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Nicole Kidman Renting Out West Village Condo | Celebrity Real Estate

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The actress Nicole Kidman has listed her West Village condominium for rent for $45,000 a month. The full-floor apartment is in the south tower of Richard Meier’s two Perry Street buildings, the architect’s first foray into Manhattan residential real estate.

The actress Nicole Kidman and her husband, the singer Keith Urban.

A recently updated, free app offering in-depth property search tools and mobile features to help you navigate the real estate market.

Available on the iPhone App Store ».Public records show that the unit, at 176 Perry Street, was bought for Ms. Kidman by Antonia Hawley, her sister, in 2003, before the towers were complete. It is one of the properties Ms. Kidman has lived in with her husband, the country singer Keith Urban, according to a person with knowledge of the listing. The couple’s neighbors have included the designer Calvin Klein and the actor Hugh Jackman.

The public records did not list an original purchase price for the apartment, which has 3,785 square feet of space, three bedrooms and three and a half baths, according to the rental listing. But news accounts at the time of the sale put the price at about $8 million. Richard Orenstein of Halstead Property, the broker on the listing, declined to comment.

Ms. Kidman and Mr. Urban signed a contract for $10 million in August for a penthouse at 200 Eleventh Avenue in West Chelsea, a building that has drawn attention for both its architectural innovation and its “sky garage” and car elevator, which allows residents to park their cars right outside their apartments, according to a person familiar with the deal.

NYT Article

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Bedford NY Town Government | Bedford NY Real Estate

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A five member Town Board, made up of the Supervisor and four Town Board members elected at large, functions as the legislative body of the Town and is responsible for the “health, safety and welfare” of its residents. Terms for Town Board members are four years; the Supervisor’s term is two years.
 

The Supervisor functions as the Chief Fiscal Officer and Chief Executive Officer. A Deputy Supervisor is appointed to assist with the duties of the Supervisor during their absence.

The Town Board is a legislative body, responsible for setting policy, adopting the annual budget, and enacting laws and resolutions for the betterment of the Town’s residents.

Regular Town Board meetings are conducted the first and third Tuesdays each month at 8 pm in the Town House followed by a Public Open Forum. Work sessions are held as announced. All meetings are open to the public and only certain legally sensitive issues may be discussed in executive session.

Members of the Town Board may be reached by contacting the Supervisor’s Office or sending mail to the Town Supervisor’s Office at 321 Bedford Road, Bedford Hills, NY 10507

Supervisor
Lee V. A. Roberts, Supervisor
Two year term ending 12/31/11
Email: Supervisor@BedfordNY.info
Telephone: 914-666-6530
FAX: 914-864-1030

 
Town Board
 
Chris Burdick
Town Board Member
Term ending 12/31/11
Email: CBurdick@BedfordNY.info
 Peter A. Chryssos
Town Board Member, Deputy Supervisor
Term ending 12/31/13
Email: PChryssos@BedfordNY.info
 

Francis T. Corcoran
Town Board Member
Term ending 12/31/13
Email: FCorcoran@BedfordNY.info 
David Gabrielson
Town Board Member
Term ending 12/31/11
Email: DGabrielson@BedfordNY.info
 
Town Justices
The Town of Bedford has two Town Judges, each elected to a four-year term. The Judges hold sessions of Criminal Court, Civil Court and Traffic Court.

 
Kevin Quaranta
Term ending 12/31/11

 Erik P. Jacobsen
Term ending 12/31/13
 
Email: Court@BedfordNY.info
Voice: 914-666-6965
FAX: 914-666-2490

 
Town Clerk
The Town Clerk is elected to a four-year term and duties include, among many, running the Town Elections and serves as the Registrar of Vital Statistics.
Lisbeth (Boo) Fumagalli, Town Clerk
Term ending 12/31/13
321 Bedford Road
Email: TownClerk@BedfordNY.info
Voice: 914-666-4534

 
Westchester County Legislator
2nd County Legislative District
Peter Harckham
Westchester County Office Bldg.
148 Martine Ave.
White Plains, NY 10601
(914) 995-2810
Email: Harckham@westchesterlegislators.com

 Westchester County Clerk
Timothy C. Idoni
110 Dr. Martin Luther King, Jr. Blvd
White Plains, NY 10601
(914) 995-3080
Email: cclerk@westchestergov.com
 
Westchester County Executive
Robert Astorino
148 Martine Avenue
White Plains, NY 10601-3327
(914) 995-2127

 New York State Senate
40th Senate District
Vincent L. Leibell (R-C)
1441 Route 22, Suite 205
Brewster, NY 10509
(845) 279-3773
Email: leibell@senate.state.ny.us
 
