Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY

The boomlet in foreign purchase of US residential property is apparently over. Purchases by international buyers fell 17 percent last year, down approximately $14 billion from the previous year. Purchases by foreign buyers fell to an estimated $68.2 billion. The National Association of Realtors attributed the decline is attributed to economic slowdowns in a number of major foreign economies, tighter U.S. credit standards and unfavorable exchange rates. The survey, which asked Realtors® to report their international business activity within the U.S. for the 12 months ending March 2013, showed that total international sales were $68.2 billion “Foreign buyers are experiencing hurdles not only abroad, but also here in the U.S. when it comes to purchasing property,” said NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif. “Difficult economic conditions, particularly in Europe, have impacted foreign buyers, but several factors in the U.S. have also affect...

Home prices rose to 2004 levels in the S&P Case-Shiller Indices for April as the10- and 20-City Composites posted their highest monthly gains in the history of S&P/Case-Shiller. Data through April 2013 released today showed average home prices increased 11.6 percent and 12.1 percent for the 10- and 20-City Composites in the 12 months ending in April 2013. From March to April, the 10- and 20-City Composites rose 2.6% and 2.5 percent. All 20 cities and both Composites showed positive year-over-year returns for at least the fourth consecutive month. Atlanta, Dallas, Detroit and Minneapolis posted their highest annual gains since the start of their respective indices. On a monthly basis, all cities with the exception of Detroit posted positive change. The chart above depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices. In April 2013, the 10- and 20-City Composites posted annual increases of 11.6% and 12.1%, respectively. Bedford...

Since 2007, the number of households are paying more than half of their income for housing despite the crash in home values and bottom basement interest rates has increased by 2.6 million. As of 2011, over 40 million households were at least moderately cost burdened (paying more than 30 percent of their incomes for housing), including 20.6 million households that were severely burdened (paying more than half of their incomes for housing), according to the State of the Nation’s Housing 2013 released yesterday by the Joint Center for Housing Studies at Harvard University. The latest increases in the number of severely burdened households represent a jump of 347,000 from 2010, 2.6 million from 2007 when the recession began, and 6.7 million from a decade ago. The most recent increases were almost entirely among severely burdened renters, whose numbers soared by 2.5 million from 2007 to 2011, pushing the share to 27.6 percent. While up only 173,000 over this period, the number of cos...

For the first time since the Institute for Luxury Home Marketing began tracking upper tier market trends in 2008, its Market Action Index hit the threshold that separates buyer’s and seller’s markets earlier this month. The highest tier of homes for sale, homes priced over $500,000, has been the last part of the market to feel the effects of the housing recovery.  On June 2, the ILHM reported its Market Action Index had reached 30 for the first time and in subsequent weekly reports the index has maintained its position. “The ILHM National market is currently slightly in the Seller’s Market zone (greater than 30).The Market Action Index stands at 30 which indicates that luxury demand is relatively strong but the available supply of new listings doesn’t get acquired immediately,” the ILHM noted in its June 23 report. The ILHM Luxury Composite Price for the week ending June 23 was $1,273,414 and the asking price per square foot was $324. Homes have been on the market for an ave...

The days are getting shorter now, football closer — at least the Fed can’t take that away from us. Given its fantastic bungling this week, it might try. First, let’s get the fairy tales out of the way. No, President Obama has not asked Fed Chair Ben Bernanke to leave; Bernanke is exhausted (which may explain some of this week), and orderly competition to succeed him began in January. And no, the market wrecks this week do not invalidate the quantitative easing (QE) campaign. It was exactly the right thing to have done. Bernanke is an American hero, his inventiveness and courage without parallel in our peacetime history. However, the skills and instincts necessary to save us in the post-Lehman event are completely different from those required to manage a gradual tightening of policy. Bernanke on May 22 did an expert and appropriate job of mumbling. Markets needed to be warned that QE might taper in the next several months, and be reminded that someday QE would end altogether, an...

THE 1708 HOUSE Ancient, charming This bed-and-breakfast in fact does date from 1708. There are four eighteenth-century guest rooms with original wood floors, beamed ceilings, four-poster beds, and clawfoot tubs and also more modern rooms and cottages. The cellar, dating to 1648, is an atmospheric place to have a glass of wine. Location is unbeatable: you can walk to the center of Southampton and the beach. 126 MAIN ST, SOUTHAMPTON, NY 11968 (631) 287-1708 WEBSITE THE 1770 HOUSE Beautiful, luxurious Everything about the 1770 House is luxurious and the staff goes out of their way to be charming. Originally built as a private residence for William Fithian in 1663, this place has been an inn since 1770. The six guest rooms and carriage house are all beautifully appointed; some rooms even have fireplaces and private entrances. The restaurant is also top-notch. 143 MAIN ST, EAST HAMPTON, NY 11937 (631) 324-1770 WEBSITE AMERICAN HOTEL Landmark,...

