National web sites report inventory remains tight, especially among lower priced starter homes popular with first-time buyers and investors.
The realtor.com October National Housing Trend Report shows that inventory remains tight as total listings have decreased 2.9 percent month over month and 4.8 percent year over year. In October, homes spent approximately 92 days on the market, which is an increase of 2.2 percent month over month and a decrease of 2.1 percent year over year.
However, Zillow reported that inventory of all homes for sale in its site increased by 15.8 percent year-over-year. Buyers will find the supply of lower-priced homes is growing more slowly than high-priced homes in most of the country.
The inventory of for-sale homes in the bottom home-price tier rose year-over-year in 68.3 percent of the 353 total metro areas analyzed by Zillow, while inventory in the top home price tier rose in 82.2 percent, or 290 of the 353 markets analyzed.
In Denver, there were almost four times as many homes available for sale in the upper price tier (priced at $357,900 or more) than there were homes priced in the lowest price tier (less than $219,000).
The same was true in many other markets. Dallas, Atlanta, Phoenix and Nashville had at least two times more homes for sale in the top tier than the bottom tier.
In 25 of the 35 largest metros analyzed, there were more homes for sale this October than last October in all three price tiers. In 14 of those metros, the increase in number of homes for sale was in the double digits in all price tiers.
“Depending on their finances, it’s likely that individual buyers in the same market might be having completely different home buying experiences. Even as conditions improve for buyers overall, it remains a tough row to hoe for first-time buyers and lower-income buyers, especially compared to their more well-off contemporaries,” said Zillow Chief Economist Dr. Stan Humphries. “We expect more demand to come from the lower end of the market in coming years as millennials overtake Generation X as the largest home-buying demographic. As this happens, builders will be forced to build for these more entry-level buyers, and inventory at the bottom tier should improve, however slowly.”
read more...
http://www.realestateeconomywatch.com/2014/11/starter-homes-are-still-scarce/
Showing posts with label Bedford Hills Real Estate. Show all posts
Showing posts with label Bedford Hills Real Estate. Show all posts
Monday, November 24, 2014
Monday, July 14, 2014
Today’s Teenagers Will Rock Real Estate | Bedford Hills Real Estate
Sea changes are in store for residential real estate ten years from now. Millions of new households will lift rental and starter home markets, half of the new families will be minorities and their ability to access mortgage finance will determine whether they own or rent.
Those are some of the headlines from the Harvard’s Joint Center for Housing Studies’ 2014 State of the Nation’s Housing Report. The report paints a bright but challenging future for homeownership.
Simple demographics describe how new household will change. Assuming current headship rates hold, the number of households in their 30s should increase by 2.7 million. Many of tomorrow’s younger households will be minorities. By 2025, minorities will make up 36 percent of all US households and 46 percent of those aged 25–34, thus accounting for nearly half of the typical first-time homebuyer market, the report said.
Meanwhile, the aging of the baby-boom generation over the next decade will lift the number of households aged 65 and over by some 10.7 million. Many of these households will choose to make improvements and modifications to their current homes so that they can age in place, while others will seek out new housing options geared toward seniors.
Since minority households tend to have lower incomes and wealth than white households, their demand for owner-occupied housing will depend in large measure on the availability of mortgage financing that accommodates their limited resources.
read more....
http://www.realestateeconomywatch.com/2014/07/todays-teenagers-will-rock-real-estate/
Those are some of the headlines from the Harvard’s Joint Center for Housing Studies’ 2014 State of the Nation’s Housing Report. The report paints a bright but challenging future for homeownership.
Simple demographics describe how new household will change. Assuming current headship rates hold, the number of households in their 30s should increase by 2.7 million. Many of tomorrow’s younger households will be minorities. By 2025, minorities will make up 36 percent of all US households and 46 percent of those aged 25–34, thus accounting for nearly half of the typical first-time homebuyer market, the report said.
Meanwhile, the aging of the baby-boom generation over the next decade will lift the number of households aged 65 and over by some 10.7 million. Many of these households will choose to make improvements and modifications to their current homes so that they can age in place, while others will seek out new housing options geared toward seniors.
