White Plains real estate defied gravity for three years. For a while – quite a while – it looked as if the housing recession would pass White Plains by with nary a flicker in the prices. The stock market crash on Wall Street shook the system up and prices have started to come down. Even before the crash, single family homes had started to decline in price. But Coop and condo sales remained stubbornly high. The only major sign of trouble was decreased sales volume, but as long as inventories remained low – with few people selling – higher prices were still tolerated.
Cooperatives:
The average price of cooperatives fell 10.9% over the previous year with an average price of $220,000. The fall in prices reflects a general weakness in sales volume combined with increased inventory. There are currently 134 units on the market sales volume at the end of the end of the first quarter of 20 units or about 7 units a month creating an overhanging inventory of 19 months. Read the rest of this entry »
Note the newly reduced in price! Initially $474,900 now $469,000. This unit is the most competitively priced 2 BR unit at Jefferson Place. The sellers are serious and are inviting serious offers.
Jefferson Place:
300 Mamaroneck Ave & 31 Greenridge Ave. White Plains, NY 10605:
The Residences at Jefferson place is a large condo complex in downtown White Plains in the coveted 10605 zip code. The complex spans on square block between Livingston Ave. and Rutherford Ave. in White Plains, NY with units on 300 Mamaroneck Ave. and 31 Greenridge Ave. The side facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. Jefferson Place is just steps away from all the shopping and dining that downtown White Plains has to offer. The other side of the complex on Greenridge Ave. gives a bow to the suburban neighborhood of the Highlands that it borders.
Just across the street on the Mamaroneck Ave. side there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. The heart of the downtown with all it has to offer is just a stroll down the street. Walk to almost everything: Shopping entertainment, fine dining and so much more. Walk score is 89 out of 100.
This Freaky Friday is really being penned on Saturday, but I hope most people won’t mind.
Below is a very funny clip from one of my favorite shows – “The Daily Show” with Jon Stewart. In this clip Stewart talks about how many republicans are outraged by the Obama administration and its policies. ” A road to tyranny” and ” Facism is coming.” were used to describe the new Administration’s policies. Stewart points out in his own way that its all about your point of view and reminds viewers that many democrats felt the same way about the previous 8 years.
I see the same thing when working with buyers and sellers. Some see the people on the other side of the closing table as the enemy . In this buyer’s market many sellers are made to feel that the process was entirely unfair to them. Just a couple of years ago, it was the other way around. There are winners and losers in real estate, but in a buyer’s market, it always seems as though the seller is on the short end.
My advice to sellers is that if you need to sell, don’t bemoan the injustice of it all – but keep a positive attitude – remember, your home looks very different to a buyer than it does to you. To you it is your home and hearth and of course you want top dollar. To the buyer it is one of many properties that they are going to see. And in this tough market, buyers fear overpaying more than anything else. So, don’t take low-ball offers personally and remember that an overpriced house is going to sit, not sell. If you are realistic, your home will sell – lowball offers notwithstanding.
For those looking for an easy commute and extra elbow room at a great price, this coop should be on top of your list of “must-sees.”
Hartsdale Towers is a beautiful pre-war complex located on the corner of the highly desirable East Hartsdale Ave. and Columbia Ave. This complex features a unique stucco and brick facade with wonderful old-growth trees and landscaping that create a residential feel in spite of its location on E. Hartsdale Ave. The lobby is Art Nouveau with stunning moldings and details.
The unit itself is a large 2 BR unit with 1080 s.f. It has high cove ceilings and newly refinished hard-wood floors. The kitchen and bath are updated and the kitchen contains new stainless steel appliances. Bright and airy with excellent view of E. Hartsdale Ave. the unit offers tremendous value for the price.
Homeowners in New York are up in arms over property taxes. For those who don’t know the region, New Yorkers enjoy just about the highest property tax rate in the country. Westchester has some of the highest taxes in the state – so you get the picture…..In some areas of Westchester, the taxes actually exceed assessed values.
Recently, Cut Property Taxes NOW rally signs have appeared around the city of White Plains. They are dotting the lawns of beleagured homeowners fed up with what seems like the unending tax hikes that show no signs of abatement. Right now the center of their wrath is on County taxes. However, many are pointing fingers at local taxes and school taxes.
