Home prices are gradually climbing nationwide, though there are strong headwinds that could kill any momentum coming from persistent labor market struggles and depressed median wages.
That’s the conclusion from the latest sustainable home price update from Fitch Ratings.
Home price growth in the western United States continues its near-record pace among a limited supply owing to the fact that new home sales are limited by low construction rates.
Existing inventory is also restricted by underwater borrowers unable to sell, and a surprising number of homes still mired in extended foreclosure proceedings.
"In markets with short supply, increased demand from institutional investors and individual borrowers returning to recovering markets has created the conditions for the sharp climb in prices," said Stefan Hilts, a director at Fitch.
As Housingwire has reported, unemployment appears to be down but a close look shows it’s not because jobs are being created but rather because people are dropping out of the workforce.
"Without a strong employment base, it is difficult to find sustainable support for the rapid growth in home prices across much of the country," said Hilts.
http://www.housingwire.com/articles/28785-things-that-could-torpedo-housing-price-gains
Friday, January 31, 2014
Thursday, January 30, 2014
Manhattan Sales Reach Second Highest in 25 Years | Pound Ridge Homes
The total number of co-op and condo sales in Manhattan reached the second highest level in 25 years, according to a new data.
The market has endured four years of stable activity with sales just over 10,000. In 2013, sales jumped 21.2 percent to 12,735 from the previous year, according to a report from Douglas Elliman Real Estate, using data from Miller Samuel Inc.
The highest sales total reached in the last 25 years was 13,430 in 2007.
"We saw a significant release of pent-up demand from the preceding several years, culminating in the fiscal cliff at the end of 2012," Jonathan Miller, chief executive of Miller Samuel, told WPC News. "We had a lot of people that were on the fence enter the market, either to trade up or enter the market [in 2013] as first-time buyers."
Sales numbers were accelerated as mortgage rates spiked in late spring last year when the Federal government miscommunicated its tapering message, leading to do the heaviest third and fourth quarter sales volumes in history, Mr. Miller said.
At the same time, inventory fell 12.3 percent to 4,164 from 2012. With rising sales, monthly absorption rate fell to 3.9 months, the fastest market pace in 14 years.
Despite the near-record sales volume and low inventory, sales prices recorded modest gains as credit remains tight, the report states. The median sales price increased 2.4 percent to $855,000 in 2013. The average price per square foot increased 4.6 percent to $1,136 year-over-year.
The Manhattan townhouse report showed similar trends for 2013 sales.
The number of sales increased 17.7 percent to 326 from a year earlier. The market inventory fell 16.5 percent to 343 units, marking the fastest moving market in 17 years, according to the data.
However, the median sales price for townhouses recorded similar modest gains, increasing 2.6 percent to $3,591,250 in 2013.
- See more at: http://www.worldpropertychannel.com/north-america-residential-news/manhattan-condo-market-2013-sales-douglas-elliman-real-estate-miller-samuel-new-york-city-townhouses-7945.php#sthash.Lr3Fgylm.dpuf
The market has endured four years of stable activity with sales just over 10,000. In 2013, sales jumped 21.2 percent to 12,735 from the previous year, according to a report from Douglas Elliman Real Estate, using data from Miller Samuel Inc.
The highest sales total reached in the last 25 years was 13,430 in 2007.
"We saw a significant release of pent-up demand from the preceding several years, culminating in the fiscal cliff at the end of 2012," Jonathan Miller, chief executive of Miller Samuel, told WPC News. "We had a lot of people that were on the fence enter the market, either to trade up or enter the market [in 2013] as first-time buyers."
Sales numbers were accelerated as mortgage rates spiked in late spring last year when the Federal government miscommunicated its tapering message, leading to do the heaviest third and fourth quarter sales volumes in history, Mr. Miller said.
At the same time, inventory fell 12.3 percent to 4,164 from 2012. With rising sales, monthly absorption rate fell to 3.9 months, the fastest market pace in 14 years.
Despite the near-record sales volume and low inventory, sales prices recorded modest gains as credit remains tight, the report states. The median sales price increased 2.4 percent to $855,000 in 2013. The average price per square foot increased 4.6 percent to $1,136 year-over-year.
