Category Archives: Waccabuc NY

Gorgeous Sagaponack Six-Bedroom is Yours for $10.95M | Waccabuc Real Estate

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This house really is beautiful. We love all the white, which contrasts beautifully with the piano-finish floors (hopefully the new owners will have staff with Swiffers on standby). The kitchen and bathrooms are faultless, the pool and landscaping are perfection. There’s 1.6 acres in a great location, and six bedrooms and 7.5 baths inside. As for the artwork, we’re on record in favor of Damien Hirst dot paintings, but the Beatles? Unless you were actually in the Beatles (and that guy lives in Amagansett, not Sagaponack), come on. Also, photographers gotta be more careful with the wide-angle lenses. Yes, they can make the rooms look bigger, but they can also give a funhouse-mirror effect that’s offputting. Again, minor complaints in a stunning house. · Sagaponack Sanctuary With Style [Saunders]

JPMorgan chief meets Holder in bid for deal to end probes, avoid criminal charges | Waccabuc Real Estate

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The sage of Wall Street journeyed to Washington on Thursday, but Jamie Dimon’s visit was unlike any the JPMorgan Chase chief has made before.

Dimon sought a meeting with Attorney General Eric H. Holder Jr. in an urgent bid to dispose of multiple government investigations into the bank’s conduct leading up to the financial crisis — and avoid criminal charges. The deal that Dimon discussed with Holder would involve paying the government at least $11 billion, the biggest settlement a single company has ever undertaken, according to several people familiar with the negotiations.

It would also potentially pave the way for other giant banks to reckon with Washington for their roles in the near-collapse of the financial system five years ago. While it would be a historic amount, the fine would still represent a sliver of the damage wrought by the bank for selling mortgage securities that it allegedly knew were worthless.

 

 

http://articles.washingtonpost.com/2013-09-26/business/42412898_1_jpmorgan-chase-holder-justice-department

 

 

 

Three Cents Worth: Manhattan Unit Sizes No Small Change | Waccabuc Real Estate

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3CW9-17-13.jpg

After last week’s rental market report release, I thought I’d take a look at the average size of a sale and a rental over the past 20 years. Sales (blue line) represent co-ops and condos that closed during each period.  Rentals (pink line) represent rentals that closed during each period.

The chart shows continued decline in the average size of rentals over the period with a weird blip around the collapse of Lehman.  The sales market showed less variation.  While size fell over the first decade, likely as sharply rising prices pushed shift towards smaller unit sales, the trend began to rise again as the market peaked in 2007-08.

With the micro-unit phenomenon seemingly gaining traction (anecdotally), I’m not sure we’ll see the average size of rental units grow in the near future despite the strength of the current luxury rental market. · Matrix [matrix.millersamuel.com] · Three Cents Worth archive [Curbed]

 

 

 

http://ny.curbed.com/archives/2013/09/17/three_cents_worth_manhattan_unit_sizes_no_small_change.php

 

 

 

 

A Subliminal Approach to Fall Decorating | Waccabuc Real Estate

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all is that sweet spot between the blazing heat of summer and the icy chill of winter. It’s a time for preparing the nest for hibernation. Urrutia Design takes “a subliminal approach to embracing fall through comforting, colorful aspects that can be incorporated throughout the home,” says company founder Jason Urrutia. Below, he and co-principal Martha Carvalho share eight simple, high-impact ways to help you get your autumn cozy on.

traditional family room by Urrutia Design

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1. Stockpile firewood by the mantel. “This creates a nice visual of what’s in store,” says Carvalho. “Even if you don’t have a wood-burning fireplace, a display of wood, either next to the firebox or inside, offers a soothing aesthetic.”
modern living room by Reynaldo Gonzalez Design

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“While just about any wood will do nicely, silver birch logs add an especially graceful arrangement without looking too lumberjack-like,” Urrutia says.
contemporary by Urrutia Design

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2. Candles, candles, candles. This is candle season, so use them generously anywhere you want extra ambience. “Votives are great, but don’t be afraid to use those big-boy-sized candles in large hurricanes,” offers Urrutia.
contemporary living room by Urrutia Design

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3. Change out throw blankets. “Replace light fabrics for heavier ones, like faux fur or wool,” Carvalho says. Lay a throw blanket or two across furnishings for extra color and texture. Add a big basket filled with enough throws for everyone in the household to curl up under.
rustic living room by Urrutia Design

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4. Branch out. “Fill oversized glass vases with a compilation of branches in any shape and length you wish,” Carvalho says. Urrutia adds, “This type of arrangement is elegant and understated, and will last you the entire season.”

Create “the Ultimate Hampton Experience” in Sagaponack | Waccabuc Real Estate

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Our admiration for the real estate prose of Corcoran’s Gary DePersia continues. His brokerbabble isn’t trying to sell you on a house–it’s trying to sell you on a lifestyle. This is a new listing for a Sagaponack farmhouse we love as is; Mr. DePersia describes it as “amiable.” But if you’re “seeking something more formidable” than an amiable house, look no further! You could create “the ultimate Hampton experience” to “the very Atlantic beyond,” to wit:

Nearly three acres, awash in Sagaponack sea breezes and only several hundred yards to the beach, presents an unparalleled opportunity in the hamlet that has become the nexus of the Hampton lifestyle. An amiable 4 bedroom farm house of recent vintage anchors this expansive property that additionally offers a two story barn with upstairs finished loft and full bath, heated pool and acres of grassy expanse secluded behind tall perimeter trees. However, those seeking something more formidable might be intrigued to learn that this singular offering could accommodate a new 9000+ SF residence, pool, pool house and full size north/south tennis court that would have views to the east of a nearby horse farm and south across an 11 acre reserve past a handful of ocean side houses to the very Atlantic beyond. Held in the same ownership for nearly 400 years, this never before available 2 3/4 acre property presents a limited window to create the ultimate Hampton experience.