Since minority households tend to have lower incomes and wealth than white households, their demand for owner-occupied housing will depend in large measure on the availability of mortgage financing that accommodates their limited resources.
read more....
http://www.realestateeconomywatch.com/2014/07/todays-teenagers-will-rock-real-estate/
Wednesday, June 18, 2014
May single-family housing starts retreat 5.9% | Bedford Hills Real Estate
Single-family housing starts retreated 5.9% in May after a 13.2% spike last week, posting a rate of 625,000, according to the U.S. Census Bureau.
This is below April’s revised rate of 664,000.
Meanwhile, privately-owned housing starts in May also declined and fell 6.5% below April’s revised figure of 1,071,000.
However, this is still 9.4% above last year’s trends when May 2013 posted a rate of 915,000.
Single-family housing authorizations in May came in at a rate of 619,000, 3.7% above the revised April figure of 597,000, while privately-owned housing units authorized by building permits in May posted a rate of 991,000, which was 6.4% below the revised April rate of 1,059,000, but only 1.9% below May 2013.
Single-family housing completions gained 2.1% in May over April and hit a rate of 618,000.
read more...
http://www.housingwire.com/articles/30338-may-single-family-housing-starts-retreat-59
Tuesday, June 3, 2014
There's No End to the Insane Patterns in This Arizona Abode | Bedford Hills Real Estate
According to the listing, this home is "beyond descriptive words," but here goes. Built in 1977, it would be a pretty standard piece of palatial Paradise Valley fare, if it weren't for a decorating job that at it's best, looks like the work of a Southwestern-influenced Marcel Wanders protege, and at its worst, looks like arbitrarily assembled mix of off-the-wall wall treatments. Maybe it's best summarized as the kind of home where the phrase "I kiss better than I cook" is spelled out in tile on the kitchen island. If it were a book, it would be called Extremely Loud and Incredibly Close to Visual Insanity. Currently offered for a slightly reduced $3.295M after selling in $2.45M in 2011, it takes up 8,020 square feet on a lot that measures less than an acre. Highlights include the coral-colored laundry room and the velvet thrones in the entryway. Meanwhile, one of the world's most floral-obsessed apartments has officially sold, so the equilibrium of over-patterned properties on the market remains undisturbed.
read more...
http://curbed.com/archives/2014/06/02/theres-no-end-to-the-insane-patterns-in-this-arizona-abode.php
Monday, May 5, 2014
It’s Star Wars Day. May the Fourth Be With You | Beford Hills Homes
Queue the John Williams music in your head.
A long time ago in a galaxy far far … well, actually in California in 1977, George Lucas made the first of three amazing movies without CGI or a fraction of the other special effects available today. Most important, none of the movies in the first Star Wars trilogy had JarJar Binx in them. Star Wars changed the landscape of science fiction movies and has continued to rake in billions of dollars with the second trilogy (a prequel to the original trilogy), cartoons, merchandise and more.
May 4 is Star Wars Day because “May the fourth” sounds kinda like “May the force” which is ridiculous, so I approve. It’s timely this year, as the cast of episode 7 was just announced (Oscar Isaac, Adam Driver — I am so excited!) and fans have the next installment to look forward to. Happy Star Wars Day, everyone!
A long time ago in a galaxy far far … well, actually in California in 1977, George Lucas made the first of three amazing movies without CGI or a fraction of the other special effects available today. Most important, none of the movies in the first Star Wars trilogy had JarJar Binx in them. Star Wars changed the landscape of science fiction movies and has continued to rake in billions of dollars with the second trilogy (a prequel to the original trilogy), cartoons, merchandise and more.
May 4 is Star Wars Day because “May the fourth” sounds kinda like “May the force” which is ridiculous, so I approve. It’s timely this year, as the cast of episode 7 was just announced (Oscar Isaac, Adam Driver — I am so excited!) and fans have the next installment to look forward to. Happy Star Wars Day, everyone!
These are the droids I’m looking for (no Jedi mind tricks work on me) — and boy, are they big on this home theater screen. Yes, the rest of this ideabook is going to be this silly, so quit now if it’s getting on your nerves. Here are 10 ways people are celebrating Star Wars around the house.
1. In the all-out home theater. Some of the most fervent fans have designed their home theaters to make them feel like they are aboard a spaceship.
read more...
