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Bedford Hills NY Homes for Sale

Fixed Mortgage Rates Little Changed | Bedford Hills Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little for the week amid the federal debt impasse in Washington, D.C. and a light week of economic data releases.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.7 point for the week ending October 10, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.39 percent.
  • 15-year FRM this week averaged 3.31 percent with an average 0.7 point, up from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.70 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.73 percent.
  • 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.59 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed amid the federal debt impasse in Washington, D.C. and a light week of economic data releases. Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute. The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.

Are Sellers Losing Control? | Bedford Hills NY Real Estate

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Will the long-awaited sellers’ market be extraordinarily short-lived?  An email survey of big market agents found that the pendulum is shifting in favor of buyers.

An August survey of 522 Redfin agents found that fewer believe this to be a good time to sell than in the second quarter and more than half, 55 percent, said it is “a good time to buy,” up from 46% in the first quarter.

Inventory shortages (87%) and bidding wars (79%) remain the biggest challenges for buyers, according to the agent survey.  Some 62% of agents say that sellers have unrealistic expectations about the value of their home and 30% say that sellers are having difficulties getting their home to appraise for the contract purchase amount.

Markets are cooling down.  Some 56% of agents believe the market over the last three months has become less competitive. Only 22% believe it has become more competitive.

Price expectations are changing dramatically.  Most (68%) expect price gains in the coming months but fewer than in the in the first quarter (97%). Only five percent expect home prices to “rise a lot,” down from 44% in the first quarter.

“At the end of this summer, you could smell the rubber on the road from buyers hitting the breaks,” said Redfin San Diego agent Sara Fischer. “The cutthroat competition and frenzied demand has relaxed considerably.”

Respondents spanned 22 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Orange County, Miami, New York, Philadelphia, Phoenix, Portland, Raleigh, Sacramento, San Diego, San Francisco, Seattle, and Washington DC.

 

 

http://www.realestateeconomywatch.com/2013/10/are-sellers-losing-control/

Freddie Mac releases latest rates | Bedford Hills Homes

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates relatively unchanged from last week following a mixed employment report, and holding steady near their highs for the year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.57 percent with an average 0.8 point for the week ending September 12, 2013, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.55 percent.
  • 15-year FRM this week averaged 3.59 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.85 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 2.72 percent.
  • 1-year Treasury-indexed ARM averaged 2.67 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the 1-year ARM averaged 2.61 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed this week following a mixed employment report. For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent which was the lowest since December 2008.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.

Luxury builders better positioned in rising interest rate environment | Bedford Hills Real Estate

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Market analysts remain confident in homebuilders, with luxury builders expected to lead as rising interest rates freeze out entry-level buyers, analysts say.

Sterne Agee analyst Jay McCanless believes investors should be looking to move-up and luxury homebuilders since households operating on modest incomes are generally the first to bail on housing when mortgage rates rise.

McCanless specifically highlighted the stocks of Ryland Homes (RYL) and Meritage Homes Corp. (MTH) as solid picks. “Our takeaway from this month’s data is to continue buying these names because the fundamental backdrop remains positive,” McCanless said of the two stocks.

The 30-year mortgage reached 4.80% this past week, the highest level obtained since April 2011, and more proof that overly competitive rates are slowly becoming a thing of the past.

Homebuilder stocks overall fell Friday after experiencing a positive run on the HW 30—HousingWire’s exclusive index for mortgage finance and housing stocks.

The dip in share prices followed a strong week for builders – many of which closed in positive territory on Thursday afternoon, only to fall a day later. On Thursday, D.R. Horton (DHI), Lennar Corp. (LEN) and Toll Brothers (TOL), saw their stock prices shoot up on positive gross domestic product and jobless claims data.

D.R. Horton alone rose 3.55% by close on Thursday, only to fall more than 2% by Friday afternoon. Lennar Corp. also fell more than 2% by market close, with Toll Brothers also down 1.86% by market close on Friday.

Despite a weaker close on the HW 30 index for the week, analysts still see homebuilders in a position to benefit from the nascent housing recovery.

“Average sales and inventory trends in the Top 25 markets we monitor continue to improve sequentially and month over month, and we view these indicators as the best barometers of housing demand in our builders’ collective footprints,” McCanless said.

 

http://www.housingwire.com/articles/26573-luxury-builders-better-positioned-in-rising-rate-environment

 

Broker-priest gives voice to disillusioned agents | Bedford Hills Real Estate

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Just recently Barry Smith received a rather jarring voice mail.

“It is disgusting. It is almost like you are portraying the devil,” the caller said in a quavering voice, according to Smith, owner of Washington, D.C.-based Domus Realty. By Smith’s account, the caller later added: “You’re like the dark side, and the dark side does not see well.”

The message represents just one of many reactions to a colorful job ad that Smith, once a philosophy professor at Georgetown University, recently penned and fired off to what he said were about 10,000 email addresses.

Calling for an “agent-priest,” the job ad has struck a chord with some real estate professionals who say it has given voice to their disillusionment with broker culture. At the same time, some readers of the post, like the woman who seemed to view Smith as something of a Sith lord, have found its cynical tone deeply unnerving.

The second reaction may be understandable: Certain passages in the ad, titled “Domus Realty — From Agony to Ecstasy,” express approval of prospective agents who wish to hurl both gadgets and themselves out windows, “scorn happy faces” and may commit suicide if the world “does not soon remedy or cure its superficiality and shallow notion of freedom.”

