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US Commerce Dept Reports November New Sales – Inventory At 40 Year Low | Bedford Corners Real Estate

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New single-family home sales rose in November but to a lower- than- expected rate , a government report showed on Thursday, highlighting the weakness in the housing market even as the broader economic recovery gains momentum. 

The Commerce Department said sales increased 5.5 percent to a seasonally adjusted 290,000 unit annual rate after a downwardly revised 275,000 unit pace in October.

 

Analysts polled by Reuters had forecast new home sales rising to a 300,000 unit pace in November from a previously reported 283,000 unit rate. Compared to November last year, sales were down 21.2 percent.

 

Housing remains mired in weakness against the backdrop of a 9.8 percent unemployment rate and high foreclosures. Data on Wednesday showed sales of previously owned homes rose last month but remained at depressed levels.

 

At November’s home sales pace, the supply of new homes on the market fell to 8.2 months’ worth from 8.8 months’ worth in October. There were 197,000 new homes available for sale in November, the lowest since March 1968.

 

The median sales price for a new home increased 8.0 percent last month from October to $213,000. Compared with November last year, the median price fell 2.7 percent.

Reuters Article

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Jude Law And Sienna Miller Buy $12 Million London Townhouse | Luxury Real Estate

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Jude Law and Sienna Miller have plunked down $12,298,650 for a London townhouse, and perhaps a modicum of relationship stability following a relatively tumultous period. British actors Law and Miller met during the filming of Alfie in 2003, but split up in 2005 after Law began an affair with the nanny of his three children with former wife Sadie Frost. They each had their flings (Law had a fourth child with New Zealand model Samantha Burke), but eventually rekindled their romance. 

Though not married, the couple’s new 5,092-square-foot home certainly represents something of a commitment. With four floors and a finished basement, the Georgian-style home has 7 bedrooms and 5.5 bathrooms. A small walled and gated courtyard leads into a grand reception hall that befits the home’s history, which dates back to 1820. Click to the jump for house photos. 

 

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Chappaqua NY Needs Less Roommates For Real Estate To Expand | Chappaqua NY Real EState

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What does the American economy need to get back on its feet? The key may lie in housing, which remains in the doldrums. Recent data does show existing home sales are rising, but increasing mortgage rates won’t aid recovery. What would help tremendously would be fewer roommates.

While it’s true that stalled construction and population growth are gradually taking a bite from the country’s glut of vacant homes, hard times mean more people are shacking up together and fewer immigrants are climbing the fence. When this trend reverses, better times for everyone — from cable operators and builders to Home Depot — will follow.

As an investment theme, “household formation” may sound wonky. In fact, it’s a key factor in how the economy will perform in the coming year. The measure basically calculates how many healthy cells there are in the U.S. real estate body. When foreigners move in and buy a home, or the kids move out and into an apartment, the number of households increases. That, in turn, creates an economic ripple effect.

A small rise in household formation has a beneficial effect on large swaths of the economy, and with it on earnings and the stock market more broadly. Most obviously, sales of new homes and the materials needed to build or refurbish them increase. Homeowners buy appliances from General Electric, speakers from Best Buy and Sherwin Williams paint. Cable companies like Comcast and Time Warner  sign up new customers, and utilities turn on more light bulbs. Allstate writes more homeowner policies.

The trouble is, despite robust demographic numbers, this figure has been growing sluggishly in recent years. The government estimates that fewer than 400,000 households were formed in each of the past two years ending in March. The average should be around 1.4 million per year, based on how people behaved prior to the financial panic.

Indeed, it’s a big reason for the continuing overcapacity in the housing market. Fewer than 800,000 new housing units were erected in 2009 and the number should be roughly the same this year. That’s the slowest pace by far in four decades. The real estate glut should largely be history given such a glacial pace of construction. Yet rental and homeowner vacancies remain at elevated levels.

So why is household formation down? Difficult economic times have forced people to try to save money — and the biggest cost to cut is habitation. People are more likely to shack up and share apartments, and homeowners take on renters to help with the mortgage. The footprints in the data are easily spotted. The percentage of 25-to-34 year-olds living at home is at a three-decade high, according to the U.S. Census Bureau. Even divorce rates are down. Arguing, it seems, is cheaper than paying two mortgages.

