The New York City Department of Environmental Protection purchased 13 acres surrounding the Muscoot Reservoir. A very important purchase because the property is adjacent to DEP land that supplies drinking water for some 9 million New York City and Westchester County residents, The purchase "Protects the watershed property in perpetuity," said Bedford Town Councilman Chris Burdick. The team effort of Bedford, New York City and neighbors are to be congratulated on a job well done.
The Wall Street Journal addresses the modern family dilemma in their search for a good education. "Good Schools, Bad Real Estate," describes the difficult real estate decisions to be made. The price of getting the best school district is factored into the cost of a home in an, "A+ school district." Schools rankings are at the finger tips of buyers when they visit websites that have valuable testing information about school districts. School Matters, Education.com and GreatSchools are just a few of many websites for schools district information.
Location, price, buying in an, "A+ school district," are just a few of the factors in the buying debate for young families. And just maybe a "B+ school district," might give your student a competitive edge.
"A Walker's Guide To Home Buying," in the Wall Street Journal adds one more wish to a long list of home buyers must haves. Today's buyers need more than great school systems, large kitchens, acreage and room flow to make the transition from urban neighborhoods to suburbia.
The Wall Street Journal's article, New Homes Getting Small...Smaller is another reflection of the economy in recession. Our desire for bigger and bigger may just be a thing of the past because McMansions are more costly. During times of recession our appetite for bigger and better wanes. David Crowe, the NAHB's chief economist says, "We also saw a decline in the size of new homes when the economy lapsed into recession in the early 1980's. And further went on to say, "The decline of the early 1980's turned out to be temporary, but this time the decline is related to phenomena such as a increased share of first-time home buyers desire to keep energy costs down, smaller amounts of equity in existing homes to roll into the nest home, tighter credit standards and less focus on the investment component of buying a home. The new norm bigger may not be better.
The Wall Street Journal's article, "Trading Down," describes the dilemma of baby boomer's who wanted to use their home as a retirement fund. The study soon to be released by Joint Center for Housing at Harvard determines that age group shows a decline in mobility, senior citizens show the dipped the most. The decline of value in homes, high mortgages and equity in their homes mean they might just be staying put!
Smaller homes in affluent areas of New York, California and Washington, are difficult to because their limited supply. Westchester County is a prime example of the premium priced homes. Boomer's usually downsize when their youngest leaves the nest but today with their adult children are returning home. Housing costs lower by moving father away from large metropolitan areas which is impractical for senior unable to retire. Even sentimental memories of adult children may stand in the way of their parents selling. We are reminded of the these wise words, "Timing in life is everything!"
THE LOVED ANTIQUE
Late in April I received an inquiry from a young woman wanting to see homes in
The New York Times article, "The 20-Year Mortgage Alternative," adds an additional lending solution for those looking to refinance or do not was a long term 30 year loan. The 20- Year mortgage rates are attractively low. Theyprovide a borrower with one third less interest payments over the conventional 30 year loans with little or no increase to month payments. Steven Habets of Threshold Mortgage Group in Westport, Conn., employs an example of a borrow that took out a one million dollar loan four years ago at a rate of 5.875 and his monthly payment is $5,915, the balance owed today is $945,000. Today, with the 20 year loan and adding in the 5,000 cst of the refinance, the new payment would be $6,139, just $224. The benefit of paying your mortgage off 10 years earlier that a thirty years loan or less of payment for a 15 year mortgage loan.
Hudson City Savings Bank in Westchester County offered a 20 year mortgage rate for 4.75%, last week. Borrowers can qualify for this new product with a 20 per cent down payment and a minimum 720 FICA score for a loan amount of less than $417,000.
Something to think about if you have a jumbo mortgage and you are looking at a long term payout with high interest rates.
U.S. Average Weekly Mortgage Rates
Mortgage rates are low enough that they provide an incentive for buyers to take the plunge. Typically early summer is when homeowners in Westchester County get serious about wanting to move their home. And as a result, the price of homes that you thought were too high drop. Today's article in The Wall Street Journal article provides rates over the past week but highlights 15 year mortgage rates at historic lows.
Talking About Katonah
Katonah, one of Westchester County's best places to live just 40 miles from New York City. One of three villages that are in the Town of Bedford. This quaint village architecturally looks like a New England Town. Residents commute to Manhattan by Metro North to Grand Central and have a one hour and ten minute ride. This charming Village is home to The Katonah Museum of Art, nationally recognized, Caramoor Music Center and The John Jay Homestead, are just few of the cultural attractions it offers residents. Families enjoy holiday parades, Katonah Village Chamber of Commerce sponsored programs are just some of the many fun things to do. The Katonah Lewisboro School District, ranks among the best schools in Westchester County.
Residents have can choose from country estates, horse properties, family neighborhoods or homes surrounding Katonah Village.
If you would like more information about living in Katonah my e-mail address is rstengel@ahoulianlawrence.com, call me at 914 450 6566.
Today's Wall Street Journal article, Existing Home Sales Increase discusses the jump in home sales higher than expected in April as buyer took advantage of the first time home buyers credit. The rate climbed by 7.6% and acutalized over the a year to 5.77 million units as opposed to the estimate of 5.35 million. The expected rate was 6.8%.
Mortgage rates rose slightly to 5.10%, still low enough for buyers to be tempted to jump into the market. And good news for the Northeast as it showed the highest increase of sales to 21.1%.
Here is the but, with the tax break over the Nar economists are prediciting a continued slump in sales.
