Tag Archives: Mt Kisco Real Estate
Mt Kisco NY Homes sees Makeover musts: walls, floors, trim | Inman News for the Mt Kisco NY real estate market
Makeover musts: walls, floors, trim
Updating a 1980s rancher
Chair-rail molding and shadow boxes. Flickr image courtesy of Crown Molding.Editor’s note: This is the first of two parts.
Q: We just made our last mortgage payment on our 1980s-era rancher in Pleasanton, Calif. We like living here. There’s plenty of room for us — especially now that the kids are gone — and the neighborhood is great. Trouble is, with its wall-to-wall carpeting, off-white walls and skinny baseboards, it really looks drab and dated. And did I mention that the kitchen and both bathrooms are vintage original?
Now that we’ve got some extra money, we want to spruce up the joint. Any advice on how to bring our place into the 21st century?
A: We’ve got plenty of ideas for you, but because of the scope of this project let’s talk about your bedrooms and living room first. We’ll save the “wet rooms” — the kitchen and bathrooms — for next week.
To put a new face on your old place, we suggest makeovers for your walls, floors and trim.
Walls: This is the easiest and least expensive makeover. We would start by picking up a few decorator magazines to see the latest in interior colors. Or just Google “hot interior paint colors.” Once you have a general idea of what you like, go down to a paint store (not a hardware store or big-box warehouse) and buy some samples of colors you think you might like.
Put some large swatches on the walls and live with them for a few days, noticing how the color changes with the light. When you’ve made your choices, buy top-quality acrylic latex paint and get to work!
If you’re unfortunate enough to have blown-on “popcorn” ceilings, now would be a good time to get rid of them. Because the job is such a mess and because these ceilings may contain asbestos, we prefer to leave this job to professionals.
Floors: The first thing Bill did after signing his escrow papers was tear out the living- and dining-room carpets and replace them with a Swedish ash hardwood floor. We think wood flooring is timeless, and we like it even more when it’s combined with modern short-pile or Berber carpet.
So pick your space — family room, entryway, hallway — and lay down some hardwood. You will have to choose what type of wood and what type of installation. There are dozens of species used for flooring.
You will also need to decide the type of installation. Stick flooring is nailed piece by piece, while a floating floor comes in larger, machined-formed pieces that are locked together. Plan to spend anywhere between $5 and $30 per square foot — but you can save yourself about 70 percent of that if you have the time, talent and patience to do it yourself.
Trim: New interior woodwork will be an eye-popping update to your ’80s rancher. It’s likely that you have slab doors, 2-inch flat baseboard and simple 1 5/8-inch bevel casing around your doors and windows.
We suggest you replace this dated look with raised-panel doors, 4 1/2-inch baseboard and a wider decorative casing. Don’t forget new hinges and handles for the doors.
Although it’s been around since the Victorians, a spot of wainscoting with a nice chair-rail molding still looks great, especially in the dining area.
To top things off, consider some 4 1/2-inch crown molding.
After your floors, walls and trim are taken care of, put on the finishing touches by changing out those old ivory-colored plugs and switches to some new white decorator ones. Then put in some new ceiling light fixtures.
Next up: The “wet” rooms: kitchen and baths.
via inman.com
Mt Kisco NY Homes sees 5 Great Tips for Small Space Living | Mt Kisco NY Real Estate for sale
This week I’m talking to small house dwellers for an upcoming article in Mother Earth News. I’m inspired by their commitment to minimalist living, and I’m learning a lot of tips and tricks for making the most of tiny spaces. Most of all, though, I’m inspired by the obvious joy and satisfaction that living in a smaller home brings to these folks. Living in a tiny home is a choice that no one regrets. (If you’d like to tell Mother readers your story, send an email to rlawrence@motherearthnews.com.)
This morning, coincidentally, I received an email from Hunter Douglas with five good tips for “living larger with less.” They’re worth sharing.
The Container Store’s Water Hyacinth Bins offer an attractive option for storage in three sizes.
1. Contain It: More items in view means the room appears more crowded and compact. Contain as much as you can in stylish storage. First, designate a spot for every belonging so that there are a few items on tables and desks. Putting small items in neutral-colored boxes or decorative bins. Line up the storage pieces side-by-side and organize books or other items by color for an orderly look that, along with uncluttered surfaces, makes the room feel more spacious.
