Rural Communities Attract More Buyers | Pound Ridge Real Estate

Purchase mortgages grew at a faster rate in rural communities than in the rest of the nation last year and rural borrowers paid significantly higher rates of interest than urban or suburban home buyers in 2014, according to an analysis of recently released data from the Home Mortgage Disclosure Act (HMDA) by Keith Wiley, senior research associate at the Housing Assistance Council.

While all mortgages declined, the number of loans for home purchases increased both nationally and in rural communities in 2014. Rural home purchase originations grew by almost 7 percent, higher than the national increase in home purchases, which increased 4 percent over 2013. However, rural home purchase loan volume (440,489) still remained less than half of what it was before the Great Recession in 2006 (926,156).

However, rural home buyers paid higher interest rates mortgages last year than urban or suburban buyers. Approximately 15 percent of all rural home purchase loans were classified as high cost in 2014, up from 11 percent for calendar year 2013. The rate of rural high cost lending is approximately four and three percentage points higher than the rate for suburban and urban loans.  High cost mortgages with interest rates that are significantly higher than the prime rates charged for similar loans (1.5 percentage points higher for a first lien and 3.5 percentage points higher for a second lien).

One reason rural loans average higher rates of interest than loans in other regions may be that high cost loans are particularly prevalent in manufactured home lending, a market segment important to rural communities. In 2014, nearly two-thirds of rural manufactured home purchase loans were classified as high cost loans — six times the high cost rate for single family home loans. Manufactured homes are largely financed with personal property, or “chattel,” loans which frequently carry higher interest rates than conventional home purchase mortgages. Approximately half of all manufactured home loans occurred in rural communities which elevates the overall high cost lending levels in rural areas.

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http://www.realestateeconomywatch.com/2015/10/purchase-mortgages-increase-faster-in-rural-america/

United States MBA Mortgage Applications down | Bedford Corners Real Estate

United States MBA Mortgage Applications | 2007-2015 | Data | Chart

Do Millennial Buyers Really Prefer the City? | Chappaqua Real Estate

A study by Federal Reserve economists Elora Raymond and Jessica Dill found that it’s true that first-time homebuyers prefer to buy in the city.  They tend to live closer city centers than existing homeowners who are burying a new home.  First-timers buy within an average of 5.8 to 5.9 miles from city centers whereas existing owners prefer 6 to y25 miles.

Where millennials settle could determine whether cities continue to grow, what transportation infrastructure expenditures should be, and whether homebuilders should focus their efforts on multifamily housing in urban locations or traditional single-family homes in the suburbs.

A number of observers have speculated whether the recent surge in millennials living in cities represents a change in preferences or whether it’s simply an artifact of financial constraints—tighter underwriting standards, weak income growth, or larger student debt. Nielsen’s survey of young adults found that millennials prefer the lifestyle afforded by dense urban environments, but the National Association of Homebuilder’s survey of young homebuyers finds that just 10 percent would prefer to live in the city while a whopping 66 percent want to live in the suburbs. Setting preferences aside, others debate whether millennials really are moving to the city. While recent data confirm that young people are moving to the cities at much higher rates than in the 1990s, it’s also true that the raw majority of young people choose the suburbs over the city

Beginning in 2003, younger first-time homebuyers trended towards more central locations. During the 2007–09 recession, the spread between older and younger first-time homebuyers collapsed. After the recession, the spread widened again. It’s difficult to say whether the shift in purchase patterns is the result of financial constraints or changing preferences, but the tendency appears to be for newer and younger homeowners to purchase homes closer to the city center.

The economists, based in the Atlanta Federal Reserve Bank, assembled a data set that allowed them to identify first-time millennial homebuyers and the census tracts where they bought their first homes.

Using this data, they asked if first-time millennial homebuyers are more likely to live near the city center than either existing homeowners or older first-time homebuyers. Finally, they looked at how other factors like creditworthiness and student debt levels appear to influence this decision.

Below, they charted the median distance from the central business district (CBD) of first-time and existing homeowners by age bracket from the years 2001 to 2014. We find that existing homeowners tend to live, on average, 6.3 to 6.5 miles from the city center.

.What this chart cannot tell us is whether the trend that has younger people living closer to the city center reflects uniform preferences or whether this is an artifact of stronger economic growth in denser cities. In other words, is this trend the result of strong home buying in compact cities and weak sales in sprawling metropolises (that is, between cities), or is it the result of all buyers nationwide choosing to move closer to the city center (that is, within cities)?