Hard times also mean America isn’t as attractive a destination to jobseekers. The number of legal immigrants living in the United States fell in 2009. Moreover, illegal immigration appears to have fallen sharply, based on border interdictions.

Some of these changes should unwind over time. Checking accounts fill, mortgages amortize, and thirty-somethings realize how hard it is to meet prospective mates when living at home. Eventually, people strike out or decide that having a tenant in the basement is not financially worth the noise and invasion of privacy.

Moreover, real estate prices have fallen by about a third from their peak in most cities, according to the Case-Shiller index. This makes it easier to afford rent or a down payment. Rental vacancies peaked last fall, and home vacancies in late 2008.

Yet higher rates of employment, and more certainty over jobs, would be a greater spur, as they are strongly linked to household formation. People are reluctant to move out or buy a home if they aren’t working, or think mass firings are imminent.

Therein lies the chicken and egg enigma. Construction is typically one of the first sectors to recover from a recession. The continuing property glut means employment is about 2 million below its 2006 peak, according to the Bureau of Labor Statistics. Since it hasn’t revived, the United States is attracting fewer immigrants and people aren’t forming households.

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Pound Ridge Homeowners Should Buy a Second Home in Florida Now | Pound Ridge NY Real Estate

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Case-Shiller’s September housing report came out worse than expected, confirming to any doubters that the housing double dip is here.


National home prices dropped 1.5% in September.The new data will worsen Case-Shiller’s already bearish outlook for the housing market.

Earlier this month, it forecast a 7.1 percent drop in prices from Q2 ’10 to Q2 ’11, with price stagnation through Q2 ’12. This is a brutal forecast, which would have wide economic consequences.

Five years after the housing peak, markets in Florida, Nevada and California would remain down around 60 percent.  If you want to move to warm weather this is probably the time to find a buy of a lifetime in Florida, California or Arizona.

The Worst Markets According to Case-Shiller research.

#15 Prescott, Ariz.

Forecast change 2010:Q2 to 2012:Q2: -14.3%

Forecast change from peak to 2012:Q2: -49.9%

Median home price today: $170,000

Median home price in 2012: $146,000

Source: Fiserv Case-Shiller

#14 Salinas, Calif.

Forecast change 2010:Q2 to 2012:Q2: -14.6%

Forecast change from peak to 2012:Q2: -65.7%

Median home price today: $247,000

Median home price in 2012: $211,000

Source: Fiserv Case-Shiller

#13 Pensacola, Fla.

Forecast change 2010:Q2 to 2012:Q2: -15.3%

Forecast change from peak to 2012:Q2: -37%

Median home price today: $142,000

Median home price in 2012: $120,000

Source: Fiserv Case-Shiller

#12 Cape Coral, Fla.

Forecast change 2010:Q2 to 2012:Q2: -16.2%

Forecast change from peak to 2012:Q2: -65.8%

Median home price today: $100,000

Median home price in 2012: $83,800

Source: Fiserv Case-Shiller

#11 West Palm Beach, Fla.

Forecast change 2010:Q2 to 2012:Q2: -16.3%

Forecast change from peak to 2012:Q2: -54.8%

Median home price today: $212,000

Median home price in 2012: $177,000

Source: Fiserv Case-Shiller

#10 Punta Gorda, Fla.

Forecast change 2010:Q2 to 2012:Q2: -17.7%

Forecast change from peak to 2012:Q2: -61.4%

Median home price today: $135,000

Median home price in 2012: $111,000

Source: Fiserv Case-Shiller

#9 Orlando, Fla.

Forecast change 2010:Q2 to 2012:Q2: -18.4%

Forecast change from peak to 2012:Q2: -59.1%

Median home price today: $155,000

Median home price in 2012: $126,000

Source: Fiserv Case-Shiller

#8 Atlantic City, NJ

Forecast change 2010:Q2 to 2012:Q2: -18.5%

Forecast change from peak to 2012:Q2: -39.2%

Median home price today: $220,000

Median home price in 2012: $179,000

Source: Fiserv Case-Shiller

#7 Fort Lauderdale, Fla.

