via nytimes.com
Mortgage Task Force Has Fancy Name, but Will It Get Tough? | Mount Kisco Real Estate
Leave a reply
Tag Archives: Mount Kisco NY
Mount Kisco New York Homes | Who Needs Super Bowl Tix When You’ve Got a Man Cave?
via zillow.com
$1M Seattle waterfront home features wall of glass, houseboat views | Mount Kisco Homes
via inman.com
A look at the health of the housing market’s 1% | Mount Kisco NY Real Estate
A look at the health of the housing market’
Washington Fine Properties is not a real estate agency for the masses. Half of the company’s business focuses on the upper end of the market, homes going for more than $1 million — the 1 percent, if you will.
In 2011, the company represented the buyers of the Evermay Estate, a home whose $22 million price tag represented an all-time record for the Washington area. The same buyers, it turns out, Ryuji Ueno and Sachiko Kuno, also bought the historic and high-priced Halcyon House for $11 million.
I talked to Washington Fine Properties president Tom Anderson about the upper, upper end of Washington’s real estate market.
Were you shocked that the same buyers (your clients) bought two of the most expensive homes in Washington last year? That must be something that happens once in a career.
Anderson: Yes. Because of all my years in the business, I’ve been familiar with the fact that sometimes your best buyer may buy multiple properties. The part that comes as a shock is that they often don’t buy them in the same town.
Or within, say a few months of each other?
Anderson: Yes. But it made sense to me once I understood what their interest was in both properties. They are heavily involved in their foundation. What the sales offer is the opportunity to have the property be more than just a residence.
Give me a profile of your customers. Who are they?
Anderson: Over 85 percent of our buyers are already in our market. Even though they may have a home in another market, they might be renting or involved in some political appointment or posjition [here]. They get comfortable, then they buy.
Without question the interest rates and availability of cash from the lending perspective is very appealing. Interest rates are at all-time low. Banks want to lend to buyers who have a portfolio, and at the upper end, the portfolios are very strong.
Explain to me the “Law of Millions” in high-end real estate. Why is it that when homes are priced over, say, $4 million, the price seems to drop by millions of dollars whereas the rest of us squabble over $10,000 or $20,000. How do the millions get shaved off so easily?
Anderson: It’s all based on comparable value. There’s never one price for one property. At the lower price ranges, there are more properties to compare and you can zero in on a tighter range. But as the price goes up, the range becomes wider. There are fewer homes at the upper end so it’s hard to draw a direct comparison. [When it comes time to make an offer] there is a business side of things in terms of what you feel comfortable spending. And there’s the more personal, emotional side of things; if you want something you might have to step up and be willing to negotiate.
What is your biggest concern in 2012?
Anderson: I’m most concerned as to the economic climate in those countries that are having such difficulty, with some of them near bankruptcy. I would hate to think what’s going on in the world economy could then filter into a more cautious environment in our economy. Last year [during Europe’s troubles] we had people who were interested in moving forward take pause. Then they sit and watch.
What is your outlook for this year? Many factors that contributed to uncertainty last year — the stock market, Europe, the federal government and the election year — still exist.
Anderson: I don’t see prices getting any stronger. Yet I see confidence in total sales. Pricing is going to remain at our current — our new level. I don’t think we’re going to see that go up until we see more inventory of homes coming on the market, and then we may see prices start to creep up.
Payroll Job Creation in the U.S. | Mount Kisco NY Real Estate
5 Startup Trends for 2012 | Mount Kisco Realtor
via thenextweb.com
Housing Flipping Dead For 2011 | Mt Kisco Luxury Real Estate
We keep hearing about what’s popular in 2011 for home design — but how about what’s not? Builder Magazine writer Jenny Sullivan asked industry experts to weigh in on design fads that you won’t likely see in the new year. Here are some of the fading home trends experts mentioned:
1. Trophy space: Forget those two-story grand entrances. Builders are seeking more affordable, energy efficient design so they are getting rid of large, volume spaces in homes.
2. Just for show: Fancy, overdone rooms won’t cut it in the era of the practical, cash-strapped buyer. Lavish industrial-grade kitchen ranges or fancy master bath spa tubs– that are hardly even used anyway–will fall to the wayside. “The kitchen is once again becoming a working part of the home and not just a showcase,” architect Don Taylor of DW Taylor Associates in Ellicott City, Md., noted in the article. “It needs to provide all of the latest conveniences and technology, but with practical applications in mind. The faux commercial kitchen look may have reached its summit.”
3. Egocentric houses: It’s not just about the interior of a home that makes a home.
Buyers are caring more about its curb appeal and what’s nearby the home as well. Parks, amenities and neighborhood connections create a sense of community, said John M. Thatch, principal with Dahlin Group Architecture and Planning in Pleasanton, Calif. While most infill homes on the boards are 10-20 percent smaller in size, Thatch notes that buyers are willing to trade extra space for a more appealing neighborhood.
4. Home flipping: Gone is the trend of buying a “starter” home or a home for short-term investment. Buyers are now buying for keeps and it’s changing the way they view homes. “The idea of a home as a short-term money maker is essentially gone, so when people do buy they’ll do it with the intention of staying ten years instead of two or three,” says Jim Chittaro, president of Smykal Homes in Chicago. As such, he says buyers will care more about the design of the home and they won’t want it to feel cheap.
