “I also believe 2014 will reflect an adjustment in purchase power due to mortgage rate hikes, and I do expect the mid-year to mellow down with respect to heated prices.”

2. Inventory will expand … just a bit

In terms of new construction, Manhattan will see more condos and Brooklyn will see more rentals, real estate expert Jonathan Miller said.

“I do see inventory edging higher, but not sharply,” Miller said. “That will keep prices making modest gains.”

He added: “I don’t see 2014 as a bad market, but I view it as a little disappointment relative to the euphoria in 2013.”

3. Manhattan will see a wave of ultra-luxury condos opening

A slew of new buildings are slated to open, according to Jeff Schleider, founder of Miron Properties. He noted that nearly every developer his firm represents has a few projects in progress that will hit the market in 2014.

Because land costs have soared in Manhattan, with some areas commanding more than $700 a foot, these projects are primarily luxury: priced at more than $2,500 a square foot and above in order to be profitable — which means they won’t ease the housing shortage, brokers said.

4. But the prices of these high-end projects may not be sustainable

“It will be interesting to see if the market demand for this product will be strong enough to absorb this volume of units,” Schleider said.

Many brokers aren’t convinced these prices can be sustained beyond the first wave of these buildings.

“The new construction is so over-luxurious,” Elliman’s Katzen said. “It comes down to the quality of what you’re looking for — a lot of them are like hotel rooms. [But] I think there are a few of us who appreciate more classical homes.”

Kirk Henckels, director of Stribling Private Brokerage’s division that focuses on luxury sales above $5 million, said, “Smart developers are reassessing. Some prices will go up and some will go down.”

http://www.dnainfo.com/new-york/20140102/east-harlem/14-predictions-for-nycs-housing-market-2014

Look for new companies to keep shaking things up in 2014 with more partnerships, conversations and interactions | Waccabuc Homes

What are the top items on your real estate wish list for 2014? A better alignment of customer service, brand and technology in the industry. A lot of brokerages have amazing branding and customer service, but their technology is not up to speed.

More amazing real estate startups in the real estate space! I love seeing the new companies shake things up — it’s always very inspirational. What are your top New Year’s resolutions for real estate in 2014? Sweating the small stuff with customers. What is a very small thing for us is huge for others. I think everyone can do more in this area.

More partnerships, more conversations, more interaction. Real estate is a people-driven business — you can sometimes forget that sitting behind a desk. What do you expect to be the top trends and hottest issues in real estate in 2014? Beautiful design on more real estate websites. Consumers are developing an almost subconscious eye for things that look good. If it looks good, they trust the brand. Real estate in many ways is stuck in ’90s design, but we are seeing some brokerages lead the pack. I expect to see more design-focused brands emerge in 2014. Simplification of user experiences. More options/buttons/data doesn’t necessary mean better; in fact, it often confuses people. I think we are going to see companies using the “less is more” approach.

 

 

– See more at: http://www.inman.com/2013/12/31/look-for-new-companies-to-keep-shaking-things-up-in-2014-with-more-partnerships-conversations-and-interactions/?utm_source=20131231&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.piPk7zu9.dpuf

Should You Invest in Residential Real Estate? | Waccabuc NY Homes

We saw what was probably the biggest real estate  bubble in American history just recently, when housing prices topped out somewhere in 2006 or 2007.

We then saw a major bust, the beginning of which actually preceded a bust of the entire economy.

Of course, we have to remember that real estate is a local issue. A few parts of the country didn’t see a housing boom, and some parts, such as New York City, didn’t really see a bust. In general, however, we saw a big boom followed by a big bust.

After housing prices bottomed somewhere around 2011, we have seen them climb quite significantly, though still not to the levels we saw in 2006 in most places.

Different Points of View

There are differing points of view on where real estate is headed, even by advocates of the free market.

Some people think we are in another bubble that will pop again. They point to the fact that the housing market is being propped up by low interest rates, a loose monetary policy by the Fed, and bank bailouts.

While these things are certainly true and they do prop up real estate prices, what’s to say it can’t go on for a while longer?

Other people think that real estate prices will continue to go up and maybe even enter a new bubble at some point, while maintaining that it is not a bubble yet. They correctly point to Federal Reserve inflation.

When there is high inflation, investors look for hard assets. You can’t get more of a hard asset than real estate. So if you expect inflation to continue to get worse, real estate is something to seriously consider.

 

 

http://wallstreetsectorselector.com/2013/12/invest-residential-real-estate/

This Mod, Glass-Sided Beauty is an Exhibitionist’s Dream | Waccabuc NY Real Estate

Screen%20Shot%202013-12-23%20at%209.55.29%20AM.pngPhoto via Arch Daily

Plunked in Rio de Janeiro—a veritable breeding ground funky modern spreads—and built by Brazil-based architect Carla Juaçaba, this sleek little abode was built for the granddaughter of another famed Brazilian architect—eccentric-design-lovingSergio Bernardes. Indeed, this so-called House Varanda was inspired by a 1950-built home by Bernardes, emulating the original rippled roof. The rest of the home is swathed in glass, with two parallel transparent walls running the length of the home—all to let inhabitants’ “vision [go] beyond the house.”

Two bedrooms cap either side of the place, but perhaps the coolest aspect of the home is the sprawling middle living area. Upon sliding open the doors, the space turns into something of an indoor/outdoor terrace, which is apparently “the most important place of socializing,” in Brazilian culture. A skylight further opens up the home, while a steel structure—built in just 15 days and lifted about three feet off the ground to protect the house against flooding—serves as structure’s skeleton. The architect insists that “what brings intimacy to that glasshouse is the immersion in nature,” but still, in the case of wandering nature enthusiasts, this is probably the sort of house that should come with a bathrobe or two. Arch Daily has more photos, right this way.

 

 

http://curbed.com/archives/2013/12/23/this-mod-glasssided-beauty-is-an-exhibitionists-dream.php