Tag Archives: Pound Ridge NY Realtor

Pound Ridge NY Realtor

Get Your Projects Into Clients’ Hands | Pound Ridge Homes

So you want to get your projects published. Why?

It’s great for exposure and marketing. You can use print articles as an extension of your showroom for clients to get ideas, to learn design terminology, and to help you learn what clients do and don’t like; you can use it to show architects.

But take advantage of the longevity of print publications, which often sit on coffee tables in homes but also in doctor’s waiting rooms, salons, and fitness studios. Buy a bunch of issues and slap a banner on them with your logo and some text that reads: “Check out the local home remodeled by YOUR COMPANY featured on page X”

And, of course, most print publications have a web presence, where your work—and links to your company’s website—will live forever.

RESEARCH YOUR OPTIONS There are local and national publications that are always looking for content. Head to your local bookstore and buy a bunch of magazines and study them. Ask yourself if your project might be a good fit. You wouldn’t contact Dog Fancy with your latest kitchen remodel—unless it has a fantastic dog bowl area and they actually publish stories about such things.

Think about who the reader is going to be and who your ideal client is. Where do those two intersect?

You’d be surprised how many local publications there are in your market—from newspapers to business journals, women’s weeklies, and food-focused magazines. And don’t discount association publications from NARI and NAHB, but also those for related industries: doors and windows, concrete, metal fabricators.

Then read the articles themselves and determine how they’re put together and what they focus on. Are written about the lifestyle of the owner? Do it Yourself carpentry? The biggest, the best, the first of its kind, only a particular room?

You ultimately want to make things easy for an editor to see that, yes, your project/story is going to be something their readers will be interested in.

THINK LIKE AN EDITOR Have an idea about what makes a good story. Come up with a hook. “We had to design and build a kitchen for a homeowner who is in a wheel chair.” “Our client’s daughter was going to be married in two months and they wanted a quick kitchen pick-me-up so we did cabinet refacing.” Think about packages: “5 storage options” “kitchens with fireplaces,” “poolside outdoor kitchens.”

Pay attention to lead times. If you built a special Christmas tree closet for a client, don’t pitch that story to a monthly magazine on December 1. Even newspapers might budget time for a story like that a few months in advance. Pitch an outdoor living story in January, a winter holiday story in September.

BUILD A RELATIONSHIP Look on the publication’s masthead to find the appropriate editor—and it’s not the editor-in-chief. You most likely want to contact a senior editor, writer, or contributing writers or editors. There might be a specific editor for the type of material you want to have published. In a national publication, get the name of the regional editor near you.

Call or email and establish a relationship with that person. In many cases, they are hungry for material. Offer to take that person to coffee and show them photos of your projects, help them understand the scope and scale and level of design involved; take them on a tour of your most recent project.

Even if it doesn’t turn into something right away, keep up the relationship. The publication might not need anything right now, but your new editor friend will have your name and might call on you as a source for another story. Or, he or she might know that in a few weeks the publication needs 10 contemporary baths. It’s good for them to have contacts in the architecture and design community.

 

 

http://www.remodeling.hw.net/marketing/get-your-projects-into-clients-hands1.aspx

Sparks Should Fly In First Debate Of County Exec Race | Pound Ridge Real Estate

As November draws closer, the county executive race heats up with the first debate between the two candidates after months of campaigning.

Incumbent Rob Astorino (R) and opponent, mayor of New Rochelle Noam Bramson (D) will be going head to head on Wednesday, Oct. 2 at the White Plains Reckson Metro Center Auditorium. The debate will be hosted by the Westchester Business Council.

Lee Miringoff, director of the Marist Institute for Public Opinion at Marist College, will be serving as moderator in what promises be a fiery debate, based on the campaign’s publicly combative tone thus far.

A panel composed of Business Council members representing various sectors of the local economy will pose questions to both candidates.

