This Month in Real Estate July 2014

What’s happening in Real Estate July 2014, report by Keller Williams Realty

For more real estate news related to your specific location please contact me today.

E Patrice Hayes
Licensed Real Estate Associate Broker in NY, CT and GA
 
Member of The Institute For Luxury Home Marketing
Search luxury properties at www.epatricehayes.com
Search all properties at www.MultiStateRealEstateBroker.com
Download My Mobile App To Search Homes
 
Keller Williams Realty Group
760 White Plains Rd
Scarsdale, NY 10583
Phone: 914.902.3220

  

This Month in Real Estate June 2014

What’s happening in Real Estate June 2014, report by Keller Williams Realty

For more real estate news related to your specific location please contact me today.

E Patrice Hayes
Licensed Real Estate Associate Broker in NY, CT and GA
 
Member of The Institute For Luxury Home Marketing
Search luxury properties at www.epatricehayes.com
Search all properties at www.MultiStateRealEstateBroker.com
Download My Mobile App To Search Homes
 
Keller Williams Realty Group
760 White Plains Rd
Scarsdale, NY 10583
Phone: 914.902.3220

  

Million-Dollar Home Sales Thrive While Low End Stumbles

Luxury-home sales are climbing as an improving economy and stocks that have almost tripled from 2009 lows bolster confidence among affluent buyers. At the same time, slow wagePhotographer: Emile Wamsteker/Bloomberg

Million-Dollar Home Sales Thrive While Low End Stumbles

Luxury-home sales are climbing as an improving economy and stocks that have almost tripled from 2009 lows bolster confidence among affluent buyers. At the same time, slow wage Photographer: Emile Wamsteker/Bloomberg

Million-dollar homes in the U.S. are selling at double their historical average while middle-class property demand stumbles, showing that the housing recovery is mirroring America’s wealth divide.

Purchases costing $1 million or more rose 7.8 percent in March from a year earlier, according to data released last week by the National Association of Realtors. Transactions for $250,000 or less, which represent almost two-thirds of the market, plunged 12 percent in the period as house hunters found few available homes in that price range.

Luxury-home sales are climbing as an improving economy and stocks that have almost tripled from 2009 lows bolster confidence among affluent buyers. At the same time, slow wage growth, tight credit standards and escalating prices are putting homeownership out of reach for many Americans. While investors drain the market of lower-end properties, builders are constructing more expensive houses that generate bigger profits.

“The real estate market is the ultimate reflection of confidence, wealth and income,” said Sam Khater, deputy chief economist at Irvine, California-based CoreLogic Inc. “The same factors driving the income stagnation in the middle are driving the income momentum at the top.”

Million-dollar-plus homes made up 2 percent of deals in February, about the same proportion as in 2008, before credit markets collapsed and drove down the share to the historical average of about 1 percent, according to Khater.

Greenwich Record

An analysis by DataQuick of 25 of the top U.S. metropolitan areas for multimillion-dollar sales showed purchases for $2 million or more jumped 33 percent in January and February from a year earlier. The 2,129 transactions were the most for the two-month period in the research firm’s data going back to 1988.

A U.S. price record for a single-family home was set last month with the $120 million sale of a waterfront mansion on 50 acres (20 hectares) in Greenwich, Connecticut, according to Christie’s International Real Estate. The New York-based brokerage marketed the property, known as Copper Beech Farm, to international buyers.

While demand from the super-rich began to rebound in 2012, with investors from countries such as China and Russia scooping up the most expensive U.S. homes, the lower end of the luxury market has surged in the past year, according to Bonnie Stone Sellers, chief executive officer of Christie’s International. Purchases have picked up as the economy improved and banks increased lending to higher-income borrowers, she said.

Loan Demand

Loan applications rose in February for home purchases of $500,000 or more while declining for all other levels, according to the Mortgage Bankers Association. In April, the average loan size for purchases climbed to $280,000, the highest in figures dating to 1990, the trade group said.

“The luxury markets are on fire,” Sellers said in a telephone interview. “The trends in luxury housing are similar to trends in other luxury goods. Whether you’re buying a third home in Manhattan as a pied-a-terre or another Picasso, these are acquisitions of passion, of lifestyle and of experience.”

Purchases of getaway homes are also climbing. Vacation properties made up 13 percent of transactions in 2013, the largest share in seven years, the National Association of Realtors said last month.

In New York’s Hamptons, the summer playground for financiers and celebrities, home sales in the first quarter jumped 52 percent from a year earlier, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The median price rose 19 percent to $880,000, fueled in part by higher Wall Street bonuses.

