Tag Archives: Katonah Luxury Real Estate

Can home prices record 23 months of increases? | Katonah NY Real Estate

 

Home prices maintained their course and increased 11% in December 2013 compared to a year ago, recording the 22nd consecutive monthly year-over-year increase in home prices nationally, according to the latest December CoreLogic Home Price Index.

Month-over-month, home prices, including distressed sales, dipped by .1% in December compared to November.

Home prices, excluding distressed sales, jumped by 9.9% in December compared to a year prior and .2% month-over-month compared to November.

“Last year, home prices rose 11%, the highest rate of annual increase since 2005, and ten states and the District of Columbia reached new all-time price peaks,” said Mark Fleming, chief economist for CoreLogic.

“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” Fleming added.

Looking ahead, the HPI forecasts that January homes prices, including distressed sales, will increase 10.2% year-over-year from January 2013. But on a month-over-month basis, home prices are projected to dip .8% from December 2013 to January 2014.

 

 

 

http://www.housingwire.com/articles/28839-can-home-prices-record-23-months-of-increases

Housing Shortage Is Highest in These Cities | Katonah NY Real Estate

 

Douglas Elliman Realtor Elaine Richheimer has noticed that the South Shore of Long Island is buzzing with real estate activity despite continuing efforts to recover from the water damage of November 2012’s Super Storm Sandy. In fact, home sales have increased 48.5% in the region stretching from Queens to the Hamptons.

“Although sales of waterfront properties are quieter, pricing is attractive and, as a result, living in a house on the water overlooking the South Shore is more obtainable now,” Richheimer told MainStreet.

Richheimer’s optimistic glow on home sales in New York reflects an estimated 56% of real estate agents who say now is a good time to buy compared to 55% in the fourth quarter of 2013, according to Redfin data.

While 71% of current homeowners are contemplating selling in 2014, according to a Lending Tree survey, buyers continue to be frustrated by housing shortages with 87% of Redfin realtors citing limited inventory as the biggest challenge for buyers.

“The housing crash lead new home construction to fall off dramatically, restricting the number of homes available for sale,” said Ellen Haberle, economist with Redfin, a national real estate brokerage. “New home construction has increased slowly over the past two years, but factors such as a lack of developed lots and skilled labor, expensive materials and tight credit conditions have challenged builders’ ability to boost construction quickly.”

 

 

http://www.mainstreet.com/article/real-estate/housing-shortage-highest-these-cities

US home prices dipped in Nov. on colder weather | Katonah NY Real Estate

 

U.S. home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains.

The Standard & Poor’s/Case-Shiller 20-city home price index slipped 0.1 percent from October to November, partly reversing the previous monthly increase of 0.2 percent. But the index is not adjusted for seasonal variations, so the monthly decline partly reflects slower buying in the late fall as temperatures drop.

“November was a good month for home prices,” said David Blitzer, chairman of the S&P Dow Jones index committee. “Prices typically weaken as we move closer to the winter.”

Despite the overall decline, home values have continued to rise in many Sun Belt cities. Las Vegas, Los Angeles and Phoenix have registered 20 straight months of rising prices.

But home prices surged for much of 2013, driven by big gains earlier in the year. Prices have risen 13.7 percent over the past 12 months.

Dallas enjoyed its strongest annual gain since 2000. And Chicago home prices climbed at their strongest annual clip since December 1988. Among the cities in the index, only Detroit prices remain below their 2000 level.

 

http://finance.yahoo.com/news/us-home-prices-dipped-nov-colder-weather-140018478–finance.html

 

Water Main Break Shuts Edgemont Road In Katonah | Katonah Real Estate

 

A water main break in the downtown Katonah area Tuesday morning has caused Edgemont Road to be shut between Bedford Road and Katonah Avenue, Bedford Police said.

Police did not know how long the road would remain closed, saying it would be shut for “an extended period of time.”

The closure will affect passenger pick up at the Katonah Train Station. Passengers can be picked up in Commuter Lot 1 on Jay Street.

 

http://bedford.dailyvoice.com/news/water-main-break-shuts-edgemont-road-katonah-tuesday

 

 

Home prices show signs of topping out | Katonah NY Real Estate

 

Home prices are showing signs of topping out: The S&P/Case-Shiller index posted its first month-over-month decline in 10 months on Tuesday.

