Over the past few months I’ve been observing a strange sight: fiberglass roosters nesting all over Scarsdale Village. “Rooster Row” as it is called is a fundraising event for the benefit of the Scarsdale Historical Society. It recalls a similar fund raising event in Larchmont involving ducks in 2006. Although the roosters were supposed to be auctioned off earlier in the year…many of the roosters still remain. I don’t know exactly what happened at the auction, but I’m pleased to still see the some of the roosters out and about. They certainly are a colorful addition to Scarsdale Village. They also serve to showcase local talent and promote local business – all of which is a good thing during these challenging economic times. I took these photos a few months ago but got caught up with other things. So I’m posting them now – better late than never.
© 2009 – Ruthmarie G. Hicks, http://thewestchesterview.com. All rights reserved.
Larchmont seemed to be impervious to market forces. Prices on single family homes kept climbing, national housing crisis notwithstanding. And why not? Larchmont is an easy commute to NYC (30 minutes). It’s got wonderful shops with a nice village feel, fine dining, nice boutiques, terrific schools and established neighborhoods brimming with old-world charm. Add Manor Park along the Long Island Sound to the mix – the proximity of downtown White Plains and New Rochelle and you’ve got a winning combination. But nothing can go up forever and the stock market crash has impacted the housing market.
Cooperatives:
Coops in Larchmont look as if they rose significantly in price. But this flies in the face of experience and common sense. The raw stats sighted below show a 33% price increase which is crazy. On closer examination, the 2008 stats were artificially low due to the large quantity of studios and small 1 BR units that sold. So skewed were these numbers that closer examination revealed a 6-7% price decrease. This was accomplished by comparing 1BR units that sold in 2008 to those sold in 2009. The same was done for 2 BR units. The inventory also indicates a buyers market with about a 24 month supply of units on the market. Volume is down 50% over the previous year. Compared to other markets, this decrease is far from dramatic. But this is a good time for buyers to enter this market.
The housing market in Scarsdale is all over the place. Single family homes took a very heavy hit last year. Since they took their hit early, they now appear to be in recovery mode. The same can not be said for neighboring Edgemont which is now taking a drubbing and the cooperative market has also seen some difficulties.
Cooperatives:
Coops took a big hit this time around. It is somewhat surprising to see since this entry level type of housing has remained very sturdy and resistant to correction due to high demand. But it is not immune. Sales prices for the Scarsdale P.O. are down over 23%. Less so in desirable areas near the train – such as Garth Rd. But all have taken a hit since the market crash of ‘08. Sales volume for Q2 2009 is down over 45% with only 18 units sold in Q2. There is currently about 15.5 months of inventory on the market – making this a buyers market by every criteria that we have.
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The Hartsdale housing market is in buyer’s market territory at this time. Like White Plains, the area resisted the housing correction particularly in the condo and coop markets until the stock market crashed in late 2008. Single Family homes had taken a hit prior to the market crash and although declines continued – they were not as severe.
Cooperatives:
The coop market saw a 3.1% price decline from Q2 2008. Hartsdale currently has an inventory of 11 months. There are quite a few contracts and pendings at this time. This reflects the longer escrow periods that the banks are responsible for. Sales volume is down 12.5% over the previous year. Much of that decline in slaes volume can be attributed to the slowness of the banks. The number of contracts and pendings indicates that thinAlthough this is absolutely a buyer’s market, the volume has picked up and the free-fall in prices has stopped.
Condominiums:
The most dramatic price adjustment was in the condo market. Prices were down almost 35% over the previous year. Sales volume was down over 14%. The current inventory suggests an absorption rate of 15.5 months. Although Hartsdale did not go on a high-rise “building spree” like White Plains and New Rochelle, the excesses of those markets are filtering their way through the entire lower Westchester condo market.
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Over the past few months, several sales-in-progress have been occupying a major portion of my time. When my clients and I began our journey together we had NO IDEA what lay ahead. The problems we encountered were mostly the result of the shifting ground that the lending crisis created. The banks were moving at a pace that would make a snail look like an olympic sprinter.
Each transaction had its unique set of players and problems. But in each case I was blessed to be dealing with buyers, sellers, agents and attorney’s that all pulled together to get to the closing table.
In this environment, there is no room for egos and selfishness or special agendas…
Real estate transactions can be rife with conflict, anger, egos and selfish motives. In these difficult times, closings are hard won. Buyers, sellers, agents and attorney’s are having their patience and tempers challenged at every turn. One agent said to me – “its like we are CLAWING our way to each and every closing.” I liken it to trying to walk through mud that is waist deep. Having reasonable clients, working with agents who are willing to get the job done, and having responsive a communicative attorney’s are no longer luxuries – they are essential components of a successful transaction.
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The White Plains housing market finally to its hit when the stock market crashed in late 2008. Until that time, the White Plains market – along with much of lower Westchester had resisted the declines that had occurred in other parts of the country. Prices dropped sharply and as credit markets froze up, sales volume dropped to a trickle by the end of Q4 2008. The winter was long and harsh as sales volume continued to stay low. This was mostly due to the tighter lending standards and a general reluctance to buy for those who actually had the credit to do so.
