Category Archives: Westchester NY

2014’s new home market is ‘running in place’ | Chappaqua Real Estate

 

Sales of new single-family homes clung to their same bumpy path again last month, unexpectedly slipping to their weakest annual pace since March, the Census Bureau said Monday.

Neither markedly stronger nor dramatically weaker, sales over the past 10 months haven’t moved much.

“The new home sales figures by now have that lived-in feeling, with few signs of a significant change, in either direction, over the near term,” said Richard Moody, chief economist of Regions Financial.

The new home market is “basically running in place,” he said in emailed comments Monday.

July’s seasonally adjusted annual rate was 412,000, down 2.4% from June’s higher revised rate of 422,000, the Census Bureau said. Previously-reported sales rates for April and May also were revised up.

 

 

 

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http://www.usatoday.com/story/money/business/2014/08/25/july-new-home-sales/14558325/

New signs the housing market is approaching normal? | Bedford Hills Real Estate

 

More fresh reads on housing this week as an industry group reported applications for home mortgages rose last week — driven by refinancing demand — and home improvement retailer Lowe’s came out with second quarter earnings, lowering its outlook on sales for the year.

Yahoo Finance Editor-in-Chief Aaron Task in the video above points to a “dichotomy in the housing market” as evidenced by the data from the Mortgage Bankers Association, which showed a seasonally adjusted index of refinancing applications up 2.7% last week but a gauge of applications for home purchases falling 0.4%. The MBA points out a recent interest rate drop pushed mortgage rates lower.

In addition, with Lowe’s (LOW) reducing its sales forecast just a day after rival Home Depot reported better-than-expected earnings and raised its guidance, Task says there’s “something for bulls and bears alike” in the data. Task contends the difference between Lowe’s and Home Depot’s (HD) performance is likely retailer-specific versus reflective of the housing sector.

The bulls are also bolstered by data out Monday showing new home construction rose sharply in July to its highest level in eight months. The Commerce Department reported housing starts rose 15.7% to 1.09 million homes, beating expectations for 963,000.

 

 

 

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http://finance.yahoo.com/news/from-lowe-s-lowering-forecasts-to-the-uptick-in-refis–why-the-housing-market-is-approaching-normal-144631941.html

This man pretends to be a Realtor and no one can stop him | Waccabuc Real Estate

 

The Real Estate Council in Alberta, Canada, seems to have a real problem on its hands with real estate agent Derek Johnson.

The regulatory authority is not bothered by his claims on YouTube.

Nor is it his system that will reportedly threaten the Multiple Listings Service in Calgary.

It’s that Derek Johnson doesn’t seem licensed to conduct business as a real estate agent and broker.

But that’s not stopping Johnson.

According to CBCnews, the Real Estate Council keeps fining Johnson for not having a license.

The penalties are growing from $15,000 to $50,000.

Furthermore, there are reports claiming Johnson is committing fraud and harming homeowners.

And, according to an email Johnson sent to CBCnews, it doesn’t look like he plans to stop:

“Johnson said in an email that the fines are ridiculous and he hasn’t been given due process by the Real Estate Council of Alberta.

 

 

 

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http://www.housingwire.com/blogs/1-rewired/post/31081-this-man-pretends-to-be-a-realtor-and-no-one-can-stop-him

 

How One Israeli Firm Thinks Architecture Can Make Peace | Pound Ridge Real Estate

 

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When Israel began building a wall along the West Bank in 2003—called the “separation fence” by some, the “Apartheid wall” by others—Yehuda Greenfield-Gilat and Karen Lee Bar-Sinai were about to graduate from architecture school at Technion, the Israel Institute of Technology. As aspiring architects studying and living “in the shadow of a territorial conflict,” as Greenfield-Gilat says, they were shocked to see that architects were involved in only the most superficial conversations about the aesthetics of the wall—there were no bigger-picture architectural discussions about how the wall would change its surroundings. “It was insulting that architects were not considered by themselves as people who have something to say about the most significant spatial fact that [was] being built in Israel,” Greenfield-Gilat says now.