The annual measure of home prices still increased 13.7% in November, but that was only narrowly better than the rise posted in October.

The housing recovery was one of the stronger aspects of the economy last year, boosting household wealth and home construction.

But with mortgage rates climbing steadily since hitting record lows in May, it’s clear the housing recovery is starting to lose some steam.

“While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

But housing experts say that more modest price increases are probably a good thing for the housing market. The rapid increases of the last year are not sustainable, they said.

“Sellers used to seeing huge price gains month after month may feel some whiplash as that slows down,” said Stan Humphries, chief economist for sales tracker Zillow. But more modest price increases mean “the housing market is still a long way from normal, but it’s getting there.”

Hard proof Dodd-Frank isn’t working | Katonah NY Real Estate

 

Reuters is running a pretty shocking exclusive right now. Apparently the Federal Bureau of Investigation, of all agencies, is investigating the claim that derivative traders are front running swaps orders from Fannie Mae and Freddie Mac.

The article itself goes into the unethical, if technically legal, nature of these trades. So I won’t. Still the contents are disturbing in implication.

The first is that the government-sponsored enterprises didn’t even look to monitor shifts in markets BEFORE placing these huge orders. Clearly, they were getting played, but aren’t even wide awake enough to take notice.

Second, this is proof Dodd-Frank isn’t working. The financial reform made plenty to do with how it would regulate derivatives and how this was going to happen: “The Dodd-Frank Act divides regulatory authority over swap agreements between the CFTC and SEC.”

Yet the FBI is investigating? Clearly something about this whole ordeal should be illegal, if not yet explicitly so as of today. How did this get past regulatory authority?

After all, we were led to believe that Dodd-Frank is meant to prevent activities just as this.

Three points from the article that show Dodd-Frank isn’t working. Read them and weep (the italics are my responses):

1: “Senior bankers at the two banks ‘planned and encouraged this behavior because it led to higher revenue for their respective parent banks’.”

Dodd-Frank is meant to serve as a model for disincentivizing this exact behavior.

2: There is “low confidence that law enforcement could prosecute suspected traders because the trades concerned seem to be completely legitimate.”

This kind of market manipulation may or may not be illegal? Dodd-Frank should have made it clear.

3: “GSEs frequently submit large interest-rate swap trades, making them easy targets for front running and lucrative targets for market manipulation,” the FBI bulletin said.

 

 

http://www.housingwire.com/blogs/1-rewired/post/28585-heres-hard-proof-dodd-frank-isnt-working

Real Housewives, Tour Boats Made Rosie O’Donnell Sell Her Star Island House | Katonah Real Estate

 

We crazy Miamians really did scare talk show lady Rosie O’Donnell out of her Star Island house after all. In a radio interview on the Paul & Young Morning Show, Rosie admitted that tour boats constantly cruising behind her house, and the insanity of her Real Housewives of Miami neighbors, finally drove her from the island, where she had lived for 18 years. And by that she probably means the Lisa Hochstein/42 Star Island debacle right next door, although to be fair Lea Black does own on the island too.

 

 

http://miami.curbed.com/archives/2014/01/10/real-housewives-tour-boats-made-rosie-leave-miami.php

Turnover of real estate market in Azerbaijan grew by 38.6% and exceeded AZN 3.495 bn in 2013 | Katonah NY Homes

Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that turnover of the country’s residential property market for the first 11 months of 2013 increased by 38.6% against the same term of 2012. In 2012 the index grew by 24.86% against 2011.

According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 3.495 bn by 1 December 2013 versus AZN 2.52 bn a year earlier.

At the same time transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.548 bn for Jan-Nov 2013 versus AZN 1.1 bn a year earlier (+40.45%), and the withdrawals from these accounts AZN 1.947 bn versus AZN 1.419 bn (+37.22%).

At that, the CBA reports of a rise in revenues of mediators (banks, notary’s offices and realtors) for residential real estate transactions by 25.99% for Jan-Nov of 2013. As of 1 December 2013 mediators’ earnings were AZN 399.119 million versus AZN 316.795 million a year earlier.

