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/

Sensible guide to using plywood indoors | Chappaqua Real Estate

Plywood has earned its place in the pantheon of versatile and indispensable building materials at the architect’s disposal. Strong, lightweight, relatively inexpensive, and easy to work with and install, it’s the industry standard for structural sheathing and subflooring. As a structural material it’s very often buried and concealed in the finished building — until recently. 

Architects and designers in search of novel uses for humble materials are now using plywood for a higher aesthetic purpose as a finished surface in living spaces. It’s become a handy means of modernizing and warming an interior for a relatively inexpensive cost. Although I appreciate the raw aesthetic of plywood and can relate to the desire to have the warmth of wood on a limited budget, it’s not right for every surface of a home. Here’s how to know if it’s right for you.

Nicholas Lee Architects

To use plywood wisely, it helps to understand a little about its origins and makeup. 

What is plywood? Plywood is essentially stacked layers of thin plies (sheets), commonly called cross-bands, of wood. Each successive ply is rotated, which lends the panel strength. The rotation determines the ultimate strength; 90-degree rotations between plies are found in less expensive plywoods, while 30-degree rotations are found in higher-quality plywoods. Each ply is glued to the successive one with heat and pressure to form the sheet.

chadbourne + doss architects

Sheet thickness is determined by the total number of plies that comprise the sheet; the typical range is ¼ inch to 1 inch and up. The thickness, wood species, type of glue used and grade of the outward-facing plies determine the grade of plywood and ultimately its cost.

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http://www.houzz.com/ideabooks/41870805?utm_source=Houzz&utm_campaign=u1151&utm_medium=email&utm_content=gallery5

Buying a House on the Lake | Chappaqua Homes

Many people dream of finding the perfect lake house. But once you’ve found it, is it really that easy to buy and finance the home? It is if you follow these four steps.

1. Decide how you will use the home

Before estimating your lake house purchase costs, you need to consider how you intend to own and use the property. You have three options:

• Primary residence. You can buy for as little as 3 percent down (if the loan amount doesn’t exceed $417,000), and you’ll get the lowest mortgage rates for this type of use.
• Second home. You can use your lake house with your family and friends, but lenders won’t let you rent the home. Mortgage rates are the same as primary residences. Most lenders require as little as 20 percent down for a second home. You qualify for the loan using your full primary residence housing cost plus your full second home cost.
• Investment property. You’d rent the home, plus use it when it’s not rented. Rates are .25 percent to .375 percent higher than primary residence or second home rates, and down payment requirements typically start at 30 percent. But you can use rental income to help qualify for the mortgage.

2. Understand the total cost of owning a lake house

You can determine what you can afford in seconds. Then you’ll find a lender and have them dive deeper into:

• Cash available for down payment, closing costs, and reserves.
• Total monthly cost of your existing home, plus the total monthly cost of the lake house (including principal, interest, taxes and insurance for both homes).
• Total cost to manage the lake house, including costs unique to a lake house. One such cost is flood insurance, which is an additional insurance fee on top of your normal homeowners insurance.

You also need to consider budget items that lenders don’t use in their qualifying calculations, but that are still very important for your own financial planning:

• Total cost for gas, electric, cable TV, and internet.
• Total cost for furniture and housewares. This is especially important for your budget if it’s a second home or investment property.
• Total costs to travel to your lake house for your desired number of visits each year (if it’s not a primary residence).
• Total cost of outdoor gear: kayaks, paddle boards, boats, jet skis, etc.
• Total cost of property maintenance including dock upkeep, cleaning, and landscaping.

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http://www.zillow.com/blog/how-to-buy-a-lake-house-171877/

Historic Homes and Modern Insurance | Chappaqua Real Estate

Many people who buy historic homes — from bare-bones colonials to elaborate Victorians — are drawn to them, at least in part, because they want to return to simpler times. Unfortunately, buying home insurance for these houses can be complicated. They may be high-value, hard to repair or rebuild, or difficult to appraise.

Complicated, however, doesn’t mean impossible. Consider the following factors as you seek homeowners insurance quotes for your historic home.

It matters when your home was built

Historic homes often fall into two categories: houses built prior to 1945 and those built before 1900.

If the home was built before 1945, it’s possible that it could be protected with a standard homeowners insurance policy — with a few tweaks. This is especially true if the electrical and plumbing systems have been replaced and a modern HVAC system has been installed.

If the home was constructed before 1900, however, there’s a larger chance it includes unique architecture, unusual features and building materials that were common then but not widely used now. None of this means you won’t be able to insure it, but you may need to search for an insurance provider that specializes in historic homes coverage.

