New York State housing market thrives in October

From NYSAR:

Nov 23, 2015

Albany, NY – Nov. 23, 2015 – The 2015 New York State housing market growth trend continued into October, reaching the highest level of closed sales for the month in more than 25 years, according to the housing market report released today by the New York State Association of REALTORS. October 2015 closed sales increased nearly 2 percent to reach 11,216.

 

“New Yorkers took advantage of great housing market conditions to push the October sales total to the highest level for the month that we have seen in decades,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS, adding that October 2015 surpassed the sales totals posted for the month during the mid-2000s boom market.   

 

“The Empire State’s housing market continues to thrive in 2015 as pent-up buyer demand and low mortgage rates drive increases in both closed and pending sales,” MacKenzie said. “Through the first 10 months of 2015, New York’s home sales are 7 percent ahead of last year and the healthy number of homes under contract will help the market finish the year on a strong footing.”

 

The year-to-date (Jan. 1 – Oct. 31) sales total of 95,977 was 7.1-percent above the same period last year. The October 2015 sales total of 11,216 was up 1.9 percent from October 2014.

 

The year-to-date (Jan. 1 – Oct. 31) statewide median sales price was $230,000, which represents a 2.2-percent gain from the same period in 2014. The October median sales price was $225,000, a 2.3-percent jump compared to October 2014.

 

The months supply of homes for sale dropped 15.5 percent at the end of October to 8.7 months supply. It was at 10.3 months at the end of October 2014. A 6 month to 6.5 month supply is considered to be a balanced market. There were 88,977 homes listed for sale at the end of October, a decrease of 5.6 percent compared to October 2014.

 

Additional data is available at http://www.nysar.com/industry-resources/market-data 

 

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes. 

 

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 50,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

HOME FOR THE HOLIDAYS - A MARRANO TRADITION

 

Marrano has announced the launch of its annual "Home for the Holidays" package of free gifts.

"For the past several years, our trade partners have joined us in offering a spectacular assortment of amenities at no extra charge to each new Marrano purchaser," explained Jim Marrano, executive vice president of operations for Marrano.

"This year's collection has been specially chosen to provide the best new home value ever," continued Marrano.

Home for the Holidays includes the latest trends and most-requested items. Among the many presents offered, and for the first time ever, Marrano is including a state-of-the-art, home automation system for no extra charge.

"New purchasers can feel safe and secure with components such as a wireless alarm system with motion sensors and camera; remote-controlled door locks, lighting, and thermostat; and wireless environmental device controls for the sump pump, smoke and CO detectors," he said.

Other Home for the Holidays gifts include a choice of a stainless steel, undermount Kohler kitchen sink, custom crown molding, whole-house media air cleaner, upgraded flooring package, a rear yard patio, an appliance package and extra square footage.

"Our participating trade partners have outdone themselves this year, and we'd like to thank them for their generosity; Advanced Home Theater, Western New York Plumbing, Quaker Millwork, Memminger's Painting, TRS Heating and A/C, Italian Marble & Granite, Sortie Creations, Genesse Lumber, Mario & Son, Twin City Glass, Big "L" Distributors, Kitchen World, Marranca Electric and Anzalone Electric," Marrano said.

Because of the variety of homes and different specifications offered, each Home for the Holidays package will differ home to home. Substitutions are not permitted nor is credit given for any unused gift. Prior sales excluded. Gifts are not available on specs or models. See a new home sales professional for specific details. 

The Home for the Holidays Gift Package is available until December 24. For more information, visit the Marrano Model Home Center in Amherst at 50 Boxelder Lane (off Tonawanda Creek Road).  Open from 1 to 5 p.m. Saturday through Wednesday or call 716-809-8676.

NEW MARRANO HOMES AVAILABLE IMMEDIATELY IN AMHERST

NEW HOMES FOR SALE IN AMHERST - Marrano Homes is building new homes throughout the Western New York area for immediate finishing and area are available to quick move in. Our new homes for sale are located throughout Western New York and in towns throughout the Buffalo Niagara Region such as Amherst, Buffalo, Clarence, Williamsville, Lancaster, West Seneca, Hamburg, and Orchard Park.

