Tag Archives: North Salem NY

North Salem NY

This home is a true homage to midcentury style | North Salem Real Estate

Call it kismet. Call it a pipe dream come true. Matthew and Bobbie Fisher fell in love with a renovated midcentury modern house designed by architect Irwin Stein. But it was so out of their price range that they stayed put and kept house hunting. A year later Craig Wakefield, the Realtor who’d shown them the Stein-designed home, sent the Fishers an email letting them know that the house was still on the market — at a drastically reduced price. The Fishers landed their dream home, which turned out to be in nearly pristine condition. Perhaps that’s because the previous owners were dentists who had operated a practice out of the house. They had built a wing that included a waiting room, exam rooms, a reception area and a parking lot. The Fishers turned the latter into a sprawling meditative lawn, while the rooms became extra living spaces and storage. For the rest, all they had to do was fill it “with things we love,” Bobbie says.
Houzz at a Glance Who lives here: Matthew Fisher and Bobbie Ann Tilkens-Fisher, and their cats, Lucha and Lincoln Location: Wallingford, Pennsylvania Size: 2,600 square feet, plus a 600-square-foot attached former dentist office; 4 bedrooms, 2 full bathrooms, 2 half bathrooms That’s interesting: The house was originally designed for a young  dentist the was voted among the best dentists and his wife, and included space for a fully operating dental practice, although now a days you can see post for several dentist services online, While Stein’s designs often incorporate wavy rooflines, he designed this home to mimic the leaves of the landscape’s tulip poplar trees, some of which still remain on the property. even in this website, that offer the best services for this.

midcentury entry by Adrienne DeRosa

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Simple lines come together to create dramatic planes and volumes across the exterior.
midcentury entry by Adrienne DeRosa

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The foyer offers an impressive view of what lies ahead.  Repeating materials and a neutral color scheme give the home a sense of flow that feels as natural as the surfaces themselves.
Bobbie found this vintage Turkish rug at auction; the sideboard was inherited from Matthew’s grandmother.
midcentury living room by Adrienne DeRosa

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A sunken den off the foyer receives abundant light from a bank of windows.  This room was added in 1968 after the original owners requested more space to accommodate their growing family.
Bobbie bought the curved 1950s secondhand sofa for $10 and had it reupholstered in durable Crypton fabric to save it from their cats’ claws. Built-in bookshelves clad in white laminate wrap most of the perimeter.
Cocktail table: vintage Adrian Pearsall
midcentury kitchen by Adrienne DeRosa

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While the Fishers might appreciate a little more wiggle room, they are in no hurry to make drastic changes to the kitchen, which bears the original cabinetry. “Matthew and I always said our next house would have a big gourmet kitchen and a big bathtub, and we have neither,” Bobbie says. “When we first moved in, we thought we would definitely need to replace the two-burner cooktop with a four-burner, but we haven’t. The kitchen is surprisingly efficient.”

False Alarm. First-time Buyers are Not Declining | North Salem NY Real Estate

Are the numbers of first-time buyers shrinking, victimized by cash-bearing investors, credit-tight lenders mounting mortgage interest rates and soaring home prices? Are they “increasingly getting left behind in the real-estate recovery” as the Journal reported n July?

Well, not exactly, argue two economists from the Atlanta Federal Reserve.  Reports based on surveys of Realtors to the contrary, first timers are doing just well as ever, thank you very much.  “We do not share the concern about weakness in housing demand going forward because we are not convinced that the data indicates a material decline in first-time buyer participation,” concluded researchers Jessica Dill and Ellyn Terry.

Examining date from the Census Bureau’s American Housing Survey Public Use Microdata and the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey as well as other sources.

Claims of a decline in first-time buyer participation that appear to be based on a comparison of data across different surveys should be treated with caution, they said. There are several sources of data available for tracking the first-time buyer share of market. “In comparing the trends of each series separately, we don’t find there to be much in the way of a material decline in the share of first-time home buyers over the time periods and data series we examined.”

