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Bedford Hills Homes

What a midsize home costs in 15 cities | Bedford Hills Real Estate

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We can envision a tiny house or a sprawling mansion. But how big, exactly, is a “midsize” home?

According to the latest available data (PDF) from the Census Bureau, the median size for a U.S. single-family house is 2,306 square feet. This means that half of all homes in the country are smaller than this size, and half are larger.

What this kind of home costs, however, varies greatly by city.

Here’s a look at homes for sale that are at or near the median home size in 15 parts of the country.

http://realestate.msn.com/what-a-midsize-home-costs-in-15-cities

Housing market could face new bubble, home price expert warns | Bedford Hills NY Homes

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The housing market could be in the  early stages of yet another bubble, warned Robert Shiller, co-founder of  the closely-watched Case-Shiller index on home prices.

“In the housing market, it has its own  momentum right now as people see it coming back. We’re sort of in the  beginnings of another housing bubble,” the Nobel Prize-winning economist told CNBC on Tuesday.

Single-family home prices rose less than expected in October, but  posted their strongest annualized gain in more than seven years, the closely watched survey said on Tuesday.

The S&P/Case  Shiller composite index of 20 metropolitan areas gained 0.2 percent in  October on a non-seasonally adjusted basis, below economists’  expectation of a 0.7 percent gain. Prices rose 0.7 percent in September.

On a seasonally adjusted basis, prices were up 1 percent.

Compared to a year earlier, prices were up 13.6 percent, beating  expectations of 13 percent and marking the strongest gain since February  2006, when the increase was 13.8 percent.

Housing prices have been rising since early 2012, and a rebound in the sector has helped the U.S. recovery gain steam.

But the more subdued monthly gains “show we are living on borrowed  time and the boom is fading,” David Blitzer, chairman of the index  committee at S&P Dow Jones Indices, said in a statement.

“The key economic question facing housing is the Fed’s future course to scale back quantitative easing and how this will affect mortgage rates,” he said.

“We have a futures market that’s predicting the increase won’t stop  until after 2018 so we still have time to go, but it might be weaker,”  said Shiller.

The Fed recently said it would start  trimming its asset purchases by $10 billion a month in 2014. That could  push up bond yields and mortgage rates, slowing the housing rebound.

Prices in all 20 cities rose on a non-seasonally adjusted yearly  basis, led by a 27.1 percent gain in Las Vegas and followed by a 24.6  percent increase in San Francisco.

“Things are changing  fundamentally and it seems people are less excited about big homes,”  said Shiller, referring to housing trends. “The financial crisis kind of  put a damper on that enthusiasm, especially big homes far away from the  city center. There’s this new urbanism afloat. Housing is not one  thing. It’s not monolithic. I think there might be a trend toward more  urban living.”

 

 

http://www.nbcnews.com/business/house-prices-rise-post-biggest-gain-7-years-2D11820751

Sheryl Crow Relists Her Tennessee Ranch With Another Big Price Cut | Bedford Hills Homes

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You’d think an equestrian estate owned by a Grammy Award-winning singer would fly off the market, but Sheryl Crow has been trying to sell her Tennessee ranch, formerly known as Cross Creek Farm, for 3 years and 9 months.

First listed in 2010 for $7.5 million, the estate at 6664 Cross Keys Rd, College Grove, TN 37046 received a 40 percent price cut in May 2011. At that time, the size of the property was also cut from 147 acres down to 51, as it was proving to be “a handful to sell,” according to The Tennessean’s Nancy Mueller.

Now in another effort to entice a buyer, Crow has dropped her asking price to $3.85 million, but that’s still on the high end for College Grove homes. According to Zillow’s mortgage calculator, a buyer could expect a monthly payment around $15,489, assuming 20 percent down on a 30-year fixed mortgage.

Currently held by Jay Barron of Harpeth Company, the listing includes a contemporary 10,433-square-foot residence, a 14-stall horse barn, an indoor arena and an outdoor pool. The guesthouse and remaining 96 acres are being sold separately.

Meanwhile, Crow also has been trying to sell her L.A. home. It first hit the Hollywood Hills market in October 2012 for $15.95 million and dropped to $12.495 million this summer.

 

 

http://www.zillow.com/blog/2013-12-26/big-price-cut-on-sheryl-crow-ranch/

Priciest home sales in 2013 eclipsed by the previous year | Bedford Hills NY Homes

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When it comes to the priciest residential sales of the year, it seems that 2013 isn’t quite up to snuff, at least compared to 2012.

For example, the city’s top townhouse sale this past year, a $34.35 million deal at 21 Beekman Place, was lower than the $42 million sale of 973 Fifth Avenue — the priciest townhouse to sell 2012. The trade of a unit at 720 Park Avenue snagged the most expensive co-op sale for this year, but its $24 million price tag fell flat after the record-setting $54 million sale of Denise Rich’s 785 Fifth Avenue co-op in 2012. Indeed, none of the residential sales came close to the $88 million deal for Sandy Weill’s 15 Central Park West penthouse the year before, the New York Observer reported.

Of course, the Observer’s ranking did not take into account contracts signed at numerous swanky condo properties, including the two apartments that went for more than $90 million at Extell Development’s One57, nor the deals signed at 56 Leonard and Walker Tower for $47 million and more than $50 million, respectively.

