Home prices jump 11.8% | 2014-01-07 Cross River Homes
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Tag Archives: Cross River NY Real Estate
Elliman’s Oren Alexander to co-list $95M property | Cross River NY Homes
The 18th-floor penthouse unit at the Sherry Netherland on Fifth Avenue, a listing in the hands of superbroker Dolly Lenz before she departed Douglas Elliman in June, is changing brokers again.
Lisa Simonsen, the Elliman broker behind the $48 million sale of a Plaza Hotel condominium in 2011 – the priciest apartment trade in New York City history at the time – no longer holds the 781 Fifth Avenue listing, Elliman broker Oren Alexander confirmed. Alexander, who also holds the $5 million listing for No. 501 at the Sherry Netherland, will now be co-listing the property with Brown Harris Stevens broker Kathy Sloane, who initially shared listing with Lenz and continued to share after it switched to Simonsen.
The Alexander team, which includes Oren Alexander, his brother Tal Alexander and 10 others based in both New York and Miami, hopes to go live with the listing by Monday, Oren Alexander told The Real Deal.
“This is not just a change of broker, but a change in the whole marketing strategy,” Alexander said. “This property is right up our alley, we have been really focusing our team on selling trophy properties.”
The listing, which was reduced to $88 million from $95 million in December, will now ask $95 million, Alexander said. “I was not involved in reducing the price, but my understanding was that it was a mistake,” he said.
Sloane, a senior vice president and managing director at Brown Harris Stevens who sold Courtney Sale Ross’ duplex co-op at 740 Park Avenue for $52.5 million in 2012, did not immediately respond to request for comment. A spokesperson for Brown Harris Stevens confirmed that the listing remains a co-exclusive. Simonsen also did not immediately respond to request for comment.
Liberty Travel founder Gilbert Haroche owns the 18th-floor, prewar co-op, which boasts seven bedrooms, eight bathrooms and a master bedroom suite overlooking Central Park. Purchased as numerous smaller apartments pieced together over the years, the property now spans 9,000 square feet inside and includes a 2,000 square feet of outdoor terraces, as previously reported. His past neighbor, Judge Judith Sheindlin — better known as television’s “Judge Judy” — sold her 10th and 11th-floor unit in the building in June for $8.5 million.
http://therealdeal.com/blog/2014/01/02/co-listed-sherry-netherland-penthouse-switches-brokers-at-douglas-elliman/
San Francisco real estate boom | Cross River NY Homes
“December feels slightly break-neck. There are fewer deals to be had but we are seeing substantial overbidding,” said Blase.
“It is wonderful for a real estate agent. It can be tough for my buyers.”
According to the S&P/Case-Shiller Home Price Indices, buying a house in San Francisco costs 52.8 percent more than in March 2009, at the bottom of the real estate collapse.
The average price rise in major U.S. cities during the same period is 18.3 percent. The median U.S. home price is $169,000, according to RealtyTrac. In San Francisco, it’s up to more than $900,000.
That has sparked protests by San Franciscans who say well paid tech workers are pushing others out of their homes.
San Francisco Mayor Ed Lee has been a target of the protestors. Not everyone approved of the tax breaks he offered Twitter to move some 800 workers into a headquarters building near the city center.
http://www.cbsnews.com/news/san-francisco-real-estate-boom-taller-buildings-steeper-prices/
Show that cold spell who’s boss with robes, blankets, freestanding fireplaces and more warming comforts of home | Cross River Homes
The days are getting longer (thanks, solstice!), but winter isn’t relinquishing its chill anytime soon. Stave off the cold with a cuddly robe or throw blanket, a warm fire or a tummy-warming treat. Whatever keeps you warm, you’ll find it here on Houzz.
Never compromise. This floating console can be anything you need it to be, from sideboard to media console to extra bedroom storage. All that and a fireplace too? Yes, it aims to please. Made to order.
The rustic charm of a flickering fire is re-created with this clever, hand-crafted resin log sculpture. Set it right in the fireplace for a no-fuss alternative to lighting a fire. Holds 11 tea lights (included).
The Sevilla ethanol contemporary tabletop fireplace creates extraordinary ambience in any setting, with its square steel base and four tempered-glass panes. It’s ideal for a table, bar or countertop, either indoors or out.
Serpa’s modern ethanol fireplace is easily movable, due to its light weight and compact design. The rectangular, powder-coated-steel piece is recessed on top to accommodate decorative rocks, stones, marbles or shells.
For 2014 listen to your clients, neighbors and smart friends | Cross River Homes
It isn’t even December yet, and I’m already tired of the holidays and of reading about what I need to do to be successful in 2014.
Usually the articles are about the three, five, eight, 10 or 14 things that I need to do. Before throwing caution to the wind and taking all of that wonderful advice, I like to consider who is writing it and why. There are plenty of armchair real estate quarterbacks who just know what we need to do to be successful.