Forecast change 2010:Q2 to 2012:Q2: -18.7%

Forecast change from peak to 2012:Q2: -57%

Median home price today: $203,000

Median home price in 2012: $165,000

Source: Fiserv Case-Shiller

#6 Gainesville, Fla.

Forecast change 2010:Q2 to 2012:Q2: -18.8%

Forecast change from peak to 2012:Q2: -37.8%

Median home price today: $175,000

Median home price in 2012: $142,000

Source: Fiserv Case-Shiller

#5 Phoenix, Ariz.

Forecast change 2010:Q2 to 2012:Q2: -20.5%

Forecast change from peak to 2012:Q2: -61.4%

Median home price today: $144,000

Median home price in 2012: $115,000

Source: Fiserv Case-Shiller

#4 Ocean City, NJ

Forecast change 2010:Q2 to 2012:Q2: -20.6%

Forecast change from peak to 2012:Q2: -37.1%

Median home price today: $305,000

Median home price in 2012: $242,000

Source: Fiserv Case-Shiller

#3 Miami, Fla.

Forecast change 2010:Q2 to 2012:Q2: -21.21%

Forecast change from peak to 2012:Q2: -61.7%

Median home price today: $190,000

Median home price in 2012: $145,000

Source: Fiserv Case-Shiller

# 2 Las Vegas, Nev.

Forecast change 2010:Q2 to 2012:Q2: -21.7%

Forecast change from peak to 2012:Q2: -66.1%

Median home price today: $153,000

Median home price in 2012: $112,000

Source: Fiserv Case-Shiller

#1 Naples, Fla.

Forecast change 2010:Q2 to 2012:Q2: -24.6%

Forecast change from peak to 2012:Q2: -62%

Median home price today: $260,000

Median home price in 2012: $196,000

Source: Fiserv Case-Shiller

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7 Steps To Help Your Home Age Comfortably in South Salem NY | South Salem Real Estate

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A survey by AARP earlier this year found that 33 percent of adults older than 45 have modified their homes to allow them to age comfortably in place. 

Aging-in-place modifications can include: 

1.   Decorative grab bars in showers

 

2.   Step-free entrances

 

3.   Levered door handles

 

4.   Raised electrical outlets

 

5.   Bathrooms that can accommodate wheelchairs

 

6.   Widened doorways to accommodate walkers

 

7.   Higher toilets

 

Mike Leary, founder of Rochester, N.Y., firm Access Lifts & Ramps, says business is brisk and he expects it to continue to grow. “If my kids stay in the business, they’ll be the ones to make out well,” Leary says. “They’ll be taking care of me. I’m in the middle of the Baby Boomers.”

 

NAR Article

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Existing Sales Rise 5.6% In November According to NAR | Mt Kisco Real Estate

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Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of REALTORS®.  

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit. 

Lawrence Yun, NAR chief economist, is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said. 

Yun added that home buyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering, and we should trend up to a healthy, sustainable level in 2011.” 

The national median existing-home price for all housing types was $170,600 in November, up 0.4 percent from November 2009. Distressed homes have been a fairly stable market share, accounting for 33 percent of sales in November; they were 34 percent in October and 33 percent in November 2009. 

Foreclosures, which accounted for two-thirds of the distressed sales share, sold at a median discount of 15 percent in November, while short sales were discounted 10 percent in comparison with traditional home sales. 

Inventory Drops
Total housing inventory at the end of November fell 4.0 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace, down from a 10.5-month supply in October. 

NAR President Ron Phipps said good buying opportunities will continue. “Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months,” he said. “Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses.” 

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.30 percent in November from a record low 4.23 percent in October; the rate was 4.88 percent in November 2009. 

“In the short term, mortgage interest rates should hover just above recent record lows, while home prices have generally stabilized following declines from 2007 through 2009,” Yun said. “Although mortgage interest rates have ticked up in recent weeks, overall conditions remain extremely favorable for buyers who can obtain credit.” 

A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but are below a 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit. 

Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009; the balance of sales were to repeat buyers. All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. “The elevated level of all-cash transactions continues to reflect tight credit market conditions,” Yun said. 