New York State Assembly
89th Assembly District
Robert Castelli
4 New King Street, Suite 125
White Plains, NY 10604
(914) 907-2900
Email: castellir@assembly.state.ny.us

 United States Senate
Kirsten E. Gillibrand (D)
531 Dirksen Senate Office Building
Washington DC 20510
(202) 224-4451
http://gillibrand.senate.gov/contact/

 
United States Senate
Charles E. Schumer (D-IN-L)
757 Third Ave., Rm. 17-02
New York, NY 10017
(212) 486-4430
Email: senator@schumer.senate.gov

 United States House of Representatives
19th Congressional District
John J. Hall ( D)
1217 Longworth House Office Building
Washington DC 20515
(202) 225-5441

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How to Comply with Westchester’s New Well-Water Testing Law | Westchester Real Estate For Sale

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By Edward I. Sumber, Legal Counsel

On May 23, 2007, the County of Westchester adopted Local Law No. 7 of the year 2007 which is entitled “The Private Well-Water Testing Law”. The new Law becomes effective on November 19, 2007. Regulations contemplated by the new Law were published by the County of Westchester on Tuesday, September 18, 2007 and the Law and the Rules and Regulations are posted on the Health Department’s website at http://www.westchestergov.com/health/.

Why Was the New Law Necessary?

The new Law, also referred to as “Laws of Westchester County §707.0 et seq.” is intended to identify properties throughout Westchester County which are served by substandard water supplies so that purchasers of properties and tenants residing in properties served by wells with contaminants, are aware of the circumstances, can remediate and address the issues and so that the Health Department can make available to the public a “general compilation of water test results data arranged or identified by municipality or appropriate geographic area…”. In addition, the Department of Health may establish a public information and education program to assist the public in identifying the potential health affects of consuming contaminated water as well as suggesting water treatment techniques, equipment strategies and identifying funding sources available for treating water from private wells which have failed a water test.

Who Must Comply With the New Law?

There are three aspects to the Private Well-Water Testing Law:

1. §707.03 relates to water testing when a property served by well-water is sold in Westchester County;

2. §707.04 relates to water testing requirements for properties served by well-water which are leased; and

3. §707.05 relates to water testing requirements for new wells.

The burden of compliance with these new sections falls upon a seller of real property upon the sale of the property, the landlord in connection with the leasing of property and the owner of property at the time that a new well is installed.

Requirements upon Sale of Real Property

When a contract of sale for any property served by well-water in Westchester County is signed, the seller must cause a water test to be conducted, which will identify contaminants, constituents, substances, metals, inorganic or organic chemicals (all refered to as “Parameters”) which affect the drinking quality of the water. The seller is required to arrange and pay for the cost of the testing and within ten (10) days of the signing of the formal contract of sale, provide to the purchaser confirmation that the test has been ordered. Within five (5) days after the receipt of the water test results from a certified laboratory, the seller is required to deliver the well-water testing report to the purchaser. The purchaser and seller are required to certify in writing that they have received and reviewed the water-test results. The County Health Department must receive a copy of the test results directly from the certified laboratory.

If the test fails any of the primary parameters (bacteria/total coliform or e-coli, nitrates, arsenic, lead, primary organic contaminants, vinyl chloride or MTBE) the seller will have a choice to a) correct the condition to achieve safe levels of contaminants b) cancel the contract of sale and return the down payment or c) agree in writing to consummate the sale upon terms negotiated between the buyer and the seller.

In addition, the purchaser or seller can test for additional parameters which are not considered “Primary Parameters” and which are referred to in the Regulations as “Secondary Parameters” which affect taste and water quality. Such secondary parameters include pH, iron content, sodium content, chloride content, etc.

Water Testing for Leased Properties

Landlords will be required to test a private well on or before November 19, 2008 and once every five (5) years thereafter. Every new tenant of an apartment in Westchester which is provided with water from a private well is entitled to a copy of the test results whenever a new lease is entered into.

New Wells and Wells Not In Use

Prior to its first use, any new well must be tested and any well which is not in use for a period of five (5) years for drinking purposes must be tested if it is placed into use for a resident or owner.

Who Can Perform the Test?

The test can only be performed by a certified laboratory. The certified laboratory must designate an employee or authorized representative of the certified laboratory to collect

the water sample. The water sample cannot be submitted by the homeowner, by a Realtor or by any other party.

