Tag Archives: Mt Kisco Real Estate

Americans still reluctant to ramp up mortgage borrowing | Mt Kisco Real Estate

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Americans are buying more homes and at higher prices, yet new data shows that mortgage debt is little changed.

The Federal Reserve Bank of New York said Thursday that outstanding U.S. mortgage debt slipped 0.7 percent in the April-June quarter to $8.12 trillion. That is up slightly from a year ago and about the same level as three years ago when the housing market bottomed.

The second quarter’s decline occurred even as Americans took out more new mortgages, either to refinance old loans or purchase homes. New mortgages totaled $466 billion in the second quarter, the most in almost two years.

Those trends suggest Americans are paying down mortgage debt at roughly the same pace as new loans are made, evidence that homeowners remain wary of housing-related debt. Total mortgage debt peaked at $9.29 trillion in the third quarter of 2008.

Overall, the New York Fed’s report indicates that there is little sign of a return to bubble-era excesses in mortgage financing, even as the housing market rebounds. Would-be buyers are bidding up prices on a scarce supply of available homes. Sales of existing houses climbed to an eight-year high in June.

And home prices rose nearly 5 percent in May from a year earlier, according to the S&P/Case-Shiller 20-city index. They jumped 10 percent in Denver, 9.7 percent in San Francisco and 8.4 percent in Dallas — big increases that are making homeownership increasingly unaffordable for the typical family.

Yet there are many signs in the New York Fed’s report that housing finance is much healthier than before the recession. Just 95,000 people received new foreclosure notices in the second quarter, the fewest in the 16-year history of the data. And total

And in another sign of caution, total borrowing on home-equity lines of credit fell $11 billion in the second quarter, to $499 billion. That’s far below the peak of $714 billion six years ago.

The amount of new mortgages has risen for four straight quarters, the New York Fed said, after falling to a 14-year low of $286 billion in last year’s second quarter.

Several trends have offset those increases to keep overall mortgage debt mostly unchanged, according to economists at the New York Fed. A wave of refinancing has lowered borrowing rates, allowing homeowners to pay down more principal each month and less interest. Many homebuyers are making larger down payments. And the proportion of investors and other buyers paying cash has been elevated for most of the economic recovery.

 

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http://finance.yahoo.com/news/us-mortgage-debt-little-changed-150050678.html

Living in your Garden Shed | Mt Kisco Real Estate

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Garden sheds are no longer just for storing tools and other things you’d rather hide away. Home dwellers around the world are finding new uses for their backyard outbuildings and making them fit their lifestyles through a wide range of personalized designs and patio furniture set. See how these 11 international sheds and cottages have been reimagined for today’s living — be it lounging, dining, working or beekeeping. Which one would suit your backyard best?
Contemporary Home Office by Platform 5 Architects
Platform 5 Architects
1. Curvy ‘Shoffice’ in London

Location: St. John’s Wood, London, England
Creative use: A garden office
Design: Patrick Michell of Platform 5 Architects

This smoothly curved garden shed in the St. John’s Wood district of London was designed as a home office for its owner, who was taking a sabbatical from her job to write a book and wanted a creative space in which to do so. This creative design needed a lot of hard work to recreate this roof, if you want a design, work or quote for your roof you can enter this website Roofing Rhode Island.

Nestled inside a walled garden behind a 1950s terraced house, the structure serves as both garden shed and office, earning it the nickname “the shoffice.”

The client told Patrick Michell of Platform 5 Architects that she wanted something that would sit in the garden like a piece of sculpture. “The client was clear that she wanted a curvilinear form,” Michell says. Curling in upon itself, the shoffice features an enclosed work area on one side and a small gardening storage area on the other. “The form echoes those found in nature, which creates a relaxing atmosphere in which to work,” Michell says. A smooth wooden surface in front serves as a base for the structure and a play space for the owner’s children. When leaves fall off the trees surrounding the shoffice, they utilize the best leaf vacuum mulcher to tidy things up.

