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Historic Home Gets Youthful Update | Bedford Hills Real Estate
The home is a classic and stately building but designer Jamie Beckwith wanted to bring “youthfulness and glamour” to the home, which reflected the homeowners’ lifestyle and worked with the architecture.
The challenge
This space was once a formal dining room with dark wood paneling. The dining room moved to another location, and this space was transformed into a contemporary living room.
“We covered the paneling with a soft gray paint color that modernized the space,” explained Beckwith. “We added mirrors for more light in the room and reworked the seating arrangements for a new layout.”
Bold colors
“My favorite part of the room is the unexpected strong color combinations,” said Beckwith. “The silk chartreuse drapery panels are out of this world!”
The rug and the furniture are shades of gray and the chartreuse and hot pink are merely accents, which is what makes the room work. The chairs are custom-upholstered with color stripes.
read more….
http://www.zillow.com/blog/historic-home-gets-youthful-update-160738/
3 Ways the Boomer Housing Crisis Benefits Millennials | Bedford Hills Real Estate
As baby boomers grudgingly age into their sunset years, they may find it increasingly difficult to find or afford housing that meets their needs.
In particular, younger boomers who are now in their 50s are poorer and have more debt than previous generations (in addition to lower home ownership rates). They may be unable to cover the cost of housing or long-term care in their retirement years, according to a recent report from Harvard University’s Joint Center for Housing Studies. The youngest of the 76 million boomers have begun turning 50 this year – and 10,000 boomers a day will turn 65 from now through 2030.
The vast majority want to stay in their homes, but those homes often lack accessibility features, such as single-level living and wider hallways and doors, that would allow them to operate a wheelchair, for example. Furthermore, suburban or rural areas with inadequate public transportation can isolate them from family and friends as well as health care providers.
“The housing stock of America is pretty inflexible,” says David Eckerdt, director of the Gerontology Center and a sociology at the University of Kansas. “You can’t resize it or move it, and the ‘build’ environment can’t quickly acquire the necessary transit or parks or supermarkets.”
There may be a silver lining here, though: a real estate market that’s more welcoming to millennials. Here are four boomer-led housing trends that may help the younger generation in the long term.
ONE: A Housing Swap. For financial reasons and because they’re healthier than previous generations, boomers are staying in suburban single-family homes far longer than their parents did. That’s OK, because thanks to college loans and a tough job market, it’s taking millennials longer to gain the financial independence they need to buy a house. Despite witnessing one of the worst housing busts in American history, two-thirds of millennials recently polled by Zillow agreed with the statement that owning a home is necessary to living the “good life” and is central to the American dream.
read more…
http://finance.yahoo.com/news/3-ways-boomer-housing-crisis-131500331.html
Housing prices stagnate in New Haven | Bedford Hills Real Estate
Although nationally there has been a huge recovery in real estate prices this past year, New Haven is one of only six cities in the country that did not report higher real estate prices from May 2013 to May 2014.
This stagnation in home prices has caused concern from realtors and city officials who said this may be a troubling indication of the state of New Haven’s economy. In response to this news, city officials said that their plans to improve living standards in the city should help fix the problem.
“The city is working on a number of initiatives that would indirectly improve the market. Bringing jobs to the city, improving the public school system, keeping city streets safe would all have an indirect effect on home prices,” said Laurence Grotheer, Director of Communications at the Office of the Mayor of New Haven.
But in the meantime, realtors are struggling to come to terms with a difficult financial situation. Last year there was an initial rush of buyers, but the market has since slowed and prices have not risen, said Linda Schauwecker, the co-owner of Real Estate Two Inc.
John Cuozzo, Principal and Broker of Press|Cuozzo Realtors, has experienced similar problems providing his services in the Greater New Haven area. Cuozzo said the lower real estate prices are a product of Connecticut’s slow recovery from the 2008 financial crisis.
“Connecticut has not rebounded as other states have and the real estate market in New Haven is suffering as a result,” Cuozzo said.
Stagnating home prices throughout New Haven have not impacted University Properties, according to Bruce Alexander, vice president for New Haven and state affairs. He added that University Properties owns downtown property but doesn’t participate in home sales.
“Our objective in the University’s community investment program is to improve the state of the New Haven economy, not depend on it, ” Alexander said in an email.