The Manhattan townhouse report showed similar trends for 2013 sales.
The number of sales increased 17.7 percent to 326 from a year earlier. The market inventory fell 16.5 percent to 343 units, marking the fastest moving market in 17 years, according to the data.
However, the median sales price for townhouses recorded similar modest gains, increasing 2.6 percent to $3,591,250 in 2013.
- See more at: http://www.worldpropertychannel.com/north-america-residential-news/manhattan-condo-market-2013-sales-douglas-elliman-real-estate-miller-samuel-new-york-city-townhouses-7945.php#sthash.Lr3Fgylm.dpuf
Wednesday, January 29, 2014
U.S. home prices see first drop in a year: report | Chappaqua NY Real Estate
U.S. home prices ticked down 0.1% in November, the first decline in a year, with nine of 20 tracked cities posting price drops as winter approached, according to data released Tuesday. After seasonal adjustments, home prices in November rose 0.9%, according to S&P/Case-Shiller's 20-city composite index.
On a year-over-year basis, home prices rose 13.7% in November, the fastest growth in more than seven years. Pent-up demand and low inventories of homes for sale have been supporting price growth. Including November's results, prices remain about 20% below a 2006 peak, though certain cities, such as Dallas, have recently posted fresh record highs.
"Home prices continue to rise despite last May's jump in mortgage interest rates," said David Blitzer, index committee chairman at S&P Dow Jones Indices. "While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year."
http://www.marketwatch.com/story/us-home-prices-see-first-drop-in-a-year-report-2014-01-28?siteid=yhoof2
Tuesday, January 28, 2014
Modern Twist On the Hamptons Beach House Asks $12.3M | Armonk NY Homes
Location: Bridgehampton. N.Y.
Price: $12,300,000
The Skinny: Hamptons specialist Frank Greenwald is the architect behind this Modernist take on the traditional Shingle-style beach house, which somehow manages to simultaneously evoke the homey feel of a seaside cottage and the grim utilitarianism of a palisade fortress. Greenwald, who has designed homes for Ralph Lauren and other habitués of the Hamptons, keeps the interior similarly stripped down, with a functional, no-muss layout that feels bracingly manageable rather than pointedly austere. Here, the lower level features a sunken great room with a stacked stone wall, fireplace, and mahogany windows and doors, and an unostentatious tiled-wall kitchen. Upstairs, the wood-ceilinged master bedroom looks out over the water, with the master bathroom next door in the upper level of the home's corner tower. The landscaping continues the home's no-frills feel (which, ironically, was no doubt stupendously expensive to achieve) with a minimalist design by Joseph Tyree. It's important to note here that though the brokerbabble refers to the home as being "a stone's throw from the ocean", that's a stone that would have to sail over a busy highway and a row of rather large beachfront homes before it could drop into the briny drink with a satisfying plop. Distance from the ocean notwithstanding, the home is asking $12.3M, representing a $1M discount off its original listing price.
http://curbed.com/archives/2014/01/28/modern-twist-on-the-hamptons-beach-house-asks-123m.php
Monday, January 27, 2014
Florida Prices Rise for 25 Months | Armonk NY Real Estate
Florida’s housing market reported higher median prices, more new listings, fewer days on the market and the continued stabilization of inventory in December, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 19,497 last month, up 8.6 percent over the December 2012 figure.
“Florida’s housing market continues to demonstrate its recovery,” said 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and the Villages. “December marked over two years – 25 months – of consecutive gains in statewide median sales prices, year-over-year, for both single-family homes and for townhouse-condo properties. The rising prices, along with the renewed strength of the state’s housing market, are encouraging more homeowners to list their properties for sale. Statewide, new listings for single-family homes increased 23.8 percent in December, while new townhome-condo listings rose 8.1 percent. The rising prices mean increased equity, which is another reason people are listing properties.
“Properties also are taking less time to sell, another trend that is sparking sellers’ interest,” she added. “In December, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 50 days for single-family homes and 51 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in less than two months.”