They examined the monthly American Housing Survey time series and he long-term linear trend line from October 1983 through September 2011 was slightly upward-sloping. Many have argued, though, that the first-time homebuyer tax credit program pulled demand forward and that the tax credit period (July 2008-September 2010) distorts the overall long-term trend. Indeed, when we exclude this time period, we find that the slope becomes slightly downward-sloping. They observed a similar trend when we fit a trend line to the National Association of Realtors’ Profile of Home Buyers and Sellers time series. From 2001 through 2012, the trend is slightly upward-sloping when they included the tax credit period and slightly downwardly-sloping when they excluded the tax credit period.

 

http://www.realestateeconomywatch.com/2013/09/false-alarm-first-time-buyers-are-not-declining/

 

Most Americans Think Home Prices Will Rise Next Year | North Salem Real Estate

Most Americans think home prices will go up over the next 12 months, especially upper-middle-income households according to a new Bankrate.com report.

Among households earning between $50,000 and $75,000 per year, some 65% expect prices to rise and just 6% expect prices to fall. Twenty-seven percent say they will stay the same and just nine percent forecast a decline.

In July, Bankrate established that 23% of Americans believe real estate is the best way to invest money not needed for more than 10 years. That was the second-most common response, slightly behind cash.

“It seems like Americans’ love affair with real estate has returned,” said Greg McBride, CFA, Bankrate.com’s senior financial analyst. “But there are still some clear headwinds, including rising mortgage rates, stubbornly high unemployment and the relatively low U.S. household savings rate.”

McBride said he didn’t see concern over rising rates reflected in the survey, which was taken during the first week of September.  Rather, he said the data indicated a higher degree of confidence in real estate as an investment than the stock market, which “puts a lot of eggs in the homeownership basket,” he said,

Bankrate found that Americans’ financial security turned negative in September for the first time since February. The Financial Security Index slipped from August’s 100.5 reading to 99.5 in September. Readings below 100 indicate deteriorating financial security compared with one year previous.

The readings on debt, net worth and overall financial situation dropped from August to September. Americans’ comfort level with their debt took the biggest hit; those feeling less comfortable than one year ago (21%) now outnumber those feeling more comfortable (17%).

Savings remains a drag on financial security, with those feeling less comfortable with their savings now compared to one year ago outnumbering those feeling more comfortable by a margin of greater than two-to-one. Whether looking at age group, income bracket or educational attainment, no group feels more comfortable with their savings now versus last year.

 

 

http://www.realestateeconomywatch.com/2013/09/6635/

 

Texas Oilman’s $14.5M Estate Has Three Pools, Tennis Court | North Salem Homes

Location: Houston, Texas Price: $14,500,000 The Skinny: Gene Van Dyke made his fortune as one of the country’s last of an adventurous breed of oilmen known as wildcatters; for decades, the Houston-based Van Dyke Energy Company drilled exploratory oil and gas wells throughout the United States, Alaska, and Holland’s North Sea, and at one point had 27M acres of exploration and drilling rights in Africa, or “more deepwater rights than Shell, ExxonMobil and BP combined,” according to a 2001 Forbes piece. Van Dyke’s 11,737-square-foot mansion, on the market for $14.5M, is filled with an interesting mix of wallpapers, upholstery, rugs, and other types of patterned decor that often seem to be at odds with one another. But it’s the rest of the property’s 2.8 acres that’s the real eye-catcher, anyway, boasting three separate pools, one of which, apparently, “is thought to be one of the largest private pools in the U.S.” There’s also a full-size tennis court with lights and stands, as well as a party pavilion with a bar, a stage big enough for an orchestra, and an outdoor kitchen. And, for good measure, lion statues guarding every entrance.

Your relationships with inspectors don’t have to be scandalous | North Salem Real Estate

In a recent Broker Notebook column, Inman News columnist Teresa Boardman discussed how, in her view, taking care of the buyer’s inspection is a questionable business practice. As someone who has been on both sides — a former real estate agent and current owner of a home inspection franchising company — I understand where the author is coming from.

