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Sandy States Get Clobbered with Foreclosures | Chappaqua Real Estate

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New Jersey , New York and Connecticut got hit with a storm of new foreclosures just days before Superstorm Sandy smashed homes and a knocked out power to missions of homeowners.

RealtyTrac reported foreclosure filings on 186,455 U.S. properties in October, an increase of 3 percent from September but down 19 percent from October 2011.

“We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state’s foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010,” said Daren Blomquist, vice president of RealtyTrac.

“Unfortunately the three states dealing with the biggest rebound in deferred foreclosure activity — New Jersey, New York and Connecticut — also had to deal with the devastation to homes inflicted by super storm Sandy. The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery.”

The three states with the biggest annual increases in foreclosure activity in October were New Jersey (140 percent), New York (123 percent) and Connecticut (41 percent). Other states with sizable increases were Maryland (27 percent), Ohio (24 percent) and Illinois (19 percent).

An analysis of foreclosure activity and inventory in the counties most impacted by super storm Sandy in Connecticut, New Jersey and New York shows foreclosure activity in October was down 8 percent from September but up 92 percent from a year ago, and an estimated $41 billion in foreclosure inventory in those counties.

Florida posted the nation’s highest foreclosure rate for the second month in a row, with one in every 312 housing units with a foreclosure filing in October, followed by Nevada, Illinois, California and Arizona.

Scheduled foreclosure auctions in October increased 9 percent from September, while default notices and bank repossessions (REO) were virtually unchanged from the previous month.

Foreclosure activity increased on a month-over-month basis in more than half of the 212 metro areas tracked in the report, and jumped significantly in some hard-hit metro areas, including Modesto, Calif. (up 68 percent), Sarasota, Fla. (up 53 percent), Las Vegas, Nev. (up 45 percent), Columbus, Ohio (up 61 percent), and Columbia, S.C. (up 58 percent).

Analysis of foreclosure activity and rates in counties

In the 34 counties impacted by Sandy in Connecticut, New Jersey and New York that are being given individual assistance by FEMA, a total of 6,380 properties had foreclosure filings in October, down 8 percent from September but an increase of 92 percent from October 2011. Despite the sharp year-over-year increase, the foreclosure rate in those counties combined was less than half the national average: one in every 1,467 housing units with a foreclosure filing.

As of the end of October, total inventory of properties in some stage of foreclosure or bank owned in these counties was 124,608, up 15 percent from the previous month and up 54 percent from October 2011. The estimated combined market value of foreclosure inventory in the impacted counties was more than $41 billion.

Fannie Mae owned the biggest percentage of REO inventory of any lender in the impacted counties in all three states, with 29 percent in New York, 25 percent in New Jersey, and 22 percent in Connecticut. Other lenders with large percentages of REO inventory in the impacted counties included Wells Fargo, US BankCorp and Deutsche Bank.

Foreclosure starts up slightly

Foreclosure starts — default notices or scheduled foreclosure auctions, depending on the state — were filed for the first time on 89,209 U.S. properties in October, a 2 percent increase from September but still down 19 percent from October 2011 — the third straight month with an annual decrease in foreclosure starts.

Foreclosure starts increased from the previous month in 26 states, including Nevada (54 percent), Tennessee (52 percent), Minnesota (28 percent), North Carolina (26 percent), New York (17 percent) and Georgia (16 percent).

Foreclosure starts increased from a year ago in 15 states, including New Jersey (286 percent), Washington (163 percent), New York (163 percent), Pennsylvania (42 percent), North Carolina (38 percent), and Nevada (20 percent).

Bank repossessions decrease annually for 24th straight month

Lenders completed the foreclosure process on 53,478 U.S. properties in October, down less than 1 percent from the previous month but down 21 percent from October 2011 — the 24th straight month with an annual decrease in REO activity.

REO activity decreased annually in 37 states and the District of Columbia. Some of the biggest decreases were in Oregon (81 percent), Virginia (72 percent), Washington (56 percent), Nevada (50 percent), Texas (41 percent), Michigan (35 percent), Arizona (33 percent), and California (20 percent).

States with some of the biggest annual increases in REO activity included Connecticut (44 percent), Maryland (38 percent), South Carolina (37 percent), New York (33 percent) and Georgia (22 percent).