Butler Service

Gary Wasserman, CEO of Troy, Michigan-based Allied Metals Corp., is considering selling two homes in Florida — one in Naples and another in Miami Beach — to take advantage of rising prices in the area. He’s also buying a 5,000-square-foot (465-square-meter) condominium in a project under construction in Miami’s Coconut Grove section.

Wasserman declined to say how much he’s paying for the apartment in Grove at Grand Bay. Prices for similar units range from $4.4 million to $7.2 million, according to Philip Freedman, sales manager for the dual-tower development. Plans call for 12-foot (3.7-meter) ceilings, rooftop pools, an onsite chef and butler service.

“The stock market is very strong and this is a way to monetize and concretize some gains,” said Wasserman, 64. “We had quite a shock to our collective confidence in 2008 and 2009. The resurgence of the economy has underscored for us that this country remains a very strong place and that the future remains strong.”

Economic Growth

The U.S. economy expanded 1.9 percent in 2013 and 2.8 percent the prior year. Employers boosted payrolls in April by the most in two years and the unemployment rate fell to 6.3 percent from 6.7 percent, Labor Department figures showed today.

While the Commerce Department reported this week that gross domestic product grew at only a 0.1 percent annualized rate in the first three months of 2014, gains in retail sales, employment and manufacturing at the end of the quarter indicate the setback will be temporary.

The Standard & Poor’s 500 Index jumped 30 percent last year, the most since 1997. Since its 2009 low, the benchmark gauge has increased almost 180 percent to a record high.

While the real estate crash hit homeowners of all income levels, the affluent have more of their money in other investments, according to Richard Fry, senior economist at the Pew Research Center in Washington.

Unequal Pie

The average wealth for households with a net worth of $500,000 or more jumped 21 percent from 2009 to 2011, the first two years of the economic recovery, Fry said. It declined 5 percent for everybody else. The top 13 percent of households own all corporate and municipal bonds, 92 percent of the value of directly-held stocks and 69 percent of the wealth in 401(k) funds, according to Fry’s analysis of Census Bureau data.

“We see a rising wealth pie but the gains were unequal,” he said. “This makes sense because for the typical American household, most of their wealth is in their homes.”

Lenders courting business from affluent borrowers are charging less for bigger loans. The rate at Wells Fargo & Co. (WFC) for jumbo mortgages of at least $729,000 — those too big for backing by government programs — was 4.13 percent yesterday, compared with 4.38 percent for a conventional 30-year fixed loan.

The Federal Housing Administration, the biggest source of financing for first-time buyers, has raised the cost of borrowing and tightened underwriting to cope with losses on mortgages it insured before the crash. The number of FHA borrowers purchasing their first homes declined 38 percent last year from the 2010 peak.

Read full article at Bloomberg.com

E Patrice Hayes, Luxury Property Specialist

Licensed Real Estate Associate Broker in NY, CT and GA

Member of The Institute For Luxury Home Marketing

Search luxury properties at www.epatricehayes.com

Search all properties at www.MultiStateRealEstateBroker.com

Download My Mobile App To Search Homes

Keller Williams Realty Group

760 White Plains Rd

Scarsdale, NY 10583

Phone: 914.902.3220

Who’s Head of the Class? Top High Schools in CT & NY

Fairfield County CT’s Top Ranked High Schools

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U.S News & World Report just released its 2014 high school rankings, and districts from the greater Hartford area and Fairfield County grabbed most of the top spots across the state. Greenwich High School moved up six spots in Connecticut in U.S. News & World Report’s annual high school rankings, which were released this week. The school ranked 15th in the state in the annual analysis, which every year provokes discussions about acceptable results in a town like Greenwich and the value of the rankings themselves.

Nationally, GHS made a much larger jump, from 810 in 2013 to 413 on this year’s Best High Schools list. As a top 500 school, Greenwich High earned a "gold medal" from the magazine.

Read more about CT Top Ranked High Schools at Greenwich Patch and Greenwich Time.

Westchester County NY’s Top Ranked High Schools

Edgemont High School is a gold medal winner in U.S. News & World Report's annual ranking of public high schools.

Edgemont, Scarsdale High Schools Among Best In Nation

WESTCHESTER COUNTY, N.Y. — Edgemont and Scarsdale High Schools were named among the top high schools in New York and were two of only 500 schools nationwide to receive a gold medal rating in the annual U.S. News & World Report study. Edgemont was the highest-ranked school in Westchester County and ninth in New York state. If you discount charter and magnet schools, Edgemont actually ranked as the best public school in New York.

