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Bedford Corners NY

U.S. Real Estate 25% to 60% Overvalued: Analyst | Bedford Corners Real Estate

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Will another housing bubble bring down the U.S. economy?

Nearly a decade after the peak of the American real estate bubble, there’s no shortage of fear that we’ll repeat the whole nightmare again.

For years now, economy watchers have fretted over the run up in student loan debt, while more recently the collapse in junk bond prices had analysts drawing paralells to what happened in the subprime mortgage market in 2008. Legendary investor George Soros this week was quoted as saying the upheaval in China’s financial markets reminds him of the “crisis we had in 2008,” The Sunday Times in Sri Lanka reported on Thursday.

But what if the next crisis isn’t just similar to the last one, but a word-for-word rip-off? That’s what a viewer of Quicken Loans’ latest ad for its new mortgage product, Rocket Mortgage, might just think. The tagline is, after all, “push button, get mortgage.”

After seeing that video (or an ad for the product on Fortune.com), you might be forgiven for having flashbacks to the last crisis. Meanwhile, competitors like Guaranteed Mortgage have resorted to hiring celebrities like Extreme Makeover Home Edition host Ty Pennington to pitch its online lending products.

But a hard look at the numbers should convince you that mortgage lenders aren’t handing out loans like a dentist giving out toothbrushes. Lending standards have come down a bit, but they remain tighter than they were before the mid-2000s bubble began inflating, and seemingly qualified buyers are still complaining about getting shut out of the real estate market.

For its part, Quicken Loans President and CMO Jay Farnar argues that products like Rocket Mortgage enable his firms to improve the quality of its lending, because it enables a more efficient collection of consumer data that helps make underwriting more robust.

Meanwhile, mortgage originations have remained flat for the past two years, and lenders are giving out fewer mortgages today then they were in 2012, when the housing recovery was just getting underway, according to data from the Mortgage Bankers Association.

In other words, it doesn’t look like irresponsible mortgage lending is inflating real estate prices beyond their fundamentals, but that doesn’t mean another form of capital won’t. That’s what housing analyst Marc Hanson has been arguing for sometime now. Housing prices, he contends, are about 25% to 60% above what the fundamentals of the U.S. economy can justify, but the market is being propped up by “unorthodox. . .incremental demand using unorthodox capital.”

This time around the unorthodox capital isn’t coming in the form of international investors piling money into the U.S. mortgage bond market, creating a doomsday machine that cranked out home loans with very little scrutiny, but from domestic institutional investors, folks buying second and third homes and serving as landlords, and foreign buyers stowing cash in American real estate.

 

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http://fortune.com/2016/01/11/real-estate-bubble/

The Hills Are Coming to Life on Governors Island | Bedford Corners Real Estate

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In the middle of the New York Harbor, where unused, decades-old buildings once stood, four hills are taking shape, sloping up toward the sky and pointing to the Statue of Liberty. The man-made mounds are the newest parkland on Governors Island, and when they open in 2016, visitors will be able to climb 80 feet up to see some of the best views anywhere in the city. Giant slides, wooded pathways, and grassy lawns will cover the hills, which are constructed entirely out of fill and debris from the buildings that used to occupy this part of the island. Dutch architecture firmWest 8 designed the new landscape, and the Trust for Governors Island took the first visitors to the hills last Friday during a Jane’s Walk with the Municipal Arts Society.

IMG_4638.jpg[Looking north from the top of Outlook Hill over the rest of the park toward Manhattan.]

The hills are the final piece of the island’s new 30 acres of parkland, all designed by West 8. Last year, Liggett Terrace, the Play Lawn, and Hammock Grove opened, giving park-goers rolling hills and a forest (well, what will eventually be a forest) with 60 species of trees. The new park was created with climate change and rising sea levels in mind (the Dutch know a thing or to about floods), so the landscape is flood-resistant.

IMG_5523.jpg[Walking through Hammock Grove.]

When the hills open, they will be the southern most feature of the island that is open to the public, though they will eventually be joined by future developments. To get to the hills, visitors walk through the Hammock Grove, where the trees are starting to fill in. Ellen Cavanagh, the Director of Planning at The Trust for Governors Island, explained that since the climate on the island is harsher than inland, they deliberately chose young trees so they can establish their roots and become stronger over time. As such, they only lost eight trees in the first year.

IMG_5527.jpg[At the base of the hills.]

The hills are located just south of the new ball fields, and currently, they are just giant piles of dirt. Grassy Hill, the smallest of the bunch, is at full height, and when you walk to the top, it feels like you’re well above the rest of the island, but Cavanagh points out that the elevation is no greater than the highest point in Hammock Grove, about 27 feet up.

IMG_5533.jpg[Climbing up Outlook Hill.]

