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/

Negative Equity Real Estate | North Salem Homes

Temperatures are warming and potential homebuyers are coming out to shop, but they are finding precious little for sale.

Weak housing construction and the growth of the single-family rental market have pushed down supply for sure, but one nagging leftover of the housing crash is literally trapping potential sellers in their homes: Negative equity.

Some 5.4 million homes, or 10.4 percent of all homes with a mortgage, were still in a negative equity position, or "underwater," in the fourth quarter of 2014, according to CoreLogic, as their owners owe more on the mortgage than the home is currently worth. This is down considerably -18.9 percent, from a year ago-but it still keeps these borrowers from putting their homes on the market, because they would lose money. 

Additionally, of the 49.9 million U.S. homes with a mortgage, approximately 10 million (20 percent) have less than 20 percent equity, and 1.4 million have less than 5 percent, according to CoreLogic. These homeowners also would have a difficult time selling because not only would they lose money in the process, but they also might not qualify for a new mortgage.

"Negative equity continued to be a serious issue for the housing market and the U.S. economy," said Anand Nallathambi, president and CEO of CoreLogic. "We expect the situation to improve over the course of 2015."

Improvement will come with higher home prices. Rising prices in 2014 brought more than 1 million borrowers into a positive equity position. The problem, however, will take considerable time to work through and will continue to affect not only housing supply, but also consumer spending overall.

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http://finance.yahoo.com/news/millions-underwater-homeowners-trapped-160310034.html

Fresh Ideas in a Former Tomato Packing Shed | North Salem Real Estate

 "We wanted to create a very flexible, adaptable space,” says architect Jamie Falla of the M House on Guernsey, one of the Channel Islands off the northwest coast of France. The former tomato packing shed is now a three-bedroom home designed to celebrate the building’s soaring roof, original wood and sunny location. “When we first saw the shed in 2010, it was just a big open-plan space with metal cladding on the exterior,” Falla says. “The plan was to keep the existing structure — the envelope — and preserve as much of that open space” as possible.

Inside the structure Falla and his team designed a box that sits within the open-plan space and contains the kitchen, storage, shower room and utility area. Across from the box, a glass-fronted platform hovers above the living room. Falla also added a single-story wing containing the bedrooms, two bathrooms and a study. He was designing the property to sell it, and not for a client, so he wanted to give it wide appeal. “It had to be flexible, but not having a client also gave us some freedom,” he says. “This is, essentially, an experimental building.”

JAMIE FALLA ARCHITECTURE

Houzz at a Glance
Location: Central Guernsey, the Channel Islands
Year built: 2012
Size: 3 bedrooms, 2 bathrooms, 1 shower room

The former metal shed is now a beautiful wood building. “It’s a very lightweight timber structure,” says Falla, of Jamie Falla Architecture. He chose English sweet chestnut for the siding, which covers new insulation and the original corrugated metal, and left the wood untreated. “Exposure to the U.K. climate and UV light damages any finish or paintwork,” Falla says. “So we left the timber as it is. It’s going to go black in places, gray in others, and become more weathered.”

JAMIE FALLA ARCHITECTURE

Inside, the kitchen is contained in a box that sits within the open-plan living space. Behind it is a utility room, a shower room and integrated storage space; above is a study-playroom. You can walk around the kitchen and access the living space from either side. “The box is clad with the wide Douglas fir boards we used on the floor,” Falla says. “The upper floor is fronted with toughened glass.”

Kitchen: Poliform; flooring: 300-millimeter-wide Douglas fir with soap and lye finish, Dinesen

JAMIE FALLA ARCHITECTURE

The platform provides an intimate living space (an “escape space,” as Falla calls it), and the circular window is a playful touch. “[We] would never normally put a circular window in, but it was a nice way to replace two small, high windows that were there originally,” he says.

Chairs: Series 7 by Arne Jacobsen for Fritz Hansen; table: Super-Elliptical by Piet Hein for Fritz Hansen

JAMIE FALLA ARCHITECTURE

The same Douglas fir that was used for the flooring and to wrap the internal box crops up on the staircase’s beautiful, built-in handrail as well. “It’s about touching a soft piece of timber as you rise up and down in the house,” says Falla. “The carpenters who worked on this project were real craftsmen. They were amazing, so we had fun pushing them to create something wonderful and seeing them enjoy the process.” Over time the rail will acquire a patina from all the people who have used it and lived here. “Details like this run through the house,” says Falla. “Little flowing details that bring a sense of harmony.”

