Since the market is decidedly mixed, one has to be careful not to draw broad conclusions from the gross data without some thought to details.

Also it is good to see that as  the new year enters it second month, that White Plains NY homes are starting to move.

Single Family Homes White Plains NY:

The median price for  SF homes went up in White Plains from the Q4 2009 from $543,000 to $571,000.  However, this increase of 5% is more of a reflection of the return of high-end homes to the market.  Sales volume was down a surprising 33%.  It was a very slow quarter with only 32 homes sold over a three month period. However,  the number of homes that sold for $750,000 increased from 7 in 2009 to 12 in 2010. Percentage-wise higher end homes represented 15% of the sales in 2009 but 38% of sales in 2010.  So home values actually decreased – though not by as much as many had feared.  The actual amount depends on the neighborhood and specific market.

The current inventory indicates a 9 month supply of housing on the market assuming sales volume remains as low as it did in Q4.  However, contracts and pending indicate a better number of 6 months.

White Plains NY Condos:

White Plains NY condos had a rough quarter.  Sales volume was down 11% from  the previous year – however the type of sale shifted  more to the high end so that condos in the mid to lower price ranges had a severe decrease in volume with prices falling as well.   Once again the numbers are deceiving.  The raw data indicates a rise in price by 23% to $430,000.  The trouble  is that sales over $500k increased to 36% of total sales volume with 5 sales above the $1million price point.  In 2009 – there were no sales in excess of $1million and only 4 sales over $500,000 which was about 14% of the inventory.  So values did decline.  Given the similarities within complexes – the decrease was about 5-8%.

The current inventory indicates over 15 months of overhang on the market. Contracts and pending lower that number to over 10 months.

White Plains NY Coops:

Westchester coops have had a very bad year in general.  They had been resistant to the correction in 2009 and while SF homes were dropping hard, cooperatives were a bright spot.  Now they are adjusting.  It’s easier to draw conclusions as the price ranges are narrower.  Sales volume was down 58% from the previous year with only 18 sales during the entire quarter.  Prices were down 15% to a median price of $175,000.

Right now there is 26 months of inventory on the market.  Contracts and pending indicate an improvement in that number to about 11 months.  This is a tough market right now for sellers but a buying opportunity for anyone looking to scale back or enter the market for the first time.

Further Reading:

The Highlands – White Plains

Gedney Farms of White Plains

Trump Tower – White Plains

Jefferson Place – White Plains

White Plains Market Stats – Q3 – 2010

White Plains Market Sats – Q2 – 2010
© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

White Plains NY Single Family Homes

White Plains NY homes experienced a minor median price increase of 1.7% to $610,000.  This is basically negligible and it is safe to say that prices were flat.  Price range was large with the lowest priced home selling for $315,000 and the highest priced sale closing at a lofty $1,369,000.  Sales volume was up 28% from the previous year which is a significant increase indicting that the market may have hit bottom and is now settling down.  As to the absorption rate, if you look at the previous quarter’s closed sales as your guide there is a 6.6 month inventory overhang.  But using current contracts/pendings its closer to an 18 month supply.  In truth, this discrepancy reflects the fact that the single family home market is highly seasonal.  So there are “green shoots” – but it will be spring before we truly see them.

White Plains NY Condos:

White Plains NY Condos for sale are in  a slump. No other way to put it. Prices were down 6.8% over the previous year with the median price being $385,000.   Sales volume was virtually unchanged with Q3 from 2009.  The absorption rate is consistent whether you use Q3 solds or current contracts and pendings. This reflects the condo market’s tendency not to be cyclical with respect season.   Further declines are possible given the 12.4-12.7 months of inventory overhang.

White Plains NY Coops:

Coop prices held their own with the median sales price being $170,000 up slightly from the previous year.   However sales volume was down a whopping 39%. This reflects what I have seen in Westchester coops in general.  The green shoots in this market come from the fact that contracts and pendings indicate a far healthier sales market then reflected by the Q3 solds. The absorption rate varies from 18-28 months depending on whether you use solds or contracts/pendings.  The fact that volume is UP significantly with those homes in the contract phase is good news in that it indicates this market may be coming back.

Further Reading:

White Plains NY Housing Market Statistics – Second Quarter 2010

White Plains NY Housing Market Statistics – First Quarter 2010

© 2010 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The first quarter of 2010  the single family home market, is showing signs of strength. While the condo and cooperative markets appear to be showing signs of greater weakness.