See more of this backyard shoffice

Contemporary by Add a Room
Add a Room
2. Warm Swedish Retreat

Location: Stockholm, Sweden
Creative use: Modular shed is kitted out as a sauna
Design: Lars Frank Nielsen for Add a Room

This sauna shed epitomizes Nordic style. It’s clean-lined and modern but made from traditional materials that are eco-friendly. The paneling and veranda are constructed of Superwood, Scandinavian pine that has undergone a patented Danish process in which the wood is impregnated with organic antifungal agents that preserve it without dangerous chemicals. The wood can be left untreated, and with time it takes on the hues of the surrounding forest.

Because a wood-fired sauna needs no electricity, this modular shed can be built anywhere — in the woods or on a beach. Inside are benches and pine paneling, with a water tank attached to the sauna heater so the homeowners can douse themselves on the little veranda after a sauna, even in wintertime. It’s back to basics with a bit of luxury — true Nordic style.

See more of this backyard sauna

by Havearkitekt Pernille Danielsen
Havearkitekt Pernille Danielsen
3. Summerhouse Feel in Denmark

Location: Gentofte, Zealand island, Denmark
Creative use: Doubles as a veranda and summerhouse, creating a go-to area for relaxation
Design: Pernille Danielsen

Danes tend to invest in their summerhouses, their preferred destinations for peace and quiet. This shed north of Copenhagen manages to convey the feeling of summer without the owners having to invest in another house.

It’s made of natural pine and fashioned as a veranda, in keeping with the style of a Danish summerhouse, giving the garden a whole new dimension. This is where the owners escape for reading or enjoying a pastry with a glass of homemade elderflower cordial. And they can even keep their garden tools in a back room behind the bench.

The typically Scandinavian style — featuring mainly wood, painted in a light color with white details — is one that might also be seen in Sweden.

See more of this summer shed

Contemporary Deck by Архитектурная мастерская za bor
Архитектурная мастерская za bor
Contemporary Deck by Архитектурная мастерская za bor
Архитектурная мастерская za bor
4. Open-Air Moscow Experience

Location: Outside Moscow, Russia
Creative use: Dining room and summer kitchen in the middle of the garden
Design: Za Bor Architectural Studio

The owner of this shed is a former sailor and captain, hence the structure’s curved shape that’s akin to a wave on the ocean. The shed functions as the main decoration of the garden. The concrete and metal construction is held together by 14 pieces of layered hydro-isolation and covered with plywood.

The shed was built for a popular Russian TV show. “After we were featured on the show, we got a message from a small Italian town,” says architect Peter Zaitsev. “They asked us if we could send them the drawings, since they would love to repeat the same construction in their public garden.”

See more of this open-air shed

Rustic Exterior by Manu CHAVANCE
Manu CHAVANCE
5. Handmade Shed for Plants and Hobbies in France

Location: Saône-et-Loire department, western France
Creative use: A cozy space to care for plants and spend time on other hobbies
Builder: Manu Chavance

The couple who live here couldn’t stand the view of their dilapidated wood shed any longer. They dreamed of replacing it with a cozy place to store their gardening equipment and plants that could also serve as an extra bedroom. “The only solution was to erase the old shed and to build the new one on the spot,” says Manu Chavance, the craftsman in charge of the project.

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http://www.houzz.com/ideabooks/52271672?utm_source=Houzz&utm_campaign=u1602&utm_medium=email&utm_content=gallery0

Homes are officially being sold at the highest prices, ever | Mt Kisco Realtor

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Thanks to rising demand and shrinking supply, the median existing-home price for all housing types reached an all-time high in June.

According to the latest data from the National Association of Realtors, the median existing-homes sales price rose to $236,400, which exceeds the previous peak median sales price set in July 2006 of $230,400.

June’s total also rose 6.5% above June 2014.

In May, the median existing-home price for all housing types was $228,700, which was 7.9% above May 2014.

That marked the 39th consecutive month of year-over-year price gains, making June the 40th straight month of year-over-year price gains.