The statewide median sales price for single-family existing homes last month was $172,630, up 11.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in December was $137,500, up 17 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less
http://www.realestateeconomywatch.com/2014/01/florida-prices-rise-for-25-months/
“Florida’s housing market continues to demonstrate its recovery,” said 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and the Villages. “December marked over two years – 25 months – of consecutive gains in statewide median sales prices, year-over-year, for both single-family homes and for townhouse-condo properties. The rising prices, along with the renewed strength of the state’s housing market, are encouraging more homeowners to list their properties for sale. Statewide, new listings for single-family homes increased 23.8 percent in December, while new townhome-condo listings rose 8.1 percent. The rising prices mean increased equity, which is another reason people are listing properties.
“Properties also are taking less time to sell, another trend that is sparking sellers’ interest,” she added. “In December, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 50 days for single-family homes and 51 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in less than two months.”
The statewide median sales price for single-family existing homes last month was $172,630, up 11.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in December was $137,500, up 17 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less
http://www.realestateeconomywatch.com/2014/01/florida-prices-rise-for-25-months/
Sunday, January 26, 2014
Saturday, January 25, 2014
Friday, January 24, 2014
Thursday, January 23, 2014
How to Network with Influential People Using Twitter | Mt Kisco Homes
Do you want to use Twitter to promote your business?
Are you looking for ways to build relationships that matter on Twitter?
In this article, you’ll discover how to build a strong Twitter community with influencers, which will benefit your business.
It’s about building a community of followers who are passionate about your industry and who eventually become passionate about your brand.
The quickest and easiest way to develop a relevant Twitter community that grows your company is to find connectors and build relationships with them.
Connectors are called many things: thought leaders, industry experts, etc. They are the people who already have a thriving community and your customer’s ear.
By building relationships with influencers, you increase the chances of gaining your customer’s ear and building your own strong community.
By using Followerwonk, you can see your current Twitter followers ranked by a Followerwonk statistic known as social authority.
Followerwonk’s social authority is based on the retweet rate of users’ last few hundred tweets, the recentness of those tweets and a retweet-based model trained on user profile data. This number is by no means perfect, but retweets are so strongly correlated with a healthy community that they’re a great way to identify relationships that you should pursue.
Even if the person has a great social authority rank, they’re not worth reaching out to unless they’re involved in your industry. It’s not just about having a community—it’s about building the right community.
Your competitors have networks that likely include influencers who are directly related to your industry. To find these people, follow the same process you followed above, but use each competitor’s Twitter handle instead of your own.
Another tool that can help you find your competitors’ useful friends is Open Site Explorer.
Type in your competitor’s URL and go to the Just-Discovered tab to see the recent inbound links your competitors have gotten.
http://www.socialmediaexaminer.com/how-to-network-with-influential-people-using-twitter/
Are you looking for ways to build relationships that matter on Twitter?
In this article, you’ll discover how to build a strong Twitter community with influencers, which will benefit your business.
Building Connections With Twitter
Using Twitter to help your company grow isn’t about the number of followers you have.It’s about building a community of followers who are passionate about your industry and who eventually become passionate about your brand.
The quickest and easiest way to develop a relevant Twitter community that grows your company is to find connectors and build relationships with them.
Connectors are called many things: thought leaders, industry experts, etc. They are the people who already have a thriving community and your customer’s ear.
You can benefit from forming relationships with connectors on Twitter. Image source: iStockPhoto.
By building relationships with influencers, you increase the chances of gaining your customer’s ear and building your own strong community.
#1: Find the Influencers in Your Current Network
The best place to find connectors is in your current community; find influencers who are already following you.By using Followerwonk, you can see your current Twitter followers ranked by a Followerwonk statistic known as social authority.
Followerwonk’s social authority is based on the retweet rate of users’ last few hundred tweets, the recentness of those tweets and a retweet-based model trained on user profile data. This number is by no means perfect, but retweets are so strongly correlated with a healthy community that they’re a great way to identify relationships that you should pursue.
Even if the person has a great social authority rank, they’re not worth reaching out to unless they’re involved in your industry. It’s not just about having a community—it’s about building the right community.
Find influencers in your network by selecting the higher numbers in the right column.
