Tag Archives: Bedford Hills Homes

Bedford Hills Homes

Demand for architects recovers along with housing market | Bedford Hills Real Estate

Apparently feeding on a stream of new buyers, architects are reporting that business is better than it’s been in eight years, with demand for their services in designing move-up homes, custom or luxury homes, and starter homes sharply increasing in the first quarter of 2013, the American Institute of Architects’ first-quarter 2013 Home Design Trends Survey suggests.

The trade group’s Home Design Survey Index for last quarter registered a score of 67 out of 100 for billings and 75 out of 100 for inquiries for new projects. Any score above 50 reflects positive business conditions, AIA said.

“With business conditions at residential architecture firms at the strongest growth level since 2005, this is a very encouraging sign for the housing sector and broader economy in general, especially when you look at the year-over-year improvement in the marketplace,” said AIA Chief Economist Kermit Baker.

An index that captures demand for specific types of homes found that demand for architects in designing move-up homes improved from a score of -3 in 2012 to 32 in the first quarter of 2013. During the same period, demand for starter homes jumped from -7 to 21, and demand for custom and luxury homes increased from -2 to 16.

In addition, a majority of architecture firms reported that demand for kitchen and bath remodeling, additions, in-home accessibility, informal spaces and open-space layouts increased in the first quarter.

“We’ve seen over the past few years, an increased interest in seamlessly blending indoor and outdoor spaces and building in more informal spaces into homes,” Baker said. “Because lot sizes don’t show any signs of increasing, it’s clear that homeowners want to maximize their current square footage to its highest potential, as opposed to increasing it.”

– See more at: http://www.inman.com/2013/06/14/demand-for-architects-recovers-along-with-housing-market/#sthash.mgGMNzNV.dpuf

 

Demand for architects recovers along with housing market | Inman News.

Impact Of Mortgage Refinance On Housing | Bedford Hills Homes

Mortgage refinance applications have been taking a hit recently.

This morning’s MBA purchase applications showed that refinance index was down 15% for the May 31st week.

The refinancing index is down four straight weeks, and was down 12% the previous week.

Refinance applications tends to be more sensitive to a rise in mortgage rates.

The MBA 30-year fixed mortgage rate climbed from 3.59% in the first week of May to 4.07% in the first week of June. The decline in refinance activity reflects the rise in mortgage rates, Ed Stansfield, chief housing economist at Capital Economics explained in an email interview.

There are three key reasons to watch this data.

First, despite the recent sharp rise, mortgage rates are still at low levels. So the impact on refinance activity shows that both the housing market and overall economic confidence are still “fragile” and the the recovery is dependent on the loose monetary policy.

Second, is the impact on consumer spending, which Stansfield doesn’t think will be “large.”

Third, for those with adjustable rate mortgages (ARM) the rising interest rates have been a bigger blow. “This could offset some of the benefits of falling unemployment on delinquency rates, though again I would not really expect this effect to be large based on the rise in mortgage rates seen so far.”

 

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Impact Of Mortgage Refinance On Housing | Bedford Hills Homes.

Robust growth seen to prop up real estate | Bedford Hills Real Estate

FORECAST ROBUST growth within the Association of Southeast Asian Nations (ASEAN) is expected to prop up the real estate sector on the back of strong domestic demand, according to a report from consulting firm Jones Lang LaSalle released yesterday.

In particular, growth will be experienced in the office, industrial and logistics and retail spaces.

“This growth translates to robust domestic investment into commercial property, driving demand for office and logistics space.

“Increased consumer spending will boost demand for expanded retail formats, which in turn will support the developments of retail malls and the subsequent accompanying infrastructure in emerging markets,” said Chris Fossick, managing director of Jones Lang LaSalle Singapore and Southeast Asia.

Add to the upbeat outlook is the “increased transparency in the real estate market” in ASEAN economies, or proper disclosure of costs and transactions involved in property ownership.

The consulting firm said in its recent transparency report that six ASEAN countries saw improved scores last year, namely, Singapore, Malaysia, the Philippines, Indonesia, Thailand and Vietnam.

Meanwhile, Jones Lang LaSalle sees a growing labor market, more sophisticated needs and new markets as key opportunities for the property sector.