Amherst

50 Boxelder Lane

Amherst, 14228

(716) 608-8051

Marrano's spectacular Evergreen Landing Model Home Center is now on the market. This 4 bedroom home includes many features typically found in larger homes including a fully appliance country kitchen with center island and granite countertops. The vaulted sun room overlooks the landscaped backyard and nearby pond. The large master bedroom has a private bath/walk in closet. Other amenities include a 2nd floor laundry, gorgeous stone elevation, contemporary fireplace design & much more. Well priced at $399,900

Amherst

56 Waterway Lane

Amherst, 14228

(716) 608-8051

Now's your chance to purchase a new Marrano Patio Home on a great home site in Evergreen Landing. Enjoy the view of the sun setting in your backyard from the spacious great room. The expanded kitchen features numerous maple cabinets, hardwood flooring and arched pass-thru. The master bedroom suite shows a large walk-in closet and a private bath with a shower. Other features include Pella windows, covered front porch, central air, huge 8 foot basement & more! Priced to sell at $299,900

Amherst

37 Boxelder Lane

Amherst, 14228

(716) 608-8051

This stunning Marrano Home is set on a gorgeous lot in Evergreen Landing, the hottest new home communityin Amherst. Features include a huge country kitchen with granite counter tops and hardwood flooring. The adjacent sun room is perfect for relaxing. The spacious family room shows a gas fireplace with wood mantel. The 2nd floor features 4 bedrooms including a large master bedroom with private bath and walk in closet. Don't miss the second floor laundry! Loads of other features also included for only $329,900

Amherst

73 Boxelder Lane

Amherst, 14228

(716) 608-8051

Here is your chance to purchase a new Marrano Patio Home on a gorgeous lot in Evergreen Landing. Enjoy the view of the shade trees behind this home from the spacious great room. The expanded kitchen features numerous granite counters, maple cabinets and hardwood flooring. The master bedroom suite shows a large walk-in closet and a private bath with a shower. Other features include Pella windows, covered front porch, central air, huge 8 foot basement & more! Priced to sell at $299,900

New York State third quarter home sales jump 9 percent

From NYSAR:

Oct 22, 2015

Albany, NY –Oct. 22, 2015 – The New York State housing market remained robust in the 2015 third quarter with closed sales increasing by 9.1 percent compared to the 2014 third quarter, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price also continued its growth trend in the third quarter, increasing by 4.3 percent compared to a year ago.

 

“The Empire State’s summer housing market continued the upward march, which has wholly offset the slow, weather-affected start to the year.  Overall, closed sales for 2015 are 7-percent ahead of this time last year,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “With pending sales showing double-digit increases in the third quarter and the Fed holding the line on mortgage rates, we expect more good news this fall.”

 

MacKenzie noted that new federal banking and title insurance regulations that began on Oct. 3 may affect some closings until the market adjusts. The Consumer Financial Protection Bureau’s new “Know Before You Owe” rule combines the Truth in Lending and RESPA disclosures to ensure consumers better understand their mortgage before the closing. “New York’s REALTORS are committed to providing expert service to consumers as the market works through this transition.”

 

The year-to-date (Jan. 1 – Sept. 30) sales total of 84,086 was 7-percent above the same period last year. The third quarter 2015 sales total was 9.1-percent ahead of the 2014 pace, reaching 36,271. The September 2015 sales total of 10,809 was up 2.9 percent from September 2014.

 

The year-to-date (Jan. 1 – Sept. 30) statewide median sales price was $232,000, which represents a 3.1-percent gain from the same period in 2014. The third quarter median sales price was $240,000, an increase of 4.3-percent from the 2014 third quarter. The September median sales price was $240,000, a 6.7-percent jump compared to September 2014.

 

The months supply of homes for sale dropped 14 percent at the end of September to 9.2 months supply. It was at 10.7 months at the end of September 2014. A 6 month to 6.5 month supply is considered to be a balanced market. There were 92,672 homes listed for sale at the end of September, a decrease of 5.1 percent compared to September 2014.

 

Additional data is available at http://www.nysar.com/industry-resources/market-data 

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes. 

 

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 50,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

MARRANO ANNOUNCES CLOSE-OUT OPPORTUNITY AT PRINCETON ESTATES

Marrano homes has less than 10 lots remaining in Princeton Estates, a West Seneca neighborhood that features a picturesque entryway, winding roads, ponds, and conservation area.

Home prices range from the low $240s to more than $450,000.

“For a limited time. Home buyers can take advantage of an exclusive incentive only available on these remaining lots in Princeton Estates," began John Manns, executive vice president for Marrano Homes. “This rare promotion has the flexibility to be customized based on the buyer’s needs.”

Choices may include a sunroom, or a fourth bedroom, or a finished basement package for free. If the buyer doesn’t need extra space, he can select a luxury package, which includes a gas-burning fireplace, hardwood flooring, stainless steel kitchen appliances, a custom ceramic shower, and a concrete driveway.

In addition, Marrano is offering a selection of completed homes available for closing in as little as 30 days.

To visit Princeton Estates, take Fisher Road to Caldwell Drive. For more information, visit the decorated model at 88 Chancellor Lanes; it is open from 1 to 5 p.m. Saturday through Wednesday. For an appointment, call Steve Converse at 716-809-8676.

The Marrano model at 88 Chancellor Lane is available for a 30-day closing. 

Published In: August 21, 2015 Buffalo HomeFinder.

NEW MARRANO HOMES - AVAILABLE IMMEDIATELY

To get more information on any of these or other Marrano Homes, 

call Steve Converse today at 716-809-8676

MARRANO GRAND OPENS NEWEST CRAFTSMAN DESIGN

                                                    

Located at 15 Pear Tree Lane in the Summerfield Farms community in south Lancaster, Marrano/Marc Equity highlights its newest Craftsman-style home, which blends the simple styling of old-world charm with the elegance and conveniences of a modern home.

The wide exterior features a deep-tone color scheme with shake-style siding accents, partial stone banding and columns, carriage-style garage doors and a full front porch, began Jim Marrano, vice president of operations for the builder. 

With approximately 3,000 square feet of living space, the tour of the center-entrance plan begins with a double-door entry with leaded glass windows. The two-story foyer, brightened by a clerestory window above the entrance, presents an open staircase to the second level. Yellow birch hardwood flooring begins here and is carried through most of the first floor. 

To the right, knee walls with half columns offset the den. “Built-in shelves under the columns provide a place for storing books and collectibles,” added Marrano. 

The formal dining room is to the left of the foyer. The decorating includes handcrafted wooden furnishing and copper fixtures to match the nine-light Prairie-style window insets.

The central hallway leads to the kitchen, which includes two islands — one for the chef to work at and one seating for the family or guests to use as a snack bar.

Upscale appointments in the kitchen include granite countertops, stainless-steel appliances full-height cabinets with oil-rubbed bronze hardware and a tile backsplash.

The adjoining walk-in pantry provides plenty of storage and leads to a pet entrance from the backyard. It has its own “doggie” shower.

Situated behind the kitchen, the sun room features a cathedral ceiling, two walls of glass and a sliding glass door to the patio.

Decorative columns and a half wall, also with a built-in bookcase, separate the kitchen from the family room.A low-profile, gas-burning fireplace is trimmed with a mosaic glass façade. The room also includes a vaulted ceiling with balcony overlook.

The family entrance from the garage shows a built-in coat rack and storage cubbies. A powder room with stone wainscoting completes the main level.

Upstairs, the four-bedroom plan adds a laundry room and two bathrooms. The master bedroom suite shows a cathedral ceiling, comfortable sitting area and walk-in closet. “The master bath highlights a five-foot corner shower with mosaic glass tiles and dual sink vanity,” add Marrano. “Whirlpool tubs are passé.” 

Summerfield Farms is located off William Street with a country setting yet easy access to shopping and everyday conveniences and services.

To celebrate its new model and newest phase of large home sites, “Marrano is announcing the ‘Get the Most from the Best’ promotion,” he said. The builder is offering a gourmet kitchen package or an upgrade front exterior package at no additional cost.

Homes in Summerfield Farms are priced from the $250s to more than $450,000.

To visit, take Williams Street east of Bowen Road to Avian Way to Pear Tree Lane. Model hours are 1 to 5 p.m. daily.

For more information or an appointment, call Steve Converse at 716-809-8676.

           

New Wooded & Water View Lots at Evergreen Landing in Amherst

Marrano/Marc Equity Corporation has announced that road construction is now complete for the latest phase of new homes at Evergreen Landing in Amherst. Evergreen Landing Phase 2 features 59 home sites, most of which are set backing to a private wooded area or one of two different ponds. This portion of the community also features the largest home sites in the entire Evergreen Landing neighborhood, many over 200 feet deep.

Sales have been brisk with 19 homes sold before road construction was completed. With no thru traffic and completely surrounded by woods and water, new home buyers in Evergreen Phase 2 have come to realize that this portion of the community will be the quietest and most serene setting in the area.

Marrano is currently building ranch, master-down and two-story homes with pricing starting in the $250s, a price point not available in the surrounding areas. A number of homes have been sold in Evergreen Phase 2 well into the $400s.

In addition to the new lots in Evergreen Phase 2, Marrano has a select few home sites remaining in Phase 1 of Evergreen with special close-out pricing for new homes built on these lots in 2015.

Home buyers at Evergreen Landing can also take advantage of Marrano’s exclusive Safe & Sold program which helps to sell their existing home faster and includes a free, expert staging service to give the home maximum appeal. Marrano also picks up a portion of the expenses of selling their home.

Marrano also offers exclusive mortgage programs through their approved lenders, including the ability to lock in a mortgage interest rate throughout construction. With interest rates starting to rise, this offers peace of mind for today’s home buyers.

Located off Tonawanda Creek, just east of Niagara Falls Boulevard, Evergreen Landing continues to meet the demands of home buyers from Amherst, Wheatfield and The Tonawandas. Evergreen Landing’s location near Niagara Falls Blvd. puts shopping and restaurants just a stone’s throw away. This area also marks the midpoint between Buffalo and Niagara Falls making commuting very convenient.

As this community is set in the highly-rated Sweet Home School District, new home buyers will have the added benefit of lower taxes compared to the surrounding areas.

Marrano’s Evergreen Landing Model Home is located at 50 Boxelder Lane. Follow Tonawanda Creek Road to Waterway Lane to Boxelder Lane. The Model Home is open every day from 1-5 pm. More information is available by calling Steve Converse at 716-809-8676 or by email at converses@marranohomes.com

Roads are in at Evergreen Landing Phase 2 (Amherst, NY)

The roads are almost complete at Evergreen Landing Phase 2 in beautiful Amherst, NY. Check out the views below. For more information on building a new Marrano Home in Evergreen Landing, please call Steve Converse at 716-809-8676 or email here

MARRANO AMONG TOP NEW HOME CONSTRUCTION FIRMS IN U.S.

Builder magazine has ranked Marrano Homes 175th on its 2015 list of new home builders in the United States. Marrano moved up 14 places from 2014 ranking of 189, on revenue of $50 million, building a diverse product line of single family homes, family homes, town houses and luxury condominiums. 

“Our business continues to show significant growth,” said Patrick A. Marrano, president of Marrano.  “That’s a reflection of the hard work of our associates and business partners, and the continued confidence our customers have in the craftsmanship of our homes.”

See the full list here:  http://www.builderonline.com/builder-100/builder-100-list/2015/?next=true The listing of the top U.S. home builders is determined by closings.

“The foundation of our business has always been to build quality homes in the best locations in Western New York,” Marrano said.  “My father, Pasquale, put our family name on the company nearly 60 years ago, and I am so proud that today the Marrano name continues to be synonymous with quality.”

Marrano Homes Available NOW!

MARRANO GRAND OPENS RANCH MODEL IN AMHERST

Marrano/Marc Equity Corporation is showcasing a new ranch design at 56 Boxelder Lane in Evergreen Landing in Amherst.  

The grand opening event features efficient use of space — a requirement for most new home buyers that are downsizing from larger homes, noted John Manns, vice president for sales and marketing for the builder.

“Marrano offers a number of design changes for this plan which allows the customer to build this home from 1,300 to more than 2,000 square feet,” he explained. The model as shown has 1,489 square feet of living space. Ranch designs at Evergreen start in the $260s.

The home highlights a full front porch — a standard feature with this design. Stepping inside, the foyer introduces hardwood flooring that is carried into the country kitchen with granite countertops (standard with Marrano), Whirlpool appliances and upscale maple cabinets. 

An arched opening provides a view into the dining room/living room combo. This great room shows a tray ceiling, gas-burning fireplace and a Pella patio door overlooking the pond. 

The floor plan includes two bedrooms, two bathrooms and a first-floor laundry. This home can be customized to add a second-floor loft or third bedroom, noted Steve Converse, new home construction professional for Marrano. 

Other amenities in this model include central air conditioning, eight-foot basement wall height and energy-efficient Pella windows.

In conjunction with the grand opening of this model, Marrano has announced that Evergreen Landing is now an exclusive Marrano community.

“With the increase in the demand for new homes, Marrano has acquired all of the remaining lots in Evergreen phase one and is now offering 59 new home sites in phase two of Evergreen Landing,” Converse said.

Many of the lots back to privately owned woods and picturesque ponds. Phase 2 of Evergreen features the largest home sites in the community, 20 of which have sold prior to the start of road construction, he added.

Marrano also builds a wide variety of two-story homes in Evergreen Landing ranging from the $250s to the $400s. For example, the four-bedroom home at 50 Boxelder Lane, situated on a corner lot, offers 2,135 square feet of living space. It has a two-story foyer, a “flex” room off the foyer and a gourmet kitchen with adjacent sunroom. Its great room is comfortable for everyday family life or great for entertaining.

This model home will also be part of Marrano’s 2015 Home Show, which showcases ten fully decorated models throughout Western New York. In conjunction with its Home Show, anyone who builds a Marrano home will receive a lifestyle package of free options.

“Our homeowners can choose to personalize their homes with features such as landscaping, concrete patio, custom mailbox and more,” said Converse.

In addition, visitors to this grand opening can register for a drawing for a $500 gift card from Home Depot.

Evergreen Landing is a 20-minute drive from downtown Buffalo. “In addition, many of our current homeowners work at the various office parks in Amherst and the Tonawandas, all of which are less than 10 minutes away,” said Converse.

Marrano’s ranch model at 56 Boxelder and two-story plan at 50 Boxelder are open from 1 to 5 p.m. Friday through Wednesday. Evergreen Landing is off Tonawanda Creek Road, just east of Niagara Falls Boulevard.

For more information an appointment, call Steve Converse at 809-8676 or email: converses@marrano.com.

    

MARRANO IS BACK IN SOUTH LANCASTER

Marrano Homes is highlighting a new model and unveiling 31 new home sites in the Summerfield Farms community in Lancaster.

The country setting offers residents the enjoyment of a quiet, private lifestyle while still being only minutes away from everyday conveniences, shopping and dining.

A nearby park provides playgrounds, tennis courts, sports fields, picnic sites and other year-round activities.

The model at 5397 William St. serves as the sales center while a new model in the community is under construction. 

“This home is one of Marrano’s most popular home designs for the new year,” began John Manns, vice president of sales and marketing for the builder. “The decorated two-story, four-bedroom plan includes 2,339 square feet and features the latest designer trends.”

A tour of the home begins at the full front porch. Inside, a two-story foyer greets visitors. Hardwood flooring is shown here. The flexible space to the right of the foyer is decorated as a den, but it could be used as a dining room. 

Hardwood flooring continues into the kitchen, which showcases an angled island with maple cabinets and granite countertops. A peninsula counter separates the kitchen work area from the sunroom.

“The open floor plan is spacious and great for entertaining,” added Manns. The great room completes the back of the house with a great view of the yard.

Upstairs, a second-floor laundry area is at the top pf the stairs – a convenient place to service the bedrooms and it is easily accessible from the main level. 

The master bedroom suite has its own wing and includes a walk-in closet and bathroom with a ceramic tile shower. The three secondary bedrooms are serviced by the hall bath.

Summerfield Farms has many oversized lots (up to 300 feet deep) along with exclusive lots backing to permanent federal conservation land, added Scott Gilray, new home construction specialist for Marrano.

“We are building homes from $250,000 to more than $450,000 in this community.” Mortgage rates remain at historic lows, so there is the ability to buy “more house” for the same dollars.

The model home at 5397 William St. is available for purchase with a spring delivery date available. It sits on 2.5-acre lot adjacent to conservation land and backs to a scenic pond. This home includes custom window treatments, all appliances and is professionally landscaped.

For a limited time, take advantage of Marrano’s “Think Spring” incentive offer with granite countertops, Whirlpool stainless-steel appliances and custom interior trim package.

Marrano offers several exclusive benefits for its customers including a 3,000 square foot interactive Design Center where buyers can learn about and select features they want in their new home.

Also, for more than 20 years, home buyers have enjoyed Marrano’s innovative “Safe and Sold Program” which is designed to take the worry out of selling their current home and allow them to focus on enjoying the building process while saving thousands of commission dollars on their existing home. Marrano will also stage one’s existing home for quicker sale.

For more information on Summerfield Farms, call Steve Converse at 716-809-8676.

                                 

INFLUX OF NEWCOMERS KEEPS BUSINESS STRONG FOR HOMEBUILDERS IN SUBURBS

Below are excerpts from a story that was published in “Prospectus” in The Buffalo News on Sunday, Jan. 25, 2015

Marrano’s expansive Deer Springs neighborhood in Lake View continues to grow as new streets and homes are added.  Photo by:  Robert Kirkham/Buffalo News

 “It’s been a terrific year,” said John Manns, vice president of sales and marketing for Marrano/Marc Equity, citing a 20 percent jump in sales this year, after a 35 percent leap the year before. “We could have been on cruise control. We’re really hustling to get everything done.”

While not setting new records, the strong market for new construction is driven by a mixture of renewed confidence in Western New York by those living here, and an influx of both newcomers and returning expatriates.

Many of these are successful business people or doctors, in their 30s, 40s and 50s. On the other end of the age scale, there is also a growing pool of retiring baby boomers who are ready to “cut back” to smaller patio homes, but still want something new and upscale, and are willing to pay for it.

It’s also harder for potential homeowners to get mortgages because tougher regulations are making banks scrutinize transactions more closely. And even the developers themselves are having a more difficult time getting construction loans, which makes it harder for them to stay on schedule with homes.

Still, builders are thrilled with the turnaround – especially compared to the harsh first three months of last year when the bitter cold and heavy snow stymied sales.

“We’re tickled,” Marrano’s Manns said. “We’re having a Cinderella year. It’s all coming together.”

Patio homes seem to be particularly strong, builders say.  Such homes are typically one story with large patios, although some builders have added a small second level or a walk-out basement to offer more living and entertainment space.

But the primary focus of the house is on the first floor, which makes them particularly attractive to older buyers moving out of much larger multistory homes.

Masonry exteriors – more stone than brick now – are particularly popular, as well as craftsman-style shake shingle roofs and siding. There’s more focus on cultured or man-made stone that looks natural but is more flexible in its use, and can be more easily and inexpensively applied to a home.

Inside the houses, granite countertops, white wood cabinets and stainless steel appliances remain attractive for kitchens, along with wider-plank hardwood floors, ceramic tiles and high-end laminates that look like hardwood. Specialized wine cooler drawers, spice drawers and towel cabinets are more common. Bathrooms are getting larger showers and double-sink vanities. And high ceilings, glass transoms, direct-vent fireplaces, built-in bookcases and detailed crown moulding are attractive.

Many homebuyers also are seeking convenient and open floor plans, lots of storage space, walk-in pantries, and either “daylight” or walk-out basements that can be used for recreation rooms, home theaters or extra sleeping space. Home automation is also popular, with controlled lighting and theater systems, whole-house audio and speakers or remote-monitored video cameras.

MARRANO INTRODUCES NEW 'TRADITIONAL' IN EVERGREEN LANDING

Marrano/Marc Equity Corporation is introducing a new Traditional two-story design with four bedrooms and 2.5 baths at 71 Waterway Lane in Evergreen Landing, off Tonawanda Creek Road in Amherst. 