Cooperatives – White Plains NY:

The average sales price of a coop in White Plains is down 16.4% over the 4th quarter of 2009 at $184,000.  There were 29 sales recorded on the  WPMLS in Q1 and the current inventory  has 172 listings.  Using these numbers there is nearly an 18 month inventory on the market – indicating significant  weakness and a depreciating market.  Contracts and pendings are encouraging – but assuming all of these contracts end in a sale – which never happens -  there is still a near 10 month overhang of inventory.  The bright spot in the market is that sales volume is a good deal higher – up 45% over last year when the markets were virtually frozen.

This is a market that represents opportunity for buyers and requires sellers to be very realistic.  The pricing a the Broadlawn reflects this trend that is being seen throughout the White Plains market.

Condos – White Plains NY:

The average price of a condo in White Plains NY has  gone down 14.8% from the first quarter of 2009.  The average price of a condo in White Plains fell form $460,000 to $392,000.  23 sales were recorded on the WPMLS during the first quarter with an overhanging inventory of 161.  That leaves a nasty 21 months of inventory on the market making this a strong buyer’s market.  However contracts and pendings make this picture look a lot brighter and indicate an 8 month inventory.  The reality probably lies somewhere in the middle of these two numbers.  But either way, buyers have a strong upper hand.  As with coops the volume of sales for Condos in White Plains is up 43% from Q1 2009.

The price range is interesting to note:  In 2009 the high end of the market was not moving at all – this has changed. The price range according to the MLS ranged from $135,000 for a small studio to $1,220,000 at the Ritz Carlton.

Single Family Homes – White Plains NY:

Surprisingly – single family homes saw a price increase of 8.2% with the average sales price coming in at $643,000.   The number of sales closed on the WPMLS was 39 – an increase of  34% from the totally stagnant market of Q1 2009.   Although encouraging, a closer look indicates no true price increase. What we appear to have here is resurgence of sales at the upper end – skewing the data higher.  This follows the pattern in the condo market.  The number of months of inventory on the market 11 months if you look at closed sales, and 7 months if you look contracts and pendings.

This is a market that is showing a bit more strength than some other markets.  It is still very much a buyer’s market. But the steep dip in prices that was 2009 has created a more healthy market in its wake.

Further Reading:

White Plains NY Housing Market Statistics – Fourth Quarter 2009

White Plains NY Housing Market Statistics – Third Quarter 2009

Housing and Market Statistics for White Plains NY – Second Quarter 2009

The Broadlawn – White Plains NY

Trump Tower – White Plains

Jefferson Place – White Plains

Gedney Farms – White Plains NY

© Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

White Plains  NY Cooperatives:

Cooperative prices were actually up slightly over the same period in 2008.  However, this slight uptick might be do to an increase in the proportion of 2 BR units in the sales statistics.  The previous quarter showed a grim 17% price reduction and recent sales in specific complexes indicates that this downward trend is continuing.  Since 2 BR units are suddenly far more affordable, buyers are finding that they can afford a larger unit.  Sales volume is down 17% over the previous year and the current inventory of 9 months indicates a buyer’s market undergoing  a price correction bordering on double digits.

White Plains NY Condominiums:

Condo sales remained very soft though pricing showed no further reductions after the near 17% decrease that happened in the third quarter.  However, the inventory is alarming because in spite of increased buyer activity across the board.  Currently there is a 13.1 month inventory sitting on the market which promises to increase as soon as the spring selling season gets under way.  Such an inventory is consistent with double digit price decreases.  Sellers should take care to take advantage of this lull in price reductions and price their units aggressively.

White Plains NY Single Family Homes:

Single family homes showed the greatest year over year price drop in this quarter.  Average home prices are down 24.2% year over year – shedding an average of $186,000 in value. The current inventory is  a bright spot.  The six month inventory indicates a buyer’s market undergoing high single digit declines, but this may be the calm before the storm once the spring market starts and people list their homes. Overall, sales volume is up over the previous year which would be a very positive sign if sales volume hadn’t been so desperately low last year.

Further Reading:

White Plains NY Housing Market Statistics – Third Quarter 2009.

Housing and Market Statistics for White Plains NY – Second Quarter 2009.

