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Condos gaining popularity in Greenwich real estate market | Katonah Real Estate

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Greenwich is traditionally known for its sprawling multi-million dollar estates and a community that provides escape from the compact living associated with nearby Manhattan.

But what happens when those expansive single-family homes are no longer the preferred abode for Greenwich elite?

Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants, said an influx of luxury condos on the market — and a rush of city dwellers seeking homes with little upkeep in the suburbs — is changing the way people think about Greenwich real estate.

“We’re seeing this in Westchester, we’re seeing this in the Hamptons … where the development is luxury condo products,” Miller said. “We’re seeing this city-to-suburban path where people coming from the city are used to this —not having to take care of the exterior of the property, etc. — and we’re seeing this pop up in a lot of New York City metropolitan area suburbs, including Greenwich.”

Miller prepares an independent quarterly report for real estate firm Douglas Elliman, which recently entered the Greenwich market. The Elliman Report details the changing trends in the region, particularly as it relates condominium and townhouse sales to single-family homes. The first quarter report showed the ongoing change in the Greenwich real estate market — mansions were struggling to sell while condos with less upkeep (and a lower price tag) were more popular among buyers.

 

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http://www.greenwichtime.com/business/article/Condos-gaining-popularity-in-Greenwich-real-6413253.php

Helocs Jumped 8% in the First Quarter | Cross River Homes

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A rebound in house prices and near-record-low interest rates are prompting homeowners to borrow against their properties, marking the return of a practice that was all the rage before the financial crisis.

Home-equity lines of credit, or Helocs, and home-equity loans jumped 8% in the first quarter from a year earlier, industry newsletter Inside Mortgage Finance said Thursday. The $13 billion extended was the most for the start of a year since 2009. Inside Mortgage Finance noted the bulk of the home-equity originations were Helocs.

While that is still far below the peak of $113 billion during the third quarter of 2006, this year’s gains are the latest evidence that the tight credit conditions that have defined mortgage lending in recent years are starting to loosen. Some lenders are even reviving old loan products that haven’t been seen in years in an attempt to gain market share.

In 2013, lenders extended $59 billion of Helocs and home-equity loans. The last pre-boom year near that level was 2000, when lenders extended $53 billion, according to Inside Mortgage Finance.

“We’re seeing much more aggressive marketing campaigns [for Helocs] by banks in locations where home prices have risen,” said Amy Crews Cutts, chief economist at Equifax Inc., a firm that tracks consumer-lending trends. She said Heloc originations picked up in recent months as consumers began home-improvement projects. “We expect to see quite an uptick in Heloc activity” in the spring, she said.

Unlike home-equity loans, in which the borrower receives a lump sum, borrowers can draw on Helocs as needed. They can sometimes take a tax deduction on the interest from the credit line.

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http://online.wsj.com/articles/borrowers-tap-their-homes-at-a-hot-clip-1401407763

Home buyers have an edge in these markets | Katonah Real Estate

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While many Realtors remain positive about the prospect of sales of new and existing family homes and condos for the spring season, an increase in mortgage interest rates, strict lending standards, and the gradual withdrawal of investors from many major metropolitan areas have produced a triple threat for home sellers, says Daren Blomquist, vice president at RealtyTrac. “We’re already seeing some evidence in a few markets that some prices are going into negative territory,” he says. The good news for those who do qualify for a mortgage: There are still competitively priced homes for first-time buyers, Blomquist says.

Here are seven markets where existing home prices dipped — even slightly — in the first quarter, according to data released to MarketWatch by RealtyTrac:

 

Oklahoma City, Okla.

House prices in Oklahoma City dipped 1% year-over-year in the first quarter after a 5% fall in the fourth quarter of 2013, according to RealtyTrac. Oklahoma had an extremely cold winter. And higher health-care payments under the Affordable Care Act impacted some of her clients, says Leslie Thomas, real-estate agent with Keller Williams Realty in Central Oklahoma. “I had individuals who qualified for one home, but who were not able to qualify for the same home after their insurance was adjusted,” she says. Thomas expects the market to pick up in the second quarter and has seen “multiple offers” for one property. Meanwhile, institutional investors in Oklahoma have remained steady. They accounted for 7.6% of all sales in the first quarter of 2014 versus 7.8% a year earlier.