Despite record prices, existing-home sales also reached their highest pace in more than eight years.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May.

Sales are now at their highest pace since February 2007 (5.79 million), have increased year-over-year for nine consecutive months and are 9.6% above a year ago (5.01 million).

Lawrence Yun, NAR chief economist, said that buoyed by June’s solid gain in closings, this year’s spring buying season has been the strongest since the crisis began.

“Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” Yun said. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”

According to NAR’s report, total housing inventory at the end of June rose slightly by 0.9% to 2.30 million existing homes available for sale, which is is 0.4% higher than the same time period a year ago (2.29 million).

Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May.

“Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers,” said Yun. “Local officials in recent years have rightly authorized permits for new apartment construction, but more needs to be done for condominiums and single-family homes.”

According to NAR’s report, the percent share of first-time buyers fell to 30% in June from 32% in May, but remained at or above 30% for the fourth consecutive month.

One year ago, first-time buyers represented 28% of all buyers.

NAR President Chris Polychron said that Realtors are reporting “drastic imbalances” of supply in relation to demand in many metro areas — especially in the West.

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price,” Polychron said. “Furthermore, tight inventory conditions are being exacerbated by the fact that some homeowners are hesitant to sell because they’re not optimistic they’ll have adequate time to find an affordable property to move into.”

 

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Homes are officially being sold at the highest prices, ever

Local Farmers Markets | Mt Kisco Real Estate

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Trotta Foods Features New Pasta Meals at Larchmont Farmers Market;
Newgate Farms Offers Great Produce Specials;
Bring Dad to the Farmers Market + MORE!

June 18-24th, 2015

What’s New, In Season, and On Sale This Weekend
$2 OFF when you buy 2 items: Frozen samosa, kofta, saag,
rajma, and/or chutneys
Bombay Emerald Chutney Co.

Caramelized Garlic Bread
Wave Hill Breads

Garlic Scapes
Dagele Brothers Produce

**NEW** Pasta Meals!
Lasagna, Stuffed Shells, Monacotti (enough for 2) Reg $12; now $10
Trotta Foods

Peas – Snow or Snap – $5/lb
Newgate Farm

Produce varieties: Arugula, Cilantro, Herbs, Scallions, and Lettuces
all $3/bunch or 2 for $5
Newgate Farm

Roman Focaccia – With or
without Rosemary
$5 each OR 3 for $10
Wave Hill Breads

Sausage Rolls Tourtiere
(Quebec Meat Pie)
Stone & Thistle Farm

Squash – Green or yellow – $2/lb
Newgate Farm

Strawberries
$7.50/qt (2 for $14) and $4/pint
Newgate Farm

Strawberry Rhubarb Pie
With Mead Orchard berries
Bread Alone

Strawberry Rhubarb Pies & Tarts
Both regular & gluten-free
Meredith’s Country Bakery

Strawberry Shortcake – made to order – this weekend only!
Newgate Farm

Steamers
Joseph Fisheries

Striped Bass
Joseph Fisheries

StrawberryBanner

​New Rochelle Farmers Market
 Larchmont Farmers Market
Rye Farmers Market
Fridays 8:30 am-2:30 pm
North Avenue at Huguenot Park,
in front of NRHS
 Saturdays 8:30 am-1:00 pm
Metro North parking lot off of Chatsworth Ave
Sundays 8:30 am-2:00 pm
Parking lot on Theodore Fremd Ave, behind Purchase St. stores


Headed elsewhere this weekend? Find other Down to Earth Markets: CLICK HERE for details.

Will rising interest rates choke off housing recovery? | Mt Kisco Real Estate

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Despite expected rises in interest rates and home prices over the next two years, housing will be affordable and, if Capital Economics is right, a little undervalued.

“The upshot is that the recovery in the housing market will continue. But with price growth likely to level off at subdued levels by the standards of recent years, investors will have to pick their opportunities increasingly carefully,” says Paul Diggle, property economist with Capital Economics.