There are highly technical requirements for how the sample is to be obtained including the designation of sampling locations and particular requirements for lead analysis. The format of the report to be provided by the certified laboratory is specified by the Westchester County Department of Health and will include the maximum contaminant levels, guidelines, optimum ranges and other data. The data is required to be reported by the laboratory directly to the Department of Health and to the person who requested the test. Results will not be made available to the public. A list of certified laboratories will be created by the Westchester County Health Department and can be found at the Department’s website at www.westchestergov.com/health.

What is the Estimated Cost of the Testing?

The Questions and Answers promulgated by the Department of Health on September 18, 2007 indicate that the Department believes that the average cost of the well testing will be Four Hundred to Four Hundred Fifty ($400 – $450) Dollars. The seller is required to pay the cost and the Law specifically prohibits an agreement between buyer and seller that the test be waived (§707.09).

What About Contracts Entered Into Prior to November 19, 2007?

The Law provides that it is applicable only to contracts on or after Monday, November 19, 2007. It applies solely to properties which are served by private wells that are providing potable water for drinking purposes (not wells used strictly for watering lawns, etc.). If there was an accepted offer with respect to a property as of November 19, 2007 but formal contracts have not been entered into, the well testing Law will apply. The Law does not allow the seller to pass the costs onto the purchaser. If a test is completed by a seller and the sale is not consummated, the seller can use the test results for a period of one (1) year from the date of the original sample collection although the test for coliform is valid only for six (6) months from the date of the sample collection. In such cases in which a test was already obtained, the seller is required to provide a copy of the test results within ten (10) days of the execution of the subsequent contract.

What are the Penalties for Non-Compliance?

The Department of Health has the ability under the Law to impose heavy fines upon a non-compliant landlord or a seller of real property. Under §707.12, a seller, purchaser or lessor who violates the new Law is subject to a civil penalty not to exceed One Thousand ($1,000) Dollars. In addition, when a contaminated well is not remediated or a test is not provided by a seller to a purchaser or by a landlord to a tenant as required

by the new Law, the County can impose a fine of One Thousand ($1,000) Dollars per day for failure to provide potable water until the condition is corrected or remediated. In addition, any violation resulting from the failure of an owner or landlord to remediate a known condition within one (1) month of the initial violation date is subject to a penalty not to exceed Ten Thousand ($10,000) Dollars for each violation.

What Rights Do Tenants Have?

In the event that a landlord fails to provide potable water to a rented property, the tenant is granted the right under §707.06 to remediate the condition and obtain subsequent tests of the water and to offset the cost of any remediation and subsequent water tests against the rent payable under the lease.

What is the Role of the Realtor?

When originally drafted, the Law imposed upon Realtors and other state licensees an obligation to provide information and assure compliance with the new Law. Through the work of the Westchester County Board of Realtors, the County deleted the sections placing this obligation on State licensees.

Notwithstanding the deletion from the Law of the obligations of Realtors, the self-interest of Realtors to ensure that the transactions which they work to bring about are consummated will necessitate informing sellers and providing information about the new Law and how to bring about compliance.

The Westchester County Department of Health’s website should be accessed by every Realtor to download a copy of the new Private Well-Water Testing Law, the Regulations issued by the Commissioner of Health which are effective on the effective date of the Law (November 19, 2007), as well as the Frequently Asked Questions (“FAQs”) and Answers which are also available on the website. The FAQs are broken into fifteen (15) questions under “Applicability and General Requirements”, nine (9) questions under “Collection and Analysis of Samples” and eleven (11) questions under “Interpreting Test Results & Subsequent Actions”.

A review of these FAQs, the Law and the Regulations reveals that this Law is not simple and will no doubt cause compliance difficulties for some sellers and landlords as well as some unanticipated costs. The Department of Health has also issued a “Summary of Private Well-Water Testing Law” which includes a contact E-mail address for Ms. Nancy Birnbaum (neb1@westchestergov.com) to answer technical questions regarding the electronic transmission of data to the County

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U.S. Home Starts Close to Record Low in October | Armonk NY Homes

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Bloomberg News reports home building is still in the doldrums.  Armonk NY Homes sees the same in Armonk NY. 

Armonk NY Homes  |  Builders in the U.S. began work on fewer homes than forecast in October as the industry remained mired near the depths reached during the recession.

Housing starts fell to a 519,000 annual rate, the fewest since a record low reached in April 2009 and down 12 percent from a revised 588,000 in September that was less than previously estimated, Commerce Department figures showed today in Washington. Work on multifamily units, which is often volatile, plunged 44 percent, swamping a 1.1 percent drop in single-family homes.