White Plains NY – Housing and Market Statistics for Fourth Quarter 2008.

© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Sellers with homes listed today will be able to identify with some of the antics that buyers in a bear market will pull.  But this is about a listing that was active 14 years ago in 1996 – during another deep housing recession.   I wasn’t a real estate agent at the time,  I was a seller.  My mother had just died after a prolonged illness and I was listing her house for sale.  The house in question was a beautiful 1932 Tudor sitting on prime property with sweeping golf course views in wonderful residential area in White Plains.  There was a good deal of emotion involved since the home in question had been designed by my Grandmother and built by my Grandfather.

Although I wasn’t an agent  I was smart enough to read the newspapers and  so I know it was a crummy market.   The house would have been worth roughly $600k just a few short years ago – but in 1996-1997 I was hoping for about $550k – but knew I would probably only see a litte more than $500k. Gut instinct told me to rent the place, but my co-executor was adamant that the house had to be sold.

Nothing prepared me for the crazy home buyers that came through looking for a “deal.”

90% of them were bottom-feeders looking to steal a house – and looking for ANY excuse to chisel  the price to the bone.   My beleaguered broker  came to me with all sorts of concession requests – some of which made  sense.  But more often than not, the requests bordered on the absurd. Some of the more hilarious issues are worth noting because when we see frustrated sellers – we need to be aware that their pain is real and that some of the crazy concessions being asked by buyers can be truly ridiculous.

Among the more ridiculous issues I encountered:

1. “We are offering $50k less than listing price because  the fact that one bedroom is on the ground floor, makes this a 3 BR house. “

My response to my broker:   That non-bedroom was quite large with two ample closets and a full bath.  Further there are two other full baths in the house and an additional half-bath – so there is no bathroom shortage either.

2. “Since the house is ‘old’ I want the ENTIRE PLUMBING AND ELECTRICAL SYSTEMS replaced from scratch at the seller’s expense.”

My response to my broker: Sorry, the electrical is fully updated and I’m not pulling every single pipe out and replacing the entire plumbing system.

3. “Since the house obviously has lead paint – I want all the walls stripped of all lead paint at the seller’s expense.”

My response to my broker: You’ve got to be kidding – it’s a 3500 sq.ft. house with cathedral ceilings.  Tell them to  buy a newer home if they feel that strongly about it.

4. “I don’t like the Tudor look of the wood beams across the living room ceiling.  I want $20k off the house to be able to drywall over them.”

My response to my broker: If they don’t like Tudors, why are they bidding on a Tudor home?  There is a glut of homes on the market and this is TUDOR – so much so that Henry VIII would find the home quite comfortable.

5. “I want all the asbestos removed completely even if it is encased and not friable at the seller’s  expense.”

My response to my broker:  Sorry, the asbestos is contained and in good condition (not friable) I’m not about to open Pandora’s box and create a problem that didn’t exist before.

6. “We want all the windows changed out at the seller’s expense because they are so old.”

My response to my broker: Yes most of the windows ARE old but the reason they are still there is that they are one-of-a-kind original leaded stained glass windows!  I’m not taking those out.
Note: My favorite comments involved the balcony.  To me it was a beautiful and elegant feature – but boy did it become a bone of contention.

7. “I have two children, that balcony is DANGEROUS, they could fall off.  But I’ll consider it anyway if you knock off  $20k.”

My response to my broker: How did they determine that each child’s life was worth about $10k?  $20k is not going to solve this problem.  They either need to admit that this is a red herring or move on to a home that they have fewer fears about.

8. “The balcony overlooks the living room and there is a big picture window.  I could see a burglar entering through the LR window – swinging on the chandelier, landing on the balcony and entering our bedrooms at night.”

My response to my broker:  They’ve  been watching too many action movies.  My family has lived in this house for nearly 65 years and you would be amazed to know that NO ONE has ever tried to do that.

So when I have sellers who are tearing their hair – I try to look back over 13 years  and remember crazy and out-of-control things seemed to me.  I would add that my ability to play hard ball reflected my situation.  There was no lein on the home and at the time, property taxes weren’t that high.  I had the luxury of being somewhat picky.  For those who really need to sell,  its a far more complex problem.

© 2010 Ruthmarie Garcia Hicks http://thewestchesterview.com All rights reserved.