Category Archives: Waccabuc NY

Malcolm Forbes’ NJ Estate Listed for $3.4 Million | Waccabuc Real Estate

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A treasured estate can be hard to give up, especially one with a special history and a family legacy.

The legendary 24-acre Forbes estate that once hosted lavish galas attended by international celebrities and dignitaries is listed for $3.4 million. The 6-bedroom, 7.5-bathroom property, dubbed “Timberfield,” was purchased in 1950 by the late publisher/owner of Forbes magazine, Malcolm S. Forbes.  Despite owning properties all over the world, he chose to raise his five children here, including current CEO and editor-in-chief of Forbes Media, Steve Forbes.

According to the Timberfield’s real estate agent, Sylvia Kissel of Turpin Realtors, the home stayed in the family after Malcolm Forbes’ passing in 1990. The estate is currently owned by one of his sons.

Located at 95 Old Dutch Pl, Bedminster, NJ 07921, the breathtaking property is a piece of history in itself. Once a farmhouse, the oldest section of the house dates back to 1760, with additions following in the 1860s, the 1920s and again in 1961, when a bomb shelter was built. The room has since been renovated into a movie theater, Kissel said.

Besides being owner/publisher of Forbes magazine and close friends with Hollywood icon Elizabeth Taylor, Malcolm Forbes was known for his collections, including motorcycles and hot air balloons. It was at this estate that Forbes housed his precious collectibles, utilizing one garage for his motorcycles and a larger garage for his ballooning equipment and vehicles.

Timberfield holds the essence of the American dream. The colonial-style architecture is presented in a pristine white exterior with dark shutters. Brick accents are visibly significant, noted in the chimneys, patio structures and pool surroundings. The only thing missing is a white picket fence, but with acreage as vast as this, it is not quite necessary.

The interior decor is classic, boasting pastel walls of pale green, lemon chiffon, ecru and vanilla with delicate floral patterns integrated throughout. The library is reminiscent of Forbes’ Scottish roots, lined with a blue/green tartan rug and rich mahogany walls. Malcolm’s father, Bertie Charles Forbes, was a Scottish immigrant and founded Forbes magazine in 1917.

“We hope to find a buyer that will be the next family to take care of it,” Kissel said, noting the property was dear to Malcolm Forbes and his family.

The estate also features a tennis court and 3 guest cottages, living up to the image of luxury and success that is often attached to the Forbes name. Ten additional acres are also available for purchase, which would bring the total cost of the estate to $4.25 million.

 

Malcolm Forbes’ NJ Estate Listed for $3.4 Million | Zillow Blog.

Shoe Designer Vince Camuto Lists Historic Hamptons Estate | Waccabuc Real Estate

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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.

David Spade’s Malibu Home Sells for $10.225 Million | Waccabuc Homes

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Just because a home is celebrity owned and on a parcel nestled up against the Pacific Ocean, doesn’t mean it’s going to get a quick or profitable sale.

David Spade’s Malibu home was first listed for $16 million in 2008 — at the top of the real estate market — and after several price drops — he sold it in mid June for $10.225 million. According to property records, Spade bought the home in 2005 for $9.3 million, so luckily he is walking away with a profit.

The La Costa Beach home, like many coveted Pacific Coast Highway residences, sits right on the beach with access to a sandy shoreline and endless water views. A typical California layout seamlessly moving between indoor and outdoor spaces is evident throughout the home, with doors leading from living rooms to several patios.

Measuring 3,763 square feet, the home has 4 beds, 3.5 baths, 4 fireplaces and an outdoor pool. According to the listing, architectural details include a Shaker cylindrical staircase, vaulted ceilings, new hardwood floors and countertops.

Like most comedic actors, Spade got his start on “Saturday Night Live” before moving to films and an Emmy-nominated role on “Just Shoot Me.” He still owns a home in Beverly Hills.

 

 

David Spade’s Malibu Home Sells for $10.225 Million | Zillow Blog.

Housing market: Broward’s median price rises 23 percent | Waccabuc Real Estate

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Broward County home sellers enjoyed more pricing power in June.

The county’s median price for existing single-family homes hit $265,000, a 23 percent increase from a year ago, the Greater Fort Lauderdale Realtors said Monday.

It was the seventh consecutive month that the median jumped by more than 20 percent. Home sales rose 3 percent, to 1,356.

Broward’s median condominium price last month rose 22 percent to $105,000. But condo sales declined 9 percent from June 2012.

“At one time, buyers thought they could do what they want, when they wanted, but they’re realizing now that they don’t have the control they once did,” said Carrie Hazen, a real estate agent with Coldwell Banker in northwest Broward.

Palm Beach County and statewide figures were not released Monday because of a technical problem. Those numbers are expected Tuesday.