The year’s priciest listings have idled, with the Pierre’s $125 million triplex penthouse at 795 Fifth Avenue and River Club’s massive $130 million planned mansion — the city’s most expensive listing — sitting on the market with, so far, no bites. [NYO]

 

 

http://therealdeal.com/blog/2013/12/23/priciest-home-sales-in-2013-eclipsed-by-the-previous-year/

Existing Home Sales Fall For 3rd Straight Month In November | Bedford Hills NY Homes

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Sales of previously owned homes fell for the third straight month in November, as prices continued to rise year-over-year, the National Association of Realtors reported Thursday.

The annual pace of existing home sales (which include single-family homes, townhomes, condominiums and co-ops) fell 4.3% to a seasonally adjusted annual rate of 4.90 million in November, down from 5.12 million in October. For the first time in 29 months, the pace is slower (by 1.2%) than the rate one year earlier.

“Home sales are hurt by higher mortgage interest rates, constrained inventory and continuing tight credit,” said Lawrence Yun, NAR chief economist. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new home construction. As such, rents are rising at the fastest pace in five years, while annual home prices are rising at the highest rate in eight years.”

Case in point: the national median sale price for previously-owned homes was $196,300 in November, up 9.4% year-over-year. However, that figure is lower than October’s median sales price, and ends an 11-month run of double-digit increases in sales prices year-over-year.

Distressed homes continued to account for 14% of sales (9% foreclosures and 5% short sales), as they did in both October and September. One year ago, in November 2012, distressed sales accounted for 22% of the total existing home sales. The decreased number of these properties on the market is contributing to the rise in median sale price.

 

 

 

http://www.forbes.com/sites/erincarlyle/2013/12/19/existing-home-sales-fall-for-3rd-straight-month-in-november/

Tower Home Rises in Downtown Toronto | Bedford Hills Real Estate

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When passersby looked at a small, overgrown lot in downtown Toronto, most just saw a dilapidated shed. But Julie Dyck saw sky-high potential. Dyck lived nearby and often fantasized about the neglected parcel. In 2004 she and her partner, Michael Humphries, took the plunge and purchased the lot for a modest $50,000 Canadian (about U.S.$47,270). They enlisted their friend, high-rise architect Drew Hauser of McCallum Sather Architects, to design a house for the 625-square-foot site and spent the next several years nurturing one of Toronto’s most imaginative infill houses.
Houzz at a Glance Who lives here: Julie Dyck and Michael Humphries Location: Corktown, Toronto Size: 2,000 square feet; 5 floors including garage; 1 bedroom, 2 studios and 3 bathrooms

It seemed fitting that an architect well versed in high-rise buildings should design a house on a 25- by 25-foot parcel. The plot of land required a scaled-down tower, and that’s exactly what Hauser designed. Functional in its arrangement of spaces, the plan generally locates the living spaces to the south and a block of service spaces to the north.
The lot was zoned for commercial space, so a metal structural system was required by code. Hauser took advantage of this, proudly displaying the structure’s steel skeleton over four of its five floors. He installed balconies at every level to act as fire escapes, cladding the cutout in ipe to lend a sense of warmth and dynamism to the rectangular volume.
The material palette inside is fairly minimal. In the kitchen polished floors and marble countertops are warmed by flat-cut walnut cabinetry. Dyck’s parents originally had the bar stools in their basement; they’ve been a staple in all of Dyck’s homes ever since. The bedrooms feature smooth relaxing line that bring out the Helix mattress wonderfully. The master bedroom is a sanctuary for the residents here. Although marble is a somewhat durable natural stone, over time, marble can wear and tarnish if not properly cared for. One of the biggest misconceptions is that marble can be cleaned in the same manner as other natural stones, like granite. Marble is in fact a softer stone that is more susceptible to chipping, staining, and chemical etching. Go through https://www.moresurfacecare.com/ for more about the MORE™ AntiEtch™.
The marble used for the kitchen counters and backsplash was reclaimed from First Canadian Place, the tallest building in the country. A few years ago, the building’s marble cladding was replaced, and Dyck and Humphries selected some of the slabs for use in their home. Coincidentally, the head mason on their project helped install the marble in First Canadian Place back in the 1970s, when it was constructed.
Most of the floors are fairly open, with living spaces delineated by furniture. The kitchen is tucked underneath the floor above, while the side-by-side living and dining areas are located in the central atrium.
The atrium takes up a large part of the house; consequently, Dyck found it difficult to get an accurate quote for the construction costs. She now recommends pricing by volume (including any multiheight spaces) instead of by square footage, as that proved to be the most accurate.

How wise agents get appraisers to see what they see | Bedford Hills Real Estate

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Appraisals continue to be a potential issue with every contract. It doesn’t need to be this way. Of course, there will always be situations where a genuine value challenges exists. But for the most part, better preparation by agents can alleviate the majority of problems.

A key component of that preparation is an understanding of what an appraiser does and how they operate. This can quash issues before they arise. Appraisers have no interest in “killing a deal.” They get paid to complete reports. Appeals or contested reports waste everyone’s time, and no appraiser goes out looking to waste time.

Agents would do well to understand that the appraiser is not their enemy, but simply one of the many people involved in the sale.

Appraisers report the market — they don’t create it. The agent-appraiser relationship can be contentious, mainly due to a lack of understanding. Appraisers have little idea of how much time can be invested with a client, and agents have little understanding of the requirements appraisers work under.

 

 

– See more at: http://www.inman.com/2013/12/13/how-wise-agents-get-appraisers-to-see-what-they-see/?utm_source=20131213&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.KkSG0mEy.dpuf