Tuesday, April 22, 2014
Sales Launch at Shigeru Ban's Cast Iron House in Tribeca | Bedford Hills Real Estate
After architect Shigeru Ban won the Pritzker Prize in March, interest in his Metal Shutter House went through the roof, so it's probably safe to say that the award will have the same effect at the Cast Iron House, which launches sales today. When Ban's designs for the condo conversion and addition at 67 Franklin Street were approved two years ago, words like "magical" and "breathtaking" were used to describe the project, and now we finally get to see if buyers feel the same way. The interior of the 132-year-old cast iron building has been completely reconfigured, with 11 duplexes on the lower floors and two duplex penthouses on top. Currently five condos are listed. The least expensive is a 2,990-square-foot 3BR/3BA on the second floor that's asking $4.975 million, while the priciest pad is the east penthouse, listed for $12.95 million. It's a 3,809-square-foot four-bedroom with 1,531-square-foot terrace.
read more...
http://ny.curbed.com/archives/2014/04/21/sales_launch_at_shigeru_bans_cast_iron_house_in_tribeca.php
Monday, April 14, 2014
The Art of Joining Materials | Bedford Hills Real Estate
I remember the first time I set foot on a bustling construction site as an intern architect fresh out of school. It was the first time I connected the abstract vision I had been drawing on paper to the reality — and chaos — of construction. It all stood, literally and figuratively, in stark contrast to the design process. Hammers flying, tons of concrete being cast, beams being welded to soaring steel columns — it was hard to make sense of it all. This is when the true education of an architect begins, the moment when one realizes that the lines on paper represent the meeting points of materials, what we call joints.
Like most architects, I’m consumed with the process of making and the art of joining materials. What these joints say about a structure and how carefully they’ve been designed and crafted are hallmarks of good architecture. Let’s look at two projects that differ in their execution and style but share similarly striking results, due in large part to a skilled joining of materials.
Like most architects, I’m consumed with the process of making and the art of joining materials. What these joints say about a structure and how carefully they’ve been designed and crafted are hallmarks of good architecture. Let’s look at two projects that differ in their execution and style but share similarly striking results, due in large part to a skilled joining of materials.
Passive in Portland
This high-performance passive house is sited on a south-facing mountainside in Portland, Oregon. Capitalizing on the solar exposure, the house has a strong visual presence. Anchored by two vertical tower elements, which house the stairs and double-height spaces, the design is a complex composition of slipped volumes and geometry. To achieve this look while maintaining the strict energy performance goals was no small feat.
Articulation. Revealing the individual parts of an architectural composition and its place in the larger whole is called articulation. Architects use this term frequently, because it’s one of the ways we establish order in design. We express the different building blocks of architecture — the walls, floors, roof and ground planes — to achieve certain effects. Put simply, articulation is expression.
Viewed from afar, the volumes clad in white plaster and wood are articulated or expressed as distinct elements. The white is more vertically oriented and anchors the wood and glass volumes, which appear more horizontal. This is done using reveal joints.
This high-performance passive house is sited on a south-facing mountainside in Portland, Oregon. Capitalizing on the solar exposure, the house has a strong visual presence. Anchored by two vertical tower elements, which house the stairs and double-height spaces, the design is a complex composition of slipped volumes and geometry. To achieve this look while maintaining the strict energy performance goals was no small feat.
Articulation. Revealing the individual parts of an architectural composition and its place in the larger whole is called articulation. Architects use this term frequently, because it’s one of the ways we establish order in design. We express the different building blocks of architecture — the walls, floors, roof and ground planes — to achieve certain effects. Put simply, articulation is expression.
Viewed from afar, the volumes clad in white plaster and wood are articulated or expressed as distinct elements. The white is more vertically oriented and anchors the wood and glass volumes, which appear more horizontal. This is done using reveal joints.
Tuesday, March 25, 2014
New home sales hit 5-month low | Bedford Hills Real Estate
New home sales of single-family houses in February dropped 3.3% to 440,000, reaching a 5-month low, according to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
This is a dip from the revised January rate of 455,000 and is 1.1% below last year’s estimate of 445,000.
“This isn’t surprising. February is typically a slow time of year for new home sales across the board. Not many new home buyers sign contracts at the beginning of the year because buying a home isn’t a top priority after the holidays. We saw purchase declines in the MBA Mortgage Application Surveys during January and February and we’ll likely see some more slowdown before we get geared up for March and the spring season," said David Williams, vice president at RightStart Mortgage, based in Pasadena, Calif.