The median price means half the properties in Broward sold for more and half for less. The percentage increase does not reflect all home values countywide.

Sellers of single-family homes last month received 96 percent of their list prices, up from 93 percent a year earlier, the Realtor group said. The typical Broward home went under contract in 29 days, down from 37.

Ken H. Johnson, a professor at Florida International University’s Hollo School of Real Estate, said some prospective buyers are frustrated by the recent price increases and are staying out of the market. But he doesn’t recommend that strategy.

“A lot of people are upset that they missed the bottom. Yes, but big deal,” Johnson said. “Prices are still affordable. Nobody should be waiting.”

A shortage of homes for sale and an abundance of investors have helped fuel the housing recovery.

Broward had 4,225 homes on the market at the end of June, down 14 percent from a year ago. 

Large investment firms, including Blackstone Group and Waypoint Homes, are buying thousands of homes in South Florida and across the country. The firms are pushing prices higher while keeping homes out of the hands of first-time and move-up buyers.

 

Housing market: Broward’s median price rises 23 percent – South Florida Sun-Sentinel.com.

It is a Balanced Real Estate Market | Waccabuc Real Estate

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The lower mainland Real Estate market is in an equilibrium with sales surging 11.9 percent compared to June 2012 for single family detached homes, condos and townhomes. This increase is the greatest increase in the last 2 years. In May, residential sales volume climbed a mere 1 per cent in Greater Vancouver, following a 19-month stretch of year-over-year declines in the number of properties sold.

 

Last month, 2,642 Greater Vancouver properties changed hands on the Multiple Listing Service, compared with 2,362 sales in June of 2012. This increase is still 22 percent lower than the 10 year average for June.

 

The prices are reported to have dropped marginally by 3 percent as reported by the Greater Vancouver Real Estate Board.

 

The Real Estate market has shown 4 straight months of growth albeit we are coming from a really slow and lacklustre pace. It appears that the buyers have finally started to make their move after holding out for months and months. In any given market and at any stage, sellers want the most money for their property and the buyers want to offer the least amount possible. In the last 6 months, it appeared that the buyers were holding out and were not making their move hoping for the prices to bottom out even more.

 

After seeing that the prices have not been dropping significantly, it seems like the buyers are relenting and finally locking in the low interest rates and making deals.

 

Sellers too were waiting it out and hoping the market conditions would improve. However, if the seller is going to be buying again in the same market conditions then the market condition should not matter as such.

 

Traditionally in the lower mainland, prices rarely seem to come down. The slowness in the market is really only the fact that it takes a bit longer for the properties to sell.

 

The Canadian Real Estate Market does follow the US market somewhat and with the unprecedented recovery being seen in some parts of the USA, it is natural to have an upbeat tick in our own market.

 

 

It is a Balanced Real Estate Market | Vancouverdesi.com.

California home prices soar | Waccabuc Real Estate

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California housing prices increased by more than 30 percent in June, with inventory rising slightly in what is considered an encouraging sign for the market, a trade association said Tuesday.

Last month, the median price of a previously owned house soared 33.5 percent across the state from a year ago to $428,510, according to the California Association of Realtors.

The tight inventory, which had been holding back sales, rose to a 2.9-month supply of properties last month, up from 2.6 in May but still below the 3.5-month inventory of a year ago, the association said.

Sales of previously owned houses statewide declined 3.7 percent to an annualized rate of 414,950 units. This is the number of home sales that would occur if the market matched June’s pace for the entire year.

Leslie Appleton-Young, the association’s vice president and chief economist, believe the slight uptick in available homes is a good sign. “The inventory is the big thing. That’s the most important leading indicator for the housing market,” she said.

Rising home prices may encourage more owners to put their properties up for sale in the coming months, but June’s inventory level is still well below the six- or seven-month supply considered normal. “I think it’s going to go up some more. You’ve got buyers taking more time [making decisions], and some are priced out by the rising prices and the interest rates. And I think you have sellers who came in too high, so their properties are staying on the market and not moving,” Appleton-Young said.

Still, the tight inventory and increased buyer competition has driven down the time properties stay on the market compared with a year ago. In June, homes sold in a median of 27.7 days, up slightly from 27.1 days in May but down from 43.5 days in June 2012.

In the Los Angeles metro area — the combined Los Angeles, Orange, San Bernardino, Riverside and Ventura counties — the median price of a single-family home for sale jumped 31.7 percent from June 2012, to $392,470, and sales declined 9.5 percent.

In the Inland Empire, the median home price increased an annual 33.2 percent, to $248,760, while sales fell 15.2 percent.

Double-digit-percentage price gains were the norm around California. This has been the trend for several months, as supply of low-priced foreclosed and short-sale properties have dwindled. “They’re gone, they’re gone,” Appleton-Young said. “Investors have really picked that market clean.”

