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IRS will let quite a bit slide past April 15 | Mount Kisco Real Estate
As you probably know, your income taxes are due on April 15. However, this is not really the final date to file your 2013 return. You can get a six-month extension to file, meaning that your return won’t be due until Oct. 15, 2014. Filing for an extension couldn’t be easier.
All you have to do is file Form 4868, Application For Automatic Extension of Time To File U.S. Individual Tax Return. You can do this electronically or by postal mail. For filing details, see my article “Need more time for taxes? File an extension.
”You might be thinking: “This sounds too easy. What’s the catch?”There is one catch. Extending your time to file your return does not extend your time to pay your income and self-employment taxes. These taxes remain due in full on April 15.
So, if you do owe the IRS money, you’ll need to estimate out how much and pay the amount before April 15. If you pay late, you’ll be charged a late payment penalty on the outstanding balance of 0.5 percent per month and interest at a rate of 3 percent per year.
Although filing an extension doesn’t increase the time you have to pay your taxes, it does give you — and your tax pro, if you hire one — ample extra time to ensure that you file a complete and accurate tax return.
– See more at: http://www.inman.com/2014/04/14/irs-will-let-quite-a-bit-slide-past-april-15/?utm_source=20140414&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.qXXn7Lzx.dpuf
Steam Heat vs. Hydronic Heat | Mt Kisco Real Estate
Q: I’m doing a remodel on a home that is currently heated with steam radiators. The boiler is fairly new, but I’m wondering if I should stick with steam or convert to hydronic? And if I do keep the steam system, should I upgrade to newer radiators or keep the old, bulky, but classic-looking ones?
A: Keith Cappuccio, a licensed plumber in New York City, responds: Steam is a time-tested method of heating a home. Although it’s not as versatile as hot water (hydronic) heat, when installed correctly steam should provide decades of relatively maintenance-free operation. When asked about the feasibility of converting a steam system to a hydronic one, I usually point out the following items for general consideration.
First, many steam systems are one-pipe systems, with only a supply pipe and no return, so it might not be possible to re-use the existing steam pipes to circulate water through the house. Running new pipe would not be a problem if you are gutting the home’s entire interior. If you aren’t, though, you can anticipate having to remove and refinish a significant amount of plaster and trim to run those new lines, even though trusted PEX brands can be fished through the house more easily than the copper pipe of 20 years ago.
Next, hydronic systems use more pumps, valves, and relays than a steam system, so maintaining a hot-water system over the years may prove to be more parts-and-labor intensive.
But hydronic heat has its benefits. It is very versatile and can be used for radiant, baseboard convectors, or freestanding radiators—all in the same system. Plus you can combine a solar water heater with the boiler for a super-efficient design. There are other options such as a burner service company that provide boilers for rent. If you like your old inefficient boiler replaced, apply today for your free boiler grants. You may qualify under the Government’s ECO scheme in 2020.
My advice? If the work you’re planning to do is more cosmetic, stick with the present steam system. If the house will be gutted, however, consider re-using the boiler block as a hot-water unit and install a radiant manifold with 3/8-inch PEX lines traveling individually to each radiator. The supply manifold includes balancing valves to control the temperature of each heating circuit. You’ll get a classic look, while saving money on radiators and a new boiler.
http://www.jlconline.com/heating/steam-heat-vs-hydronic-heat_o.aspx
Mortgage Rates Reletively Flat | Mt Kisco NY Homes
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates relatively unchanged from last week.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.41 percent with an average 0.7 point for the week ending April 3, 2014, up from last week when it averaged 4.40 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
- 15-year FRM this week averaged 3.47 percent with an average 0.6 point, up from last week when it averaged 3.42 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.65 percent.
- 1-year Treasury-indexed ARM averaged 2.45 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.63 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 were little changed amid a week of light economic reports. Of the few releases, real GDP was revised up slightly to 2.6 percent growth in the fourth quarter of 2013. The private sector added an estimated 191,000 jobs in March, which followed an upward revision of 39,000 jobs in February according to the ADP Research Institute. Also, the Institute for Supply Management reported the manufacturing industry rebounded from a soft February but was still below market consensus.”
Big Boys Have Moved into Smaller Markets | Mt Kisco Real Estate
Big institutional investors — companies that have purchased at least 10 properties in a calendar year — accounted for 5.9 percent of all U.S. residential property sales in February, up from a revised 5.0 percent of sales in January but down from 7.2 percent of sales in February 2013. February was the third consecutive month where the institutional investor share of sales declined on a year-over-year basis after 19 consecutive months of year-over-year increases, according to the latest report from RealtyTrac.
Among metropolitan statistical areas with a population of 500,000 or more, cities with the highest share of institutional investor purchases in February were Atlanta (25.2 percent), Columbus, Ohio, (21.4 percent), Knoxville, Tenn., (18.2 percent), Phoenix (15.2 percent), and Cape Coral-Fort Myers, Fla. (14.8 percent).
“Since Fannie Mae inventory is mostly comprised of completed home foreclosures with FHA loans, investors target these properties because they tend to be smaller homes that make for better rental property investments,” said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla., where the institutional investor share of purchases dropped from a year ago. “There is very little Fannie Mae inventory left, which coincides with the fact that institutional investors have slowly backed out of the market.”