Florida, Nevada, Illinois post highest state foreclosure rates

Florida registered the nation’s highest state foreclosure rate for the second month in a row. One in every 312 Florida housing units had a foreclosure filing in October — more than twice the national average. A total of 28,783 Florida properties had a foreclosure filing in October, up 2 percent from the previous month and a 12-month high, but the October 2012 total was still 13 percent below the October 2011 total.

A 41 percent monthly increase in overall foreclosure activity helped push the Nevada foreclosure rate to the second highest in the nation in October, up from the nation’s fifth highest foreclosure rate in September. One in every 352 Nevada housing units had a foreclosure filing during the month, twice the national average. Foreclosure starts (NOD) in Nevada increased 54 percent from the previous month and were up 20 percent from a year ago — the first annual increase in Nevada foreclosure starts after 32 consecutive months of annual decreases. Nevada REOs increased 69 percent from the previous month but were still down 50 percent from a year ago.

One in every 356 Illinois housing units had a foreclosure filing in October, the nation’s third highest state foreclosure rate. A total of 14,899 Illinois properties had a foreclosure filing during the month, a 6 percent increase from the previous month and a 19 percent increase from a year ago — the 10th consecutive month where Illinois documented an annual increase in foreclosure activity.

Other states with foreclosure rates among the nation’s 10 highest were California (one in every 379 housing units with a foreclosure filing), Arizona (one in 420 housing units), Georgia (one in every 439 housing units), Ohio (one in every 476 housing units), Colorado (one in 563 housing units), South Carolina (one in every 601 housing units), and Michigan (one in every 607 housing units).

Foreclosure activity increases from previous month in 53 percent of metros

October foreclosure activity increased from the previous month in 113 of the 212 metropolitan statistical areas tracked in the report (53 percent). Six of the metro areas with the 10 highest foreclosure rates documented a monthly increase in foreclosure activity, including Modesto, Calif. (68 percent), Visalia-Porterville, Calif. (58 percent), Palm Bay-Melbourne-Titusville, Fla. (71 percent).

Twenty-six of the metro areas with the 50 highest foreclosure rates documented a monthly increase in foreclosure activity, including Sarasota, Fla. (53 percent), Las Vegas, Nev. (45 percent), Columbus, Ohio (61 percent) and Columbia, S.C. (58 percent).

via realestateeconomywatch.com

Don’t let buyers shop new homes without you | Chappaqua NY Real Estate

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If you have nothing but resales on your showing schedule, you might want to add a stop by a new homes sales office, just in case. I have the proof.

According to a recent market study commissioned by BHI Inc., homebuyers can be divided into three groups: those who insist on a resale; those who insist on a new home; and those who are indifferent — those who will buy a resale or a new home.

Our qualifying approach to this “indifferent” segment must be anything but indifferent. From our perspective, the indifferent prospect might be the one who, after spending weeks with you looking at resales, decided to wait — then shops new homes without you. Or, he buys a resale and then cancels.

BHI, a consortium of 32 of the largest production homebuilders in America, recently commissioned a marketing study to determine consumer preferences regarding new homes versus existing homes.

In active new-home markets, sales of new homes represent 12 to 15 percent of all residential sales in any given month, when compared to MLS sales for the same period.

According to industry consultants, 60 to 70 percent of all new homes are sold through general real estate agents or co-brokers. Usually the higher priced the home, the greater the percentage of co-broker sales.

BHI is committed to increasing its members’ market share, and is about to roll out a multimillion-dollar campaign to do so, according to CEO Tim Costello.

The study sample structure included 984 completed surveys of prospective homebuyers committed to purchasing a home within the next 12 months, across 25 major markets. Shoppers were at least 25 years old, with a household income of $50,000 or more.

Sixty percent of this group were actively looking for a home and had:

  • Met, spoken to or hired a Realtor.
  • Sought preapproval for a home loan.
  • Visited a model home in a new homes community.
  • Attended a homebuying seminar or had placed their home on the market.

Forty percent had taken the above actions, or had:

  • Regularly looked at home listings online or in the paper.
  • Visited a Realtor and/or homebuilder website.
  • Calculated living costs as a result of a new-home purchase.
  • Attended an open house.
  • Watched a TV show about local homes and real estate for sale.
  • Driven around the neighborhoods looking for homes for sale.
  • We are “considering.”