JAMIE FALLA ARCHITECTURE

Corridors run along both sides of the kitchen box. This side runs along the garden wall, where huge windows bring in lots of light. “We are interested in place,” Falla says. “So we have tried to capture the south light and also the morning light through these huge, theatrical windows.”

JAMIE FALLA ARCHITECTURE

A single-story addition houses the bedrooms and two bathrooms. A corridor flowing off the front entrance leads down to this section of the property, and a wall of glass helps capture natural light.

JAMIE FALLA ARCHITECTURE

The house is full of well-thought-out details that do not shout for attention, but give the building depth and character. “The way the master bedroom windows turn back toward the house, for instance,” says Falla. “They create a courtyard feel. These kinds of details are quite subtle, and you may not notice them at first, but they all add to the experience of living here.”

Chair: Swan by Arne Jacobsen for Fritz Hansen

JAMIE FALLA ARCHITECTURE

Making the most of natural light was one driver of this project, but Falla also prioritized the electrical lighting. “We always have a lighting designer on every build,” he says. “It’s important that at night the house shines as a whole.”

JAMIE FALLA ARCHITECTURE

The granite by the front door is all that remains of a low wall that ran around the property. “It’s a nice reminder of what was there before,” Falla says. The window on this side has been bumped out to create a window seat inside. “You can sit there with a book to enjoy the morning light,” says Falla. “It’s about being able to enjoy different moments of the day in different parts of the house.”

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http://www.houzz.com/ideabooks/34260683?utm_source=Houzz&utm_campaign=u926&utm_medium=email&utm_content=gallery4

A Walnut Wall of Storage Opens Up a Kitchen | North Salem Real Estate

Traditional kitchens reign supreme in this particular suburb of Philadelphia. And that’s exactly what this family of four didn’t want. So finding a local designer to do something different proved challenging. “They didn’t get what we were looking for,” says one of the homeowners. “We wanted someone who could think outside the box a little bit.”

They wanted something, well, the opposite of traditional. They wanted “all the cliché things, like clean lines, an open floor plan, all white, no upper cabinets,” the homeowner says. So they searched for home professionals on Houzz and came across general contractor Brian Osborne. “He just got us,” the homeowner says. Osborne and his team of designers and fabricators helped modernize the space by integrating a 30-foot black walnut wall of storage that took all the pressure off the cooking stations and hangout areas to create an incredibly spacious and airy kitchen.

Osborne Construction

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A structural wall that housed the air conditioner return originally broke up the kitchen where the island is now. Osborne removed it and put in a beam, then moved the HVAC behind the wall of black walnut cabinetry.

The cabinet wall, a collaboration between Osborne, the homeowners, C2 Architecture, Loubier Design and Kole Made, is 30 feet long and 8 feet tall. “It’s like a furniture pantry,” Osborne says. “There’s endless real estate to store things.” The wall helps keep the rest of the space open and airy. There’s room for plates, serving platters, food and even a Sonos stereo system housed in a slide-out shelf. At the far end is a homework station for the kids, and at the other is a recess that creates a buffet-style table that often acts as a cocktail station.

 

 

 

 

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http://www.houzz.com/ideabooks/31491768?utm_source=Houzz&utm_campaign=u643&utm_medium=email&utm_content=gallery5

 

Likable Tuscan-Style Water Mill House Chopped $500K | North Salem Real Estate

1095 Head Of Pond Road Water Mill

19 images

This property featured in Pricechopper a little over a month ago. Most commenters liked the house. "When I hear Tuscan-style, I automatically think of JerseyTuscan, which is generally pretty vile. This is quite nice and understated... aside from the gargantuan size, of course. One of the better mansion-ey homes I've seen." "I want to hate it. I really do. But it's not that bad. Except for the motorcycles." "I want to drive the motorcycles around the living room."
Now the price has been chopped $545K to $5.95M down from $6.495M. We say: make a deal to include the motorcycles and go for it, Joe and Sally Homebuyer! And let us have a spin around the living room after you close.

