Tag Archives: Mount Kisco Homes

Mount Kisco Diner Begins Expansion | Mount Kisco Real Estate

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The Mount Kisco Coach Diner, Gov. Andrew Cuomo’s favorite hangout, has begun construction on its expansion.

The diner is adding 1,250 square feet and 13 new parking spaces, along with providing a terrace for outdoor seating.

The project was approved by the planning board earlier this year after the Mount Kisco Village Board approved a zoning change in 2010.

Recently, the Paul Power’s structure, which exists south of the diner, was demolished, which was the first phase of construction.

Harry Georgiou, whose family owns the diner, said it will be much larger and more convenient for customers.

“We wanted to provide more space for clients and a nicer atmosphere,” Georgiou said. “We wanted to modernize the restaurant. It was time to expand.”

Plans for expansion have been in the works for five years. During that time, despite the recession, the diner’s business has remained steady, giving Georgiou confidence expansion was the right idea.

Georgiou’s father, Frank, a Somers resident, purchased the diner 18 years ago. Harry Georgiou, who lives in Queens, said it is in the family’s blood to provide service, hospitality, and good food.

 

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http://chappaqua.dailyvoice.com/business/mount-kisco-diner-begins-expansion

 

California Markets Top Turnaround Towns | Mt Kisco Real Estate

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Oakland, Calif.; Orange County, Calif.; and Santa Barbara-Santa Maria-Lompoc are leading the nation in recovery according to realtor.com’s quarterly ranking of top turnaround towns.

For Q2 2013, the median age of inventory dropped 14.4 percent over the past year, with typical homes selling in 83 days between April and June of this year. Median list price rose 5.4 percent year-over-year, to $196,000, in the second quarter of 2013.  The number of homes available on the market dropped across the country by 10.3 percent year-over-year, with an average of 1.8 million homes on the market on any given day in the second quarter of 2013.

Detroit ranked seventh.  Though plagued by the city’s recent bankruptcy filing, the market nonetheless posted strong improvement in the second quarter. Its median list prices on realtor.com® are 37.8 percent higher for the quarter than they were a year ago, while inventories are down 26.5 percent. The market’s median age of inventory is just 45 days, down 25 percent from the second quarter in 2012.

“Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation,” said Steve Berkowitz, CEO of Move. ”We’ll be watching the inventory levels in the months ahead, but if this past quarter is any indication, Detroit won’t be giving up without a fight.”

Q2 2013 Rank

Market

Qtrly

Year/Year Median List Price

Qtrly

Year/Year Median Age of Inventory

Qtrly Year/Year Inventory

1

Oakland, Calif.

41.3%

-53.1%

-34.4%

2

Orange County, Calif.

29.4%

-43.3%

-36.6%

3

Santa Barbara-Santa   Maria-Lompoc, Calif.

34.3%

-30.9%

-27.8%

4

San Jose, Calif.

25.0%

-64.0%

-35.4%

5

Seattle-Bellevue-Everett,   Wash.

17.2%

-55.8%

-29.9%

6

Los Angeles-Long   Beach, Calif.

30.3%

-27.2%

-28.9%

7

Detroit, Mich.

37.8%

-25.0%

-26.5%

8

Portland-Vancouver,   Ore.

12.0%

-45.8%

-23.5%

9

San Diego, Calif.

21.1%

-26.4%

-28.5%

10

Reno, Nev.

26.0%

-32.3%

-29.1%

Top Five Turnaround Towns

#1 – Oakland, Calif.: Oakland has been well on the path to recovery for more than a year. In the second quarter of 2013, listings in the Oakland market fell more than 34 percent from year-ago levels. Oakland led the nation in year-over-year list price increases in the second quarter of 2013 and houses in Oakland are staying listed on realtor.com® for only 15 days, which is the youngest inventory in the nation. The median list house price in Oakland has risen from $339,000 a year ago to $479,000 in the second quarter of 2013.

