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Look for Rental Profits Where Foreclosures Were | North Salem Real Estate

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A number of familiar former foreclosure hotbeds top RealtyTrac’s list of best markets to buy a rental property in the first quarter of 2015.  They’ve got the right mix of employment, growth, prices and potential return.

The report also looks at which markets are seeing the biggest increases in rental rates in 2015 compared to 2014, and provides rankings of the best safe haven residential rental markets, along with the best markets for renting to Millennials, best markets for renting to Generation Xers, and best markets for renting to Baby Boomers.

“With homeownership rates at their lowest level in 20 years, historically low levels of housing starts and relatively low home prices in many parts of the country, there is still plenty of opportunity in the U.S. housing market for single family rental investors employing a variety of investing strategies,” said Daren Blomquist, vice president at RealtyTrac. “Whether focusing on markets where homeownership-shy Millennials are migrating, markets where recovering Gen X homeowners-turned-renters are prevalent, or markets Baby Boomers are testing for retirement, investors can find good options with solid potential rental returns.

“There are certainly markets where buying single family rentals no longer makes sense because of rapidly rising prices over the past few years,” Blomquist added. “Savvy single family rental investors will tread cautiously in such markets despite the siren song of strong home price appreciation.”

“Buying single family homes as rental properties in Southern California is reserved for those that have a very specific investment strategy,” said Chris Pollinger, senior vice president of sales with First Team Real Estate, covering the Southern California market, where annual gross yields on rentals range from less than 5 percent in Orange County to nearly 9 percent in the inland San Bernardino County.

 

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http://www.realestateeconomywatch.com/2015/02/look-for-rental-profits-where-foreclosures-were/

Will Neverland Ranch Become a Rehab Center for Abused Kids? | North Salem Real Estate

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138250593.jpgPhotos by Getty

Neverland Ranch, the 2,700-acre abandoned fantasyland built by late King of Pop Michael Jackson, recently went up for auction and bidders have beencoming forward with varied visions for its future. Among these proposals are offers to turn the place into a Jackson shrine, à la Elvis’ Graceland, and one plan to transform the estate into a sexual assault rehab center for children.

After purchasing the property in 1988, Jackson souped it up with amusements like a roller coaster, a Ferris wheel, a train, horse stables, and movie theaters—most of which are gone by now. After the singer’s death in 2009, Neverland fell into the hands of real estate investment firm Colony Capital, which has valued the property at $75M and is now fielding buyers’ offers.

According to Page Six, the local businessman who proposed turning Neverland into a rehab center offered somewhere around $40M. He envisions having trained therapists treat victims through equine-assisted therapy.

1326613.jpgPhoto via Getty Images

Two bidders, one of whom already has a huge collection of the singer’s memorabilia, want to create a Michael Jackson shrine. But one source close to the sale process tells Page Six that’s an unlikely outcome, since Jackson’s estate executors will have to grant permission to use his likeness. Plus, Neverlands’ narrow mountain roads aren’t conducive to what could be thousands of visitors a year.

 

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http://curbed.com/archives/2015/02/03/neverland-ranch-rehab-center.php

Mortgage Rates at New Lows in Early 2015 | North Salem Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling again amid declining bond yields and oil prices. Averaging 3.63 percent, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013 when it averaged 3.59 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.63 percent with an average 0.7 point for the week ending January 22, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.39 percent.
  • 15-year FRM this week averaged 2.93 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.15 percent.
  • 1-year Treasury-indexed ARM averaged 2.37 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.54 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 theRegional 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 continued to fall, albeit at a slower pace, with the 30-year fixed rate mortgage averaging 3.63 percent this week. Housing starts picked up in December coming in at a seasonally adjusted 1.089 million unit pace and beating market expectations. Meanwhile, the drop in energy prices pushed the Producer Price Index down 0.3 percent for December and the Consumer Price Index fell 0.4 percent.”

15 Hopelessly Scenic Cabins | North Salem Real Estate

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Winter doesn’t have to be freezing and miserable. As Scandinavians, Vermonters, and ski enthusiasts have long known, watching the snow fall from inside a stylish cabin can be downright enjoyable. Lately architects have been veering away from the rustic wooden structures of yore, and moving toward glass-walled winter homes with views from all sides, irregularly-shaped cabins that blend into their surroundings, and even domes and treehouses. From high-design mobile huts in the mountains of Washington State to a decadent 11,000-square-foot ski chalet in the French Alps with a cinema and indoor pool, here are 15 of the most ingenious new winter cabins.

