Tag Archives: #ArmonkNY

Rising Rents are Backfiring | Armonk Real Estate

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A new survey by Freddie Mac finds that soaring rents are not turning renters into homeowners, but actually delaying homeownership for many.

Of those who experienced a rent increase in the past two years, 70 percent would like to buy a home but cannot afford to at this point. Half (51 percent) said that they now have to put off their plans to purchase a home. Some 44 percent indicated they’d like to buy a home and have started looking.

“We’ve found that rising rents do not appear to be playing a significant role in motivating renters to buy a home,” said David Brickman, EVP of Freddie Mac Multifamily. “This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home. We believe rising rents are primarily a sign dsof increased demand rather than a signal that home purchases will be increasing.”

Brickman added, “Growth in the number of renter households is occurring amid an improving job market and economy. The demand for rental housing is increasing and an estimated 440,000 new apartment units are needed each year to keep up with demand.”

Rents rose 3.6 percent in 2014 and are expected to rise 3.4 percent above inflation this year. More than one-third of U.S. households now rent their homes, and renters account for all net new household growth over the last several years, according to the U.S. Census Bureau.

More than a third (38 percent) of renters who have lived in their home two years or more experienced a rent increase in the last two years, while 6 percent experienced a decrease.

A third of renters in the survey are very satisfied with their rental experience and another 30 percent indicate they are moderately satisfied.  The top favorable factors about renting are freedom from home maintenance, more flexibility over where you live and protection against declines in home prices.

Moreover, the results show some shared positive views across generations with no significant differences between Millennial, Generation X or Baby Boomer renters in their views that renting provides flexibility over where you live and protection against home price decline.

 

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http://www.realestateeconomywatch.com/2015/05/

House Price Appreciation Moderates | Armonk Real Estate

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The Federal Housing Finance Agency (FHFA) recently released the House Price Index (HPI) data for February, 2015. Figure 1 shows the House Price Index (HPI) data from January 1991 to February 2015. The annual growth rate is also presented in Figure 1.

Figure1

House price appreciation has been volatile but averaged approximately 5% from 1991 to 2003 prior to the housing boom. Appreciation accelerated after 2003 and house prices rose rapidly through 2005 with annual growth of reaching 10%. Beginning in 2006, the rapid house price growth reversed with price appreciation slowing sharply and turning negative by 2007. House price declines slowed after 2008 but the annual growth rates didn’t turn positive until 2012. Since turning positive house price growth rates have recovered returning to the roughly 5% average that was the norm before the boom.

The trend line shows that house prices have declined from their boom-inflated peaks, recovered some of the lost value from the bust, and are now in line with where the trend was headed before the boom and bust cycle, suggesting that current levels and rates of growth are sustainable.

 Figure2

Figure 2 provides a more geographically detailed analysis, looking at house price appreciation in the nine Census divisions. Regionally, eight of the nine Census divisions posted positive growth for the month of February and all were above year ago levels.  All nine divisions have seen substantial price growth since hitting their respective troughs.

It should be noted that among the four divisions with the greatest cumulative growth, including Pacific, Mountain, West South Central, and South Atlantic, three of those included bubble states that fell the farthest during the housing bust (California, Nevada, Arizona and Florida). The stronger than average cumulative growth is a reflection of partial price recovery after deep losses, rather than inherent strength. In contrast, the above average cumulative growth in the West South Central division reflects inherent strength in the housing market. This division includes Texas, Oklahoma, and Louisiana, where the local economies benefited from the strong performance of the energy sector, but also avoided much of the housing boom excesses experienced in other areas.

The Home Price Index data reported by the Standard and Poor’s/Case-Shiller shows the same house price dynamics as the FHFA index. The Case-Shiller index shows the steady growth before the boom, the acceleration and subsequent price declines, and the more recent return to more normal and sustainable growth rates.

 

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http://eyeonhousing.org/2015/04/house-price-appreciation-moderates/

Armonk Zero Waste Day | Armonk Real Estate

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ZERO WASTE DAY

 Saturday, April 25  9:00 am – 3:00 pm

(rain or shine) 