Record-low mortgage rates have failed to boost demand, highlighting the limits of Federal Reserve monetary policy in undoing the damage from the bursting of the housing bubble. Companies like D.R. Horton Inc. are bracing for the worst in early 2011 as unemployment hovers near 10 percent and the lifting of foreclosure moratoriums swells the supply of houses.

“Starts are a reminder of just how miserable the situation is in housing,” said Chris Low, chief economist at FTN Financial in New York. “Sales have been so weak for so long that we continue to see starts bouncing along the bottom.”

The cost of living in the U.S. rose less than forecast in October, indicating higher prices for commodities such as fuel aren’t filtering through into other goods and services, figures from the Labor Department also showed today.

Less Inflation

The consumer-price index increased 0.2 percent after a 0.1 percent rise the prior month. Excluding food and fuel, so-called core costs increased 0.6 percent from October 2009, the smallest year-over-year gain in records dating back to 1958.

Treasury securities climbed after the reports, erasing earlier losses and propelled by the slowdown in inflation. The yield on the 10-year note, which moves inversely to prices, was 2.84 percent at 8:52 a.m. in New York, little changed from late yesterday. It had been as high as 2.88 percent earlier in the day. Stock-index futures held earlier gains.

Economists forecast housing starts would decrease to a 598,000 pace from a previously estimated 610,000, according to the median of 75 projections in a Bloomberg News survey. Estimates ranged from 550,000 to 625,000.

The number of single-family homes started dropped to 436,000. Work on multifamily homes, such as townhouses and apartment buildings, fell to an annual pace of 83,000, the fewest since February.

Permits Stabilize

Building permits, a sign of future activity, rose 0.5 percent to a 550,000 rate, less than forecast, from 547,000 in September. The stabilization in permits indicates construction may not fall much more in coming months.

Building permits were forecast to climb to a 568,000 pace from a previously reported 539,000 the prior month.

Mortgage rates near record-lows have failed to prompt an increase in applications for loans to purchase homes. While the average rate on a 30-year fixed mortgage has hovered near the all-time low of 4.21 percent in the week ended Oct. 8, according to the Mortgage Bankers Association, the group’s index of applications to buy a home is down 38 percent from a six-month high reached in April.

Moratoriums placed on foreclosures at banks threaten to prolong the time it takes for the housing market and prices to fully recover as properties slated for repossession take longer to come to market. Attorneys general in 50 states are investigating home seizure practices after court documents surfaced showing finance-company employees had signed papers without ensuring their accuracy.  |  Armonk NY Homes 

 

Full Article in Bloomberg News

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Mortgage Lenders Face Massive Foreclosure Losses | Katonah NY Real Estate

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Panel sounds foreclosure warning, industry downplays

WASHINGTON (Reuters) – Widespread problems in how U.S. lenders documented foreclosures could spark a wave of legal challenges resulting in massive losses to banks and serious new troubles for the housing market, a federal watchdog warned on Tuesday.

The Congressional Oversight Panel, the overseer of the government’s Wall Street bailout, in its latest report laid out a range of possible outcomes for the foreclosure paperwork mess that emerged in September.

In the best-case scenario, the watchdog said, concerns about the paperwork mess are “overblown” and banks would be able to proceed with foreclosures as soon as invalid court documents were replaced with proper paperwork.

But in the worst-case scenario, it warned that banks could face billions of dollars in losses.

Banks are accused of having used “robo-signers” to sign hundreds of foreclosure documents a day without proper review, a fiasco that reignited public anger with banks that received billions of dollars in taxpayer aid in the financial crisis.

Bank of America, Ally Financial and JPMorgan were among banks that temporarily suspended foreclosures pending internal reviews of their practices, but have since begun to resume sales of foreclosed properties.

Bank of America and JPMorgan officials are due to testify before a Senate panel later on Tuesday.

In the worst-case scenario, the panel said banks may be unable to prove that they own the mortgage loans they claim to own, legal challenges could call into question the validity of 33 million mortgage loans — many of which were then securitized and sold to investors — and banks could face billions of dollars in unexpected losses.

“If such problems were to arise on a large scale, the housing market could experience even greater disruptions than have already occurred, resulting in significant harm to major financial institutions,” the 125-page report said. “At present, the reach of these irregularities is unknown.”

The American Securitization Forum on Tuesday pushed back against claims that mortgage servicing problems could pose problems for the mortgage backed securities market, saying it has conducted its own study of the issue.

“We are confident that the process in which market participants assign and transfer mortgage notes and mortgages is valid, sound and legally binding,” ASF Executive Director Tom Deutsch said in a statement.