Determining the replacement value

One of the major sticking points in insuring a historic home — regardless of which era it was built in — is determining its replacement cost. With modern homes, providers start by multiplying the square footage of the home by local building costs and then add the cost of upgrades such as granite countertops and hardwood floors.

With historic homes, providers usually assign appraisers and restoration experts to evaluate the home before they issue a policy. That’s because of the difficulty in rebuilding it with the same features and materials. Because of this factor, the replacement cost of your historic home could greatly exceed the amount you paid for it — and the replacement cost is the amount for which you’ll need to insure it.

Finally, you should also consult a licensed agent to determine whether you need to add Ordinance and Law Coverage to your policy. This helps you by providing additional costs required to rebuild your historic home to local building codes and other laws. For example, your city’s building code could require you to widen stairs or rewire the electrical system. If you don’t have this coverage, you could have to pay the extra expense on your own.

What’s in the home?

Standard home insurance typically includes contents coverage for your personal possessions inside the home, including furniture, electronics and other items. The amount of coverage for these possessions typically is 5o to 70 percent of the replacement cost of the house. However, payouts for high-value items can be limited.

That’s important because most historic homes also contain antique furnishings and sometimes expensive artwork. These items may not be covered unless you schedule an endorsement — an addition to the policy specifically covering those items.

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http://www.zillow.com/blog/historic-homes-modern-insurance-169604/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Teatown Reservation news | Chappaqua Real Estate

November 12, 2014                                                               PROGRAMS: Advanced Registration is required for all programs. Unless noted, all programs meet in the Nature Center and are $7 per person or FREE for members. Please register by calling (914) 762-2912 ext. 110.  Caring for Exotic Reptiles Sunday, November 16 1 pm - 2:30 pm Join Elissa Schilmeister for this program about responsible exotic reptile care. Learn about the exotic pet trade as we explore the realities of keeping pet turtles, lizards and snakes. Elissa will bring a few reptiles from her own personal collection. This program is for adults only.

Visit Teatown Holiday Birthday  Party Special Book a party and invite a friend to book a party and each save $25 on the booking fee.   Offer ends Dec. 15. Please call 914-762-2912 to book your party.   1600 Spring Valley Road Ossining, NY 10562  914-762-2912  www.teatown.org    Teatown Lake Reservation's   mission is to inspire our community to lifelong environmental stewardship. Nature Center hours: 9 am - 5 pm daily Trails are open 365 days a year from dawn to dusk.   Click here for Teatown membership benefits, details,  and to purchase or renew  your membership online.    Your donation can make   an immediate impact and help   support our environmental education programs and the stewardship of our 1,000 acre preserve.       Shop on Amazon?  Click the link below and a portion of your Amazon purchase will be donated to Teatown! Click here.

Upcoming Events and Workshops: Winter Birds Saturday, November 22  9 am - 10:30 am Winter is on the way! Charlie Roberto will lead a bird walk around Teatown Lake to locate our last lingering songbirds and other birds that remain for the winter. Free. Bats in Peril Saturday, November 22 10 am - 11 am Did you know that bats are in a critical state of decline throughout the northeast due to white-nose syndrome? Come learn all about the curious and often misunderstood world of nocturnal insect-eating bats and what present-day challenges they face. Learn why we should all care about a future without these important little creatures. This program is for adults only. Going Green: Out With the Old & In With  the New Sunday, November 23 11 am - 12:30 pm Reduce, reuse, recycle, turn an old t-shirt into a reusable bag and learn about ways to reduce your ecological footprint. Not suitable for children under 8. In the Nature Center Gallery:   Ceramic Plates & Sculpture  by Barbara Krohn On exhibit November & December 2014 Ms. Krohn and her family have long standing connections to Teatown and we are very pleased to be hosting an exhibit of her recent works.   Click here for more info. Teatown Highlight: Invasive Removal at Teatown    We have been monitoring our lakes for an invasive aquatic plant called Hydrilla (Hydrilla verticillata) that was found in the Croton River just last year.   Hydrilla is highly invasive, capable of taking over various types of waterbodies. It can grow 1 foot per day, and can be introduced to a new area through transport on waterfowl or humans.   Think you have hydrilla in a water body near you? Contact Teatown or click here for more information about hydrilla: http://www.dec.ny.gov/outdoor/85939.html         www.teatown.org

New Castle Zoning Board Moves Closer To Mosque Vote | Chappaqua Real Estate

The New Castle Zoning Board of Appeals voted to adopt a findings statement for the Upper Westchester Muslim Society’s proposed mosque, a step that effectively ends its environmental review of the project.

