Tag Archives: Bedford Hills

Bedford Hills

Preparing Gracie Mansion for a New (Live-In?) Mayor | Bedford Hills Real Estate

A convoy of vans and pickup trucks swarmed the house on Tuesday morning, a home-repair SWAT team armed with ladders and paint brushes, scaffolding and plywood.

By 9 a.m., the driveway was jam-packed, so four of the vehicles hopped the curb and unloaded equipment in a nearby park.

The beneficiary of all the frantic sprucing up: the next mayor.

As Michael R. Bloomberg prepares to leave office, his staff has ordered a last-minute gussying up of the stately home where he has never lived but where his successor undoubtedly will.

Workers from New York City’s parks department have descended on Gracie Mansion to repaint and re-wallpaper, not to mention fix railings and rooftops before the weather turns cold and a new occupant arrives.

Outside the house, a laborer described the work as the “big push by the mayor to leave the home in ——”

A passer-by jumped in to ask, Pristine condition?

Yes, the worker said. “Pristine.”

Gracie Mansion is no stranger to periodic work: at Mr. Bloomberg’s direction, it has undergone extensive remodeling and redecorating. Soon after his election, the mayor asked his adventurous longtime decorator, Jamie Drake, to make an effort at updating the house, originally built in 1799 and located at what is now 88th Street and East End Avenue.

A few months and $7 million later (all of the money was privately raised), the mansion had new floors, plumbing, lighting and ventilation, as well as fanciful touches like a four-post mahogany bed, an 1820s chandelier and fake-bamboo furniture.

This time, much of the work is on the outside. Workers will repoint the base of a chimney, repair a damaged section of fence, repaint shutters and replace security lighting on the roof.

City Hall on Tuesday called it routine summer maintenance, not unlike that in 2010, when the fake-marble floor in the foyer was restored, or 2008, when ultraviolet protection was applied to windows on the second floor.

The wear and tear has intensified since Mr. Bloomberg, who chose to remain in his town house on East 79th Street throughout his mayoralty, opened Gracie Mansion to the public in 2002 as a kind of living museum. “It’s 200 years old and now sees a couple hundred thousand visitors a year,” said Marc LaVorgna, a spokesman for Mr. Bloomberg, “so it requires a lot of regular maintenance like this.”

This, however, will be the last round of beautification during Mr. Bloomberg’s tenure, and it is extensive, bearing all the hallmarks of the mayor’s keen eye for detail: even the brick steps in the basement are to be repaired.

read more…

http://www.nytimes.com/2013/08/28/nyregion/preparing-gracie-mansion-for-a-new-live-in-mayor.html?_r=2&

Americans think New Yorkers are rude, Californians are hot but crazy: survey | Bedford Hills Real Estate

Americans think New Yorkers are rude but serve the best food and Louisiana has had a few too many, according to a recent survey.

Business Insider polled about 1,600 Americans about their views on the other states, asking them to identify the drunkest, dumbest and most overrated of the 50. The results were displayed in a series of amusing maps that tell you a lot about the reputations and stereotypes of different parts of the United States.

Not surprisingly, New York was deemed both the rudest and most arrogant state. People said the residents of Georgia and Minnesota were the nicest, but many states in the South received a large number of the votes.

RELATED: NEW YORKERS TOP LIST OF BEST TIPPERS: SURVEY

Even though the rest of the country doesn’t think New Yorkers are the most hospitable folks, they do admit that great food comes out of the Empire State. New York earned nearly 20% of the votes in that category, while California and Louisiana were also lauded for their fine cuisine.

Read more: http://www.nydailynews.com/life-style/americans-new-yorkers-rudest-survey-article-1.1431934#ixzz2czLAeTPv

 

 

Americans think New Yorkers are rude, Californians are hot but crazy: survey – NY Daily News.

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

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.

 

 

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

Home Sales Cool Down as Summer Heats Up | Bedford Hills Real Estate

Sales in the nation’s fastest markets are slowing down as inventories rebound. In June fewer homes went under contract within one or two weeks of being listed, continuing a slowing pattern that began in April.