Metros with the biggest year-over-year increases in institutional investor share were Knoxville, Tenn., (from 3.3 percent in February 2013 to 18.2 percent in February 2014), Little Rock, Ark., (from 3.2 percent in February 2013 to 12.1 percent in February 2014), Milwaukee, Wis. (from 3.5 percent in February 2013 to 9.2 percent in February 2014), San Francisco (from 3.9 percent in February 2013 to 9.5 percent in February 2014), San Antonio, Texas (from 4.6 percent in February 2013 to 8.3 percent in February 2014), and Columbus, Ohio (from 13.3 percent in February 2013 to 21.4 percent in February 2014).
5 Tips for Beginner Real Estate Investors | Mt Kisco Real Estate
If you’re just starting out with real estate investing, there’s a lot to know.
You could feel overwhelmed with all the different articles out there trying to tell you what is most important, what you should learn first and a half-dozen other assertions.
But when you distill it down to the most basic components, there is a list of about five things you should know or consider before you invest in real estate.
Because they all ultimately impact your bottom line, knowing these five elements can be crucial to determining your success as a real estate investor and how well you accomplish your goals.
Without further ado, let’s explore these tips:
1. Be Aware of Tax Laws This is one of the biggest things that you should know about real estate investing. Where you are and where you’re investing matters, as there are state, county and city laws that dictate local taxes on properties. There may be differences in how the taxes are calculated based on the type of property.
Additionally, you should be aware of federal and state taxes on income from rental properties. Learn the laws, discover if there is anything you can do to reduce your responsibility, and evaluate how they will impact your financial goals for the property. It can mean the difference between a positive cash flow and a negative one.
2. Compare Property Values and Rents This is the next biggest thing that will determine how well your real estate investment will pay off. You want to make sure that the income you receive will be worth it. You don’t want to invest too much into a property just to find out that the local market won’t support the rent you’d have to charge in order to make the income you expect.
Look at the prices of similar properties being sold nearby, as well as the cost of comparable rentals in the area. Try to seek out the highs and lows, as well as the average for sales prices and typical rents. Then use this information to help inform your property investment strategy, as well as how much to charge for rent.
http://www.fool.com/investing/general/2014/03/09/5-tips-for-beginner-real-estate-investors.aspx
4 things millennial homebuyers desire in a real estate agent | Mt Kisco NY Real Estate
At Agent Reboot in New York City last month, real estate coach and trainer Travis Robertson outlined how Gen Y is reshaping the buying and selling experience to fit how they do business. Are you prepared to cope? Suppose you’re at a party and a longtime friend introduces you to a Gen Y (millennial) attorney who has just relocated from New York to join their local firm. The attorney wants to buy a loft condo within walking distance of their firm, which just happens to be the area where you specialize. Will you be the agent who captures the business? The answer to that question will probably be based upon what happens in the five minutes immediately following your introduction. If you haven’t done so already, search your own name on Google and see what turns up on the first page of the search. That’s exactly what that young attorney did within seconds or even minutes of leaving you. He searched your name on Google to see if you would be a good fit. In fact, many will make the decision to work with you based upon what they find in that search. If you haven’t embraced social and mobile and if your profile doesn’t show that you specialize in the downturn urban lifestyle, chances are that buyer will continue to search for someone who does meet those criteria.
– See more at: http://www.inman.com/2014/02/24/4-things-millennial-homebuyers-desire-in-a-real-estate-agent/?utm_source=20140224&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.0hRRbGEl.dpuf
Latest Snowstorm Expected To Arrive Overnight In Mount Kisco | Mt. Kisco Realtor
This Nazi resort never opened, but it will be a luxury vacation spot | Mt Kisco NY Real Estate
On the picturesque beaches of the northern German island of Rügen, along the Baltic Sea, sits an empty 20,000-person resort. The buildings stretch nearly three miles down the coast, with all 10,000 rooms facing the beautiful bay just 500 feet from the water’s edge. Yet, no one ever used the rooms, movie theater or planned swimming pools.
Prora, known by locals as The Colossus, was built from 1936-1939 as part of the Nazi program of “Strength Through Joy.” The plan was to house workers in eight identical six-story buildings, feed them catered meals in scheduled seatings, and prepare them through propaganda and social activities to do their part in Hitler’s plan for Germany. It was also one of the largest architectural projects of the time, with 9,000 workers. The design, done in a Bauhaus style, won a Grand Prix award at the 1937 Paris World Exposition.
But the Nazi resort plans never came to fruition. The outbreak of World War II meant the project was never finished as construction workers headed to the weapons factories instead.
But finally, some plans are moving forward to turn some of the buildings into luxury apartments and vacation rentals.
http://travel.yahoo.com/blogs/compass/nazi-resort-never-opened-luxury-vacation-spot-224346831.html
Sean Payton selling Texas mansion with disco | Mt Kisco Real Estate
After going 11-5 during the regular season, the New Orleans Saints were looked at as a possible Super Bowl contender. That was, of course, until they hit the brick wall that is the NFC champion Seattle Seahawks. With the season having come to a close the Saints’ head coach, Sean Payton, has turned his attention to a bit of housecleaning. Specifically, he’s selling his sprawling home in Westlake, TX.
Payton is asking $3.45 million for the modernized ranch-style home at the Vaquero Club, an exclusive guard-gated golf course community. According to the astute eye of our friend Candy Evans of Candy’s Dirt, the current ask is exactly what the home last publicly listed for in 2011.
Before moving into the house in March 2012, Payton was renting another home in Westlake, Texas owned by former Texas Ranger and current New York Yankees first baseman Mark Teixeira.
Payton was on the Dallas Cowboys coaching staff from 2003-05, and coached his son’s football team in the nearby Dallas suburb of Argyle during his suspension from the NFL in 2012.
http://canadajournal.net/sports/sean-payton-selling-texas-mansion-disco-photo-3303-2014/