Here are some highlights from the study:

  • People buy homes for a variety of reasons. However, amenities and features that enhance daily life, increase privacy, and address needs of family and children are at the top of the list.
  • People are citing market conditions, rather than events, as triggers to start looking. Favorable home prices and interest rates are notably more likely to trigger consideration among first-time homebuyers as compared to repeat purchasers.
  • Shoppers are prepared to take their time and most expect to spend between $150,000 and $500,000. Almost two-thirds are unsure about when they will purchase or expect to take at least nine months to make a buying decision.

When people actively search for homes, they go online and they find these two resources most trustworthy:

  • Local real estate listing websites: 34 percent.
  • National real estate listing websites: 27 percent.

When it comes to where they want to buy, most want their homes in the suburbs

  • Suburban area-closer to urban: 54 percent.
  • Outlying suburban area: 20 percent.
  • Heavily populated urban area: 13 percent.
  • Small-town rural: 5 percent.
  • Small town: 5 percent.

People generally prefer existing homes, but many will consider a new home offered by a builder in their search.

When looking for your new home, how strongly will you consider each of the following home choices?

Existing home

  • Will consider existing home: 75 percent.
  • Will consider new (indifferent): 20 percent.
  • Will not consider existing home: 5 percent.

(Comment: If 1 out of 5 of your resale prospects will consider a new home, do you see a need to qualify for “new” as well as “existing”?)

Brand-new home offered by builder

  • Will consider: 49 percent.
  • Will consider resale: 30 percent.
  • Will not consider new home: 21 percent.

Which type of community do you prefer?

  • Established neighborhood of older homes: 33 percent.
  • Existing subdivision of newer homes: 42 percent.
  • New-home communities: 25 percent.

Why do you prefer established neighborhoods/existing subdivisions over new homes?

  • “The neighborhoods have a warmer inviting feel.”
  • “Better constructed.”
  • “Better privacy, homes are not on top of each other and cookie cutter.”
  • “Better pricing.”
  • “Good variety. Established neighborhoods. Good value.”
  • “Prices are more negotiable.”
  • “Houses are still new and may be under warranty, but the neighborhoods will be somewhat established along with landscaping.”

Why do you prefer new-home communities over existing ones?

  • “Ability to make changes to home during construction to suit my needs and desires.”
  • “I like newer home. They are generally more energy efficient and require less upkeep and have lower maintenance costs.”
  • “More modern. More amenities.”
  • “No need for repairs. Less hassle. Able to customize.”

According to the study, “new homes and existing homes are neck and neck on the most important attributes. The majority (69 percent) of shoppers believes there is no difference between the two with regards to safety, and almost half (44 percent) say there is no difference in construction quality.”

Other top concerns regardless of new or existing homes, include floor plans, maintenance expenses, cost per square foot, living space, energy efficiency, architecture/overall design, and larger lot size, in that order.

Existing homes lead for mature landscaping, lot size and sense of community.

BHI asked for beliefs and attitudes that might constrain a visit to a new-home community. Here are some of the comments made by those preferring new-home communities.

  • “You don’t have any existing experience with the community. It’s brand-new to everyone, so any issues that arise you will discover together.”
  • “General not built as well as older homes were.” “Construction may be ongoing, newer communities tend to be more expensive.”
  • “Neighborhood associations are likely to come with newer homes and can restrict individual freedom and impose silly rules.”
  • “No mature landscaping — usually has smaller lots.”

Regardless of segment, new homes dominate for energy efficiency, customization and maintenance costs. There is agreement that new homes offer more living space, but at the expense of yard/lot size.

While less important than other considerations, convenience to work, friends/family and good schools is more important to those who prefer existing homes.

According to the study, those who prefer new homes are more likely to have visited model homes and met with a builder, while those preferring existing homes are more likely to visit an existing home, hire a Realtor, or bid on a property.

There are no differences among the segments for more general behaviors, such as:

  • Visited a Realtor and/or homebuilder website.
  • Calculated living cost.
  • Watched a TV show on local homes and real estate for sale.

In my next column, look for the psychographic results of this compelling study and why new-home buyers tend to be more spiritual and controlling.

via inman.com

Proposed budget for Westchester County, NY, includes 126 layoffs, no tax hike | Chappaqua Realtor

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The Westchester County executive says he’ll have to lay off 126 workers, mostly in social services, to balance next year’s budget.

County Executive Robert Astorino says the layoffs wouldn’t be necessary if workers in Westchester’s largest union had agreed to contribute to health care costs. The union says it’s still negotiating.

