| Sales | |
| Armonk | up 7% |
| Chappaqua | up 80% |
| Pound Ridge | down 25% |
| Bedford Corners | even |
| Bedford Village | up 17% |
| Bedford Hills | up 9% |
| South Salem | up 7% |
| Katonah | up 2% |
| North Salem | up 11% |
| Mt Kisco | down 12% |
The Environmental Protection Agency and U.S. Attorney for the Southern District of New York filed a civil lawsuit against Westchester County Tuesday over the lack of ultraviolet treatment of drinking water for some towns in county Water District 1.
Lawyers with the U.S. Attorney’s office had been pushing the county to enter into a consent decree settling the violations and gave the county a Friday deadline, but the county refused and urged the government to rethink the lawsuit.
“The federal Safe Drinking Water Act is designed to protect public health by requiring suppliers of water to take steps to prevent water-borne diseases from being transmitted to the public,” said U.S. Attorney Preet Bharara in a statement. “Westchester’s prolonged failure to comply with treatment rules designed to prevent cryptosporidiosis is unacceptable.”
The lawsuit seeks compliance and fines of $37,500 for each day the county was in violation.
The ultraviolet treatment kills cryptosporidium, a parasite that can cause gastrointestinal illness. The district serves Scarsdale, White Plains, North Castle, Mount Vernon and Yonkers. Most of Yonkers and Mount Vernon already get treated water and the county has been working on a fix for the other municipalities that could be in place by the spring. But, even then the treatment will be two years past the deadline.
EPA sues Westchester for failure to comply with safe drinking water act – Northern Westchester.
Gulfport –
The average sales price of a home in South Mississippi in June reached its highest level in three years, a sign that the Coast real estate market is following the national trend upward.
According to the Mississippi Gulf Coast Multiple Listing Service, homes and condos sold on average for $134,721 in June. That was up $8,000 from May and almost $11,000 from a year ago. The last time
South Mississippi saw that price in July 2010.
Kathy Elias, a real estate agent with Coldwell Banker Alfonso Realty in Gulfport, tells The Sun Herald people who bought a condominium in South Mississippi for $650,000 after Hurricane Katrina can’t sell it today for $200,000, and only a few lenders will finance a condo purchase.
WJTV News Channel 12 – Real Estate Prices Rebounding On Miss. Coast.
China’s housing-price growth accelerated in July, especially in larger cities, as liquidity conditions improved after a short-lived credit crunch in June.
Prices of homes included in a survey of 100 Chinese cities were up 7.9% from a year earlier, after a 7.4% gain in June, data provider China Real Estate Index System said late Wednesday. Month-on-month price rises quickened to 0.87% from June’s 0.77% gain.
Consumer expectations that Beijing would hold off on further property curbs amid a slowing economy contributed to the acceleration in month-on-month price gains, particularly in larger cities such as Beijing and Guangzhou, CREIS said.
Despite a government campaign to keep prices from spiraling higher, prices rose for the eighth month in a row compared with a year earlier and for the 14th consecutive month compared with the previous month. China’s central government has kept tightening measures—including curbs on multiple home purchases and restrictions on credit to buyers and developers alike—in place since 2010 in a bid to head off resentment and possible social unrest due to a lack of affordable housing.
Still, fewer of the smaller cities posted price gains during the month, a likely result of overbuilding in some areas. Of the cities covered in the survey, 61 showed higher month-over-month prices, compared with 71 cities in June.
“This shows that the housing-price gap [has widened] further between major and smaller cities,” said Jinsong Du, an analyst at Credit Suisse. “This should continue to prevent the central government from implementing nationwide housing measures in the near term.”
Housing transactions picked up significantly toward the end of July, and this is likely to expand further in August and September, Mr. Du said, citing conversations with property developers.
CREIS said the average price of residential housing climbed to 10,347 yuan ($1,688) a square meter during the month, up from 10,258 yuan in June.