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http://hamptons.curbed.com/archives/2014/06/18/likable_tuscanstyle_water_mill_house_chopped_500k.php

Home improvements that offer biggest bang for the buck | North Salem Homes

Cleaning up on spring home improvement projects requires more effort than many homeowners anticipate.
Remodeling tends to pick up as the weather improves, and this year is no exception. During the second half of 2013, the National Association of Home Builders' Remodeling Market Index, which measures how busy contractors are, was at its highest level since the spring of 2004.
When the report was released in late January, remodelers were expecting an even busier spring, with more saying they had been called to bid on a job or were already committed to a project.
If you're updating your home with the aim of adding to its value, tread carefully. Some improvements boost value more than others, and in most cases, a project costs more than it adds in value.
According to Remodeling magazine's 2014 Cost vs. Value report, the average portion of cost recouped is 66.1 percent. (Watch the video for some of the projects, small and big, that provide good value.) Of course, what buyers will think of — and might pay for — an upgrade is less of a hurdle if you plan to enjoy your fancy new kitchen or master bath for years to come.




http://www.today.com/money/home-improvements-offer-biggest-bang-buck-2D79452167

North Salem Homes | North Salem Real Estate Report

North Salem NY Weekly Real Estate Report	2/28/2014
Homes for sale	43
Median Ask Price	$699,000.00
Low Price	$235,000.00
High Price	$18,500,000.00
Average Size	3615
Average Price/foot	$424.00
Average DOM	213
Average Ask Price	$1,832,119.00

North Salem NY Real Estate Weekly Report | North Salem Homes

North Salem NY Weekly Real Estate Report	2/28/2014
Homes for sale	43
Median Ask Price	$699,000.00
Low Price	$235,000.00
High Price	$18,500,000.00
Average Size	3615
Average Price/foot	$424.00
Average DOM	213
Average Ask Price	$1,832,119.00

Harsh weather, tight supply sink U.S. home sales | North Salem NY Homes

Severe cold weather and a shortage of houses on the market pushed U.S. home resales to an 18-month low in January, the latest indication economic activity has hit a soft patch.
The National Association of Realtors said on Friday that home sales dropped 5.1 percent last month to an annual rate of 4.62 million units, the lowest level since July 2012.

The Realtors group said unseasonably cold weather was partly to blame, but it also acknowledged some fundamental weakness, with fewer homes on the market to choose from and higher mortgage rates and prices reducing affordability.

"Some housing activity will be delayed until spring," said Lawrence Yun, NAR chief economist. "At the same time, we cannot ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates."

The 30-year fixed mortgage rate is about a full percentage point higher than it was a year ago, even though rates have come down a bit since hitting a two-year high in September.

Sales tumbled in the Northeast, South and Midwest, which were hit by snow storms and ice last month. But they were down 7.3 percent in the West, an indication that other factors apart from the weather also weighed on sales.

Home resales, which peaked in July, have declined in five of the last six months, and in January were down 5.1 percent from a year-ago.


http://www.reuters.com/article/2014/02/21/us-usa-economy-housing-idUSBREA1K16J20140221

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.”

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

- See more at: http://www.inman.com/next/the-quantified-self-what-it-might-mean-for-real-estate/?utm_source=20140110&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.LINhfaLs.dpuf

Mortgage rates won’t derail 2014 housing market | North Salem Real Estate

By Ruth Mantell, MarketWatch

Yes, the housing sector’s recovery has shown some signs of slowing down, as recently noted by Federal Reserve members.

Home prices are rising, and so are mortgage rates, making it tough for would-be buyers, particularly first-time purchasers, to close a deal on a new place. Meanwhile, the looming threats of new mortgage rules and pending housing-finance reform are adding uncertainty to the market.

Despite these challenges, economists say home sales will continue to grow next year. Why? Hiring in 2014 may be strong enough to unleash a chunk of the pent-up demand that built up during the recession.

“It’s almost going to be like a tug of war next year. You have what appears to be a recovering economy, but at the same time you have the prospect of higher interest rates,” said Nicolas Retsinas, senior lecturer in real estate at Harvard Business School. “Generally, when there is a tug of war between jobs and interest rates, jobs win.”

In addition, there’s evidence that purchasers are becoming used to the pricier sales environment, with recent data showing that sales of new single-family homes are close to the fastest pace since 2008. And while sales of existing homes slipped recently, they are expected to increase next year as inventories rise.

However, not all home sales will perform equally in 2014, according to forecasts. Sales of new homes are expected to rise faster than sales of existing homes, which make up a larger share of the market.

According to the National Association of Home Builders, a trade association, sales of new single-family homes are expected to hit 607,000 in 2014, compared with an annualized rate of 464,000 in November. If sales of new single-family homes rise above 600,000 next year, the rate would remain below an average of more than 1 million over the five years leading up to a 2005 peak, government data show.


http://www.marketwatch.com/story/mortgage-rates-wont-derail-2014-housing-market-2013-12-27

Best Ways to Use Radiant Orchid | North Salem Real Estate

I must confess, I was not a huge fan of Pantone’s 2013 Color of the Year, Emerald, as I tend to prefer greens that have more yellow in them (chartreuse) or blue (turquoise). So I was pleased to see Pantone’s new Color of the Year for 2014, Radiant Orchid — mostly because it represents a complete 180-degree shift from Emerald, as the colors are opposite each other on the color wheel. Let’s take a look at this head-turning — and sometimes head-shaking — color.