Viva Terra ’s wool ottoman supports weary feet while storing magazines and media remotes in its secret drawer.
2. Furniture that Fits: Replace large, overstuffed furniture with trim, tailored pieces more in scale with the space. Place the heaviest piece in the room, whether a couch or a chest, along a wall to save space. To create balance, position another weighty item across from it. Place smaller furniture pieces such as chairs diagonally in corners to not only look inviting, but to open up the room. Find something the eye can focus on when entering: a beautifully dressed window or unobstructed view, piece of art, decorative mirror or well-kept fireplace. Lastly, invest in as many multi-tasking pieces as possible, like a coffee table that doubles as seating and also has built-in storage or a compact drop-leaf table that opens up to a desk or dining table.
Interior designer Shelly Handman uses translucent glass and mirrors to create the illusion of more light.
3. Lighten Up: Mirrors can act as virtual windows to enhance the light a room receives. Hang them so they can reflect something you want to see (artwork or the outdoors). Brighten the room with window coverings that make the most of mood-boosting natural light.
Pale yellow walls give this Chicago bungalow a sense of cohesion and space. Photo by Michael Shopenn/Natural Home & Garden
4. Color that Creates Space: Bold and warm hues make a room feel cozy, while light and cool tones instantly expand the space. Try light yellow, soothing soft blue or always-complimentary ivory on walls. Continue with a neutral palette for the overall design to further optimize the space. adding only a few “pop” colors and patterns on pillows, art or tabletop accessories. Keep these cooler hues harmonious throughout the home to break down walls and create a flow.
Hunter Douglas ’s Skyline Gliding Window Panels feature a track system that allows them to be used as room dividers.
5. Divide and Conquer: Create a breakfast nook, home office or even separate bedroom with a decorative divider.
Mt Kisco Realtor sees “Google Docs Integrates More Deeply with Office & Box.net” | Search Engine Journal for Mt Kisco Real Estate
Google Docs Integrates More Deeply with Office & Box.net
For a cloud-based service like Google Docs, one of the major challenges is integrates fully and effectively with the popularity productivity mechanisms already in place. While Google does offer the advantage of innovative cloud storage and document creation options, that advantage is likely to vanish in the near future thanks to Office 365. Likely to ensure the continued lifeblood of Google Docs, Docs integration with two major services – Microsoft Office and Box.net – is being expanded.
For Microsoft Office, the partner in question is certainly not Microsoft themselves. Rather, it’s the standalone “Google Cloud Connect” software that’s tuned to Microsoft Office. While the Cloud Connect service has been around for some time, several features have been missing. One of the more prominent is now being added: the ability to open files directly from Google Docs, viewing and editing them right from Microsoft Office. You can even use a search option in the provided dialogue box to locate your target document quickly.
Box.net, meanwhile, will allow users to open their Google Docs files directly from their Box profile. As explained by Aaron Levie, CEO of Box.net, “Box’s 6 million users can easily create and collaborate on Google Docs and Spreadsheets from within Box, as well as edit the existing 50M+ Word and Excel files already stored on our platform.” Box.net hopes that the collaboration with Docs will help expedite how quickly cloud software takes over as the main way to interact with documents and files, and by choosing Google Docs over Microsoft, Box.net is making an easily observable statement about how open the cloud should be. In the Box.net press release, Levi stated, that the company is “betting that platforms built around openness will triumph over the closed, proprietary approach” – such as that represented by Microsoft Office 365.
Seth’s Blog: Caring for the customer | How does the Mt Kisco NY real estate agent care for the first time home buyer?
No organization cares about you. Organizations aren't capable of this.
Your bank, certainly, doesn't care. Neither does your HMO or even your car dealer. It's amazing to me that people are surprised to discover this fact.
People, on the other hand, are perfectly capable of caring. It's part of being a human. It's only when organizational demands and regulations get in the way that the caring fades.
If you want to build a caring organization, you need to fill it with caring people and then get out of their way. When your organization punishes people for caring, don't be surprised when people stop caring.
When you free your employees to act like people (as opposed to cogs in a profit-maximizing efficient machine) then the caring can't help but happen.