 

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http://curbed.com/archives/2015/01/06/15-hopelessly-scenic-cabins-to-keep-you-from-hating-winter.php

 

November Sales Lay an Egg | North Salem Real Estate

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Just as the housing industry was preparing to celebrate the first year in a decade when sales progressed at a relatively moderate pace and experts from coast to coast were heralding a return to normalcy, November existing home sales laid the biggest egg in four years.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November from a downwardly-revised 5.25 million in October. Sales dropped to their lowest annual pace since May (4.91 million) but are above year-over-year levels (up 2.1 percent from last November) for the second straight month, according to the National Association of Realtors.

If November’s anemic showing is repeated in December, the real estate industry will see sales end the year below the symbolic 5 million mark, a serious sign that the recovering is faltering. Last year sales reached a total 5.09 million units, which was 9.1 percent higher than 2012. It was the strongest performance since 2006 when sales reached an unsustainably high 6.48 million sales were the highest since 2006, and median prices maintained strong growth, after rising 1 percent over November.

NAR characterized November’s performance as “losing momentum” and NAR Chief Economist Lawrence said sales activity was “choppy” throughout the country.  “Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” he said. “The stock market swings in October may have impacted some consumers’ psyches and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.”

The median existing-home price for all housing types in November was $205,300, which is 5.0 percent above November 2013. This marks the 33rd consecutive month of year-over-year price gains.

Total housing inventory at the end of November fell 6.7 percent to 2.09 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace – unchanged from last month. Despite the tightening in supply, unsold inventory remains 2.0 percent higher than a year ago, when there were 2.05 million existing homes available for sale.

All-cash sales were 25 percent of transactions in November, down from 27 percent in October and 32 percent in November of last year.  Individual investors, who account for many cash sales, purchased 15 percent of homes in November, unchanged from last month and below November 2013 (19 percent). Sixty-one percent of investors paid cash in November.

 

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http://www.realestateeconomywatch.com/2014/12/november-sales-lay-an-egg/

Bathroom Design Ideas | North Salem Real Estate

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If you’ve been thinking about giving your bathroom an overhaul but aren’t sure how, one way to start is to look to the latest design trends for inspiration. We’ve made it our mission to find out what design ideas are expected to make a splash in 2015 to help make planning your bathroom makeover project a little bit easier.To compile our list, we enlisted the help of four award-winning designers, who share here their predictions for thelooks, finishes and features they think will be on everyone’s radar next year. They also reveal how they would work these ideas into their own projects. Start building your beautiful frameless glass shower now, use Glass Shower Direct’s simple glass shower builder to customize your perfect glass shower and have it shipped to your door directly from the factory.

Contemporary Bathroom by Roselind Wilson Design
Roselind Wilson Design
1. Feature floor tiles. Statement-making floor tiles proved popular in 2014, and this striking look doesn’t appear to be leaving in a hurry, says interior designer Jasmine McClelland. “I have done a couple of feature floor bathrooms this year. They are stunning and provide a great design opportunity when working with challenging bathrooms that have no clear walls for a feature wall,” she says.

“In smaller bathrooms a feature floor tile adds style without overwhelming the space, and when used in a larger bathroom, the effect is elegant,” McClelland says. “I love the space when the freestanding bath hits the feature tile … beautiful!”

Contemporary Bathroom by Mark Brand Architecture
Mark Brand Architecture
2. Natural beauty. Want a bathing area that’s welcoming and serene? Then drawing design inspiration from nature is a great way to warm a typically very hard room of the house and infuse the space with a calming vibe. It’s one of the key bathroom trends of 2015, according to designers Simona Castagna and Darren Genner of Minosa.

An easy way to incorporate this trend into a bathroom design, Castagna and Genner say, is to buy frameless shower door or introduce earthy materials like natural stone or wood-look tiles. The luxe bath seen here features marble floors and an onyx countertop, as well as a walnut-plank feature wall.