“While economic growth drives corporate activity across Southeast Asia, businesses are making changes to accommodate growing workforce and modernized office spaces in new, emerging markets,” the report said.

In particular, Jakarta, the Philippines and Thailand were cited to rising demand in office space.

It said the Philippines “often overlooked by investors, witnessed record levels in demand for office space, sparking new developments in previously unexplored sub markets and a 3% rise in rents from the same period 2012.”

Indonesia was noted to have more than doubled its office space demand in four years, while Thailand saw a recovery in its real estate market.

Jones Lang LaSalle said “demand for offices will spike and vacancy levels are forecasted to reach historic lows by 2014.”

The industrial and logistics market will also see growth “thanks to improvements in Southeast Asian economies and international trade, ASEAN industrial and logistics markets have reached historic highs and show no signs of slowing, as trade volumes are predicted to increase by 130%.”

“Real estate will have a critical role in driving trade and industrial growth,” the firm said. It added many markets have already experienced an increase in rates as most developers “will seek new markets.”

Further, the consulting firm noted that stronger consumer confidence is expected to drive the retail market.

Jones Lang LaSalle said Indonesia leads the region in retail market growth followed by Thailand.

“… (T)he retail industry is in a unique position to influence and be involved in many key aspects of development in the Southeast Asia region, both economic and social. There is a role for the industry in areas such as infrastructure, housing, education, health care, tourism and industry and trade which are all inextricably linked,” said Mr. Fossick.

 

Robust growth seen to prop up real estate | BusinessWorld Online.

“A Bit of a Surprise”: Foreclosure Sales Fell 18 Percent in Q1 | Bedford Hills Real Estate

Foreclosure sales dropped dramatically first quarter.  A total of 190,121 properties that were in some stage of foreclosure or were bank-owned (REO) were sold during the second quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012.

These foreclosure-related sales accounted for 21 percent of all U.S. residential sales during the first quarter, down from 25 percent of all sales in the first quarter of 2012 and down from a peak of 45 percent of all sales in the first quarter of 2009, according to RealtyTrac.

Properties not in foreclosure that sold as short sales in the first quarter accounted for an estimated 15 percent of all residential sales — bringing the total share of distressed sales during the quarter to 36 percent. Non-foreclosure short sales also trended lower in the first quarter, down 10 percent from the previous quarter and down 35 percent from the first quarter of 2012.

“We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of a surprise given the 11 million homeowners nationwide still underwater,” said Daren Blomquist, vice president at RealtyTrac. “Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders. Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

Other high-level findings from the report:

States with the biggest percentage of foreclosure-related sales were Georgia (35 percent), Illinois (32 percent), California (30 percent), Arizona (28 percent), and Michigan (28 percent). States where foreclosure-related sales account for less than 10 percent of all sales include Massachusetts, New York, and New Jersey.

 

“A Bit of a Surprise”: Foreclosure Sales Fell 18 Percent in Q1 | RealEstateEconomyWatch.com.

What the Housing Market Turnaround Means for You | Bedford Hills Real Estate

In recent months it’s become clear that the housing market has turned around, with prices this spring adding to the 7.3% gains of last year. But future gains are likely to be more modest — about 2.5% this year.

That’s the latest estimate from CoreLogic(CLGX_), the housing-data firm. CoreLogic projects an average gain of 3.9% a year through 2017.

While many homeowners would prefer faster appreciation, gains of 3% to 4% are probably healthier over the long run than larger ones. Too much appreciation produces bubbles, which do terrible damage when they collapse. If homeprices grow faster than incomes, fewer and fewer people can afford to buy, and prices eventually drop to reflect the lower demand that results.

Also, home price gains are not really money in homeowners’ pockets, because the next home you buy is probably getting more expensive too.

But why won’t homes appreciate faster? After all, in most parts of the country, homes are still worth far less than they at their peak in 2006 or 2007.

CoreLogic says several factors are at play. The heavy demand from investors buying foreclosed properties will diminish as rising prices and falling foreclosures reduce the number of bargains. A shortage of homes for sale will diminish as rising prices draw more sellers into the market. Price gains, for example, will reduce the number of underwater mortgages — where the homeowner owes more than the home is worth — making homes easier to sell.