 

 

Single-family housing starts jump | Waccabuc Real Estate

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Single-family housing starts rose 7 percent month over month in August to a seasonally adjusted rate of 628,000, and were up 16.9 percent from a year ago, according to a monthly report from the U.S. Census Bureau released today.

 

Source: U.S. Census Bureau

 

read more…

 

http://www.inman.com/wire/single-family-housing-starts-jump/#sthash.7MoaTZH2.dpuf

As Mortgage Applications Fall, Lower Loan Limits Loom | Waccabuc Real Estate

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Rising rates continue to have an impact on home purchase applications. The number of mortgage applications filed last by 13.5% from the prior week on a seasonally adjusted basis as interest rates increased, the Mortgage Bankers Association said Wednesday.

The purchase component eased 2.7% this week relative to last and has fallen 16.8% since the first week in May on a seasonally adjusted basis. Rates reversed course last week and turned upward after easing in the prior week. The average rate for a 30-year fixed rate mortgage was 4.57% last week according to Freddie Mac.

On an unadjusted basis, MBA reported the market composite index declined 23%. The refinance index slipped 28% from a week earlier, while the seasonally adjusted purchase index slid 2.7%.

The sudden drop in purchase applications comes as loans for new homes have taken market share away from refinancing since January, raising its market share from 27% to 53% in July.

While the average rate has been on the rise, the National Association of Realtors reported that the Federal Housing Finance Agency is considering reducing the limits on mortgages that can be backed by Fannie Mae and Freddie Mac. Currently, the GSEs can support loans up to $417,000 in most markets and up to $625,500 in higher cost markets, while loans above this are supported by the private “jumbo” market made up of banks and private MBS securitizers.

Rates on jumbo loans have eased to party or slightly better than conforming loans in recent months as banks have started taking more loans into portfolio to compensate for weak commercial and refinance business. However, these loans are very high quality with large down payments and high FICO scores. The concern then is that if the loan limits decline, the private sector may still not be ready to pick up the non-pristine lending activity in the high cost portion of the market, cutting off access to credit for this portion of the market, resulting in reduced demand and sales.

Mortgage rates have had an impact on mortgage activity in recent weeks. Some borrowers will be able to adjust to higher rates either through larger down payments or purchasing lower priced homes. However, the higher rates may curb some home purchases as affordability wanes. A reduction in loan limits would only amplify this effect, particularly in the high cost markets that they currently support, according NAR.

 

 

http://www.realestateeconomywatch.com/2013/09/as-mortgage-applications-fall-lower-loan-limits-loom/

Two Vintage Carl Fishers Plus Bonus Cottage Now $1M Cheaper | Waccabuc Real Estate

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When we first posted about this compound in Montauk, in between the usual bickering about hipsters and cityfolk, one commenter wrote “If they get anywhere near asking I will be amazed. This place is a total gut renovation.” So far, you’re correct, Guest 14, as the price is now a cool million dollars lower at $3.45M. Any guesses now about the final selling price? (Note: we still love the green bathroom.)

The property has plenty to offer: three acres of land with three buildings on them. We love Carl Fisher Tudors—and this property offers two of them, though they need work. One house has a five bedroom, five bath main part, with the staff quarters as a three bedroom, one bath separate apartment. The second Tudor is in rougher shape and is broken up into two apartments. There’s also a cottage that looks extremely dilapidated. So that’s three buildings with five legal C of Os. · Investment Opportunity-Compound; Carl Fisher Tudors [Corcoran]

Jersey Leads in Mortgage Fraud Factors | Waccabuc Real Estate

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New Jersey was the only state to make it on all three top 10 lists for mortgage fraud and misrepresentation reported to MIDEX, potential collusion and property defaults, according to the LexisNexis® Risk Solutions 15th Annual Mortgage Fraud Report.

Five states appear on both the Investigation and Origination Mortgage Fraud Indices (MFIs) and the newly-established list of Property Default Rankings: Florida, Georgia, Illinois, Nevada and Ohio.1

Ohio, which ranked first on the Origination MFI list, with a ranking of 224, had more than two times the expected rate of fraud or misrepresentation based on origination volume.

“This year’s study suggests that the more shared problematic economic indicators a state has, the greater its financial challenges will be in the coming years,” said Tom Brown, Senior Vice President, Financial Services, LexisNexis. “With Consumer Financial Protection Bureau (CFPB) mortgage regulations going into effect in January 2014, and demanding new rules for quality loans, it will be interesting to see what impact this has on overall mortgage defaults.”

Five states – Arizona, California, Florida, New Jersey and New York – occupy space on both the Investigation and Origination MFIs.

Eight states – Alabama, Delaware, Iowa, Kentucky, Louisiana, Pennsylvania, New York and Vermont – rank highly on both Collusion Indicator Indices (CIIs) as areas with high percentages of potential non-arm’s length transaction activity.

Analysis of all loans investigated in 2012 and submitted to MIDEX shows a five-year high of 69 percent of all reports received having some type of application misrepresentation or fraud. Similarly, when focusing on just those loans originated in 2012, 61 percent report application misrepresentation and/or fraud. This is up from 49 percent of loans originated in 2011 and 43 percent in 2010.

For the first time in the study, a nationwide aggregation of available LexisNexis property data was used to determine states most likely suffering from the largest percentage of properties in default. Florida and Nevada experienced the most dramatic decreases in properties in default even though they were ranked first and fourth, respectively, on the list for 2012.

 

 

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