The Westchester View » Larchmont homes for sale

Market Update on Larchmont NY PO – Single Family Homes

Ruthmarie Hicks — Sat, 28 Jan 2012 20:21:23 +0000

Larchmont homes typically evoke tree-lined streets and mature neighborhoods. This area does not disappoint on any of these. The area is strictly residential – yet for the most part it is walkable neighborhood – many of the homes being a mile or less from the train station and parts of the village. Some areas are somewhat further from town – so walkability depends upon you precise location. But leaving the car behind is indeed an option for a large portion of this neighborhood. Because this is a long established neighborhood, Larchmont homes generally have a distinctive Old -World charm about them. Tudors seem to dominate the area although Colonials are very much in evidence as well. But don’t let the age of these homes fool you. Most of them have aged gracefully and boast many upgrades that can give you the best of both worlds: old world charm – with modern amenities. The lot sizes run the gamut from roughly 0.12 acres to over an acre in larger homes. In general, the homes close in to the village sit on smaller lots.

Larchmont NY PO – Median Sales Prices:

The big bad bear market has actually been very kind to Larchmont Village and the Larchmont PO. While other areas of Westcehster NY are still in the doldrums, Larchmont homes have been selling at a fairly brisk pace and prices have increased. This first chart shows the pricing before the crash and following. The red bars are the years prior to the crash of 2008 and the green bars are the years following the crash. In 2006 the median sales price was $998k and that peaked in 2008 to $1.125 million. in 2009 that number came crashing down to $905k and has risen steadily to nearly $1.1 million this year. This has been a strong come-back.

Although the market in the area has recovered quite briskly, the pace of recovery has varied somewhat between smaller and larger homes. This chart contrasts the differences between 3 and 4 BR homes. In general, with a few caveats, the homes under 2000 sf with fewer bedrooms have recouped less ground than their larger counterparts.

Larchmont NY PO – Home Sales Volume:

The sales volume before the crash went from 94 sales in 2007 to 72 in 2008. Once the crash of 2008 happened sales dropped to 51 for 2009 but recovered in 2010 when it went back to 95 sales. 2011, although slightly lower in volume, was noted for its competitive sales.

Downsizing in Larchmont NY – Is now a good time to scale back?

Ruthmarie Hicks — Fri, 14 Oct 2011 06:19:54 +0000

Recently, I’ve had several inquiries from would be home sellers about whether now is the time to consider downsizing their home. Scaling back is never easy and should not be undertaken lightly as it means a significant change in your lifestyle, but from a financial standpoint, I would have to say that the answer would be a very strong “YES!” if you are a Larchmont homeowner.

In the midst of a national housing crisis many would-be sellers are sitting on the fence asking whether now is a good time to scale back into something smaller. This is particularly true of empty nesters or soon-to-be empty nesters. With real estate – as with all large ticket items – it is best to buy low and sell high.

Of course the devil is in the details. If someone is looking to scale-up or scale-back they usually end up on the losing end of one transaction and the winning end of the other. So it is small wonder that many would-be sellers are stalled in this market, afraid to put their toe in the water.

Larchmont single- family homeowners have enjoyed steady appreciation since the crash of 2008…

But in Larchmont NY – there is a unique opportunity for sellers who wish to stay local by downsizing into the Larchmont condo or coop market. In this unique time Larchmont homes have enjoyed brisk appreciation since the 2008 crash. A home seller in Larchmont may not be able to get what they got at the peak of the market – but some of the prices are very, very bullish. Median sales price for the 10538 zip code was $1,068,000 in Q3 of 2011 up about 6% from the previous year. Just look at the sales data from the MLS for homes in Larchmont Village and the Larchmont P.O. Prices are recovering nicely. Just look at the pricing history from 2006 to the end of September 2011…The red bars represent years before the crash and the green bars represent the years following the crash. The current year is in purple: There are two charts below. The Larchmont P.O. (10538) and Larchmont Village.