Buyer interest started to increase at the beginning of the 2nd quarter as lower prices and the stimulus package pulled buyers off the fence. Towards the end of the quarter there were many more contracts and pendings. The question in early June was whether or not the banks would actually fund all of the loans. Fortunately, things started looking up and the market is again moving, although volume is lower than in years past is the order of the day. This can be attributed to tighter lending standards.
Cooperatives:
Coops actually showed a price increase over the 2nd quarter of 2008. The 2.7% increase was small – but compared to the decreases seen in the condo and SF home markets, it is an encouraging sign. Coops are the entry level purchase for most first time buyers – which explains the resilience. Sales volume overall is still down 24% over the previous year while inventory is estimated at about 12.5 months. The inventory pressure will keep prices in check, but all in all – the coop market has fared better than the rest of White Plains housing.
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OK – this is a funny way to begin a blog – but I’m exhausted! Just plain out and out drained. Normally this state of tiredness would have me beating a path to a doctor. But I don’t need a doctor, I just need a lender who can close a loan in a timely manner. You see, in addition to everything else that I do to complete transactions, I am being confronted with host of escrow issues that I’ve never seen before. I find myself on the phone constantly trying to prod the banks to close loans that I’ve had commitments and appraisals on since the beginning of the last century. And if this is stressing me out – some of my clients must be ready to jump off the Tappan Zee Bridge.
The problems with lenders has been fodder for several recent blogs. Although I have a host of war stories that would be funny if they weren’t such a threat to each transaction, I won’t bore the public with the gruesome details – YET. But what truly amazes me is the arrogance of the banks. After one disastrous situation where a closing was postponed FIVE TIMES and over one month, I ended up speaking with some of the powers that be at our friendly neighborhood national bank. (Yes, I know that is an oxymoron and the sarcasm is deliberate!) Their attitude was atrocious. I was informed that “this is the new normal. You now need to count on 90-120 day escrows. If buyers and sellers are prepared for it -it shouldn’t be a problem.”
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Coffee Labs of Tarrytown NY - A place to enjoy a great cup of coffee – with your best canine friend!
I confess that I have a coffee habit. It’s easy to point fingers at my 1/4 Spanish/Cuban heritage – but let’s face it – I’m addicted. This is particularly true of really fine coffee. And Coffee Labs offers some of the best blends there are. Once you’ve tried it, there really is no going back.
Sometimes I go to Coffee Labs in the morning with Jade – my mellow Siberian Husky. For those of you who have read the antics of my two White Siberian Huskies, you know that I hav two females named Jade and Tundra. Tundra is my wild child and Jade is as relaxed and mellow as Tundra is exuberant. So Jade gets to accompany me to the coffee shop where I get a great cup of coffee, pull up a table and get to work researching the market and catching up with correspondence. It’s my way of getting out of the office and enjoy a change of pace – while still being able to get work done. There are quite a few regular morning patrons at Coffee Labs. Many sit just like me – working away at their laptops sharing the bandwidth. Julie Annello is one a customer who I took note of because she didn’t have a laptop. Instead, she had her sketch book. For several days Julie tried to get a nice sketch of Jade, but somehow – it never quite happened…until last Wednesday… It really captures the quiet calm of Jade and her retiring, gentle personality. Julie gave me her sketch which I scanned into my computer and here it is….direct from Coffee Labs…Jade in repose while her “Mom” is working on market stats.
© 2009 Ruthmarie G. Hicks – All rights reserved.
Going into NYC for July 4th is great – but it can be a hassle. Fact is you don’t need to go to Manhattan to see terrific displays. Here is a short list of lower Westchester events and fireworks displays. This will help get you started….
You can start celebrating as early as tonight:
Events for Wednesday July 1, 2009
Playland’s Weekly Fireworks Display:
Starts at 9:15. Offered by the Westchester County Parks Dept. Admission for parking is $4.00
Location & Info:
Playland Park
Playland Parkway
Rye, NY 10580
(914) 813-7010
White Plains Fireworks Display:
An evening out at the White Plains High School. Includes fun for all With inflatable rides and food along with a children’s stage. Free to the public. 6-10 PM. (Rain date July 2)
Location & Info:
White Plains High School
550 North St.
914-422-1200
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New Rochelle was in the middle of a major revival when the housing recession hit hard. The result is that this up and coming city took a bigger hit earlier in the housing recession than its more well-established “sister city” White Plains.
New Rochelle is now where White Plains was about 10 years ago. Geographically, it has many things going for it. It has the Long Island Sound along its eastern border which gives it a distinct aesthetic edge over the land-locked White Plains. It has a train station complete with a new parking facility and boasts a 30 minute commute to Grand Central Station. Granted it has a way to go before it becomes as established as White Plains, but for those just can’t afford what they want in White Plains, their dollars will stretch further in New Rochelle.
The downturn in prices presents buyers with a unique opportunity. Though there is risk in such an opportunity, all bad cycles come to an end and New Rochelle prices are truly reflecting a corrected market. Add to that the fact that those buying now are getting in closer to the “ground floor” than they possibly could in White Plains. Buyers should take notice because this is an area ripe with opportunity that fully established areas lack.
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