“The Business Council is honored to be holding the first official debate of the County Executive race,” said Marsha Gordon, President and CEO of the Business Council of Westchester, in a statement. “This race is the main event of the November election in Westchester with important implications for the county’s economy and business climate. We look forward to a highly informative and insightful debate.”

The debate begins at 6 p.m. and is open to council members only. To register to attend, members can access a form here.

The Reckson Metro Center auditorium is located at 360 Hamilton Avenue.

Two more debates between Astorino and Bramson are also scheduled. The second is Oct. 16 at RPW Group, Inc., 800 Westchester Avenue in Rye Brook. The third debate is on Oct. 23 at Pace University’s White Plains campus on 1 Martine Avenue.

 

 

 

 

LendingTree, Zillow Clash over Housing Credit | Pound Ridge Real Estate

Two companies that compete with each other in housing finance clashed this week over the critical issue of access to mortgage, releasing reports that were in direct conflict with each other and served to increase confusion and tension rather than clarify anything.

According to LendingTree’s report, its Credit Accessibility score is benchmarked at 100, using data from the full year of 2012.  It reported the average accessibility score for the US was 106 in August, compared to 103 in July and 100 in June, indicating that borrowers had an easier time accessing mortgage credit in August compared to prior months, reported a LendingTree news release.

“Over the past few years, potential borrowers may have found it difficult to get approved for a loan.  But as home prices rise, refinance activity slows and government programs change, potential borrowers are finding it easier to gain access to credit,” said Doug Lebda, founder and CEO of LendingTree.  “Lenders are easing down payment and credit score requirements while still adhering to conforming loan guidelines.  And as the private securitization market starts to bounce back, borrowers who didn’t qualify in the past may now have that opportunity.”

On the same day, Zillow’s Mortgage Marketplace reported that:

“Despite a healing housing and mortgage market, three out of 10 Americans remain unlikely to qualify for a mortgage, according to a Zillow® Mortgage Marketplace analysis.

“The research analyzed 13 million loan quotes and more than 225,000 purchase loan requests on Zillow Mortgage Marketplace in September 2013, and compared it to a similar study conducted in September 2010.

“Borrowers with credit scores under 620 who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to receive even one loan quote in September 2013, unchanged from three years ago, even if they offered a relatively high down payment of 15 to 25 percent. Nearly 3 out of 10 Americans, or 28.4 percent, have a credit score of 620 or lower, according to data provided by myFICO.com.

“Meanwhile, the bar has risen for borrowers to get the lowest available mortgage rates. The best mortgage rates are typically reserved for those with credit scores of 740 or higher, compared with 720 in 2010. According to myFICO.com, 40.3 percent of Americans currently fall into this category. In 2010, 47 percent of Americans had credit scores over 720 and were able to get the best rates. Borrowers with credit scores above 740 did not receive significantly better mortgage rates.

“In the 2013 study, borrowers with credit scores of 740 or above got an average low annual percentage rate (APR) of 4.42 percent for conventional 30-year fixed mortgages. Borrowers with mid-range credit scores between 620 and 739 received APRs, on average, between 5.09 and 4.47 percent, with the APR rising as the credit score drops. Those with credit scores below 620 received too few loan quotes to calculate the average low APR.

“Despite all-time high levels of affordability in the housing market, tightened lending standards mean that nearly one-third of Americans are unlikely to be able to achieve the American Dream of homeownership because they can’t qualify for a mortgage due to a low credit score,” said Erin Lantz, director of mortgages at Zillow. “Your credit score is the single most important factor in determining your mortgage interest rate and monthly payment. To avoid any surprises when buying a home, check your credit score and report at least six months before you intend to buy to see if there are any costly inaccuracies, pay down high-balance lines of credit and make sure your bills are always paid on time.”