#2: Know Your Competitors’ Connections
One of the great things about Twitter is transparency. From @google to @smexaminer, you can see everything everyone is saying. This makes competitive research super-accessible.Your competitors have networks that likely include influencers who are directly related to your industry. To find these people, follow the same process you followed above, but use each competitor’s Twitter handle instead of your own.
Another tool that can help you find your competitors’ useful friends is Open Site Explorer.
Type in your competitor’s URL and go to the Just-Discovered tab to see the recent inbound links your competitors have gotten.
http://www.socialmediaexaminer.com/how-to-network-with-influential-people-using-twitter/
Armonk Mortgage Rates | Armonk NY Homes
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates drifting slightly lower for the second consecutive week amid recent reports that inflation remains subdued.
News Facts
QuotesAttributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates were flat to down a little this week amid reports that inflation remains subdued. The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.7 point for the week ending January 23, 2014, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.
- 15-year FRM this week averaged 3.44 percent with an average 0.7 point, down from last week when it averaged 3.45 percent. A year ago at this time, the 15-year FRM averaged 2.71 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago, the 5-year ARM averaged 2.67 percent.
- 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.5 point, down from last week when it averaged 2.56 percent. At this time last year, the 1-year ARM averaged 2.57 percent.
QuotesAttributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
"Mortgage rates were flat to down a little this week amid reports that inflation remains subdued. The Consumer Price Index was up to 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.
Tuesday, January 21, 2014
Monday, January 20, 2014
Saturday, January 18, 2014
Friday, January 17, 2014
Thursday, January 16, 2014
Farmers Markets in January | Chappaqua NY Homes
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| Fresh Food from Local Sources - January 16th-22nd, 2014 Down to Earth Markets | ||||||
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Click on a Market to see all vendor and event details...
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| Announcements | ||||||
| Westchester Magazine Contest: The BEST OF Westchester Vote for your favorite Down to Earth Farmers Market for the BEST Farmers Market in Westchester! Our eligible markets include: Croton, Larchmont, Mamaroneck Winter, New Rochelle, Ossining, Rye, and Tarrytown. Westchester Magazine hosts this annual online survey, and this year for the first time, they've added "Farmers Markets" as a category. Please find your online ballot right here. Voting ends on February 7th at midnight. Thank you for singin' it loud and proud about your favorite Down to Earth Farmers Market in Westchester. MamaroneckStop by for a FREE Health Screening from the Foundation for Wellness this Saturday. After the quick, informative health review, you'll find all sorts of fresh, nutritious foods at the market - always a beneficial prescription. Stay tuned to all market happenings via our Down to Earth Markets Facebook page and follow us on Twitter @DowntoEarthMarkets | ||||||
| Let's Open the Winter Recipe Box, Starting with Orange Split Lentil Soup | ||||||
In these cool, brisk days of winter, we have something to celebrate: the harvest. (Really!) While it's easy - and so wonderful - to relish the taste of a fresh tomato in the Ides of August, winter has it's glory, too. During this time of year, the foods at the farmers market slowly come into the season just like we do. We start our winter days by shedding our warm bed covers. A sweet potato emerges from deep within the earth. Farmers encourage their winter harvests through coverings, such as a high tunnel. We put on our own protective layers as we go out to experience the fresh winter air. Even in these shorter days of winter, it is a delicious time to awaken.