“The snow in the Midwest and Northeast also had at least some factor to slowing sales in the Midwest, Northeast and Mid-Atlantic states. It’s not so much that they were hit by snow, but it was on the weekends," Williams said. "Nobody is looking for a home when it’s snowing. We saw new single-family home sales up 3.2% for the month in January, which was still pretty good. I think we’ll see it bounce back in March.”
http://www.housingwire.com/articles/29424-new-home-sales-hit-5-month-low
This is a dip from the revised January rate of 455,000 and is 1.1% below last year’s estimate of 445,000.
“This isn’t surprising. February is typically a slow time of year for new home sales across the board. Not many new home buyers sign contracts at the beginning of the year because buying a home isn’t a top priority after the holidays. We saw purchase declines in the MBA Mortgage Application Surveys during January and February and we’ll likely see some more slowdown before we get geared up for March and the spring season," said David Williams, vice president at RightStart Mortgage, based in Pasadena, Calif.
“The snow in the Midwest and Northeast also had at least some factor to slowing sales in the Midwest, Northeast and Mid-Atlantic states. It’s not so much that they were hit by snow, but it was on the weekends," Williams said. "Nobody is looking for a home when it’s snowing. We saw new single-family home sales up 3.2% for the month in January, which was still pretty good. I think we’ll see it bounce back in March.”
http://www.housingwire.com/articles/29424-new-home-sales-hit-5-month-low
Wednesday, February 5, 2014
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 6, 2014
Friday, January 3, 2014
Friday, December 27, 2013
NY Parks Department To Buy 1,200 Acres In Hudson Valley To Expand Hiking | Bedford Hills NY Homes
The New York State Office of Parks, Recreation and Historic Preservation is teaming up with Scenic Hudson on an agreement to add roughly 1,250 acres of open space in the Hudson Valley region.
The new open space is set to run from Dutchess County to Hudson Highlands State Park. The agreement builds on the 63 acres added to Clarence Fahnestock Memorial State Park, "expanding popular hiking opportunities and open space protection in the Hudson Highlands," State Parks representatives said in a release.
"The Hudson Highlands are a nationally important scenic landscape, providing tremendous recreational opportunities and contributing to clean air and water, and protection of these lands strengthen Gov. Andrew Cuomo's outstanding conservation legacy," State Parks Commissioner Rose Harvey said in the release. "I am grateful to our partners for their work in securing these spectacular lands for the public, and that New York is able to draw on resources such as the Highlands Conservation Act (HCA) funding and the Environmental Protection Fund (EPF) to preserve our state's wonderful places and improve our park system."
Scenic Hudson President Ned Sullivan also extended his thanks for the new project.
"This project demonstrates the benefits of Gov. Andrew Cuomo's economic development strategy—recognizing that protecting the state's fabulous natural resources and job creation go hand-in-hand. This is a foundation of the Mid-Hudson Regional Economic Development Council and its ‘green circle' strategy to focus resources on the Hudson Valley's great natural, historic and cultural treasures," said Sullivan in the release. "Great thanks also to State Parks Commissioner Rose Harvey for her leadership and understanding of how much enjoyment and inspiration this landscape will give to residents and visitors alike. The preserve is close to an urban center and mass transit but offers a true wilderness experience. Scenic Hudson is honored to be part of this important conservation agreement."
The agreement calls for State Parks to purchase the Fishkill Ridge acreage from Scenic Hudson with about $1.8 million in HCA funding and $250,000 from the EPF, according to the release. Scenic Hudson is also donating more than $1.8 million worth of land value toward the sale.
"Fishkill Ridge is one of the Hudson Valley's iconic landscapes, visible from miles around and offering the public some of the best hiking in the region. Throughout the year, people come from New York City and all over to enjoy this remarkable resource, which also is contributing to the economic vitality of nearby communities such as Beacon and Cold Spring," said Steve Rosenberg, executive director of The Scenic Hudson Land Trust, in the release.
For more information, call 518-474-0456 or visit the State Parks website.
The new open space is set to run from Dutchess County to Hudson Highlands State Park. The agreement builds on the 63 acres added to Clarence Fahnestock Memorial State Park, "expanding popular hiking opportunities and open space protection in the Hudson Highlands," State Parks representatives said in a release.