#2 – Orange County, Calif.: With record numbers of foreclosures just four years ago, home prices inOrange County rose 29.4 percent above year-ago levels. In the second quarter of this year, Orange Countyhad the fastest declining inventory in the nation, with listings on realtor.com® down 36.6 percent. The median age of Orange County homes on realtor.com® in the second quarter of 2013 was 51 days, far below the national median of 83 days and 43.3 percent lower than a year ago.

#3 – Santa Barbara-Santa Maria-Lompoc, Calif.: Santa Barbara’s strong prices catapulted it into third place on the list. In the second quarter of 2013, this market’s median price was up 34.3 percent over a year ago to $685,000. Though Santa Barbara inventories were still extraordinarily low – down 27.8 percent from the second quarter of 2012 – they have started to recover. The average time that Santa Barbaralistings spend on realtor.com® (56 days) dropped 30.9 percent from the second quarter of 2012.

#4 – San Jose, Calif.: Inventories in San Jose dropped 35.4 percent compared to the second quarter of 2012, the second-largest drop in the nation. Year-over-year San Jose prices were up exactly 25 percent in the second quarter of 2013, another sign that the market is returning to normal after a combination of historically low inventories and strong demand powered prices in San Jose and several other Northern California cities to huge increases.

 

 

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http://www.realestateeconomywatch.com/2013/08/california-markets-top-turnaround-towns/

More Consumers Expect Rates to Rise | Mt Kisco Real Estate

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The share of consumers who believe interest rates will go up over the next year increased another 5 percentage points to 62 percent, the highest level in the three-year history of Fannie Mae’s July 2013 National Housing Survey. Consumers also expect home prices to climb 3.9 percent on average over the next 12 months, holding steady from the May and June survey results. At the same time, the share of respondents who say it is a good time to buy a house increased to 74 percent, while the share who say it’s a good time to sell a house increased to 40 percent, matching the survey high. “Consumers have taken the interest rate rise in stride. Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track from its dip last month,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “These results are consistent with our own analysis of previous housing cycles, which finds that interest rates and home prices are not strongly correlated.” Homeownership and Renting

At 3.9 percent, the average 12-month home price change expectation increased slightly to match May 2013’s survey high. The share of people who say home prices will go up in the next 12 months fell 4 percentage points from June’s survey high to 53 percent, while those who say home prices will go down reached a survey low of 6 percent. The share of respondents who say mortgage rates will go up in the next 12 months jumped 5 percentage points to 62 percent, the highest level since the survey’s inception. The share who say it is a good time to buy a house increased slightly to 74 percent, and those who say it is a good time to sell a house increased 4 percentage points to 40 percent. The average 12-month rental price expectation fell to 4.2 percent, a 0.4 percent decrease from last month.

Fifty-four percent of those surveyed say home rental prices will go up in the next 12 months, a 2 percentage point decrease from June’s survey high.  Forty-five percent of respondents think it would be easy for them to get a home mortgage today, a 2 percentage point decrease from last month.  The share of respondents who said they would buy if they were going to move decreased slightly to 64 percent.

 

 

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http://www.realestateeconomywatch.com/2013/08/more-consumers-expect-rates-to-rise/

HUD Report Questions Westchester Zoning Laws | Mt. Kisco Real Estate

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Seven Westchester municipalities have been accused in a U.S. Department of Housing and Urban Development report of having zoning laws that keep out and segregate low-income families.

Croton-on-Hudson, Harrison, Lewisboro, the Town of Mamaroneck, the Town of Ossining, Pelham Manor and Pound Ridge were the seven municipalities named in the report recently released from Housing Monitor James Johnson. Johnson is trying to ensure that Westchester County meets the terms of a 2009 anti-discrimination housing settlement that requires the county to build 750 units of affordable housing by 2016, according to a news release.

Johnson said the towns lack zoning laws that provide incentives for or mandate affordable housing.