At DowntoEarthMarkets.com, we have a Recipe Box where every recipe is sourced from the farmers market and labeled by season. The winter bursts with the savory tastes of root vegetables, the crunch of greenhouse greens such as bok choy, and the robust flavor of mushrooms. Just to name a few. And here's one of our favorite winter recipes, by Rinku Bhattacharya of Cooking in Westchester. Enjoy - See you at the market! Orange Split Lentil Soup with Caramelized Onions and GreensCreated by Rinku BhattacharyaCourse: Appetizers & Soups Diet: Vegetarian Season(s): Fall, Winter Ingredients
Instructions
Place the lentils and 3 cups of water in a cooking pot on medium heat. Add the turmeric, salt, and green chilies and bring to a simmer. Lower the heat to low and continue cooking about 20 minutes, until the lentils are soft and smooth. The liquid should be smooth and soupy. Stir in the greens and let them wilt. Meanwhile, heat the oil in a small wok on medium-low heat for about 1 minute until fairly hot. Add the onion and cook until crisp and golden. This process takes some time and needs care during the final 5 minutes to ensure that the onions brown but do not burn. Gently pour the oil and onions into the lentils. Add the ghee and cook until the Ghee or butter has melted into the lentils. Serve in bowls with a tablespoon of yogurt garnished with mint or cilantro. | ||||||
| Day Vendors This Week Mamaroneck Flourish Baking Company #Freedom Craft Brewing - **First appearance ever at market!** Mortgage Apple Cakes Sohha Savory Yogurt Trotta Pasta | ||||||
Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837 | ||||||
Wednesday, January 15, 2014
Federal Budget Adds $15M For Rail Safety | Bedford Hills Real Estate
The Federal Railway Administration is expected to receive a $15 million budget increase to go toward hiring railway inspectors and improving rail safety after two derailments occurred on Metro-North tracks, U.S. Sens. Richard Blumenthal (D-Conn.) and Charles Schumer (D-NY) announced Tuesday.
The additional funds are expected to be approved this week in Congress, according to Blumenthal and Schumer, the main sponsors of the legislation. This comes a month after a Metro-North train derailed in the Bronx, killing four people and injuring dozens and leading to the resignation of Metro-North President Howard Permut.
The Federal Railway Administration will use the funds in part to hire 45 railroad inspectors. The additional money is part of the administration's $185 million total budget that is part of $1.1 trillion proposed federal budget unveiled Monday.
The agency is "woefully underfunded" and has the resources to inspect only 1 percent of the nation's rails, Blumenthal said.
“This is a vitally important increase in urgently needed inspectors, who will make railroad travel safer now and in the future,” the senators said in a joint statement.
http://newcanaan.dailyvoice.com/news/federal-budget-adds-15m-rail-safety-after-metro-north-derailments
Monday, January 13, 2014
Sunday, January 12, 2014
Saturday, January 11, 2014
Friday, January 10, 2014
The quantified self: what it might mean for real estate | North Salem Real Estate
What does the “quantified self” even mean?
Have you ever kept a diary? This is probably the simplest way to think about what we mean when we talk about the quantified self.
The term was originally coined back in 2007 and in essence means “self-tracking,” which is to track/record all the data you can as it relates to a particular aspect of your personal life or situation. To get a more current definition, I reached out to the site quantifiedself.com, which came back with: “creating personal meaning from personal data.”
People who are self-tracking are now tracking many facets of their life from areas as broad as
Have you ever kept a diary? This is probably the simplest way to think about what we mean when we talk about the quantified self.
The term was originally coined back in 2007 and in essence means “self-tracking,” which is to track/record all the data you can as it relates to a particular aspect of your personal life or situation. To get a more current definition, I reached out to the site quantifiedself.com, which came back with: “creating personal meaning from personal data.”
In the last few years with the advent of smartphones, always connected Internet devices and wearable computers, the quantified self has taken off in a big way.
What are the types of things people are measuring?People who are self-tracking are now tracking many facets of their life from areas as broad as
- Diet, health and exercise
- Movement/travel
- Mood and emotion
- Spending patterns
- Sleep
- Personal productivity
Thursday, January 9, 2014
Wednesday, January 8, 2014
Menachem Stark’s creditors may be behind killing: police | Mt Kisco Realtor
Menachem Stark’s brutal murder last week may have been masterminded by one of the many people whom he owed money to, according to police department sources.
Stark owed sums ranging from thousands of dollars to hundreds of thousands of dollars, and one of his creditors may have run out of patience, police sources said. The sources added that the two men who were hired to abduct and kill Stark may have been recruited from abroad.
Descriptions of the kidnappers, a source told the New York Post, “led us to believe that the suspects are not American. They could be from out of the country, possibly Europe.”
The newspaper has been excoriated for running a front-page story about Stark’s murder with the headline “Who didn’t want him dead?” as The Real Deal and others reported.