Interest rates are now putting some pressure on the market. The rate on a 30-year mortgage was in the 3.5 percent range until the middle of last month, then spiked above 4 percent shortly after Federal Reserve Chairman Ben S. Bernanke said the agency may reduce its economic stimulus and possibly stop it entirely next year. He then backed off, saying last week the economy needs the Fed’s help for the “foreseeable future,” and rates dropped a bit.

 

 

read more…

 

http://www.presstelegram.com/breakingnews/ci_23673936/california-home-prices-soar

 

 

Caramoor Opera Review | Waccabuc Real Estate

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A production of the 1855 French opera “Les Vêpres Siciliennes” by Verdi performed on Saturday at the Caramoor Center for Music and the Arts in Katonah was praised in a review in Sunday’s edition of The New York Times.

The Katonah Museum of Art’s new Collage Center might feature artists from around the world, but at the center of it all is North Salem native Pavel Zoubok.

The Bedford Central School District updated its 2013-14school calendar this week, adding dates that teacher and superintendent conferences will take place.

The Journal News is seeking more information on gun owners in Westchester County several months after it posted a controversial map on the publication’s website that gave the names and addresses of legal gun owners, according to an article on the Fox News website.

Caramoor Opera Review Tops Bedford News This Week | The Bedford Daily Voice.

Housing market heats up with young buyers but average real estate agent age 57 | Waccabuc Real Estate

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As the housing market heats up again, the real estate industry is facing a new challenge: finding enough younger agents.

Even though many of the top agents make well into six-figures, a new survey shows real estate executives here and across the country are worried about not attracting new blood.

 

“Clearly there’s a resurgence in the housing market among the Gen X and Gen Y participants, and that’s the next market,” says Kevin Hawkins, the vice president of Imprev Inc., a Bellevue real estate marketing firm that did the survey. “The concern of brokers is not just for today, but what business is going to look like tomorrow.”

 

While buyers are getting younger, agents are not. Only six-percent are under the age of 34.

 

“The average age of a realtor is 57 years old. The average age of an American worker is 41 years old. If you look at the typical age of a first time home buyer, it’s 31. So, there’s clearly an age gap,” he says.

 

During the housing meltdown between 2007 and 2010, there was a tremendous weeding out process in the industry. Hawkins says it was survival of the fittest, and many of the less-experienced agents got out of the business.

 

But the housing market is booming again, yet 42 percent of the real estate executives surveyed said the need for more agents is their number one concern. They’re worried that younger, qualified candidates are going into other industries, and they’re taking their talents with them.

 

“Younger agents are much more adept with technology and the internet and all the other tools that people want to use when they first start looking for a home. The surveys show that older agents are more reluctant to adopting the new technologies,” Hawkins says.

 

Pamela Jensen is a longtime managing broker for Windermere. She has trained many new agents over the last two decades and says being “young” in the industry can work against you.

 

“What I have found is that if they’re too young, nobody uses them,” she says. “Many homeowners want someone who has owned a home, or who’s bought and sold one. If you’re 23, you haven’t done that.”

 

She says even the Gen X-ers who work in the tech industry want someone who’s experienced because buying a home is one of the biggest investments they’ll ever make.

 

But Hawkins says with the average age of a real estate agent being 57, the top execs realize they need to revamp their recruiting strategies so that they can attract younger realtors.

 

“If they don’t do it now and this group of realtors ages to a point they start retiring, which we’re getting close to that tipping point, then you’ll see a real loss of opportunity of taking that experience and knowledge and imparting it on a whole new workforce,” he says.

 

Housing market heats up with young buyers but average real estate agent age 57 – Local – MyNorthwest.com.

Why Home-Price Gains Will Slow Amid Higher Mortgage Rates | Waccabuc Real Estate

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Home prices moved up at a torrid pace during the first half of the year, but don’t expect them to keep pace during the second half.

The big spike in mortgage rates over the past two months has reset the housing market and figures to take a bite out of demand at a time when more sellers have listed homes for sale and when price gains have tested investors’ purchasing appetites.

Mortgage rates, which stood at a low of 3.59% at the beginning of May, jumped to 4.58% during the last week of June, according to the Mortgage Bankers Association. Rates rose even more last Friday, after a strong jobs report firmed up investors’ expectations that the Federal Reserve would begin to curtail its bond-buying program later this year.

A rule of thumb holds that every one percentage point increase in interest rates reduces affordability by 10%, so the recent move in rates just made homes about 10% more expensive to buyers who need to finance their purchase.

“There’s no one in the business right now who doesn’t think the market hasn’t taken a step back. The evidence is all around us,” said Glenn Kelman, chief executive of real-estate brokerage Redfin. The number of Redfin customers who requested tours during the last week of June was down 5% from the average for the previous three weeks, while the number of customers making offers was down by 8% and the number of new customers edged down by 2%.

