Yes, this report is very late…I’m including it in order for readers to have a complete picture of this market as we move through the year.
Tarrytown and Sleepy Hollow housing stats are giving us many mixed signals. Pricing appears to have stabilized, but inventories remain high given the low rate of sales – which will continue to put pricing under pressure.
Cooperatives:
Coops showed a pricing increase over the previous year by roughly 6%. The number of units sold in both years was quite small, so these statistics need to be taken with a grain of salt. The current inventory reveals a 9 month supply of coops currently on the market – which is actually a good deal less than other parts of the county. The average sales price for a coop in Tarrytown/Sleepy Hollow was $146,000 for the first quarter.
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This has nothing to do with real estate and nothing to do with Westchester. However, a friend of mine sent me a link to this video and I thought it was absolutely remarkable. Perptuum Jazzile is a an a capella choral group from Slovenia. They took an 80s hit and reinvented it. At the beginning of the video they imitate rain with their fingers and hands. The effect is nothing short of spectacular. Having spent enough time in choral groups – I can tell you that the effects that they obtain are amazing and highly imaginative. If they every tour the New York area – they are a must-see…. Enjoy the video! And I want to thank Victoria for sending this to me!
Beautiful, totally renovated 4 BR/2.5BA Home has a fabulous flow that is perfect for entertaining family and friends with an additional 650 sq ft in the finished basement. Marvelous layout – perfect for entertaining. Here are some of the best features:
- Au Pair/ In Law Suite (or potential master) located on the ground floor w/full bath, large closet with built in shelves, brand new carpeting, access to a second attic, private entrance and patio.
- Brand new granite kitchen with stainless steel appliances; roll out cabinets, two pantries, plenty of storage.
- Large living room with beautiful fireplace, great sunlight and access to a covered patio.
- Formal Dining Room with lots of light.
- Three bedrooms on second floor. Very large master with his and her closets.
- Full attic with pull down stairs.
- Walkout finished basement with great storage (not included in sq. ft) complete with brand new carpeting.
- New windows (fold in for easy cleaning), New Anderson storm doors, new central air and new light fixtures throughout.
- Wonderful corner lot with plenty of privacy. Tranquil setting perfect for those who enjoy outdoor living. Great space for dining or gardening.
- Large driveway, can accommodate up to 7 cars.
- Very short walk to tennis courts and track.
- The taxes are reasonable at $10,190/year which does not include the STAR reduction of $1525.
The current owners have done all the heavy lifting for you. Nothing to do but MOVE IN and enjoy!
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One of the many issues confronting first time buyers and those who want to “downsize” is that many crave having an outdoor space. Cooperative life isn’t always conducive to having outdoor space, but the coops on Garth Rd. are an exception. The park that runs behind the Bronx River Parkway side of Garth Rd. creates a wonderful “back yard” for the residents. For those who crave outdoor space and easy to footpaths. The area, called the Garth Woods Conservatory offers a quiet oasis from the usual street and village traffic and appears to be popular with many of the residents. I took advantage of some extra time I had and took a short walk along the Conservatory with my dog Jade. We ran into several canine friends along the way as well as several people who were happy to meet my dog…I wasn’t nearly so interesting.
As can be seen from the photos – many who live along the Garth Woods Conservatory have a birds eye view of the woods – with gardens or terraces having a view of the woods.
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Over the past few quarters, Larchmont had been seemingly impervious to the market gyrations that were impacting the rest of Westchester County with varying impact. Like White Plains, it took the Wall Street crisis and the temporary freezing of the credit markets to shake things up.
There are relatively few condos in Larchmont, so this discussion will be limited to cooperatives and single family homes. In general, cooperatives fared reasonably well, but single-family home values took a significant hit.
Cooperatives:
Coops actually showed a slight increase in price when compared with Q1 of 2008. The 2% increase is well within the normal oscillations – and so one could consider these prices as “stable.” For coop buyers, Larchmont is a desirable location with many complexes located within easy walking distance of the train. That combined with the easy walkable bedroom community right at your doorstep – has allowed prices of coops to remain relatively stable.
The cloud on the horizon is the overhanging inventory which shows no signs of easing given the current number of contracts and pendings. At the current rate of sale, it will take 16 months to clear the current inventory. Sales volume has varried slightly, but once again, this variance is within normal oscillations commonly seen in smaller markets.
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It was a great day in the Hudson Valley – after all the rain we’ve had recently, it was wonderful to be outside on a warm and SUNNY day. White Plains has always been know for its shopping and more recently fine dining. High-end housing in high rise luxury buildings is also something that White Plains is famous for. But it has lagged behind in the arts. Yes, we have our own theater, the Westchester Philharmonic under the baton of Itzhak Perlman calls White Plains its “home.” But only now is White Plains getting itself on the map – so to speak – as go-to place for the arts. But on this weekend the artisans were out in force. Downtown White Plains was certainly the go-to place for the arts this weekend.
The White Plains Outdoor Arts Festival was an amazing venue for a beautiful late spring day. Any excuse to get outside was fine by me! But this was really worth an afternoon for anyone interested in amazing diversity of artisan work displayed. Truth be told I was only able to spend about an hour because Sunday is a work day for me, but I could easily have spent two to three hours had time permitted. Here are a few of the highlights:
I was really struck by a couple of booths:
The first was A J Nostalgia…by Jeff and Jill Hand, with their 3-D nostalgic lithographs a bygone era. The emphasis was New York, but there were lithographs from Boston and other parts of the country as well. I bought my father a lithograph of the Yankees for father’s day while I was there. I saw Brooklyn, Queens, Coney Island, Long beach among others. Amazing detail and very colorful. There was no email address – only a phone number which I hesitate to put on-line. The photos I got were terrible….