Last year’s turnover of residential property totaled AZN 2.828 bn versus AZN 2.265 bn in 2011. At that, transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.599 bn versus AZN 1.2 bn a year earlier (+31.81%), and the withdrawals from these accounts AZN 1.228 bn versus AZN 1.05 bn (+16.84%). Last year mediators’ earnings grew 2.29-fold up to AZN 371.307 million versus AZN 162.3 million a year earlier.

 

 

 

http://abc.az/eng/news/main/78660.html

Australia Housing Report Revives Bubble Fears | Katonah Homes

Australia’s latest housing data, while promising on the surface, has increased concern the market may be overheating, posing a potential threat to a still fragile economic recovery.

A government report Monday showed the value of home loans approved in Australia rose 1.1% in November from October and 15% from a year earlier, confirming that record-low interest rates are continuing to fuel demand for houses and apartments.

However, the data also highlighted two trends that policy makers will be less thrilled about.

First, the rise in the value of mortgages approved continues to be driven by people looking to invest in property, rather than those seeking to move into houses or apartments. Second, first-home buyers are increasingly being frozen out of a market in which house prices have hit record highs in some large cities.

“While owner-occupier demand is intensifying, investor demand is surging well ahead,” said Janu Chan, a Sydney-based economist at St. George Bank in a note to clients, pointing out that investor loans for housing exceeded 30% in November.

 

 

 

http://online.wsj.com/news/articles/SB10001424052702303819704579317782145387774?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303819704579317782145387774.html

Katonah-Lewisboro Parents Propose New School Redistricting Option | Katonah NY Real Estate

Edward Burt’s third-grade son may have to change schools in the fall if the Katonah-Lewisboro school board decides to close an elementary school when it votes on the matter Thursday, Jan. 23.

He isn’t alone. The Increase Miller Elementary School parent was one of dozens to attend a forum on the matter Wednesday night, moderated by Goldens Bridge resident and former Assemblyman Robert Castelli.

Mirjana Jovanovic, a mother of two at Increase Miller, asked the two Katonah-Lewisboro school board members present to consider an alternative option to moving 94 students to Katonah Elementary. Since the school runs below capacity, she proposed letting those students stay at Increase Miller and send new and incoming students to Katonah.

The idea caught steam with the board members and parents. Other parents suggested to let just those in fourth and fifth grades finish out their time at Increase Miller.

The school board formed a School Closure Task Force in June to investigate the possibility of closing one or two elementary schools in response to enrollment that has dropped by 700-plus students since 2006. The task force decided closing Lewisboro Elementary would disrupt the fewest students possible and created a redistricting plan that spread the 300-plus students across the remaining three schools.

However, Lewisboro Elementary parents asked the board to alter its redistricting plan to send their kids to only two schools. By sending them in larger groups parents argued this would prevent some students from being torn apart from their friends.

Tobin said the board agreed and the administration develop a second scenario, in which some Increase Miller kids would be redistricted to Katonah Elementary to even out the distribution among the three remaining schools. This, Burt said, would send students, including his son, to Katonah alone, without any of their friends.

“You listened to them, well you should listen to us,” Burt said. “You agreed with them, now here’s the other side of it.”

The other side of it left Burt and scores of parents filling the small room in the Lewisboro Recreation and Parks Building debating which redistricting scenario they prefer, each choosing the one that would impact their child least. Most parents supported Jovanovic’s idea because it would keep their kids together.

The first scenario would give Increase Miller 470 students, Katonah 490 and Meadow Pond 426. The second scenario would give Increase Miller 467, Katonah 472 and Meadow Pond 447.

The second scenario also comes with a lower savings total at $1.74 million, down from $1.89 million.

Tobin said she will bring the parents’ third scenario to the board at its regular meeting at 7:30 p.m. Thursday, where they are scheduled to discuss which scenario is best. If four of the seven agree the phasing in, or grandfather clause should be looked into, the administration will do so, she said.

A public hearing on the school closing is scheduled for Thursday, Jan. 16 and the final vote is Thursday, Jan. 23.

Parents may email all seven school board members, the superintendent and assistant superintendents ahead of the meeting Thursday, which will be held at the John Jay High School library on 60 Cross River Road, Cross River.

http://bedford.dailyvoice.com/schools/katonah-lewisboro-parents-propose-new-school-redistricting-option