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Armonk NY Buyers Ask Me Should I Buy Or Rent | Armonk NY Real Estate

Robert Paul Realtor in Armonk NY

Robert Paul Realtor in Armonk NY

Field Guide to Buying vs. Renting

Is it better to Buy or Rent? Whether renting is better than buying depends on many factors.  The information listed here will assist you in helping answer this question. Included are statistics and studies on homeowners and renters as well as financing options and tips. (M. Glick, Senior Information Specialist)


 

Rent-to-Own Deals: Smart Questions to Ask…

For Sellers:

· Who will tend to the property and pay for routine maintenance?

· Who pays for major repairs?

· What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?

· Will you manage the property yourself, or hire an agent?

· What if the renters change their minds? Who keeps the money in the escrow account?

· If the buyers change their minds, what will be required to put the property back on the market?

 

For Buyers:

· How much of the rent is going to the down payment?

· How locked in are you if you change your mind?

· What will it cost you to get out of the deal?

· How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?

 

NAR

 

Armonk NY Homes

 

Armonk Luxury Homes

Buy a Foreclosure Property With A 203K Loan In Katonah NY | Katonah NY Real Estate

When you find a great foreclosure property and want to buy it, you find out you need all cash.  The government has come out with a new mortgage loan called a section 203K loan. 

Get a 203K Loan with Robert Paul Realtor

Get a 203K Loan with Robert Paul Realtor

 

 

Most foreclosure sales require all cash because the property is in bad shape and conventional loans do not allow below average property conditions.  FHA has a new loan to allow buyers to buy handyman specials and fix them up.  The buyer/borrower gets one mortgage to acquire and rehabilitate the home.

 

The 203K loan is determined by the projected value of the property after purchase and repairs.  This loan is available for owner occupied 1-4 families and condo units.  During the loan application the bank’s appraiser will determine the “as-is” values and “value after rehabilitation.”  The buyer has to get (A) “plot plan of the site,”  (B) “proposed interior plan.”  And (C) “work write-up and cost estimates.”  The work must start in 30 days and be completed within 6 months.

 

Work can include the following:

A)   structural alteration and reconstruction

B)   changes for improved functions and modernization.

C)   Elimination of health and safety hazards

D)   Changes for aesthetic appeal and demolition of obsolescence.

E)    Redecorating or replacement of plumbing.

F)    Installation of well and/or septic system.

G)   Roofing, gutters, and downspouts.

H)   Flooring, tiling and carpeting

I) Energy conservation improvements

J) Major landscape work and site improvements.

K)   Improvement for accessibility to a disabled person.

 

No investors allowed.  Must be owner occupied but includes multi-family and mixed use properties with restrictions.  www.asapmortgageinc.com is currently doing a lot of these loans and is helping my customers.  There are some great foreclosure buys out there right now.  Get out and buy one now while the supply is up, real estate is out of favor and long rates are low.  You will be glad you did in ten years.

 

Katonah NY Homes

 

Katonah Foreclosures

 

Preventing Home Holiday Fires in Pound Ridge NY | Pound Ridge NY Real Estate

 “We don’t want a fire to devastate your holiday celebrations,” said CAL FIRE Acting State Fire Marshal Tonya Hoover. “If everyone practices a little extra fire safety this holiday, we can help reduce the number of holiday decoration related fires and deaths.”

Robert Paul Realtor - Christmas Tree Fires In Pound Ridge NY

Robert Paul Realtor - Christmas Tree Fires In Pound Ridge NY

The holiday season is here and with it increased excitement about adorning homes with traditional decorations. As beautiful as they are, holiday decorations are an added home fire hazard. According to the National Fire Protection Association (NFPA), a candle-caused fire in the home is reported every 30 minutes.

In 2009, 166 Christmas tree fires were reported to the CAL FIRE – Office of the State Fire Marshal. There were 100 reported fires caused by the ignition of Christmas decorations. As of December 1 there have been nearly 40,000 reported fire incidents with over 80 tragic fire deaths in California.

Follow these safety tips to ensure a safe and happy holiday season:

 When selecting your Christmas tree, choose a fresh one with green needles.

Check the water level in the tree stand every day.

Keep the tree at least 3 feet away from any heat source including fireplaces and heating vents.

Never use lit candles to decorate a tree.