“Price appreciation will also be limited by the increase in supply as more new homes are built,” 

 

What the Housing Market Turnaround Means for You – TheStreet.

Census Bureau: New home sales ascend | Bedford Hills Real Estate

New home sales ascended in April, rising to 454,000 homes sold. New single-family home sales inched up 2.3% in April, above the revised March rate of 444,000.

April sales are up a dramatic 20% from the year-ago estimate of 352,000, according to data from the Census Bureau and the Department of Housing and Urban Development.

Analysts at Econoday noted that sales are rising in the new home market despite limited supply, a mix that’s driving prices sharply higher.

“Price readings are skyrocketing, up 8.3% in April alone for the median price to $271,600. The average price, at $330,800, is up 15.4% in the month,” the analysts said.

They added, “These readings, which are not based on repeat transactions, can be volatile but the year-on-year gain, at 14.9% for both the median and the average, is very convincing and mirrors gains in yesterday’s existing home sales report.”

The median sales price of new homes sold in April picked up from $247,000 to $271,600 in the most recent month. April’s average sale price was $330,800.

At the end of April, the number of new homes for sale rose to 156,000 units, compared to 153,000 units in March. This represents a 4.1-month supply of homes at today’s sales pace, down from March.

“Home price appreciation was billed as perhaps this year’s big economic story, a story that appears to be playing out and that points to rising confidence and spending among homeowners,” according to Econoday.

 

Census Bureau: New home sales ascend | HousingWire.

New York Yankees star Alex Rodriguez sells Florida mansion for $30M | Bedford Hills Real Estate

Injured Yankees third baseman Alex Rodriguez already rakes in more dough than any player in baseball, earning $30 million a year for playing — or, this year, not playing — like a shell of his former self. And as it turns out, A-Rod also has a pretty good real estate racket going, too.

According to TMZ, the 37-year-old Rodriguez, who has been on the disabled list all season following January hip surgery, recently sold his nearly-20,000 square foot Miami mansion for a whopping $30 million, netting himself a profit of $15 million.

Rodriguez reportedly purchased the sprawling estate for $7.4 million in 2010. Then after putting in $7.6 million into renovating it, Rodriguez listed the nine-bedroom, 11-bath palace for $38 million in August. (It’s a shame he had to settle for such a lowball offer.)

Here are a few photos, via TMZ, of what you could have gotten for the equivalent of one year of A-Rod’s salary:

    

It’s currently not known who the buyer is — TMZ says it’s a celebrity from Palm Beach — butaccording to the New York Daily News, Rodriguez had been renting the home for more than $125,000 a month before settling on the $30 million purchase offer.

 

Report: New York Yankees star Alex Rodriguez sells Florida mansion for $30M – MLB News | FOX Sports on MSN.

Existing-home sales remain below underlying demand | Bedford Hills Real Estate

After falling in March, existing-home sales increased in April, although they were still not enough to meet underlying demand due to limited inventory and tight credit, reports the National Association of Realtors. All regions recorded year-over-year price gains.

“The powerful combination of all-time low mortgage rates and home prices that were significantly reduced after the housing crisis is fueling demand,” says Quicken Loans Chief Economist Bob Walters. “It’s quite likely that we will look back on this period as being among the best times in history to purchase a home. As the economy continues to firm, the likelihood that interest rates will rise increases and home prices will continue their upward climb as well.”

In April, existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — rose 0.6% to a seasonally adjusted rate of 4.97 million from an upwardly revised 4.94 million in March. April’s numbers are up 9.7% from the 4.53 million-unit level in April 2012.

Lawrence Yun, NAR chief economist, said the market recovery is solid. “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the 5-million unit pace,” he said.

Buyer traffic is 31% stronger than a year ago, according to Yun, but sales are running only about 10% higher. “It’s become quite clear that the only way to tame price growth to a manageable, healthy pace is higher levels of new home construction,” he said.

Existing-home sales are hovering at the highest pace since November 2009, when the market saw 5.44 million sales in response to the homebuyer tax credit. This marks the 22ndstraight month of year-over-year sales gains and the 14thconsecutive month of year-over-year price increases.

Inventory inched up slowly to 2.16 million existing homes available for sale. This represents a 5.2-month supply at the current sales pace versus 4.7 months in March.

