Tag Archives: Waccabuc NY Homes

Mortgage Debt Outstanding: Using “Scissors” to Cut the Data | Waccabuc Real Estate

According to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report, total household debt outstanding rose by $24 billion, 0.2%, between the fourth quarter of 2014 and the first quarter of 2015.

The small rise in household debt outstanding over the first quarter of 2015 reflected increases in student loan debt, $32 billion, auto loan debt, $13 billion, and mortgage debt, $1 billion. However, gains in student loan and auto loan debt were partially offset by a $16 billion dollar decline in the amount of credit card debt outstanding and a $6 billion decline in other household debt. Other household debt includes sales financing loans, personal loans, and retail loans such clothing, grocery, department stores, home furnishings, and gas loans. Meanwhile, the outstanding amount of home equity lines of credit was unchanged over the quarter.

A previous post illustrated that the amount of mortgage debt outstanding increased over the past two years. Following 4 consecutive years of declines, mortgage debt outstanding expanded by 0.2% at the end of 2013 and by 1.5% at the close of 2014. The Federal Reserve Board’s Mortgage Debt Outstanding (1.54) indicates that growth is taking place in multifamily lending, while loans secured by single-family residential properties continue to decline. Each quarter, the Federal Reserve Board compiles data on mortgage debt outstanding. This data was previously published in the Supplement to the Federal Reserve Bulletin, which ceased publication in December 2008.

According to Figure 1 above, outstanding loans secured by single-family residential real estate totaled $2.942 trillion at the end of 1992, roughly 11 times greater than the amount of outstanding loans secured by multifamily residential real estate, $271 billion. Although the dollar value of loans secured by multifamily residential real estate rose between 1992 and 2007, the amount of loans secured by single-family residential real estate increased more. Between 1992 and 2007, the year that the amount of mortgage debt outstanding secured by single-family residential real estate peaked, the amount of outstanding loans secured by multifamily residential real estate rose by 194.3% to $797 billion, but, loans secured by single-family residential real estate grew by 282.1% to $11.241 trillion.

However, after reaching its peak, loans secured by single-family residential real estate have declined while outstanding loans secured by multifamily residential real estate have, except for 2010, continued to grow. Figure 1 above shows the opposite trends in these two data series. This chart is commonly referred to as a “scissors” graph because all or a portion of the two series are moving in opposite directions. Between 2007, when the outstanding amount of loans secured by single-family residential real estate peaked, and 2014, outstanding loans secured by single-family residential real estate declined by 12.3% to $9.862 trillion, falling in every included year. Over this same period, loans secured by multifamily residential real estate rose by 24.7% to $994 billion, rising in every year except 2010. At the end of 2010, it was 0.3% less than its level at the end of 2009. Moreover, between the end of 2013 and the end of 2014, the amount of outstanding loans secured by single-family residential real estate fell by $22.1 billion, but the amount of outstanding loans secured by multifamily residential real estate rose by $63.6 billion.

http://eyeonhousing.org/2015/06/mortgage-debt-outstanding-using-scissors-to-cut-the-data/

Lady Violet’s ‘Downton Abbey’ home for sale | #Waccabuc Real Estate

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The dowager countess’s witticisms not included.

If you missed out last year on the listing of the “Godfather House” on Staten Island in New York, maybe this home is more up your abbey — er, alley.

Byfleet Manor, in Surrey, just southwest of London, and dower home to Maggie Smith’s character Lady Violet Crawley in the PBS series “Downton Abbey,” is on the market, according to real estate broker Savills. The price? £3.95 million,or $6.1 million. The Georgian-style brick home, built in 1686 and set on 19 acres, has a walled courtyard, eight bedrooms and four reception rooms — and it’s just 20 miles from central London.

“You get a lot of house for your money,” said Simon Ashwell, the Savills agent who is listing the home for Julie Hutton, the current owner, who bought Byfleet Manor about 10 years ago for £1 million.

Byfleet Manor isn’t one to avoid the cameras. The house also starred in the series “Poirot” and “Cranford” and was the stand-in for Cinderella’s home in the 2014 movie “Into the Woods” with Meryl Streep and Johnny Depp. When it comes to “Downton Abbey,” the home has served as Lady Violet’s house since 2010 after the location agent from the PBS series “Cranford” suggested it to the show’s producers. “We wanted to deliberately pull Violet back into that Georgian world,” Donal Woods, the production designer for “Downton Abbey,” told Savills.

http://www.marketwatch.com/story/lady-violets-downton-abbey-home-for-sale-2015-05-12

The East Side Waterfront’s Radical Green Makeover, Revealed | Waccabuc Homes

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The East Side Waterfront’s Radical Green Makeover, Revealed – The Great Outdoors – Curbed NY.