"The Hudson Highlands are a nationally important scenic landscape, providing tremendous recreational opportunities and contributing to clean air and water, and protection of these lands strengthen Gov. Andrew Cuomo's outstanding conservation legacy," State Parks Commissioner Rose Harvey said in the release. "I am grateful to our partners for their work in securing these spectacular lands for the public, and that New York is able to draw on resources such as the Highlands Conservation Act (HCA) funding and the Environmental Protection Fund (EPF) to preserve our state's wonderful places and improve our park system."
Scenic Hudson President Ned Sullivan also extended his thanks for the new project.
"This project demonstrates the benefits of Gov. Andrew Cuomo's economic development strategy—recognizing that protecting the state's fabulous natural resources and job creation go hand-in-hand. This is a foundation of the Mid-Hudson Regional Economic Development Council and its ‘green circle' strategy to focus resources on the Hudson Valley's great natural, historic and cultural treasures," said Sullivan in the release. "Great thanks also to State Parks Commissioner Rose Harvey for her leadership and understanding of how much enjoyment and inspiration this landscape will give to residents and visitors alike. The preserve is close to an urban center and mass transit but offers a true wilderness experience. Scenic Hudson is honored to be part of this important conservation agreement."
The agreement calls for State Parks to purchase the Fishkill Ridge acreage from Scenic Hudson with about $1.8 million in HCA funding and $250,000 from the EPF, according to the release. Scenic Hudson is also donating more than $1.8 million worth of land value toward the sale.
"Fishkill Ridge is one of the Hudson Valley's iconic landscapes, visible from miles around and offering the public some of the best hiking in the region. Throughout the year, people come from New York City and all over to enjoy this remarkable resource, which also is contributing to the economic vitality of nearby communities such as Beacon and Cold Spring," said Steve Rosenberg, executive director of The Scenic Hudson Land Trust, in the release.
For more information, call 518-474-0456 or visit the State Parks website.
Wednesday, December 11, 2013
Here comes the 'party house' | Bedford Hills Homes
In the years immediately following the housing bust in late 2007, real estate agents focused on functionality and facts, such as the square footage and condition of the house, to convince buyers that they were getting a good deal. Now with the market improving, sellers are seeking to establish an emotional connection with buyers by focusing on lifestyle features instead.
As a result, nearly 2 percent of homes on the market are described as "perfect for entertaining" — or one out of every 64 homes, according to an analysis by real estate brokerage ZipRealty. That is a 15 percent increase over the past year. ZipRealty examined listings in 24 major metro areas from the first quarter to the third quarter of 2013 compared with the same period in 2012.
http://realestate.msn.com/blogs/post--here-comes-the-party-house
As a result, nearly 2 percent of homes on the market are described as "perfect for entertaining" — or one out of every 64 homes, according to an analysis by real estate brokerage ZipRealty. That is a 15 percent increase over the past year. ZipRealty examined listings in 24 major metro areas from the first quarter to the third quarter of 2013 compared with the same period in 2012.
http://realestate.msn.com/blogs/post--here-comes-the-party-house
Tuesday, December 3, 2013
All natural bleach alternatives to keep your house safe and sparkly clean | Bedford Hills Homes
Bathrooms and laundry didn’t feel clean unless it had that strong scent. I knew the janitors had sanitized the showers at my gym when I got a trace of the bleach smell. That whiff of bleach, however, is toxic.
When chlorine bleach is mixed with ammonia, it creates a fatal gas. Bleach is corrosive; it can burn skin. Bleach can also cause respiratory issues, increase allergies and asthma symptoms, and is linked to breast cancer.
There are healthier and more environmentally sound ways to clean your house and whiten your laundry. Because I was paranoid about chemicals and harming the baby during my pregnancies, I switched to natural products to clean and disinfect: baking soda, vinegar, and lemon. These are inexpensive and have become staples in our house.
Here are a five ways to clean using these products. You don’t get the smell of bleach, but that’s actually a good thing.
1. Use vinegar to clean mold. Our daughter’s humidifier got moldy and instead of using bleach, we soaked it in white distilled vinegar. You can prevent mildew in the shower by spraying vinegar on shower walls.