The panel, created to oversee the $700 billion bank rescue approved by Congress in 2008, also said banks could end up losing $52 billion from so-called mortgage put-backs, or loans that were sold to other investors but would have to be bought back due to problems that have turned up.

Those losses would be borne predominantly by Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, the panel said.

LAWMAKER SHOWDOWN

Banks have been eager to downplay the impact of the mess over foreclosure paperwork, saying evictions through foreclosure have been “materially accurate.”

Bank regulators and all 50 state attorneys general are investigating bank foreclosure practices. On Tuesday Bank of America Chief Executive Brian Moynihan said a quick settlement with the states is best for all involved.

“It is in everyone’s best interest to get this settled and behind us,” said Moynihan, speaking at the Bank of America Merrill Lynch Financial Services conference in New York.

He also said the bank was working through its mortgage repurchase requests from private investors. While the costs for buying back bad mortgages, or put-backs, will be manageable, Moynihan said such disputes could drag on for years.

Banks face lawmaker scrutiny later on Tuesday in hearings by the Senate Banking Committee, and then another hearing on Thursday before the House of Representatives Financial Services Committee.

A top Bank of America executive acknowledged problems in the bank’s foreclosure practices in testimony prepared for the Senate hearing and said Bank of America is working to replace previously filed affidavits in as many as 102,000 pending foreclosure cases.

“Thus far, we have confirmed the basis for our foreclosure decisions has been accurate. At the same time, however, we have not found a perfect process,” said BofA home loans chief Barbara Desoer in the prepared testimony.

David Lowman, chief executive for home lending at JPMorgan Chase, also laid out missteps in foreclosure paperwork and said the bank is cleaning up errors.

The banks are not the only ones under fire. Regulators are facing criticism from lawmakers for not picking up on the paperwork problems earlier. Many of these regulators — including officials from the Federal Reserve, the Office of the Comptroller of the Currency and the Housing and Urban Development Department — are scheduled to appear at Thursday’s House hearing.

Full Article

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House of The Week | Brooke Astor’s Holly Hill | Bedford NY Real Estate

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BRIARCLIFF MANOR — The asking price on the
majestic Briarcliff Manor estate of the late Brooke
Astor fell to $9.75 million this month.

It was the second price reduction for Holly Hill,
which was put on the market for $12.9 million in
2008 and came down to $10.5 million in 2009.

“There aren’t many properties of this type on the
market, and I see a lot of impressive properties,”
said listing broker David Turner of Houlihan
Lawrence in Bedford. “Holly Hill is a wonderful
opportunity for the buyer with the resources,
insight and desire and who understands its rarity
and value.”

“I didn’t know (Brooke Astor), but walking around
here, I wish I had,” Turner said while moving
through a circular foyer with a black-and-white
marble floor into what had been a library and then
into the dining room. The 1927 stone mansion
designed by William Adams Delano features
fireplaces with marble-carved surrounds and French
doors leading to terraces. The famed New York
socialite and philanthropist bought the estate in
1964 after her third husband, Vincent Astor, died.

In August 2007, she died here at 105. Her only
child, Anthony Marshall, was convicted last year of
taking advantage of Astor and altering her will that
had left $60 million to charities. He was sentenced
to one to three years in jail, but is free on $500,000
bail pending an appeal.

Personal items have been removed from the 10-
bedroom, 21-room house. Now the 10,888-square-
foot home on nearly 65 acres of prime Westchester
land is empty, save for some draperies and well-
worn chintz-covered chairs. Most items are in
storage, said Turner, and will be distributed to heirs
or sold at auction at a future date.

Although vacant, Astor’s country house seems to
still hold touches of the grand dame — a Chanel
powder puff in a bathroom, tiny satin slippers
glimpsed on a closet floor and plush pink paisley
towels hanging on rods.

Bathroom sinks are sunk into large slabs of marble
 standing on thick crystal legs. The kitchen has
1960s-era yellow formica counters, metal St.
Charles cupboards, linoleum tile floors, a
commercial-grade Garland stove and a Traulsen
refrigerator. The property also has a pool, a four-
bedroom gardener’s cottage, a carriage house, a
root cellar and two separately deeded tax lots.
Annual total property taxes are $200,842.

“It is a marvelous piece of property,” said Eileen
Weber, 92, whose own family house bordered the
estate at 298 Scarborough Road and who worked in
real estate.

“But it is not just a flat piece of land. And in these
times, who wants to gamble on putting in all this
work, sewers, roads and such?” said Weber.

She is concerned that possible development of the
property could change the neighborhood.