 

 

http://www.realestateeconomywatch.com/2013/09/lendingtree-zillow-clash-over-housing-credit/

Improved Equity Empowers Trade-up Buyers | Pound Ridge Real Estate

Housing demand by trade-up buyers is rising as the home equity available to these prospective buyers is improving as foreclosures sales decline nationwide and are in high demand in many fast-rising markets

According to FNC’s Foreclosure Market Report, the foreclosure market has rapidly improved in recent months with foreclosure rates approaching pre-crisis levels – an indication of strengthening supply-side conditions. On the demand side, steadily rising home prices and an expectation of continued recovery have stimulated housing turnover by prospective buyers who are in a position to take advantage of low home prices. In the meantime, higher home prices are bringing out trade-up demand from existing homeowners who are experiencing rising home equity, which supports a down payment on their next bigger house.

“We’ve seen hard data from the past 18 months that shows rising home prices and a foreclosure market with diminished impact due to decreasing foreclosure inventories and fewer new foreclosure filings,” said FNC Director of Research Yanling Mayer. “Meanwhile, a very encouraging trend that has been developing is the rising participation of trade-up buyers who are seeing improving home equity position and positive capital appreciation on existing homes.

“An important sign of a healthy and sustainable recovery is increased housing turnover driven by trade-up buying, which is more or less discretionary spending,” Mayer said. “These buyers are typically more responsive to market conditions and financial incentives.”

FNC’s report shows that foreclosure price discounts, which compare a foreclosed home’s estimated market value to the price paid by investors or home buyers, have dropped to a 10-year low at about 8.1% in Q2 2013, down from 12.5% a year ago. At the height of the mortgage crisis in 2008 and 2009, foreclosed homes were typically sold at close to 25% below their estimated market value. In many fast-rising markets, such as Phoenix, Las Vegas, and California, investor activity and low foreclosure inventory drove foreclosure prices up, frequently resulting in a price premium relative to estimated market value.

FNC publishes the mortgage industry’s first market-value based foreclosure price discount to gauge the degree of market distress. For more information about the foreclosure price discount, please refer to FNC’s March 2011 report located here.

According to the FNC report, investing in foreclosed property continues to be profitable with gross capital appreciation – the annualized percentage difference between a foreclosed property’s sales price and subsequent resale price – averaged at 7.8% on sales of homes previously purchased at foreclosure sales. In the meantime, ownership duration on distressed investment is up, along with the average ownership duration of all existing home sales.

More highlights from FNC’s Foreclosure Market Report:

  • Single-family REO and foreclosure sales are 12.2% of total home sales as of July, down from 17.3% a year ago.
  • The median foreclosure price is $98,000 or $67 per square foot, up 6.8% since the housing recovery began 18 months ago. In comparison, the median price on non-foreclosure sales is $205,000 or $118 per square foot, up 21.7% during the same 18-month period.
  • Foreclosure price discounts are typically larger for low-tier properties, averaging 13.7% in Q2 2013. One in four homes continues to be discounted heavily. High-end properties, on the other hand, are typically sold close to their market value.
  • At 86% of total foreclosure sales, low-tier properties continue to account for the bulk of foreclosure sales. Prior to the housing bubble, low-tier homes contributed more than 90% to foreclosure sales.
  • Collateral depreciation on foreclosure sales – the difference between a property’s prior purchase price and foreclosure sale price – continues to decelerate, down to 3.8% in Q2 2013 from 6.4% a year earlier. Among the re-sales of non-distressed homes, for 16 consecutive months the median home is sold at a price above its prior purchase price – enabling potential trade-up buyers to capture a small capital appreciation.