With the U.S. housing market continuing down the road to recovery, inventory remains tight as home sellers are waiting it out, hoping to regain some of their home equity lost during the downturn. One buying and selling option often overlooked by consumers is property auctions. Because property auctions are not considered a traditional method of selling or buying, misperceptions and myths abound about the auction process. Here are several myths debunked. Myth No. 1: I won’t get the price that I want Truth : Home auctions allow interested buyers to compete with one another for the home they want. It’s this competition that brings out the true market value of a home. On auction sites, bids are placed in a transparent marketplace, so buyers can see offers and interest in real time. Additionally, sellers set a reserve price, which is the minimum amount of money they will accept for their home. Meanwhile, buyers benefit by seeing exactly how much money it will take to be the “highest bi...

Seattle-based Microsoft founder Bill Gates — and second richest man in the world — remarkably, doesn’t own an excess of properties. Previously, when his horse-loving daughter competed in Florida, the multi-billionaire rented homes for his family rather than buying. Not any longer. According to  South Florida’s Gossip Extra  and property records, Gates now owns a place in Wellington, FL, paying $8.7 million in cash. The Mediterranean-style residence is vastly different and much smaller than Gates’  high-tech and modern compound  spanning over 5 acres with 50,050 square feet of living space on Lake Washington, about 8 miles east of Seattle. The home Gates just purchased in Wellington is  reportedly  a residence he and his family rented last year in January while his teenage daughter competed in the  Winter Equestrian Festival . Built in 2010, the estate has 4 beds and 4 baths with a 7,234-square-foot, open floor plan. Horse-friendly featur...

Top 10 tips for Home Sellers 1) Know what comparable homes in your area have sold for. Knowing what other homes in your area have sold for will help you get top dollar for your home at sale time. Keep an eye out for homes that are similar to yours. Watch the sales prices of homes that are similar models, have the same number of bedrooms and bathrooms, finished basements, garages, decks or patios, additions, and other similar features to your home. Home sales prices are public information, you can consult your county or state to find out this information. 2) Learn the lingo. The process of selling a home brings with it a host of terms that you may have never heard before.  Click here  for the definitions to some important words you’re likely to encounter. 3) Landscaping can add as much as 10 to 15 percent to the value of your home. Add a few trees and shrubs to your landscape and you’ll not only improve the view, attract birds and wildlife, but also make your h...

You are not hiring a Realtor to put a sign on the lawn, an ad in the paper, and hold an open house. You can do this yourself. You are hiring a Realtor to provide you with maximum exposure to the greatest number of qualified buyers for your home. Supply and Demand You’ve heard of supply and demand? The more potential buyers at your supply, the higher a priceyou can demand. The absolute number one tip I can give you to help you get the most money possible for your home is this: make sure you get full Multiple Listing Service (MLS) coverage. Don’t look at any offers until you are sure your home is on the MLS computer. I will say this again… Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Real Estate Number One Selling Tip | Bedford Real Estate

It’s not news that San Francisco home sales have been rocketing above expectations since the beginning of the year. Bay area buyers have seen themselves outbid by the cost of a mansion in their home towns; sellers have found that even an unstaged home, or even raw fixer-upper, will sell above asking within a week. You might think this’d encourage laziness among sellers, but at least one boutique agency is thinking just the opposite: a little extra effort might result in record sales within record times. They call it simple marketing, but I call it “uberstaging.” Climb Real Estate has been creating a niche for itself with its rolling Airstream satellite office. Now they’re talking their sellers into spending as much as $50K on pre-sale improvements, betting that the payoff will more than cover the cost. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Don’t Call It Home Staging. Call It Superstaging! | Bedford Hills Real Estate

We’ve written before about the wealth gap between whites and people of color — a divide that’s only grown wider over the past half decade. And since so much of Americans’ household wealth is wrapped up in homes, a significant amount of that wealth gap has been chalked up to an array of barriers to homeownership for people of color. Here’s another sobering data point to that end: A new study has found that blacks, Latinos and Asians looking for homes were shown fewer housing options than whites who were equally qualified. And fewer options meant higher housing costs. The study, conducted by the Department of Housing and Urban Development and the Urban Institute (a nonpartisan think tank in Washington) used a method called “pair testing.” Two people — one person of color and one white person — called and then visited a real estate office to ask about an available property for rent or sale. Both of the pair testers told real estate agents that they had about the same income, asse...