I see her point of view and agree to a certain extent. But I don’t believe home inspectors and real estate agents fostering trusted networking relationships is necessarily a questionable practice.

On the contrary, I think it can really help the customer. Undoubtedly, it can become a problem when home inspectors and real estate brokers become too buddy-buddy for the homebuyer’s own good.

But, having been on both sides, I believe that when a real estate broker finds a certified professional home inspector who consistently offers an unbiased third-party look at a property, it is oftentimes in the best interest of the homebuyer to utilize that trusted home inspector.

Let’s consider an example from that highly popular Fox program “Scandal” for clarity — and please disregard the fact that the name of the show is “Scandal” for the purpose of this analogy.

Those who have watched the series know that the lead character, Olivia Pope, is a professional fixer who is hired by clients to fix things, no matter the problem. Along with her associates, Pope uses any means necessary to protect the client. In a dramatic turn of events during one episode, one of her clients is working against Pope’s dearest friends

 

Read more…

 

http://www.inman.com/2013/09/27/your-relationships-with-inspectors-dont-have-to-be-scandalous/#sthash.wqvhMii9.dpuf

All-cash deals make huge comeback | North Salem Real Estate

Call it the summer of the cash sale. All-cash home purchases skyrocketed during the summer months of 2013, with their share of total sales growing by more than 40 percent from the beginning of June to the end of August, amid sustained appetite from investors, a recent spike in interest rates and tight inventory.

Cash purchases accounted for 45 percent of sales in August, up from the 2013 trough of 32 percent seen in April and May, according to RealtyTrac data provided exclusively to Inman News. RealtyTrac That indicates that the market share of cash sales has increased 41 percent in just the last three months.

The recent meteoric rise in cash sales’ market share hit its fastest clip yet in August, with cash purchases’ share of total sales jumping 6 percentage points month over month to 45 percent. That’s the highest level that RealtyTrac has recorded since March 2012, right around when home prices hit their post-meltdown low.

Looking back a year, cash sales’ market share was up a whopping 50 percent in August, RealtyTrac said.

 

read more…

 

http://www.inman.com/2013/09/26/cash-sales-share-of-total-purchases-skyrockets-by-nearly-a-third-in-2-months/#sthash.nABqVPhW.dpuf

Gorgeous Sagaponack Six-Bedroom is Yours for $10.95M | North Salem Real Estate

This house really is beautiful. We love all the white, which contrasts beautifully with the piano-finish floors (hopefully the new owners will have staff with Swiffers on standby). The kitchen and bathrooms are faultless, the pool and landscaping are perfection. There’s 1.6 acres in a great location, and six bedrooms and 7.5 baths inside. As for the artwork, we’re on record in favor of Damien Hirst dot paintings, but the Beatles? Unless you were actually in the Beatles (and that guy lives in Amagansett, not Sagaponack), come on. Also, photographers gotta be more careful with the wide-angle lenses. Yes, they can make the rooms look bigger, but they can also give a funhouse-mirror effect that’s offputting. Again, minor complaints in a stunning house. · Sagaponack Sanctuary With Style [Saunders]

 

 

 

Should you consider an adjustable-rate mortgage? | North Salem Homes

It’s getting harder for many first-time buyers to afford a home in many markets across the country. The average rate on a 30-year, fixed-rate mortgage has climbed 16% in the past year, at the same time that the median home price shot up 14%.

In the past couple of months, lenders say, buyers looking to lower their monthly payments have started inquiring about adjustable rate mortgages, those riskier mortgages often blamed for the housing bust.

“We are definitely seeing more interest in ARMs,” says Malcolm Hollensteiner, director of retail lending for TD Bank.

Can they be trusted this time around? Who should consider these loans, which vary in rate after an initial fixed period? And who should stick with the standard 30-year fixed-rate loans?

In this September installment of Buying Advice, we’ll school you on the pros and cons of today’s adjustable-rate mortgages, check in with the latest housing statistics and help you understand origination fees when shopping for a mortgage.