Diggle, along with other economists, is forecasting that the Federal Reserve will start raising interest rates by the end of the first quarter of 2015, with Diggle projecting it will rise to 1.25% by the end of next year.

Based on that, he says, he expects mortgage rates on a 30-year fixed to reach 5.5% by the end of 2015 and a full 6% in 2016.

“The upshot is that housing market activity should continue its gradual recovery,” he says. “Mortgage credit conditions are loosening and households are in a better position to take out loans. Existing home sales have already climbed back to long-run norms, and we expect new home sales to make significant strides over the next few years.”

 

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http://www.housingwire.com/articles/32201-will-rising-interest-rates-choke-off-housing-recovery

U.S. News & World Report Ranks Northern Westchester Hospital Among Best | Mt Kisco Real Estate

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Northern Westchester Hospital (NWH) announced that it has been ranked as one of the best hospitals in New York for 2014 – 2015 by U.S. News & World Report.

The annual U.S. News best hospitals rankings, now in their 25th year, recognize hospitals that excel in treating the most challenging patients. In addition to being recognized as a best hospital, Northern Westchester Hospital was recognized regionally for expertise in gynecology, urology, geriatrics, orthopedics and neurosurgery.

For 2014-2015, U.S. News evaluated hospitals in 16 adult specialties and ranked the top 50 in most of the specialties. Just 12 percent of the nearly 5,000 hospitals that were analyzed for best hospitals in 2014-2015 earned a regional ranking in even one specialty. NWH was ranked within five different specialties.

“Providing the highest level of quality, patient-centered care is our priority at Northern Westchester Hospital,” said Joel Seligman, president and CEO of Northern Westchester Hospital. “We have designed and implemented numerous processes that help to ensure that high quality care is consistently delivered to our patients.

 

 

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http://bedford.dailyvoice.com/news/us-news-world-report-ranks-northern-westchester-hospital-among-best

JP Morgan; If Foreclosures Are More Difficult Then We’ll Lend Less On Mortgages | Mt Kisco Real Estate

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An interesting example of the verity that no good deed goes unpunished. JP Morgan has pointed out that precisely and exactly because foreclosure on a defaulted mortgage is more difficult these days therefore they are lending less on such mortgages. This is, of course, something of a pity as one of the great strengths of the US economy has always been the speed with which economic mistakes get cleaned up. Whether bankruptcies (corporate or personal), foreclosures, loan defaults and so on, the system has always, until now at least, been very swift in cleaning them up. So that economic assets can be moved on to someone who can make better use of them.

Here’s the point that JP Morgan is making:

JPMorgan Chase JPM +0.86% & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees.

We could, of course, say that this is a good idea. They’re now not looking just to equity value of the home itself, nor to the various government guarantees, but also taking a closer look at the credit worthiness of the borrowers themselves. But there’s a little more detail as well:

“The cost to take a customer through the foreclosure process is just astronomical now,” Kevin Watters, chief executive of JPMorgan Chase’s Chase’s residential mortgage banking business in New York, told Reuters in an interview.

In addition to federal standards, states, and in some cases local governments, have written their own rules making it more expensive for banks to recover loan losses, he said. According to foreclosure data firm RealtyTrac, it took an average of 120 days to foreclose on a home at the beginning of 2007, just as the housing bubble was starting to burst. In the first quarter of 2014, it took 572 days, or more than 1.5 years.

In any economic system there will be those who make mistakes. And sure, it’s great that the system starts to analyse those who are likely to make such mistakes a little more. But on the other side it’s also true that the speed with which such mistakes are cleaned up is important. There’s nothing worse for an economy in general than having useful economic assets sitting unused simply because the bankruptcy (or foreclosure, whatever) process takes too long to come to some sort of resolution. We do, of course, want to be fair to people who get themselves into financial trouble. We also would prefer not to be turfing families out into the streets. But at the system level it is also hugely important that such mistakes be resolved, and resolved quickly. One of the reasons for the vibrancy of the US economy is that bankruptcy is both easy and not all that big of a deal. Mistakes can be written off and dealt with and everyone can then go on to try again.