Single-Family Homes Sales Jump
Single-family home sales rose 6.7 percent to a seasonally adjusted annual rate of 4.15 million in November from 3.89 million in October, but are 27.3 percent below a surge to a 5.71 million cyclical peak in November 2009. The median existing single-family home price was $171,300 in November, which is 1.2 percent above a year ago. 

Existing condominium and co-op sales declined 1.9 percent to a seasonally adjusted annual rate of 530,000 in November from 540,000 in October, and are 32.2 percent below the 782,000-unit tax credit rush one year ago. The median existing condo price was $165,300 in November, down 5.5 percent from November 2009. “At the current stage of the housing cycle, condos are offering better deals for bargain hunters,” Yun said.

NAR

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Lewisboro NY Home Prices Will Be Flat Through 2015 | Lewisboro Real Estate

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The recovery of housing prices will take at least four more years, according to a monthly survey of 110 leading economists and real estate experts, significantly longer than previously estimated.

Housing prices will rise only 7.2 percent by 2014 and the aggregate value of U.S. single-family homes four years from now will be roughly $1 trillion less than the economists projected in May, said Terry Loeb of MacroMarkets, the firm conducting the survey, which is based upon the projected path of the S&P/Case-Shiller U.S. National Home Price Index over the coming five years. 

”For the first time, in this month’s survey, our panelists provided their expectations through 2015. Less than 3% of the panel expects negative change in 2015, and at +3.7 percent, the average of the forecasts for that year is slightly higher than the average annual rate of national home price appreciation that prevailed in the decade prior to the historic bubble.  Yet, at +7.2%, the average projection of cumulative home price performance through 2014 reached its lowest point since survey inception for the second consecutive month,” said Robert Shiller, MacroMarkets co-founder and chief economist.

“The survey data we collected this year have consistently pointed to price stability in the intermediate- to long-term, which is reassuring in light of the volatility in actual home prices we have witnessed during the past few years.  However, most experts foresee a longer road to recovery, and materially lower price performance in the coming years than they did just a few months ago,” said Terry Loebs, MacroMarkets managing director.

Since the third quarter of 2006, near the height of the housing boom, prices have fallen 28 percent by the third quarter of this year, according to the S&P/ Case-Shiller US National Price Index.  The index rose 14.2 percent from the first quarter of 2009 until the second quarter of 2010, when the housing tax credits were in effect.  The latest MacroMarkets Home Price Expectations Survey was conducted during the period December 1st through December 15th.

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10 Ways to Pick Your Paint Color In North Salem NY | North Salem NY Real Estate

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Picking house paint colors isn’t just difficult. It’s terrifying! Pick colors that are blah, and your house will seem flat and featureless. But if the colors you pick are too bold, they might overwhelm the architecture… and upset the neighbors.

The best colors will highlight the most beautiful features of your home. Skillful use of color can even disguise design flaws, boosting the curb appeal and market value of your home. How do you find that magic color combination? Follow these tips.

1. Honor History
If you’re planning to paint an older home, you’ll probably want to use a historically accurate color scheme. You can hire a pro to analyze old paint chips and recreate the original color. Or, you can refer to historic color charts and select shades that might have been used at the time your home was built.

2. Jazz Up the Past
In some neighborhoods, homeowners fly in the face of history. Instead of choosing historically accurate colors, they paint their houses modern colors to dramatize architectural details. Using bright colors on old architectural details can produce startling and exciting results. But before you buy 10 gallons of bubblegum pink, it’s a good idea to look at what your neighbors are doing. A fluorescent colored Victorian that looks splendid in San Francisco will seem wildly out of place in more conservative neighborhoods.

3. Consider Your Neighbors
The house next door can give you paint color ideas, but don’t copy your neighbor exactly. Choose colors that set your house apart, without clashing with nearby buildings.

4. Borrow From Nature
The landscape around your house is blooming with color ideas. Trees may suggest an earthy palette of greens and browns. A beach setting might suggest vivid blues, turquoises, and coral colors. Even the garden in your front yard can inspire exciting color combinations.

5. Check the Roof
Your house is your canvas, but it is not blank. Some colors are already established. What color is your roof? Your paint color doesn’t need to match the roof, but it should harmonize.