Jennifer Ott Interior Design

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Wondering exactly what color Radiant Orchid is?

Leatrice Eiseman, executive director of the Pantone Color Institute, says, “An enchanting harmony of fuchsia, purple and pink undertones, [it] inspires confidence and emanates great joy, love and health. It is a captivating purple, one that draws you in with its beguiling charm.”

Sounds good, but I was curious to find out people’s reaction to the color.

Barbara Pintozzi

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I conducted an informal and completely unscientific poll among my friends on social media, and Radiant Orchid got mixed reviews. One of my friends commented that she likes this color for orchids, and that’s about it. Another friend finds it insipid and too similar to mauve — a color she associates with dental offices from the ’80s. Ouch!

But another friend thought the color would work well for one of her quilting projects, perhaps used with shades of gray or soft green.

A poll conducted by Houzz showed similar mixed feelings, so I decided to find examples of successful uses of the color to see if I could change some minds.

Marcus Gleysteen Architects

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Here’s a nice example of how to use Radiant Orchid in a room, via an area rug. Because it’s rather bold, the color packs a nice punch when used as an accent through furnishings and accessories.

FLOR

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House Pet Carpet Tile, Hummingbird

And not that I advocate changing out the colors in your home every year with each passing color trend, but an area rug is a smart way to use a bold color in your home; if you grow tired of the sassy hue, it’s easy to replace it.

Chris Snook

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While I would advise against painting all four walls of a room in orchid, it does make a terrific accent wall color. Pair it with plenty of neutrals, such as white, gray and tan, to let it take center stage and keep it from clashing with other bold colors.

 

 

 

 

http://www.houzz.com/ideabooks/20854181?utm_source=Houzz&utm_campaign=u400&utm_medium=email&utm_content=gallery4

 

RIP Fail Whale: Twitter’s iconic error image bites the dust | North Salem Realtor

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » RIP Fail Whale: Twitter’s iconic error image bites the dust | North Salem Realtor

10 Things Today’s Buyers Look for in a Home | North Salem NY Homes

While David Letterman’s Top 10 lists generally culminate in a No. 1 ranking, the following list includes in no particular order 10 things that are important to buyers today, especially Millennials who represent a significant buyer niche in today’s market.

Quality of the neighborhood – The National Association of Realtor’s 2012 Profile of Buyers and Sellers revealed that neighborhoods are really important to buyers, but that neighborhood choice varies by household composition.

Convenience to job – Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials.

Overall affordability of homes – With job markets tight and retirement funds depleted or eroded thanks to the Great Recession, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of your pre-tax income.

Quality of schools – A recent survey by realtor.com revealed that nearly 45 percent of today’s buyers are willing to pay a premium for quality schools

Homes suited for the next 15 years – Just five years ago, buyers were looking to stay in their home about 10 years. Today, buyers expect to stay closer to 15, so it’s important to find a home that can support lifestyles as they evolve through that time period.





http://rismedia.com/2013-10-15/

Foreclosure filings creep up a slight 2% | North Salem Homes

Foreclosure filings crept up 2% in the most recent weekly survey, but still declined 28% from year ago levels, RealtyTrac reported Thursday.

In all, the data firm recorded 133,919 filings in October.

For the 16th month in a row, judicial foreclosure auctions increased from year ago levels, with 30,023 foreclosure auctions nationwide in October, up 10% from the prior month and up 7% from last year.
Overall, there were 58,939 properties that started the foreclosure process for the first time in October, rising 2% from September, but down 34% from last year.

This marks the 15th consecutive month where foreclosure starts have declined on an annual basis, the data firm said.

Individually, Maryland, Delaware, New York, New Jersey, Pennsylvania, Connecticut and Florida witnessed the largest annual increases in scheduled judicial foreclosures. In particular, Maryland and Delaware shocked with dramatic 'judicial foreclosure' increases of 177% and 142%, respectively.




http://www.housingwire.com/articles/27952-foreclosure-filings-creep-up-a-slight-2

North Salem NY Real Estate Weekly Report | #RobReportBlog

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » North Salem NY Real Estate Weekly Report | #RobReportBlog