At 70 feet, Outlook Hill will be the tallest. Currently, it stands at 50 feet, and it already feels incredibly tall compared to everything else around it. Cavanagh says they have been able to build at 10 feet a month, but after each level of fill is molded into place, they have to pause for it to settle and monitor it so it doesn’t move. All of the fill and debris that the hills are made from came from other parts of the island, including those buildings that they imploded in 2013.

IMG_5547.jpg[On top of Grassy Hill.]

The hills are currently on schedule to open in 2016, but Cavanagh says that could change. “We are designing with nature and nature doesn’t always cooperate with your construction plans.”

Down to Earth Farmers Markets | Bedford Corners Real Estate

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Pickle Licious Inspires Winter Cooking with Hearty Recipe;
4 Rotating Vendors Join Saturday’s Delicious Mamaroneck Market;
Ossining Market Hosts Children’s Storytime & Violin by Rachel Alexander
+ MORE

January 15-21, 2015
DowntoEarthMarkets.com
Winter2015Produce
What’s New, In Season, and On Sale This Week
Beet & Goat Cheese Ravioli
Sourced from local farmers
Trotta Foods
Full Line of Both Gluten-Free &
Regular Breads & Baked Goods
Meredith’s Bread
Announcements
Mamaroneck Winter Farmers Market

Please note there is no market scheduled on Saturday, January 24th due to an event at St. Thomas Episcopal Church. We will beOPEN this Saturday, January 17th, so let’s stock up on the delicious foods!

Ossining Winter Farmers Market

Thank you to everyone who visited the new indoor winter farmers market on Opening Day. We had a ball! Here are some of our favorite highlights from the day.
This Saturday, we welcome violin music by Rachel Alexander from 10 am to noon. Also, kids of all ages are invited to gather around for Storytime with Michael Baker and Eimer Mole from 9:30 am to 11:00 am.

Headed to the city? We have markets there, too.

For future events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Fresh Sauerkraut, Turkey Sausage, & Potato Dinner Dish by Pickle Licious

Sauerkraut with turkey and potatoes

Fresh Sauerkraut, Turkey Sausage and Potato Dinner Dish

This comforting, one-pot meal takes a shortcut with Pickle Licious’ homemade Sauerkraut. Find them this Saturday at the indoor Ossining Winter Farmers Market. YUM.

Ingredients

  • 2 teaspoons extra-virgin olive oil split
  • 6 ounces ( 2 links) sweet Italian turkey sausage links sliced
  • 3/4 cup 1/2-inch diced red potatoes
  • 1 pint (2 cups) of Pickle Licious fresh sauerkraut
  • 1 small bulb fennel, quartered, cored and thinly sliced
  • 1 small onion, sliced
  • 1/2 teaspoon garlic powder
  • 1/2 teaspoon fennel seed
  • 1/2 teaspoon freshly ground pepper
  • 1/2 cup reduced-sodium chicken broth
  • 2 tablespoons white-wine vinegar
  • 1 1/2 teaspoons brown or whole-grain mustard

Preparation

  1. Heat 1 teaspoon oil in a large skillet over medium-high heat. Add sausage and cook, turning often, until lightly browned, about 3 minutes. Transfer the sausage to a cutting board and slice into 1/2-inch pieces. (The sausage will not be thoroughly cooked, but it will continue cooking later.)
  2. Add the remaining 1 teaspoon oil to the pan and heat over medium heat. Add potatoes and cook, stirring occasionally, for 3 minutes. Add sauerkraut (drained without liquid), sliced fennel, onion, garlic powder, fennel seed and pepper. Cook, stirring often, until the sauerkraut has wilted slightly, about 3 minutes more.
  3. Add broth, vinegar and mustard. Stir to incorporate the mustard; bring to a simmer. Place the sausage on top of the sauerkraut; cover, reduce heat to medium-low and cook until the sausage is cooked through and the vegetables are tender, 7 to 10 minutes. Stir in chopped fennel fronds and serve.​
Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities, and here’s where to find them this week:

Mamaroneck – Saturday, January 17th

Calcutta Kitchens
French Press Café (freshly-prepared crepes served warm)
Hudson River Apiaries
OM Champagne Tea (Small batch kombucha made with seasonal ingredients)

Ossining – Saturday, January 17th

OM Champagne Tea
Sisters Wicked Good Soap
Taiim Falafel Shack
Wave Hill Breads

US homebuilder sentiment slips in December | Bedford Corners Real Estate

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U.S. homebuilders are feeling slightly less confident in their sales prospects heading into next year, even as their overall sales outlook remains favorable.

The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped this month to 57, down one point from 58 in November.

Readings above 50 indicate more builders view sales conditions as good, rather than poor.

Builders’ view of current sales conditions and their outlook for sales over the next six months also declined slightly. A measure of traffic by prospective buyers held steady.

