Tag Archives: Katonah Luxury Real Estate

Sandy Weill Asks $14M For One of His Two Conn. Manses | Katonah Real Estate

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Location: Greenwich, Conn. Price: $14,000,000 The Skinny: Former Citigroup CEO and Extremely Rich Person Sandy Weill has listed one of his Greenwich, Conn., homes for $14M, reports the WSJ, which also notes that he’s keeping his other homes in Sonoma County, the Adironacks, New York City (a unit a few floors down from the 15 Central Park West penthouse he sold in Dec. 2011 for a record-setting $88M), the Bahamas, and his second Connecticut manse (which is right next door to this one). So don’t worry about Sandy Weill going homeless! Somehow he’ll muddle through with just the five remaining homes. The story behind the home is instructive: Weill gave the land to his son, who built a house, and then sold the house back to his dad for $11M, who then briefly listed it for $13M back in 2009. Turns out though, that someone had broken the economy, and suddenly “it was a very bad market,” so Weill pulled the listing…until now. The mansion, which was designed by Ira Grandberg, is described by the brokerabble as having “the noble character, elegance, and grandeur of England’s prestigious country estates,” which, translated, means that it’s “misshapen and top-heavy”. Inside the 16,000-square-foot manse there are six bedrooms, nine bathrooms, a billiards room, and a cupola with views of Long Island Sound.

 

 

http://curbed.com/archives/2014/04/01/sandy-weill-lists-one-of-his-two-greenwich-mansion-for-14m.php

The best cities for first-time home buyers | Katonah Real Estate

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In the rush to get in on the bargains of the housing crash, first-time home buyers were largely left out. Investors swarmed the most distressed markets, spreading their cash like fertilizer and pushing home prices up far faster than most expected. In less distressed markets, first-time buyers were still hampered, as the pendulum swung hard from loose lending to too-tight credit.

Now, as the spring season brings more listings to the national market and as investors seem to be pulling back a bit, first-time buyers are testing the water again. Some markets, like San Francisco, will likely be cost-prohibitive , while others, like Philadelphia, could offer easier entry to home ownership.

“First-time home buyers were put at a disadvantage against all-cash buyers, but with interest rates still staying low, with the marketplaces having risen fairly decently, you’re seeing the opportunity where it’s less of an investment for investors but a good opportunity for first-time home buyers,” said Steve Berkowitz, CEO of Move Inc. operator of Realtor.com.

Realtor.com ranked the top 10 markets for first-time buyers, using five factors to judge the best: market popularity, prices, inventory, time on market and employment. Pittsburgh, Tampa, Fla., and Philadelphia , ranked highest, mostly because their prices have not spiked much and their unemployment rates are lower than the national average.

 

 

 

http://homes.yahoo.com/news/best-cities-first-time-home-161200437.html

Fixed Mortgage Rates Move Up | Katonah Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up a bit from last week, applying additional pressure for those local markets that are already feeling an affordability pinch.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
  • 15-year FRM this week averaged 3.42 percent with an average 0.6 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.5 point, up from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.68 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.49 percent. At this time last year, the 1-year ARM averaged 2.62 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 rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015. Also, the S&P/Case-Shiller® 20-city composite house price index rose 13.2 percent over the 12-months ending in January 2014.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing.

 

 

 

Is This Housing Indicator Flashing a Warning Signal? | Katonah NY Real Estate

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Mortgage applications continued their downward spiral as interest rates climb higher and doubts remain about the strength of the housing market. In the latest update from the Mortgage Bankers Association, for the week ended March 21, applications for home loans fell 3.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 3 percent.

There has been a steady slide in mortgage applications over the past nine months as the housing market returns to a more sustainable pace. As the chart above shows, applications are near their worst level in years. The Refinance Index plunged 8 percent from the previous week. The Purchase Index managed to increase 3 percent, but on an unadjusted basis, the index was still 17 percent below year-ago levels.

Overall, the refinance share of mortgage activity accounted for 54 percent of total applications, the lowest share since April 2010 and down from 57 percent a week earlier. In fact, the refinance share of mortgage activity has now dropped for seven consecutive weeks. Conventional and government refinance applications led the contraction.