Contemporary Bathroom by Janet Paik
Janet Paik
3. Plant life. “I know some of us have been scared off indoor plants … but it’s time to reclaim the idea of indoor plants with cascading creepers that can dress any bathroom,” McClelland says.

If you’re eager to try this trend in your bathroom but want a more sophisticated and design-savvy alternative to potted plants (hanging or not), a vertical garden may be the way to go, McClelland says.

“I love them for the interest and feel they bring to a bathroom and can’t wait to use them more in my designs for 2015,” the designer says. Another benefit of green or living walls is that they are good for the environment (as well as your health and well-being), she says.

Modern Bathroom by MINOSA
MINOSA
4. The master suite retreat. Is your master bathroom cramped, not particularly inviting and tucked away out of sight? Then you may be more than happy to try this design trend when renovating your home.

Castagna and Genner say people want bigger bathrooms that are connected to the bedroom or closet, or even more open to the bedroom. People want to see their beautiful basins, custom vanities and freestanding baths from the bedroom, say the designers, who were the team behind the luxe, open-plan bedroom and en suite pictured here. They’re also using bigger sliding doors so people can open up or close off a space.

Contemporary Bathroom by Jordan Smith
Jordan Smith
5. Clever water control. Say goodbye to basic shower and basin faucets, and hello to smart, user-friendly fixtures (such as thermostatic mixers; mixers that control multiple water sources, like the one used in this shower; and touchscreen-operated showers) that give users more control over the flow, mix and temperature of water, says Adelaide, Australia, interior designer Jordan Smith of Brilliant.

“Double showers would be a good place to use this, as multiple people can use the shower at the same time, with individual settings for their own shower,” Smith suggests when explaining how she’d incorporate this trend into one of her designs. “One mixer can control both multiple showers or a combination shower-bath.”

Contemporary Bathroom by Jasmine McClelland Design
Jasmine McClelland Design
6. Freestanding bathtubs. According to McClelland, our love affair with freestanding baths isn’t over just yet, and not just because they make striking, sculptural design features, but because they help set the mood for rest and relaxation too. “The freestanding bath is more than aesthetic — it is emotive,” the designer says. “Clients connect with the possibility of a bathroom that symbolizes their own space or downtime, and a freestanding bath inspires this feeling of self-indulgence in the midst of a busy life.”
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http://www.houzz.com/ideabooks/34677209?utm_source=Houzz&utm_campaign=u860&utm_medium=email&utm_content=gallery0

Charming, Characterful, Crazy-Expensive Estate on Gin Lane | North Salem Real Estate

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328 Gin Lane, Southampton
26 images

Yesterday we posted that a “a historic oceanfront carriage house” on Gin Lane was about to hit the market, and now here it is! Supposedly the old mansion for which it was the carriage house washed away in a hurricane. The 2.64 acre property is extremely charming in every way, with mature trees, statuary, an oceanside gazebo, pool and tennis court. The house is just as lovely—the only issue is its diminutive size: 2500sf. There are four bedrooms and 2.5 baths. Someone paying forty million dollars is going to want a larger house, almost certainly. Price is the other issue: as we pointed out, a buyer could have purchased the much-larger Squabble Lane property for the same amount (although that’s now in contract).

 

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http://hamptons.curbed.com/archives/2014/11/07/charming_characterful_crazyexpensive_estate_on_gin_lane.php

 

3 lessons learned from the mortgage rate drop | North Salem Real Estate

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Mortgage rates are back to the highest level in a month, and if news from the U.S. economy stays positive, they could edge ever higher. While the brief drop a few weeks ago, due to concerns over global economic growth, may already seem like a distant memory, we should take a hard look back nonetheless.

In early October, the average rate on the 30-year fixed conforming mortgage ($417,000 or less) fell below that psychologically significant 4 percent level. It’s back above that now, but just that inch below was enough to reveal the underbelly of the housing beast. 

1. While the drop itself was not huge, it pushed thousands of potential borrowers off the fence to refinance. Applications to refinance jumped more than 20 percent in just one week, according to the Mortgage Bankers Association. That tells us that there is still a large cohort able to refinance. The common myth was that anyone who could benefit already refinanced over a year ago, when rates were in the lower 3 percent range. The recent rate reductions added 1.4 million borrowers to the “refinanceable” population, according to a new report from Black Knight Financial Services, which estimates that at least 7.4 million 30-year loans could now benefit by refinancing.

