Category Archives: Westchester NY

Luxury Dips While Mid-tier Zips | Cross River Real Estate

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Call it poetic justice.  While median home prices continue their upward climb, in the third quarter luxury prices stumbled and fell for the first time in over three years.  Redfin reported prices of luxury homes fell 2.2% on a yearly basis, while prices for the rest of the market rose 3.8 percent in the same period.  (Luxury homes are defined by Redfin as the priciest 5% of all homes.)

The Institute of Luxury Home Marketing (ILHM)  reported a similar dip in July and August in its weekly market report.  But prices picked up in the fall to reach $390 a square foot, only to fall with the advent of Thanksgiving and the holiday season.  Currently ILHM reports the median luxury price to be $1,406,319 and the market definitely favors buyers over sellers. Properties in its survey have been on the market for an average of 156 days, (ILHM’s survey tracks homes listed for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.)

Though Redfin compared luxury price trends to market medians, Nela Richardson, Redfin’s chief economist, recognized how different the luxury is from the rest of real estate.

“High-end buyers are usually not weighed down by rates, mortgages or competition from other buyers, but they do look for deals,” she said in a news release. “It’s a bellwether of slowing price growth for the rest of the market.”

2015-12-08_15-23-20Redfin reported a dramatic divergence and luxury price trends from the rest of the market in the third quarter.

It’s also the most difficult segment of the market to track due the tendency for as many as a third of all sellers in high cost areas to market through pocket listings that keep their homes off the MLSs and the preponderance of 12 nondisclosure states that limit the disclosure of sales prices.

Redfin said luxury home prices fell at the sharpest rate in Scottsdale, Ariz. and Boca Raton, Fla. Both saw 15% declines on a yearly basis. Fort Lauderdale, Fla., reported a 14% decline. Redfin speculated that the declines in Boca Raton and Fort Lauderdale were due to a wave of luxury condos hitting the market at the same time. Washington, D.C.; Denver; Delray Beach, Fla.; and Bend, Ore., all saw double-digit increases in luxury home prices in the same third quarter.

2015-12-08_15-37-42ILHM reported prices dipped in the summer but rebounded before Labor Day, and now are down again with the advent of the holidays.

 

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http://www.realestateeconomywatch.com/2015/12/luxury-dips-while-mid-tier-zips/

Existing home sales down 10.5% in November | Waccabuc Real Estate

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Sales of existing homes fell short of expectations in November, hitting the slowest sales pace in 19 months after new mortgage rules hit the market, realtors said.

Existing home sales fell 10.5 percent to 4.76 million homes in November, the National Association of Realtors said Tuesday.

Analysts polled by Thomson Reuters expected to see existing home sales in November hit 5.35 million units, about the same as the 5.36 million the previous month.

The sales represent a 3.8 percent year-on-year decline for the indicator, a barometer of the American real estate market.

The Midwest led declining sales, seeing a 16.4 percent drop in sales of existing homes, followed by the West at 13.9 percent and the Northeast at 9.2 percent.

The median home prices was $220,300, up 6.3 percent from this time last year. Inventories are currently at 5.1 month supply of homes, tighter that the 6 months considered balanced.

 

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cnbc.com

Senior Housing Costs Soar | Bedford Hills Real Estate

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Households headed by adults age 65 or older devoted a quarter of their 2013 income to housing, which includes spending on mortgage interest, rent, property taxes, maintenance, repairs, homeowners’ and renters’ insurance, and utilities.

Older households are more than three times as likely as younger households to own their homes free and clear (58 versus 17 percent). Yet, the lack of a mortgage doesn’t reduce their housing costs much because they still have to pay property taxes, maintenance, repairs, insurance, and utilities. In fact, those costs combined make up more than half of what older households with mortgages spend on housing.

Housing doesn’t eat up much more of household budgets for older adults than for adults younger than 65, who allocated 21 percent of their 2013 income to housing. What’s surprising, though, is that seniors spend so much on housing even when they aren’t saddled with mortgages.