The Larchmont condo and coop market has continued to languish in spite of robust sales in single family homes…

But just as important are the drops for cooperatives. 1 and 2 BR coops have really struggled over the past year. This market is still a buyers market. Just look at the sales price history. It’s hard to believe this is in the same location. The condo market is similar -but too small to offer up reliable statistics. Once again, the red bars represent years before the crash and the green bars represent the years following the crash. The current year is in purple.

Buy low and sell high….

So right now there is a rare win-win opportunity for home owners who would like to exchange their large single family home for something more manageable. Its hard to determine just how long this type of a trend will last, but if you are thinking that the house is just a bit much to keep up and that it is time to think seriously about scaling back – this is truly a unique and rare opportunity to create a win-win on both sides of the buying/selling equation.

If you are thinking about making a change, I can help by giving you a reliable and free market analysis of your home while showing you what your money can buy on the purchasing side. I also offer a discounted commission on those who choose to complete both transactions through me.

You can contact me by phone – (914) 374-5529 or by email Ruthmarie.Hicks@gmail.com. Or you can simply fill out the form below.

Back on the Market – 21 North Chatsworth Ave. #3C – Offered at $225,000

Ruthmarie Hicks — Thu, 30 Jun 2011 08:16:13 +0000

The Stonecrest Cooperative: 21 North Chatsworth Ave – Larchmont NY:

BACK ON THE MARKET AFTER FULL BATHROOM RENOVATION!

Since this listing has its own page with its own domain name – I did not create a new posting for it. So this is just to announce that the unit is back on the market after undergoing a complete bathroom renovation. The price is very competitive and the location nothing short of ideal.

The complex is located in an area that is the Sound Shore version of Garth Road in Scarsdale or downtown White Plains. In fact, anyone looking for a condo or coop in these locations would be well advised to take a serious look at the coops and condos on North Chatsworth Ave. generally. Located steps from the train, fine dining and shopping it was rated a “Walkers Paradise” by Walkscore.com. You really can leave the care behind! Larchmont is an express stop on the New Haven line – just 35 minutes from Grand Central Station.

Below are some photos of the interior of the unit – which is large in size has high ceilings and ample closet space and wonderful views.

If you would like to learn more about this listing including the affordable cost of living, a video and links to many more photos you can click here TheStonecrest3C.

How does your garden grow – staging your Westchester home from the outside…

Ruthmarie Hicks — Mon, 20 Jun 2011 06:48:16 +0000

There is a lot of competition with Westchester NY homes for sale. During this major housing recession we’ve learned that aggressively promoting the home from top to bottom is extremely important.

When I list a home I tell the seller a hard truth that permeates this market whether you are listing at the high end in Scarsdale or Larchmont to a small coop in downtown White Plains. That truth is that buyers are demanding and LAZY….Seriously, most buyers just don’t want to lift a finger to do anything. The thought of sweat equity has been left in the dustbin of the bull market along with no-doc, low-doc and stated income loans.

Given this atmosphere – where buyers are skimming the cream and leaving the rest – we think often of bringing in stagers to achieve a depersonalized move-in ready feel to a home. People make upgrades just to sell a home. New kitchens and baths are often installed just to appeal to buyers. But what about that all-important first impression? Before people even enter your Westchester home? Curb appeal is very powerful and if you miss out on plantings during this summer market – you are missing an opportunity – and perhaps leaving money on the table.

The photos inserted between these paragraphs were taken in Larchmont NY on a cloudy day. The gardens were warm and welcoming – They enhanced the homes without detracting them or upstaging them. Splashes of color here and there made for a terrific first impression. Note also the use of hanging baskets, and planters near the front door. They add a splash of color while helping define entry.

Enjoy the photos and enjoy your yard. Remember that these homes are not for sale – which is a reminder that planting a garden for you own enjoyment is job- one. The fact that they enhance the home in a buyers eye when you sell it – is an added bonus.

Listing your home for sale – a picture is really worth 1000 words….