Stark’s partner Israel Perlmutter is also a possible suspect in the case, according to the Post, but Perlmutter said that any allegations about his role in the killing were baseless.
http://therealdeal.com/blog/2014/01/08/menachem-starks-creditors-may-have-ordered-his-killing-police/
Stark owed sums ranging from thousands of dollars to hundreds of thousands of dollars, and one of his creditors may have run out of patience, police sources said. The sources added that the two men who were hired to abduct and kill Stark may have been recruited from abroad.
Descriptions of the kidnappers, a source told the New York Post, “led us to believe that the suspects are not American. They could be from out of the country, possibly Europe.”
The newspaper has been excoriated for running a front-page story about Stark’s murder with the headline “Who didn’t want him dead?” as The Real Deal and others reported.
Stark’s partner Israel Perlmutter is also a possible suspect in the case, according to the Post, but Perlmutter said that any allegations about his role in the killing were baseless.
http://therealdeal.com/blog/2014/01/08/menachem-starks-creditors-may-have-ordered-his-killing-police/
Insights from experts can help agents and sellers price a property, but buyers will want second opinions | Bedford NY Homes
Does having a home “pre-appraised” or “pre-inspected” make a difference? Is this money well spent by the average seller? Do buyers and buyer agents care, or are “prelisting” appraisals and inspections not considered credible? Should a seller-provided appraisal be accepted as impartial by a buyer?
What is your natural reaction to being told something is worth X? Do you say to yourself, “It might be worth that to you?”A few things immediately come to mind when a seller-provided appraisal is pushed front and center: What is the relationship of the agent to the appraiser? Seller to the appraiser? What was the stated purpose of the appraisal? What is the background of the appraiser?
When was the appraisal completed and what are the trends in the area? Who paid the appraiser? Was the appraisal completed as an underwriter would expect? It’s interesting how frequently prelisting appraisals are above list price: “Appraised at $450,000 and reduced to $380,000.”
- See more at: http://www.inman.com/2014/01/08/when-a-prelisting-appraisal-or-inspection-is-worth-the-trouble/?utm_source=20140108&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.Cp2Rlmm6.dpuf
What is your natural reaction to being told something is worth X? Do you say to yourself, “It might be worth that to you?”A few things immediately come to mind when a seller-provided appraisal is pushed front and center: What is the relationship of the agent to the appraiser? Seller to the appraiser? What was the stated purpose of the appraisal? What is the background of the appraiser?
When was the appraisal completed and what are the trends in the area? Who paid the appraiser? Was the appraisal completed as an underwriter would expect? It’s interesting how frequently prelisting appraisals are above list price: “Appraised at $450,000 and reduced to $380,000.”
- See more at: http://www.inman.com/2014/01/08/when-a-prelisting-appraisal-or-inspection-is-worth-the-trouble/?utm_source=20140108&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.Cp2Rlmm6.dpuf
Tuesday, January 7, 2014
Monday, January 6, 2014
Resort real estate market still in a holding pattern | Bedford Corners Homes
Sure, you have your traditional office, industrial and retail space. But you also have one of the largest resort districts in the world, and that sector is a market unto itself. That means it’s on a slightly different path toward recovery, say local experts in gaming real estate.
For one thing, the resort sector is more volatile than other types of commercial real estate, said Josh Smith, a commercial real estate consultant for gaming and co-founder of Colliers International Gaming Group in Las Vegas. Operators turn over their customers on a daily basis, rather than locking in their “tenants” with leases that run five to 15 years. Gaming is also vulnerable to immediate fallout from economic trouble, because operators rely on consumers’ discretionary income. And for better or for worse, gaming ties Las Vegas directly into the economy of the rest of the world, Smith said.
Right now, being keyed in to the global economy isn’t a bad thing. That’s because just as the world’s economy has been on the comeback trail, so has gaming. Where 2009, 2010 and 2011 brought hard times, 2012 and 2013 meant “real growth” in some parts of the economy, Smith said.
“2013 was the year we saw the recovery start to happen, particularly in the last couple of quarters,” Smith said. “We started to hear about strong demand indices. We’ve seen a lot of increased demand coming into 2014, and occupancies and rates are expected to be higher.”
Those expectations haven’t yet translated into huge amounts of investment.