 

 

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http://www.forbes.com/sites/timworstall/2014/07/16/jp-morgan-if-foreclosures-are-more-difficult-then-well-lend-less-on-mortgages/

‘I was right, the housing recovery was a sham’: The Guardian’s Heidi Moore | Mt Kisco Real Estate

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The housing market appears to be hurting. Last week we learned that sales of new homes plunged 14.5% in March compared to February, while sales of existing homes fell slightly month-to-month, too. Meanwhile, demand for home loans have hit a 14-year low in the first quarter, according to industry newsletter Inside Mortgage Finance.

But today the National Association of Realtors reported that pending home sales in March rose for the first time in nine months. They were up 3.4% from February, but down 7.9% from a year ago.

Heidi Moore, U.S. finance and economics editor at The Guardian, called the housing recovery a sham last June and in the video above says the latest run of weak data suggests the same concerns she raised when the recovery was humming along last summer. Moore says the recent slowdown reveals the recovery was in fact “dubious” and based on investor demand versus real homebuyers.

Others blame this year’s unseasonably cold weather along with higher mortgage rates for the slow start to the spring selling season. “Weather has been blamed for a lot, and it’s true it has some role, but there are so many other metrics that go in the direction of real trouble,” says Moore. “People haven’t been able to borrow for a mortgage for years — that has nothing to do with the weather, I promise you.” The same goes for issues like rising prices and low supply, she adds.

When it comes to the impact of these real estate conditions more broadly, Neil Irwin argues in the New York Times’ Upshot that the housing market is still stalling the economy. He points out that investment in residential property remains a smaller share of the overall economy than at any time since World War II, contributing less to growth than in past downturns, including the early 1980s when mortgage rates were 20% (compared to 4.5% currently).

Irwin argues if more people were buying homes and building returned to its postwar average as a share of the economy, growth would jump to 4% and about 1.5 million more jobs would be created. He says the main factor holding housing back is demand: Fewer people can or want to start a household of their own.

In Moore’s view, it’s the other way around: It’s the economy that’s slowing the housing market. Factors including stagnant wages, high unemployment and high household and student loan debt are reasons why people aren’t able to buy houses, says Moore. In other words, because the economy is stuck, the housing market is too.

 

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http://finance.yahoo.com/blogs/daily-ticker/i-was-right–the-housing-recovery-was-a-sham–guardian-s-heidi-moore-191918931.html

Colorado agent launches marijuana-friendly marketing campaign | Mt Kisco Real Estate

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On Jan. 1, Bob Costello, an agent with the Brokers Guild brokerage in Denver, launched his “420 Friendly Realty Broker” campaign to capitalize on Colorado’s new 2014 law that allows adults over the age of 21 to purchase recreational marijuana legally in the state.

“I’ve had about 30 calls about this, and for a real estate broker, it’s great — you want a lot of leads,” Costello told the Huffington Post.

Costello offers prospective clients who might want to grow pot insight into what type of homes they should be looking for.

“First of all, you want to be in a marijuana-friendly city like Denver, Edgewater, Wheat Ridge or Pueblo,” Costello told the Post. “You probably also want to get a house that’s not too close to a school, maybe not too close to something controversial.”

Source: Huffington Post

– See more at: http://www.inman.com/wire/colorado-agents-2014-marijuana-friendly-marketing-campaign-seeing-early-returns/?utm_source=20140110&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.CVrTCTBy.dpuf

South Salem, Mt Kisco Have Lowest Ask Price | #RobReportBlog

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South   Salem, Mt Kisco Have Lowest Ask Price | #RobReportBlog
Katonah$359,000.00
Pound   Ridge$285,000.00
South   Salem$205,000.00
Mt Kisco$225,000.00
Chappaqua$380,000.00
North   Salem$235,000.00
Armonk$499,000.00
Bedford$415,000.00
Bedford   Hills$289,000.00
Bedford   Corners$495,000.00