What is Tweetdeck and why did Twitter acquire it | Mt Kisco NY real estate buyers want to know
121 Smith Avenue, Mount Kisco NY Commercial Property | Mt Kisco Real Estate
05/18/2011
121 Smith Avenue, Mount Kisco NY Commercial Property | Mt Kisco Real Estate
121 Smith Avenue, Mount Kisco NY, 10549 for Sale
2000 square feet of professioanl space available for sale in Mount Kisco.
Convenient to all. Walk to train. Close to highways. Lots of parking.
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Redraw title for proper inheritance | Inman News in Mt Kisco NY
DEAR BENNY: My parents (now in their 80s) own a fourplex with my brother and his wife as joint tenants with right of survivorship. They agreed to a 50/50 partnership at the beginning. Both couples agree that if they died their respective 50 percent share would go to their respective estate and not to the remaining partners.
Question 1: Shouldn’t they have the title redrawn as tenants in common to do what they initially intended?
Question 2: If my brother and his wife refuse to go along with changing the title to the property to tenants in common (which they may not want to do), can my parents proceed to change it without their partners’ consent?
My brother and his wife have made it very clear that they want their 50 percent share to go to their kids in the case of their death, but they may be banking on acquiring 100 percent of property upon my parents’ death (because of their advanced age) if title stays the way it is. –Meg
DEAR MEG: The fourplex, in my opinion, is titled in a very confusing way. When property is held as joint tenants (or preferably joint tenants with rights of survivorship), on the death of one joint tenant the property automatically is vested in the name of the survivor. We lawyers call this “title by operation of law.” So if X and Y own title as joint tenants, when X dies, Y becomes the sole owner. No probate is required.
In your parents’ situation, what happens if your dad dies? Presumably, the remaining three owners remain in title, again as joint tenants.
But if the intention of the parties was their respective heirs are to inherit the property on their death, that will not happen the way title is currently held.
The best way to accomplish that is as follows: “mom and dad as joint tenants with rights of survivorship as to their interest and as tenants in common with brother and wife, who hold title as joint tenants with rights of survivorship as to their interest.”
Your parents should discuss this with their son. You should stay out of this issue, other than to show them my answer in this column. But if your brother is unwilling to cooperate, it is possible for your parents — without their son’s permission — to break the joint tenancy arrangement and change it to a tenant-in-common title.
I have done this several times for clients, under similar situations. A joint tenancy can be unilaterally broken. However, your parents should consult their own attorney to assist them in the proper procedure and drafting of the new title arrangement.
DEAR BENNY: In a recent column, you indicated that a giftor’s lifetime tax exemption is $1 million. However, after searching this out, I believe that for 2011 the lifetime gift tax exemption is $5 million, which is the same as the federal estate tax exemption. Am I wrong? –Frank
DEAR FRANK: You are correct. For years 2011 and 2012, the lifetime gift tax exemption is $5 million. This is the same amount as the federal estate tax exemption. What this means is that in your lifetime, you can give up to that amount. However, there is a catch: This amount will then be subtracted from your estate tax exemption.
That does not mean, however, that you should give all that money to your children tomorrow. In addition to the lifetime exemption, you are still entitled to the annual gift tax exclusion, which for 2011 is $13,000. That means that you can give up to that amount to anyone and everyone, and neither you nor the recipients will have to file any tax returns on that nor will they have to pay any tax. And the $13,000 annual exclusion does not reduce your lifetime $5 million gift and estate tax exemption.
This is beneficial for parents who want to help their married children buy a house. For example, if you have a married son and a married daughter, you can give each one of them $13,000 (or $26,000 per couple). You can also give the same amount to all of your grandchildren.
It should be noted that although the $5 million gift and estate tax exemption passed by Congress is the law until 2012, there is a good chance that the exemption will continue in at least that amount in later years. But stay tuned: Congress is completely unpredictable.
DEAR BENNY: We want to gift our daughter a house that we paid $123,000 for in 1999. We made approximately $20,000 in improvements to the house. Because of the depressed housing market, we believe the value of the house remains at the price we paid for it. Because our daughter suffered a stroke, she is on Social Security disability and is unable to work. What effect, if any, would gifting the house to her have on her Social Security disability? And what effect, if any, would it have on us? –Ardath
DEAR ARDATH: My first question is why you want to even consider gifting the house to your daughter. Are you trying to reduce your estate? Do you have another house — and sufficient assets — so as to live comfortably?
