Mortgage rates drop to new low of 4.57 pct.
Average rates on 30-year fixed mortgages decline to 4.57 percent, lowest level in 5 decades

J.W. Elphinstone, AP Real Estate Writer, On Thursday July 8, 2010, 10:15 am
NEW YORK (AP) — Mortgage rates fell for the second straight week to the lowest point in five decades, but they may not be enough to jump-start the housing market.

Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans dropped to 4.57 percent. That’s down from the previous record of 4.58 percent set last week and the lowest since Freddie Mac began tracking rates in 1971. The last time rates were lower was in the 1950s, when most long-term home loans lasted just 20 or 25 years.

Rates have fallen over the past two months. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates, which tend to track yields on long-term Treasurys.

However, low rates have yet to fuel home sales. The housing market has slowed since federal tax credits for homebuyers expired at the end of April.

To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

Rates on 15-year fixed-rate mortgages increased to an average of 4.07 percent, up from 4.04 percent last week. That was the lowest on records dating to September 1991.

Rates on five-year adjustable-rate mortgages averaged 3.75 percent, down from 3.79 percent a week earlier. That was also the lowest on Freddie Mac’s records, which date back only to January 2005.

Average rates on one-year adjustable-rate mortgages fell to 3.75 percent from 3.80 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for all types of loans in Freddie Mac’s survey averaged 0.7 a point

We will be happy to set up an appointment to show you some of our lakefront lots, lake access lots, or custom vacation homes located only 90 minutes from New York City.

Before You Build: 5 Steps to Your New Home
By Jackie Craven, About.com Guide

1. Plan Your Budget

Begin now to think about how much you can afford to spend and how much building your new home is likely to cost. Chances are you will need a construction loan and a mortgage. It’s not too early to find out what size loan you qualify for. Also, knowing the approximate costs will help you modify your building plans to meet your budget.
2. Choose Your Lot

Whether you are building your home in a suburban development or a site with sweeping ocean views, you will almost always need to choose the land before you select floor plans or other details. You (and any pros you hire) will need to investigate factors such as soil condition, drainage, zoning and building codes in the region
3. Line Up Your Team

Unless you are a homesteader, you’ll need a team of experts to design and construct your house. Key players will include a builder, an excavator, a surveyor and a home designer or an architect. Many homeowners begin by selecting the builder or contractor. That pro then selects other members of the team. However, you may also opt to hire an architect or designer first.
4. Pick a Plan

Many new homes are built using stock plans from a catalog. The builder or a home designer may make minor modifications in room size, window style or other details. A custom-designed home, on the other hand, is created specifically for the family which will live there. In most cases, custom-designed homes require the services of a licensed architect. Whether you opt for a stock or a custom design, you will be wise to choose a plan that will meet your needs for many years to come.
5. Negotiate a Contract

Be sure to get a written contract which has been signed and dated by both the builder or contractor and the architect or designer. A contract for new home construction will describe the project in detail and include a listing of all the parts to be included in the house. Remember to amend the contract if you or your team make any changes to the project later on.

New home construction is in full swing this spring with 3 homes currently being built on both lakefront and lake access lots. While Phase 1 is almost 40 percent sold out, there are many 5+ acre lakefront and lake access lots with beautiful homesites still available.

The home features 3/4 bedrooms and 2 1/2 bathrooms with the Master suite on the main level with a vaulted ceiling. Also featured on main level is the custom kitchen, great room with fieldstone fireplace, a southern exposure four-season sunroom and wrap around deck with outdoor stone fireplace. The lower level features a large den with stone fireplace, 2/3 bedrooms, a full custom tiled bath and utility/storage room. The upper level features a 12′x20′ loft open to the great room below.

The home is built in craftsman style with gorgeous exposed post and beam structure and attention payed to every detail. Green Earth Companies is offering this 3200 square foot post and beam home for $588,800 including the land.

Call me for more information.
Marc
845.482.9400

There’s a whole lot of moving and shaking going on lately, which has kept me extremely preoccupied for the past couple of months, but finally just starting to catch my breath… We are poised for a great summer and anxiously anticipating the ground breaking of the new home on Lot 17 as well as new gates at our Old Taylor Road entrance. Jessica and I have spent a good bit of time enjoying the lake so far this summer as well (in between thunderstorms of course) and I have to say that it is truly a magnificent place to live! A lot more information coming soon on a much more regular basis!!!

We received the following email from Rick Leonard and I’m as curious as Rick to learn any additional history about Kenoza Lake and surrounding community so if you have any information or recollections please let us know or reply to Rick at rsleonard@sbcglobal.net

Even though I’m from California, I’ve visited the Kenoza Lake area and glad to see that it’s now being appropriately developed. My great grandfather, Ignatz Rosenzweig , operated a “Kosher Resort” in the early part of the twentieth century on about 400 acres on and around Kenoza Lake (he disposed of it in the 1920’s). By the time I started visiting the area in the late 80’s, all physical evidence of the resort was gone. As a child (I’m now 53), I heard many stories about it from my father and grandparents; it was a wonderful, idyllic place where entire families spent weeks escaping from New York City’s heat and humidity. Until recently, it was impossible to find anything about Kenoza Lake on the internet. That’s changed now with your presence!

If you happen to have uncovered any historical facts or material regarding the resort, I would welcome the opportunity to hear of it…

Best regards,

Rick Leonard
Encino, California

Most potential buyers at Kenoza Lake are familiar with the Chapin Estate and know something about the ongoing fluctuation of water levels and ongoing controversy. So, I’m often asked questions about the stability of water here at Kenoza Lake. Everyone should understand that conditions at the Chapin Estate on Toronto Reservoir are specific to bodies of water used for hydoelectric power generation. Toronto Reservoir is one of several such bodies of water in the area, but Kenoza Lake is not. My best estimate of how much the Kenoza Lake water level changes is 3 feet from the low point of the driest summer to the high point of a flood.

If you are interested to learn more about what is going on with the Toronto Reservoir and how it’s affecting the ‘lakefront’ homeowners here are two articles that were published in the Sullivan County Democrat recently:
http://www.sc-democrat.com/news/003March/31/toronto.htm
http://www.sc-democrat.com/news/004April/03/news.htm

Momentum continues here at Kenoza Lake Estates as we celebrate our first sale in 2009. Congratulations to Michael and Terry Groll on their purchase of Lot 17, which closed yesterday morning. Welcome to the neighborhood!! Michael and Terry have already begun designing their new home and anticipate beginning construction of their custom home either late this summer or early this fall.

Tomorrow night, Saturday March 28th at 8:30pm is Earth Hour and one home in Kenoza Lake for sure will be participating! For one hour (8:30-9:30pm) you are invited to participate in the effort to help our planet by shutting down all electricity and lighting. This is designed for everyone around the world, so the time of day applies to local time wherever you are on Earth. If you live in a home go to your breaker panel and shut off the main breaker (too many appliances and electronics draw power even when they aren’t in use) and if you live in an apartment of course turn off all the lights and unplug as many things as possible.

This is an excellent opportunity to do something very simple that really does make a difference. It’s also an excellent opportunity for a romantic candlelit dinner or candlelit bath! Just time your cooking or filling of the tub to be completed by 8:30! What can one person do? Check out http://www.earthhour.org/home/ and learn all about Earth Hour and the difference that each of us can make. Get involved!