 

 

http://wallstcheatsheet.com/personal-finance/is-this-housing-indicator-flashing-a-warning-signal.html/?ref=YF

Exotic Indonesian villa is first major Bitcoin real estate purchase | Katonah Real Estate

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HousingWire has been on the forefront of covering Bitcoin in relation to real estate.

The March issue of our print magazine includes a story on the first real estate and real estate financial firms in North America to accept Bitcoin for everything from broker fees to actual investment.

The watershed moment for real estate may have come in early February, when the nascent startup RealtyShares in San Francisco announced it would be the first, as far as anyone can know, real estate investment firm to accept Bitcoin for its crowdfunding real estate investment platform.

Now comes word from Southeast Asia that the first major Bitcoin real estate transaction – valued at more than $500,000 – has closed. The property? A fully managed villa at the deLMango Villa Estate in Bali, Indonesia.

Notably, this may be the largest reported Bitcoin transaction yet. Moreover, it’s not the only high-priced property being shopped among Bitcoin users. The website that facilitated the transaction is currently listing a Paris property with a view of the Eiffel Tower listed for $6.3 million, among other items.

According to CoinDesk:

BitPremier founder and CEO Alan Silbert indicates that the 3,000-square-foot villa sold for more than $500,000, though the exact price paid by the buyer was not revealed.

Silbert, brother of SecondMarket CEO and BitPremier investor Barry Silbert, indicated that the sale is “by far the largest” completed to date via the marketplace, which was launched last May.

As for the house sale, Silbert indicated that due to Indonesia’s unique laws regarding the ownership of real estate by foreigners, the buyer is technically purchasing a long-term lease.

 

http://www.housingwire.com/articles/29386-exotic-indonesian-villa-is-first-major-bitcoin-real-estate-purchase

 

5 Reasons to Say ‘No’ to a Listing | Katonah Real Estate

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For all the hoops real estate agents have to jump through in order to secure a highly-coveted listing, it may seem crazy to say, but the truth is: Sometimes a listing just isn’t worth it. Before you take on a property you’re not sure about, ask yourself if it falls under one of the categories below. If it does, it’s probably not worth your time or trouble, so it’s a smart move to back away before it’s too late.

Instead, focus on the listings that you know will be a great partnership between you and the seller and lead to a successful sale. And remember, a listing that isn’t the right fit for you is the perfect chance to make a referral to one of another trusted agent in your network. You’ll avoid a situation that will cost you more time and money than it’s worth, and you’ll build goodwill within your own network.

Here are five red flags to look for that will let you know when it’s okay to say, “No way!” to a listing.

1. Sellers Want to List a Property Before Its Ready

A seller might want to list a property right away—before all of its challenges are solved. And when a property is listed before issues are resolved, it will stay on the market longer, negatively affecting the selling price and wasting your time and marketing budget.

2. You’re Not Qualified to Handle a Property’s Challenges

When there are known issues like repairs, zoning restrictions, or environmental hazards that pose obstacles to a smooth closing, you need to ask yourself if you have the qualifications and time to deal with them. If you’re not, tell the property owner they need to bring in the appropriate experts first.

3. The Seller Isn’t Authorized to Sell the Property

In certain cases, the person who presents himself or herself at the seller might not actually be authorized to sell the property, so it’s up to you to clear up any murky issues before taking on a listing. In instances of divorce, find out who the legal decision maker is and whether both parties must sign.

 

 

http://www.trulia.com/pro/sellers/5-times-to-say-no-to-a-listing/?ecampaign=tnews&eurl=trulia.com%252Fpro%252Fsellers%252F5-times-to-say-no-to-a-listing%252F

Craigslist real estate listings can help agents keep deals in-house | Katonah Real Estate

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Craigslist is the grandfather of listing sites.

So like grandfathers everywhere, it’s associated with the past, not the future. As a result, some agents may neglect the old-timer, seeking to harvest leads using cutting-edge tools instead.

But while some might consider Craigslist a bit of an old fogey, agents who shun it are passing up a marketing opportunity that remains a fertile (and typically free) source of high-quality leads, according to Amy Gerrish, leader of The Phoenix Metro Group, an agent team part of Phoenix-based HomeSmart.

