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What You Should Know Before Dipping Into Home Flipping | Chappaqua NY Homes

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The TV shows make it look so easy. You buy an ugly house, fix it up in a week or two and then sell it for a whopping $100,000 profit.

But as anyone who has ever tried it knows, house flipping is a lot harder than it looks.

“The math never lies,” says Brandon Turner, senior editor and community manager for BiggerPockets, a website for real estate investors, and a veteran flipper near Olympia, Wash.

And often, the math doesn’t add up to a sizable payday when you factor in the time, effort, labor and money to execute a flip. But that doesn’t keep people from trying.

Investors flipped 156,862 single-family homes in 2013, according to RealtyTrac, which defined a flipped home as one bought and sold twice within six months. The number of flips was up 16 percent from 2012 and 114 percent from 2011. The average gross profit for a completed flip — or more accurately, the difference between the first sales price and the second sales price ­– was $58,081.

Only 21 percent of those flips were foreclosure properties, according to RealtyTrac, down from 32 percent in 2011. And it has proved much more popular in some cities than others. Home flipping was up 141 percent in Virginia Beach, Va., 92 percent in Jacksonville, Fla., 88 percent in Baltimore and 79 percent in Atlanta. But it fell 43 percent in Philadelphia, 32 percent in Phoenix, 17 percent in Tampa, Fla., and Houston, and 15 percent in Denver. In 2013, there was a bigger increase in the flipping of properties that sold for $400,000 or more than in lower-priced properties.

“Investors have not lost interest in purchasing and flipping homes. In fact, now that we are seeing home price appreciation, they are more interested than…

 

 

http://news.yahoo.com/know-dipping-home-flipping-145712062.html

Sweet, Private Cottage on Five Acres in Wainscott Asks $1.2M | Chappaqua NY Homes

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121 Merchants Path, Wainscott
10 images

We quite like the Colonial Williamsburg vibe of this shingled cottage in the northern reaches of Wainscott. Plus, since it’s set on five acres, it’s quiet and private. The property has been on the market for months, though, so we wonder what the catch is. There’s a charming painted kitchen with a fireplace, more fireplaces in the living room and master bedroom, wide-planked floors, and charming built-ins and pocket doors. In all, there are four bedrooms and 3.5 baths in 2623sf. Outside, the plot is 5.45 acres with pretty gardens. No pool, but plenty of room for one. Price seems fairly reasonable, too.

 

 

http://hamptons.curbed.com/archives/2014/03/21/sweet_private_cottage_on_five_acres_in_wainscott_asks_12m.php

As credit tightens at home, Chinese sell Hong Kong luxury real estate | Chappaqua Real Estate

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Cash-strapped Chinese are scrambling to sell their luxury homes in Hong Kong, and some are knocking up to a fifth off the price for a quick sale, as a liquidity crunch looms on the mainland.

Wealthy Chinese were blamed for pushing up property prices in the former British territory, where they accounted for 43 percent of new luxury home sales in the third quarter of 2012, before a tax hike on foreign buyers was announced.

The rush to sell coincides with a forecast 10 percent drop in property prices this year as the tax increase and rising borrowing costs cool demand. At the same time, credit conditions in China have tightened. Earlier this week, the looming bankruptcy of a Chinese property developer owing 3.5 billion yuan ($565.25 million) heightened concerns that financial risk was spreading.

“Some of the mainland sellers have liquidity issues – say, their companies in China have some difficulties – so they sold the houses to get cash,” said Norton Ng, account manager at a Centaline Property real estate office close to the China border, where luxury houses costing up to HK$30 million ($3.9 million) have been popular with mainland buyers.

Property agents said mainland Chinese own close to a third of the existing homes that are now for sale in Hong Kong – up 20 percent from a year ago. Many are offering discounts of 5-10 percent below the market average – and in some cases as much as 20 percent – to make a quick sale, property agents and analysts said.

 

http://finance.yahoo.com/news/credit-tightens-home-chinese-sell-hong-kong-luxury-211105500–sector.html

New York Ranks As Worst State For Taxpayers | Chappaqua Real Estate

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New York is the worst state in the country to be a taxpayer, according to rankings released by WalletHub.com.

The Empire State ranked 51st (including Washington, D.C.) with an average annual state and local tax burden of $9718, which is 40 percent higher than the national average, according to WalletHub.

Wallethub ranked each state in the following categories to come up with its ranking: Real estate tax, state income tax, local income tax, vehicle property tax, vehicle sales tax, sales and use tax, fuel tax, alcohol tax, food tax and telecommunications tax.

