The power failure in Westchester County that left many without power for up to a week has in some ways brought to the forefront how much web 2.o become a part of our lives. The internet has gone from being a convenience and diversion at the turn of the century to a major centerpiece of lives – both at work and play.
We started along this path prior to 21st century – but we’ve traveled a long way down the internet super highway since the fears of Y2K dominated our lives. Indeed it was the events of 9/11 that first brought to the forefront the importance of cell phones. After all, it was the cell phone that allowed family members to communicate with their loved ones on hijacked United 93 that the terrorists never intended to land the plane safely. The attempt to gain control of the plane – though it ended in tragedy – probably prevented the terrorists from slamming the hijacked jet into the nation’s Capital – on a day when Congress was in session. A technology of sheer convenience quite literally changed history.
This blackout was nothing on the magnitude of the tragedy of 9/11/01. However, it underscored how much more dependent we have become on technology and the internet in the intervening years. After all, in 2001 many were not online at all. Most that were online were connected by the humble phone line. AOL was king, and no one had ever heard of Twitter, Facebook, and blogs. Wordpress? What’s that. We were hip deep in the world of Web 1.0 – and could not even imagine web 2.0.
The power restoration process is slowly progressing. Five days after the storm there are still over 7000 county residents without power as of this morning. Greenburgh town supervisor, Paul Feiner, will be writing the Public Service Commission asking them to investigate the methodology Con Ed used to commit de-energizing and restoration crews. NYC appeared to be first in line for help while it was obvious that the lions share of the damage was in Westchester County.
Personally, I was out of power for about 72 hours and the damage to my own property was consderable even though I had had the foresight to have a couple of vulnerable trees removed prior to the storm. Several people I know were dependent on sump pumps to keep their basements dry. When the power went off – so did the sump pumps and the resulting damage was severe.
Here are a few photos taken from my iPhone yesterday. The are pictures taken in the Prospect Park neighborhood and on Soundview Ave. in White Plains – an area that was severely impacted. As you can see, the trees came up by the roots. The same is true for a very large tree that I lost on my front yard. The ground was already so saturated with water the trees were just pulled out by the roots.
Early Saturday evening, much of Westchester NY was plunged into darkness by a major storm. The storm was severe enough for me to cancel my last appointment. It was nothing short of treacherous on the road. I made it home safely and counted my blessings. Then suddenly – ZAP!!! All the lights went as well as the heat (which is triggered electrically) As the storm raged on I heard an ominous THUD in the front yard. A tree that I had had scheduled to be removed this next week had decided to beat its executioner to the punch and came down across my front lawn. I was very fortunate that it didn’t hit my house.
The Westchester real estate market is now truly a buyer’s market. In most communities, the number of westchester ny homes for sale is in excess of six months inventory. This is not universal throughout the county. But for the most part, the county is in a buyer’s market. A few days ago, I wrote a blog about seller’s stuck on unrealistic prices (Dear Seller, About that number in your head…) But this is one of those markets where unrealistic expectations are not limited to one side of the transaction. Fueled in part by media reports filled with sturm und drang (storm and stress) many buyers have confused a buyer’s market with a fire sale.
Unfortunately, unrealistic expectations can set buyers up for unnecessary disappointment and frustration. There are several flavors of unrealistic buyers out there.
Yes, these old Timberland boots were used as flower pots! It’s an example of how out-of-the box thinking can transform something that would find its way into the the trash, can be turned into a spring time arrangement.
Whether buying or selling Westchester NY real estate, clients often need help with curb appeal. When selling, landscaping creates an inviting atmosphere that invites buyers into the home. Buyers, on the other hand, are often eager to put their own personal stamp on their gardens and may often be at a loss as to what to do or where to go.
Whenever I go on a listing appointment, I generally find that the seller already has a “number in their head” about what their home should sell for. This number can come from various sources. It is – unfortunately – almost always higher than the current market can command.
In truth, I can’t blame sellers for this…their minds have been levered to continued price increases to such an extent that the current market has left most sellers blind sided.