Nationally, Edgemont was ranked 58th. Scarsdale High School ranked 46th in the state and is the 10th-highest-ranked school in Westchester. Nationally, Scarsdale ranked 403rd.U.S. News analyzed more than 31,200 public high schools in all 50 states and the District of Columbia, and has published data on more than 19,400, including student demographics and results on state exams and Advanced Placement and International Baccalaureate tests.

Read more about NY Top Ranked High Schools at Scarsdale Daily Voice.

E Patrice Hayes, Luxury Property Specialist

Licensed Real Estate Associate Broker in NY, CT and GA

Member of The Institute For Luxury Home Marketing

Search luxury properties at www.epatricehayes.com

Search all properties at www.MultiStateRealEstateBroker.com

Download My Mobile App To Search Homes

Keller Williams Realty Group

760 White Plains Rd

Scarsdale, NY 10583

Phone: 914.902.3220

BOLD Law: You Teach People How to Treat You

BOLD Law: You Teach People How to Treat You

 

 

Ever wished someone treated you differently? Maybe it was a friend who cancelled dinner plans at the last minute, or maybe a colleague took the sole credit on a task the two of you completed together. In either of the above examples, you could change the end result of hurt feelings or dissatisfaction in the future by following the BOLD Law of “You teach people how to treat you.”

The easiest way to follow this BOLD Law is by letting people know exactly what you expect of them and how you expect them to treat you. You could let your friend know that, because of your tight schedule, you need more notice if she won’t be able to meet you for dinner, and you could tell your colleague that shared work should receive shared credit.

BOLD is a Keller Williams Realty program which can be used in any aspect of your life! Learn how BOLD can teach you communication strategies to put this Law into practice and watch videos of inspirational stories of how BOLD changed people’s lives professionally and more importantly personally! Keller Williams BOLD Steps: Communication Strategies, Teach People How To Treat You

E Patrice Hayes

Licensed Real Estate Associate Broker in NY, CT and GA

Member of The Institute For Luxury Home Marketing

Search luxury properties at www.epatricehayes.com

Search all properties at www.MultiStateRealEstateBroker.com

Download My Mobile App To Search Homes

Keller Williams Realty Group

760 White Plains Rd

Scarsdale, NY 10583

Phone: 914.902.3220

Scarsdale Officials Clarify Land Values, Tax Bills

Scarsdale Officials Clarify Land Values, Tax Bills

scarsdalevillagesign.jpeg

SCARSDALE, N.Y. — The village has issued a clarification in regard to property values and tax bills.

Village officials said, “Some residents are confusing the county April 2014; the village July 2014 and the school September 2014 tax bills with the revaluation that is now nearing completion,” according to a release from the village.

Officials want residents to know that “the county April 2014; village July 2014 and school September 2014 tax bills are taxes for the county January 2014 fiscal year; the village 2014-2015 fiscal year and the school July 2014-2015 fiscal year,” according to the release. The bills are based on property values as of July 1, 2013.

“It is too late to file a grievance on the July 2013 value and the 2014 tax bills,” village representatives said. “These 2014 tax bills have nothing to do with new 2014 values that are being updated for your property with the revaluation project currently in progress.”

Officials said residents should know that the property revaluation for the new values will value property as of July 2014, according to the release.

“The new values will apply to the county April 2015 tax bill; the village July 2015 tax bill and the school September 2015 tax bill,” officials said. “Residents that have questions about the July 2014 value, which will eventually be applied to their county April 2015; village July 2015 and school September 2015 tax bills can discuss their questions with the revaluation company, Tyler Technologies, that the village retained to establish the new values.”

Residents are asked to call 914-722-1324 and schedule an appointment.

“If after the informal meeting with representatives from Tyler Technologies about the new value (that is the July 2014 value), a property owner still has an issue with the new value, i.e., July 2014 value, then a formal grievance can be filed with the village’s Board of Assessment Review between June 1, 2014, and June 17, 2014. The grievance can be filed at the assessor’s office and the Board of Assessment Review will hear the grievance during that time period,” officials said in the release.

Read full article at Scarsdale Daily Voice

E Patrice Hayes

Licensed Real Estate Associate Broker in NY, CT and GA

Member of The Institute For Luxury Home Marketing

Search luxury properties at www.epatricehayes.com

Search all properties at www.MultiStateRealEstateBroker.com

Download My Mobile App To Search Homes

Keller Williams Realty Group*760 White Plains Rd*Scarsdale, NY 10583

Phone: 914.902.3220

New Connecticut Laws Effective January 1st You Should Know About!

