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.