The median sales price for existing homes was up 11% year-over-year, reaching $192,800. The last time the nation saw 14 consecutive months of year-over-year price gains was April 2005 to May 2006. 

 

Existing-home sales remain below underlying demand | HousingWire.

Back to the Future: The cost of mortgage rates | Bedford Hills Real Estate

Mortgage rates have never been lower, but they most certainly have been higher.

The latest infographic provided by Loans.org takes loan rates back in time from the last decade, to the ’90s and even back to hte ’80s — these efforts that would make the Doc and Marty McFly proud.

For instance in 2013, a homeowner pays $1,347.13 a month for a four bedroom and three bathroom home.

But if you take the same home and go back to 2008 when the Great Recession begins, the average interest rate is 6.03% and your monthly payment would’ve been $1,503.70.

Click here to view the informative infographic.

 

Back to the Future: The cost of mortgage rates | HousingWire.

Tips, Tricks for Keeping Groundcover Under Control | Bedford Hills Real Estate

Groundcovers done right can help protect the soil from the sun’s heat, reduce evaporation, replace turf grass in shady locations, prevent wind and water erosion, and help control weeds. The wide variety of low-growing groundcover plants available can add interest to your landscape thanks to unexpected texture, color or form.

Groundcovers are a great addition to a garden, when done right.

Groundcovers are a great addition to a garden, when done right.

But groundcovers gone wrong can smother out other garden plants, jump fences and invade natural habitats. In fact, the very traits that make some plants popular ground covers – the ability to spread quickly and grow anywhere – are the same ones that have earned them reputations as menaces,
Even worse, once groundcovers reach the problematic stage, many are incredibly difficult to get rid of. Groundcovers such as lippia, and English ivy can be pulled out, but any bit of root or stem that you leave behind will sprout again, meaning eradication must be an ongoing process.

Because established groundcover is so tough to remove permanently, you don’t want to think of it as a temporary landscape decoration. These tips should help you maintain a healthy relationship with your groundcover – allowing it to grow where it should, do what it should, and not stray from its intended spot.

ground cover- digs 2

Groundcover is a great addition to this walkway.

1. Research, then plant. Read gardening books specific to your region and talk with the pros at your local nursery. Plants that are labeled “spreads rapidly” and “grows anywhere” may be clues that the plant could become a problem.

2. Anticipate the spread. When buying a groundcover, read the label – specifically the section concerning mature height and width. Plant according to these guidelines, understanding that your plants’ growth could exceed prescribed dimensions.

3. Consider your site. If you just have some gaps in an already-prepared garden bed, use annuals and tender perennials to fill in. Save ground covers for tough sites where you have trouble getting other plants to grow, such as spaces under trees or on steep slopes.  Select groundcovers, according to your yard’s conditions: Sun or shade? Clay soil or sand? Moist or dry? Select groundcovers that will thrive under your conditions rather than require heroic measures to keep them alive.

4. Steer clear of invasive ground covers. Invasive plants out-compete other species for water, nutrients, sunlight, and space. As a result, invasive species can displace native species, reduce plant diversity, alter ecosystem processes, and hybridize with native plants. Most state agriculture departments and county extension offices work to educate people about local invasive plants. Talk to them and ask if there are groundcover plants you should avoid altogether. The lists will vary from region to region. In the Portland, Oregon, area, for instance, Lesser celandine, Italian arum, Yellow archangel, Lamium, Creeping Jenny and Vinca are all considered invasive groundcovers. In the San Francisco Bay area invasive groundcovers include Iceplant or Hottentot fig, Licorice plant, Vinca and English ivy or Algerian ivy.

5. Be prepared. Once you select your groundcover, control existing weeds and test the soil for pH and fertilizer recommendations before planting. Till the soil to a depth of 8 to 12 inches incorporating any fertilizer and lime needed, as well as, a 2- to 4-inch layer of organic matter such as pine bark mulch or compost. If the site is on a steep slope, you may need to apply netting to help reduce soil erosion. Groundcovers are capable of providing long-lasting beauty and function, but their performance is only as good as the effort one puts into soil preparation.

 

Tips, Tricks for Keeping Groundcover Under Control | Zillow Blog.