In June, 30.5 percent of homes went under contract within two weeks of being listed, down from 31.9 percent in May. The 1.4 percentage point drop was the largest seen in the US housing market since December 2012. Nineteen percent of homes went under contract within one week in June, down from 19.9 percent in May

The June slowdown follows three months of gains in the number of homes for sale and the subsequent easing of competition among homebuyers. Additionally, the interest rate hikes that began in May led some active homebuyers to take a step back from the market and reassess what they could afford while others were deterred from entering the market. As a result, homebuyers who were committed to continuing their home searches felt a reduced sense of urgency to submit an offer within hours of a home being listed for sale.

“Even though Bay Area listings are now receiving a fraction of the number of offers they did just a couple of months ago–five to eight instead of 30 to 40–homebuyers are still acting quickly when they see a home they like,” said Redfin San Francisco area manager Charmaine Frank. “Offer deadlines are becoming less common, but buyers are still anxious to get their offers in early to find out if they have a chance, or move on.”

Silicon Valley (San Jose), CA was the fastest-moving market, with 52 percent of new listings under contract within two weeks, a slowdown from 58 percent in May.

Las Vegas and Philadelphia were the slowest-moving markets in June, with 11 percent and 9 percent of homes under contract within 14 days of their debut.

 

Home Sales Cool Down as Summer Heats Up | RealEstateEconomyWatch.com.

Investors Still Bullish on Real Estate | Bedford Hills Real Estate

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.

Don’t Call It Home Staging. Call It Superstaging! | Bedford Hills Real Estate

It’s not news that San Francisco home sales have been rocketing above expectations since the beginning of the year. Bay area buyers have seen themselves outbid by the cost of a mansion in their home towns; sellers have found that even an unstaged home, or even raw fixer-upper, will sell above asking within a week.

 

You might think this’d encourage laziness among sellers, but at least one boutique agency is thinking just the opposite: a little extra effort might result in record sales within record times. They call it simple marketing, but I call it “uberstaging.”

 

Climb Real Estate has been creating a niche for itself with its rolling Airstream satellite office. Now they’re talking their sellers into spending as much as $50K on pre-sale improvements, betting that the payoff will more than cover the cost.

 

The first step is to identify the potential buyer. In the case of this property, on Page Street in Hayes Valley, they  pitched their concept toward a single, professional woman in her 30s buying her first home – a powerful buying force in today’s market, by the way. Then they hired a interior designer Ian Stalling, art consultants from Art Haus, color consultant Wendy Trotter, and even landscape designer Dat Pham to create a space designed specifically for this fictitious buyer.

 

“This isn’t about the four walls,” says Chris Lim, Climb’s marketing director. “It’s about what happens in those four walls. How is your life going to be better if you buy this property? Is it that Blue Bottle coffee is just down the street? Is it the restaurants and the easy commute to downtown? How do you create a storyline that will convince someone that this is meant to be her home?” The stack of takeout menus and bottles of coffee in the kitchen are only the beginning of that story.

 

Don’t Call It Home Staging. Call It Superstaging! | Houses | HGTV FrontDoor.

Concerns Regarding Interest Rate Increases | Bedford Hills Real Estate

Don’t Panic About Rising Yields Just Yet (The Big Picture)

Treasury yields have been rising recently but Barry Ritholtz says there’s no reason to be alarmed about this. “Yields have moved up from the absurdly low level of 1.5% to 2% after a 30 year move down from 17%. Some people will scream that “yields have skyrocketed 25%” (but these are the same folks who have been yelling POMO! POMO! POMO! for 146%). It’s just as silly to claim that yields have retraced only 50 bips of the 1400 basis point move. A better context is to note that yields have backed up 1/2 percent from the lows, and that will affect economic activity, earnings, and psychology in ways we may not fully recognize yet.”

He also writes that Fed tightening, inflation, and increased demand for capital cause yields to go up. In this case we don’t know which it is and if it is demand for capital then that is a positive for the economy and stocks, not negative.

