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Investors Still Bullish on Real Estate | Bedford Hills Real Estate

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Real estate ranks second as America’s favorite long term investment despite the three trillion dollars in equity homeowners lost during the housing depression, according to a new survey by Bankrate.com.

More than one in four Americans (26 percent) favor cash, edging out real estate (23 percent). One in six (16 percent) favor gold or other precious metals, even though those investments have been pummeled in 2013, while only 14 percent say stocks would be their choice. Just eight percent of Americans chose bonds. For money not needed for more than 10 years, 26 percent of Americans favor cash, 23 percent real estate, 16 percent gold/other precious metals, 14 percent stocks and 8 percent bonds.

“Americans not saving enough is well-documented, but hunkering down in cash investments and settling for low returns will only magnify the problem of not having a sufficient nest egg to meet longer-range financial goals such as retirement,” said Greg McBride, CFA, Bankrate.com’s senior financial analyst. “Other choices may not do the trick either, as real estate is not only very cash-intensive, but often illiquid. And precious metals spit out zero cash flows, with gains solely dependent on price appreciation.”

McBride said using a 401K or IRA to invest in residential real estate is not a good idea except for high end investors who are diversifying their portfolio. That real estate very illiquid and hard to access during an emergency and real estate investments are more cash-intensive that many investors realize.

A recent study by economists at the Atlanta Federal Reserve found that real estate was less profitable than securities as an investment. .

“We compute that 40 percent of homes owned for less than 13 years have negative average annual returns, compared to 12 percent of homes owned for 13 years or more. Interestingly, while a much greater portion of those owning for 13 or more years obtain positive returns, the average annual return was actually slightly higher for those owning fewer than 13 years (0.95 percent versus 1.03 percent),” said Ellyn Terry and Jessica Dill, two economists at the Atlanta Federal Reserve, in a working paper published June 12.

Bankrate.com estimates the average money-market deposit account yields just 0.11 percent, so a $10,000 initial investment would only gain $110.55 over a 10-year period. And the average five-year CD currently yields just 0.78 percent.

 

 

Investors Still Bullish on Real Estate | RealEstateEconomyWatch.com.

8 Costs To Consider When Buying A Rental Property | Bedford Hills Real Estate

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Even as home prices and mortgage rates rise, there are still bargains available for borrowers looking to purchase rental properties.

 

According to the National Association of Realtors’ 2013 Investment and Vacation Home Buyers Survey, investment-home purchases accounted for 24 percent of all sales in 2012, the second highest mark since 2005.

 

“Investors have been very active in the market over the past two years, attracted mostly by discounted foreclosures that could be quickly turned into profitable rentals,” Lawrence Yun, NAR chief economist, said in a statement.

 

 

 

While rental properties are certainly appealing, offering the promise of monthly cash flow in addition to long-term appreciation, investment properties have a number of costs that are both visible and hidden, says Michael Whitbeck, real estate investor and founder of Residential Mortgage Underwriting and Processing Institute, a mortgage underwriting training firm in West Bloomfield, Mich. Even the most obvious expenses, like the monthly mortgage payment, might pack a few surprises.

 

Before you start searching for rental properties, run the numbers to understand whether investing in a rental property will be a windfall or a money pit.

 

8 rental costs to consider

 

No. 1: Mortgage requirements

 

Investment properties are considered riskier because the home is not your primary residence. Whitbeck says you should expect to pay roughly 1.5 percent more than the mortgage rates you see advertised. The down payment requirements for a fixed and adjustable 1-unit structure would be about 15 percent and 25 percent, respectively. If 2 to 4 units, those down payment requirements jump to 25 percent and 35 percent, respectively, says Whitbeck. Furthermore, if your credit score is less than 720, expect to pay even more.

 

No. 2: Property taxes

 

Depending on where you purchase, property taxes can add significantly to the property cost, says Whitbeck. Be sure to contact the municipality directly to ensure that the taxes listed on the Multiple Listing Service are accurate. It’s also a good idea to find out what services those taxes include. For example, does that include garbage removal?

 

8 Costs To Consider When Buying A Rental Property – TheStreet.

Help to Buy risks new house price ‘bubble’, warns Cable | Bedford Hills Real Estate

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Vince Cable said that the help-to-buy scheme unveiled in the Budget earlier this year could simply “inflate” the housing market as occurred in the last decade.