But Smith, who once taught college classes with titles like “Nietzsche and Postmodernity” and “Freud and Philosophy,” argues that critics of the ad may not fully appreciate its tongue-and-cheek hyperbole, and also could be missing what he says is its ultimately redeeming message.

– See more at: http://www.inman.com/2013/08/19/broker-priest-gives-voice-to-disillusioned-agents/#sthash.9ptammcE.dpuf

What Does Your Kitchen Say About You? | Bedford Hills Real Estate

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ModernModern Design

Fun fact: despite its name, modern design traces its origins to the late 1800s. While easy to confuse with contemporary design, modern design refers to a style that was popular from the 1920s through the 1950s and is defined by clean lines, the moderate use of color, and the use of natural materials (we love the wood flooring and understated white cabinets). If you consider yourself kind of retro, but not quite trendy, a modern kitchen is the style for you.

ContemporaryContemporary Design

If you like making bold statements and consider yourself stylish and sophisticated, you’ll be a fan of contemporary design. Defined by tone-on-tone color choices, clean lines with smooth surfaces, metallic finished, and natural fabrics, contemporary design is the perfect choice for those who think form is just as important as function. With beautiful black cabinets, lustrous stainless steel appliances, and crisp white granite countertops and marble flooring, this kitchen proves how stunning contemporary design can be when done right.

 

 

read more…

 

http://welcome.homeadvisor.com/kitchenstyles?m=homesense&entry_point_id=26784861

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/

 

Why your prospects need a property manager | Bedford Hills Real Estate

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Michelle Horneff-Cohen, president of Property Management Systems, provides information on how you can help protect your clients’ investments and ensure them many happy years as a property owner. She writes:

“Becoming a property owner and leasing a unit opens the door for many legal concerns. A property manager eats, breathes, and lives local ordinance. If they don’t, they aren’t a real PM.”

To read the rest of Cohen’s article, click here.

 

Why your prospects need a property manager | HousingWire.

Report: Jennifer Lopez Buying $10 Million Mansion in Hamptons | Bedford Hills Real Estate

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Source: IMDb

Source: IMDb

Jennifer Lopez might just be “Jenny from the Block,” but her newest block is a stretch of three acres in exclusive Water Mill, NY.

According to the New York Post, Lopez has toured the estate several times with her twins and current boyfriend, 25-year-old Casper Smart. Lopez reportedly paid $10 million for the home, which previously demanded $425,000 as a summer rental. Lopez has been looking for a Hamptons-area estate for years; there were previous rumors that she picked one up back in 2011, shortly after her divorce to Marc Anthony.

The singer and actress’ new place is not only luxe — a must-have for someone who brought in $52 million last year and is ranked above Oprah on Forbes’ Most Powerful List —  but also incredibly private.  Situated on its own cul-de-sac, the updated but classic estate is made up of two lots, with room for plenty of celebrity musts, like guest houses and tennis courts.

Built in 2004, the 8-bed, 4.5-bath measures 8,5000 square feet. The landscaped grounds include a large pool, patio area and plenty of hedges to keep paparrazi at bay.

Lopez hasn’t purchased a home in quite some time. The entertainer still owns an enormous spread in Hidden Hills that she purchased with Anthony in 2010, as well as two homes in Glen Head, N.Y. The star previously owned a waterfront estate in Miami Beach and another home in Beverly Hills.

 

Report: Jennifer Lopez Buying $10 Million Mansion in Hamptons | Zillow Blog.

Cicadas set to overrun Hudson Valley | Bedford Hills NY Homes

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Billions of cicadas lurking underground in the Hudson Valley and along the East Coast are awaiting their cue: when ground temperature reaches exactly 64 degrees.

Only then will the inch-long creatures crawl out of the burrows they have lived in for 17 years, climb trees and begin several weeks of riotous mating calls, sex, parenthood and finally death. Then the insects’ offspring will crawl underground to begin the cycle over again.

In the Hudson Valley, showtime could come within days as the air temperature climbs and the earth warms.

Scientists say the cicadas with bulging red eyes will outnumber people from North Carolina to Connecticut by about 600-to-1 and that the males’ mating calls will be as loud as a rock concert.

In 2004, Gene Kritsky, an entomologist at the College of Mount St. Joseph in Cincinnati, measured cicadas at 94 decibels, saying it was so loud “you don’t hear planes flying overhead.”

Cicadas come out every year in different regions around the world, but the variety about to make their entrance along the East Coast are different. They’re called magicicadas — as in magic — and are red-eyed. Magicicadas are found exclusively in the eastern half of the United States.

There are 15 U.S. broods that emerge every 13 or 17 years, so that nearly every year some place is overrun. Last year it was a small area, mostly around the Blue Ridge Mountains of Virginia, West Virginia and Tennessee. Next year, two places get hit: Iowa into Illinois and Missouri; and Louisiana and Mississippi. Still, it’s possible to live in these locations and actually never see them.

This year’s invasion is one of the bigger ones. Several experts say that they really don’t have a handle on how many cicadas are lurking underground but that 30 billion seems like a good estimate. At the Smithsonian Institution, researcher Gary Hevel thinks it may be more like 1 trillion.

Even if it’s merely 30 billion, if they were lined up head to tail, they’d reach the moon and back.

This year’s invasion, dubbed Brood II by scientists, is expected to cover large swaths of the Hudson Valley, according to Daniel Gilrein, an entomologist with Cornell Cooperative Extension of Suffolk County. Nature lovers, he said, should plan expeditions in late May and early June to see the insects at work.

 

http://newyork.newsday.com/news