Jacksonville, Fla.

There was a 1% annual dip in Jacksonville in the first quarter of 2014 after a 15% rise for both the third and fourth quarters of 2013, according to RealtyTrac’s sales price data, which is derived from public record sales deed data that includes all property transactions publicly recorded. “Homes are priced competitively, but we have a higher demand than inventory,” says Melanie Green, spokeswoman for the Northeast Florida Association of Realtors. Green says prices for new and existing condos and single-family homes (sold through a Realtor) actually rose 2.7% on the year in the first three months of 2014. However, RealtyTrac’s median prices are based on the sales price on the deed, which includes sales not listed on “Multiple Listing Services” — the industry’s main database that also includes information available only to real estate professionals — such as third party purchases at foreclosure auction and bulk transactions between investors.

Tulsa, Okla.

Existing home prices in Tulsa fell 2% in the first quarter of 2014 after falling 3% in the third and fourth quarters of last year, according to RealtyTrac; prices there rose 6% in the second quarter of 2013. “Those statistics are fairly accurate in reflecting the market as it pertains to my experience,” says Frank Petrouskie, a Realtor in Tulsa. “I think we’ve been delayed by about six weeks for the spring selling season and I’m now seeing more houses come on the market. But the last quarter of last year was a very strange environment. There wasn’t much inventory out there but there wasn’t much demand either.” Retail investors have become more skittish in recent years and there’s a slight imbalance in market expectations, he says. “Buyers seem to be a bit more cautious and sellers seem to want a little more than the market can bear.” Institutional investors accounted for just 2.4% of all sales in the first quarter versus 10.3% a year earlier.

Greensboro-High Point, N.C.

There was an 8% drop in existing home sales in Greensboro-High Point, N.C., after a 2% rise in the fourth quarter, RealtyTrac found. “There’s still a lot of uncertainty about the economy,” says Tommy Camp, president and CEO of Berkshire Hathaway HomeServices Yost & Little Realty. “Some buyers say, ‘We’ve got a job, but we don’t know how secure that is.’” A slowdown in household formation has also had a negative impact on the housing market, he says; 18- to 34-year-olds account for more than half of missing households — that is, Americans who would be owning or renting a home now if prerecession economic trends had continued. But while the overall volume of sales was down 12% from January 2014 to April 2014, sales of new and existing homes sold by Realtors were up by around 5% on the year during the same period, Camp says.

Lancaster, Pa.

Home prices fell 2% in the first quarter in Lancaster after rising 2% in the fourth quarter. Institutional investors made up just 1.4% of sales in that market in the first quarter, down from 7.6% for the year-earlier period, according to RealtyTrac. Some Realtors remain more optimistic than RealtyTrac’s figures, however. “We’ve weathered the storm with less dramatic effect compared to the rest of the country,” says Susan Allison, a Realtor based in Lancaster. “We just didn’t have the same level of layoffs or unemployment or foreclosures or distressed housing,” she adds. The first quarter of the year was slow for everyone with regard to pending sales and home sales, especially with interest rates trending upward. Still, Allison says house prices sold by Realtors rose 3% in the first quarter year-over-year.

Des Moines-West Des Moines, Iowa.

This market had a slight 1% drop in the first quarter after a 5% rise in the fourth quarter of last year, Blomquist says; during the same period the share of houses sold by institutional investors fell to 0.6% from 7.4% a year earlier, taking a significant amount of demand out of the market. David Peers, chief operating officer for Berkshire Hathaway HomeServices First Realty in Des Moines remains far more optimistic. “Our biggest challenge is lack of inventory with listings, he says. “That’s driving prices up a little bit and creating multiple offers on a lot of our listings.” The number of listings is around half of its usual volume, he says. “New construction has really taken off in the last six weeks now that the frost is out of the ground.”