 Keep outdoor decorative lights outdoors and indoor lights indoors.

Inspect lights every year for frayed wires or cracked sockets.

Don’t link more than 3 light strands together unless the directions indicate it is safe to do so.

Turn decorative lights out when you leave the house or go to bed.

Only use lights that have been tested and labeled by a recognized testing laboratory.

Christmas Trees

Holiday Lights

 

Gas vs. Wood Burning Fireplaces | Bedford Hills NY Homes

You plan to build your dream home. You’ve pored through home plan books, picked out the perfect design, found a beautiful lot in a great neighborhood and worked out a deal with a well-regarded builder.A wood-burning fireplace will appease the die-hard traditionalist in any group. After all, who doesn’t love the rustic scent and the popping sound of a home-brewed blaze? The smell and sound of a true fire evoke images – real or imagined – of cozying up in front of a crackling blaze after a particularly challenging snowball fight or a day of building snowmen.

After years of rental apartments and settling for less, you’ve earned this home. You’ve promised yourself some of the amenities you’ve always wanted and, not surprisingly, a few well-placed fireplaces top that list. Your new home will include a fireplace in the family room so that, after a day of sledding, the kids can warm chilled fingers and toes and hang soggy mittens and mufflers up to dry.

A second fireplace in the living room adds an elegant touch to formal gatherings, and in the master suite, yet another fireplace serves as a romantic backdrop. Perhaps even more important than adding some old-time charm and comfort to your new home, a fireplace also answers that nagging question, “Where will we hang the Christmas stockings?”

Before you settle down in front of a warm blaze with a comforting beverage and your favorite novel, you need to make an important decision about whether you want a gas or a wood-burning unit. Today’s marketplace offers new-home builders plenty of choices when it comes to fireplaces, and consumers need to study up before making a choice.

To choose which type of fireplace works best for you, learn the differences between the two and define your priorities.

Even today’s “old-fashioned” wood-burning fireplaces present more choices than those of the past. High-energy models from a number of manufacturers often include insulated fireboxes that keep cold outside air outside and trap warm air that would otherwise escape up the chimney or out the sides.

Many of these models also feature blower systems that redirect heated air from the chimney out into the room.

Because traditional wood-burning fireplaces can emit gases and particles that harm the environment into the air, some communities regulate or even prohibit them.

Heatilator offers an outside air kit system that reduces lost energy by using outside air for combustion.

Another option available with some wood-burning fireplaces is a filter that helps eliminate dust and smoke from inside air.

A gas fireplace, which combines ease of use with the heating ability of a furnace, will appeal to those people who cringe at the idea of prying themselves off the sofa every couple of hours to fetch another round of wood.

At the flick of a switch, you’ll enjoy the warmth of a realistic blaze. A couple more flicks of the switch adjust the flame height and heat output.

In recent years, gas fireplace manufacturers have worked hard to create a blaze that resembles a real fire. Ceramic logs, tall, dancing flames and burning “embers” underneath imitate traditional fires.

Full Article

Bedford Hills NY Homes

Bedford HIlls Luxury Homes

Because gas units do not include a chimney, they also allow the homeowner some versatility when choosing a spot for the new fireplace.

Bedford NY School Budget Rises Again | Bedford NY Real Estate

Next year’s budget will have to increase by 5.12 percent, or $5.97 million,  in order to maintain current staffing and programming at the Bedford Central School District. 

School officials detailed their estimates and forecasts for next year’s budget during Wednesday’s Bedford school board meeting.  

The ‘go forward budget,’ or the budget to maintain existing programming and services, is estimated to be $122,450,000 next school year. That represents a 5.12 percent increase from this year’s budget. 

“We’re assuming that we’re not going to get any increase in class sections, or any changes in class sections with no problematic changes to the student needs at this point,” said Mark Betz, the district’s assistant superintendent for business and administrative services. 

These figures also assume that the district will use $4.4 million in budget reserves to help lower the tax levy.

The budget also doesn’t take into account the possible passage of property tax cap by the state Legislature. Governor-elect Andrew Cuomo’s property tax cap proposal would limit the amount of tax school district by 2 percent or the rate inflation.

One of the biggest thing driving up the budget are increased state employee and teacher pension funds, which are anticipated to increase by 35 percent next year, according to Betz. 

Betz said those pension contributions are mandated by the state and that the district has no control over them. 