“Our work made clear (that) seven municipalities did not meet the first standard. I believe more data is required before one can conclude on the second,” Johnson said.

The county settled the anti-discrimination suit with HUD in 2009, but the two sides have butted heads since County Executive Robert Astorino took office in 2010. HUD is threatening to withhold $20 million in federal grants for nonprofits if the county does not meet HUD’s terms.

Ned McCormack, communications director and senior adviser to Astorino rejected the HUD report.

“The county’s comprehensive analysis in eight submissions to HUD – running to thousands of pages of documentation – found no evidence of any exclusionary zoning,” McCormack said in a statement.  “The county executive once again demands that HUD release the $17 million it is arbitrarily withholding from our local communities. There is no reason for HUD to continue to hold this money hostage, which is designed to help our neediest residents.”

 

 

HUD Report Questions Westchester Zoning Laws | The Mt. Kisco Daily Voice.

Mount Kisco Police Issue Alert after Coyotes Kill Pet Dog | Mt. Kisco Real Estate

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A coyote attack on three dogs on Friday prompted police to issue an alert urging residents to be vigilant about monitoring their children and pets outside.

Around 7 a.m. three coyotes descended on Kristin Porteus’ three small Chihuahua terrier mixes at her  Langeland Drive home, killing one of them despite Porteus’ efforts to prevent the attack, according to a report in The Journal News.

Mount Kisco police sent out an online alert Saturday night about the coyote attack. A coyote also was sighted Friday evening in northeast Mount Kisco. The  incidents are the latest in a string of confrontations with coyotes.

Read the full Journal News article here.

 

 

Mount Kisco Police Issue Alert after Coyotes Kill Pet Dog | The Mt. Kisco Daily Voice.

Commercial real estate development surge expected in California | Mt Kisco Real Estate

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As the economy improves, commercial real estate industry leaders are increasingly optimistic about a surge in the California market over the next three years or so, a new report said.

Experts said they expect the nonresidential market will keep growing steadily for the next three years but start to slow after 2016 or 2017. There will still be growth, the report said, but at a slower rate.

 

 

Commercial real estate development surge expected in California – Los Angeles Times.

Many Mt. Kisco Village Tax Bills Have Been Lost In the Mail | Mt. Kisco Homes

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MT. KISCO, N.Y. — The following is an advisory from Mt. Kisco regarding your tax bill.

ALL 2013 VILLAGE TAX BILLS THAT WERE MAILED OUT ON MAY 31, 2013 HAVE BEEN LOST BY THE WHITE PLAINS REGIONAL PROCESSING CENTER OF THE UNITED STATES POSTAL SERVICE. WE ARE IN THE PROCESS OF SENDING OUT A DUPLICATE BILLING TO ALL PROPERTY OWNERS BY TUESDAY, JUNE 11, 2013.

HOWEVER, NYS REAL PROPERTY TAX LAW WILL NOT ALLOW ME OR ANY OTHER VILLAGE OFFICIAL TO WAIVE ANY PENALTY. ALL VILLAGE TAX BILLS ARE STILL DUE BY JULY 1, 2013, WITHOUT PENALTY.

PLEASE KNOW, AS ALWAYS, YOU ARE WELCOME TO PAY YOUR BILL IN PERSON AND WILL RECEIVE A COPY OF YOUR TAX BILL AT THAT TIME IF THAT IS MORE CONVENIENT FOR YOU.

WE APOLOGIZE FOR ANY INCONVENIENCE THIS HAS CAUSED YOU. PLEASE BE ASSURED THAT THE VILLAGE HAS COMMENCED AN INVESIGATION WITH THE POSTAL SERVICE AND HAVE ALREADY BEEN ASSURED THAT ANY AND ALL ADDITIONAL COSTS WILL BE PAID FOR BY THE U.S. POSTAL SERVICE.

Joann F. Cerretani
Receiver of Taxes
Village/Town of Mount Kisco
104 Main Street
Mount Kisco, New York 10549
(914) 864-0034

 

Many Mt. Kisco Village Tax Bills Have Been Lost In the Mail | The Mt. Kisco Daily Voice.