Gilded Age Palace of H.V. Poor Seeks a Modern Robber Baron | Waccabuc Real Estate

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At the peak the Gilded Age, steel tycoons and other professional exploiters only built their mansions in the Hamptons or Newport if they couldn’t get a property in Tuxedo Park, New York. Founded in the 1880s by a tobacco millionaire and “sportsman” who won a whole lotta acres in a poker game, the area became home to such notable Americans as Adele Colgate (heir to the Colgate/Palmolive fortune), William Waldorf Astor, and JP Morgan. It was also home to a finance dude with the totally ironic name of Henry Poor, otherwise known as the guy who begot half of the famous Standard & Poor stock index.

“Poor’s Palace,” which is also known as “Woodland,” was designed by eminent era architect Henry T. Randall, who gave the place a grand limestone entrance, a smoking room for the gents, drawing and dining rooms with deep relief ceilings, hand-painted insets for the grand dames, ample terraces, and wood paneled hallways. All 17,265-square-feet of that is still there, if a little worse for wear. What’s more, it’s all on the market with 4.8 surrounding acres for $9.999M.

http://curbed.com/archives/2015/01/28/buy-henry-poors-grand-1899-palace-in-upstate-ny-for-10m.php

All Eyes on Texas Real Estate as Oil Prices Plunge | Waccabuc Real Estate

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When you live in a state heavily influenced by oil, saddle up and hold on for the ride. What comes up must come down, and real estate has room on the downside. The real question is really just how much. My clients are all energy professionals, and when I visit with them, nine out of ten have one thing in mind: housing prices in Texas. They buy out of need, but wait… didn’t most people already buy when Texas was booming?

Demand poured in and buying was frenzied. Now, demand is leveling off and prices will too. Where you purchased will dictate whether it will be a reward or a risk. If you think you’ll find a goldmine this time around, think again. The last time I saw a foreclosure in Tanglewood, Houston people were lined up for showings, and that was when banks weren’t even lending money. Now, Texas has more money pouring into the economy from all parts of the globe and a “deal” might mean just being happy with current pricing.

Considering residential pricing is not at $2500.00 per square foot yet, there are lots of deals in the area; but it’s all relative to what you’re used to. Getting a property that’s already discounted is a pretty good deal even though it doesn’t have a sale tag on it. But watch out for those new high rises, now that crude is at $50.00 per barrel, you may want to think twice about buying that new penthouse. If you have already purchased when crude was priced at $100.00, well, let’s just say you might have to wait for the next merry-go-round. High-rises take as long to build as a boom, so by the next time we see $80.00 oil, buyers will be back at those doorsteps again too.

All Eyes on Texas Real Estate as Oil Prices Plunge

Housing Share of GDP at 15.2% for Third Quarter | Waccabuc Real Estate

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Economic growth in the third quarter was certainly good news for housing and the overall economy. The final estimate of GDP growth from the BEA was a 5% seasonally adjusted annual growth rate, up from 3.5% and 3.9% in the first and second estimates respectively.

As of the third quarter of 2014, housing’s share of gross domestic product (GDP) was 15.24%, with home building and remodeling yielding 3.08 percentage points of that total.

Housing-related activities contribute to GDP in two basic ways.

The first is through residential fixed investment (RFI). RFI is effectively the measure of the home building and remodeling contribution to GDP. It includes construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes and brokers’ fees. For the second quarter, RFI was 3.08% of the economy.

The RFI component reached a $500 billion annualized pace during the second quarter. This is the second highest quarterly total for RFI since the middle of 2008.

The second impact of housing on GDP is the measure of housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units) and utility payments. The inclusion of owners’ imputed rent is necessary from a national income accounting approach because without this measure increases in homeownership would result in declines for GDP. For the second quarter, housing services was 12.16% of the economy.

Historically, RFI has averaged roughly 5% of GDP while housing services have averaged between 12% and 13%, for a combined 17% to 18% of GDP. These shares tend to vary over the business cycle.

http://eyeonhousing.org/2015/01/housing-share-of-gdp-at-15-2-for-third-quarter/

Rents Rose for Eight Straight Months | Waccabuc Real Estate

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The national annual effective rent growth reached 4.33% in October, a 2 basis point (bps) increase from September’s 4.31% and the highest point of the year to date, according to the latest data from Axiometrics.. October marked the eighth straight month in which effective rent growth has increased.

The continued strong effective rent growth indicates that the national apartment market is likely to finish the year above the 4% mark. Even taking seasonality into consideration, Axiometrics said it does not expect the market to change too drastically during the remaining two months of the year.

“Effective rent growth typically declines during the fourth quarter, but not so far in the ‘Year of the Apartment,’” said Stephanie McCleskey, Axiometrics Vice President of Research. “Even though the rate of increase has slowed, the fact the market is steady means that the factors fueling the strength of 2014 — job growth, desire to rent instead of own and barriers to homeownership — are still in force.”