Regardless of your motives, there are several issues you must consider.
First are tax issues: If you gift the property to your daughter, she will receive your tax basis, which you have indicated is approximately the cost. Tax basis is the value of the property when it was bought, plus any improvements made over the years. When the property is sold, you have an adjusted sales price. That is the sales price less such items as closing costs and real estate commissions. Profit is determined by subtracting the basis from the adjusted sales price.
No big issue there except that if you instead keep the property and leave it to her when you die, she will receive a basis stepped up to the appreciated value as of the date of your death. Oversimplified, this could mean a substantial savings in capital gains tax.
I recognize that readers will say: Well, if she owns and lives in the house for at least two out of the five years before the property is sold, the daughter can claim the up-to-$250,000 exclusion of gain, and may not have to pay any capital gains tax.
That is correct, but with two caveats: First, the daughter is disabled and may not be able to live in the house for that length of time. Second, Congress may tamper with the exclusion and it may not be with us in the years to come.
Second, there may be gift tax issues. Because the value of the gift would be greater than the annual exclusion (which is $13,000 per person), you will need to report the gift to the extent the current value is greater than $26,000 — i.e., $13,000 each. So you would each need to report around $50,000 against their $5 million lifetime exemption. Depending on your total net worth, this may not be a problem for you.
However, the bigger issue is that it is very likely that if your daughter is given the property, her government benefits could be reduced or terminated. There may be an exception for a personal residence so that it may not be counted as an asset for purposes of determining her qualification for disability benefits.
You must consult with an attorney in the state from which your daughter is receiving benefits (or will receive them after she moves to your house. The laws very from state to state on this.
So, before you make your final decision, talk with an attorney on all these issues. You don’t want to do something that can hurt both you and your daughter financially, even though it sounds like a good deed.
Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.
Mount Kisco Realtor Sees Downturn Lasting Years | Mt Kisco NY Real Estate
Real estate downturn's impacts to linger for years
Commercial property owners
By Matt Carter, Monday, May 16, 2011.
WASHINGTON — The repercussions of the biggest economic downturn since the Great Depression continue to ripple through multifamily and commercial property markets, and real estate agents and brokers helping their clients manage their investments need to stay on top of economic, regulatory, and legislative issues affecting lending, tax policy, health care and energy.
Charles Achilles, chief legislative and research officer for the Institute of Real Estate Management, summarized a dizzying array of issues facing commercial property investors, many of which will also have an impact on residential housing markets.
For multifamily and commercial property owners, loans remain hard to come by, Achilles said Friday, speaking at the National Association of Realtors’ midyear conference.
Debt and taxes
The nation’s growing debt, changes to the federal tax system, and implementation of health care reform also have implications for commercial property investors, Achilles said.
Declining property tax and other revenues have 35 states projecting budget shortfalls totaling $82 billion in 2012, Achilles said, and could produce "hundreds" of bankruptcies at the municipal level in the next 12 to 18 months.
Last year’s health care reform bill could put additional stress on state budgets, because it increases the scope of Medicaid coverage without providing revenue beyond 2016.
A number of states have sued the federal government, with mixed results, meaning the U.S. Supreme Court will probably have to weigh in on the issue, possibly by the end of the year.
The bottom line for commercial brokers and their clients is that in areas where state and local governments are struggling, tax increases may be inevitable and the potential for economic growth is reduced.
"You have to ask yourself, ‘Where are the jobs? Are there jobs where my portfolio is located?’ " Achilles said.
The federal deficit, which grew from 33 percent of gross domestic product in 2001 to 62 percent in 2010, could ultimately raise the cost of borrowing and curb economic growth, Achilles said.
A recent report by a bipartisan deficit reduction commission, the National Commission on Fiscal Responsibility and Reform, projects that by 2025, federal tax revenue will only pay the interest on the national debt.
The commission recommended returning spending to 2008 levels by 2013, and eliminating hundreds of tax breaks that reduce tax revenue by more than $1 trillion a year.
Achilles said some of the commission’s recommendations — including reducing the number of income tax brackets from six to three, and eliminating the alternative minimum tax (AMT) — would be good for commercial property owners.