Sales of gaming properties were slow in 2013, but that’s not necessarily a bad thing. The properties that did turn over were mostly smaller, limited-service places, said John Stater, research manager at Colliers International. Downtown’s Gold Spike is an example: Zappos CEO Tony Hsieh’s Downtown Project bought the 112-room property in April, with plans to redevelop it into a nongaming project. Taking those kinds of properties off the hospitality market helps constrain inventory as the market tries to recover, and that means less competition for operators still trying to survive, Stater said.
But there’s still enough competition to keep a lid on major megaresort development.
“With gaming real estate, we’re definitely not ready for another boom,” Stater said.
http://www.reviewjournal.com/business/business-press/resort-real-estate-market-still-holding-pattern
For one thing, the resort sector is more volatile than other types of commercial real estate, said Josh Smith, a commercial real estate consultant for gaming and co-founder of Colliers International Gaming Group in Las Vegas. Operators turn over their customers on a daily basis, rather than locking in their “tenants” with leases that run five to 15 years. Gaming is also vulnerable to immediate fallout from economic trouble, because operators rely on consumers’ discretionary income. And for better or for worse, gaming ties Las Vegas directly into the economy of the rest of the world, Smith said.
Right now, being keyed in to the global economy isn’t a bad thing. That’s because just as the world’s economy has been on the comeback trail, so has gaming. Where 2009, 2010 and 2011 brought hard times, 2012 and 2013 meant “real growth” in some parts of the economy, Smith said.
“2013 was the year we saw the recovery start to happen, particularly in the last couple of quarters,” Smith said. “We started to hear about strong demand indices. We’ve seen a lot of increased demand coming into 2014, and occupancies and rates are expected to be higher.”
Those expectations haven’t yet translated into huge amounts of investment.
Sales of gaming properties were slow in 2013, but that’s not necessarily a bad thing. The properties that did turn over were mostly smaller, limited-service places, said John Stater, research manager at Colliers International. Downtown’s Gold Spike is an example: Zappos CEO Tony Hsieh’s Downtown Project bought the 112-room property in April, with plans to redevelop it into a nongaming project. Taking those kinds of properties off the hospitality market helps constrain inventory as the market tries to recover, and that means less competition for operators still trying to survive, Stater said.
But there’s still enough competition to keep a lid on major megaresort development.
“With gaming real estate, we’re definitely not ready for another boom,” Stater said.
http://www.reviewjournal.com/business/business-press/resort-real-estate-market-still-holding-pattern
Sales Plunged in December | Pound Ridge NY Homes
The housing recovery closed up shop in December as year-over-year sales dropped from 9.4 percent to 6.4 percent above levels of a year ago and threaten to end the year only a meager 5 percent above sales in December 2012.
The latest weekly data from Dataquick shows that the 30-day average sales on Christmas Eve fell for second week in a row and prices, though sagging since the first week of the month, remained in the double digits above 2012.
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ource: DataQuick; DQNews.com
The latest weekly data from Dataquick shows that the 30-day average sales on Christmas Eve fell for second week in a row and prices, though sagging since the first week of the month, remained in the double digits above 2012.
| Homes Sales | Median Homes Sale Prices | |||||
| Run Date | 30 Days of Sales | % chg from 1 yr ago | % chg from 3 yrs ago | 30 Days of Sales | % chg from 1 yr ago | % chg from 3 yrs ago |
| 11/21/2013 | 227,831 | 10.2% | 40.9% | $218,000 | 12.4% | 15.3% |
| 11/28/2013 | 221,468 | 8.7% | 35.3% | $216,160 | 12.0% | 13.8% |
| 12/5/2013 | 219,035 | 8.8% | 33.1% | $220,000 | 12.8% | 15.8% |
| 12/12/2013 | 222,597 | 14.1% | 41.9% | $220,000 | 12.5% | 17.0% |
| 12/19/2013 | 207,914 | 9.4% | 36.1% | $220,000 | 11.7% | 15.9% |
| 12/26/2013 | 204,498 | 6.4% | 34.8% | $221,000 | 11.1% | 16.3% |
S
ource: DataQuick; DQNews.com
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