YTD Rent Growth Remains Best in this Decade

Whether year-to-date (YTD) effective rent growth remains above 5% during the usual holiday-season leasing doldrums remains to be seen. “But it still looks like a good bet for 2014 YTD effective rent growth to be above 4.0%,” McCleskey said.

YTD effective growth measured 5.2% for the first 10 months of 2014, down 30 bps from September’s 5.5% but up 27 bps from the 4.9% YTD growth recorded in October 2010. The 2010 trend decreased by 40 bps to 4.5% during the last two months of that year; 2014′s rate would have to slide 67 bps to fall below the first year of this decade.

Occupancy Sagged in October

The national occupancy rate dropped to 94.9% in October, the first time it has been below 95% since April, but the news is good when taken in context. October 2014 occupancy is higher than any other October since at least 2008, when Axiometrics started reporting monthly, and occupancy is 95% on a same-store, annual basis.

http://www.realestateeconomywatch.com/2014/11/rents-rise-for-eight-straight-months/

Third quarter homes sales slow but steady | #Waccabuc Homes

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If you suspect there were fewer home sales this summer you are correct. But that is not necessarily a bad sign for the real estate market.

Homes sales are returning to a more stable market, say Realtors, noting that a lower number of closings recorded this third quarter compared with the same time period last year is actually a reflection of the long bad-weather winter that held down showings and inventory.

“There is not a lot of volatility in the current market. We are clearly in a stable recovery. And stability is good for the real estate market,” said J. Philip Faranda, president of the Hudson Gateway Multiple Listing Service, part of the Hudson Gateway Association of Realtors, which released its quarterly report Tuesday.

Home sales in all four counties serviced by the Hudson Gateway Multiple Listing Service was 4,545 units, just 90 units or 1.9 percent fewer than in 2013.

Westchester, the largest county in the MLS region, posted a sales decrease of 2.7 percent, to 2,863 units. Rockland followed closely with a 2.4 percent decrease. In Putnam sales actually increased by 3.1 percent, although that was measured against a small base of a few hundred units, according to the association.

“The pace of real estate sales in the third quarter of 2014 was just a shade slower than it was in 2013 when there was a very strong post-recession recover under way,” says the realty group.

By contrast in the first quarter of the year sales soared with a roughly 10 percent jump, but have clearly quieted down.

“Even though sales are down, prices are up — which is a very good sign of the recovery,” said Joseph Rand, manager partner of Better Homes & Gardens Rand Realty.

His high-end condominium in Nyack recently sold at just under $1.3 million.

“We are seeing growth and the market is getting stronger,” he said. “Don’t read too much into one quarter. Now the trajectory is very good and well paced.”

Nationally, there was a decline in existing home sales this summer with analysts seeing it as part of a larger market reset over the past seven or so years.

National Association of Realtors’ Chief Economist Lawrence Yun says one possible reason for the slight decline in sales this summer are modest price appreciations in homes and a lower inventory. The market is less appealing to investors, he said.

Another example of stability in the market is that mortgage interest rates remained relatively low. The average rate for a 30-year conventional mortgage hovered between 4.4 and 4.2 percent during the quarter.

All-cash sales remained popular in closing a deal, said RealtyTrac in noting that almost half the homes sold in the New York metro area in the first half of 2014 had no loan situation.

Price levels appear to be emerging from the recession with increases in median home prices in Westchester and Rockland counties.

The median sale price of a single-family house in Westchester was $682,500, up by 4.7 percent over 2013. In Rockland, the median house was $415,000, up by 2 percent.

However, in Putnam County there was a decrease in single-family houses with the current median price at $320,000, down 3.8 percent from last year but with a relatively low sales volume.

http://www.lohud.com/story/news/2014/10/16/

10 most distressed properties in NYC | Waccabuc Real Estate

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Savvy real estate investors made a killing on distressed properties in the wake of the financial crisis. But as the market continues to get stronger — and as distressed assets continue to be worked out — the well has dried up.

“Last August, we had $4 billion in loans delinquent for more than 60 days in New York City, now we’re down to $3.5 billion,” said Joseph McBride, a research analyst at commercial mortgage analytics website Trepp. “There were 35 loans on the list last year, now there are 25.” The overall delinquency rate for properties in the city also fell, to 5.43 percent from 6.5 percent.

“It’s a good sign for the city, obviously,” added McBride, noting that he expected the overall amount of delinquent loans to drop even further next year. Despite an outlier like the $3 billion outstanding loan on Stuyvesant Town – Peter Cooper Village, McBride said lower-balance loans are getting resolved in a far timelier manner.