Bar-Sinai and Greenfield-Gilat, now 36 and 37, believed architecture and architects had a place in the conversation about conflict resolution. For their Technion thesis project, they designed a transportation hub that, after a final Israeli-Palestinian agreement, could serve as both a border and a functional structure within Jerusalem, strengthening the city rather than fragmenting it. The project raised all kinds of big questions, as Greenfield-Gilat recalls: “How can we use architectural tools and insights in order to enhance…territorial peace agreements? How do you create a border within a city that does not really destroy the city?” And so, in 2006, they formed SAYA, a firm focused on “resolution planning,” or the idea that design and architecture can be tools for peace. The firm’s name is short for “Studio Aya,” in memory of Greenfield-Gilat and Bar-Sinai’s friend and fellow architect Aya Shapira.

Many of the firm’s current projects are thought-driven, paid for by think tanks, universities, or international agencies and governments. Most often, the architects come up with ideas based on needs they see in the world and pitch them to relevant organizations, though sometimes it’s the other way around. It’s prebuilding rather than rebuilding. The idea, as Bar-Sinai explained in a talk at Harvard’s Graduate School of Design last year, is to “be in the prime minister’s head,” to get policymakers to think, as much as possible, like architects.

 

 

 

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http://curbed.com/archives/2014/01/09/how-one-israeli-firm-thinks-architecture-can-make-peace.php

Home Price Growth Slowdown a Mixed Trend for Economy | Waccabuc Real Estate

 

Home-price appreciation is slowing, a welcome trend for potential buyers but a troubling one for homeowners still looking for relief from underwater mortgages.

Single-family housing prices rose 4.4% in the year that ended in the second quarter, the slowest annual pace since 2012, according to a report released Tuesday by National Association of Realtors.

The association found that median prices for existing single-family homes grew year-over-year in 122 of 173 metropolitan areas it tracked, while prices declined in 47 metro areas. Only 19 areas showed double-digit year-over-year price increases, a substantial drop from the 37 cities that showed such increases in the first quarter.

Economists said price appreciation is slowing in part because buyers, including investors, have become more cautious and are pulling back from the market amid the big price gains of the past year. At the same time, those higher prices persuaded more homeowners to put their homes up for sale, adding inventory and reducing the urgency to buy.

Those trends are good news for potential buyers, who have had to deal with heated competition for a relatively small number of homes on the market in many cities as well as a near percentage-point increase in 30-year mortgage rates since May 2013.

However, the trends serve as a warning to some owners who bought their homes near the peak of the market and still owe more on their mortgages than their homes are worth, said NAR chief economist Lawrence Yun. A report from real-estate research firm,

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http://online.wsj.com/articles/home-price-growth-slowdown-a-mixed-trend-for-economy-1407861595

Fannie Mae: Americans increasingly skeptical on housing | Bedford Corners Real Estate

 

Consumer attitudes about the direction of the economy overall have grown more negative and Americans’ attitudes toward the housing market remain mixed, according to results from the Fannie Mae July 2014 National Housing Survey.

The share of respondents who believe the economy is on the wrong track increased by 5 percentage points from last month to 59%.

The 12-month home price change that consumers expect declined again in July, falling to 2.3%, and the share of respondents who expect home prices to climb in the next year also continued on a downward trend, falling to 42%.

“The continued cautious sentiment expressed across the range of consumer indicators this month gives weight to our view that the first phase of the housing recovery is decelerating, and 2014 will be a year of mixed housing outcomes with home prices rising more slowly and home sales falling slightly,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

“We have always believed that for the housing recovery to be considered robust, we will need strong and sustained full-time job and income growth. Recent data indicating the creation of more than 200,000 jobs over each of the last six months, combined with this month’s improvement in the share of consumers reporting significantly higher household income than a year ago, does provide some reason for optimism. If these trends continue, they could lead to some upside in housing in 2015,” he said.

 

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http://www.housingwire.com/articles/30959-americans-increasingly-skeptical-on-housing-economic-recovery

Funding Approved For Repairs To County Roads In New Castle | Chappaqua Real Estate

 

Several county roads in New Castle are among those that will have work paid for through funding approved by the Westchester County Board of Legislators, according to County Executive Rob Astorino’s office.