But other recommendations — including treating capital gains that are currently taxed at 15 percent as ordinary income, and eliminating itemized deductions other than the mortgage interest deduction (MID) (see related article) — could have negative implications for commercial property owners, he said.
"The only difference between death and taxes is death doesn’t get worse every time Congress meets," Achilles said, quoting Will Rogers.
The commission’s final report recommended that the mortgage interest deduction be changed to a 12 percent nonrefundable tax credit, with only the interest paid on debt of up to $500,000 on a principal residence eligible. Homeowners are currently allowed to claim an itemized deduction for interest paid on total mortgage debt of up to $1 million on both their principal and second homes.
Although the report was not adopted by the full commission, Achilles said "it has some legs" in Congress.
NAR strongly opposes any changes to the mortgage interest deduction, saying such changes could further depress home prices by up to 15 percent.
For now, Congress and the Obama administration have been leery of raising taxes, with President Obama signing into law December legislation that extended Bush-era tax breaks for two years.
Achilles said the extension "will have substantial impact on (commercial) properties you own or manage," because general partners in properties will continue to pay 15 percent tax on capital gains, instead of up to 35 percent if those gains were treated as personal income.
Tax breaks for carried interest — which serve as an incentive for general partners to invest in property maintenance — also remain in effect.
Lending issues
Many community banks that specialize in commercial lending have been forced to make write-downs that limit their ability to make new commercial mortgage loans.
That’s a problem for commercial property owners who need to refinance, Achilles said — about $1.4 trillion in commercial loans are set to mature in the next few years, and more than half of commercial properties with mortgages are underwater.
Cutbacks in small-business lending mean more businesses fail, worsening unemployment and putting downward pressure on commercial rents, placing still more pressure on community banks, he said.
Two regulatory issues could make the situation worse, Achilles said.
The Financial Accounting Standards Board (FASB) is considering changes to accounting rules governing how lease contracts are treated on company balance sheets.
Currently, he said, companies can treat lease payments as operating expenses. FASBE and the International Accounting Standards Board (IASB) are proposing that companies recognize their full liability for leases on their balance sheets.
If the proposal is adopted, Achilles said, it could create problems for commercial property owners because tenants may want to renegotiate long-term leases to reduce the space they occupy and their rents.
The resulting reduction in cash flow could reduce a property’s value, and make it more difficult for owners to refinance, he said.
Another regulatory issue facing commercial property owners is bank regulators’ inconsistent treatment of loan-term extensions, he said. Loan-term extensions can help property owners who are unable to refinance weather the downturn, preventing billions in losses and stabilizing commercial property markets.
Banks "need greater flexibility to roll over performing loans" than some bank examiners are willing to give them, Achilles said.
Pending legislation that could help provide more liquidity to commercial lenders includes HR 940, which would create regulatory oversight for lenders to finance commercial loans using covered bonds.
Covered bonds, which have been used in Europe for years, won’t replace mortgage-backed securities or the secondary mortgage market, Achilles said, but could provide another avenue for channeling investment into mortgage lending.
Many lawmakers like the concept, because lenders keep loans financed by covered bonds on their books, giving them "skin in the game." Parallel legislation has been introduced in the Senate, and Achilles said the bills have a shot at passage.
Another bill that could boost commercial property markets, S 509, would raise the cap on credit union business loans from 12.25 percent of total assets to 27.5 percent. The National Credit Union Administration Board would have to certify that credit unions exceeding the current cap were well-capitalized.
Environmental issues
On the environmental front, commercial property owners should take advantage of incentives to retrofit their buildings for greater efficiency, as energy use accounts for about one-third of the operating expenses for commercial buildings.
The Obama administration has proposed an initiative aimed at achieving $40 billion a year savings through energy conservation, but IREM has yet to weigh in on the proposal, as no legislation has been introduced yet.
In general, IREM supports greater energy self-sufficiency and voluntary incentives for conservation, but opposes mandatory programs like "cap and trade" policies on emissions.
The Environmental Protection Agency has extended its lead-paint rules governing renovation, repair and painting to multifamily properties, he noted, and may propose a rule governing exteriors of commercial buildings this year.
Contact Matt Carter: Letter to the Editor Copyright 2011 Inman NewsAll rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.