6. Look For Things That Won’t Be Painted
Every home has some features that will not be painted. Does your house have brick walls? Vinyl windows? A natural wooden door? Will steps and interior railings remain their existing colors? Choose a color scheme that harmonizes with colors already present on your house.

7. Find Inspiration in Your Living Room
It may seem comical to paint entire house based on the pattern of a pillow case, but this approach does make sense. The color of your furnishings will guide you in the selection of your interior paint colors, and your interior paint colors will influence the colors you use outside. Once again, your goal is to harmonize.

8. Focus on Details
Depending on the size and complexity of your home, you may want to choose two, three, or as many as six colors. In addition to color for your siding, select accent colors for shutters, moldings, doors, window sashes, brackets, columns, and porch decks. But beware: too many colors will overwhelm your house. Too few can make your house seem flat and uninteresting.

9. Use Light to Add Size
It’s no wonder large, grand estates are often painted white. Light colors make a building look larger, and white is the favored color for traditional classical architecture. You can add to your home’s sense of size and dignity by using white or a pale cream color.

10. Go Dark For Drama
Dark siding or dark bands of trim will make your house seem smaller, but will draw more attention to details. Darker shades are best for accenting recesses, while lighter tones will highlight details that project from the wall surface. On traditional Victorian homes, the darkest paint is often used for the window sashes.

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Why You Need A Realtor in Pound Ridge NY | Pound Ridge Real Estate

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Whether buying or selling a home, you need a real estate agent to help with the transaction. A real estate agent has access to information not available publicly that can help in pricing the home or determining if the asking price is fair. Additionally, an agent will help in dealing with potential buyers, marketing the home and handling the details of the sale or purchase. 

Proprietary Knowledge 

In most communities, homes for sale appear in a locally-produced publication called the Multiple Listing Service. While much of the information on homes in the MLS can be found on the Internet, not all of it can. You need a real estate agent to help with the purchase or sale of your home because an agent will have access to all of the MLS information.

This proprietary information includes the actual sales price of each home sold, not just the listing price. Additionally, the MLS information will include the number of days a home was on the market prior to closing. Both pieces of information are valuable in knowing how to market your home or evaluate the appropriateness of the price asked for a home in the area that you are considering.

Expertise and Experience

Buying or selling a home is a complicated process. Many homebuyers or sellers feel they need a real estate agent to help them navigate all aspects of their transaction. A real estate agent is experienced in pricing homes, preparing homes to be marketed and attracting potential buyers. Agents are experienced as well in dealing with potential buyers and moving the home through the closing process.

Dealing With Buyers

If you are selling your home, you need a real estate agent to handle calls and questions from potential buyers. Additionally, a real estate agent will show the property, meaning that you don’t have to be available to do so. And if offers are made, a real estate agent acts as a go-between during negotiations. The negotiation process can become emotional, and many people feel they need a real estate agent to keep this process professional.

Help in Marketing

As mentioned above, including a home in the Multiple Listing Service advertises the property to a wider pool of potential buyers. However, there is more to marketing a home than publicizing that it is available. In addition to exposing the home to a wider market, an experienced real estate agent also can help prepare the home to be marketed to its best advantage. A real estate agent will know the strengths and weakness of a home as seen through the eyes of potential buyers and can help stage it to be most appealing.

Help in Closing

Closing the sale of a home requires correctly completing extensive paperwork. Even accepting an offer in the form of a contract needs to be correctly executed. Money can be lost or sales of opportunities missed if this is not done correctly and in a timely manner. An experienced real estate agent should have experience in completing the complex documentation required to buy or sell a home.

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Beatle Wants to Sell His Aspen Ranch For $4.5 Million | Bedford Luxury Homes

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Ringo Starr and his wife, Barbara, are asking $4.5 million for their three-bedroom vacation home near Aspen, Colorado.

The 70-year-old Beatles drummer, who continues to tour with his All Starr Band, bought the home in 1990. The wood cabin sits on about 16 flat acres in Woody Creek and has frontage on Roaring Fork River. The roughly 3,200-square-foot cabin was built in 1987 and is surrounded by unused horse paddocks. 

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