The ZBA made the unanimous vote at its Oct. 29 meeting following overviews of several environmental topics by Town Planner Sabrina Charney Hull.

The proposed mosque would be nearly 25,000 square feet and located at 130 Pinesbridge Road, which is in the West End of town. The project includes 120 onsite parking spaces and 15 allotted for landbanking, which means potential future use. The society, which is also called UWMS, has proposed having offsite parking at several nearby locations, which would be used for two major holidays. Busing would then be used to bring people to the site. If UWMS is not unable to secure enough offsite parking, then it proposes to cap attendance.

The proposed mosque has been met with concern from several neighboring residents who worry about traffic , potential septic failure and impact on a nearby lake. During her overview discussion, Hull noted that the applicant has committed to pumping out the septic tank and overflow tank prior to holidays. Hull, discussing hydraulic connectivity, explained that the lake is not connected to the site.
The next step for the ZBA is to vote on whether to grant UWMS a special permit for the mosque. ZBA Chairman Kenneth Cooper does not expect a vote at the board’s November meeting because they have not seen a draft of the permit’s language.

“So it would be, I think too quick a turnaround to expect it that soon,” he said.

A vote on the permit, according to Cooper, depends on how quickly it is drafted and on how quickly they are able to give input.

Adoption of the findings statement followed acceptance of a Final Environmental Impact Statement (FEIS) for the project. The FEIS, in turn, was the successor document to the project’s Draft Environmental Impact Statement (DEIS). the Muslim Society revised its project earlier this year to expand a setback near an neighboring property and to include its current parking proposal.
Hussein Elzoghby, a Muslim Society board member, expressed satisfaction with the findings statement being consistent with what they worked on previously in the DEIS and FEIS.
The atmosphere at the Zoning Bosrd meeting was markedly different from earlier ones, with turnout being considerably lower. The previous meetings were for public hearings pertaining to the project.


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http://chappaqua.dailyvoice.com/news/new-castle-zoning-board-moves-closer-mosque-vote

New-Home Sales Staying Sluggish | Chappaqua Real Estate

Sales of new homes in the United States were nearly flat in September, after the government sharply revised downward what initially appeared to be an August surge in buying.

New-home sales edged up 0.2 percent last month, to a seasonally adjusted annual rate of 467,000, the Commerce Department reported on Friday. The report also revised down the August sales rate to 466,000, from 504,000.

 

The pace of sales for newly built homes has improved a mere 1.7 percent so far this year compared with 2013. Only the South has experienced gains in buying year-to-date; purchases have fallen in the Northeast, Midwest and West.

 

Housing has struggled to fully rebound since the recession ended more than five years ago. Many potential buyers lack the savings and strong credit history needed to afford a home, causing them to rent or remain in their existing houses.

 

Construction and buyers of new homes have trickled back from the worst of the crisis, but new-home sales remain far below the annual rate of 700,000 during the 1990s.

 

Sales in the most expensive Western states declined in September, reversing some of the gains made in August. Because homes are pricier in the West, that pushed down the median price for a new home to $259,000, from $286,800 in the previous month.

 

Analysts noted that the new-home sales report from the government is notoriously volatile from month to month, yet sales have basically been stuck in place for the last few years

.

“There is little evidence that the new single-family housing market is decisively breaking out of its medium-term flat pattern,” said Joshua Shapiro, chief United States economist at the forecasting firm MFR.

 

Though some of the financial pressures on home buyers are starting to ease, that is unlikely to do much to suddenly increase sales of new homes in the final months of this year.

 

Over the last two weeks, federal regulators have unveiled plans to loosen down-payment requirements, and mortgage rates have tumbled below 4 percent. Along with a slowdown in price growth, these factors could eventually help usher more buyers into the real estate market.

 

 

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http://www.nytimes.com/2014/10/25/business/new-home-sales-staying-sluggish.html?_r=0

Remembering the Grand Spectacle of the 1939 World's Fair | Chappaqua NY Real Estate

All photographs were taken by Harold Webber and printed by Henry Webber. A selection of these photographs is now on view until October 11th at The Civil Service Café and Gallery, 279 Nostrand Avenue, Brooklyn.

"You should've seen it at night," my late grandfather, Harold Webber, used to say as he wistfully described to me the grand spectacle—with its massive architecture, state-of-the-art exhibits, and millions of visitors—that was the 1939 New York World's Fair.