Quanzhou in southern China’s Fujian province had the fastest month-over-month rise, posting a gain of 4.5%. In Beijing and Guangzhou, home prices rose 2.5% and 2.1%, respectively.
In a separate index, new-home prices of 288 cities tracked by real-estate-services provider E-House China showed a rise of 0.84% in July from June, up from June’s 0.40%. On a year-over-year basis, new-home prices in July rose 11.4%, up from June’s 4.2%, according to this survey.
The higher housing prices also came alongside gains in land prices, which are seen as contributing to future housing costs. Data from the Ministry of Land and Resources showed the average price of residential land from 105 cities surveyed was 4,799 yuan a square meter in the second quarter this year, up 2.1% from the previous quarter.
The price gains shown in these two housing surveys appear to be tolerable for the government, and the policy environment for the property sector will continue to be benign in the coming months, analysts said. They noted that the latest statement by the Communist Party’s powerful Politburo hinted that policy makers may take a more accommodative stance toward the property market in the months ahead.
A year after actor Michael Clarke Duncan died suddenly of a heart attack, his Woodland Hills home has entered the real estate market with a price tag of $1.299 million.
Located at 5616 Farralone Ave, Los Angeles, CA 91367, the residence is described in the listing as a “trust sale” of a celebrity-owned property. Records show the trust is held by Duncan’s business manager, Matthew Lichtenberg.
The house sprawls across a large lot, and like most celeb properties, is situated behind gates. The 7-bedroom, 7-bath home was purchased by Duncan in 2001 for $1.05 million. More recently, Duncan shared the home with his fiancee, controversial former “Apprentice” contestant Omarosa Manigault-Stallworth.
Built in 1979, the 6,861-square-foot home includes a media room, built-in fish tanks, formal dining room and wet bar. Other features are a 3-car garage, additional subterranean parking garage with room for 10 more vehicles, basketball sport court, pool, spa and barbecue area.
Duncan became an actor in a serendipitous way. He started out as a bodyguard when he first headed to Hollywood, but snagged a bit role in “Armageddon” that launched his career, leading to his breakout part in “The Green Mile.”
Home of Michael Clarke Duncan Listed for $1.299 Million | Zillow Blog.
What could you do with $48 million? You could purchase about 480,000 pairs of heels, or you could buy a shoe designer’s entire estate.
Shoe and fashion designer Vince Camuto — who founded popular shoe brand Nine West in the 1970s— has listed his historic Southampton home with a $48 million price tag.
The home was built more than eight decades ago as just a pool house for the mammoth Wooldon Manor, reports Curbed. The main residence was built by Dr. Peter Wyckoff, who sold it to Jessie Woolworth Donahue, the daughter of Woolworth’s founder, F.W. Woolworth. She renovated the pool house before selling the property to Edmund Lynch of Merrill Lynch.
The original manor — once named the most opulent in The Hamptons — was destroyed in 1941 after Lynch’s death. The land has since been subdivided, with the remaining estate sitting on 5.5 acres. An additional 8.8 acres is also available for purchase.
The past 30 years have been good to the 10,000-square-foot home. Sitting right on the water, the place has been updated and modernized by Camuto — and of course, a new pool house was added to the property. Today, the main residence has 7 bedrooms, 7.5 baths and plenty of entertaining space beneath vaulted ceilings and large windows. Patios and lawns stretch to the private beach, and the entire parcel is protected by security systems.
According to Curbed, Camuto has already moved on to another Hamptons home: the Jazz Age Villa Maria that recently garnered a feature in Architectural Digest.
Shoe Designer Vince Camuto Lists Historic Hamptons Estate | Zillow Blog.
Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.
The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.
Prices in two cities – Dallas and Denver – hit record highs, topping even the peaks they reached during the housing bubble.
However, the national index, which measures prices in the 20 largest markets, is still 24.4% below the peak of June 2006.
Just a year ago, the index posted a 12-month decline in prices. Sellers had been struggling while their homes languished on the market for months, or even years. But prices have increased every month since June 2012, and each month the increase has been greater than the month before.