It was just a few years ago that White Plains enjoyed significantly lower property taxes then the rest of the county thanks mostly to our large commercial and retail base. But even though that base has increased, the number successful certioari actions has also increased exponentially. The net result has been a shrinking tax base in the commercial/retail sector pushing the lions share of the burden on homeowners. Most notably: owners of single family homes. Although there was grumbling during the housing boom – residents were mollified by increasing home values. Now that that bubble has burst, the tax bubble has become the elephant in the room.
Homeowners and city officials in White Plains need look no further than Sleepy Hollow to see what happens to home prices when the homeowners are saddled with an ever more onerous tax burden. This burgeoning problem needs to be nipped in the bud or home values could well suffer.
I chose Sleepy Hollow for a comparison because it is an analogous community in many ways to White Plains. Although city officials prefer to liken White Plains to Scarsdale and Larchmont where high taxes are better tolerated, our community profile is in truth more like that of Sleepy Hollow – with respect to its diversity and schools. The commute to Manhattan is similar the two neighborhoods I chose to focus in are are quite comparable in terms of home size, amenities and lifestyle.
Why do listing agents continually try to put lipstick on pigs? We are forever trying to put our listings in their best possible light. That’s our job. But what would happen if we were brutally honest about a property?
Here is some brutally honest copy that will never see the light of day on a real listing:
Heart healthy living! Five story walk-up with no nearby parking.
This home comes complete with a state-of-the-art security system. The perfect amenity for this high crime neighborhood.
Everything in this lovely home is vintage – including the electrical and plumbing which dates back to 1925.
Your brand new “green” home has state-of-the-art plastic plumbing and low-flow toilets that tend to clog.
Be prepared to be blown away by the marvelous cathedral ceiling that graces the living area. You will also be knocked off your feet by the heating and cooling bills that go with it.
A state-of-the art drainage system has been newly installed in this beautiful home located in a flood zone.
This low maintenance yard is the size of a postage stamp.
Never worry about getting snowed in. This home has a bus stop right by your front door.
Voyeur’s special: you can look into every room of your neighbor’s house without ever leaving the comfort of your own home.
Thanks to an unusually active hurricane season, this beautiful home is now situated on a newly created beach-front.
Note that Krys Jaronski and Julie Moslow contributed substantively to this blog. Thanks for the input and I hope you approve of the end result.
First, I want to apologize. I thought I posted this. The text was created several weeks ago. So I apologize for the tardiness of the post, but I think the information is still useful.
New Rochelle is an up-and-coming city that experienced tremendous growth during the housing boom. Those who look at White Plains and can’t quite afford the price tag, should take a second look at New Rochelle because it is heading in the same direction that White Plains took ten years ago. Although the current recession has put the boom in a holding pattern, all signs point to a strong recovery in the next few years. Further, this area has seen a significant price correction.
Cooperatives:
Prices tumbled 18.5% when compared to the fourth quarter of the previous year. This is in stark contrast to the substantial price increase seen in the third quarter. It is probable that the price increase of the third quarter was an indication that buyers were very choosy and were only buying the cream – leaving the rest of the market to languish. The market crash acted to force sellers hands and those who needed to move dropped their prices. – hence the sharp decrease. This did help to relieve the overhanging inventory and sales volume in coops was actually up over the previous year. This movement in the coop market is a reflection of what has happened in other parts of the county. Read the rest of this entry »
Larchmont NY (town of Mamaroneck) is one of those wonderfully cozy villages that reminds me of more of the “old world” then the east coast of the United States. One snowy day in late January, I was running around with leases in Larchmont and New Rochelle. My client was stuck in traffic (due to the snow) and I found myself in Larchmont enjoying the snow while I waited. Eventually I vented my frustration at having to wait so long and starting randomly shooting. Disclaimer – no people, clients or otherwise, were harmed during my shooting spree – however some images were “captured.”
On a more serious note, this has been a difficult winter for almost everyone I know. Cold, snowy and frightening for many. So much loss of wealth and treasure should not happen in such a short period of time. Everywhere I’ve turned, I’ve seen lives torn apart by the financial crisis gripping the country. The following pictures are a reminder that the even this very difficult winter of our discontent and fear had its share of beauty and charm. For those who are not local – consider this a charming if snowy introduction to one our most charming villages.