University Properties, he added, has not experienced any difficulty in recruiting or retaining new tenants.
This data may not be cause for despair, Mark Abraham, the Executive Director of DataHaven said in an email. Housing price trends should be observed over many years, especially in a relatively small market, Abraham added.
Furthermore, family home prices may not be related to other real estate projects, such as commercial development or other types of housing, Abraham said.
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Bedford NY Town Hall Message | #BedfordHills Real Estate
Dear Bedford Residents,
Members of the Jewish community throughout our three Bedford hamlets will gather this evening with friends and loved ones to celebrate Rosh Hashanah, the Jewish New Year.
This joyous holiday is an opportunity to reflect on the year that has passed and look to the year ahead. During this period of reflection, we once again celebrate the diversity that strengthens and energizes Bedford. And, we recommit ourselves to work together to create a safer, united and more peaceful future for all.
My warmest wishes to all for a healthy, happy and prosperous New Year.
L’Shanah Tovah
Chris Burdick
Supervisor
Student loan debt curbs housing market by $83 billion, study says | #BedfordHills #RealEstate
There’s been lots of debate lately in housing circles about the impact of student debt on home ownership.
Now there’s a new study out that attempts to put a number on that impact: 414,000.
That’s how many home sales will not happen this year because of high levels of student loan debt, according to a report from John Burns Consulting, an Irvine-based firm that advises home builders. That’s equal to about 8% of all home sales, and enough to dent the housing industry by $83 billion a year.
The report estimates that the number of households under age 40 that owe $250 or more each month in student loans has nearly tripled since 2005, to 5.9 million. And it projects that every $250 in monthly student loan payments decreases home borrowing and purchasing power by $44,000. Figure a typical sale price of $200,000, throw all that together, and you get $83 billion in lost sales.
“We actually think it’s pretty conservative,” said Rick Palacios, director of research at John Burns Consulting. “We’re only looking at people age 20 to 40. We know there’s a big chunk of households over age 40 who have student debt, too.”
The report is the latest in a growing pile of research that links rising student debt levels – overall student loan debt has nearly tripled since 2005 to $1.1 trillion – with sluggish home sales, especially among young adults.
The Federal Reserve Bank of New York has found that young people with student debt are now less likely to hold a mortgage (and own a house) than people who never attended college, a reversal from long-held trends that link higher education with higher earnings and home ownership. Trade groups such as the National Assn. of Realtors have pointed to student debt as a key factor in the lower-than-normal rates of first-time home buyers. And it has become a growing concern for builders, which is why Palacios decided to try to put a number on it.
read more….
http://www.latimes.com/business/realestate/la-fi-student-loan-debt-housing-market-20140922-story.html
Investors’ pullback trims August home sales | Bedford Hills Real Estate
Existing-home sales slipped 1.8% in August, breaking a four-month string of gains as some investor buyers left the market, the National Association of Realtors said Monday.
Sales dropped to a seasonally adjusted annual rate of 5.05 million in August, the National Association of Realtors said Monday. That’s down from 5.14 million in July — which was revised slightly lower than previously estimated — and a 5.33 million rate in August 2013.
Economists had expected a 5.18 million pace, according to the median forecast in Action Economics’ survey.
It has been 10 months since the annualized sales rate was higher on a year over year basis.
“There was a marked decline in all-cash sales from investors” last month, said Lawrence Yun, chief economist of the Realtors association. “On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”
Investors have provided much of the demand in the housing market for the past few years as they snapped up foreclosed properties at distressed prices and turned them into rentals. But their interest has cooled as the supply of foreclosures has receded and prices of other properties have risen.
All-cash sales were 23% of transactions in August, dropping for the second consecutive month to its lowest share since December 2009, the NAR said. Individual investors bought 12% of homes in August, down from 16% in July and 17% in August 2013. Sixty-four percent of investors paid cash in August.
read more….
http://www.usatoday.com/story/money/business/2014/09/22/august-existing-home-sales/16016439/
Low Cost Vietnamese Homes | Bedford Hills Real Estate
Vo Trong Nghia Architects has revealed its second-phase prototype for an affordable and low-maintenance dwelling for Vietnam, as part of a project aimed at solving the country’s housing crisis (+ slideshow).