Older homeowners without mortgages spent 18 percent of their 2013 income on housing, including 8 percent on utilities, 5 percent on property taxes, and 5 percent on maintenance. Older renters spent much more of their income—43 percent—on housing because their incomes, on average, were half as much as homeowners without mortgages. This share is well above the 30 percent cutoff commonly used to identify burdensome housing costs.

2015-12-02_9-20-12

Low-income seniors spend an even larger share of their income on housing. Nearly 7 million adults age 65 or older receive incomes below 125 percent of the federal poverty level, a reliable indicator of inadequate income. They spent a staggering 74 percent of their income on housing in 2013. Those with more income but less than 200 percent of the federal poverty level devoted 41 percent of their income to housing.

 

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http://www.realestateeconomywatch.com/2015/12/even-without-mortgages-senior-housing-costs-soar/

Mortgage rates average 3.95% | North Salem Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate ticking slightly higher on a better than expected November employment report.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.6 point for the week ending December 10, 2015, up from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 3.19 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.5 point, up from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 2.98 percent.
  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.2 point, up from 2.61 percent last week. At this time last year, the 1-year ARM averaged 2.40 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM. Additionally, the regional breakouts will not be provided for the 30-year and 15-year fixed rate mortgages, and the 5/1 Hybrid ARM.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The economy added 211,000 new jobs in November exceeding analysts’ expectations, and the prior two months were revised higher as well. This momentum is likely to cement a decision by the Fed to begin raising interest rates this month. Following the release of the employment report, Treasuries rose 7 basis points and in response the 30-year mortgage rate ticked up two basis points to 3.95 percent.”

October Gains for Residential Construction Spending | Waccabuc Real Estate

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NAHB analysis of Census construction spending data shows that total private residential construction spending for October increased to a seasonally adjusted annual rate of $399 billion. On a month-over-month basis, private single-family spending was $226 billion, up by 1.6% over the revised September estimate. Private multifamily spending increased to $58 billion, up by 1.4%.

Annually, the pace of multifamily spending rose 28% from the October 2014 estimate, and spending on single-family construction was 11% higher.

The NAHB-constructed spending index, which is shown in the graph below (the base is January 2000), indicates that recent gains have been driven by the steady increase in multifamily construction spending. The pace of the multifamily spending is gradually slowing. The monthly growth rate of multifamily construction fell to 1.4% in October from relatively higher rates in August (8%) and September (6%). NAHB anticipates accelerating growth for single-family spending in 2015.Slide1

The pace of total nonresidential construction spending increased by 1% monthly in October, and the annual increase from the revised September 2014 estimate was 11%. The largest contribution to this year-over-year nonresidential spending gain was made by the class of manufacturing-related construction (41% increase), followed by lodging (30% increase) and amusement/recreation (24% increase).

Slide2

 

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http://eyeonhousing.org/2015/12/october-gains-for-residential-construction-spending/

Mortgage rates average 3.95% | Cross River Real Estate

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Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining slightly leading up to the Thanksgiving holiday. The average 30-year fixed rate mortgage hasn’t risen above 4 percent since the week of July 23rd of this year, which is helping homebuyer affordability in the face of rising house prices due to low levels of inventory in many markets.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.7 point for the week ending November 25, 2015, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.17 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.01 percent.
  • 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.3 point, down from 2.64 percent last week. At this time last year, the 1-year ARM averaged 2.44 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM. Additionally, the regional breakouts will not be provided for the 30-year and 15-year fixed rate mortgages, and the 5/1 Hybrid ARM.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“In a quiet week leading up to the Thanksgiving holiday, the 30-year mortgage rate dipped 2 basis points to 3.95 percent. Economic releases over the last week contained no major surprises, and none are expected in the next few days. The year is winding down, and the only remaining market dates of note are December 4 — the last employment report of the year — and December 15-16, the long-awaited FOMC meeting.”

Custom Home Building Flat | Bedford Corners Real Estate

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NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates that the number of custom home building starts (homes built on an owner’s land, with either the owner or a builder acting as the general contractor) posted a slight increase on a year-over year basis as of the third quarter of 2015.

Over the last four quarters, there were 157,000 construction starts of custom homes, compared to 154,000 for the four quarters prior that began with the fourth quarter of 2013.