New York’s neighbors didn’t fare well in the rankings, either. Connecticut was ranked no.48 while Vermont, New Jersey and Pennsylvania ranked 45th, 44th and 39th, respectively.

Wyoming ranked as the best state to live in as a tax payer with an annual average tax burden of $2365, or 66 percent below the national average.

Alaska, Nevada, Florida and South Dakota rounded out the top 5.

 

http://chappaqua.dailyvoice.com/news/new-york-ranks-worst-state-taxpayers

 

How to figure out share of ‘pocket listings’ in the market | Chappaqua Real Estate

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How many home sales are taking place outside of the multiple listing service in your market? Clareity Consulting’s Matt Cohen says MLS executives around the country are showing an interest in getting to the bottom of that question, and he’s written a blog post explaining how to do just that.

Pocket listings are not new, but recent inventory shortages in many markets could be creating conditions — lots of buyers competing for scarce listings — that are ripe for real estate brokers and agents to close deals outside of the MLS.

A study by Silicon Valley-based MLSListings Inc. suggests that pocket listings constitute a significant and growing chunk of home sales. That study found that pocket listings made up 26 percent of home sales in five Northern California counties in the first quarter of 2013, up from 15 percent in 2012.

A wider, but still limited, study of four large U.S. counties from CoreLogic earlier this month suggested that MLSs played little or no role in nearly half of home sales in 2013, offering more insight into a topic which has generated plenty of rhetoric, but not a lot of hard data, in the industry.

– See more at: http://www.inman.com/2014/03/19/mls-execs-get-guidance-on-how-to-figure-out-share-of-pocket-listings-in-their-market/?utm_source=20140319&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.6fhNlCSz.dpuf

Millions of renters say they really want to buy a home | Chappaqua Real Estate

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Millions of Americans say they want to buy a home this year, but many won’t be able to, according to a new survey from Zillow.

The reasons: Limited supply of homes, soaring prices and strict lending standards.

“The dream of homeownership remains very much alive and well,” said Zillow’s chief economist Stan Humphries. “But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult.”

In all but one of 20 metro areas Zillow surveyed, 5% or more of residents said they wanted to buy a home over the next 12 months. The desire is particularly strong for renters: 10% of them want to buy. That would translate into 4.2 million first-time buyers, double the number who purchased in 2013.

That won’t happen. Inventories of homes for sale are up slightly, but there are still many local shortages.

And in some markets, like San Francisco, New York and Seattle, tight supply has translated into sky high prices few first-time buyers can afford. Nationwide, home prices are up some 11% last year, according to the S&P/Case-Shiller national home price index.

Meanwhile, mortgage rates have also been moving higher. The average rate for a 30-year fixed is about 4.3%, up about 0.8 of a percentage point compared with a year ago. That has made loan payments on a $200,000, 30-year mortgage about $90 a month more expensive.

Down to Earth Farmers Market | Chappaqua Real Estate

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MAM-March 2014
Back by Popular Demand:                         Hudson River Apiaries, Maupston Design Studio, Pie Lady & Son, Trotta Pasta & MORE
Tomorrow, Saturday, March 15th Mamaroneck’s Winter Down to Earth Farmers Market 9:00 am-1:00 pm
Indoors at St. Thomas Episcopal Church                         168 West Boston Post Road (at Mount Pleasant Avenue)

Every week, fantastic local farmers and food makers come together at                        the market. They offer seasonal veggies and fruits,                        pasture-raised chicken and meats, fresh fish, pickles, cheese, savory                        yogurt, amazing breads & baked goods, locally-sourced international                        foods…the list keeps growing.

Tomorrow, in honor of St. Patrick’s Day on Monday, the market bakers are bringing Irish                        Soda Bread. If you eat gluten-free, don’t grow green with envy while                        others enjoy this treat. Meredith’s Bread has a gluten-free                        Irish Soda Bread for YOU.

From 10 am to noon, Brian Vegh will bring in the spirit with his Celtic violin playing.

Also, Trotta Pasta will have cheese-filled spinach tortellini! Normally priced at $6 for 13 ounces, this weekend they’re                        offering this specialty for just 1/2 price: $3 for 13 oz!

Everybody’s Irish in celebration of St. Patrick’s Day, or as Ed                        Trotta of Trotta Pasta says, “St. Patrick was born in England while                        under Roman rule, so that makes him Italian, right??”

