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.
Many buyers, particularly first time buyers seem to have the “I want to go it alone” mind set. As an agent who works a great deal with first-time homeowners, I have to ask why? Since the seller pays the buyer’s agent, the service is essentially free to buyers.
Going it alone creates more risk for home buyers:
Most buyers fail to wrap their arms around representation issues. Buyer’s agents are not paid high fees to search the MLS and unlock doors. That may be the way the public PERCEIVES it, but that is not really what we do. We are certainly there to help the buyer find a home, but beyond that we are there to represent them during negotiations, coordinate little things such as inspections, appraisals, walk-throughs, and the myriad issues that can rear their heads during the contract period. The hard work starts AFTER the home is found, not before.
The unrepresented home buyer:
This is the single largest financial transaction that people make. Do you really want to enter into such a transaction unrepresented? Let me make this point crystal clear: Unless you have a buyer’s agent representing you in your home purchase, you will be unrepresented during the negotiation process. Further, chances are, you are up against a pro who has a fiduciary obligation to represent their client – the seller.
Tarrytown and Sleepy Hollow have been in the midst of a buyer’s market for some time. This has been particularly true of the single-family home market in the area. The higher tax rates that some of the river towns deal with put this particular market into bearish mode rather early in the correction when compared to other areas of Westchester.
One of the symptoms of a buyer’s market is low volume. Volume was way down on the cooperative market. So much so that there weren’t enough sales to run pricing statistics with any accuracy – which is why they are omitted. Condo prices and volume were down significantly when compared to the previous year. But single family homes that have been really beaten down in the last few quarters – had a volume consistent with 2007 levels – significantly down from the boom era, but not the grim dip seen in other sectors. It might be an early indication that that particular sector is starting to stabilize. Of course it is way too soon to say anything definitive. Market bottoms are always judged with 20/20 hindsight!
Cooperatives:
There were only two sales for the 4th quarter – far too few to draw any meaningful conclusions on – except that this is a bear market for coops. Having said that, sales are low throughout the county and coops are a very small part of this particular market. Yes, its a buyers market, but with only 7 units for sale in a down market, how many sales could one expect? Read the rest of this entry »
Larchmont is one of the few areas that has, in some sectors, escaped the worst of the bear housing market – at least for the time being. Single family homes in Larchmont have been particularly resilient. Cooperatives have undergone a mild price correction, but compared to other parts of Westchester, Larchmont is on firmer footing.
Cooperatives:
Sales prices are down about 10% from the previous year with an average price coming in at $241,000. That’s down from the third quarter, but the small number of actual transactions makes drawing conclusions tricky. There’s about 6 months of inventory on the market, but the number of units sold is up from the previous year.
The Residences at Jefferson place is a large condo complex in downtown White Plains 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. The façade reflects the growing urbanization of the city and 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. The units on Greenridge are three story walk-up condos that have an outer façade resembling three story townhouses. The low-rise portion surrounds tree-lined streets, single family homes and other low-rise condo complexes.
Just across the street on the Mamaroneck Ave. sid e there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. Iannelli’s , a local Italian favorite is directly across from the Mamaroneck Ave. side. Going to either the Westchester Mall, Fortunoff, Whole Foods or the Cheesecake factory it is easy to leave the car behind and take a short walk.
Built in 2005, this complex offers state-of-the-art luxury. As such, it is no bargain. But it offers convenience, luxury and perks at a lower price than can be had at the Ritz Carlton or Trump. Among other things, Jefferson Place offers on-site parking (you can buy an extra space), laundry in each unit, central air conditioning, a 24-hour concierge, a workout room with state-of-the-art equipment, a media room and a business center. The units are beautifully appointed with granite countertops, and stainless steel appliances, luxurious master suites and more than ample closet space. The living room areas sport hard-wood floors with carpeting for the bedrooms.
It may be the dead of winter, but a buyer’s housing market is in full bloom in Scarsdale. Some sales statistics point to one of the best buyers markets for single family homes than has been seen in a very long time.
Cooperatives:
Coops in the coveted Scarsdale zip code (10583) showed less stress than single family homes. They were one of the bright spots in an otherwise grim quarter. Prices were down a mere 4.6% over the previous year – with an average sales price of $251,000 for the 4th quarter. There was a mild (perhaps insignificant) average price increase of $13,000 from the previous quarter. The number of units sold in 2008 was not significantly different from the 2007 numbers. But there has been a significant inventory increase of 8.4 months reflecting the season and the general weakness in the New York market.