The gain in home prices has now made this a good time to sell a home. Many sellers are finding themselves in the midst of bidding wars, with buyers eager to make a purchase in a market with a tight supply of houses available for sale. House hunters are also eager to lock in a mortgage while rates are still low, at least by historic standards.
The record low mortgage rates of earlier this year have risen significantly, crimping the purchasing power of potential home buyers. But climbing rates have yet to slow the rapid increase in home prices.
Additionally, prices are being boosted by a sharp drop in foreclosures, which had been holding prices down.
Long Island’s real estate market is rising. Don’t expect it to soar.
The local housing market in June posted some of the highest median prices in three years: $425,000 in Nassau County and $340,000 in Suffolk, according to the Multiple Listing Service of Long Island. Sales activity was brisk, with 2,048 homes changing hands, more than twice as many as in the doldrums of early 2009.
A shortage of homes for sale — plus buyers’ sense that mortgage rates will keep rising — has sparked “feeding frenzies” at some open houses, with sale prices occasionally exceeding list prices, said Marie Asher, an associate broker with Century 21 American Homes in East Meadow.
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“The market has totally changed,” she said. “I don’t want to say it’s a seller’s market, but we’re heading that way.”
A close look at the Island’s housing market, however, shows signs of lingering distress among homeowners. That distress is likely to keep the recent sprint from turning into a marathon.
Nearly 1 in 10 homeowners with mortgages here owes more than their homes’ value. The number of initial foreclosure filings is on the rise, after a brief respite last year. Banks continue to impose tight lending standards on would-be buyers. And if interest rates jump much more, the higher cost of borrowing could choke off some buying.
Plus, the Island’s economy remains troubled. And home prices on Nassau’s South Shore, in particular, are still suffering the aftereffects of superstorm Sandy, which hit on Oct. 29.
“The housing market continues to recover from its recent lows, but a plateau is in sight,” said Irwin Kellner, Port Washington-based chief economist for MarketWatch.com. Prices could rise by 10 percent to 15 percent, but they are likely to level off next year as interest rates continue to climb, Kellner predicted.
To be sure, the local housing market is increasingly favorable to sellers — particularly in areas not damaged by Sandy.
Quick deal surprises seller
Dottie Weremeychik recently found a buyer for her late uncle’s four-bedroom Cape in Hicksville. The home was listed at just under $330,000 in March, quickly garnered four offers and went into contract within six weeks for close to the list price, to a family buying their first home, according to Asher, who handled the sale.
“I was totally shocked,” said Weremeychik, a Wantagh resident. “I was truly expecting the house to sit for a very, very long time.”
Some first-time home buyers say they want to jump in soon, before prices and interest rates rise further. The average rate for a 30-year fixed-rate loan recently hit 4.31 percent, according to Freddie Mac. The record low was 3.31 percent, reached in November 2012. In May, the average rate was 3.35 percent. Higher interest rates tend to put a damper on home sales, since they price some buyers out of the market.
For now, though, rising interest rates have delivered a jolt of activity. Buyers “are realizing that the bottom has been hit,” said Marianne Garvin, chief executive of the Community Development Corp. of Long Island.
Long Island’s real estate market is rising. Don’t expect it to soar.
The local housing market in June posted some of the highest median prices in three years: $425,000 in Nassau County and $340,000 in Suffolk, according to the Multiple Listing Service of Long Island. Sales activity was brisk, with 2,048 homes changing hands, more than twice as many as in the doldrums of early 2009.
A shortage of homes for sale — plus buyers’ sense that mortgage rates will keep rising — has sparked “feeding frenzies” at some open houses, with sale prices occasionally exceeding list prices, said Marie Asher, an associate broker with Century 21 American Homes in East Meadow.
“The market has totally changed,” she said. “I don’t want to say it’s a seller’s market, but we’re heading that way.”
A close look at the Island’s housing market, however, shows signs of lingering distress among homeowners. That distress is likely to keep the recent sprint from turning into a marathon.