Astorino’s $1.72 billion proposal sticks to his no-tax-increase pledge for a third year. He said Wednesday the layoffs are necessary to offset the increased costs of salaries, health care, pensions and Medicaid.

Astorino’s budget would cut funding for three neighborhood health centers and increase the amount parents would pay for day care.

He also proposes borrowing to cover some pension costs and the costs of court-ordered tax reductions.

The county Legislature has until Dec. 27 to adopt a budget.

via therepublic.com

Why the Fiscal Cliff Is Inevitable and Also Necessary | Chappaqua NY Homes

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Image: Fiscal cliff
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The fiscal cliff is a powerful metaphor. It sounds like an impending disaster, but in reality, we’ll wake up on the morning of Jan. 3 and life will be unchanged. Sure, tax rates will nominally be higher, some tax breaks will have been canceled, and the government will be expected to implement major cuts in military and domestic spending. If that continues for several months, it will have an adverse affect on the economy.

(VIDEO: TIME Explains: The Fiscal Cliff)

But letting the law take effect will also have some real benefits. For one thing, on the other side of the cliff, we’ll be a big step closer to the kind of fundamental reform of the tax code that both Democrats and Republicans say they want. Two provisions that limit the deductions and personal exemptions the wealthy can take — similar to the cap on deductions proposed by Mitt Romney — will come back into effect. Capital-gains rates will rise from 15 % to 20%, and dividends will be taxed at normal rates, reducing the incentives for tricks like the notorious “carried-interest loophole.” And instead of a tax system that produces less revenue as a percentage of GDP than at any time since 1950, we’ll move toward one that is adequate to the needs of a modern, dynamic economy. The fiscal cliff is, all by itself, a budget deal and a step toward tax reform. A flawed and dangerous one, to be sure, but a far better starting point for a real budget agreement than the temporary rules of 2012.

(MORE: Fiscal-Cliff Deal? Don’t Hold Your Breath)

Once tax rates and other provisions have returned to their previous levels, as planned, Congress and the White House will have a little time to look at taxes and spending, and decide how best to keep the economy moving, now and in the future. Is it by cutting taxes for low- and middle-income working families, who were hit hardest by the recession and gained little in the George W. Bush years, when most of the benefits of growth went to the top? Or is it another round of tax cuts for those who have gained the most?

Let’s remember also that the fiscal cliff is not a natural phenomenon, it’s the law. None of the tax cuts that will be changed by it were supposed to be permanent in the first place. Some of the cuts, mostly those from the early Obama years, were to provide economic stimulus during the recession. Those should be revisited every couple years, and if we think the economy still needs a boost, we should renew them for another year or two. But the bulk of the tax cuts that expire date from 2001 and ’03. At that time — when our country had budget surpluses — both Democrats and Republicans wanted to cut taxes. But Republicans wanted to cut them by about twice as much and to make much bigger cuts for the wealthy than for the middle class. Rather than compromise with Democrats, Republicans twice employed a special rule, known as reconciliation, to use their narrow congressional majorities to push their version of tax cuts through. Because that special rule can’t be used to make permanent changes that worsen the deficit, they had to put an expiration date on those tax cuts. So the fiscal cliff is a long overdue chance to revisit choices from the past and better address what we need to do for our future.

In the world on the other side of the fiscal cliff, Democrats and Republicans will have no choice but to work together on tax cuts that will be fairer to the middle class and encourage economic growth. And then, over several years, we have an obligation to look closely at Medicare, in particular, and figure out how to slow the growth of health care costs in that program. That work can only begin on the other side of the fiscal cliff.

via ideas.time.com

3 homeowner rights that are often underutilized | Chappaqua NY Real Estate

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USA Today reports that about 132 million people showed up to vote in this year’s election. As large as that number sounds, that maps to only 60 percent of registered voters.

As I see it, everyone who voted (or tried to) did their civic duty, but I’m most humbled by our Floridian compatriots who had to wait in line for hours to cast their votes, and our East Coast neighbors who dialed in and otherwise took time out of their efforts to get back to normal post-Sandy life to make their voices heard.

The fact is, it’s all too easy in the course of everyday life to simply flake when it comes time to vote and exercise one’s civic rights. People do it for many reasons, from feeling like their single voice is too small to have an impact or simply finding it too inconvenient to take the time out of their already-hectic schedules.

Whether your ancestors came over on the Mayflower, a slave ship or via Ellis Island, though, they likely fought hard for your right to vote — and that’s good enough reason to bear the inconvenience to make your little tiny vote count.