Virginia Beach-Norfolk-Newport News, Va.

Sales prices in this area of southeast Virginia — which includes miles of waterfront properties — have wobbled over the last year, according to RealtyTrac’s data, falling 5% in the first quarter of this year after rising 3% in the fourth quarter, and falling 1% in the third quarter. “Our area has a lot of military and the government shutdown in November was really hard on us,” says Chantel Ray, a real-estate broker in Virginia Beach. “We definitely had a lot less calls all across the board. Sales were down in November and December, which then effects January and February.” However, Ray says prices have been improving since then. “With all of the factors combined, we’ve seen a slight lull in the market,” says NAMB’s Frommeyer. “However, housing starts are on the rise which will boost inventory.”

 

 

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http://www.marketwatch.com/story/7-places-where-property-prices-are-falling-2014-05-13?siteid=yhoof2

 

The best real estate plays in 25 years | Katonah Real Estate

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The global real estate market in 2039 will be city-centric, with an increased focus on Asia and other emerging markets, and more investment by the public, according to senior executives at some of the world’s largest investment firms.

The big money sees China, India and other Asian markets as drivers of real estate growth—and investment opportunities.

“Asia will be the future of real estate over the next 25 years,” said Jonathan Gray, who manages about $79 billion for clients as global head of real estate for the Blackstone Group. “The largest investment markets will be in China, India and other countries in the region given their rate of growth. Both public and private real estate markets will be much, much bigger.”

A common criticism of Asian economic growth is the relative disregard for the environment. That concern could be a long term investment opportunity, such as taking advantage of high pollution in China, according to LaSalle Investment Management, a $47.6 billion real estate investment firm.

“Although China will be switching over to renewables by 2039, concerns about unhealthy air will be so intense after two decades of respiratory diseases that they could likely pioneer buildings with filtered air, oxygen supplements and artificial light to replace lost sunlight,” said Jacques Gordon, LaSalle’s head of global research and strategy.

Key to Asia’s rise in real estate will be the increasing importance of its urban centers, a global theme.

 

 

http://www.cnbc.com/id/101473257?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=101473257%7CThe%20best%20real%20estate%20play

Staten Island will host city’s largest solar power facility | Katonah Homes

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What was once the world’s largest landfill will become the home to the city’s largest solar energy facility, Mayor Michael Bloomberg announced Monday.

“It’s fitting that this site, long associated with the most stubborn challenges of urban development, will now be a shining example of cutting-edge solutions,” Bloomberg said at Freshkills Park, formerly the city’s garbage dump. Dumpsters can be needed whenever a large amount of waste needs to be disposed of. Most homeowners and contractors hire dumpster rentals for home renovation projects because at that time, a large amount of waste is produced that needs to be cleared from the property. Clearing waste is difficult with your conventional garbage bins or dumpsters. For large amount of waste, you need a large sized dumpster that can easily help you get rid of all the waste that is produced during your project. Finding cheap and affordable dumpster rentals might be an issue for many, especially if they are hiring such services for the first time. Therefore, following are some tips that will help you find lowest prices of junk removal services. Then have a peek here for the dumpster rental.

The solar panels will be installed and operated by Sun Edison, at no cost to the city. The city will earn money from the project through a leasing agreement that is still being negotiated – and business owners in the city will be able to get a green energy credit thanks to their installation.

“The solar panels Sun Edison will install on the site will be able to produce up to 10 megawatts of energy, and that’s enough to power 2,000 homes,” Bloomberg said.

The energy will be fed back into Con Edison’s grid system, so it won’t go to specific homeowners but will help power the entire city.

Sun Edison was selected after bidding to lease 47 acres of the park, and will install 30,000 to 35,000 high-efficiency solar panels on the site.

General Manager Attila Toth praised the city for their forward-thinking approach.

“This is the largest city in the nation and the largest city is developing the largest brownfield to park conversion site,” Toth said. “This is a very innovative solution and this kind of thinking does not happen in every city around the nation.”