The index also found sentiment had improved in the West and Northeast, but took a step back in the Midwest and South, which accounts for half of the new-home market.

The latest reading reflects a housing market that is slowly recovering, said David Crowe, the NAHB’s chief economist.

“As we head into 2015, the housing market should continue to recover at a steady, gradual pace,” Crowe said.

Housing, while still a long way from the boom of several years ago, has been recovering over the past two years.

New home sales reached a seasonally adjusted annual rate of 458,000 homes in October, the highest point since May. Still, sales remain sharply below the annual rate of 700,000 seen during the 1990s.

At the same time, home prices continue to climb.

The median price of a home sold in October was $305,000, up 16.5 percent from a year ago. November data on new-home sales are due out next week.

The steady rise in home prices has held back many potential buyers, particularly first-time buyers. Many lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing homes instead of upgrading.

 

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http://news.yahoo.com/us-homebuilder-sentiment-slips-december-150117768–finance.html

Share of freshman home buyers at three decade low | Bedford Corners Real Estate

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home buyers and sellers; the series dates back to 1981. Results are representative of owner-occupants and do not include investors or vacation homes.

The long-term average in this survey, dating back to 1981, shows that four out of 10 purchases are from first-time home buyers. In this year’s survey, the share of first-time buyers dropped 5%age points from a year ago to 33%, representing the lowest share since 1987 (30%).

Lawrence Yun, NAR chief economist, says there are many obstacles young adults are enduring on their path to homeownership.

“Rising rents and repaying student loan debt makes saving for a down payment more difficult, especially for young adults who’ve experienced limited job prospects and flat wage growth since entering the workforce,” he said. “Adding more bumps in the road, is that those finally in a position to buy have had to overcome low inventory levels in their price range, competition from investors, tight credit conditions and high mortgage insurance premiums.”

Yun said that he sees some problems being alleviated going forward.

“Stronger job growth should eventually support higher wages, but nearly half (47%) of first-time buyers in this year’s survey (43% in 2013) said the mortgage application and approval process was much more or somewhat more difficult than expected. Less stringent credit standards and mortgage insurance premiums commensurate with current buyer risk profiles are needed to boost first-time buyer participation, especially with interest rates likely rising in upcoming years.”

The household composition of buyers responding to the survey was mostly unchanged from a year ago. Sixty-five% of buyers were married couples, 16% single women, 9% single men and 8% unmarried couples.

In 2009, 60% of buyers were married, 21% were single women, 10% single men and 8% unmarried couples. Thirteen% of survey respondents were multi-generational households, including adult children, parents and/or grandparents.

 

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http://www.housingwire.com/articles/31934-nar-dearth-of-first-time-buyers-plagues-housing

 

REALTOR.COM bought out by Fox | Bedford Corners NY Realtor

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To all of our customers, partners and colleagues –

Early today, the announcement of a definitive agreement for Move, Inc. to be acquired by the global media and information services company News Corp was made in New York. This is a historic moment for our company, which began its public life in 1999 as Homestore.com, Inc. and today accounts for more than 3.7 million homes listed for sale on our websites and apps and attracts nearly 35 million unique monthly visitors.

We have been in discussions with News Corp for some time now about the unique value and potential of realtor.com® and our leading brand assets, including ListHub™, TopProducer®, TigerLead® and FiveStreetSM, as well as our leading online destinations in the moving and rentals spaces. News Corp sees the same potential we do – and we could not be more pleased to consummate today’s agreement, which carries the full support of the National Association of REALTORS® (NAR).

The significance of this acquisition for the industry is embodied in the specific and tangible benefits to Move and its constituents, in the shared values between Move and News Corp, and in the continuation of the mission that has led to our success thus far and will continue to drive us in the months and years ahead.

Substantial benefits

Combining the assets of Move and News Corp will result in broad and substantial benefits for home buyers and home sellers, agents and brokers, and organized real estate in general. Specifically, the combination will deliver:

  • Broadened reach for Move through News Corp’s robust media platform, including the WSJ Digital Network (which accounts for approximately 500 million average monthly page views) and News America Marketing (which reaches nearly 74 million U.S. households)
  • Increased sales and marketing support to drive higher brand awareness and traffic
  • Cross-platform promotional opportunities
  • Improved product innovation that leverages News Corp’s real estate and digital expertise
  • Increased traffic and time on site with high quality News Corp content

In 2013, News Corporation separated into two distinct, publicly traded companies – News Corp and 21st Century Fox (which is home to Twentieth Century Fox Film, Fox Television, Fox News Channel and other broadcasting and entertainment businesses).