 

http://www.realestateeconomywatch.com/2013/09/improved-equity-empowers-trade-up-buyers/

Greenwich Teardown Trend Resumes in Earnest | Pound Ridge Homes

18 Lexington Ave. in April 2012 and Aug. 2013 as two condominiums. Credit: Leslie Yager

18 Lexington Ave. in April 2012 and Aug. 2013 as two condominiums. Credit: Leslie Yager
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  • 18 Lexington Ave. in April 2012 and Aug. 2013 as two condominiums. Credit: Leslie Yager
  • 13 Lexington Ave. in Dec. 2012 and Aug. 2013. Credit: Leslie Yager
  • 19 Connecticut Ave. was bought by a builder for $716,000 and renovated instead of demolished. In April 2013 it sold for $1.625. Credit: Leslie Yager
  • 18 Lexington is rented out for $10k/month for Unit A and $10,500/month for unit B. Credit: Leslie Yager
  • 137 Milbank in central Greenwich sold in 2010 for $1.175 and the new construction sold for $3.385 in Sept. 2012. Credit: Leslie Yager
  • 46 Connecticut Ave., on Sept. 2, 2013. Its days are numbered. Credit: Leslie Yager
  • Before and after photos of 34 Lincoln Ave. in central Greenwich. Credit: Leslie Yager

Chinese Buyers Flood U.S. Housing Market | Pound Ridge Real Estate

Flush with cash, Chinese homebuyers are flooding into the U.S. housing market, and paying top dollar.

“The Chinese came out really huge in the past year,” said Jonathan Miller of Miller Samuel, a New York-based appraiser. Chinese buyers accounted for 18 percent of the $68.2 billion that foreigners spent on homes during the 12 months ended March 31, according to the National Association of Realtors.

At a median price of $425,000, the Chinese are also buying more expensive homes than otherforeign buyers, who spent a median of nearly $276,000 on U.S. homes. And nearly 70 percent of those pricey Chinese deals were made in all cash.

Nowhere is the influx of Chinese homebuyers felt more strongly than in California, where more than half of the homes sold to foreign buyers went to Chinese nationals.

Sally Forster Jones, an agent with Coldwell Banker International in Los Angeles, said Chinese are snapping up many of the trophy properties on the city’s Westside. She estimates that she’s sold about 10 multimillion dollar homes to Chinese nationals over the past 12 months.

“The uptick in sales to Chinese buyers started several years ago but it has increased dramatically lately,” she said.

Most of her Chinese clients are wealthy industrialists or real estate tycoons, many of whom spend less than half the year in the States.

“Some have children going to school in Los Angeles and use the homes as residences for them and [as a place] to stay at when they visit their kids,” said Jones.

China’s gross domestic product has grown by high single-digit, sometimes double-digit rates for the past 10 years, producing a lot of cash for the country’s top business people who view U.S. real estate as a safe and stable investment.

Rick Turley supervises real estate offices for Coldwell Banker in eight counties in and around San Francisco, including Silicon Valley. Many of his Chinese clients work in technology.

“The current hot spots are Palo Alto, Menlo Park and Cupertino, near Apple headquarters,” he said.

Most purchase the homes to raise their family and they pay special attention to the local school systems. Turley also has Chinese clients who buy homes for their kids. Last year, a family from Shanghai bought a condo for their daughter who was attending Stanford. The daughter has since graduated and now works at Google, he said.

 

Chinese Buyers Flood U.S. Housing Market | AOL Real Estate.

Nearly half of all US homeowners with a mortgage still ‘underwater’ in Q1 | Pound Ridge Real Estate

Zillow: Homeowners with ‘effective’ negative equity helped keep inventory low

Despite rising home prices early in the year, a significant portion of U.S. homeowners with a mortgage — about 44 percent — still owed more on their home than it was worth or didn’t have enough equity to move at the end of the first quarter, according to Zillow’s first-quarter Negative Equity Report.

Zillow’s analysis showed that 25.4 percent of homeowners with a mortgage were underwater on their homes, while another 18.2 percent more were “effectively” underwater, with less than 20 percent equity in their homes.

Taken together, about 22.3 million U.S. homeowners likely don’t have enough equity in their homes to afford a down payment on another home, Zillow said, keeping them in their homes and preventing new inventory from hitting the market.