Toth said the plant would employ more than 100 workers when it’s up and running in 2016.

The city already captures methane gas created underground – enough to heat 22,000 homes — at the site and sells it to National Grid for about $3 million a year.

Among those who have long been pressing for renewable energy at Freshkills is Borough President James Molinaro.

“Who knew that he would be a tree-hugger when he was elected?” Bloomberg joked. “But it runs out he has been very environmentally conscious and has really done a great job for the people of Staten Island.”

Molinaro called it an historic day, and recalled asking the Port Authority for $500,000 to study renewable energy at the site shortly after the landfill closed in 2001.

http://www.silive.com/news/index.ssf/2013/11/staten_island_will_host_citys.html

Native Plants Inspire and Educate at NYC’s Botanical Garden | Waccabuc NY Real Estate

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If you’re planning a trip to New York City, make sure to see the Native Plant Garden, which opened earlier this year at the New York Botanical Garden. There’s something for everyone here.  Shade gardeners will find plenty to look at in the dappled layers beneath a canopy of river birch, dogwood and sugar maple. Farther along the path, beneath an open sky, plants that love sun sprawl in wispy cascades that catch the wind or offer up their blooms in rigid, colorful spikes. And there are places for sitting and listening. In the middle of one of the biggest cities in the world, the sound of bees and birds is very sweet.

Flared pots showcase native plants outside the entrance pavilion — you won’t find geraniums or begonias here. Instead, ornamental grasses welcome you to this state-of-the-art landscape with plants indigenous to eastern North America.
More than 100,000 plants cover this 3½-acre USDA zone 7a location, inspiring anyone looking for ways to develop a sustainable landscape or combine plants in new ways. On a recent visit, I found a new baptisia that I’d like to try — the short purple cultivar ‘Purple Smoke’ (Baptisia australis ‘Purple Smoke’), because I love anything with purple spikes.
Winding paths take you through a woodland and connect to other distinct areas. There’s a glade, wetland, wet meadow, dry meadow, native border and promenade walk that runs along an angular 230-foot-long water feature that cuts through the center of the landscape.
“The whole site is a tribute to the rich, diverse flora of the Northeast,” says principal designer Sheila Brady of Oehme, van Sweden. “We pivoted the design around the geology, all the beautiful rock outcroppings, the wet meadow and the mature forest nearby.”
One of the project goals was to integrate a sustainable water feature. “We capture all the surface runoff in a system that utilizes biofiltration and minimizes potable water usage,” Brady says. Storm water is filtered through plants like sweetflag (Acorus sp) and stored in cisterns belowground.
In the specially designed wetland, a pump recirculates rainwater, moving it through layers of gravel, sand and plant roots that filter and clean the water through this natural biofiltration system.
Slender blue flag iris (Iris prismatica ‘Exeter’), one of only three iris species native to New York, can be found along the boardwalk. If you’ve got wet soil, a pond or stream, you’ll be interested to know that this tough perennial naturally occurs in these types of areas and has a lovely spring bloom.
In the dappled light of the woodland, clumps of wild columbine (Aquelegia canadensis) mingle with prairie dropseed (Sporobolus heterolepis), a delicate grass with wand-like seed heads.  Aquilegia canadensis ‘Little Lanterns’, called Canadian columbine, is mixed into the displays and is more intensely colored than the species.
Red Northern lady fern (Athyrium ‘Lady in Red’) forms a ground cover, along with eastern teaberry (Gaultheria procumbens) and Appalachian sedge (Carex appalachica).
Prairie dropseed cascades along the edges of walkways and adds a tactile element.
“What really intrigued me was how, even with a simplified plant palette, a very strong sense of place for each habitat area was communicated,” says garden photographer Karen Bussolini.
Grasses abound on rocky slopes, where they soften the hard contours of boulders.
For Bussolini, who also works as an ecofriendly garden coach in northwestern Connecticut, the plantings are inspirational. “The garden is full of really great plants, any one of which would be an asset in any garden, but here grown in community,” she says. “The patterns of intermingling plants were endlessly fascinating, and I left inspired to try quite a few of them.”