In the real estate realm, it’s easy to feel like almost everything about the market, your mortgage and the value of your home is out of your control. But the truth is that there are many real estate rights that go unrecognized and, thus, unexercised:

1. The right to control your own utility bills. Many a homeowner feels slightly held hostage by their utility companies. Who else can you buy electricity, gas or water from, they wonder briefly, before waving a mental white flag when they sign the check for their monthly payment?

In truth, there is much a homeowner can do to control both the amount and the provider of his utility services. You can go solar, whether by buying panels yourself or working with a solar power service that owns the panels and charges you a reduced, preset rate for energy over 20 years.

And there are many other investments you can make — at many levels — in improving your home’s efficiency and, thus, reducing your utility bills. Things like installing dual-paned windows, improving your insulation, installing tankless or solar-powered water heaters, and converting every faucet to a low-flow fixture are among them.

On a less conventional side of things, installing graywater tanks that use wasted sink water for toilet flushing and landscaping, and replacing swathes of green lawn with low-water-consuming native landscaping or food gardens are some more work-intensive — but more rewarding — ways to put you back in control over your household’s energy and water consumption (and expenses).

2. The right to fire your mortgage lender. Most people find their mortgages to be burdensome, to say the least. Even those who aren’t among the 28 percent of homeowners with mortgages that are still underwater are almost always positioned such that their mortgage is their largest monthly expense and a looming financial obligation. Paying it off seems remote and hard to imagine; further, many homeowners will take out equity lines or refinance their mortgages over time, simply restarting the already long countdown to payoff.

But here’s a shocker: Roughly one-third of American homes are owned outright by their owners, free and clear of a mortgage. Truth is, there are many ways to get your home unmortgaged, and I’m not talking about asking your lender to forgive it.

You can exercise your right to live and own your home mortgage-free by pulling one or both of two basic levers: (1) you can cut your existing monthly spending and redirect your savings to paying down the principal balance of your home loan, (2) you can bring more income in, using that to pay your mortgage off earlier than planned, or (3) you can do both!

This might seem impossible, but if this is a right you’d like to exercise, calendar a few quiet hours to really review last month’s bank statements. What you face is a decision about values and priorities: What’s really important to you?

Some financial experts advise that lunches and dinners out, coffee shop stops and cable TV are common categories of budget leaks — these seemingly small expenses add up. But don’t go extreme and try to deprive yourself of every night out or coffee chat with your friends; it’s not sustainable, and you’ll end up turning these moments of happiness into moments of guilt. Instead, cut back where you feel you want to and also cast an eye at larger expenses that can be eliminated.

I’ve known homeowners who have found hundreds of dollars a month they could redirect away from cable TV packages they didn’t really watch and payments for cars and other big toys (motorcycles, boats, etc.) they didn’t really drive.

In the same vein, it can be relatively painless to turn your hobbies or passions into small-scale side businesses, generating some early mortgage payoff funds. I personally know folks doing this through part-time bookkeeping, getting a stand at the local farmers market or even doing some cake decorating on the side. As well, an increasing number of homeowners are using their own homes to generate side income, either renting out rooms or floors on an ongoing basis, or just for a couple of nights here and there on sites like Airbnb and VRBO.

3. The right to HOA sanity. While the vast majority of homeowner associations (HOAs) are functional and smooth, the fact is that many have at least the occasional personality or financial drama. The spectre of rapidly rising dues, inane restrictions on minutiae like the color of your window coverings and scary “surprise” special assessments for unbudgeted property repairs have made many a homebuyer simply refuse to even look at properties that belong to HOAs.

It would be naive and inaccurate to suggest that you can 100 percent bulletproof your HOA experience from these sorts of potential potholes, but there are a number of rights you can exercise to minimize their likelihood of happening.

First, exercise the right — really, the responsibility — to spot red flags of impending HOA dramas before you even close escrow, by truly reading all the HOA disclosures you receive, no matter how mind-numbingly long and boring they might seem. If you see that many homeowners are behind on their dues or that the HOA’s budgets don’t seem to include plans for reroofing buildings, replacing windows or making similar repairs to the common areas over time, be concerned.

And don’t forget the seemingly fluffy newsletters or the seemingly boilerplate board meeting minutes: That’s often where talk of neighbor disputes and proposed dues hikes and special assessments pop up first.