Ruthmarie Hicks — Mon, 30 May 2011 03:57:19 +0000

When listing your Westchester NY home for sale - choosing a good listing agent is critical. One issue that you should consider in the selection is what kind of photographs they put into the MLS. Seriously, I am often shocked at what many agents seem to think is an acceptable presentation. Buyers are pouring over public facing versions of the MLS. Most will cherry pick the homes with the best photos and discard the rest. With many homes for sale at this time, the process of elimination begins on line. Poor photography means fewer showings and less offers. Its really that simple.

Photos should be warm – inviting and should include neighborhood photos so that buyers that are not purely local can get a feel for the area before even getting in their car.

Exteriors need to have curb appeal. I took these three pictures in Larchmont NY. One was of a house (not my listing) and the other two give the feel of the area immediately surrounding the home. Make no mistake – when listing your home a picture really is worth 1000 words…

Larchmont NY Housing Market Statistics – Q4 2010*

Ruthmarie Hicks — Wed, 23 Feb 2011 09:43:57 +0000

The aftermath of the tax credit had varying effects on Larchmont homes for sale.
In many ways – it was a story of two completely separate markets. Single family homes for sale in Larchmont were strong with prices heading upwards and sales volume virtually unchanged from 2009. But the cooperative market had slowed down significantly. Prices have stalled, but an underlying weakness in that market indicates further declines in store.

Larchmont NY Single family Homes

Larchmont NY homes have always been popular and in high demand. The area has been highly resistant to correction and once prices dropped during the bear market of 2008 they were among the first to recover. This is a resilient portion of Westchester and this is reflected in the housing stats.

According to the raw MLS data prices have risen 17% from Q4 of 2009 to median price of $1,050,000. The price range for SF homes went from $449,000 to $4,490,000. Sales volume was virtually unchanged from the previous year. The inventory increase to about 8.5 months is to be expected at this time of year. Buyers are active and the inventory will be soaked up.

Now I know a lot of Larchmont residents are about to start eagerly start calculating the gains that their home has given them. After five years of a rather dicey market – I would be tempted to do the same. Sorry to throw a bucket of cold water on top of the good news but the median sales price is a reflection of a couple of factors. The tax credit brought out first time homebuyers more than move-up buyers. Lower end homes (under about $750k throughout the county) dominated 2009 sales landscape. Higher end homes came back into fashion this year – upping the median sales price. Whereas 32% of Larchmont home sales in Q4 2009 were in the $1 million + range, a little over 50% of them were in that category in 2010. In general however, prices are up. Offers on properties in the area appear to be strong. Sellers have less to fear from the big bad bear and buyers need to put in solid offers and not low-ball if they truly are in the market to buy.

Larchmont Condos and Coops:

Cooperatives sales in Larchmont show that there are two markets in Larchmont NY homes. Like much of the Westchester condo and coop market, the Larchmont market has lagged behind the rosy sales report on single family homes.

Sales prices for cooperatives roped about 1.2%. But that mild figure belies an underlying weakness that is better reflected in sales volume numbers. Sales volume is down 41% from Q4 2009. The median price of $250,000 is down slightly from the previous year, but more 1 BR units were sold in 2009 than 2010. The 13 months of inventory reflects the general malaise of this market. However, I have noticed an increase in activity in the condo/coop market across the board. Its an indication that prices are pretty much bottoming out. Buyers should be out and ready to pull the trigger because coop and condo prices combined with low interest rates are very attractive.

A Note on Larchmont Condos:

Yes, I realize I’m only including cooperatives in the official report. The reason for this is that significant sales of condos did not truly exist for this period and when you work with such small numbers, statistics become problematic. For condos, the price point is higher. The higher end of every market has done better than entry level this year. So care must be taken not to read too much into this market from either the SF home market and the coop market. From a casual look at the numbers, condo sales were fairly flat. Care must be taken at the higher end of this market. Westchester condo sales volume is ticking up in high-end condos generally.