2. Whiten clothes with baking soda or vinegar. Add a 1/2 cup of vinegar and a 1/2 cup of baking soda to your wash. Your clothes will be whiter and brighter then ever and stains will disappear. Presoaking whites in a solution of 1 cup vinegar and 6 cups warm water overnight will also whiten your clothes.
3. Clean your garbage disposal. Put a lemon or orange down the garbage disposal and grind away. The juice from the fruits and peels clean the garbage disposal and create a fresh citrus scent.
http://living.msn.com/home-decor/cleaning-organizing/all-natural-bleach-alternatives-to-keep-your-house-safe-and-sparkly-clean-1
When chlorine bleach is mixed with ammonia, it creates a fatal gas. Bleach is corrosive; it can burn skin. Bleach can also cause respiratory issues, increase allergies and asthma symptoms, and is linked to breast cancer.
There are healthier and more environmentally sound ways to clean your house and whiten your laundry. Because I was paranoid about chemicals and harming the baby during my pregnancies, I switched to natural products to clean and disinfect: baking soda, vinegar, and lemon. These are inexpensive and have become staples in our house.
Here are a five ways to clean using these products. You don’t get the smell of bleach, but that’s actually a good thing.
1. Use vinegar to clean mold. Our daughter’s humidifier got moldy and instead of using bleach, we soaked it in white distilled vinegar. You can prevent mildew in the shower by spraying vinegar on shower walls.
2. Whiten clothes with baking soda or vinegar. Add a 1/2 cup of vinegar and a 1/2 cup of baking soda to your wash. Your clothes will be whiter and brighter then ever and stains will disappear. Presoaking whites in a solution of 1 cup vinegar and 6 cups warm water overnight will also whiten your clothes.
3. Clean your garbage disposal. Put a lemon or orange down the garbage disposal and grind away. The juice from the fruits and peels clean the garbage disposal and create a fresh citrus scent.
http://living.msn.com/home-decor/cleaning-organizing/all-natural-bleach-alternatives-to-keep-your-house-safe-and-sparkly-clean-1
Tuesday, November 26, 2013
Cuomo predicts state budget surplus | Bedford Hills Homes
Gov. Andrew Cuomo said Tuesday that an expected budget surplus will enable the state to consider cutting taxes next year.
"There will be, what is in essence, a surplus for next year, if we hold the line on spending, which we have thus far," Mr. Cuomo said in a radio interview. "If we continue our spending discipline, we project that we'll have revenue that we can use for a tax cut."
But the governor said he is not interested in cutting personal income taxes, despite a recent report that a tax-reform commission created by Mr. Cuomo and co-chaired by former Gov. George Pataki was preparing to recommend that.
"We just did the [personal income tax] last year," Mr. Cuomo said on the Capitol Pressroom, referring to the overhaul of the state's tax code in December 2011 that defused the raucous debate over the reauthorization of the so-called "millionaires tax" and at the same time added revenue to balance the budget.
"I have no interest in reopening the personal income tax discussion since we just redid it," he reiterated. "I do want to focus on the property tax."
Mr. Pataki's commission is expected to release its report in early December, including a recommendation to cut taxes on high-income earners, which peak at 8.82%, one of the highest rates in the nation. In January, the governor will release his budget priorities for the upcoming legislative session and is expected to sketch out his own tax-cutting proposals.
New Yorkers, especially suburbanites and upstate residents, pay among the highest property taxes in the country. Mr. Cuomo persuaded lawmakers in 2011 to cap the annual increase in property tax rates at 2%, subject to overrides by voters in the school districts and counties that impose those taxes.
http://www.crainsnewyork.com/article/20131126/BLOGS04/131129913#
"There will be, what is in essence, a surplus for next year, if we hold the line on spending, which we have thus far," Mr. Cuomo said in a radio interview. "If we continue our spending discipline, we project that we'll have revenue that we can use for a tax cut."
But the governor said he is not interested in cutting personal income taxes, despite a recent report that a tax-reform commission created by Mr. Cuomo and co-chaired by former Gov. George Pataki was preparing to recommend that.
"We just did the [personal income tax] last year," Mr. Cuomo said on the Capitol Pressroom, referring to the overhaul of the state's tax code in December 2011 that defused the raucous debate over the reauthorization of the so-called "millionaires tax" and at the same time added revenue to balance the budget.
"I have no interest in reopening the personal income tax discussion since we just redid it," he reiterated. "I do want to focus on the property tax."
