http://www.athearnhouse.com/

http://www.edgartownbeachfrontestatesite.com/

The new York Times

Sunday, October 31, 2010

Square Feet | The 30-Minute Interview

Frederick W. Peters

By VIVIAN MARINO

Published: October 29, 2010

Mr. Peters, 58, is the president of Warburg Realty Partnership, an independent residential brokerage firm that specializes in luxury property. Warburg is involved in several new developments, including Twenty9th Park Madison, a condominium near Madison Square Park, and 555 Lenox Avenue in Harlem.

The firm will soon be joining the cast of the HGTV show “Selling New York.”

Q How is the luxury market?

A In the ultraluxury marketplace — $10 million and up — prices are still off peak but not to the degree that they were 15 months ago. Last year we were 30 to 40 percent off. Today I would say we’re off peak by 15 percent to 20 percent. The lower level of the luxury market — starting in the low $2 millions — was very slow for a substantial period of time. Those units are much in demand in the last six months.

Q Wall Street bonuses are expected to rise. Are you getting any inquiries from investment bankers about buying yet?

A We absolutely are. I think we’re seeing it more so than last year at this time, and that’s not only because of the money. Last year there was a sense that it was unseemly to be looking at spending a very substantial amount of money on real estate. I think this year — even though there’s still some of the sentiment — that perception has diminished.

Q Is this still a sellers’ market?

A What’s interesting is that both sides feel empowered: the sellers, by the fact that 2010 has not been a really bad year, and the buyers, by the fact that there is still enough negative economic news slowing things down.

The way I like to describe the market we’ve been in for the last year is as a brokers’ market. We’re in a marketplace in which you frequently have a buyer and a seller with a different perspective, and it’s the challenge of the broker to bridge the gap. I like these markets in which our skills are really deployed.

This funny looking tree is located in Edgartown and a short distance to downtown or the village as some might say. Do you know where this tree is? It is in one of the up and coming neighborhoods that may even be up all ready. Call Carroll & Vincent Real Estate and ask for Jim Joyce and he will show you this and many more interesting homes for sale in Edgartown.

After a perfect Vineyard day the President says good bye to his golf guests Chicago friend Eric Whitaker, White House trip director Marvin Nicholson and regular Vineyard vacationer Bill Lewis

Carroll & Vincent Real Estate is proud to be the winning bidder on the dream below …

! … YOU will go behind the scenes at CBS
for a tour of its studio, then
experience four hours with
EVENING NEWS REPORTER
MICHELLE MILLER, Edward R.
Murrow Award winner and
National Sports Foundation
Woman of the Year. Michelle
Miller is one of the select African American
journalists who have made an impressive mark on
news reporting from coast to coast. She currently
serves as New York-based correspondent and fill-in
anchor for CBS News, and works on a variety of
programs including the CBS Evening News with
Katie Couric, The Early Show, and CBS News
Sunday Morning.

Thank you to all who help support Martha’s Vineyard Community Services and all that they do.

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from last week when it averaged 5.21 percent. Last year at this time, the 30-year FRM averaged 4.82 percent.

The 15-year FRM this week averaged 4.40 percent with an average 0.7 point, down from last week when it averaged 4.52 percent. A year ago at this time, the 15-year FRM averaged 4.48 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.08 percent this week, with an average 0.6 point, down from last week when it averaged 4.25 percent.  A year ago, the 5-year ARM averaged 4.88 percent.

The 1-year Treasury-indexed ARM averaged 4.13 percent this week with an average 0.5 point, down from last week when it averaged 4.14 percent. At this time last year, the 1-year ARM averaged 4.91 percent.

“After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Federal Reserve (Fed) indicated in its April 14th regional business survey that consumer prices generally remained level and producers had difficulty passing along increases in some raw materials. This will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004.”

“Low mortgage rates continue to help stabilize the housing market. The Fed noted that residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th. In addition, credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report.”

More good news for the residential housing market.  Warren Buffett (The Oracle of Omaha) wrote in his annual letter to Berkshire Hathaway shareholders on February 27, 2010, that:

  “Within a year or so, residential housing problems should largely be behind us.  Prices will remain far below ‘bubble’ levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits.  Indeed, many families that couldn’t afford to buy an appropriate home a few years ago now find it well within their means.” 

He is predicting that the demand for affordable homes will catch up with the excessive supply that has decimated prices over the last three years. 

I am a big fan of Warren Buffett.  Did you know that back in 1965, when he took control of Berkshire Hathaway, shares of Berkshire traded around $15. 
Today, shares of Berkshire class A stock  trade around $123,000 per share.  He is a proponent that you buy an asset when it’s below its intrinsic value.  His results speak for them self. 

Cabin fever has hit Martha’s Vineyard and it was a time for a road trip to Boston to see the Celtics in action. With brother Steve Joyce along for the trip you knew business talk of selling house’s in Edgartown would come up in conservation. I told him of the recent rentals in Edgartown that have been making the town come alive. It seems people are looking to get back to normal and make summer plans again.