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Home prices increasing in Bonita Springs-Estero real estate market | Bedford Hills Homes
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Tag Archives: Bedford Hills NY Homes for Sale
Fed officials stay cautious in shifting market | Bedford Hills Real Estate
Australia House-Price Jump Rekindles Bubble Fears | Bedford Hills Homes
Home prices in Australia’s main cities surged in 2014, deepening concern a possible housing bubble may be forming that could potentially derail a fragile economic recovery.
The country’s property market ran hot again last year with prices nationally rising at the fastest pace in more than three years, fueled by record-low interest rates and growing demand for investment housing.
The sharp rises throughout past year have created some of the most expensive property in the world, fanning concern the market may be overheating and that a sudden crash could make jittery consumers even more nervous about spending.
The central bank has cut rates eight times in the past two years to try to get other sectors such as retail and housing to pick up and to compensate for a fading mining boom that is expected to dent the economy in coming years.
The RP Data-Rismark house-price report for December showed home values rose by 9.8% during the 2013 calendar year. Sydney, the country’s largest property market, posted a 14.5% gain over the same period, while property prices in Melbourne and Perth also made strong advances. In December, home values nationally rose by 1.4% from November.
The housing figures came on the same day data showed manufacturing activity contracted in the last month of 2013. It was the second contraction in a row that erased expansions in September and October.
“This latest snapshot is yet another reminder of the urgency for Australia to put itself on a more balanced and diversified growth path,” said Innes Willox, chief executive of AIG Group, which did the survey.
The disparity between surging house prices and weaker manufacturing highlights the key challenge facing Australia’s economic-policy makers, who must find new sources of growth as the decadelong mining boom cools.
http://online.wsj.com/news/articles/SB10001424052702303640604579295503032402682
Housing market could face new bubble, home price expert warns | Bedford Hills NY Homes
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
Rising rates cool sales of housing | Bedford Hills Homes
Sheryl Crow Relists Her Tennessee Ranch With Another Big Price Cut | Bedford Hills Homes
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/
Existing Home Sales Fall For 3rd Straight Month In November | Bedford Hills NY Homes
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.
House marketed as ‘Frankenstein’ fixer-upper sells in 2 days, over list | Bedford Hills NY Real Estate
Abandoned for three years, stripped of its kitchen and bathroom fixtures, and missing part of its roof, the two-bedroom fixer-upper was in such rough shape that its listing agent did not hesitate to market the property as “Frankenstein.
”Which made the home all the more attractive to plasterer and carpenter Chris Leczynski, who bought the Melbourne, Australia, property sight unseen two days after it hit the market, paying $11,000 over the asking price of $500,000. Source: news.com.au
– See more at: http://www.inman.com/wire/house-marketed-as-frankenstein-fixer-upper-sells-in-two-days-over-list/?utm_source=20131216&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.R3mr5AHp.dpuf
Storm Moves East, Cleanup Is Now Under Way In Bedford | Bedford Hills NY Real Estate
The first significant snowstorm of the season has passed through Westchester County and the cleanup is well under way on Sunday.
Snowfall totals in Westchester ranged from 3 to 8 inches, with 6 inches reported in White Plains.
Climbing temperatures should make it easier for residents to clear away snow.
Cloudy skies Sunday will give way to mostly sunny skies with a high between 36-38 degrees.
With temperatures falling to a low of between 20-22 degrees tonight, icy conditions are likely through the morning.
Monday will be mostly sunny with a high near 29. Light snow is likely on Tuesday, with some accumulation expected, and a high near 37.
Wednesday should be sunny with a high around 35. Temperatures will continue to climb as the week continues, with highs near 50 expected for both Friday and Saturday.
http://bedford.dailyvoice.com/news/storm-moves-east-cleanup-now-under-way-westchester