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Westchester NY Homes

Ultra-high-end foreclosures up 61% in 2013 | Bedford NY Real Estate

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Looking for eight bedrooms, 13 bathrooms and 23,000-square feet in Houston?

For a cool $6.3 million you may be able to take it off the bank’s hands since it repossessed a house fitting this description in April.

According to RealtyTrac, foreclosures on ultra-high-end homes — those with a value over $5 million — are up 61% over last year, defying the trend in the overall market that has seen foreclosure activity down 23% through October.

Panoramic ocean views, stunning architecture and landscaping — even putting greens — are some of the hallmarks of these luxury properties.

And although they account for a tiny part of the market — less than 200 total in 2013 so far — they can cost a foreclosing lender a sizable amount.

However, as Emmett Laffey, CEO of Laffey Fine Home International in New York City, said, “Any foreclosure properties in this kind of ultra-luxury market get purchased very quickly since there is one thing all super-rich buyers want — an outstanding deal on a real estate transaction, and in most cases foreclosures of this magnitude come with several million dollars of built-in value.”

According to RealtyTrac the top market for foreclosures in the $5 million-plus range is in the Miami/Fort Lauderdale area, followed by Los Angeles.

Rounding out the top five list are Atlanta, Ga.; Orlando, Fla.; and the New York City/Northern New Jersey area. Although Los Angeles made the top-five list, foreclosure activity in California as a whole is down compared to last year.

 

 

 

http://www.housingwire.com/articles/28215-ultra-high-end-foreclosures-up-61-in-2013

Lack of confidence weighs on housing | Armonk NY Homes

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Consumers are still wading through the lingering effects of the financial crisis and lacking the confidence needed in the economy to move forward. And as long as consumer spending is lagging on the personal shopping front, homebuying is going to remain out of the question for many families.

This year’s Black Friday shopping failed to kick-start the shopping season with a boom. In fact, retail spending fell for the first time in at least seven years over the Thanksgiving weekend.

Consumers racked up $59.1 billion in purchases in 2012, compared to only $57.4 billion this year, as hyped-up deals and bargains failed to lure in shoppers, the National Retail Federation said.

The good news is that while consumers are not so confident right now, they are de-leveraging debts carried from the pre-crisis days — a potential breakthrough for the housing market.

“Our findings suggest that the consumer de-leveraging experienced since the financial crisis will trough in the next year or two, driven by improved mortgage credit availability and better consumer demand,” Paul Miller, a managing director at FBR Capital Markets, said.

 

 

 

http://www.housingwire.com/articles/28176-lack-of-confidence-weighs-on-housing