Death Of Managing Partner Raises Concerns For Investors That Lent Him Millions (The Wall Street Journal)

In April, Invesco announced that it was selling Atlantic Trust Private Wealth Management to Canadian Imperial Bank of Commerce (CIBC). About a month later S. Mark Powell, head of Atlantic Trust’s Texas office was found dead. The cause of death was undetermined. Now, the Wall Street Journal reports that some investors have said some of the money lent to Powell has gone missing. Invesco however said they didn’t believe client accounts had been accessed.

From the WSJ: “Since Mr. Powell’s body was found nearly two weeks ago, investors have come forward to say they lent him in total millions of dollars, according to people familiar with the matter. At least some of that money appears to have gone missing, the people said. An Invesco spokesman said in a statement that following Mr. Powell’s death, the fund-management company has become “aware of unusual transactions Mr. Powell seems to have conducted personally outside of his work for Atlantic Trust.”

What The Bond Market Sell-Off Looks Like On A 222-Year Chart (Global Financial Data)

The recent sell-off in the Treasury bond market has been one of the biggest market stories. Bond yields have reached their highest levels in over a year. Global Financial Data’s chart shows 10-year Treasury yields going back to 1791.

global financial data bond yields versus stocks

Vanguard Lowers Cost Of Dividend Themed ETF (Barron’s)

Vanguard has lowered the cost of the Vanguard Dividend Appreciation ETF (VIG) to 0.10% annually, from 0.13%. “When fund expenses get this low, they more or less approach zero. It’s a good reminder that you can cut out a lot of middlemen if you’re willing (and able) to manage your own money, and use an ETF instead of paying a pricey fund manager,” writes Brendan Conway at Barron’s. VIG is the 56th of Vanguard’s 65 ETFs to cut its expense ratio compared to last year.

7 Psychology Concepts That You’ll Find On Wall Street’s Hardest Exam (Business Insider)

There are seven common behavioral biases that drive investor decisions. 1. Overconfidence – These investors are often underdiversified and more vulnerable to market volatility. 2. Anchoring – Tied to overconfidence, this is when investors “revise” their analysis after finding information that significantly changes their initial assumptions. 3. Representativeness – “you incorrectly think one thing means something else.” 4. Loss aversion. 5. Regret minimization – “when you avoid investing altogether or invest conservatively because you don’t want to feel that regret.” 6. Frame dependence – “The tendency to change risk tolerance based on the direction of the market.” 7. Defense mechanisms – investors are great at making excuses for why they lost money.

 

10 Related Factors, Issues and Concerns Regarding Yield Increases | The Big Picture.

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.

India Housing Bubble | Bedford Hills NY Realtor

Here are some interesting charts by Deepak Shenoy on the India Housing Bubble.

India home prices have been going up at a compound annual growth rate (CAGR) of 26% since March of 2009.

Mumbai and Delhi

India HPI 2

Mish Shedlock

Shenoy reports Mumbai is growing at a CAGR of 30%, and Dehli is up 47% from a year ago and 250% since March 2009.

Note the transaction volume in Delhi. Transaction volumes and prices are interesting in Bangalore and Chennai as well.

Bangalore and Chennai  

India HPI 3

Mish Shedlock

  

Shenoy has details on five other cities as well. Inquiring minds may wish to take a look.

He writes “While India as a composite country is not at a bubble stage right now, it’s important to note that various bubbles are building up in individual cities. If any of these bubbles worsens, then it is likely that other cities will follow. There are no un-correlated prices in a crisis.

I would suggest that India as a composite certainly is in a housing bubble. The overall HPI shows just that.

 

India Housing Bubble – Business Insider

 

 

India Housing Bubble | Bedford Hills NY Realtor | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Survey shows Realtors more upbeat in March | Bedford Hills Real Estate

Realtors are increasingly confident about current market conditions and the outlook for the next six months,  although expectations for condos are still less than “moderate,” according to survey data gathered in March. Source: National Association of Realtors.