As a resource for buyer leads, Gerrish — the latest winner of Inman News’ #madREskillz contest — says Craigslist seems to offer a better return on investment than advertising on listing portals or Facebook.

The leads she’s picked up from those sites seem to be of about equal quality to those she gets from Craigslist, which have translated into six sales for her team in the last year, she said.

“If they’re the same quality, then I just want the ones that you don’t have to pay for,” she said.

– See more at: http://www.inman.com/2014/03/05/craigslist-real-estate-listings-can-help-agents-keep-deals-in-house/?utm_source=20140305&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.i2Zmr3w0.dpuf

London House-Price Surge Drives U.K. Values in Spring Bounce | Katonah NY Real Estate

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London house prices surged this month, helping national values post their best annual increase since before the financial crisis, Rightmove Plc said.

Asking prices in the U.K. capital jumped 5.2 percent to an average 541,313 pounds ($905,500) from January, the operator of Britain’s biggest property website said in a report today. On the year, they rose 11.2 percent. Nationally, values rose 3.3 percent from the previous month and 6.9 percent on the year, the best annual performance since November 2007.

“This month’s large rise is exacerbated by being a rebound from the festive-season lull,” said Miles Shipside, a director at Rightmove. “The spring moving season is traditionally the busiest time of the year, so that means agents are likely to advise new sellers to aim high, with the best-selling months ahead of them and strong buyer demand in many areas.”

 

http://www.bloomberg.com/news/2014-02-17/london-house-price-surge-drives-u-k-values-in-spring-bounce.html?cmpid=yhoo

Mortgage Rates Slide Again, Putting Pressure on Buyers | Katonah NY Homes

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Mortgage rates are falling fast again, and would-be buyers have to start thinking: Can I afford to wait six months to buy a home with interest rates this low?

And low they are, as evidenced by a slew of mortgage rate data out early this week.

First up is the BankingMyWay Weekly Mortgage Rate tracker, which shows 30-year fixed mortgage rates sliding from 4.40% last week to 4.21% this week.

One-, three- and five-year adjustable-rate mortgages are also in full retreat this week, with the benchmark three-year ARM rate falling from 3.46% to 2.85%.

The BMW rate tracker also shows 15-year fixed-rate mortgages falling, from 3.58% to 3.43%.

Freddie Mac is out with new mortgage rates as well, and they pretty much mirror the BMW figures. Freddie Mac has current 30-year fixed mortgage rates at 4.23% and 15-year fixed loan rates at 3.33%.

While rates are well above where they were last year at this time (at 3.53% for the 30-year rate), mortgage interest costs have dropped significantly in recent weeks.

“Mortgage rates fell further this week following the release of weaker housing data,” says Frank Nothaft, vice president and chief economist, at Freddie Mac.

He notes the U.S. pending home sales index declined by 8.7% in December, to its lowest level since October 2011. “Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010,” he says. “Also, the Institute for Supply Management reported a significant slowing in growth in the manufacturing industry in December than the market consensus forecast.”

 

http://www.thestreet.com/story/12326974/1/mortgage-rates-slide-again-putting-pressure-on-buyers.html?puc=yahoo&cm_ven=YAHOO

 

Canada housing agency sees stable starts, prices in 2014 | Katonah NY Real Estate

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Canada’s federal housing agency nudged up its forecast for housing starts and prices in 2014 and said sales and construction will be steady to higher in 2015 as an improving economy tempers the impact of rising mortgage rates.

The view from the Canada Mortgage and Housing Corp suggests the nation’s once-roaring housing market is settling into a soft landing, with construction moderating to more sustainable levels and sales and prices ticking slowly higher.

The CMHC said on Thursday housing starts will be in a range of 176,600 and 199,800 in 2014, with a point forecast, or most likely outcome, of 187,300 units, relatively unchanged from 187,923 units in 2013. That is up slightly from CMHC’s October estimate of 184,700 starts.

The agency said there will be 163,200 to 206,600 units started in 2015, with a point forecast of 184,900.

Both forecasts represent a sharp slowdown from the 214,827 starts of 2012, when the market was at record highs and the government intervened to tighten mortgage lending rules.

 

http://www.reuters.com/article/2014/02/06/canada-economy-housing-idUSL2N0LB0V520140206