It is one of four large parcels in the village. The
other three are the 98-acre Philips Lab campus, the
97-acre property owned by Barbara and Albert
Erani, and the 57-acre former Kings College
property that is being tranformed into luxury senior
housing for The Club at Briarcliff Manor.

Briarcliff real estate agent Mark Seiden says the Holly
Hill property could be a tough sale to close.

The potential buyer would either be a developer
who wants to transform the entire parcel or
someone who wants to renovate the home and sell
off a piece of the land, Seiden said. The village
rezoned the area recently, requiring 2 acres per
parcel.

There aren’t many large estates in Briarcliff, he said,
explaining that most buyers want to be near similar
properties in North Salem or Bedford. Currently
there are 52 homes marketed in Briarcliff and so far
this year, 45 properties sold at an average price of
$862,297, he said.

Full Article

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NAR Reports First Time Buyer Survey in Chappaqua NY | Chappaqua NY Real Estate

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Highlights from the 2010 NAR Profile of Home Buyers and Sellers

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 the needs and expectations of their clients. This year’s data provide valuable insight into how buyer and seller demographics have changed based on shifting market conditions. The latest 2010 NAR Profile of Home Buyers and Sellers* was released during NAR’s annual conference and expo in November. Below we highlight some of the findings of that survey report that focus on home buyers.

Homebuyer Demographics: Who’s Buying

In 2010, home buyers saw the continuation and expansion of the home buyer tax credit. While the original home buyer tax credit only covered first-time buyers, the expansion covered move-up

buyers. The tax credit and record home affordability changed the home-buyer landscape.

One of the most important changes reflected in this year’s findings was the share of first-time buyers. Over the last 10 years, first-time purchasers have accounted for 40-41 percent – on average – of all home buyers during the course of a year. The 2010 survey results show that 50 percent of all purchasers between July of 2009 and June of 2010 were first-time buyers. This is the largest share of first-time buyers in more than 19 years.

Improved affordability has opened the home-buying market to those who would not have been able to purchase a home in the past. Median household income of home buyers declined nationally and in all regions for the last two years. But at the same time, mortgage interest rates declined to historic lows and home prices remained affordable. Consequently, the decline in the median household income of home buyers reflects how improved housing affordability – coupled with government programs supporting home buying – opened the market to home buyers who would not otherwise have been financially able to purchase a home.

Improved affordability and the increased share of first-time home buyers are also reflected in the increased share of single buyers. Single buyers in 2001 accounted for 22 percent of the home-buying market; that share grew to 32 percent in 2010. The role of single female buyers has also been expanding in recent years, and held stable at 20 percent in 2010. This year the share of single male home buyers climbed to an all-time high of 12 percent of the market. The share of married couples declined to 58 percent in 2010 from 68 percent in 2001.

Why They Buy

Among buyers of nearly every age bracket and every household composition – those with children and those without children – the primary reason for purchasing a home was the desire to own a home. This result has been consistent over the years. Nearly 31 percent of all buyers cited this reason in 2010. This was especially true for first-time buyers—53 percent reported the most important reason for purchasing a home was the desire to own a home.

For repeat buyers the most important reason for their recent home purchase was the desire for a larger home and a job-related relocation or move. Affordability as a motivator has increased among first-time and repeat buyers and for buyers who are under 44 years of age.

The Home Purchased

What a buyer purchased depended greatly on the quality of the neighborhood, convenience to job, overall affordability of homes, convenience to friends and family, and the quality of the school

district. Whether a buyer was a first-time or repeat buyer, approximately three quarters of all home buyers purchased a detached single-family home.

Continuing a trend since 2007, the share of home buyers purchasing a previously owned home has increased, while the share purchasing a new home has declined. The typical home purchased was 1,780 square feet, had three bedrooms and two bathrooms, was built in 1990, and was 12 miles from the buyer’s previous residence. Once buyers find the home they are looking for they plan to stay in their home for 10 years.

The Home Search

The Internet is playing an ever increasing role in the home search process. Thirty-six percent of buyers looked online for properties for sale as their first step in their search for a home to purchase. An additional 11 percent began by finding information online about the home buying process. Nine in ten buyers used the Internet in some way during their search process.

While the usage of the Internet in the search process has grown, it does not diminish the use of real estate professionals; rather, it provides a complementary relationship. In fact, home buyers who used the Internet to search for a home were actually more likely than those who did not use the Internet to buy their home through a real estate agent (85 percent vs. 70 percent). Often those Internet users take steps to look at a particular property they saw online. Eighty-eight percent of recent buyers used an agent during their home search process. The use of other information sources has declined in recent years.