Mr. Pataki's commission is expected to release its report in early December, including a recommendation to cut taxes on high-income earners, which peak at 8.82%, one of the highest rates in the nation. In January, the governor will release his budget priorities for the upcoming legislative session and is expected to sketch out his own tax-cutting proposals.
New Yorkers, especially suburbanites and upstate residents, pay among the highest property taxes in the country. Mr. Cuomo persuaded lawmakers in 2011 to cap the annual increase in property tax rates at 2%, subject to overrides by voters in the school districts and counties that impose those taxes.
http://www.crainsnewyork.com/article/20131126/BLOGS04/131129913#
Thursday, November 21, 2013
Tuesday, November 19, 2013
Canadian Housing Market Remains Solid as Economy Continues to Improve | Bedford Hills Homes
While housing starts have slowed since their burst from 2010 to 2012, there is
still room for future growth and the Canadian residential market remains solid,
according to the Conference Board of Canada Autumn Metropolitan Housing Outlook
commissioned by Genworth Canada (the report). The report notes that this
stability is due in part to housing supply continuing to be in line with
demographic requirements, which will allow average new and resale prices to
continue to grow, albeit moderately, in the foreseeable future.
"The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable," said Brian Hurley, Chairman and CEO of Genworth Canada. "This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability."
The report confirms Canada's continuing economic recovery, with GDP and employment both forecast to grow in all regions across the country over this year and next. While the Conference Board predicts mortgage rates to rise gradually, employment and personal income gains should allow consumers to adapt to the anticipated increases. The report also notes that while new home mortgage approvals grew in 2012, the total number of new and resale mortgage approvals is expected to be lower in 2013 by 2.3 per cent. However, even though new home mortgage approvals are expected to continue to decline in 2014 because of only modest growth in the new home market, resale mortgage approvals are expected to rise again in 2014 by 2.9 per cent. As a result of growth in prices for new and existing homes, the dollar volume of mortgage approvals is also expected to rise through 2014 in both the high-ratio and conventional markets.
"In short, Canadian housing markets should land softly," said Robin Wiebe, senior economist, Centre for Municipal Studies at The Conference Board of Canada. "A crash would require a significant negative surprise like an interest rate spike or employment collapse. Since no such shock is in the cards in Canada, a housing crash like the one in the U.S. is nowhere near a possibility."
Regional Highlights
http://online.wsj.com/article/PR-CO-20131119-903062.html?dsk=y
"The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable," said Brian Hurley, Chairman and CEO of Genworth Canada. "This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability."
The report confirms Canada's continuing economic recovery, with GDP and employment both forecast to grow in all regions across the country over this year and next. While the Conference Board predicts mortgage rates to rise gradually, employment and personal income gains should allow consumers to adapt to the anticipated increases. The report also notes that while new home mortgage approvals grew in 2012, the total number of new and resale mortgage approvals is expected to be lower in 2013 by 2.3 per cent. However, even though new home mortgage approvals are expected to continue to decline in 2014 because of only modest growth in the new home market, resale mortgage approvals are expected to rise again in 2014 by 2.9 per cent. As a result of growth in prices for new and existing homes, the dollar volume of mortgage approvals is also expected to rise through 2014 in both the high-ratio and conventional markets.
"In short, Canadian housing markets should land softly," said Robin Wiebe, senior economist, Centre for Municipal Studies at The Conference Board of Canada. "A crash would require a significant negative surprise like an interest rate spike or employment collapse. Since no such shock is in the cards in Canada, a housing crash like the one in the U.S. is nowhere near a possibility."
Regional Highlights
-- Atlantic Canada is expected to see a sharp drop in housing construction,
but with the exception of a slight decline in existing home prices in
2013, new and existing home prices should enjoy consistent growth over
the next several years
-- Quebec housing starts should continue to decline, after reaching a peak
in 2010, in order to better match demographic requirements
-- Ontario housing starts are expected to fall in 2013 for the first time in
four years, but are forecast to recover in 2014 before increasing much
more significantly through 2015 and 2016
-- The Prairies are expected to continue to enjoy healthy population growth,
which will help sustain housing demand and allow housing starts to stay
high
http://online.wsj.com/article/PR-CO-20131119-903062.html?dsk=y
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