Once you’re part of the HOA, you have even more of a duty-slash-power to participate in it, if you want to do your part to avoid problems. Attending board meetings or even becoming a member of the board is not overkill if you want to have a hand in choosing the accountants, building managers and contractors who will have such a huge impact on your experience as a member of an HOA.

via inman.com

Quick tip: Top 5 social media faux pas for real estate pros | Chappaqua NY Homes

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When it comes to social media there are a lot of articles telling real estate professionals what they need to do, but it is just as important to know what not to do.

Just like in any social situation, there are some important social norms you need to know and a few faux pas’ you need to avoid.

Here are my top 5 social media faux pas you need to avoid:

  1. Don’t outsource your social media. Many real estate professionals want to hire someone to “do it for them.” You wouldn’t outsource taking your best client to dinner would you? Then don’t outsource one of the biggest opportunities you have to connect and build relationships with past, present and future clients.
  2. Don’t automate it. Turn off those automatic notifications, they are considered spammy and no one wants to look spammy – especially as a first impression!
  3. Don’t sync your Facebook to your Twitter and vice versa. Many real estate pros do this in an effort to save time. Don’t do this – it looks lazy. Plus, the language and conversation on Facebook and Twitter is very different. You can certainly post the same type of content to each channel, but do so separately and make sure to use the right lingo for each network.
  4. Don’t just promote your listings. There is nothing worse than only seeing a feed of listings on a real estate professionals Facebook or Twitter feed. To talk about your listings on social media – highlight an amazing photo using Instagram, or take a quick 15 second video of the home or homeowner using an app like Tout, Ptch or Videolicious. Social media is the place to get creative when talking about real estate – not the “same old, same old.”
  5. Don’t be a broken record. No one wants to hear the same things over and over from your or your brand. This is where having a content strategy really comes into play. Take the time to brainstorm all of the different things you could talk about on your social channels and then make sure you have a nice balance day to day of content.
Did I miss any social media faux pas? I’d love to hear from you, leave me a comment below!
via next.inman.com

3 Reasons to Keep Going to Open Houses After You Purchase | Chappaqua NY Real Estate

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Years ago, after closing on your American Dream with a 30-year fixed loan, you probably didn’t think much about the home’s value until you were ready to sell. Today, there’s so much more information available to home buyers. Markets move quickly, and life happens a lot faster.

And so, many people have become hyper-aware of their real estate investments, frequently watching the rise and fall of market values well after the close. Listing e-mails flow daily, and the Zillow app likely sits prominently on many homeowners‘ smartphones and tablets. Good real estate agents compile “mini CMAs” (Comparative Market Analysis) for their past clients, too, updating them yearly on the latest comps and values.

While it helps to be mindful of your home’s value, you shouldn’t obsess over it. A better strategy is to stay abreast of the local real estate market, just as you’d keep an eye on any long-term investment. Have an idea what’s selling and what’s not. Know what the trends and changes are in your neighborhood, school district or town.

One of the best ways to do this is to go to open houses. Here are three reasons why.

You can learn a lot from listing agents

Open houses aren’t just for buyers. Often, would-be sellers and nearby homeowners represent a large portion of open house traffic. Use the open house not only to see what’s for sale and the price of comparable homes but also to learn about the market. Pick the brain of the listing agent to get his or her take on what’s happening in your area. Real estate agents tend to be aware of market changes well before the mainstream press.

You’ll stay current with the latest home design trends

Sellers generally put their best foot forward. Some go as far as making cosmetic updates or design/staging changes before putting their homes on the market. They likely rely on their real estate agent to suggest the latest and greatest in the market. So if you bought a home that needs updating, or you aren’t sure where to begin when it comes to choosing paint colors, countertops or bath fixtures, going to open houses will allow you to see styles and designs.

You can get referrals for local real estate specialists, contractors or designers

Want to be connected to a good local designer or contractor? Ask the real estate agent selling the home you liked if they can get you the contact information. Though getting referrals from friends is also a good idea, seeing the finished product in an open house can inspire you to replicate what that owner did and how they did it.

Never forget: Your home is an investment

Ultimately, the property you’ve purchased is your home. You should make remodeling or upgrade choices according to your wishes, without forgetting that your home is also an investment. Try to find a balance between whatever personal choices you have in mind and what might appeal to potential buyers down the road. For example, painting a room a dark red color or choosing highly taste-specific fixtures or designs may appeal to your taste buds — but will likely alienate a potential buyer down the road. Of course, it’s not uncommon for homeowners to make last-minute changes to their home to make it “market ready.”

via zillow.com

Big real estate investors say Sandy hurts lower Manhattan values | Chappaqua Homes

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Lower Manhattan office building values are likely to suffer as a result of damage inflicted by Superstorm Sandy that has left thousands of downtown Manhattan workers unable to return to their offices, major real estate executives said at a conference on Wednesday.