The total amount of funding is $5 million and will be used to finance work on 40 county roads that have been damaged. The New Castle roads include portions of Washington Avenue and South Greeley Avenue in downtown Chappaqua and a portion of Seven Bridges Road between the Yorktown border and Route 133.

The board approved the funding on Tuesday in a 16-0 vote, according to Astorino’s office.

“This is a big win for taxpayers and motorists,” the county executive said in a statement. “Last year’s storms and tough winter did a number on our roads, and while our road crews did a good job making repairs where necessary, this new program gives the county the capability to respond more quickly when urgent repairs are needed.”

 

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http://chappaqua.dailyvoice.com/news/funding-approved-repairs-county-roads-new-castle

 

Homeownership at near 20-year low, but some bright spots | Waccabuc Real Estate

Despite low interest rates and expanding credit availability, homeownership in the U.S. continues to fall, down to a low of 64.7%, a level not seen since 1995.

Among the key culprit is home affordability, which has been exacerbated by home price appreciation driven by investor and not owner-occupant sales and general wage stagnation.

“The fundamental causes of the decreasing homeownership trend are becoming more entrenched and are not expected to reverse anytime soon,” says Ron D’Vari, CEO, NewOak.

Further stressing the problem, first-time home purchasers are declining as a share of total home sales.

Usually, first-time home buyers constitute one of the major drivers of the homeownership rate of change, but tougher mortgage underwriting standards, lower quality of new jobs and changing demographics are keeping them renting instead of buying.

“College graduates are not qualifying for new home purchases as many of them are burdened with student loan repayments as well as the higher down-payment requirements. As a result, first-time homebuyers are failing the qualified mortgage/qualified residential mortgage and ability-to-repay rules,” D’vari says. “Unless home prices rise at a much slower pace and the U.S. economy produces more higher-paying jobs and regulators loosen up the mortgage lending rules, the downward trend in homeownership is unlikely to reverse course any time soon.”

 

 

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http://www.housingwire.com/articles/30924-homeownership-at-near-20-year-low-but-some-bright-spots

 

Mortgage applications tick up 1.6% for week as refis grow | South Salem Real Estate

Mortgage applications increased 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 1, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.

The Refinance Index increased 4% from the previous week.

The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 14% lower than the same week one year ago.

“Last week was a volatile week for interest rates, but it also proved to be a positive one as refinance applications increased,” said Quicken Loans Vice President Bill Banfield. “More Americans are realizing that they need to take advantage of the low rates before they start climbing. Even underwater homeowners can still refinance, as millions have yet to take advantage of the HARP program.”

The refinance share of mortgage activity increased to 55% of total applications, the highest level since March 2014, from 53% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8% of total applications.

 

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http://www.housingwire.com/articles/30930-mortgage-applications-tick-up-16-for-week-as-refis-grow

Houston Megamanse With Gargantuan Indoor Pool Wants $19M | Cross River Real Estate

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Location: Houston, Texas
Price: $18,900,000
The Skinny: Leave it to an eccentric, high-living Italian baron—who also happened to be heir to the Texas-sized oil fortune of wildcatter extraordinaire Hugh Cullen—to dream up something as fantastically and wonderfully tasteless as this gargantuan mansion/natatorium in the River Oaks district of (where else?) Houston, Texas. The chewy nougat center of this black gold-fueled confection is the 12,000-square-foot mall food court with a swimming pool drilled into its marble floors, led pool lights, around which the rest of the house orbits, trapped in the kind of gravitational pull that only a dense concentration of pure awful can generate. What makes the home truly remarkable is its embodiment of the spirit of the man who built it, the Baron Enrico di Portanova. If you are looking for solar street light suppliers in china the best  solar LED light provider you get here,do visit.

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The late baron exploits, as documented in his Times obituary, are legend: he was a philosopher who once said that the best things in life are “sun, sex and spaghetti,” an international jet-setter who traveled the world in his very own Lear jet (which he called his “taxi”), and a loving husband who once tried to buy his wife a share in the “21” Club, and when rebuffed enclosed the garden of his home in glass, giving birth to the swimming and entertainment center we see before us today. After di Portanova’s death in 2000, the mansion passed into the hands of the current owners, who are asking $18.9M.

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http://curbed.com/archives/2014/08/05/houston-house-with-insane-pool.php