Tag Archives: Bedford NY Luxury Homes

Big money pushes Jackson’s real estate market | Bedford Real Estate

People with a lot of money have continued to push the Jackson Hole real estate market in 2014 and in the third quarter, no matter what happened in any other segment of the market.

The people at the NeVille Group — associated with Jackson Hole Real Estate Associates and Christie’s International Real Estate — shared their recent stats and noted that the Hole “is synonymous with luxury and is an international marketplace for luxury real estate.”

There were 26 sales above $3 million during the third quarter, according to NeVille Group’s figures, and the average price in the sector was actually well beyond that, hitting an average of $5.7 million.

The number of transactions was up 18 percent over the same period last year, and the total dollar value of the sales was about $160 million, up 11 percent over the same period in 2013.

Other people recorded some of the same trends.

David Viehman of Re/Max Obsidan Real Estate wrote in the third-quarter update of his Jackson Hole Report that the upper end is strong, but not without its problems.

On the strength side, during the first nine months of the year, Viehman wrote, 73 deals were done in the $2 million-plus market, and 11 of those were for more than $5 million — impressive, but down by his calculations by 21 percent from the corresponding nine months in 2013.

He noted that while $2 million-plus sales were only 14 percent of all transactions they accounted for 52 percent of total dollar volume.

The third quarter showed, though, a bit more weakness in lower-priced segments — and perhaps the end of the bounce-back caused by short money and big inventory following the 2008 crash.

Viehman put the number of listings down 15 percent in the quarter, and the dollar volume down by 10 percent. That’s after years of fat inventory and, subsequently, a boom in sales when things began to look up.

Add to that decline in listings a fall in total transactions of 11 percent and a drop of 9 percent in the number of properties under contract and you have the explanation for something happening at the same time: Prices continue to rebound.

Average sale prices were up 7 percent, Viehman wrote, and median prices were up 13 percent.

With inventory surpluses of two years ago largely depleted, that’s caused a rise of 39 percent in the median sales price of property under contract.

As David NeVille and his people note, the median sale price of single-family homes in Jackson Hole hit $1.1 million in the past few months, up $300,000 from a year before. At the same time, sales in the under-$500,000 home market, hot a year ago, were down 73 percent since mid-year.

Compared to last year, NeVille said, sales in the $500,000-and-under sector fell from 33 last year to just nine this year. All of which seems to indicate that after the Great Recession and then the recovery of the past two or three years the market is finally looking to settle into a new level.

 

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http://www.jhnewsandguide.com/jackson_hole_daily/big-money-pushes-jackson-s-real-estate-market/article_be72ecef-a955-5f58-8393-700516608151.html?mode=print

Builders Gain Confidence in the 55+ Housing Market | Bedford NY Real Estate

 

Builder confidence in the 55+ housing market was up again in the third quarter, according to the latest release of NAHB’s 55+ Housing Market Index (55+HMI).  The 55+ HMI release contains separate indices for single-family homes and multifamily condominiums. Each is a weighted average of three components: present sales, expected sales, and traffic.  The numbers are not seasonally adjusted, so they should only be compared year over year.  On that basis, both were up in the third quarter.

The single-family 55+HMI jumped nine points from the third quarter of 2013, to 59—the highest third-quarter reading since the inception of the index in 2008 and the 12th consecutive quarter of year over year improvements. All three components posted year-over-year increases: present sales jumped 13 points to 65, expected sales for the next six months climbed 10 points to 63 and traffic of prospective buyers rose three points to 46.

 

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http://eyeonhousing.org/2014/11/builders-gain-confidence-in-the-55-housing-market/

 

Liberal Politics Raise Housing Prices | Bedford Real Estate

 

A post at Trulia called “Blue Markets Face Bigger Housing Challenges Than Red Markets” has been generating interest in media outlets typically read by blue voters, like The Atlantic and the Washington Post. The Post even considers itself “startled” by the connection between cities with liberal politics and higher housing prices:

Between these two poles, though (metro San Francisco voted for Obama by 58 points, metro Knoxville for Romney by 34 points), the relationship between housing affordability and politics across the country is startlingly strong.

But for those of us following the ongoing struggle to deal with rising housing costs in the city, this isn’t startling at all; in fact it makes perfect sense. As Megan McArdle points out in her take on the Trulia data, density (more people living in a smaller area) tends to bother people who already live in a city. Those that got there first are tempted to close the door behind them.