*Note on these statistics:

The stats include all homes within Larchmont Village and the Larchmont P.O. which is part of the unincorporated portion of the town of Mamaroneck. They share the same P.O. and zip code of 10538. The reason I combine the information in this way is that most people see the Larchmont P.O. as truly a part of Larchmont, though the distinction requires clarification.

Dear Buyer…Don’t snooze – because you will lose…

Ruthmarie Hicks — Thu, 07 Oct 2010 21:25:36 +0000

Or at least miss out on that property you had your eye on….

Westchester NY homes for sale is a mixed market. But some indicators are starting to point upward. Last weekend I was out with more than one buyer who was surprised when they found a couple of homes they had their eye on already had offers and were heading for contract. I had warned them about the great bird in the hand on several occasions – but they didn’t listen. Buyers feel that there is no hurry right now and that is where they are wrong. The urgency is only felt after they lose out because they were overconfident of the strength of the buyers market.

The Irony of a Buyer’s Market:

When its a seller’s market – buyers wish that it were a buyer’s market – but they then proceed to snap up overpriced homes like they were hot pancakes. When its a buyer’s market – the buyer’s disappear or sit on their hands waiting for the deals to get “even better.”

Most buyers end up waiting until its too late and then we are back to a seller’s market….Where buyers once again complain that they wish they hadn’t missed the buyer’s market and snap up overpriced homes like they were hot pancakes. The perpetual cycle continues!

Time is running out:

At this moment buyers have a wonderful opportunity to buy within a relatively broad (but narrowing) inventory at interest rates that we will probably never see again. Affordability hasn’t been this high in many years and interest rates and prices are not going to be held down forever. But buyers are under the illusion that time is on their side and this is where they make a critical error:

Here are some of the objections I keep getting:

Home Values Could Drop!

Sure they could. I don’t have a crystal ball -but the New York area is very resilient and we are seeing marked improvement in the New York City market which will put upward pressure on Westchester NY homes. For example, we are already we are seeing price pressure on homes for sale Larchmont, Scarsdale and other highly commuter friendly areas.

Interest Rates Could Go Even Lower!

Why people are willing to stand on the edge of a cliff on this one baffles me. We have become very spoiled by low interest rates and people need to wake up and smell the coffee perking. The Fed will eventually have to tighten – and that will have a major impact on your buying power. On this one issue, reluctant buyers are truly tempting fate.

Although most home buyers look at the sticker price above all else, they should be watching interest rates even more. NOTHING impacts affordability more than interest rates. For example – a 1% increase on a $250k loan would mean that the borrower could only borrow $220k to achieve the same monthly payment. That’s a 12% loss in buying power and traditionally interest rates upwards of 2.5-3.5% higher then they are now. That’s a lot of buying power that can be either lost or locked in now.

But I want a good DEAL!

Do you want a good deal or a nice steal? The fact is that you are already getting a great deal. Prices have tumbled 20-30% – depending on the location. Waiting for a fire sale will either leave you with nothing or something no one wanted in the first place.

But what is something better comes on the market?

That might happen, but depending on the criteria – it is rather unlikely that you will find something better or “more perfect” later on. When a buyer first starts looking they find themselves with a seemingly endless supply of homes to pick from. It leads them to think that the endless stream will continue while they wait. But once they have exhausted the current inventory, the flow stops. The pickings get thinner because they have been shopping the same market for a while. And while I am at it there is no such thing as the perfect house!

And the most tricky……

With this inventory the house will be there next month with a lower price –

A house that you like is more likely to sold out from under you than a home that you are neutral about. Because if you like it – others will like it too – for the same reasons. Although buyers have the luxury of being picky right now – the difficulty is that they tend to be picky about the same things.

Must be on a quiet street.
Must be able to walk to train or have parking at train station.
Must be able to walk to town.
Must have a new kitchen and granite counters.
Must be move-in ready.
Must have a powder room on the ground floor.
Must have a master bath upstairs.
Must have a minimum of three bedrooms upstairs.
Must have a private yard.