Maryland’s housing market is improving, but many homeowners still face trouble. Foreclosure activity in Maryland last month reached a 33-month high, according to RealtyTrac, which gathers real estate data nationwide. Among the states, Maryland had the largest year-over-year increase — 229 percent — in foreclosure starts in May. “Every day, we just get a lot of struggling, hurting, scared homeowners,” said Owen Jarvis, an attorney with the St. Ambrose Housing Aid Center in Baltimore. Although many homes going into foreclosure now are investments gone wrong, not owner-occupied properties, scores of homeowners are falling behind on payments, he said. Lenders began the foreclosure process on just over 2,000 Maryland properties last month, according to RealtyTrac’s figures. And last month’s high foreclosure figure is not an anomaly. Maryland’s foreclosure numbers have been among the highest in the country for about a year, ranking fourth last month. Several factors are behind the s...

Brokers said many wealthy Cape Codders are trading up. Other buyers see the Cape as a strong investment, with bigger properties still selling at a 20% to 50% discount to the Hamptons in New York. CNBC has learned that billionaire William Koch—the sailor, wine-collector and brother of famed conservatives David and Charles—is putting his historic compound on the private island of Oyster Harbors up for sale. Robert Paul Properties , an affiliate of  Luxury Portfolio International , is about to list the property for $15 million. Koch is selling after he purchased a nearby estate previously owned by Rachel “Bunny” Melon for $19.5 million, according to reports. The top listing in Martha’s Vineyard, the Obamas’ favorite summer retreat, is a property called Herring Creek Farm, a 25-acre estate on the market for $19.5 million. The farm sits on a private corner of land off Slough Cove. Located on the southeast part of the island, the property features sweeping views of Edgartown ...

If you exclude November 2009, when home sales spiked amid a frenzy to claim a tax credit for first-time home buyers, home sales are running at their highest rate in six years, writes the Wall Street Journal. The  National Association of Realtors  reported on Thursday that sales in May rose to a seasonally adjusted annual rate of 5.18 million homes. They reached a level of 5.44 million in November 2009, and 5.27 million in May 2007, when the housing market collapse accelerated. They hit a low of 3.45 million in July 2010, after the last round of home-buyer tax credits expired. See the key takeaways from the Wall Street Journal on these rising home prices  here . Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Key takeaways on rising home sales | Mt Kisco Real Estate

Mortgage rates are at historical lows, but they are increasing at the fastest pace in a decade, Businessweek claims in a new article. Earlier this week, Federal Reserve Chairman Ben Bernanke said the Fed plans to taper off purchases of mortgage-backed securities once the unemployment rate hits 7%. The news sent stock markets plunging around the world, the article noted. “If people believe house prices are going up, credit availability will evolve,” said Paul Willen, a senior economist at the Federal Reserve Bank of Boston. “There is too much money to be made lending to homebuyers. Lenders will find a way.” Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Mortgage rates rise at fastest pace in 10 years | North Salem Real Estate

CNNMoney writes that Omaha real estate appraiser John Bredemeyer claimed a few years ago he saw a house in his area sell for 8% less than comparable homes nearby, owing largely to the large, snarling dogs next door. “Raising kids there?” he says. “I don’t think so.” So what’s your recourse? “You can move to the woods,” Borzotta says. “Or you can expect issues and learn how to deal with them properly.” See what CNNMoney suggests when facing intolerable neighbors. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Intolerable neighbors may affect home value | Armonk Real Estate

Some 20 percent of owners of properties making their way through the torturous foreclosure process are abandoning their homes rather than hoping for a miracle or waiting until the bitter end eventually comes. RealtyTrac released a report today showing that as of June owners had vacated 167,680 foreclosure properties nationwide, representing 20 percent of all U.S. properties in the foreclosure process. These owner-vacated foreclosures are in addition to 544,274 bank-owned homes nationwide that have been foreclosed on but not sold to a third party. In addition more than 650,000 homes in the foreclosure process have not been vacated by the homeowner but are likely to end up as short sales, foreclosure auction sales or bank-owned sales in the future, bringing total foreclosure-related inventory on RealtyTrac to nearly 1.4 million. “Efforts to prevent unnecessary foreclosures and mitigate their impact on home values have resulted in a foreclosure process that takes an average of 477 ...