Density also multiplies the frictions over things such as noise, pets, public amenities and so forth that people have to put up with. Which increases the pressure for a resolution via the law…Consider, too, that the liberal base is composed of a large number of small interest groups with a long and successful history of lobbying government for laws. Those groups have paid a lot of attention to enabling this sort of action, making sure that their local political institutions have lots of avenues by which small groups can affect the legislative process. Everything has extensive community review, and it’s easy for local groups to file lawsuits that block some undesirable project.
Strategy and tactics in liberal politics was born out of organizing the mass movement, getting bodies into rooms where decisions are being made and using the pressure of large numbers of people, and when necessary, law suits to win. What happens in cities where there are lots of liberals is that when it comes time to grow the population, and things change and maybe get uncomfortable, the resolution is to organize for restrictions on the development and construction of new housing, policies that raise rents. And oddly, this means using the tactics pioneered by Saul Alinsky not to push for more building and more housing choice for renters and new people, but less by erecting more rules, taxes, and fees. Red and Blue Chart What’s ironic is that the more liberal cities agitate about the cost of housing, the more rules, fees, and taxes they propose. I’ve called this dynamic the “San Francisco Death Spiral,” a pattern of pressure by existing residents to make more rules on new housing because new housing is too expensive which results in higher prices and thus more agitation. The claims about gentrification and income inequality that seem to beleaguer bigger, liberal cities also are used to support the arguments for more limits on market rate housing and taxes on it to “solve” the housing problem. What’s encouraging about the Trulia data and graphics is that perhaps it will cause some soul searching among elected officials in liberal cities. Maybe those leaders might at least consider the idea that raising costs and limiting supply really do contribute negatively to housing prices. What’s needed in liberal cities is an economic and ideological reset: you can support taxes and regulation and government spending to solve social problems and also support the idea that sometimes reducing some or all of those things can solve social problems too. As liberal cities grow because they are progressive, open, and support diverse lifestyles, maybe their housing policies can be open and progressive too.

 

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http://www.forbes.com/sites/rogervaldez/2014/11/03/liberal-progressive-politics-raise-housing-prices/

Home Price Growth to Cool to 3 Percent in 2015 | Bedford NY Real Estate

 

Usually when an asset starts to grow in value less quickly than it had before, it’s a bad sign. When it comes to the U.S housing market, however, analysts say it means healthy stabilization.

Home prices in the U.S. continued to decelerate in the third quarter this year, growing 6.5 percent from the same period in 2013, according to a report released Thursday from Zillow. The average home price was $176,500.

The annual rate of appreciation peaked at 8.1 percent in April and has fallen every month since then, quelling fears of a bubble in certain markets. Prices will continue to cool as certain market fundamentals, like job and wage gains, replace factors like decreased home supply and widespread investor activity that have driven price gains since the housing crisis.

“We’re transitioning from a fast form of recovery to a slow form of recovery, particularly since a lot of those factors driving us forward – household formation rates and income growth – have not fully recovered,” says Stan Humphries, Zillow’s chief economist.

Typically in the U.S., property prices rise 3.5 percent per year, Humphries says, and since about the middle of 2013, they’ve gone up 6 to 8 percent a year.

“Because 65 percent of us own homes, we tend to value it when homes appreciate quickly, but that’s really bad for people who are not in the market … buyers. For them, really high price appreciation makes homes less affordable,” Humphries says.

The rate of home price appreciation decreased most in markets that had been considered the hottest during the housing recovery. For example, in San Francisco, home value growth slowed from 23.5 percent annually in the third quarter of 2013 to 8.2 percent over the past year. Zillow anticipates they’ll grow at 2.9 percent in 2015.

Changing market dynamics put more power in the hands of buyers than sellers, Humphries says. At the end of September, there were almost 19 percent more homes on the market than last year. Nearly 37 percent of listed homes on Zillow had at least one price cut in the past month, up from 33.6 percent in September 2013.

“Sellers have had their day in the sun for several years in a row now. It’s time to get back to a balanced market and for buyers to have their day,” Humphries says.

Brian Walters, a Redfin real estate agent who works in Alexandria, Virginia, has seen changing dynamics among his clients, too.
“It seems like buyers have definitely picked up on what’s going on in the marketplace a little bit faster than sellers,” Walters says. “They’re willing to go in and offer significantly lower than what would be expected to be successful offers that seem to pan out. They’re being a lot more aggressive during the home inspection period and asking for things to be repaired.”

 

 

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http://www.usnews.com/news/articles/2014/10/23/zillow-home-price-growth-to-cool-to-3-percent-in-2015

Mortgage gauge hits 14-year low | #Bedford Real Estate

 

Here’s a fresh factoid sure to gratify housing bears: A broad gauge of mortgage applications recently hit its lowest level in 14 years, according to data released Wednesday.