“Just take that $2 million and think of that in terms of your tax levy,” Betz said. “Your tax levy, right now, is at $103 million. So, essentially, 2 percent is now added to your levy before you start just in pensions.”

Patch Article

Bedford NY Homes

Bedford Luxury Homes 

Astorino And Westchester Legislators Disagree Over Budget Cuts | Westchester Real Estate

Westchester County Executive Robert Astorino vetoed the 2011 budget sent to his desk by the Board of Legislators, citing reservations dealing with its revenues and spending. A total of 247 lines were struck out.

“The combination of phony revenues, wasteful spending, unfunded liabilities, illegal actions and rejection of generally accepted accounting principles jeopardizes our AAA credit ratings,” Astorino said of the $1.79 billion budget in a press announcement about his decision.

Legislators passed their budget on Friday. It calls for a two-percent tax decrease but with fewer reductions in social services than called for by Astorino, who proposed a series of cuts in November, as part of a budget version that calls for a one-percent tax decrease.

Despite the legislators’ 16-1 vote in favor of the budget, Astorino, a Republican, accused the board’s Democrats of not giving enough time for his administration or legislators in his party to scrutinize the proposal.

The legislators’ approved budget has been defended by Democrats for its treatment of taxes and services.

In an appearance before the New Castle Town Board Tuesday, County Legislator Mike Kaplowitz gave an update on the proposed budget, which he defended as something that “continues to provide essential services,” and listed what is covered.

Majority Leader Peter Harckham, whose district includes Mount Kisco and Bedford, had similar comments when the budget was passed.

Full Patch Article

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Chappaqua NY Housing Market in 2011 | Chappaqua NY Real Estate

The National Association of Realtors (NAR) predicted the housing market would improve by the end of 2010. In September 2010, Lawrence Yun, NAR’s chief economist, said that he expected the housing recovery to be “slow and gradual because of lingering economic uncertainty.”

The 2010 housing market has been characterized by lower sales volume than a year ago. However, the median price increased 0.08 percent in August from a year ago. The number of homes sold nationally in August increased 7.6 percent from July, 19 percent below the August 2009 level.

August closings reflect sales made in April when the homebuyer tax credit was still available. We could see lower sales volume and median sale prices moving forward. This will vary from one area to the next.

Real estate is a localized business. In California, home sales for 2010 are predicted to rise 2 percent from the 2009 level. The median sale price is expected to increase 11.5 percent from a year ago to $306,500 and another 2 percent in 2011, according to the California Association of Realtors. The state’s median sale price was $522,700 in 2005.

Research by First American CoreLogic indicates that 24 percent, or more than 11.3 million homeowners, have negative equity. Negative equity occurs when the unpaid mortgage balance exceeds the market value of the property. According to CoreLogic, homeowners with negative equity are unlikely to reach positive equity until 2015 or early 2016.

Foreclosures are one of the factors putting brakes on a housing market recovery. According to NAR, distressed sales accounted for 34 percent of homes sold in August, up from 32 percent in July and 31 percent in August 2009. Foreclosures will continue to impact the housing market in 2011.

Full Inman Article

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Survey of Seller Trends in Katonah NY | Katonah NY Real Estate

The National Association of REALTORS® surveys home buyers and sellers annually to gather detailed information about the home buying and selling process. These surveys provide information on buyer and seller demographics, housing characteristics and the experience of consumers in the housing market. Buyers and sellers also share information on the role that real estate professionals play in home sales transactions. NAR’s Profile of Home Buyers and Sellers reports – based on results of those surveys – provide real estate professionals with insights into needs and expectations of their clients. The latest 2010 NAR Profile of Home Buyers and Sellers* was released in November.

Last month’s Market Intelligence column highlighted some of the profile data on home buyers. In this edition, we focus on home sellers and how they may have “traded up” in purchasing another home.

(Note: sellers who responded to the survey were also home buyers; consequently, the information on home sellers can also be useful for real estate professionals who are looking at that portion of their clientele who are repeat buyers. For the first time since NAR Research began conducting the annual home buyer/seller survey, NAR Research asked sellers if this was their first selling experience. Nearly two-fifths of sellers were selling for the first-time. Slightly more than three-fifths were repeat sellers.)