 

At the time of the Fair, my grandfather was a 25-year-old amateur photographer and railroad enthusiast from the Bronx. He had attended Stuyvesant High School and Fordham University during the Depression, and he was about to embark on his 40-year career as a design engineer for Bell Laboratories. He and his younger brother spent their spare time photographing steam locomotives around New York and New Jersey. Through his charter membership in a train hobbyist's group, the Railroadians, my grandfather was asked to volunteer at the Fair's railroad pavilion. In exchange for his help, he received an unlimited admission pass to the Fair's 1939 and 1940 seasons, which granted him expanded access to the grounds and a unique vantage point from which to photograph the event.




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http://curbed.com/archives/2014/09/17/1939-worlds-fair-photos.php

2014's Greenest Cities and States | Chappaqua NY Real Estate

The 2014 U.S. Clean Tech Leadership Index from research firm Clean Edge tracks clean tech progress by state, and in the 50 largest metro areas.

STATE INDEXThe report's state index identifies the top markets and states for clean tech by comparing 70+ indicators in three main categories: Technology, Policy, and Capital.
Clean-energy generation, energy storage installations, green building deployment, energy efficiency expenditures, VC investments, and clean-energy patents data are among the many metrics identified in each state to create the conclusive ranking.



Hovering over the interactive map above displays the Clean Tech Index score for every state, but here's a cheat sheet for the top 10:

1. California: 93.7
2. Massachusetts: 79.4
3. Oregon: 67.0
4. Colorado: 66.8
5. New York: 64.8
6. New Mexico: 61.9
7. Washington: 61.6
8. Illinois: 61.5
9. Vermont: 58.6
10. Connecticut: 57.3
 

CITY INDEX


To determine the top cities, Clean Edge tracks 20 indicators within the categories of: Green Buildings, Advanced Transportation, Clean Electricity & Carbon Management, and Clean Tech Investment & Innovation in the 50 largest U.S. metros.

Each circle in the interactive represents the Clean Tech Index score for a city, but here's your cheat sheet for the top metros (five of the top 10 are located in California):

1. San Francisco, California: 94.4
2. San Jose, California: 79.7
3. San Diego, California: 66.3
4. Portland, Oregon: 62.9
5. Sacramento, California: 61.0
6. Boston, Massachusetts: 56.2
7. Los Angeles, California: 56.0
8. Washington, D.C.: 53.6
9. Austin, Texas: 51.3
10. Denver, Colorado: 49.7





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http://www.ecobuildingpulse.com/business/2014s-greenest-cities-and-states_o.aspx?day=2014-08-12&utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=EBP_090214&day=2014-09-02
 

How a San Francisco Architect Reframes Design for the Blind | Chappaqua Real Estate

[Graphics by Suze Myers.]
Architect Chris Downey is standing next to a pile of Sheetrock, balancing a white cane in the air like a tightrope walker's pole. The week before, construction had begun on a new office for the Independent Living Resource Center of San Francisco, or ILRC, a nonprofit community center for people with disabilities. Downey holds the cane up to approximate for the center's executive director, Jessie Lorenz, how the reception desk will jut out at an angle from a concrete column.

Lorenz takes a step, and a pile of pipes on the floor clatters. "I don't know what's over there," says Downey. Lorenz giggles. "I hope I didn't break anything," she says. Lorenz regains her footing and touches the cane. "That makes sense," she says. "It's almost like we're funneling people into this part."

Even though Lorenz, who, like Downey, is blind, can't see the space before her, she knows exactly what to expect. On her desk at the ILRC's current office on Mission Street, she keeps a tactile floor plan that Downey printed for her. The plan's fine web of raised lines looks like an elaborate decorative pattern, suggesting a leaf of handmade stationery or a large sheet from which doilies are about to be cut. Though Downey has consulted on other architects' projects since going blind six years ago, this one marks a turning point for him. The community center is the first space he's designed since losing his sight. The center recently opened its doors to the public with a celebration to inaugurate the new space, located on Howard Street in the city's Yerba Buena district, just down the block from the Moscone convention center. But on this May afternoon, the walls are just beginning to go up.



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http://curbed.com/archives/2014/08/06/how-a-san-francisco-architect-reframed-design-for-the-blind.php

Stubborn Negative Equity Delays National Price Rebound | Chappaqua Real Estate

Too many homeowners are still underwater on their mortgages for home values in half of the nation’s 100 largest metro areas to reach their pre-recession peak levels within the next three-plus years, according to the second quarter Zillow Real Estate Market Reports

Nationally, home values remain 11.3 percent below their 2007 peak. Looking ahead, U.S. home values are expected to rise another 4.2 percent through the second quarter of 2015, according to the Zillow Home Value Forecast will take 2.7 years for national home values to re-achieve their pre-recession levels, assuming a steady rate of appreciation at the forecasted level.