The new prototype, known as S House, has been unveiled by Vo Trong Nghia Architects two years after the Vietnamese firm presented its first low-cost buildings, which were designed to offer permanent residences for less than £2,500 each.
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Vo Trong Nghia unveils second prototype for low-cost Vietnamese housing
While the original design featured a lightweight steel frame, the new structure is built from precast concrete, which the architects believe offers greater long-term stability.
I Paid Off My Mortgage & My Credit Score Dropped 150 Points | Bedford Hills Homes
Sometimes paying your bill the wrong way — or in this case, trusting that an ex-spouse will get it right — can torpedo a good credit score, as one reader found out. Here’s her story:
I have been divorced for 6 years, and my ex-husband kept the house that we lived in. He has made all house payments on time in the last 6 years. When he got down to a small amount being owed ($188) on the small loan of our 80/20 split mortgage, he sent in a check for the final amount — Not knowing there was a rule of making a final payment with a cashier’s check in lieu of a personal check. The mortgage company eventually returned the check and advised him of the same, however by then the mortgage payment was late. This resulted in them reporting this on both of our credit [reports], dropping [my score] 150 points . The error has since been resolved and the total loan amount is paid in full, however they are refusing to remove this from my credit report. I understand the whole “my name is on the loan” reasoning, and I don’t disagree with it, however this was an honest error on an otherwise spotless credit history on my part . . . . I have disputed it with the credit agencies, disputed it in writing with the mortgage company, but am looking for any advice to repair my credit score that has dropped from 780s to 600s?????
The drop in her score, from the “excellent” range to “poor/fair” territory, as a result of just one late bill, illustrates the impact that a single misstep can have on an excellent score. The good news here is that if she has other credit accounts, she won’t have trouble adding positive information to her credit reports, and those will help dilute the impact of the negative mark. So will time. The further this recedes into the past, the less impact it will have. (Our reader can and should check her scores regularly to track her progress. Credit.com offers two credit scores every 30 days for free.) Her best bet at this point is to pay bills on time and to make sure her balances aren’t higher than 20% to 25% of her credit limits.
read more…
http://finance.yahoo.com/news/paid-off-mortgage-credit-score-090024713.html
Why You Shouldn’t Have to Jump Through Hoops to Get a Mortgage | #BedfordHills Real Estate
Ever hear stories in the break room about how difficult it is to get a mortgage? “I have to jump through so many hoops to get my mortgage, it’s ridiculous. They keep asking me for financial information, I swear I already gave it to them.”
Reality check: Obtaining a mortgage is no easy feat these days, no matter how great your credit score is or how good your lender is. By understanding the loan process, however, you can make sure you don’t have to jump through hoops, and more importantly, that your loan closes on time.
The Nature of Mortgage Lending
Lenders have to meet tight federal requirements on your ability to repay. This includes a thorough review and examination of your credit, debt, income and assets, as well as the property and occupancy of the home in which you plan to be financing. Furthermore, lenders operate in a world in which they usually only have a one-time chance to make how you look on paper favorable to the decision-maker, i.e. the underwriter, the person within the mortgage company who issues an approval.
Know this: The role of the lender’s underwriter is to mitigate risk for the mortgage company. They carry out this objective by making sure your full financial picture adheres to Fannie Mae and Freddie Mac guidelines, which serve as the model for other lenders and loan programs.
The reason you’ll often hear stories about all the hoops to jump through is because the loan officer did not properly set the borrower’s expectations at the forefront of the loan process — and/or the loan was not put together correctly. Remember, it’s very difficult to create a second first impression — if your loan officer did not properly package the loan for the underwriter to thoroughly examine and subsequently sign off, then you may have a cumbersome process. That’s if the loan can be approved.
Here’s a typical mortgage loan process:
- Lender gathers your financial documentation.
- Loan officer drafts a cover letter to the underwriter laying out the framework mortgage scenario.
- Underwriter reviews the complete credit package, ensuring the documentation adheres to risk requirements.
- Underwriter issues a disposition — a new loan status, approved with conditions, or at times a suspense.
The ideal outcome is the loan officer provided all of the necessary documentation, preemptively demonstrating how the loan package meets all the lending guidelines of the particular program the borrower is applying for, such as a conventional loan, FHA loan, etc.
read more…
http://finance.yahoo.com/news/why-shouldnt-jump-hoops-mortgage-100047265.html