They give advice and never have to implement any of the ideas. Right now I can’t see any reason why 2014 will be very different from 2013. I think the tight inventory of homes for sale will loosen up a bit, and interest rates will rise slightly, as will home prices. Real estate is local, so that last sentence may not apply to your market. Here are 10 things I think everyone should take into consideration as they plan for 2014:
1. The Internet is not going to replace most real estate agents, and it isn’t going to go away.
– See more at: http://www.inman.com/2013/11/22/tune-out-generic-advice-on-how-to-succeed-in-2014-and-listen-to-your-clients-neighbors-and-smart-friends/#sthash.cjZ4CeAZ.dpuf
Astorino: ‘Things Need to Change in Albany’ | Cross River Homes
Where the Next Huge Real Estate Bubble May Be Building | Cross River Real Estate
The 2000s real estate bubble—which burst in 2007 and precipitated a once-in-a-century financial crisis and recession—is not something most folks are excited to see a sequel of. But five years of declining or stagnating housing prices, the market turned around big time in 2012, making some analysts worry that we’re seeing the beginnings of Housing Bubble 2.0.
As you can see, home prices in most of the country are far from the bubble levels of mid-2000s, but if you drill down deeper to look at individual markets, one sees a different picture. Jed Kolko, housing economist with the real estate site Trulia, has been tracking home prices across the country to see which markets are over and undervalued. In a forthcoming “Bubble Watch” report, he finds that while most of the U.S. real estate market remains significantly undervalued, there are certain markets that are straying into bubble territory.
According to Kolko’s analysis, which looks at several factors like price-to-income ratio, the price-to-rent ratio, and prices relative to their long-term trend, markets in Orange County California and Los Angeles are more than 10% overvalued. Kolko also pegs the Austin, Texas market at 10% overvalued, while 7 other markets range from 4% to 7% overvalued. Those include:
San Antonio, TX;
Honolulu, HI;
San Francisco, CA;
Houston, TX;
Riverside-San Bernandino, CA; and
Oakland, CA
Unsurprisingly, these markets — concentrated in Texas and California, have also seen double digit home appreciation over the past year, with Orange County real estate appreciating a whopping 23.4% since October of 2012.
So are we in danger of another housing bubble like we experienced last decade? Not quite yet, at least nationally. According to Kolko, the market remains roughly 4% undervalued overall. And in some markets, like Cleveland, Ohio and Palm Bay-Melborne-Titusville, Florida, home prices are still 20% below their fundamental value. Furthermore, even the most frothy markets are less overvalued than the national market was in 2004, when home prices were 24% overvalued nationally.
Read more: Where the Next Huge Real Estate Bubble May Be Building | TIME.com
NAR Data Show Realtor(R) Education Level Closely Tied to Income | Cross River Homes
Average rate on 30-year mortgage at 4.1% | Cross River Real Estate
Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10% from 4.13% last week. The average on the 15-year fixed loan eased to 3.20% from 3.24%.
Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.
Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won’t taper until next year.
The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance. Many home owners get personal loans for people with bad credit so they are able to pay their high interest rates on their mortgage.
Mortgage applications jumped 6.4% in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2% from a week earlier, while refinance applications soared nearly 9%.
U.S. home prices rose in August from a year earlier at the fastest pace since February 2006, according to the latest Standard & Poor’s/Case-Shiller 20-city home price index. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.
The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.
The average rate on a one-year adjustable-rate mortgage increased to 2.64% from 2.60%. The fee eased to 0.4 point from 0.5 point.
http://www.usatoday.com/story/money/personalfinance/2013/10/31/mortgage-rates/3325943/
Mighty Bal Harbour Luxury Tower Bankrupt, Selling Itself Cheap | Cross River Real Estate
[Photo via SFBJ]
Another one bites the dust! The luxury beachfront condo/hotel building known as One Bal Harbour in (duh) Bal Harbour has officially filed a motion in U.S. Bankruptcy Court to schedule an auction and begin bidding procedures to sell off itself. The debtor, Elcom Hotel and Spa, owns 51 condo-hotel units and 41,047 square feet of the hotel portion of the building at 10295 Collins Ave, and is apparently over $20 million in debt. Oh, and the building’s practically falling apart.
The 300 room, $225 million luxury resort was all the rage back in 2004, when developer WCI Communities claimed to have sold 87% of the building’s units to high-profile buyers. The high didn’t last long. In May 2006, three construction workers died when a concrete wall collapsed, and allegations of structural problems and massive flooding have been plaguing the building ever since. WCI filed for bankruptcy in 2008, and an unlikely duo (a Virginia lumber mogul and a Colombian businessman) Tom Sullivan and Jorge Arevalo swooped in to save the day. Or so they thought. Long story short, problems arose between Arevalo and both the residential and the hotel associations, then came a seriously detailed and damaging audit report, followed by a hell of a lot of construction defect lawsuits. And here we are!
Opening price is set at $13 million, with Stoneleigh Capital acting as stalking-horse bidder. Elcom is hoping for an auction before the end of the year, and we’re all hoping someone can get this mess in order before the building starts to look dated. Oh wait, too late. —Margina Demmer · One Bal Harbour trustee seeks bankruptcy auction [SFBJ] · One Bal Harbour: Swanky high-rise address or big condo hotel mess [SFBJ] · One Bal Harbour coverage [Curbed Miami]