Then there was Robert Rodriguez Jr. with his photographs on canvas. Mostly of the Hudson Valley, these photographs portray the lush color and beauty of our region with vivid rich tones. They reminded me of the fact that New York is not all glass and steel and also of why I’m glad to be able to say “I’m from New York.” This was not one of my better pictures – so for more information here is the link to Mr. Rodriguez’s web site.
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This post was initially published on Active Rain about a year ago. It was during the election cycle so the parallels to our political system make more sense. I have modified it somewhat for this blog. My reason for reposting is simple: Many buyers and sellers seem to fall for the smooth-as-silk , extremely slick salesperson. Many of whom promise to help buyers “steal” a home and sellers sell for a price that hasn’t been seen since 2006. I tend to not work with scripts. I don’t like being scripted to – so I try not to script to others. So here is the post. Enjoy the clip at the end – its interesting nearly a year later as an example of how scripting devoid of understanding or true content can be dangerous to the “scripter” as well as the “scriptee. “
OK, so this idea was stolen from Jennifer Allen and Karen Rice. I only lift ideas from the very best! When I do, at least I’m honest about it! Recently Jennifer wrote about how she felt after she had been pitched to with a script. Karen Rice later described going to a “free” REALTOR.com technology tools seminar. She may have gotten a free meal, but she paid for it with a long hard sales pitch that went on endlessly and offered little of practical value.
For the most part, I readily agree – most of us like to feel that we are too important for a script or “pat” dialogue. Personally, I hate scripts, and haven’t used them. However, my down-to-earth approach comes at a price. I’m not SMOOTH. Don’t get me wrong, I’m not sloppy, but I’m not as polished as a scripted agent because mine is generally an honest response to an honest question. To be smooth – most of us need scripts. That lack of smoothness, answering questions honestly as they are presented can create a feeling of roughness, less polish – the opposite of slick. In many cases it won’t fly. Many audiences are so used to being scripted, they won’t tolerate anything so direct. In some ways, they need to be “sold.”
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Much of Scarsdale is in full blown buyer’s market mode. In single family homes, the price drops and inventory issues have been extremely severe. The cooperative market has held up much better. The weakness in single family homes is in part a reflection of the stressed jumbo loan market. Since most homes in the coveted 10583 zip code fall into the high-end category – the market has been dealt a more severe blow than corresponding markets in White Plains and Hartsdale.
Scarsdale is a wonderful place to live and qualified buyers should be taking advantage of this rare opportunity.
Scarsdale Cooperatives:
Coop prices and inventory have remained remarkably stable over the past year with prices dropping less than 1% over the previous year. Volume was down 28% over Q1 of 2008 and the overhanging inventory is about 12 months. However, since we are now in the prime selling season with 20 units under contract or pending, the actual inventory is significantly lower than that. Prices are close to 8% off their highs from Q1 of 2007. But this is a far milder reduction than we’ve seen in other parts of the county.
The area is desirable with an easy commute to Manhattan, so its not surprising that prices have been resistant to the declines seen in other markets. Further, the price point for cooperatives inoculates them against the woes of the jumbo loan market. The charts below show just how resilient this market has proven to be.
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These days when New Yorkers think of White Plains NY, they think of high-rise luxury living at the Ritz Carlton or Trump Tower. However, White Plains has a softer more residential side concentrated at the southern end of the city. The dichotomy between the residential and urban ends of the city is actually quite politically charged. Locals often describe these conflicts as “north end” vs. “south end.”
Gedney Farms is one of the premier high-end single-family neighborhoods at the southern tip of the city. The lots are large – generally over over a third of an acre. The homes are elegant and graceful with many striking pre-war Tudors and Colonials gracing the winding streets. Dominating the scene are golf course views enjoyed by many residents – courtesy of the Ridgeway Golf Club. The neighborhood of Gedney Farms was rocked by the news that the golf course views that are such a dominating feature of the neighborhood might be a mere memory in a few years.
History of the Ridgeway Golf Course and Current Status:
The Golf course itself has been around since 1914 and was initially part of the famous Gedney Farms Hotel which burned down in 1924. The golf course was taken over by Ridgeway about 60 years ago. This recession has known no economic barrier and some Country Clubs have been hit hard. Ridgeway has been no exception. At an open meeting of Gedney residents on May 6, Henry Shyer, the president of the Ridgeway golf club laid the shaky finances of the golf club on the line. They need 65 new members at $15,000 a year to make up their budget shortfall.While seeking new membership, the 114 acre golf course has also been put on the market for $20 million. A provision of the sale is that the golf course remain a golf course for the next five years.
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The buyers market that we are seeing in most parts of Westchester is also in force in Hartsdale NY. Inventories are high while sales remain slow. However, interest in buying has picked up and there are those who say that prices are near their bottoms.
Markets are by no means even. Areas near the train station seem to do particularly well when compared to outlying areas where a walking to Metro-North is not an option.
Cooperatives:
Prices stabilized this quarter to some extent. But this was on the heels of a significant price drop during 2008 particularly following the stock market crash. Prices will continue to remain weak due to high inventories and low volume. The change in volume of sales from Q1 of the previous year is a striking 65.4%. Only 9 cops sold during the first quarter compared to 26 the previous year.
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Yes, this report is very late…I’m including it in order for readers to have a complete picture of this market as we move through the year.