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http://www.realestateeconomywatch.com/2015/09/do-millennial-buyers-really-prefer-the-city/

5 style rules to take any room from boring to bold | Armonk Real Estate

Every designer has his or her own style rules. Over the years, I’ve honed mine down to the top five that I come back to again and again. Follow these ideas — or break them if you see fit — and I guarantee you’ll be able to take any space from feeling like it’s a boring, everyday thing to something you love every day.

mb design studio

1. A midcentury piece. I’m a huge believer in always using at least one midcentury modern element for a number of reasons. For one thing, the design period, despite no longer being technically “modern” (in the sense that it’s now technically a retro style from the past century), still feels current and timeless.

Toronto Interior Design Group | Yanic Simard

Modern pieces work well in virtually any space, whether contemporary or traditional. I love the pairing of this classic Eileen Gray table with the curvy traditional chest and soft bedding, adding just one punch of truly modern style to keep this room from feeling too formal.

Holly Marder

One of the easiest ways to introduce a modern piece is through seating. Midcentury chairs are always stylish with traditional wood tables for that old-world, new-world mix.

See why people love midcentury modern design

Plyroom

2. A touch of white and a touch of black. Our eyes expect to see a full spectrum of colors, and how we perceive a space can change based on the range of colors represented. This is why I try to always include at least a hint of white and a touch of black in each space. White is often easy, but be mindful of adding black accents. Black picture frames and other elements on white backgrounds will make sure both ends of the spectrum are represented and balanced.

Young Folk

Notice how this room has a lot of off-white but still includes a little pure white, which helps reveal the undertones of the other shades. Pure black can be easily introduced through lamps with black bases or cottage-inspired cage shades, as seen here.

See 12 gorgeous black and white bathrooms

Douglas C. Wright Architects

3. A mix of textures. Whether your space is bold and colorful or subdued and neutral, a truly designed look involves a mix of textures for that subtle richness. Besides different upholstery textures, like cotton, burlap, hides, linens, silks and sheers, you should always strive to include some wood, metal and glass. The materials in this no-fail trio are easy to mix and will add lots of depth.

(Also notice again how this room includes small accents of black while still feeling very airy and open.)

Steele Street Studios

Other textures to consider mixing in:

• Woven baskets
• Smooth woods (vs. worn-in woods)
• Plant life
• Plastic (such as Lucite chairs)
• Wool or cashmere
• Exposed bulbs (the glow is almost like its own texture)

When in doubt, add a midcentury chair with metal details, and you’ve covered two rules at once!

Gastón y Daniela

4. Personal imperfection. Besides all the perfectly chosen materials, a space should have at least once piece that speaks to a sense of history, with some true vintage character or personal meaning.

These vintage suitcases make a beautifully quirky side table, balancing the sleek bedding and custom drapery to make sure nothing is too perfect.

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http://www.houzz.com/ideabooks/51989473?utm_source=Houzz&utm_campaign=u1602&utm_medium=email&utm_content=gallery15

Rising Rents Hit 47-Month High, June Occupancy Matches Record | North Salem Real Estate

The rental market set new records in June as the national annual effective rent growth rate reached 5.1%, a 47-month high for the national apartment market and continued a streak of 5.0%-plus rent growth that is the longest in at least six years, according to Axiometrics,.

• Though effective rent growth was also 5.1% in April and February, the June rate was the highest when extended to two decimal points (5.11%), and is the highest rate since the 5.3% of July 2011.

• Effective rent growth has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009.

“Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market,” said Stephanie McCleskey, Axiometrics vice president of research. “The demand for apartments is still strong, despite the record number of new units being delivered this year.”

• June’s national annual effective rent growth rate was 9 basis points (bps) higher than May’s 5.0% and 143-bps above the 3.7% of June 2014.

• National year-to-date (YTD) effective rent growth reached 4.7% in June. This was the third month that 2015 monthly YTD rent growth rates outperformed all post-recession counterparts.

• YTD rent growth for apartment REITs was 7.3%, far surpassing the next-highest post-recession year.

Occupancy Rates Steady in June

The occupancy rate remained at 95.3% in June — though the latest rate was a 2-bps increase from May when extended to two decimal points (95.30% from 95.28%).

“Tight occupancy is why landlords can push rents higher,” McCleskey said. “Axiometrics considers a market or property essentially full at 95% occupancy, so there are just not that many apartments available. There’s a reason for all the new supply: The market is still playing catch-up for all the apartments not built during the recession.”