2. The drop in rates did nothing to push potential homebuyers off the fence and into a home. Mortgage applications to purchase a home actually fell along with rates, and then rose this week when rates began climbing higher. A monthly survey of real estate agents by Credit Suisse found, “The recent move lower in rates (that has already partially reversed) did not drive incremental demand, though this could change over time if low rates persist.” How can this be? Because home buying today is not about rates; it’s about price and supply. The two are inextricably linked, and both have been moving more dramatically than normal lately. Buyers are either facing sticker shock or not finding what they want.

 

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https://homes.yahoo.com/news/3-lessons-learned-mortgage-rate-174700632.html

Rate on New Home Loans Stays Just Above 4 Percent | North Salem Real Estate

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Earlier today, the Federal Housing Finance Agency (FHFA) reported that mortgage interest rates declined in September.  That was true as well for the subset of mortgages used to purchase newly built homes, but the changes were very small.  On conventional mortgages for new homes, the average contract interest rate edged down by just 2 basis points, to 4.11 percent.

Contr Rate Sep14Meanwhile, the average initial fee on mortgages used to purchase newly built homes dropped from 1.15 to 1.09 percent—the lowest it’s been since August of 2013.

Fees Sep14However, the decline in the average fee was not enough to drive the average effective interest rate (which amortizes the initial fee over the estimated life of the loan) down by more than 2 basis points, to 4.23 percent.  Except for these minor fluctuations, the average terms on conventional new home mortgages have been stable for the past four months.

Eff Rate Sep14Also in September, the average price of a new home purchased with a convention loan, and the average amount of the loan, both increased. The average loan amount went from $314,200 to $319,800, while the average new home purchase price went from $411,800 to $422,300.  Each has been hovering within a relatively narrow band since March.

 

 

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http://eyeonhousing.org/2014/10/rate-on-new-home-loans-stays-just-above-4-percent/

 

Housing is waking up to a new hangover | North Salem Real Estate

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First came a historic national crash in home prices, then a surprisingly sharp jolt off the bottom. Investors, desperate for yield and fueled by Fed-induced cheap cash, swarmed the most distressed housing markets, buying bargain-basement properties and turning them into rentals. Some markets saw double-digit annual price appreciation. Some analysts started to float the word “bubble,” again.

Now, finally, reality is setting in yet again.

Foreclosures have fallen to new lows since the crisis, and investors, while not selling their homes, are not buying nearly as many. That has taken much of the air out of home prices. In addition, the number of homes for sale is rising, pushing sellers from the driver’s seat to the way, way back.

“What a difference a year makes,” said Stan Humphries, chief economist at Zillow. “At this time last year, we were worrying about a number of frothy markets that looked like they could be on the edge of another housing bubble, places where homes were appreciating at more than 20 percent per year and where buyers’ heads were spinning just trying to keep up.”

Now those markets, while not in the red, are barely in the black. Los Angeles, for example, saw home prices rise over 18 percent in the third quarter of 2013 from the same time in 2012. Now its annual appreciation for the quarter is down to 8 percent, according to Zillow.

“Buyers don’t have the same sense of urgency as they did before. They can be a little bit more discerning,” said Greg Bender, a Los Angeles-area Realtor with Berkshire Hathaway HomeServices.

Bender is seeing homes sit on the market far longer than they did just six months ago. It is no longer a seller’s market.

In Phoenix, hard hit by the housing crash and a favorite among investors in 2012 and 2013, the price deflation is even more dramatic. Last year, prices were up 18 percent annually at this time. Today they are up barely 1 percent. Demand and supply are low.

“Most of the median-price increase over the last 12 months is because a greater percentage of the homes being sold are in the luxury market, not because home values overall are increasing,” Arizona State University’s Mike Orr wrote in a recent report. “We anticipate pricing will move sideways or slightly down over the next few months until supply and demand get back into balance.”

While most housing analysts do not expect home prices to go negative on a national level again, some have floated that possibility. Home prices soared from 2003 to 2007 due to cheap and easy credit. When that went away, prices plummeted nationally for the first time in history.

 

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http://finance.yahoo.com/news/housing-waking-hangover-155830848.html