Behind Town Hall

15 Bedford Road, Armonk

E-Waste 

Used Motor, Antifreeze and Cooking Oil –

Paper Shredding 

Scrap Metals 

Household Furniture 

Spring & Summer Clothing and Linens

Adult & Children’s Bicycles 

Dog & Cat Supplies 

ZWD volunteers will help unload your donations.

~~~~

TOWN CLEAN UP DAY

 Sunday, April 26  9:00 am – 3:00 pm

 

Help pick up roadside trash and recyclables 

 

Contact: CleanUpNorthCastle@gmail.com

 

Pick Up bags & Safety Vests at 

Town Hall, Community Center NWP, and Banksville Firehouse

Recent Homeownership Developments in the U.K. | Armonk Real Estate

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Declines in homeownership rates are not just a concern in the U.S. In fact, homeownership declines in the U.K. have been relatively larger for younger households than the impacts experienced here.

In the U.S., the homeownership rate for 25 to 34 year olds fell from 42.2% at the end of 2003 to 35.8% at the end of 2014, according to data from the Census Bureau’s Current Population Survey/Housing Vacancy Survey.  In the UK, homeownership declines have been even more dramatic. Among households aged 25 to 34, the homeownership rate fell from 59% in 2003 to 36% in 2014 according to the data reported in the Economist magazine.

For the population as a whole, the U.S. homeownership rate declined from 68.3% in 2003 to 64.5% in 2014. Again, the decline in the UK for the total population has been more significant. According to The Economist, the U.K. homeownership rate has fallen from a peak of 71% in 2003 to 63% in 2014.

Consequently, for the first time in the U.K., a larger share of households owned their homes mortgage-free (33%) compared to those holding a mortgage (31%). In the U.S., approximately 20% of total households (approximately one-third of homeowners) own their homes free-and-clear of a mortgage.

In the U.S., tight credit requirements continue to make obtaining a mortgage difficult for first-time buyers. In the U.K., the challenge for first-time buyers has generated an ambitious plan to build cut-price “starter homes.”And the British government has proposed a tax benefit linked to saving for a downpayment on certain home purchases. Under the proposal, the government will match monthly savings for a first-time home purchase by 25%, up to 3,000 pounds of tax benefits.  The bonus will be available on home purchases of up to 450,000 pounds in London and up to 250,000 pounds outside of London. The consensus to date is that there has been little impact so far from these help-to-buy plans for first-time buyers.

It is also worth noting that the U.K. phased out its version of the mortgage interest deduction over a number of years, ending in 2000.

However, it is always important to remember that international comparisons of housing variables, like homeownership, are made difficult by not just differences in tax and finance policy, but also more fundamental differences in demographics, property law, and even cultural preferences.

 

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http://eyeonhousing.org/2015/04/recent-homeownership-developments-in-the-u-k/

Mortage Rates Move Down as We Head Into Spring | #Armonk Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down across the board. The average 30-year fixed mortgage rate continues its run below 4 percent — a good sign for the spring homebuying season.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.6 point for the week ending March 19, 2015, down from last week when it averaged 3.86 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year FRM this week averaged 3.06 percent with an average 0.6 point, down from last week when it averaged 3.10 percent. A year ago at this time, the 15-year FRM averaged 3.32 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.02 percent.
  • 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.49 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.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“The average 30-year fixed mortgage rate fell to 3.78 percent this week following mixed housing data. Housing starts dropped 17 percent to a seasonally adjusted pace of 897,000 units, below market expectations. However, housing permits increased 3 percent in February. As we head into spring, home builders remain positive about home sales in the near future although the NAHB Housing Market Index dropped another 2 points to 53 in March.”

Williamsburg’s New Rental Has Nice Views But Tiny Apartments | Armonk Real Estate

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After a tipster complained about the size of the units in the newly launched third Northside Piers tower, 1 North 4th Place, officially known as 1N4th, we were invited inside the brand new Williamsburg waterfront rental tower to take a look for ourselves. And while, yes, the units are indeed small (they’re rentals, after all), and expensive, they are also as advertised, containing condo-quality finishes, and, possibly more importantly, access to the building’s many amenities. There’s an enormous lobby as befits a building of this size (there are 509 units in total, 20 or so of which already have residents) with multiple lounging areas, a kitchenette, and a meeting room; a bike room with storage space for more than 250 bicycles; an approximately 3,000-square-foot gym; and more, as you will discover on the rest of the tour.

  • The units feature a variety of different kitchen layouts. This is the most open one, as it’s tucked into a corner of the living area.
  • The highly touted views live up to the hype, as you’ll soon see in greater detail.

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http://ny.curbed.com/archives/2015/03/10/williamsburgs_new_rental_has_nice_views_but_tiny_apartments.php

Mortgage Rates Up Again | Armonk Real Estate

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Fredie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher amid solid housing data on new home sales and house price appreciation. Regardless, fixed-rate mortgages rates still remain near their late May, 2013 lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending February 26, 2015, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
  • 15-year FRM this week averaged 3.07 percent with an average 0.6 point, up from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.05 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.52 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 the Regional and National Mortgage Rate Details and Definitions. Borrowers may

‘Ultra-Luxury Treehouse’ Outside Nashville | Armonk Real Estate

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Location: Nashville, Tennessee
Price: $3,500,000
This 8,120-square-foot modern mansion with a cantilevered prow was built to the specifications of the late Marvin Runyon, a Tennessee business exec who served as U.S. Postmaster General from 1992 to 1998, and according to a short item in Luxury Portfolio International, those specifications were exact. Ms. Atkinson tells the author “it must have taken the mason six tries to stack the stones in a pattern that was just right.” So interested parties can be assured that these limestone walls weren’t haphazardly dry-stacked.

“In essence, it’s an ultra-luxury treehouse capturing a different scene each season,” says architect Seab Tuck, who is said to have met with the Atkinsons “every Saturday morning for three years,” and whose firm, Tuck-Hinton, also designed the extension to the Country Music Hall of Fame. (The very same extension which now contains the Taylor Swift Education Center.) These season-capturing capabilities are abetted by a “two-story sunroom” that, with windows thrown open, can act like a screened-in porch.

The layout, Tuck explains, “is very contemporary, but while most people expect stark white tones, we offset it with soft, natural materials to create a very rustic feel.” Noteworthy material applications include floors of Chinese slate and reclaimed “heart-of-palm wood,” steel-framed walls of glass, and exterior cladding of black-stained cedar, for the outdoor space the Legacylt company   https://legacylt.com/east-texas-land-clearing/ clears your land.

According to Ms. Atkinson, she and her husband wanted “a home where we could entertain, but also one that was comfortable with only two people in it.” The two guest suites are apparently removed enough from the shelf-lined master suite to make it feel like “it’s almost two separate homes.” Both are guarded by a terracotta warrior stationed in the entryway

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http://curbed.com/archives/2015/02/12/tuck-hinton-nashville-home-for-sale.php