Mt Kisco NY Restaurant Names Soup After Governor Elect Cuomo | Mt Kisco NY Real Estate
A restaurant in Mount Kisco has unveiled a new soup in honor of Gov.-elect Andrew Cuomo, who lives in New Castle (but has a Mount Kisco mailing address). Via Vanti! is now serving “Lago di Cuomo” soup. It is a “puree of warming winter greens served with a crostini topped with goat
cheese, chopped tomato and fresh basil,” the 
restaurant Founder Jimmy John said in a news release. The soup is vegan and non-dairy, and a gluten-free crostini is available upon request.
The soup, while named for Cuomo, is also inspired by the Lago di Como resort destination in northern Italy, according to the restaurant. Customers will get a free taste of the “inaugural soup” during January. Lago di Cuomo will be one of Via Vanti!’s seasonal soups, and $1 from every purchase of it will be donated to the Food Bank of Westchester.
The 2-year-old restaurant is located in the historic Mount Kisco Train Station at 2 Kirby Plaza.
Existing Sales Rise 5.6% In November According to NAR | Mt Kisco Real Estate
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
Lawrence Yun, NAR chief economist, is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said.
Yun added that home buyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering, and we should trend up to a healthy, sustainable level in 2011.”
The national median existing-home price for all housing types was $170,600 in November, up 0.4 percent from November 2009. Distressed homes have been a fairly stable market share, accounting for 33 percent of sales in November; they were 34 percent in October and 33 percent in November 2009.
Foreclosures, which accounted for two-thirds of the distressed sales share, sold at a median discount of 15 percent in November, while short sales were discounted 10 percent in comparison with traditional home sales.
Inventory Drops
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace, down from a 10.5-month supply in October.
NAR President Ron Phipps said good buying opportunities will continue. “Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months,” he said. “Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.30 percent in November from a record low 4.23 percent in October; the rate was 4.88 percent in November 2009.
“In the short term, mortgage interest rates should hover just above recent record lows, while home prices have generally stabilized following declines from 2007 through 2009,” Yun said. “Although mortgage interest rates have ticked up in recent weeks, overall conditions remain extremely favorable for buyers who can obtain credit.”
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but are below a 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit.
Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009; the balance of sales were to repeat buyers. All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. “The elevated level of all-cash transactions continues to reflect tight credit market conditions,” Yun said.
Single-Family Homes Sales Jump
Single-family home sales rose 6.7 percent to a seasonally adjusted annual rate of 4.15 million in November from 3.89 million in October, but are 27.3 percent below a surge to a 5.71 million cyclical peak in November 2009. The median existing single-family home price was $171,300 in November, which is 1.2 percent above a year ago.
Existing condominium and co-op sales declined 1.9 percent to a seasonally adjusted annual rate of 530,000 in November from 540,000 in October, and are 32.2 percent below the 782,000-unit tax credit rush one year ago. The median existing condo price was $165,300 in November, down 5.5 percent from November 2009. “At the current stage of the housing cycle, condos are offering better deals for bargain hunters,” Yun said.
HUD Sets New Rules to Sell HUD Owned Homes in Mt Kisco NY | Mt Kisco Real Estate
Overhaul of U.S. Dept. of Housing and Urban Development (HUD) REO sales program features a superstore website, new management composition, increased bidding advantages for owner occupant purchasers, new real estate commission structure, and new policies and procedures that leave non-Realtor licensees scrambling for access to HUD properties.
HUDHomeStore.com is a one-stop shop for all information and resources pertaining to HUD Homes. The new website replaces a clunky, confusing myriad of government and regional contractor websites that made the search for HUD Homes a laborious, time consuming chore. Yardi, Santa Barbara based property and asset management software developer, built the supersite.
The new website gives real estate agents and consumers access to extensive information about properties, and all contracts, disclosures, and property condition reports can be downloaded at property detail pages. Agents and brokers register at HUDHomeStore.com prior to placing bids on HUD homes, and agents and consumers can sign up to receive automatic e-mail notices when new listings come on the market.
Daily property listings replace weekly announcements.
HUD’s new M&M III Contractor Program is the first overhaul of the agency’s REO sales system since 1999, when the agency outsourced management of its foreclosed FHA inventory as part of Al Gore’s “Reinvent Government” initiative. HUD is rolling out a new asset distribution method to streamline operations, capitalize on expertise of potential vendors, and provide flexibility in a changing environment.
“These new [M&M III] contracts epitomize FHA’s continuing effort to reduce risk, increase net returns, decrease holding times and improve efficiency in the resale of its inventory of foreclosed properties,” said HUD Secretary Shaun Donovan. “It is critically important that FHA successfully and efficiently sell its inventory of these properties and these contractors will help us do that.”
HUD’s current inventory of foreclosed FHA property is approximately 44,000 homes. That is up from the usual average level of 35,000 to 40,000.
The M&M III program replaces a single contractor design, separates marketing and maintenance responsibilities, and establishes a management trio in each market area — Asset Managers, Field Service Managers, and Mortgagee Compliance Managers.
Asset Managers assign HUD properties to Local Listing Brokers and award commissions up to three percent to those listing brokers. A commission based on percentage of sale price replaces a nominal flat fee listing brokers received prior to M&M III. The listing broker commission schedule is designed to incentivize listing brokerages to engage in agent and consumer outreach to spur more HUD Home sales. Selling broker commission caps are reduced from five percent to a maximum of three percent, in an amount corresponding to the Local Listing Broker commission in that market area.