From next year, first and second time buyers will be offered government guarantees which should allow them to obtain competitive mortgages even if they have relatively small deposits.

The £130 billion scheme has been heralded as a flagship measure which should help boost the economic recovery while allowing hundreds of thousands of people to meet their aspirations of buying a home.

However, some economists and business leaders have voiced warnings about the scheme and Mr Cable – who previously warned about the dangerous levels of debt before the financial crisis – has now indicated he shares their concerns.

“I am worried about the dangers of getting into another house price bubble,” the senior Liberal Democrat said.

 

 

 

Help to Buy risks new house price ‘bubble’, warns Cable – Telegraph.

Las Vegas Real Estate Market is Looking Good | Bedford Hills Real Estate

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Las Vegas, it’s the town where no one sleeps and so much happens. Then, this great city was hit hard when the economy crashed back in 2007, but just like losing at slots, one can always come back for a win, and that is exactly what the Las Vegas real estate market is doing.

 

Numbers show that there has been an increase from April of 1.8 percent and an overall 32.8 percent increase since 2012. The market is also showing there are less than 13,815 homes in the Las Vegas area available as of May of this year. That means more and more homebuyers are acquiring homes as they are predicting the prices to rise even more as the year continues. It was also reported that building permits hit a five year high this month alone.

 

Investors are also getting involved in this market and buying up homes, leaving areas with little or no available homes, which include new and foreclosed properties. One of the neighborhoods that is being sought and looked at hard is the Henderson Nevada homes for sale. There are great Las Vegas homes for sale for unbelievable prices.

 

Real estate in Las Vegas is becoming a premier spot for investors again, and that helps increase the housing prices. This makes it an ideal market for sellers, which is a good turn around since 2006. The National Association of Realtors has stated that new homes for sale in Las Vegas were once again heading towards being number one in America. Users are also encouraged to look at Lake Las Vegas homes for sale.

 

It has been reported that the average price for a residential home in the metro area of Las Vegas has risen compared to last year by 30.6 percent. The average price of a home was $120,000, and the price rose to $143,000 during the first quarter of this year. Homes for sale in Las Vegas had an amount of 4,512 foreclosed home sales registered during the beginning of the year, which meant foreclosed houses were down 63 percent based on the data last year. It is also being reported that there is going to be a possible shortage of houses if the spike of buying continues. The price of a median price of a single family home was up 3.7 percent from last month and up 30.6 percent from this time last year. That is quite significant.

 

Home sales are on the move and this is one city that is going to remain a great location for home buyers and investors. When searching for homes for sale in Las Vegas, buyers are encouraged to take a look at Summerlin because there are many homes for sale in Summerlin Las Vegas.

 

 

Las Vegas Real Estate Market is Looking Good According to One Las Vegas Real Estate Company.

‘Without a Trace’ Star Enrique Murciano Sells Home | Bedford Hills Real Estate

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Enrique Murciano may be leaving celebrity-central Woodrow Wilson Drive, but he isn’t leaving without a trace. The 40-year-old actor has been hopping from one L.A. bachelor pad to another for the past few years.

In 2004, he purchased a 3-bedroom home that he later sold in 2008. He upgraded to a 4-bedroom, 3.5-bath at 7334 Woodrow Wilson Dr, Los Angeles, CA 90046 in 2009 but got the real estate bug again four years later.

Murciano listed the place for $1.749 million in May. He must have had more than one offer because he just closed the deal for $2.042 million, well above his asking price.

The interior, spanning 2,709 square feet, has a cool retro-meets-modern vibe. A grand piano contrasts with an abstract painting in the living room, while vintage-inspired appliances are modernized with sleek black countertops in the kitchen.

Framed by walls of windows, the home provides a hilltop view, yet still affords privacy.

“This wonderful home is secluded and gated — perfect for the celebrity type,” the seller’s agent wrote in the listing description. “The property is lushly landscaped.”

Murciano, who’s most-known for his role on the CBS drama “Without a Trace,” has also appeared on popular TV shows including “CSI” and “NCIS” and films such as “Black Hawk Down” and “Miss Congeniality 2: Armed and Fabulous.”