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http://www.realestateeconomywatch.com/2015/07/rising-rents-hit-47-month-high-june-occupancy-matches-record/

Mobile Home Gets a Bohemian-Chic Makeover | Mt Kisco Realtor

Interior Designer Kirsten Marie had come to know one of her clients so well that when the client’s children had flown the nest, Marie told her she should sell her large estate and move into a mobile home the client owned in Paradise Cove of Malibu, California. The client was skeptical at first, but it turned out that ditching the big house was the best decision she’d ever made. There was only one problem: She didn’t have enough room to comfortably lodge guests. 

Thinking of her adult children’s and friends’ visits, she snapped up the 600-square-foot mobile home next door when it went on the market, then left it in the hands of Marie and Marie’s brother, contractor Jens Holst. She gave them free rein over everything from large remodeling decisions to choosing towels and soaps. While a relaxing and chic getaway feeling was the goal, they also designed the home to function as a full-time residence should the need arise.

“After” photos by Amy Bartland

Houzz at a Glance
Who lives here: A homeowner houses her guests here.
Location: Malibu, CaliforniaSize: 600 square feet (56 square meters); 1 bedroom, 1 bathroom
Interior design: Kirsten Marie Inc. 

BEFORE: The guesthouse’s sliding doors, shown here, did not take full advantage of the views of Paradise Cove, and a large TV and stand clunked up the room.

Kirsten Marie Inc, KMI

AFTER: New Fleetwood doors meet at the corner, providing wide views of the hills and the cove. All of the windows and doors were completely redone and replaced. 

The TV now has a better placement on the wall in front of the sectional and can be enjoyed from the kitchen should any guests decide to get their celebrity chef on.

Holst Brothers General Contractors

“We wanted a relaxed, beachy vibe, but we also wanted it to be a chic retreat,” Marie says. Predominantly white furniture and a clear view have replaced the big TV in the corner. The look is bright and light from the floors to the ceiling. The bleached floors look like wood but are laminate. 

Outside, bar stools cozy up to the deck railings. The top rail is 14 inches wide to accommodate drinks and plates. “Her guests can enjoy their coffee out here in the morning,” Marie says.

Floors: White Wash oak plank, Reclaime Collection, Quick Step Laminatek; Saarinen table and Eames chairs: Design Within Reach; light fixture: Serena & Lily; bar stools (outside): Bend Goods

BEFORE: The main living area was open, but as this photo shows, it had the potential to become cluttered-looking without carefully considered furniture and color palette choices.

Kirsten Marie Inc, KMI

AFTER: A comfortable sectional makes the most of this corner. “This client travels all over the world. We wanted the guesthouse to reflect an elegant boho blend,” Marie says. 

The light floor, walls and furniture allowed her to punctuate the space with richly colored accessories. Throw pillows made from vintage Hmong textiles, a blanket from India and a Moroccan rug add layers of global texture that give the homeowner’s guests some exotic flavor in the mobile home getaway. 

Owl side table: Arteriors; camel photograph: Etsy; rug: Kat + Maouche; sofa: custom

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http://www.houzz.com/ideabooks/50737716?utm_source=Houzz&utm_campaign=u1535&utm_medium=email&utm_content=gallery2

Modern Update Blasts a '70s Kitchen Out of the Past | North Salem Real Estate

Call it a case of hate at first sight. When Allie and Jeff Siarto began looking for a home in East Lansing, Michigan, the first house they looked at was a 1978 home that they quickly dismissed for its retro design, which included a wooden scalloped decorative feature over the kitchen sink that they just couldn’t get over. “It was not our style,” Allie says.

Photos by Allie Siarto & Co. Photography

Kitchen at a Glance
Location: East Lansing, Michigan
Who lives here: Allie Siarto, a wedding photographer; her husband, Jeff, a web designer and developer; and their daughter, Zelda, 19 months old
Size: 351 square feet (32.6 square meters); 27 by 13 feet (8.2 by 3.9 meters)

BEFORE: “The scallop above the sink, seen here, was a big reason we didn’t buy it in the beginning,” Allie says. 

But after the couple spent months looking at houses built in the early 1900s, this home’s open floor plan and proximity to downtown began to have some appeal. They consulted a few friends, one of which was Allie’s cousin’s architect husband, Jon Jorgensen. They realized the home had great potential, particularly in the kitchen.

They bought the home and lived in it for two years before embarking on a kitchen update helmed by Jorgensen. Their previous space mainly was horrible for socializing. “There was nowhere to sit, so we would sit on the floor when guests came over,” Allie says. 

When demolition began, Jeff did the honor of forcibly removing the scalloped feature over the sink.

AFTER: Jorgensen reoriented the kitchen to accommodate a massive 13-foot island that seats five people comfortably. He also doubled the storage from their previous kitchen. 