Late Summer Sales Keep September Prices Hot | Lewisboro NY Real Estate

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Home price gains in September rose over record August levels, evidence of residual summer buying activity, according to the first market report of the month to be released.

All regions saw small up-ticks in yearly price gains as Clear Capital’s Home Data Index (HDI) Market Report said September prices rose to 10.9% year-over-year.  In August, national yearly home price growth reached 10.2%, the last time Clear Capital reported double digit yearly price growth since the middle of 2006, the height of the bubble.

Clear Capital’s August prices remained 32.5% off their previous highs and only in line with 2002 prices.  Additionally, the low tier price segment of the housing market saw quarterly gains of 2.0%, the lowest since April 2012, indicating the sector that kick started the recovery is already on a path of moderation. From its peak rate of growth in April 2013, rates of growth for the low tier segment, or home sale values in the bottom 25th percentile, have fallen from 4.1% to 2.0%.

“While national and regional rates showed more of the same in September, an interesting dichotomy is unfolding beneath the surface,” said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “Strong performances in San Francisco and Detroit remind us that in a dynamic market, the only constant is change. For about a year and a half now, we’ve been focused on First-In, First-Out recoveries characterized by hard hit markets attracting investor interest, like Miami, Phoenix and Las Vegas. Now as the recovery matures, we see homebuyers re-engaging in markets that haven’t fit the typical investor profile.

“As demand calibrates to local economic environments, markets will start to find their natural equilibriums with moderating gains ahead. This should invite new markets, such as San Francisco and Detroit to share the spotlight as their recoveries continue to evolve,” he said.