Flash Flood Watch Issued For Mt. Kisco Friday Morning | Mt. Kisco Real Estate

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WESTCHESTER COUNTY, N.Y. — The National Weather Service issued a Flash Flood Watch Thursday afternoon for Westchester County.

Flash flooding is possible with widespread heavy rainfall coming Friday and into Saturday ahead of Tropical Storm Andrea. The flash flood watch went into effect just after 2 p.m. Thursday and is expected to last until 2 p.m. Saturday, according to the NWS.

The NWS previously issued a hazardous weather outlook for Westchester County for Friday with heavy rainfall and urban and small stream flooding possible. Rain totals are predicted to be 2 to 2.5 inches or more from the low pressure system and its extensive tropical moisture, according to a previous report.

For more on Tropical Storm Andrea, residents are asked to visit the National Hurricane Center website. Residents can also visit FEMA’s website to learn more on how to prepare for hurricanes and tropical storms.

 

Flash Flood Watch Issued For Mt. Kisco Friday Morning | The Mt. Kisco Daily Voice.

Rising prices widen homeownership availability gap | Mount Kisco Real Estate

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Across all 100 metros, less affordable markets tend to have high price gains. The correlation between the year-over-year price gain and the mortgage-payment-versus-wage measure is 0.3 (statistically significant at the 5% level). That means that homeownership affordability is becoming more unequal across the U.S. — the gap between more affordable and less affordable markets is growing. To see what this growing gap means for the housing market, read the full blog post byTrulia.

 

Rising prices widen homeownership availability gap | HousingWire.

Will higher mortgage rates kill the housing market? Maybe not! | Mount Kisco Real Estate

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Home prices have been soaring over the past year, the sharpest gains in seven years; construction activity is picking up nicely. Both trends have been driven in no small part by a steady drop in home mortgage interest rates, which have made homeownership too good a deal to pass up for millions of Americans.

But the trend on rates has reversed abruptly in the past few weeks. This chart shows the average rate on a 30-year fixed-rate mortgage since the start of 2011; the spike on the right shows an increase from 3.4 percent to 4.1 percent since May 1.

Source: Bloomberg/BankRate

Source: Bloomberg/BankRate

So what will become of our precious and long-awaited housing boom? Is it a fragile, delicate flower about to be crushed by the boot of higher rates? Or is the housing recovery now resilient enough that there’s no need to fear? Economists at Goldman Sachs have run some numbers through their models of how the housing market works and have come up with some promising answers.

Source: Goldman SachsThe Goldman economists, Hui Shan and Marty Young, start with an analysis built on home affordability. Take the median household income in the United States ($50,000), assume a buyer has a 20 percent down payment and that they can only afford debt payments equal to 25 percent of their income. This chart shows how much house they can afford at any given mortgage rate:

Source: Goldman Sachs

It also shows an initial reason for some optimism. At a 30-year fixed-rate mortgage rate of about 3.8 percent, the typical American homebuyer can afford a $279,000 house. That’s 45 percent more than the current price of houses. That suggests that affordability isn’t the thing holding Americans back from buying houses (instead, it may be such factors as tight credit standards, difficulty building up a down payment  or lack of confidence in future job prospects). It also implies that slight increases in the mortgage rate shouldn’t completely undermine the improvement in the housing market; the thing to watch is not rates per se, but what happens on those other factors that are drags on would-be homeowners.

And that bodes particularly well:  As we wrote last week, the rise in rates over the past month appears to be driven primarily by improving economic prospects. If that’s the case, even as homes become a bit more expensive, they will be doing so at the same time those other restraining factors dissipate. So rising mortgage rates, if they’re rising for good reasons, could actually be net positives for the housing market if they result from more people having jobs and being confident in their prospects.

 

Will higher mortgage rates kill the housing market? Maybe not!.