Here’s a look at seven areas to watch during the second half of 2013:

1. What will higher mortgage rates do to housing demand? Rates are now at their highest level in two years. For borrowers with less than a 5% down payment, the effective mortgage rate is at its highest level since mid-2009 because loans backed by the Federal Housing Administration now carry higher annual insurance premiums.

Economists say that even at a 4.5% or 5% mortgage rate, housing is still affordable by historical standards. Analysts at Bank of America BAC +1.05% Merrill Lynch note that prices would have to rise by 20% or rates would have to climb to around 6% before housing would look unaffordable. Also, they say that housing demand is shaped heavily by expectations of future affordability. That is, homeowners may be more eager to buy at a 4.5% mortgage rate when prices are rising than they were two years ago, when rates were lower but demand was soft because prices were falling.

But the bad news is that the level of rates may matter less than the speed of any increase. A sharp spike in interest rates—even to a level that is still historically low—represents a large payment shock to home shoppers. Many buyers shop for a home based on their monthly mortgage payment, which just shot up. The monthly payment on a $200,000 home with a 10% down payment just went up by $100 every month, almost a 13% increase. The monthly cost of a $450,000 home just went up by $250.

2. Don’t higher mortgage rates help in the short run by bringing more buyers off the fence? Not really. There’s little evidence that higher rates create new demand, even if they accelerate purchases from households that had already decided to purchase. Pending home sales in May rose sharply by 6.7% from April to their highest level in six years, but that spike could easily be reversed in June and July.

 

Why Home-Price Gains Will Slow Amid Higher Mortgage Rates – Developments – WSJ.

Ramadan fasting isn’t for everyone, Hudson Valley Hospital Center doctor | Waccabuc Real Estate

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As Ramadan begins, Dr. Sadaf Lodhi of the Hudson Valley Hospital Center advises that the Muslim traditional of fasting for the holy month is not for everyone.

Women who are pregnant or breast-feeding, people with serious illnesses that prevent fasting and others are exempt, Lodhi said.

Here’s a release from the hospital:

Fasting not for Everyone on Ramadan

 

OBGYN says those with health concerns are exempt


 

Cortlandt Manor, NY – (July 9, 2013) – Today is the start of Ramadan, a month long holy day celebrated by Muslims worldwide. Dr. Sadaf Lodhi of the Westchester Medical Practice explains the meaning of Ramadan and some health concerns associated with the month-long fast.  

It is that time of year that millions of Muslims anticipate:  the month of Ramadan.  The month of Ramadan is the 9th month in the Islamic Lunar calendar.  It is considered the holiest of months for Muslims and is believed to be the month in which the Quran (Muslim holy book) was revealed to the Prophet Mohammed.   It moves up by approximately 11 days each year and starts with the new moon.

The end of Ramadan is marked by the holiday of Eid ul -Fitr that takes place either 29 or 30 days after the beginning of the month.  Ramadan is a month of fasting and is one of the five pillars of Islam that requires individuals to abstain from eating, drinking, smoking and sexual intercourse from dawn to sunset everyday for thirty days.  Many Muslims use this month as a means for spiritual and physical renewal.

Ramadan teaches:  self-discipline, patience and spirituality.  Muslims try to increase their acts of kindness, charity, prayers, introspection and self-reflection during this month.

Some muslims are exempt from fasting: pregnant or breastfeeding mothers (for fear that the fasting may harm the baby and his/her nutrition), people who are seriously sick(those with chronic condition that does not allow them to fast such as diabetics, the elderly, those who perform very physically tough jobs, travelers or those at health risk should not fast.  Children are required to start fasting once they begin puberty.

This year Ramadan begins on July 9 and ends with the celebration of Eid -ul-Fitr on August 8, 2013 based on the Fiqh council of North America.  To all the Muslims served by Hudson Valley Hospital Center we wish you a blessed and joyous Ramadan.

Ramadan Kareem!  Ramadan Mubarak!

 

Dr. Lodhi is a board-certified OB/GYN physician with the Westchester Medical Practice.  Dr. Lodhi performed her internship at Pontiac Osteopathic Hospital and completed her residency at St. Joseph Mercy – Oakland, in Pontiac, Michigan. She moved to New York in late 2004 and has been a practicing OB/GYN physician since 2005.  Her professional interests include infertility, adolescent health and family planning. Dr. Lodhi speaks Spanish and Urdu, and resides in Westchester County with her husband and 3 children. Call 914-736-6180 to schedule an appointment with Dr. Lodhi.

 

 

Ramadan fasting isn’t for everyone, Hudson Valley Hospital Center doctor advises – Northern Westchester.