Highest   Performing Major Metro Markets

Qtr/Qtr Rank

Metropolitan   Statistical Area

Qtr/Qtr % +/-

Yr/Yr

REO Saturation

1

San Francisco, CA –   Oakland, CA – Fremont, CA

4.4%

28.3%

6.3%

2

Detroit, MI – Warren,   MI – Livonia, MI

4.3%

23.3%

31.7%

3

Sacramento, CA –   Arden, CA – Roseville, CA

3.9%

27.7%

11.0%

4

Las Vegas, NV –   Paradise, NV

3.9%

32.2%

19.8%

5

San Jose, CA –   Sunnyvale, CA – Santa Clara, CA

3.9%

25.7%

2.8%

6

Atlanta, GA – Sandy   Springs, GA – Marietta, GA

3.6%

26.1%

21.2%

7

Birmingham, AL –   Hoover, AL

3.5%

10.4%

20.6%

8

Los Angeles, CA – Long   Beach, CA – Santa Ana, CA

3.4%

22.2%

9.2%

9

Chicago, IL –   Naperville, IL – Joliet, IL

3.4%

21.5%

20.2%

10

Riverside, CA – San   Bernardino, CA – Ontario, CA

3.2%

21.8%

15.9%

11

Miami, FL – Ft.   Lauderdale, FL – Miami Beach, FL

3.2%

20.4%

21.9%

12

Bakersfield, CA

3.0%

20.8%

16.7%

13

Columbus, OH

2.9%

6.7%

23.6%

14

San Diego, CA –   Carlsbad, CA – San Marcos, CA

2.8%

19.6%

7.9%

15

Oxnard, CA – Thousand   Oaks, CA – Ventura, CA

2.7%

18.2%

7.1%

Top

Lowest   Performing Major Metro Markets

Qtr/Qtr Rank

Metropolitan   Statistical Area

Qtr/Qtr % +/-

Yr/Yr

REO Saturation

1

Charlotte, NC-   Gastonia, NC – Concord, NC

-0.1%

-0.4%

17.1%

2

Louisville, KY

0.2%

1.0%

18.5%

3

Raleigh, NC – Cary, NC

0.2%

1.1%

11.3%

4

Hartford, CT – West   Hartford, CT – East Hartford, CT

0.3%

4.0%

4.0%

5

Rochester, NY

0.4%

3.7%

2.2%

6

St. Louis, MO

0.4%

-0.2%

23.3%

7

Dayton, OH

0.4%

4.8%

22.2%

8

New Orleans, LA –   Metairie, LA – Kenner, LA

0.4%

3.4%

12.3%

9

Virginia Beach, VA –   Norfolk, VA – Newport News, VA

0.7%

5.0%

9.8%

10

Dallas, TX – Fort   Worth, TX – Arlington, TX

1.0%

6.8%

12.4%

11

Baltimore, MD –   Towson, MD

1.0%

5.5%

7.2%

12

Pittsburgh, PA

1.0%

5.2%

4.5%

13

Richmond, VA

1.2%

8.8%

11.1%

14

Philadelphia, PA –   Camden, NJ – Wilmington, DE

1.3%

5.2%

4.6%

15

Providence, RI – New   Bedford, MA – Fall River, MA

1.3%

11.7%

6.0%

The Clear Capital Home Data Index Market Report is built on information from recorder/assessor offices, enhanced by adding the company’s proprietary streaming market data. It reflects nationwide coverage of sales by aggregating this data at ten different geographic levels, including hundreds of metropolitan statistical areas (MSAs) and sub-ZIP code boundaries. It includes equally-weighted distressed bank owned sales (REOs) from around the country.

 

 

http://www.realestateeconomywatch.com/2013/10/late-summer-sales-keep-september-hot/

 

Mortgage rates fall to 2-month low after Fed announcement | Cross River Real Estate

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Rates on 30-year fixed-rate mortgages dropped to a two-month low this week following a recent announcement from the Fed that it would not begin to wind down its bond-buying program.

Rates on 30-year fixed-rate loans averaged 4.32 percent with an average point of 0.7 percent for the week ending Sept. 26, down from 4.5 percent last week but up from 3.4 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

“Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond-buying stimulus,” said Frank Nothaft, Freddie Mac’s vice president and chief economist, in a statement. “These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated.”

Rates on 15-year fixed-rate mortgages, five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs also fell.

 

Source: Freddie Mac

 

 

– See more at: http://www.inman.com/wire/mortgage-rates-fall-to-2-month-low-after-fed-announcement/#sthash.sZ0FPtml.dpuf

Mortgage relief fails to provide as much promised aid | South Salem NY Real Estate

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While the five giant mortgage firms signed a landmark $25 billion mortgage settlement last year, the real relief did not fulfill most borrowers expectations. Just 20% of the aid dished out under the settlement covered forgiveness of first-mortgage principal. Per the Los Angeles Times:

“We all wish there had been more principal reduction, which is what is most helpful in keeping people in homes,” said Kevin Stein, associate director of the California Reinvestment Coalition, a 300-member alliance that lobbies on behalf of low-income and minority neighborhoods.

Still, Stein said, the program set a good precedent, demonstrating that debt forgiveness can benefit lenders and borrowers alike without causing a wave of intentional defaults, as critics had warned.

                    Source: LA Times

Information overload to blame for fewer home sales? | Cross River Real Estate

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Forget about inventory shortages, tight mortgage underwriting and the lack of affordability in many markets.

The real reason home sales remain below historical levels is the “explosive growth of real estate websites and online homebuying tools,” says Qazzoo founder Michael Urbanski.

“Potential homebuyers search the Internet for information to purchase a home and miss out on the valuable counsel of Realtors, who are the real estate experts in that area,” Urbanski says.

“Often, potential homebuyers become overwhelmed by all the information they collect online and the process ends there.”Urbanski says Qazzoo “improves the house-hunting and homebuying experience by connecting interested homebuyers and Realtors in their area.”

Translation: Qazzoo sells the contact info of consumers visiting the site to real estate brokers and agents (“for less than $2 per lead“).Which pretty much describes the business model of every listing portal on the Web, including the big three: Zillow, Trulia and realtor.com. Source: prweb.com

 

 

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http://www.inman.com/wire/information-overload-to-blame-for-fewer-home-sales/#sthash.PXa8UZU4.dpuf