 

 

http://realestate.msn.com/

Economists Expect Fed to Cut Asset Purchases Next Year | North Salem Real Estate

Businesses economists surveyed by the National Association of Business Economists believe there is an 80 percent probability the Federal Reserve will reduce its purchase of assets next year and 45 percent believe both purchases of Treasurys and mortgage-backed securities will be reduced this year.  The Fed’s asset purchase program has been keeping mortgage rates are record lows in recent years.

In light of their expectations the purchasing program will decline next year, which is likely to raise mortgage rates substantially, the economists’ expectations for slower home price growth in 2014 relative to 2013.

Home prices are likely to grow 6% in 2013, which is an upward revision from the last NABE survey in May, when panelists suggested a 4.4% increase. Moreover, panelists suggest that home prices will grow at 4.8% in 2014, which is an increase from their 4% estimate for 2014.

They estimate that real residential investment will grow 13.8% in 2013, which is an increase from the 12.1% increase in residential investment in 2012, and that it will grow 14% in 2014. Moreover, housing starts are estimated to grow at 0.95 million units in 2013 and at 1.16 million units in 2014, which is an improvement from 0.78 million housing starts in 2012.

Regarding asset purchases, the economists believe that there is a 45% probability that the Fed will reduce both the monthly purchases of $40 billion in mortgage-backed securities and the monthly purchases of $45 billion in Treasurys and a 19% probability that these monthly purchases of Treasurys and mortgage-backed securities will not be reduced.

They believe that there is a 20% probability that the asset purchases of the $45 billion in Treasurys will be reduced, with no change in the monthly purchases of the mortgage-backed securities; and a 15% probability that the asset purchase of mortgage-backed securities will be reduced, but that the purchases of Treasurys will be unchanged.

 

 

http://www.realestateeconomywatch.com/2013/09/

Breezy Point Slow to Recover from Fires and Flooding | North Salem Real Estate

No place on the East Coast took a harder hit from last October’s Hurricane Sandy than the blue-collar neighborhood of Breezy Point, in Queens. When the storm surge swept over the low-lying streets, electrical power was still on—and soon, fires broke out. By the end of the night, nearly 130 houses burned. In all, some 350 houses were totaled by flood, fire, or both.

Nine months later, Breezy Point is far from recovering, reports the Huffington Post (“Breezy Point Sees Little Rebuilt After Devastating Superstorm Sandy Fire,” by Meghan Barr). “Rows of rectangular boxes sunk into the sand form a graveyard of wrecked homes. American flags waving feebly from the ground help mark where a street once existed,” the Post reports. “A perfect storm of government inefficiency, cumbersome permit laws, and general confusion has hampered the recovery effort in Breezy Point.”

The Wall Street Journal chimes in (“Recovery Is Choppy in Breezy Point,” by Josh Dawsey): “Some leaders and homeowners in Breezy Point, where all the homes are owned by a cooperative, said they had been stymied by city and federal rules.”

But the New York Daily News is focusing on success (“First new Breezy Point homes are starting to rise after Superstorm Sandy,” by Clare Trapasso) — highlighting the story of residents Rich and Tracy Whalen, whose modular house has just been set on a new poured concrete foundation. “The couple is racing against the clock to be in their two-story, three-bedroom modular home by Labor Day — right around the time their second child is due,” the paper reports. Whalen, a volunteer firefighter, told the paper, “This is our home. This is where we grew up. A little water’s not going to scare us away.”

For Christine and George Donley, an older couple, rebuilding is a hard slog — but they’re not giving up, reports NBC News: (“‘It will be beautiful again’: Breezy Point couple returns home, and recovers through rebuilding,” by Miranda Leitsinger). “Sixty-three years old sleeping on a mattress on the floor is tough,” Christine said as she presented the single habitable room of their Breezy Point home. “He sleeps on the couch, and this is where we live now.”

But Christine Donley’s determined: “”We will get through this,” she told NBC. “I am stronger than the storm. I am. It took me a long time to say that, but I said it the other night. I am stronger.”