It should be noted that for cooperatives I use the Scarsdale post office and not the municipality for these statistics. This reflects the way buyers tend to shop of for cooperatives. Buyers shop in terms location not municipality. Read the rest of this entry »
Bark and Meow of Tarrytown is one of my favorite haunts for pets. It has everything you could possibly imagine for the upscale New York canine or feline in your life. My own dogs, Jade, Tundra and Buddy sport bandannas and collars from Bark and Meow and are the better looking for it! Today – the owner – Laura Haupt outdid herself with “street art.” Using sidewalk chalk – she created her own version of street art for this special day NY style! Many of the offerings in the store are very New York, including subway line sweatshirts. There is plenty to see and enjoy in that store. Even if you aren’t in the mood to buy, you’ll want to stop by and meet the store’s mascots Juno and Satchi. Juno, the Korean Jindo is the official welcoming committee for humans and canines alike.
Everyone is looking at this title and they are hitting the snooze button. Home owners insurance is not likely to get buyers or sellers into a tizzy of excitement. I know what you’re thinking. “I’m on this blog to find out about housing prices and cool neighborhoods or to search for homes on-line! I don’t want to read boring stuff like this!” Yep, booooorrrring …..until something happens.
It was early December and I was driving (or TRYING to drive) to an appointment. The traffic was something amazing. Initially I chalked it up to the holidays. White Plains is the shopping capital of Westchester County and traffic can be an issue in December. But this was differenet. Something had happened because the traffic wasn’t moving at all. After zig-zagging around the problem I wended my way to the appointment and forgot about the incident.
Later that day I discovered that a residential fire in the downtown area had been the cause. The address I found in the Journal News didn’t ring any alarm bells, but a couple of days later The White Plains Times had a picture of the building that had been on fire. The Journal News had reported the wrong address. I knew that complex all too well YIKES!!! I had recently sold a unit in this complex! I immediately logged on to my other source of White Plains news the wpcnr (John Bailey’s White Plains Citizen Net Reporter). The complex was was a garden style complex four rows of semi attached buildings. I was hoping my client’s unit was in one of the three unaffected lines. No such luck. I swallowed hard, John Bailey’s description confirmed that my client’s unit was near “ground zero.”
Here is my second “Friday Fun” entry. These days we could all use some comic relief. So I’m going to try to post some humor once a week. Since I came up with these personally – and I’m not a comic – I can only hope that its good enough to provide a few laughs.
Why do people hate real estate agents?
Could there be a reason why we are viewed as only slightly less revolting than a used car salesman? How did we arrive at such an edifying status? Perhaps we came by our bad reputations the old fashioned way – by EARNING THEM.
With that….ahem… hypothesis in mind – I was reading some listings from an area just outside my usual territory – trying to get an idea of pricing and condition before heading out on the road. Generally, I know about the condition of a property that I’m showing so some of the public facing comments fly over me. But this time I knew less – so I read more. It was an eye-opening experience. Listing agents are obliged by law to represent the seller. As such, they are required to present the property in its best light. Of course no on can get past the fact that even if you can put lipstick on a pig – its still a pig. While scanning the photos and comments I decided to compile a list of agent-speak descriptions and provide some likely “translations” for the benefit of those surfing listings online. Happy Hunting!
“Just steps from the train“– You can parachute onto the train from your bedroom window. “Easy access to major roads”– The house is sitting into the middle of a cloverleaf. Read the rest of this entry »
Many buyers, particularly first time buyers seem to have the “I want to go it alone” mind set. As an agent who works a great deal with first-time homeowners, I have to ask why? Since the seller pays the buyer’s agent, the service is essentially free to buyers.
Tarrytown and Sleepy Hollow have been in the midst of a buyer’s market for some time. This has been particularly true of the single-family home market in the area. The higher tax rates that some of the river towns deal with put this particular market into bearish mode rather early in the correction when compared to other areas of Westchester.
Larchmont is one of the few areas that has, in some sectors, escaped the worst of the bear housing market – at least for the time being. Single family homes in Larchmont have been particularly resilient. Cooperatives have undergone a mild price correction, but compared to other parts of Westchester, Larchmont is on firmer footing.
The Residences at Jefferson place is a large condo complex in downtown White Plains 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. The façade reflects the growing urbanization of the city and 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. The units on Greenridge are three story walk-up condos that have an outer façade resembling three story townhouses. The low-rise portion surrounds tree-lined streets, single family homes and other low-rise condo complexes.
It may be the dead of winter, but a buyer’s housing market is in full bloom in Scarsdale. Some sales statistics point to one of the best buyers markets for single family homes than has been seen in a very long time.
Bark and Meow
Everyone is looking at this title and they are hitting the snooze button. Home owners insurance is not likely to get buyers or sellers into a tizzy of excitement. I know what you’re thinking. “I’m on this blog to find out about housing prices and cool neighborhoods or to search for homes on-line! I don’t want to read boring stuff like this!” Yep, booooorrrring …..until something happens.