 

‘Without a Trace’ Star Enrique Murciano Sells Home | Zillow Blog.

Region’s Real Estate Sales Slip, But Prices Still Surging | Bedford Hills Homes

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Total sales in the region in June were 6,308, down 2.8 percent from 6,491 in the same month of 2012.

 

The median sale price in the region, however, jumped 44.7 percent from a year earlier, to $123,000, from $85,000 in June 2012.

 

The sales decline was felt most strongly in Detroit, Dearborn and Dearborn Heights, Genesee County, and in rural areas like Huron and Sanilac counties.

 

The biggest price pops, however, came in Dearborn and Dearborn Heights and Genesee County. Also reporting strong price increases were the Grosse Pointes, Lapeer County, Macomb County, Oakland County, and rural Sanilac and Tuscola counties.

 

Inventory on the market shrank a whopping 28.4 percent, with 19,459 houses for sale in the region in June, down from 27,191 a year earlier. Of that inventory, 7 percent is identified as short sales, and 12.6 percent as foreclosure sales. Average number of days on the market before a home sells also continues to tumble, to 66 days, from 81 days a year earlier.

 

By county or other sub-market, sales were as follows:

 

Detroit (includes Hamtramck, Highland Park and Harper Woods): 296 foreclosure sales, down 28.5 percent from 414 a year earlier, 183 non-foreclosure sales, down 3.2 percent from 189 a year earlier. Median sale price on foreclosure ales, $7,701, down 4 percent from $8,025 a year earlier. Median sale price on non-foreclosure sales, $23,000, up 76.9 percnet from $13,000 a year earlier.

 

Dearborn and Dearborn Heights: 40 foreclosure sales, down 45.9 percent from 74 a year earlier. 123 non-foreclosure sales, down 8.2 percent from 134 a year earlier. Median sale price on foreclosure sales, $57,500, up 36.2 percnet from $42,210 a year earlier. Median sale price on non-foreclosure sales, $100,000, up 44.9 percent from $69,000 a year earlier.

 

 

Genesee County: 160 foreclosure sales, down 36.5 percent from 252 a year earlier. 291 non-foreclosure sales, up 9.8 percnet from 265 a year earlier. Median sale price on foreclosure sales, $27,000, up 6.8 percent from $25,287 a year earlier. Median sale price on non-foreclosure sales, $97,000, down 2 percent from $99,000 a year earlier.

 

Region’s Real Estate Sales Slip, But Prices Still Surging « CBS Detroit.

Rising home prices cause real estate investors to retreat | Bedford Hills NY Homes

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Escalating home prices and mortgage rates prompted many investors to pull back from housing, causing current homeowners to become the main buying force behind the real estate market.

According to the latest Campbell/Inside Mortgage FinanceHousingPulse Tracking Survey, current homeowners were the only group that saw its share of home purchases increase in June — from 43.8% in May to 44.6% last month based on a three-month average. 

First-time homebuyers have backed away ever so slightly, with their market share going from 36.0% to 35.7% during the same one-month period. 

But the real highlight of the report was the investor share of home purchase transactions, which fell to 19.7%, the lowest level recorded since September 2012. 

For the fourth month in a row, the HousingPulse investor traffic index fell, this month more sharply than either the current homeowner traffic index or the first-time homebuyer index. 

The survey’s respondents linked the ongoing decline in investor activity to rising home prices coupled with less opportunity for investors to flip homes.

A shrinking supply of distressed properties is doing investors no favors either. The HousingPulse Distressed Property Index revealed that the percentage of home purchases involving foreclosures or short sales fell to 28.2% in June, a significant drop from the 40.3% level recorded a year earlier. This also represented the lowest distressed property share recorded in at least three and a half years.

 

 

Rising home prices cause real estate investors to retreat | HousingWire.

Dig This Trend: Lavish Pools | Bedford Hills Real Estate

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Electric lounge areas, neon lights and tropical pagodas — it doesn’t get much more luxurious and extravagant than these swimming pools. We’ve gathered 10 of the most eye-popping, jaw-dropping liquid hits from Zillow Digs.

Cave of wonders

Zillow's Dig This Trend: Lavish Pools
Cheers! This swanky pool grotto features an electric lounge area for swimmers looking for a little on-land refreshment.