Floor-to-ceiling cabinets were planned for the window wall. But when construction began, the Siartos discovered the soffit couldn’t be removed because it contained vital ductwork. Allie didn’t want to have cabinets hanging at different heights, so they reworked the plan to include open shelving. “It turned out better than it would have with all cabinets,” she says. “This way it’s not so heavy.”

The Siartos originally thought they’d put a desk under the window where the sink used to be, but Allie’s mom, a librarian, suggested a window seat for reading, and the idea stuck. “It ended up becoming the perfect spot and gets a lot more use than if it were a desk,” Allie says. 

Floating shelves: Lack, Ikea; faucet: Parma single handle, Danze

BEFORE: A wall to the left partially blocked natural light from entering the kitchen. Meanwhile, the flooring turned out to be what Allie calls an “archeological dig.” Hardwood covered linoleum in the kitchen, and carpet covered parquet floors in the adjacent rooms. Removing all the layers dropped the floors so much that after the new floors were installed, the doors had to have fillers added to the bottom so there wasn’t such a large gap. 

The Siartos donated all the old cabinetry and appliances to Habitat for Humanity.

AFTER: Removing the wall to the left brought in more natural light. Argonne forest oak flooring acts as a neutral anchor for the new palette.

The Siartos chose Arctic White Corian for the island countertop because they couldn’t find a single slab of quartz or granite over 10 feet long, and they wanted a seamless look. “It actually worked out. Corian is less expensive and looks really nice,” Allie says. “We’ve had smashed blueberries and spilled wine on there, and it always looks clean.” 

When the couple moved in, Allie says she got a little crazy with color and painted the dining room bamboo green, other rooms blue and so on, to the point where she was sick of seeing color. “I was overwhelmed and tired of colors,” she says. “I wanted everything to be white and clean, then I could put up colorful artwork.” 

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http://www.houzz.com/ideabooks/51227257?utm_source=Houzz&utm_campaign=u1519&utm_medium=email&utm_content=gallery11

Your July Home Checklist | Katonah Real Estate

With Independence Day kicking off the month here in the States, kids in the throes of school break and the days (and evenings) luxuriously long, July is a month to celebrate summer in all its glory. So make a summer bucket list, swing in a hammock, invite some friends over and stay cool — these to-dos are as much about fun as they are about smart home maintenance and safety.

SPACE Architects + Planners

Put summer fun on the schedule. Do you want to finally pull out that hand-crank ice cream maker, take a trip to the coast or visit a carnival? Make your own summer fun list, but go one step further: Schedule your top activities on the calendar to ensure you won’t miss out.

Digs Design Company

Set up a games room. Whether you scoot out the dining table to transform the formal dining room into a billiards or pingpong room or put a card table piled high with games in the family room, making visible space for fun is a sure way to encourage more of it.

Browse thousands of game rooms on Houzz and save your favorites

Sunshine Coast Home Design

Hang out in a hammock. There’s just something about a hammock — even looking at one is relaxing! String one up on the porch, deck, lawn or even in the living room and savor an afternoon catnap.

Sam Davison Interiors

Clean fans and filters. Clean or replace filters in your home’s window AC units or HVAC system. Climb a ladder (carefully!) and wipe dust off ceiling fan blades.

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http://www.houzz.com/ideabooks/49986428

Philip Johnson's Elevated, Exceptional Wiley House Asks $14M | Waccabuc Real Estate

Photos by Paul Rivera/Archworks

Location: New Canaan, Connecticut
Price: $14,000,000

Originally measuring just 3,000 square feet of glass, steel and stone, Philip Johnson's Wiley House has left an oversize footprint on architecture, standing out even in the masterpiece-dense modernist haven of New Canaan, Connecticut. Its material contrasts and simple conceit—public space cantilevered over a stone base of bedrooms—elevated the living room above the surrounding hickories, and offered a sleek, straightforward model of contemporary living in the posh suburb. Now back on the market with William Pitt Sotheby's for $14 million (the listing will go on MLS later today), the property isn't merely showcasing Johnson's work; a 4,620-square-foot addition designed by Roger Ferris + Partners and commissioned by the current owner includes a barn turned modern art gallery.

Frank Gallipoli, president of an energy trading firm and art enthusiast, moved into the home in 1994 and found that, despite its pedigree, it needed work. He replaced the glass panels with double-paned windows, following the initial drawings. While any new owner can take advantage of Gallipoli's work, there's one aspect of living in the Wiley home that can't be replicated. Gallipoli got to know Johnson during the end of the architect's life, and even visited him at his famous glass house.

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http://curbed.com/archives/2015/06/19/