VENDOR LIST FOR SATURDAY, MARCH 15th, 2014: American Pride Seafood
Danascara Cheese
Dr. Pickle
Flourish Baking Company
Gaia’s Breath Farm
Gajeski Produce
Maupston Design Studio (handspun yarns & more)
Meredith’s Bread
Orchards of Concklin
Orwarshers Bakery
Pie Lady & Son
Sohha Savory Yogurt
Stone & Thistle Farm
Taiim Falafel Shack
Tierra Farm
Trotta Pasta
Wave Hill Breads Stay tuned to all market events, day vendor listings, and more on the Mamaroneck market webpage.

Thank you for supporting local farms and food businesses.

Down to Earth Farmers Markets is a certified B (Benefit) Corporation that curates and manages approximately twenty farmers markets in Westchester and Rockland Counties, as well as in New York City. We envision a strong regional food system, built by independent farms and                        food businesses, that provides everyone with an alternative to                        industrial food. We believe that seasonal, local food is a vital part of                        our heritage that ensures the health of our communities and                        environment.

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Down to Earth Markets | 173 Main St. | 3rd Floor | Ossining | NY | 10562 | US

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Five Places To Celebrate St. Patrick’s Day In Westchester | Chappaqua Real Estate

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Westchester’s residents are bursting with excitement to honor their Irish heritage and celebrate in the spirit of St. Patrick’s Day, Monday, March 17 — and so are its restaurants and bars. Here are five of the biggest St. Patrick’s food events coming up.

1. Yonkers Empire City Casino St. Patrick’s Day Celebration: Irish-American bands Black 47 and Shilelagh Law will be performing an outdoor trackside concert on Sunday, March 16 at 2 p.m. Jameson will be serving shots and cocktails, along with an Irish Beer tent serving Guinness, Harp Lager, Smithwick’s Irish Ale and Magner’s Cider. Corned beef and cabbage, bangers and burgers with Guinness onion rings will be served. $20

2. Burke’s Aishling Irish Community Center Fund-raiser: Burke’s Restaurant in Yonkers will be holding a fund-raiser on the night of March 14 from 8 to 10 p.m. for the Aishling Irish Center. It will additionally be having live Irish music on March 15, brunch on March 16, and March 17, St. Patrick’s Day will feature its traditional all-day corned beef and cabbage special. $30

3. Quiet Man Public House “Kegs and Eggs:” Peekskill’s Quiet Man Public House is getting an early start on St. Patrick’s Day with a “kegs and eggs” breakfast – which is exactly what it sounds like – from 7 a.m. until noon.

4. Ron Black’s St. Patrick’s Day Lunch: The local White Plains favorite will be opening at 11 a.m. on St. Patrick’s Day for lunch, and will be offering Irish beer and food specials throughout the day.

5. Molly Spillane’s All-Day Irish Music and Menu: Molly Spillane’s in Mamaroneck is throwing a reservations-only bash on St. Patrick’s Day, offering drink specials and an authentic Irish menu. Ireland native DJ Frankie Kennedy will be playing music all day, accompanied by bagpipers and step dancers.

 

http://chappaqua.dailyvoice.com/lifestyle/five-places-celebrate-st-patricks-day-westchester

 

17 Signs You Live in the Country | Chappaqua Real Estate

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1. Sorry, McMansions-it’s houses like this one that make you go weak in the knees.

2. You start mapping our your garden plans while there’s still snow on the ground.

3. You have a pet pig.

4. You drink cocktails out of Mason jars.

5. You dream of wraparound porches.

6. You think of bargain hunting as a competitive sport.

7. Forget high heels-cowboy boots are as fancy as you get.

8. You’ve pulled over to salvage a piece of furniture someone’s tossed out on the side of the road too many times to count.

9. Your chicken coop is your most-prized possession.

10. You can’t think of anything better than a glass of cold lemonade on a hot summer’s day.

11. You think the best farmer’s market is your own backyard.

12. You’d rather repurpose something old than buy something new.

13. Two words: Tree. Swing.

14. You’re not ashamed to admit you’ve taken the salt shaker straight to the garden before.

15. You fall asleep every night to the sounds of cicadas, crickets, and frogs.

 

http://shine.yahoo.com/at-home/17-signs-live-country-173100611.html

 

7 Facebook Marketing “Tips” and “Tricks” That Don’t Actually Work | Chappaqua Realtor

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People will go to all sorts of lengths to get attention from a small subset of Facebook’s 1.23 billion monthly active users. Sometimes it’s good — people focus on creating more compelling content or integrating Facebook with the rest of their marketing strategy. Though it takes more time, their Facebook Page grows steadily and actually delivers results. Continue reading →