Sound familiar? If you’re a buyer it should. It probably describes your wants and needs list to a “T”. The trouble is – everyone has the same list but very few homes meet all those criteria. So even if the inventory is high – the selection is limited by the buyers very own criteria. And that is why a home can get sold right out from under you even in a major buyers market.

So no – infinite time does not exist. I think a lot of buyers may be kicking themselves later if they miss the opportunities that the 2009-2010 Westchester housing market had to offer.

Open House @ The Stonecrest#3C – 21 N. Chatsworth Ave – Larchmont NY – RAFFLE FOR CHAT 19 – GIFT CERTIFICATE!

Ruthmarie Hicks — Sat, 11 Sep 2010 03:44:50 +0000

I rarely set up a separate post to promote my open houses, but I thought I would do so this one time because…..

I am pleased to offer a raffle for a $25 gift certificate for the popular and well acclaimed CHAT 19 American Grill.

One of the most active hot-spots for fine dining in Larchmont NY (and more recently Scarsdale NY) Among Larchmont restaurants – Chat 19 is one of the busiest and after sampling the food and the comfortable ambiance, I can see why. I wrote a review of Chat 19 just few months ago. I had many a happy meal there with my father and his sister when she was in town. My Dad lived in Larchmont for 28 years and was quite a fan of Chat 19.

The Stonecrest – Larchmont NY is a wonderful pre-war complex – in an elegant Tudor style. It is a doorman building with a parking lot and garage – although there is a wait list for parking. Located just steps from the train and town. You can literally give up the car and walk to almost everything. The Larchmont to Grand Central Station commute is just over 30 minutes – making this slice of suburbia more convenient to work than some residential locations in Manhattan. The video below gives a great feel for the complex and the unit.

The unit itself is a large (850 sf) 1 BR/1 BA offered at $220,000 which is a very competitive price for the complex. It boasts original but newly refinished hard wood floors, and is freshly painted. It has high cove ceilings original details and ample closet space. The kitchen and the bath need work and that is reflected in the asking price. For further information – please click here for my post about The Stoncrest – #3C

Larchmont NY Housing Market Statistics – Fourth Quarter 2009

Ruthmarie Hicks — Sun, 31 Jan 2010 09:13:30 +0000

Larchmont Property underwent a downturn over the past year. Traditionally, this market had been quite resistant to recession forces however, the crash of 2008 brought prices down. But while it brought prices down those lower prices brought out buyers – particularly in the single family home market. Always desirable for its schools, easy commute and great location, homes for sale Larchmont NY are always in demand. Inventories are relatively low when compared to the rest of Westchester.

Larchmont NY Cooperatives:

At first glance, it appears as if cooperatives in Larchmont underwent a significant price increase over Q4 2008. But that didn’t square with comperables in individual complexes. Looking closer, there was a descrepancy in the number of 1 BR vs. 2 BR units sold. So much so that it skewed the numbers. Instead of prices being up over 18% – when I compared 1 BR coops from Q4 2008 to Q4 2009 – prices were actually down over 22%. Inventories are consistant with single digit depreciation with about 8 months of overhang on the market. Sales volume remained steady over the previous year – which is a positive sign in spite of the price drop.

Larchmont Single Family Homes:

Single family homes underwent a significant price drop over Q4 of 2008 – nearly 16%. This price drop in part reflects difficulties at the high-end because of the jumbo loan market. Nevertheless, there was a significant price adjustment in the entire market. However sales remained brisk with sales volume holding steady over the previous year. Inventories are low. Currently there is only a 4.3 month inventory. This is consistent with a stable or even slightly appreciating market.

We can not know what, if any effect the shadow market of foreclosures will have on this market. Were it not for this issue and the prospect of rising interest rates, this would be looking like a market that is about to roar back. But for now, a wait and see attitude is best. It’s a great time to buy but sellers should price competitively.

Please note that all data was derived from the WPMLS.

Further Reading: