CLOSE-OUT OPPORTUNITY AT EAGLE HEIGHTS

Marrano/Marc Equity Corporation is now offering close-out savings to customers building new homes on the five remaining home sites in the current phase of Eagle Heights in Orchard Park.

“Every lot in Eagle Heights fits this requirement with many homes backing to a wooded preservation area, which will never be developed,”said Steve Converse, New Home Construction Professional for Marrano.

Marrano is currently offering a home for sale at 32 Redbrick priced at $499,900. This spacious two-story home includes all of the amenities expected in a home of this caliber starting with the gorgeous front elevation including a full front porch with stone accents.  As you step into the grand two-story foyer, with curved staircase, you will appreciate the sense of space.  

Set across the back of the home to maximize the view of the wooded backyard, are a great room with gas fireplace and a gourmet country kitchen with huge center island. The sun room with three full walls of windows is set off the rear of the kitchen.  A formal dining room and private home office complete the main floor.

The upper level of this home features an expansive master suite comprised of a walk-in closet and glamour bath.  Three additional bedrooms and a guest bath are also set on the second  floor.

Every Marrano home built in Eagle Heights comes standard with an array of features including granite countertops, Pella windows and more. Also, for a limited time, all new home buyers in Eagle Heights can take advantage of Marrano’s Spring Promotion which offers a free patio and landscaping or a finished basement.

To visit Eagle Heights, follow Jewett-Holmwood Road to Valley View to Pine Terrace to Knob Hill to Redbrick Road.

To schedule an appointment to discuss building with Marrano in Eagle Heights, call Steve Converse at 809-8676.

Marrano Introduces NEW Lots in Summerfield - South Lancaster

Marrano Homes is introducing 31 spectacular new lots in one of its most desirable communities, Summerfield Farms.  Located in a perfect country setting in South Lancaster, residents enjoy a quiet, private lifestyle just minutes from all the conveniences of shopping and dining.  Como Lake Park is nearby, offering 375 acres of playgrounds, tennis courts, sports fields and picnic areas, ideal for year-round activities.

Marrano’s new design features a new country cottage front exterior, four bedrooms, 2.5 baths, a large country kitchen and a sunroom. Visitors to the fully-decorated two-story model will see all the latest designer trends, including granite counters, custom paint and siding colors, second floor laundry and much more.  They will also learn about Marrano's latest incentive, offering home buyers free landscaping including a patio or a finished basement.

"With many over-sized lots up to 300 feet deep, along with exclusive lots backing up to permanent federal conservation land, buyers need to act fast to get the best selection," said Scott Gilray, new home construction specialist for Marrano.  "With pre-introductory pricing for this area and mortgage rates still historically low, there has never been a better time to build with Marrano than right now."

Marrano offers several exclusive benefits for its customers, including a 3,000 square-foot interactive Design Center where buyers can learn about and select the features they want in their new home.  Home buyers can also take advantage of Marrano's innovative "Safe and Sold Program" which, for 20 years, has eliminated buyers’ worry when it comes to selling their current home so they can focus on enjoying the building process.

For more information on Summerfield Farms and the latest incentives, visit Marrano's newest model center at 5397 William Street just east of Bowen Road.  Open Daily from 1-5 p.m., closed Thursday and Friday.  To schedule an appointment, call Steve Converse at 716-809-8676

Resurgent 2013 New York State housing market reaches six-year high in annual closed sales

Jan 23, 2014

From NYSAR: 

Albany –Jan. 23, 2014 – Closed sales of residential properties in New York State reached a six-year-high total of 107,142 during 2013, according to the annual housing market report released today by the New York State Association of REALTORS.  The 2013 annual median sales price of $227,000 is the highest since 2008.

“The 2013 housing market will be remembered as the year pent-up demand and low interest rates finally loosened the consumer logjam,” said Duncan MacKenzie, NYSAR CEO. “Sellers were winners, too.  As buyers reduced the available inventory, home sellers enjoyed their improved negotiating position to drive the statewide median sales price to a five-year high.” 

“We are cautiously optimistic that 2014 will build upon the previous year’s gains,” said MacKenzie. “Influencing the market will be standard industry forces such as interest rates and available for-sale housing stock.  It’s less predictable how state and federal housing related policy changes will influence the market.  Governor Cuomo’s property tax relief effort, if realized, may help boost buying activity.  New federal lending standards, tax policy changes and National Flood Insurance Program reforms also have the potential to affect housing sales in 2014.”

There were 107,142 existing single-family homes sold in 2013, an increase of 12.6 percent from the 95,195 sold in 2012. There were 27,250 sales of existing single-family homes in the 2013 fourth quarter, an increase of 12.4 percent from 24,490 sales in the 2012 fourth quarter. The 8,735 sales in December 2013 represent an increase of 6.2 percent from December 2012. 

The 2013 statewide annual median sales price was $227,000, up 5.6 percent from the $215,000 median in 2012. The fourth quarter 2013 median was $230,000, an increase of 7.9 percent from the fourth quarter 2012 median of $213,105. The December 2013 median sales price was $236,875, an increase of 5.3 percent from the December 2012 median of $225,000.

The months supply of inventory continued to trend toward a more balanced market, dropping 21.2 percent at year’s end to a 7.8 months supply. It stood at 9.9 months at the end of 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 73,500 units at the end of 2013, a decrease of 10.4 percent compared to the end of 2012.

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 now include townhomes and condominiums in addition to existing single-family homes. 

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 47,000 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.

HOUSING, CONFIDENCE GAIN AS ECONOMY IMPROVES

(USA Today) - Home prices in most U.S. cities are increasing more slowly than earlier in the year, and consumer confidence is rising, in dual signs that expectations of a stronger economy in 2014 are taking root.

The Conference Board's Consumer Confidence Index rose 6.1 points in December, to 78,1, recouping almost all of the drop it sustained during the October government shutdown, the board reported on Tuesday. Economists had expected the index to rise to 76.8, according to a survey by Econoday. The biggest change was more optimism about the economy's path over the next six months, which rose more strongly than perceptions of the current state of the economy, the board said.

Separately, the Standard & Poor's/Case-Shiller 20-city home price index rose 0.2% from September to October.Monthly price gains slowed in 18 of the 20 cities tracked by the index, Prices have risen 13.6% over the past 12 months, the fastest since Feb. 2006, S&P-Dow Jones Indices said. The S&P/Case-Shiller index isn't adjusted for seasonal variations, so the change partly reflects slower buying in the fall.

"This is pretty good news -- we're getting back toward the progress we had made in confidence in the spring and summer that was derailed by the government shutdown,'' said Lynn Franco, director of economic indicators at the Conference Board ."It's still a somewhat cautious consumer. But looking at big ticket items like cars and houses, there's a willingness to spend developing."

The weak spot in the consumer survey was that consumers have a relatively dim view of their ability to get pay increases, but even those results were stronger in December than in recent surveys, Franco said.

The Conference Board index is designed to compare confidence over time. A reading of 100 would mean that confidence was as high as it was in 1985, a year when the economy grew 4.2%, about twice the 2013 pace.

Even the housing news was a sign of a strengthening economy, Quicken Loans vice president Bill Banfield said.

"The New Year will bring (monthly and annual price gains) closer together, as the yearly home price report begins to make more modest, sustainable increases that we find in a healthier economy,'' Banfield said.

Price increases are moderating because the wave of foreclosed properties that sold cheaply in 2010 through early 2012 has largely crested, Sterne Agee economist Lindsey Piegza said. Conditions now may lead to a stronger push in new home construction next year, Barclays economist Cooper Hawes said.

New York State housing market continues to show strong gains in October

From NYSAR

Albany, NY – November 20, 2013 – The New York State housing market continued to impress by showing gains in closed sales, pending sales and median sales price in October compared to the same time last year. According to the housing market report released today by the New York State Association of REALTORS, closed sales were up 17.1 percent, pending sales rose 23.9 percent, and median sales price was up 12.3 percent compared to October 2012.

“The October numbers continue to show that consumers still see the many quality of life benefits to home ownership,” said Duncan R. MacKenzie, NYSAR CEO. “This is particularly encouraging since interest rates have slowly increased throughout the year without appreciable impact on sales.”

“Sellers are receiving the highest percentage of their list price since 2007, which may bring more homes into the market at a time when inventory is lacking,” said MacKenzie. “Averaging 109 days on market, homes are selling at a brisk pace and keeping New York’s REALTORSbusy this fall.” 

The October market posted 9,881 closed sales, up 17.1 percent from the October 2012 total of 8,440. Year-to-date (Jan. 1 to Oct. 31) closed sales reached 89,154 at the end of October, an increase of 12.8 percent from last year.

The statewide median sales price reached $230,276, an increase of 12.3 percent compared to the October 2012 median of $205,000. This marks 17 consecutive months of year-over-year median price gains. The year-to-date (Jan. 1 to Oct. 31) median of $226,600 was 6.4 percent above the $213,000 median in 2012.

Pending sales jumped 23.9 percent to 9,960 in October 2013 compared to 8,036 in October 2012. The year-to-date (Jan. 1 to Oct. 31) pending sales total of 98,386 is 14 percent higher than the 86,285 pending sales during the same period last year.

The months supply of inventory fell 20.2 percent in October to 9.5 months supply. It was at 11.9 months in October 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 87,747 units in October 2013, a decrease of 10.8 percent compared to October 2012.