U.S. home values climbed 6.3 percent year-over-year in the second quarter to a Zillow Home Value Index (ZHVI)iii of $174,200, the slowest annual pace of appreciation recorded so far this year and a sign that the market is returning to more normal levels. In a more normal market, home values appreciate at roughly 3 percent per year. Home values nationwide were up 1 percent compared to the first quarter and 0.5 percent from May.

Homes.com, which tracks 300 markets in its monthly Rebound Report, says that through April, a total of 105 markets or 35% percent of all markets it tracks have achieved full pricing recovery and another 178 markets, or 59% of the total, have rebounded 50 percent from their trough index number.
However, Zillow said that in 50 of the nation’s 100 largest metro markets, it will take three years or more for home values to reach prior peaks. Notable large metros where full recovery in home values will take longer than a decade include Minneapolis (14.5 years), Kansas City (12.5 years) and Chicago (11.7 years).




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http://www.realestateeconomywatch.com/2014/07/stubborn-negative-equity-delays-national-price-rebound/

Rental history may soon influence credit scores | Chappaqua Real Estate

Landlords aren’t required to report to the three most popular credit bureaus, Equifax, Experian and TransUnion, so years of on-time rental payments don’t necessarily influence first-time homebuyers’ all-important credit scores when they apply for a mortgage, syndicated columnist Ken Harney wrote for The Columbus Dispatch.

But that’s changing, Harney writes. Experian and TransUnion are beginning to include rental-payment histories into credit files and will use them to calculate credit scores, he notes.
Harney also points out there are alternative credit reporting services available to first-time homebuyers, such as ECredable.com, that incorporate payment history information that isn’t reported to the major credit bureaus, such as phone and cable payments


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http://www.inman.com/wire/rental-history-may-soon-influence-credit-scores/?utm_source=20140702&utm_medium=email&utm_campaign=dailyheadlinesam

Egypt's Richest Man Buys NYC's Most Expensive Co-op Ever | Chappaqua Real Estate

8 images

An Egyptian billionaire just smashed the record for the most expensive co-op ever sold in New York City. As expected, the penthouse of 960 Fifth Avenue, owned by the late billionaire Edgar Bronfman, Sr., sold for a whopping $70 million. The Daily News was the first to report the sale, which hit public records this afternoon. The buyer is Nassef Sawiris, the richest man in Egypt, who made his $7 billion in the construction business, and he wanted to make sure everyone knew he purchased the pad—he used his own name on the documents, not an anonymous LLC (also, 960 Fifth is one of the most tony and prestigious addresses, so they probably don't allow LLCs). The sprawling 16-room pad, with a killer wraparound terrace, is in need of some upgrades, but Sawiris probably has the money. The previous record for the most expensive co-op was set by David Geffen's $54 million buy at 785 Fifth Avenue in 2012. Sorry, buddy. Your time at the top is over.



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http://ny.curbed.com/archives/2014/06/06/egypts_richest_man_buys_nycs_most_expensive_coop_ever.php

Is the Housing Recovery Showing Signs of Life? | Chappaqua Real Estate

After falling to their worst level in nearly two years, existing-home sales managed to post their first gain of the year last month as inventory levels increased and home pricesonline.wsj.comhome prices slowed. However, the results still missed expectations, and doubts remain about the strength of the independent housing analyst in Deerfield Beachonline.wsj.comhousing recovery.

The National Association of Realtorsonline.wsj.comNational Association of Realtors announced Wednesday that total existing-home sales — completed transactions of single-family homes, suburb or townonline.wsj.comtown homes, condos, and co-ops — gained 1.3 percent to a seasonally adjusted annual rate of 4.65 million units in April, compared to 4.59 million units in March. Sales have only increased in two of the past nine months.

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The results were slightly worse than expected, which has been a common theme in the housing market this year. Economists expected sales of a 4.68-million unit pace in April. Earlier this year, sales missed estimates for seven consecutive months. Making matters worse, existing-home sales are 6.8 percent below the 4.99 million-unit level seen in April 2013. This is the sixth consecutive month that sales were below year-ago levels.


Read more: http://wallstcheatsheet.com/business/is-the-housing-recovery-showing-signs-of-life.html/?a=viewall#ixzz32T1qveUp