Asian influence

Zillow Dig This Trend: Top 10 Most Lavish Pools
This shady pagoda provides a mid-afternoon respite overlooking tumbling waves and glistening beaches of the Pacific.

Desert villa

Zillow Dig This Trend: Top 10 Most Lavish Pools
Influenced by homes of the French Riviera, a cascading river gracefully joins two separate swimming areas. Sophisticated glass statues complement the space with a touch of abstract expressionism.

Splash of Morocco

Zillow's Dig This Trend: Top 10 Most Lavish Pools
Intricate mosaics juxtapose simple stucco walls for a look that evokes Mediterranean flair in this pool area by Zillow Digs designer Chris Barrett.

 

 

Dig This Trend: Lavish Pools | Zillow Blog.

Q&A: Painting Popcorn Ceilings | Bedford Hills Real Estate

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Q.Several of my customers have “popcorn” ceilings that are old and dirty. Is there any way of painting them short of spray-painting?

A.Dan Greenough, a painting and finishing contractor in the San Francisco Bay area, responds: I always spray-paint popcorn — or blown-on acoustic — ceilings. When you roll them, the material breaks loose and clogs the roller.

If you have to roll them, look for a special textured foam roller cover designed for acoustic ceilings. These covers have slits and cross-hatchings that allow the foam to better conform to the irregular ceiling surface. The idea is to apply the paint with the least possible pressure to prevent the ceiling material from breaking loose.

Cutting in the corners can also be tricky. If you try to cut in with a brush, you will have to work hard to avoid lap marks. It may be faster to mask the walls and roll right up to the edge.

It will take several coats of paint on the entire ceiling to produce an even finish. Be advised that the water in the paint will wet the popcorn surface, causing it to roll off with the roller. Apply the first coat and allow it to dry thoroughly before you try to backroll or apply additional coats.

One reason people often want to repaint acoustic ceiling is to hide water stains caused by plumbing or roof leaks. But those stains are water soluble and will telegraph through new paint. To prevent that, always use several coats of a shellac primer to lock in the stain and prevent it from bleeding through.

While you’re at the paint store, inquire about ceiling paints that are engineered especially for acoustic ceilings. Such paints have less resin density than standard smooth-wall paints and will help maintain the acoustic qualities of the rough, textured surface.

 

 

Q&A: Painting Popcorn Ceilings – Painting, Walls, Paints, Finishes And Surfaces, Acoustics – JLC Online.

ILHM: “Luxury Segment has been Leading the Recovery” | Bedford Hills Real Estate

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In response to a June 27 Real Estate Economy Watch article asserting that for the first time since the Institute for Luxury Home Marketing began tracking upper tier market trends in 2008, its Market Action Index hit the threshold that separates buyer’s and seller’s markets earlier this month, ILHM Founder Laurie Moore-Moore points out that he luxury segment has actually been LEADING the recovery for more than a year.

“We appreciate your coverage of our data, but just a note to let you know that the interpretation of our ILHM National Luxury Market Report is not correct.  The luxury segment has actually been LEADING the recovery for more than a year.  Sorry that we did not give you additional information for context,” she said.

“While the recent national report does show that the luxury niche has officially clicked over to a seller’s market and that every listing isn’t gobbled up in the same month it is listed, this does not mean luxury is behind other segments in recovering.  There is plenty of evidence to the contrary.

“We do recognize that there is no such thing as a “national” real estate market.  Like the Case Schiller report, our report is a composite report.  Info on more than 30 major markets is available to our members (the definition of luxury varies market by market.)”

Below is the original REEW article:

The highest tier of homes for sale, homes priced over $500,000, has been the last part of the market to feel the effects of the housing recovery. On June 2, the ILHM reported its Market Action Index had reached 30 for the first time and in subsequent weekly reports the index has maintained its position. “The ILHM National market is currently slightly in the Seller’s Market zone (greater than 30).The Market Action Index stands at 30 which indicates that luxury demand is relatively strong but the available supply of new listings doesn’t get acquired immediately,” the ILHM noted in its June 23 report.

 

 

read more…

http://www.realestateeconomywatch.com/2013/07/ilhm-luxury-segment-has-been-leading-the-recovery/print/