At a seasonally adjusted annual rate of $495.7 billion, new construction starts in May advanced 5% from April, according to  McGraw Hill Construction . Much of the uptick came from nonresidential building, which registered moderate growth for the second month in a row after its sluggish performance at the outset of 2013. During the first five months of 2013, total construction starts on an unadjusted basis were reported at $187.6 billion, down 3% from last year. Residential building advanced 3% in May to $206.8 billion. Single-family housing also edged up 2% in May, the company noted. The rate of activity for single-family housing continues to be high by recent standards, with May up 26% from the average monthly pace during 2012. By geography, single-family housing in May revealed gains in the Midwest, up 6%; the West, up 5%, and the South Atlantic, up 2%, respectively. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Home cons...

There are differences between this run-up in prices and the housing bubble that preceded the financial crisis, said Gary Thomas, the National Association of Realtors ‘  president. “The boom period was marked by easy credit and overbuilding, but today we have tight mortgage credit and widespread shortages of homes for sale,” Thomas said. The improved housing market and mortgage rates still near record lows, despite a recent rise in rates, is pulling buyers back in the market faster than it’s prompting sellers to put homes on the market. Buyer traffic 29% above a year ago, but the supply of homes for sale is actually down 10%, writes CNNMoney. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Surging home sales stir new housing bubble fears | Pound Ridge Real Estate

Yolanda Barnes, director of research for  Savills , an organization that focuses on international real estate, comments: There’s a great deal of interest in New York, which is seen as relatively cheap compared to other global cities.” As such, foreign investors who are looking for a new home, who need a vacation spot, or who work on an international level and want to set up a home base in the United States, are turning to New York City as a wonderful place to invest in luxury real estate at a fraction of the cost when compared to the price tags associated with other global locations, such as London. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » New York luxury real estate is booming | Bedford Real Estate

The inventory deficit that jump started the recovery is now filling up fast with new listings as home sellers get the message. But are just hastening the day prices slow down? The current January to April year-to-year to date increase in the supply of existing homes is the third highest in nearly 30 years writes CoreLogic Deputy Chief Economist Sam Khater in the current issue of CoreLogic’s Market Pulse newsletter. “How much further can the rapidly appreciating markets go?” he asked, noting that most states are currently close to their fundamental long-term price trends relative to long term inflation-adjusted trend. Khater suggested that the “invisible lid that has been on supply” is in the process of being removed. A key factor has been the fact that more homeowners not only are above water but also have reached or exceeded their “reservation price”-the price lowest price at which an owner is willing to sell. “For homeowners with positive equity, the reservation price conditio...

Texas homebuyers are buying more new homes and they’re finding them faster, according to the  Texas Association of Realtors . This indicates a steadily growing, competitive housing market in The Lone Star State.   Shad Bogany, chairman of the Texas Association of Realtors, said, “This report affirms the Texas real estate industry as a driving force in our state’s economy. More new homes are being built and homes are selling faster, which bodes well for our thriving Texas housing market and our economy’s future.” In 2012, 26% of all homes purchased in Texas were new. Additionally, Texas homebuyers only spent eight weeks looking for a home prior to making their purchase. Compared to Texas, only 16% of homes nationwide were new homes and homebuyers spent an extra month searching for the right property. It seems that the makeup of Texas homebuyers has shifted as well, with 69% of homebuyers being married couples, compared to 65% nationally. This marks the highest share sinc...

Conducting the first study of its kind, the  Department of Housing and Urban Development  studied 50 metropolitan markets from June to October 2011 and concluded that same-sex couples were “significantly less likely than heterosexual couples to get favorable responses to e-mail inquiries about electronically advertised rental housing.” More specifically, “heterosexual couples were favored over gay male couples in 15.9% of tests and over lesbian couples in 15.6% of tests,” writes MSNBC. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Study finds same-sex couples face housing bias | Bedford Real Estate

In the short term, the jump in interest rates is spurring home buyers in the Washington region and other hot markets to action, adding to the already frenzied competition to get a home, writes the Washington Post. But a sustained rise would hurt a fragile housing recovery, which has climbed out of the depths of its crash with the help of record-low rates, economists said. “The biggest threat to the recovery is that rates rise too fast,” said Mark Zandi, chief economist at Moody’s Analytics. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Rates rising too quickly could hurt housing recovery | Bedford Hills Real Estate