Tag Archives: Mt Kisco Luxury Homes

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.

US Commerce Dept Reports November New Sales – Inventory At 40 Year Low | Bedford Corners Real Estate

New single-family home sales rose in November but to a lower- than- expected rate , a government report showed on Thursday, highlighting the weakness in the housing market even as the broader economic recovery gains momentum. 

The Commerce Department said sales increased 5.5 percent to a seasonally adjusted 290,000 unit annual rate after a downwardly revised 275,000 unit pace in October.

 

Analysts polled by Reuters had forecast new home sales rising to a 300,000 unit pace in November from a previously reported 283,000 unit rate. Compared to November last year, sales were down 21.2 percent.

 

Housing remains mired in weakness against the backdrop of a 9.8 percent unemployment rate and high foreclosures. Data on Wednesday showed sales of previously owned homes rose last month but remained at depressed levels.

 

At November’s home sales pace, the supply of new homes on the market fell to 8.2 months’ worth from 8.8 months’ worth in October. There were 197,000 new homes available for sale in November, the lowest since March 1968.

 

The median sales price for a new home increased 8.0 percent last month from October to $213,000. Compared with November last year, the median price fell 2.7 percent.

Reuters Article

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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.

NAR

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