Note that this definition of custom home building does not include homes intended for sale, so this analysis uses a narrow definition of the sector.

As measured on a one-year moving average, the market share of custom home building in terms of total single-family starts is now 22.2%, down from a cycle high of 31.5% set during the second quarter of 2009.

custom bldg_3q15

The onset of the housing crisis and the Great Recession interrupted a 15-year long trend away from homes built on the eventual owner’s land. As housing production slowed in 2006 and 2007, the market share of this not-for-sale new housing increased as the number of starts declined. The share increased because the credit crunch made it more difficult for builders to obtain AD&C credit, thus producing relatively greater production declines of for-sale single-family housing.

 

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http://eyeonhousing.org/2015/11/custom-home-building-flat/

Round Homes | Armonk Real Estate

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The oldest forms of indigenous shelter were often round in shape. (Think the Southwest USA Hogan,Mongolian Yurt, North American Teepee and the Greek Tenemos, among others.) Why did our ancestors choose to build round? Because the ovid shape — eggs, earth, tree trunks, and stones — is what they saw reflected in the surrounding natural environment. And, as usual, Mother Nature knows best. There is some nifty natural science that makes round buildings more comfortable, more energy-efficient and safer — especially if you combine the ancient shape with modern materials!

circular building, yurt, round home, mandala home, wood panel round house

Wind and tsunami waves move naturally around a round building rather than getting caught at (and potentially ripping off) corners. A rounded roof avoids ‘air-planing’- a situation where a strong wind lifts the roof structure up and off of the building.

There are dozens of interconnected points in a round home. These are sites where builders can connect parts of the building together. In the olden days, the connecting materials were rope, vine and hides. Modern materials are  engineered components- like a center radial steel ring,  steel brackets,Seismic and hurricane ties, bolts and steel cables. These connect the structural pieces and give the building a unique combination of flexibility and strength- qualities which causes them to be significantly safer in severe weather conditions like earth quakes, extreme winds and heavy snow­fall.

hurricane ties, roof trusses for round roof, engineered scissor trusses, simpson ties

The roof structure incorporates a unique architectural design that has its origins in the mountain steppes of Central Asia. Roof trusses meet in a center ring, producing inward and outward pressure which holds the roof in a state of compression. In modern round buildings using the ancient Yurtdesign, 1-3 airplane grade steel cables circle the outer perimeter where the trusses meet the wall and hold the natural outward thrust. Because of this combination of a central compression ring at the top of the roof and the encircling cables where the roof meets the walls, long roof spans are possible without any internal support system (like beams or posts). The interconnected tension in the building goes all the way to the ground and uses gravity and compression to hold it together with incredible strength.

The natural ther­mal dynam­ics of open-at-the-top architecture round space uses no external energy to circulate temperature. It works like this; heated air naturally rises till it reaches the insulated ceiling, it moves up the domed ceiling till it reaches the center skylight, which is cooler, the air reacts by dropping to the floor where it moves across to the walls and rises again till it meets the skylight and drops again. This action constantly circulates the air and temperatures in the home.
building round houses, round home construction, less waste

Round buildings use less wall, floor and roof mate­ri­als to enclose the same square footage as a rec­tan­gu­lar struc­ture.  15 to 20% less mate­r­ial is used to cre­ate the same square foot build­ing com­pared to a rec­tan­gu­lar design! This means the possibility for a smaller eco-footprint and more living space for less cost. It also means less sur­face area in con­tact with adverse weather con­di­tions, which improves the over­all dura­bil­ity and energy effi­ciency of the home.

The acoustics of round space can be out of this world. The curve soft­ens the sounds inside the build­ing mak­ing it the per­fect place for rest and reflec­tion or for social­iz­ing and lis­ten­ing to and play­ing music (…think long winter evenings of storytelling around the central fire….) The shape also pre­vents noise from pen­e­trat­ing in from the out­side. Sound waves dis­si­pate as they wrap around the build­ing, shield­ing the interior from loud out­side noise.
modern day yurt, circular house, round buildings,

Our ancestors also understood a round home quality that is less measurable than the intelligent use of energy, the clever space allocation and the powerful and natural movement of air and sound. David Raitt, yurt builder, describes it “Circular living provides a balance of looking inward and outward, looking out at the natural environment and surroundings but then coming in again to the self and the hearth.”  You might call it curve appeal.