Credit: Getty Images
Credit: Getty Images

Being pulled over by police for talking on your cell phone will cost you more in the new year and you may want to rethink sending a quick text while you’re stopped at a light as a host of new laws that took effect Jan. 1 in Connecticut upped the fine for such actions.

And if you ever wondered why refreshments aren’t served during funeral home calling hours, it’s actually prohibited by law.

Connecticut is among four states, including Massachusetts, New Jersey and New York, that prohibit the serving of food or beverages in funeral homes, according to the Department of Public Health statute.

A new law passed by the Connecticut General Assembly creates a 10-member task force to study the serving of beverages and prepackaged food at arrangement services in funeral homes.

New legislation in Connecticut takes effect in January, July and October. The General Assembly reconvenes on Feb. 5 and the session adjourns on May 7.

Below is a selection of some of the new laws. See the General Assembly website for a full list.

  • AN ACT CONCERNING SYNCHRONIZING PRESCRIPTION REFILLS

This act prohibits certain health insurance policies that cover prescription drugs from denying coverage for refilling any drug prescribed to treat a chronic illness if the refill is made in accordance with a plan to synchronize the refilling of multiple prescriptions. The plan must involve the insured, a practitioner, and a pharmacist.

  • ELECTRONIC RECORDING OF CUSTODIAL INTERROGATIONS

An oral, written or sign language statement of a person under investigation for or accused of a capital felony or a class A or B felony made as a result of a custodial interrogation at a place of detention shall be presumed to be inadmissible as evidence against the person in any criminal proceeding unless: an electronic recording is made of the custodial interrogation, and such recording is substantially accurate and not intentionally altered.

VOTING RIGHTS

Allows eligible people to register to vote and cast a ballot on Election Day and requires the secretary to establish and maintain an online system for new voter registration applications and changes to existing registrations

AUTOMOTIVE GLASS WORK

The act bars insurance company representatives and third-party administrators from steering an insured to a licensed glass shop owned by the insurance company, claims administrator, or their parent company, unless they provide the insured with the name of at least one other shop in the area where the glass work is to be performed.

Steering occurs when a claims representative or administrator gives the name of, or directs an insured to, a particular glass shop, or schedules an appointment with it for the insured.

  • REVISIONS TO TRANSPORTATION STATUTES AND DESIGNATION OF ROADS AND BRIDGES IN HONOR OF PERSONS AND ORGANIZATIONS

This act changes the way the Department of Transportation disposes of excess property and makes a number of other changes in transportation laws, including:

The portion of Route 151 in East Haddam from the East Haddam-Haddam town line east to Route 149, the “Private First Class Peter P. Golec Memorial Highway,” and the portion of Route 3 in Cromwell from the Cromwell-Rocky Hill town line south to Evergreen Road, the “Paul Roger Harrington Memorial Highway”

  • DISTRACTED DRIVING AND REVISIONS TO MOTOR VEHICLE STATUTES

Increases the fines for using a hand-held cell phone or other electronic device while driving, creates a task force to study prevention of distracted driving, and makes other changes in the cell phone law.

Increases driver’s license renewal fees and changes other motor vehicle fees

Expanding the ban on drivers’ use of hand-held cell phones to include use when a vehicle is temporarily stopped because of traffic, road conditions, or traffic control signs or signals

Allows certain people convicted of driving under the influence to drive to probation appointments in the first year of driving only cars equipped with ignition interlock devices

The act eliminates a requirement that the photograph or digital image on driver’s licenses and non-driver identification cards be in color.

It increases the first offense from $125 to $150; second, $250 to $300; third and following from $400 to $500

  • TASK FORCE ON FOOD IN FUNERAL HOMES, COLON HYDROTHERAPISTS, PODIATRY PRACTICE AND COUNTERFEIT CONTROLLED SUBSTANCES

Allows licensed naturopaths to delegate the provision of colon hydrotherapy services to a colon hydrotherapist, under certain conditions and creates a task force to study the provision of beverages and prepackaged food at arrangement services in funeral homes.

(View Full Article on Greenwich Patch)

E Patrice Hayes, Luxury Property Specialist

Licensed Real Estate Associate Broker in NY, CT and GA

Member of The Institute For Luxury Home Marketing

Search luxury homes at www.MultiStateRealEstateBroker.com

Keller Williams Realty Group

760 White Plains Rd

Scarsdale, NY 10583

Phone: 914.902.3220