The home features a full front porch and gabled rooflines.

Inside, the foyer presents hardwood flooring. A home office space is off the foyer. The country kitchen includes an island with breakfast bar, granite countertops, birch hardwood flooring and maple cabinets. 

"Enjoy your coffee in the morning in the east-facing sunroom," said Steve Converse, new  home construction professional for Marrano. The great room highlights a gas-burning fireplace.

The second floor of this home shows four bedrooms, two full bathrooms and a laundry area. 

This model includes central air conditioning, eight foot high basement walls and energy-efficient Pella windows, added Converse.

It is available and priced at $299,900. Ranch and two-story homes in Evergreen Landing start in the mid $200s.

Evergreen Landing is near Niagara Falls Boulevard for shopping, restaurants and everyday services.

All Marrano home buyers at Evergreen Landing will be able to take advantage of Marrano's Luxury Package Promotion. This limited time offer gives every new homeowner a choice of such features as granite countertops, stainless steel appliances, upgraded trim package and more, Converse said.

The model at 71 Waterway Lane is open from 1 to 5 p.m. Saturday and Sunday. From Niagara Falls Boulevard, follow Tonawanda Creek Road to Waterway Lane and turn left. Marrano's decorated model home center at 50 Boxelder Lane will also be open for viewing. 

For more information or an appointment, call Steve Converse at 809-8676.

Article originally published in the January 16th Home Finder.

STRONGER ECONOMIC FUNDAMENTALS EXPECTED TO DRIVE INCREASES IN HOME SALES

Improvements in economic fundamentals, notably employment growth among millennials, will fuel significant increases in home sales and housing starts and a modest rise in home prices in 2015, according to CoreLogic's 2015 Housing Outlookreleased earlier this week.

Sam Khater, deputy chief economist for CoreLogic, predicted an increase of 9 percent in home sales and a 14 percent spike in housing starts for the coming year in the report.

"In 2014, the post-crisis economic expansion celebrated its fifth birthday and the main economic drivers of demand, such as consumption and capital investments, experienced steady improvement," Khater said in the report. "Employment grew at an average of 2.0 percent on a year-over-year basis for the three months ending in November 2014, the strongest rate since the three months ending in March 2006, which was the peak employment growth of the last economic expansion."

Employment grew at a rate higher than the national average (3 percent, as opposed to 2 percent) for the 25 to 29 age group, which is good news for housing, because this age group is the key first-time homebuyer segment. Steadily falling oil prices, which are down 45 percent since June, provide more economic growth tailwind going into next year. The drop in oil prices reduces energy-related expenses not just for driving, but for residential real estate also, according to Khater.

The stronger economic fundamentals are expected to drive an increase in demand for housing in 2015; sales are expected to jump by 9 percent, up to 5.8 million from the 5.3 million reported for 2014. Housing starts are expected to increase by 14 percent next year, up to 1.1 million. While the upturn in housing starts is healthy, it is still 23 percent below the average of 1.45 million for the last 50 years, Khater said.

Mortgage rates fell below 3.9 percent in December for the first time since May 2013 when a spike in rates caused a slowdown in home sales. The falling rates have not translated to lower prices, however, as price-to-income and price-to-rent ratios remain high. This means home price growth will be muted during the coming year, according to Khater. Mortgage rates are not expected to increase much in 2015 due to low inflation.

Khater said in the report that an analysis of the three main drivers of underwriting (debt-to-income ratios, loan-to-value ratios, and credit scores) revealed that purchase underwriting remains tight despite all the discussion in the last year around loosening the credit box.

"While there has been clarification on GSE loan put-backs and new low down payment products, the impact of both will be fairly modest because the weak originations market reflects not just a modestly tight supply of credit, but very weak demand," Khater said.

Overall, the lower oil prices could play a key role in the recovery of the housing market and the economy overall. Lower oil prices have led to lower transportation and home energy costs, which not only save consumers money but increase consumer confidence, increasing the likelihood that they will spend money on big ticket items.

DS News (December 31, 2014)