Affordable Housing Victory for Westchester | Mt Kisco Real Estate

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Another Affordable Housing Victory for Westchester

Westchester won another victory Thursday in the ongoing affordable housing settlement with the federal government when U.S. Magistrate Judge Gabriel W. Gorenstein ruled that the county had provided financing for enough units to meet its 2014 benchmark.

The ruling further states that there was no basis for the county to be held in contempt. Thursday’s decision follows a September victory where a federal appeals court found that the county had not discriminated as it relates to affordable housing.

“This is another win for our residents,” said County Executive Rob Astorino in a statement. “From the beginning, the county has worked hard to comply with the terms of the settlement. But we have also stood firm against overreaching by the federal government to force the county to do things that are not in the agreement. The magistrate’s decision clearly shows that the county has met its obligations and that the federal government’s contention of contempt was wrong and without legal merit or justification.”

From an Astorino press release on the ruling:

The latest ruling centers on 28 units of affordable housing being developed in New Castle under the name Chappaqua Station. The units are part of the 2009 affordable housing settlement reached between the federal Department of Housing and Urban Development and the administration of former County Executive Andrew Spano. Under the terms of the agreement, the county must ensure the development of 750 units of affordable housing in 31 mostly white communities by the end of 2016.

The settlement also calls for the county to meet annual benchmarks. By the end of 2014, the county had to have 450 units with financing in place. In November of 2014, the Westchester County Board of Legislators approved financing for the Chappaqua Station project, putting the county over the benchmark by four units. However, the federal monitor assigned to the case, James Johnson, who serves at the pleasure of HUD, and the Department of Justice claimed the units should not count because the financing was “subject to” the development receiving all the necessary approvals. Not counting the units would have left the county 24 units short.

However, U.S. Magistrate Judge Gabriel W. Gorenstein dismissed the federal government’s contention, saying the 28 units “should be counted.” “The record is devoid of evidence that the inclusion of this [‘subject to’] provision makes the financing any less available for the Chappaqua Station development,” wrote Judge Gorenstein.

The magistrate also sided with the county on the contempt issue, saying the federal government had failed to meet the standard for showing such a charge was warranted. The county argued successfully that its behavior had to be measured against what the settlement actually says, not what the Monitor claimed it said in his report.

“We cannot conclude on the current record that the Settlement language was clear and unambiguous … such that the County could be held in contempt for not taking the additional actions stated in the Report.”

Astorino said the ruling was critically important for showing once again that the county has been complying with the terms of the settlement. In September, the U.S. Court of Appeals for the Second Circuit gave Westchester a resounding victory when it declared that “there has been no finding, at any point, that Westchester actually engaged in housing discrimination.” That finding by the nation’s second highest court clearly repudiated the allegation that Westchester’s zoning laws are discriminatory and exclusionary.

“The federal government has tremendous power and can do tremendous damage to the reputations of people and institutions simply by throwing out charges like contempt even if they are later found to be baseless,” said Astorino. “The U.S. magistrate’s ruling corrects the false narrative by the federal government that Westchester County has done anything wrong with respect to implementing the housing settlement.”

For 2015, the county has already surpassed its 600-unit benchmark for financing with 635; and has 466 units with building permits, 59 short of the goal with 101 applications pending.

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http://patch.com/new-york/newrochelle/

Mortgage Rates average 3.97% this week | South Salem Real Estate

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Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged as analyst expectation turned from world events to the Federal Open Market Committee’s (FOMC) October minutes.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.6 point for the week ending November 19, 2015, down from last week when it averaged 3.98 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, down from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 3.01 percent.
  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.3 point, down from 2.65 percent last week. At this time last year, the 1-year ARM averaged 2.44 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM or the regional breakouts for the 30-year and 15-year fixed rate mortgages, or the 5/1 Hybrid ARM