“Once that thing [Stuy Town] gets resolved,” he said, “it’s a huge rock in the pipe that’s cleared out.”

The majority of delinquent loans are for multifamily properties with pro-forma underwriting, Trepp analysts said, meaning that the borrower was betting on rents to appreciate.

Here are the 10 largest delinquent loans on New York City real estate assets, according to Trepp data from August.

1) Stuyvesant Town-Peter Cooper Village (Manhattan)
Outstanding balance: $3 billion

Stuyvesant Town and Peter Cooper Village

Stuy Town’s financial troubles started after a disastrous $5.4 billion takeover led by Tishman Speyer and BlackRock at the very height of the property boom in 2006. The buyers turned over the keys to the complex in 2010, making it one of the largest casualties of the real estate downturn.

Senior bond holders represented by CWCapital Asset Management now control the sprawling, 11,000-apartment, 110-building complex, which a recent deed transfer valued at just over $4.4 billion. Last month, CWCapital, which is angling to sell the complex, agreed to extend a deadline on talks to keep it affordable. Private equity giant Fortress Investment Group, which owns CW Capital, is said to be readying a $4.7 billion bid for the complex.

An estimated 5,000 apartments in the complex are now market-rate.

2) Riverton Apartments at 2156 Madison Avenue (Manhattan)
Outstanding balance: $225 million

The Riverton apartments in Harlem

Stellar Management’s Larry Gluck and private equity giant the Rockpoint Group paid a hefty $135 million for this Harlem rent-stabilized complex in 2005, which has 1,228 apartments in seven buildings, and counts Mayor David Dinkins and the jazz pianist Billy Taylor among its former residents.

A year later, Gluck refinanced Riverton for $250 million, a move that allowed him to recoup his $44 million initial investment and make a hefty profit on the deal, according to the New York Times.

In 2009, Gluck defaulted on the debt and offered to turn over the deed in lieu of foreclosure. The delinquent loan currently stands at $225 million, Trepp’s data show.

3) The Shoreham Hotel at 33 West 55th Street (Manhattan)
Outstanding balance: $33.8 million

The 50,000-square-foot, 11-story hotel was owned by ARK Partners, whose principals are Brad Reiss and John Yoon. The loan, which was originated by Column Financial in 2006, was recently moved to special servicer C-III Asset Management, which is pursuing a deed in lieu of foreclosure, according to Trepp.

NAR economist predicts booming sales | Waccabuc Real Estate

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With 8,000 baby boomers expected to retire daily for the next several years in the U.S., Southwest Florida stands to benefit from a massive influx of home buyers, the chief economist of the National Association of Realtors believes.

Lawrence Yun said the baby boom influx will not be just from the U.S. states, because the phenomenon was not limited to America.

“After the war, servicemen came home and started having babies,” Yun told an audience of 200 Wednesday at the annual Sarasota International Real Estate Conference.

“The same thing happened all over the world.”

Already, half of all foreigners who buy real estate in Florida are retired.

In all, foreign buyers make up about 10 percent of the state’s buyers, Yun noted, though locally that figure may be higher.

While German buyers tend to acquire property in Naples — partly because there’s a direct flight from Frankfurt to Southwest Florida International Airport outside Fort Myers — Sarasota attracts a more diverse international buyer, led by Canadians and residents from Great Britain, Yun said.

Chinese buyers may become a greater presence here, too, because that country’s economy continues to “turn out millionaires right and left,” Yun said. Economic growth there is roughly 8 to 9 percent annually, on par with America’s growth in the 1950s.

“We have seen a surge of Chinese buyers coming into the U.S., primarily on the West Coast,” Yun told the conference, which was sponsored by the Sarasota Association of Realtors’ Global Business Council. “But they will begin to see that other parts of the country are attractive.”

Buying Bedford Real Estate

Robert Paul Realtor buying Bedford real estate

Tag Archives: Waccabuc NY Homes

Mortgage Debt Outstanding: Using “Scissors” to Cut the Data | Waccabuc Real Estate

Lady Violet’s ‘Downton Abbey’ home for sale | #Waccabuc Real Estate

The East Side Waterfront’s Radical Green Makeover, Revealed | Waccabuc Homes

Gilded Age Palace of H.V. Poor Seeks a Modern Robber Baron | Waccabuc Real Estate

All Eyes on Texas Real Estate as Oil Prices Plunge | Waccabuc Real Estate

Housing Share of GDP at 15.2% for Third Quarter | Waccabuc Real Estate

Rents Rose for Eight Straight Months | Waccabuc Real Estate

Third quarter homes sales slow but steady | #Waccabuc Homes

10 most distressed properties in NYC | Waccabuc Real Estate

NAR economist predicts booming sales | Waccabuc Real Estate