Nearly 1 in 10 homeowners with mortgages here owes more than their homes’ value. The number of initial foreclosure filings is on the rise, after a brief respite last year. Banks continue to impose tight lending standards on would-be buyers. And if interest rates jump much more, the higher cost of borrowing could choke off some buying.
Plus, the Island’s economy remains troubled. And home prices on Nassau’s South Shore, in particular, are still suffering the aftereffects of superstorm Sandy, which hit on Oct. 29.
“The housing market continues to recover from its recent lows, but a plateau is in sight,” said Irwin Kellner, Port Washington-based chief economist for MarketWatch.com. Prices could rise by 10 percent to 15 percent, but they are likely to level off next year as interest rates continue to climb, Kellner predicted.
To be sure, the local housing market is increasingly favorable to sellers — particularly in areas not damaged by Sandy.
Quick deal surprises seller
Dottie Weremeychik recently found a buyer for her late uncle’s four-bedroom Cape in Hicksville. The home was listed at just under $330,000 in March, quickly garnered four offers and went into contract within six weeks for close to the list price, to a family buying their first home, according to Asher, who handled the sale.
“I was totally shocked,” said Weremeychik, a Wantagh resident. “I was truly expecting the house to sit for a very, very long time.”
Some first-time home buyers say they want to jump in soon, before prices and interest rates rise further. The average rate for a 30-year fixed-rate loan recently hit 4.31 percent, according to Freddie Mac. The record low was 3.31 percent, reached in November 2012. In May, the average rate was 3.35 percent. Higher interest rates tend to put a damper on home sales, since they price some buyers out of the market.
For now, though, rising interest rates have delivered a jolt of activity. Buyers “are realizing that the bottom has been hit,” said Marianne Garvin, chief executive of the Community Development Corp. of Long Island.
That’s a belief shared by Wendy Brennan, a mother of three who hopes to buy a home this summer in Babylon Village, where she now rents an apartment. “I need to ensure that I get in now before it starts to get too crazy,” she said. “We love our neighborhood so we’re really trying to stay in the district, but everything that’s available to us at this point is in the flood zone . . . Finding a house within my price range with enough space for us is very, very, very difficult.”
For the minnows in China’s property market, swimming near the bottom of the real estate food chain can be dangerous. The smaller you are, the more likely you are to be someone else’s dinner.
And it is getting harder to stay clear of the bigger guys, particularly as Beijing keeps up its three-year campaign to curb real estate prices.
“Being a small fish is getting more difficult. The bigger fish are swimming faster,” said Kai Chen, chief executive officer of mid-sized developer Yango Group. “I expect that in eight to 10 years, China’s top 10 developers will have 20% of the market.”
As of the end of March this year, the top 10 developers had around 16% of the country’s total property sales.
Speaking at a real estate conference this week, Mr. Chen shared a few tips on how a small outfit like Yango has managed to survive in an environment where smaller developers are seen as an endangered species.
Tip No. 1: search for partners. In the past, smaller firms have been known for taking big risks for a chance at an outsized return. But they have often been reluctant to share the profits, he said.
“Smaller firms should change their mindset and form more partnerships, so that they can get more access to financing and land,” said Mr Chen. He noted one innovative partnership by his company with wealth management firm (more on CarsonWealth.com), adding the firm has received substantial financing this way.
Big firms have been better at making friends in government, and this is essential for getting land, he added.
Shenzhen-listed Yango has managed to post respectable sales growth in the past few years despite a host of government measures aimed at cooling off the market. Its property sales in the first half reached 8.7 billion yuan ($1.4 billion), exceeding the 7 billion yuan recorded for all of 2012 and up from 3.2 billion yuan in 2011.
By comparison, China Vanke, the nation’s largest property developer by revenue, had sales of 83.7 billion yuan in the first six months of this year and sales of 141.2 billion yuan for all of last year.
Advice for Small Fish in China’s Real Estate Market: Swim Fast – China Real Time Report – WSJ.