The Mortgage Bankers Association reported its seasonally adjusted index, which measures the volume of mortgage applications, dropped more than 7% in the week that ended Sept. 5 to the slowest pace since the end of 2000. During that week, applications for loans to buy a home fell almost 3%, hitting their lowest level since February, while refinancing applications tumbled almost 11%, reaching the weakest result since late 2008.

But it may be too soon to dance on the housing market’s grave. There’s volatility in any weekly series. And there were at least two factors in the most recent weekly report that may be throwing off results.

First, the week that ended Sept. 5 contained Labor Day (which fell on Sept. 1). While MBA adjusted its data for the holiday, there may still be some distortions.

“The Labor Day holiday is one of the holidays where it’s hard to predict how people will respond,” said Doug Duncan, chief economist at federally controlled mortgage-finance giant Fannie Mae who added that he expects a “bounce back” in future mortgage-application readings.

 

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http://blogs.marketwatch.com/capitolreport/2014/09/10/mortgage-gauge-hits-14-year-low-but-that-doesnt-mean-housing-is-dead/

 

 

 

Housing market stuck in downward spiral | Bedford NY Real Estate

 

Home price growth continues to slow, according to today’s S&P/Case-Shiller index.

According to the index, home growth rates grew 6.2% nationwide for the 12-month period ending in June, much lower than the double-digit gains seen last year. The S&P/Case-Shiller composite index of 20 major cities through the U.S. increased 8.1% over the same period, down from a 9.4% in May and below economists’ expectations of 8.4%.

Home prices appear to be moderating but that’s good news says Shari Olefson, CEO of The Carnegie Group. “Those big increases that we saw last year were not sustainable and in general we’re still seeing an upward trend when you look at the big picture,” she says.

Still, it’s not all roses for Olefson. “What I wasn’t happy with are some of the trends we’re seeing in new construction,” she notes.

New homes sales fell by 2.4% from June to July, yet July’s new homes sales were up 12.3% from the previous year. “New construction appears to be up significantly from last year but when you dig beneath the surface what’s up are multifamily homes,” says Olefson. “Single family homes are up by just 1% which defies logic because we’ve had over 3 million single family units that have been converted to residential rentals.”

Some believe that these numbers mean that housing is approaching normal levels, but Olefson disagrees. She sees more potential buyers turning into renters and believes there’s a lack of suitable housing and loan products for what people can afford now.

 

 

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http://finance.yahoo.com/news/housing-market-is-stuck-in-downard-spiral–shari-olefson-155251001.html

Mortgage Rates Tick Down Slightly | Bedford NY Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates moving down slightly to remain near historic lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.13 percent with an average 0.6 point for the week ending July 17, 2014, down from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.41 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.4 point, down from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.17 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.66 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 a week of light economic reports. Of the few releases, industrial production rose by 0.2 percent in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4 percent in June, rebounding from a 0.2 percent decline the prior month.”

The Kitschiest French Manor in New Jersey Wants $6.4M | Bedford Real Estate

 

 

21 images

Location: Mendham Boro, N.J.
Price: $6,400,000
The Skinny: “Old world craftsmanship”, “attention to detail”, “Work of Art”, and “discerning buyer”: phrases like these strung together in the context of a real estate listing should be a warning to the unwary and unschooled homebuyer who, flush with a pre-approved mortgage and eager to buy, is all too apt to be gulled into believing that hideous design somehow equates to high-class residential property. One look inside this gaudy “French Manor” out in the wilds of New Jersey should disabuse any prospective purchasers of that notion, but the sad truth is that riotously patterned wall treatments, garish, hand-painted coffered ceilings, and awful furniture at least have the benefit of being infinitely more interesting than the plain white walls and boring, half-empty great rooms of most modern McMansions. And, come to think of it, aren’t many of the grand homes we celebrate today (i.e. the Biltmore Estate, the Breakers, El Furiedis) just palaces of kitsch that have benefited from the burnishing, patina-inducing effects of passing time? Maybe one day this home, with its absolutely over-the-top chapel (with its weird stained-glass depiction of a saint solemnly tickling the ivories) and its creepily haunting painting of a barkeep (“Your money is no good here, Mr. Torrance”) will be celebrated as a sui generis masterpiece, made the subject of coffee table books and PBS documentaries, and be entered into the pantheon of Great American Homes. Until then it can be had for $6.4M.

 

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http://curbed.com/archives/2014/07/07/the-kitschiest-french-manor-in-all-of-new-jersey-wants-64m.php