In that last photo – I should have asked if anyone dropped by for lunch outdoors!
Let’s face it, one segment of the population has fared very well during this financial crisis….comedians have been given plenty of fodder for skits and there is no end in sight. When Barack Obama won the election , I was foolishly concerned for the welfare of the comics. I figured that many comedians would be polishing their resumes and looking for day jobs. Let’s face it, whatever you think of Obama – its obvious that he doesn’t offer anything close to the amount of canon fodder that George Bush regularly and generously provided. But the financial crisis has provided a wealth of new material to exploit and most have taken the ball and run with it.
What’s particularly interesting is the contrast between the Americans and the Brits. Their humor is so different. Here are two clips – one hilariously sarcastic diatribe by Stephen Colbert and the other featuring the rather clipped and understated humor from two British comics know as the “Long Johns” – two British comics who have a signature style that’s all their own.
Although we are in the middle of a major housing market correction, many buyers are still in despair over housing prices in Westchester. They hear tales of prices dropping 40-50% in parts of Florida, California and several other former housing hot spots. Earlier, I wrote a blog about the “angry buyer.” Many (but certainly not my buyers) are circling like vultures clinging to the idea that if they are just patient, they can swoop in and steal a house from a desperate seller while he is on his way to bankruptcy court. They want their crash – and they want it bad! Many have been waiting on the sidelines for years hoping that Westchester would have a magic correction of 40-50%.
Although we are in a full blown buyer’s market, many buyers who don’t pull the trigger may well be disappointed in the final result. This is not to say that we are heading towards bull market territory. We are still in a declining market and we won’t know that we are out of it until well after the market has turned. But the last markets to fall in such a correction usually have the least to fall overall. These markets fall towards the end of the cycle because they were more stable to begin with.
The fact is that unlike the stock market, the housing prices and the forces that regulate them are strictly local. It’s a shame that that the media trumpets a national number – as if there was a “national real estate market.” The old saying that real estate is location, location, LOCATION!!! Is very, very true. The national market isn’t relevant to a buyer or seller whose transaction is being determined by LOCAL conditions.
Westchester residents can roll out of bed and onto a train and be in midtown in 30 minutes…
The Manhattan commute is soooooo easy. You just can’t beat that for convenience. Further, White Plains, New Rochelle and Yonkers are often commuter destinations in and of themselves. The ease of the commute is a key component and the geography that makes some areas that are also close to the city a bridge too far or a tunnel too long is another. Several large bodies of water such as the Hudson River and the Long Island Sound create natural “bottlenecks” to what should be an “easy commute” as the crow flies. Ask anyone who has to use the Tappan Zee Bridge how easy their commute is and you will probably get a response that is unrepeatable.
Until we can reincarnate “Scotty” to “beam us up” to the place of our employment, housing prices are going to be levered towards location:
Since people value their time and no one relishes a two hour commute, homes in Westchester that are often 30 minutes or less by train to Manhattan sell at a very high premium – and with good reason. The wear and tear on your car and body are major issues. Let’s not even discuss $4.50/gallon gasoline prices of last summer. These factors make living in these areas far less desirable.
White Plains real estate defied gravity for three years. For a while – quite a while – it looked as if the housing recession would pass White Plains by with nary a flicker in the prices. The stock market crash on Wall Street shook the system up and prices have started to come down. Even before the crash, single family homes had started to decline in price. But Coop and condo sales remained stubbornly high. The only major sign of trouble was decreased sales volume, but as long as inventories remained low – with few people selling – higher prices were still tolerated.
For those looking for an easy commute and extra elbow room at a great price, this coop should be on top of your list of “must-sees.”
Homeowners in New York are up in arms over property taxes. For those who don’t know the region, New Yorkers enjoy just about the highest property tax rate in the country. Westchester has some of the highest taxes in the state – so you get the picture…..In some areas of Westchester, the taxes actually exceed assessed values.
First, I want to apologize. I thought I posted this. The text was created several weeks ago. So I apologize for the tardiness of the post, but I think the information is still useful.