Even for an experienced home seller, selling one’s home can often be just as complicated and confusing as buying a home can be for a first-time seller. The recent economic recession presented challenges to many households, and this was certainly true for those households who wanted to sell a property in order to purchase and move into another home. As in the past, however, most home sellers turn to real estate professionals to help them sell their properties as well as to purchase another home in which to live.

Selected Demographics of Home Sellers
As has been the case for the last several years, married couple households account for three-quarters of home sellers. Single male or female households represented about one in five recent sellers, with single females accounting for more than 2.5 times as many sellers as single males. Reversing a trend from recent years, the proportion of single female sellers increased in 2010. Two-fifths of seller households have a least one child under 18; this is slightly more than the share of home buyer households with children (35 percent).

The median age of home sellers was older in 2010 than in 2009. The typical age of a seller who sold a home between mid-2009 and mid-2010 was 49 – compared to 46 the previous year

One reason we look at the age factor for home sellers is that a variety of other seller demographics may correlate to the age cohort. For instance, younger sellers tended to be buyers of larger homes. Those sellers aged 18-34 years old purchased a home 100 square feet larger (median) than the home they sold, and sellers aged 35-44 years old traded up to a home that was 200 square feet larger than the home they had recently sold. The contrary is also true: older sellers tended to purchase homes that were smaller, with those aged 55-64 years old trading down the most.

Younger sellers also tended to purchase homes that were more expensive than the residence that they sold. In fact, for the youngest home sellers – those aged 18 to 34 years old – the median purchase price of the home they bought was $98,300 more than the price they achieved for the home they sold.

Tenure and Equity Earned
The typical home seller has owned their home for eight years, up from seven years in 2009, and 6 years in 2008. Sellers of detached single-family homes, which account for the largest share of homes sold, owned their home for a median of nine years. sellers of condos in buildings with five or more units had the shortest tenure at the median—6 years. Age of the home owner also corresponds with tenure. Sellers under age 34 have typically lived in their home for 5 years before selling compared with a 12-year tenure for those sellers 55 to 64 years old.

Not surprisingly, the longer tenure in a home usually generates a higher equity earned from the home when sold. The median equity in dollar value in a home sold between mid-2009 and mid-2010, that is, the difference between the purchase price and the selling price — was $33,000, which is 24 percent higher than when the seller purchased the home.. Sellers who owned a home for one year or less typically reported a greater gain when the home sold than did those whose tenure in their home was 2-3 or 4-5 years. One explanation for these large gains is that they result from the rehabilitation and resale of formerly distressed properties.

Full NAR Story

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Cut Your Price if Your Home Is Not Getting Offers | Pound Ridge NY Real Estate

Sellers: Price to Your Market


In this tough market, price reductions are more acceptable than they used to be, real estate broker and author Dian Hymer says. 

Certainly, they are more common because sellers have more difficulty setting reasonable prices, especially when prices change frequently. 

With buyers ignoring properties they believe are overpriced, it is especially important for sellers to quickly correct noncompetitive pricing, according to Hymer. 

Sellers should be prepared to lower their price more than once if they are out of sync with the market. The best measure is the sale prices of comparably priced properties that closed after the house was put on the market.

NAR Article

Pound Ridge NY Homes

 

Blogging About Luxury Homes At 13 Years Old | Bedford NY Real Estate

Cole Perkins pretty much gets it that he’s not exactly your average 13-year-old. For one thing, he’s totally uninterested in video games. And he attends “cyber school” — a home-schooling arrangement that tethers him to a classroom teacher via computer.

Then there’s that blogging thing. Where other kids might be blogging away about sports or television or popular music, that’s just too mainstream.

Cole Perkins blogs, instead, about luxury real estate.

He recently became something of a real estate keyword after Curbed.com posted an item about Lavish-Property.com, his fledgling site that each day features a new-to-the-market estate in North America or Europe, with extensive photography and his commentary.

The site, which he began a couple of months ago, surged from about 15 page views a day to more than 2,000 in the period immediately after the Curbed post. Things have settled down a bit since then, he said, to 400 to 500 a day. The blog, he said, is an “extracurricular activity,” a byproduct of tagging along with his parents four years ago when they were house hunting in Hershey, Pa.

“I just kind of got into houses when (my parents) were looking at houses every weekend,” he said in an interview. “I found it kind of fun, looking at different styles of architecture.”

Full Story

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