The first thing I often hear is that “I need to get X out in order to buy my next home which I can now get for Y because its gone down in price. The trouble if the property you want to buy has gone down so much in price, chances are the property that you want to sell has gone down by a similar percentage. Wishful thinking is often the culprit here. Markets are fluid – that was fine when prices were going up – but it also holds true when prices decline.
This segment on the Daily Show was very disturbing. Normally I find Jon Stewart a laugh fest. But the fact that one Senator could block unemployment insurance extension during the worst recession since the Great Depression is NOT funny.
Clients ask me where the Westchester real estate market is going. I have to be honest with people. I have definite thoughts about how interest rates and expiring tax credits are going to impact the market – but another wild card remains – unemployment along with under-employment.
My own former career fell victim to outsourcing combined with an influx of H1-B employees from abroad. With absolute stunning speed, I watched as prospects for employment at a livable salary evaporated into smoke. This happened several years ago and the only reason this is relevant to the discussion is that my story is not unique. Earning capacity has gone down -even for those who are fortunate enough to be employed. Housing can’t completely recover until the employment issues and stagnating pay are addressed. These are issues that are bigger than the real estate market but the point is that the housing crisis does not exist in a vacuum.
People often ask me about fine dining in Westchester NY. The New York City dining experience has been finding its way northward to Westchester County. This might be news to Manhattanites – for whom Westchester has always seemed to be some sort of backwater destination. White Plains restaurants boast several transplants from Manhattan. Downtown White Plains is a location where high-end shopping and entertainment are the order of the day. Now, there truly can only be one Manhattan – but White Plains and other destinations in Westchester can no longer be considered truly suburban. Westchester is a mix of suburban life with NYC amenities.
To that end, one of Manhattan’s most distinctive dining attractions, Via Quadronno, opened its doors in White Plains at the corner of Renaissance Square and Main Street – next door to the two 42 story towers that are the Ritz Carlton. The location in the famous Art Nouveau Barr Building provides an interesting background standing next to the mirrored glass and sleek steel of the Ritz Carlton. That mix of old and new is very typical of the “new” White Plains.
For many on the East coast Friday was a snow day. White Plains NY was no exception. Let’s put it this way – people were not exactly calling me for showings on Friday. It took several hours for me to dig out – my walkways were covered with the white stuff. I actually spent about an hour cutting back branches that were hanging so low, they were in danger of pulling down a couple of small trees.
When I finally finished, I found that my Siberain Huskies (Jade, Tundra, & Buddy) were eager to play in the yard with me. I grabbed the camera and decided to create a video from some of the photos. Siberian Huskies and snow go together like ham and eggs. They were having a ball and I think it shows.
Enjoy the video, I put it together rather quickly, but I still think its fun
One of the primary problems facing the real estate industry right now is that anyone who needs loan has to have squeaky clean credit in order to qualify. The number of Westchester homes for sale – that overhang of inventory – won’t go away until more buyers have access to credit. During the boom, anyone with a pulse could get a home loan. Today the pendulum has swung too far to the in the other direction. Credit requirements are bordering on the absurd. Lately I’ve been waiting for lenders to demand DNA samples and FBI background checks for prospective borrowers.
It is true that in the past Americans have taken on a ton of debt. With wages stagnant, unemployment high and families up against the wall – credit created the elasticity that kept many families living check to check afloat. But the banks have been very mecurial - loving those who keep revolving credit balances and penalizing them at the same time. The system has been set up with what Elizabeth Warren referred to as “tricks and traps.” The result has been a mess where banks jack up rates almost on a whim, change due dates, include non-usage fees and do anything else you can think of to wring more money out of the consumer.
Some of these new regulations regarding credit are designed to plug some of the holes. Of course the system is still full of holes you could drive a truck through. Jon Stewart had a wonderful take on all of this.
Here is the video – hilarious – particularly the second half.
The power failure in Westchester County that left many without power for up to a week has in some ways brought to the forefront how much web 2.o become a part of our lives. The internet has gone from being a convenience and diversion at the turn of the century to a major centerpiece of lives – both at work and play.