The Role of Real Estate Professionals

Home buyers still rely heavily on the expertise of real estate agents to navigate the housing market and help guide them through the home sales transaction. Eighty-three percent of buyers purchased a home through a real estate agent, up from 77 percent in 2009. Fifty-seven percent of buyers found their agent through a referral or used an agent they had used in the past to buy or sell a home.

Buyers most want their agent to help them find the right home to purchase, but they also want help negotiating the terms of sale and with price negotiations. Sixty-six percent of buyers benefited by having their real estate agent help them understand the process.

Satisfaction with one’s real estate professional is very high, and home buyers report that they were very satisfied with the services they received from their agents. More than 95 percent of buyers said they were very or somewhat satisfied with their agent’s honesty and integrity and their agent’s knowledge of

the home purchase process.

In Summary

Buying a home is a complex and at times can be a daunting process. There are many options as well as constraints that households face when searching for the right home that will meet their needs today as well as in the future. However, it is important to know that even amidst market uncertainty buyers want to make an investment through home ownership. Buyers are overall satisfied with the home buying process, with nine in ten reporting they were at least somewhat satisfied. Additionally, 87 percent of buyers would use their real estate agent again or recommend their agent to others.

Full NAR Article

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Fair Housing Rules and Regulations in Westchester NY | Westchester NY Real Estate

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Westchester Putnam Association of REALTORS®, Inc.
60 South Broadway, White Plains, NY 10601
914.681.0833

INFORMATION ABOUT FAIR HOUSING IN REAL ESTATE TO WESTCHESTER HOMEBUYERS, RENTERS, SELLERS, AND APARTMENT OWNERS:

The Westchester Putnam Association of REALTORS, Inc., of which I am a member, has asked its member REALTORS to distribute this memo to everyone with whom they do business. The purpose is to promote better understanding of current fair housing laws and the ethical obligations of REALTORS.

Discrimination in the sale or rental of residential property based on race, color, religion, sex, national origin, age, familial and marital status, or disability is prohibited by one or more provisions of federal and state law. In addition, Westchester County and some individual communities have local fair housing laws to supplement the federal and state laws. An abstract of key federal, state, and county laws is printed on the reverse side of this memo.

Real estate agents are subject to these laws. If the real estate agent is also a REALTOR member of the Board of REALTORS, he or she is subject to the additional standard of total nondiscrimination that is a part of the REALTOR Code of Ethics. Violation of the Code leads to

disciplinary action against the REALTOR in addition to the penalties under applicable laws.

But real estate agents and REALTORS are not alone in being subject to the fair housing laws.

IT IS IMPORTANT FOR REAL ESTATE BUYERS AND SELLERS TO KNOW THAT THEY, TOO, ARE SUBJECT TO MOST PROVISIONS OF THE FEDERAL, STATE, OR LOCAL FAIR HOUSING LAWS WHETHER OR NOT A REAL ESTATE AGENT OR REALTOR IS INVOLVED IN THE TRANSACTION. IN PARTICULAR, RACIAL DISCRIMINATION BY ANYONE IN THE SALE OR RENTAL OF HOUSING IS A VIOLATION OF FEDERAL LAW. Although the sale or rental of real property is a private act, it is subject to fair housing laws. Ordinary buyers and sellers, “testers,” and regulatory agencies can and do take legal action against parties who do not deal on an equal opportunity basis. We hope this information clarifies our mutual responsibilities in fair housing. Thank you for your attention.

REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. SUMMARY OF IMPORTANT FAIR HOUSING LAWS

EXCERPTED FROM PUBLICATIONS OF THE NATIONAL ASSOCIATION OF REALTORS AND FROM A

WESTCHESTER REALTOR’S GUIDE TO FAIR HOUSING AND EQUAL OPPORTUNITY REAL ESTATE

The 1866 CIVIL RIGHTS ACT provided that:

“All citizens of the United States shall have the same rights, in every State and Territory, as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold and convey real and personal property.”

On June 17, 1968, in the case of JONES v. MAYER, the United States Supreme Court held that the 1866 law prohibits “all racial discrimination, private as well as public, in the sale or rental of property.”

Thus, any individual, who feels he or she has been discriminated against, can immediately file a suit in Federal Court. The court can stop the sale of a house, or rental of an apartment, to someone else

or award damages and court costs.