Shared values

The “new” News Corp is today one of the world’s leading media and information services companies, comprised of news, book publishing, digital real estate, digital education and integrated marketing businesses. It is home to such iconic brands as Dow Jones, The Wall Street Journal, Barron’s, the New York Post, The Australian and HarperCollins Publishing, as well as The Times, Sunday Times and The Sun in the UK. News Corp also has a 61.6% stake in the REA Group Limited (REA), which operates the leading Australian residential property website, realestate.com.au. REA plans to hold a 20% stake in Move, with 80% held by News Corp.

Many of the companies in the online real estate space have a demonstrated interest in participating in the fee and commission structure of real estate transactions. In contrast, News Corp’s focus on media and information services provides consumers and real estate professionals with accurate and timely information. Additionally, News Corp knows real estate. They have strong and long-standing relationships with the industry and enter into this agreement with a deep commitment to partnering with the NAR and Realtors. News Corp believes that real estate professionals – the more than one million Realtors, brokers, agents and MLS operators who form the backbone of our industry – remain vital to a great real estate experience.

News Corp also believes that Move’s standing in the marketplace – as the source of the biggest, best and most accurate inventory of homes for sale and rent – as well as our partnership with the NAR differentiate our business and uniquely position us to lead the industry.

Continuing the mission

Most companies launch Internet strategies to disrupt conventional business practices – sometimes for the better and sometimes for the worse. Recognizing the impact the Internet might have on real estate information, the NAR had the foresight some 16 years ago to reinvent how consumers gain access to property information. The belief was that if consumers sought real estate information online, it should come from the best source of information – Realtors – versus others who would simply add cost and complexity to real estate transactions.

Through realtor.com® the NAR and Move wrote the book on how online real estate should function. Now, as part of News Corp, we will have access to resources, content and media assets that will enable us to more rapidly achieve our potential.

As we leverage these considerable new assets, our mission and our focus remain constant. Today and in the future, we will provide people with the content, tools and professional expertise they need to find their perfect home and work tirelessly to ensure that the real estate professional remains indispensably connected to the process of buying and selling homes.

That means promoting the REALTOR® brand. Generating the best quality leads. Powering syndication through broker choice and control. And creating equal opportunity for all participants in the business. As part of News Corp, we will ensure that Move and all of our assets have the right tools, resources and reach to compete vigorously – and to lead.

We know we speak for all of us at Move in saying how enthusiastic we are to join News Corp – and in thanking you for your continued support of our people, products and services. Continued success and best wishes.

Glass Box by the ‘Ferris Bueller House’ Architect Asks $3.6M | Bedford Corners Real Estate

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12 images

Location: Lakeside, Mich.
Price: $3,650,000
The Skinny: Architect David Haid, the Mies van der Rohe protégé most famous for designing Cameron’s beloved modern spread from Ferris Bueller’s Day Off, was also the mastermind of this midcentury glass box located on the eastern shore of Lake Michigan. Built in 1964 for clients who still call the house home, the design gets along well with the rest of Haid’s oeuvre, and owes more than a small debt to the work of that other famous modernist, Glass House architect Philip Johnson. Like Johnson, Haid, who died in 1993, had a great respect for landscapes, particularly the ever-changing reaches of the upper Midwest. Like many of his designs, this place is basically a dollop of glass walls, which offer panoramic views of the property’s wooded 2.6 acre lot and of the 200-foot private beach on the other side of the rolling, manicured lawn. Inside: a pristine, open floor-plan with post-and-beam construction overhead and floor-to-ceiling windows throughout. The two-bedroom, which seems to be in very good shape even after enduring 50 years of bruising Great Lakes winters, asks $3.65M.

 

 

 

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http://curbed.com/archives/2014/09/17/glass-box-by-ferris-bueller-house-architect-david-haid-asks-36m.php

Shiny, Aluminum-Clad ‘Dutchess House’ Wants Exactly $1M| #BedfordCorners Real Estate

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17 images

Location: Millerton, N.Y.
Price: $1,000,000
The Skinny: When New York architects Matthew Grzywinski and Amador Pons accepted the commission for what would eventually become Dutchess House No. 1, they took on a complicated brief that called for a mix of country home and urban convenience, a home that would be open to its environment while remaining totally secure, with a guest house for visiting relatives, and all on a very tight budget. The pair soon arrived at a design which the listing calls a “Hyper Modern Danish Farmhouse,” an angular, aluminum-clad two-story home with an easily secured lower level and an upper bedroom suite with broad sightlines and its own private terrace. A small patio in front of the home is bookended by the guest house—clad in aluminum and with a matching set of the home’s trademark yellow Dutch doors—and there’s also a bizarre/cool indoor-outdoor shower. The home, which the brokerbabble trumpets as “arguably the most interesting listing in the northern second homes marketplace,” asks a straight $1M.

 

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http://curbed.com/archives/2014/09/09/nys-dutchess-house-no-1-and-its-adorable-dutch-doors-wants-1m.php