“I think there’s been value erosion downtown,” Howard Lutnick, chairman and CEO of Cantor Fitzgerald LP and BGC Partners Inc, said during the New York University Schack Institute of Real Estate Capital Markets in Real Estate conference. “It had just started to come back. The concept now of fear of flooding is going to affect values.”

About 500 of his employees are unable to return to the three floors they occupy at 199 Water Street. Lutnick expect that to continue for six weeks to two months. Meanwhile his staff has been doubling up at the company’s midtown offices and trading floors at 499 Park Avenue and its connected building at 110 East 59th Street.

Nearly one-third of the 101 million square feet of office space in downtown Manhattan either was closed, powered by generators or had no heat due to the flooding Sandy inflicted last week, said Jones Lang LaSalle Inc. There was no correlation between the age of the building and the damage suffered, the real estate services company said.

Lutnick, unfortunately, knows about disasters. The company occupied floors 101 through 105 of One World Trade when it was destroyed on Sept. 11, 2001. Cantor Fitzgerald lost 658 of its 960 employees who worked there.

“All disaster recovery plans are a disaster,” he told about 475 real estate investors, bankers and students at the conference.

Cantor Fitzgerald’s lease at 199 Water Street expires in about 15 months, he said, and the company has yet to decide whether to renew it. Lutnick said downtown landlords may have to make more concessions and ultimately take in less rent to convince tenants to stay.

“They’ll have to offer more value to get them to stay,” he said.

The destruction and prolonged building closings and heating and electrical interruptions will take their toll on property values, Darcy Stacom, CBRE Group Inc vice chairman, said later at the conference.

“Will investors think about this when they look at buildings in hard-hit areas? Yes,” she said.

HUDSON YARDS

The repercussions from Sandy could reach well past downtown. Part of Hudson Yards, the office and housing development planned for midtown’s far west side, is also in the flood zone. That could prompt some changes to the plans.

“It is a subject that we and our partner will definitely be talking about,” said Andrew Trickett, senior vice president, U.S. region, for Oxford Property Group, the real estate arm of Canadian pension fund Ontario Municipal Employees Retirement System. Oxford is Related Companies’ equity partner in Hudson Yards.

Stephen Ross, Related’s chairman, said if Hudson Yards had been built already, it would not have had many problems.

“We have plans for backup generators for the entire project,” he said of the planned 6 million square feet of office space, 5 million square feet of housing, and 1 million square feet of retail space.

It will take public and private money to prevent another disaster, real estate experts said, and will require regulatory and zoning changes determining how things are built and where they are located.

It will take even more money to prevent storm surges and rebuild the city’s old infrastructure.

“If they could do it in New Orleans, they certainly can do it in New York,” Ross said, referring to the infrastructure built after Hurricane Katrina.

The rebuilding could stir demand for professions and trade workers who were hit hard by the recession that dried up financing for development projects.

“Construction workers who have been sitting on the bench for five or six years, they’ll be in demand,” said William Rudin, chief executive and vice chairman of Rudin Management Co Inc. “They’ll be able to get back to work, so will the architects, the engineers, the contractors. You go down the line, one of our strengths is that we have these industries here.”

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The iPhone’s Hidden Costs | Chappaqua NY Real Estate

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The iPhone 5 is a C-average student. At least, that’s the grade InsuranceQuotes awarded the smartphone, based on its effect on public health, the environment and the U.S. economy.

In the video above, the insurance news publisher weighed the pros and cons of newer iPhone models and gave them a solid C+ grade. Apple has come a long way in making its mobile devices more environmentally friendly, but poor conditions in Chinese manufacturing plants have led to employee suicides and protests.
Likewise, InsuranceQuotes found the cost to charge a smartphone over the course of a year to be negligible, but the overall cost of maintaining an iPhone is high — more than 4% of the average American’s salary, including the cost of data plans, accessories and those addictive apps.

Take a look at some of the other factors InsuranceQuotes considered in the video above. And tell us what grade you would give your smartphone in the comments section below.

 

via mashable.com