“Reaching positive equity, even barely, is an important milestone,” said Zillow Chief Economist Stan Humphries in a statement. “But things like real estate agents’ fees and a down payment for the next home traditionally come out of the proceeds from the prior home’s sale. Without enough equity, these costs will instead have to come out of a homeowner’s pocket, leaving many still stuck,” he said.

“Looking at the effective negative equity rate could explain why recent, healthy declines in the number of underwater borrowers haven’t yet translated into more homes for sale,” Humphries added. “The only cure is patience, as rising home values continue to build equity to the point where more homeowners can realistically sell.”

Among the 30 largest metro areas covered by Zillow, those with the highest effective negative equity rate, including homeowners with 20 percent equity or less, include Las Vegas (71.5 percent), Atlanta (64.1 percent), and Riverside, Calif. (59.7 percent).

 

Nearly half of all US homeowners with a mortgage still ‘underwater’ in Q1 | Inman News.

Obama administration extends Making Home Affordable Program until 2015 | Pound Ridge Real Estate

The Department of Housing and Urban Developmentteamed up with the Treasury Department on Thursday to announce an extension of the Obama administration’s Making Home Affordable Program through Dec. 31, 2015.

The new deadline was determined in coordination with theFederal Housing Finance Agency to align with extendeddeadlines for the Home Affordable Refinance Program and the Streamlined Modification Initiative for homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac.

The program deadline was previously set to end Dec. 31, 2013.

The Making Home Affordable Program is a critical part of the Obama administration’s efforts to provide relief to families at risk of foreclosure and help the housing market recover from the housing crisis, HUD explained.

“The housing market is gaining steam, but many homeowners are still struggling,” said Treasury Secretary Jacob Lew.

He added, “Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class, and Making Home Affordable offers homeowners some of the deepest and most dependable assistance available to prevent foreclosure. Extending the program for two years will benefit many additional families while maintaining clear standards and accountability for an important part of the mortgage industry.”

Since its creation in March 2009, roughly 1.6 million actions were taken through the program to provide relief to homeowners and, consequently, nearly 1.3 million homeowners were helped directly by the program.

As of March, more than 1.1 million homeowners received a permanent modification of their mortgage through HAMP, with a median savings of $546 every month — or 38% of their previous payment.

Since the fourth quarter of 2008, Fannie Mae and Freddie Mac completed more than 2.7 million foreclosure prevention actions. Approximately half of these actions are permanent loan modifications, including more than 435,000 permanent HAMP modifications, according to the FHFA.

“One of FHFA’s priorities is to provide assistance to struggling borrowers who are at risk of losing their homes,” said Ed DeMarco, current acting director of the FHFA.

He added, “These extensions keep two valuable foreclosure prevention programs available to those who need them. The extensions also align the end date for three key assistance programs that were developed in response to the housing crisis.”

Since 2009, Freddie Mac has helped more than 830,000 borrowers avoid foreclosure and nearly 230,000 of these families were assisted through HAMP, said Tracy Mooney, senior vice president of single-family servicing and REO for the GSE.

The Making Home Affordable Program has also put into place important protections for homeowners that have helped inform efforts to create standards for the mortgage servicing industry.

This includes requirements for mortgage servicers regarding clear and timely communications with homeowners and protections to ensure that they are evaluated for assistance before being referred to foreclosure.

 

Obama administration extends Making Home Affordable Program until 2015 | HousingWire.

Pound Ridge NY Unsold Inventory Report | Pound Ridge Homes | RobReportBlog

Pound Ridge NY Unsold Inventory Report  |  Pound Ridge Homes | RobReportBlog



80  unsold homes


21 sold last six months

22.85 months of unsold inventory


34 sold/pending/conditional contract

14.13 months of inventory

 

 

Pound Ridge NY Unsold Inventory Report | Pound Ridge Homes | RobReportBlog.