The 1968 Supreme Court decision further held that the 1866 Act protects all individuals against the following:

1. Denial that housing is available for inspection, sale, or rent when it is really available.

2. Discrimination in the terms or conditions of sale or rental lease.

1968 FAIR HOUSING LAW

Title VIII of the Civil Rights Act of 1968 (the Federal Fair Housing Law), declared it a national policy to provide fair housing throughout the United States. This law and subsequent amendment makes discrimination based on race, color, religion, sex, or national origin illegal in connection with the sale or rental of most housing and any vacant land offered for residential construction or use. The Fair

Housing Law provides protection against the following acts, if they are based on race, color, religion, sex or national origin:

1. Refusal to sell or rent, to deal or negotiate with any person.

2. Denial of a loan or creation of different terms or conditions for home loans by commercial lenders, such as banks, savings and loan associations or insurance companies.

3. Discrimination, by advertising that housing is available only to persons of a certain race, color, religion, sex or national origin.

4. “Blockbusting” for profit i.e. persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood.

5. Denial to anyone of the use of, or participation in, any real estate services such as brokers’ organizations, multiple listing services, or other facilities related to the selling or renting of housing.

NEW YORK STATE LAW

New York law prohibits discrimination in the sale, rental or lease of housing accommodations on the bases of race, color, creed, national origin, sex, disability, age or marital status by the owner, lessee, sublessee, or managing agent of housing accommodations or by real estate brokers and salepersons.

The law also prohibits discrimination in:

1. The terms, conditions or privileges of the sale, rental or lease or in the furnishing of facilities or services in connection with any housing accommodation;

2. The printing or circulating of any statement or publication or the use of any form of application or publication for the purchase, rental or lease of a housing accommodation.

There are certain limited exceptions to New York State’s Human Rights Law: (1) the rental of one and two family dwellings where the owners or their families reside in such dwellings, (2) the rental of

rooms in housing accommodations by owners or occupants where such persons or their families actually reside in such accommodations or (3) the rental of all rooms in a housing accommodation to persons of the same sex.

FAIR HOUSING AMENDMENTS ACT OF 1988

This Act strengthened the enforcement of the 1968 Fair Housing Law. It also provided substantial additional protection for disabled persons seeking housing, and limited restrictions on purchasers or

renters on account of familial status or age. Sellers or landlords who would decline to sell or rent to persons on account of handicap or familial status are advised to consult an attorney beforehand.

WESTCHESTER COUNTY HUMAN RIGHTS COMMISSION

In 1999 the Westchester County Board of Legislators passed a County Human Rights law and created a Human Rights Commission to enforce compliance and promote equal and fair opportunity in Westchester County. In addition to the protected

classes addressed in Federal and State law, the Westchester law also prohibits discrimination by owners and real estate agents based upon an individual’s alienage or citizenship status, or their

sexual orientation.

North Salem NY Real Estate Report | RobReportBlog | Robert Paul Realtor

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Actives71    
Median$675,000    
Ave DOM149    
High Price$24,900,000    
Low Price$159,000    
Ave Size3900    
Ave Price/ft$387    
      
      
Sold North Salem NY Properties Over the Last SIx (6) Months     
      
 11/15/2010 11/15/2009  
Sold20 20  
Median$475,250 $550,000  
Ave DOM140 200  
High$2,050,000 $1,750,000  
Low$190,000 $115,000  
Ave Size2212 2707  
Ave Price/ft$278 $223  
Sale price/Ask93.71% 93.52%  
      
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History of Mortgage Rates in North Salem NY | North Salem NY Real Estate

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We keep hearing that mortgage rates are the lowest in recorded history and it is true. Presently, the 30-year fixed rate on Zillow Mortgage Marketplace is 4.16 percent, the 15-year fixed is 3.56 percent and the 5/1 ARM is 3.03 percent.

Take a look at the history of the average 30-year fixed mortgage rate each year since 1972, when Freddie Mac started keeping track:

1972 – 7.38
1973 – 8.04
1974 – 9.19
1975 – 9.05
1976 – 8.87
1977 – 8.85
1978 – 9.64
1979 – 11.20
1980 – 13.74
1981 – 16.63
1982 – 16.04
1983 – 13.24
1984 – 13.88
1985 – 12.43
1986 – 10.19
1987 – 10.21
1988 – 10.34
1989 – 10.32
1990 – 10.13
1991 – 9.25
1992 – 8.39
1993 – 7.31
1994 – 8.38
1995 – 7.93
1996 – 7.81
1997 – 7.6
1998 – 6.94
1999 – 7.44
2000 – 8.05
2001 – 6.97
2002 – 6.54
2003 – 5.83
2004 – 5.84
2005 – 5.87
2006 – 6.41
2007 – 6.34
2008 – 6.03
2009 – 5.04

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