White Plains NY Real Estate In One Word - Consistent!

White Plains NY Home Sales Remain Strong!

The White Plains NY real estate market has been one of the most consistent in Westchester this past year.  Even in months where we see a slow down, White Plains single family home, condo, and coop sales remained strong.  

The City itself is constantly evolving and looking for ways to improve the home owner experiencefor those moving from New York City and its current residents.  Over the years we have seen a lot of change.  Restaurants and big-box retailers have come and gone but now we have a bit more stability amongst them.  

Now, with talks about a new development on the Westchester Pavillion Mall property, downtown will only get better.  I remember what White Plains was like in the 80's and 90's, when we only had Galleria and Mamaroneck Ave was a far cry from what it is now.  

With rapid growth comes new opportunities for all.  The housing market will only continue to strengthen and White Plains will hopefully continue to be the go-to place for anyone looking to experience NYC outside of the City.

Sales 

There were 18 single family home sales in October. This is down 5.3% from 19 in October of 2014. This is the lowest unit sales have been since 7 in April, 2015. Sales/list price ratio in October moved down to 98.3% from 99.2% in September.

Prices

Median price in October was $559,000. This is down 8.7% from $612,000 in October of 2014. 3-month median price of $667,000 in October was up just slightly from $642,500 in September and up a little from $587,000 in October of 2014. Price per square foot in October was $325. This is up from $294 in September and up from $291 in October of 2014.

Inventory 

Inventory of 89 in October was down 9.2% from 98 in September and down 11.0% from 100 in October of 2014. New listings of 20 in October were down slightly from 24 in September and down moderately from 29 in October of 2014. Months of supply of 4.9 in October was down a little from 5.3 in September and down slightly from 5.3 in October of 2014. This is the lowest months of supply has been since March, 2015.

Market Time 

Days on market of 74 in October was up substantially from 54 in September and up considerably from 49 in October of 2014. This is the highest days on market has been since May, 2015.

Bronxville NY Home Sales Are Up - October 2015

Home Sales Are Up In Bronxville NY - October 2015

Sales 

There were 12 unit sales in October. This is up 71.4% from 7 in October of 2014. Sales/list price ratio in October moved down to 95.4% from 95.9% in September.

Prices 

Median price in October was $1,110,000. This is up 46.1% from $760,000 in October of 2014. 3-month median price of $997,000 in October was down a little from $1,032,000 in September and down just slightly from $1,005,000 in October of 2014. Price per square foot in October was $452. This is up from $345 in September and up from $315 in October of 2014.

Inventory

Inventory of 88 in October was down 2.2% from 90 in September but up 3.5% from 85 in October of 2014. New listings in October were 18, unchanged from the same month last year. Months of supply of 6.8 in October was down modestly from 7.2 in September but up slightly from 6.2 in October of 2014.

Market Time 

Days on market of 86 in October was up considerably from 61 in September and up moderately from 68 in October of 2014.

To date there are currently 30 active single family homes on the market in Bronxville (Town of Eastchester), and within the sought after school district.  There were a total of 43 single family homes sold year to date, the absorption rate is 3.5 homes selling per month.

With current inventory levels it could take 8.5 months to sell through the active homes.  

This is important information for anyone considering selling their home.  It gives you a clear visual of how the local market in Bronxville is performing.  Proper pricing right from the start is crucial because otherwise you may sit on the market and wind up chasing it down the road.  

The Westchester County Real Estate Market Needs Your Help!

Westchester County Real Estate Market Report 2015

The spring and summer Westchester County real estate market has come to a close and fall is moving quickly.  Despite the current spring-like temperatures we are still seeing a shortage of Westchester single family home and condos.  Tight inventory levels have been a hurdle we all have had to face in the past two years, hence the reason for numerous multiple bid situations.  I avoid using "bidding war" because it carries such a negative tone.

The Westchester County real estate market has made an obvious shift from a buyers market to a sellers market and it's not going to change anytime soon.

The winter is fast approaching and typically a time where decisions are made about buying and/or selling a home.  I often tell clients that the holidays are a time for families to get together and make these decisions.  People don't just wake up one day and decide that today is the day they are going to buy or sell a home in Westchester County.  These decisions are long in the making and once the holiday season comes to an end those decisions are implemented.

Home buyers and sellers always hear "now is a great time to buy or sell"  at times it is and others may not be.  The Westchester County real estate market will never come to a screeching halt.  Many sellers question whether listing a home in Westchester County during the winter months is a good idea.

Everyone has their own thoughts and scenarios that play out inside the neighborhood between their ears.  Take it from a full-time real estate agent that has worked in the field for the past ten years, winter is a great time to list!

The reasons are clear-cut and fact based;  Inventory is still tight as we mentioned earlier in the post.  Many of the Westchester County buyers that lost a home to another buyer still need one.  Some of these homes had as many as 8 (sometimes more) offers.  What do you think the remaining buyers will do?  Keep looking!  Occasionally we'll lose a buyer to renting if they are in a real time crunch.

Redfin conducted a study based on information between 2010-2014 that determined February is the best month to list.  An average of 66% of homes listed sold within 90 days.  I agree February is a great month to list but personally feel the second half off January is equally as good.

In Westchester County we tend to see inventory pick up greatly during this time along with the amount of competing buyers. Once the spring market is in full swing the competition will be far greater, good for sellers and not so good for buyers.   Read how to win a bidding war

Buyers these days are very savvy and have been keeping a close eye on the market.  Once that property they want enters the market they will jump on it, I've experienced it in the summer market.   Mortgage rates are still hovering around 4% and will remain that will for the foreseeable future.

Sales are up and there have already been 217 single family homes placed under contract from November 1-12, 2015.  During the third quarter of 2015 there was a 10.3% increase in Westchester County single family home sales compared to 8.4% in the second quarter.  The total home sales in the county for the third quarter were up 294 from last year to 3,157.  The median sales price in the 3rd quarter was $676,500 down $6,000 from this time last year.

If you would like real estate statistics for your town please feel free to contact me directly on 914.406.9023, email - chris@LegendsRealtyGroup.net or visit my website www.WestchetserCountyRealEstateMarket.com

Hudson Valley Restaurant Week Nov 2-15, 2015

Restaurant week in the Hudson Valley is approaching quickly.  From November 2-15, diners will have a chance to experience over 100 Hudson Valley restaurants at a discounted price.  Here is how it works, participating restaurants will offer a three-course lunch for $20.95 and three-course dinner for $29.95, per person, excluding sales tax, drinks, and gratuity. From my experience, not all restaurants offer lunch so inquire within.  

Reservations are strongly recommended and you can book directly from the Hudson valley restaurant week site.  One of my favorites, X2O Xaviers On The Hudson is participating and will most likely book up fast!  Take advantage of the discounts and your chance to dine at a typically hard to reserve restaurant.  

For full list of participating restaurants please visit www.HudsonValleyRestaurantWeek.com

Rye Brook NY Single Family Home Statistics September 2015

Sales 

There were 12 unit sales in September. This is up 50.0% from 8 in September of 2014. Sales/list price ratio in September moved down to 96.5% from 97.2% in August.

Prices 

Median price in September was $660,500. This is down 17.2% from $797,500 in September of 2014. This is the lowest median price has been since April, 2015. 3-month median price of $827,500 in September was very slightly up from $820,000 in August and up marginally from $815,000 in September of 2014. Price per square foot in September was $341. This is down from $342 in August and down from $346 in September of 2014.

Inventory 

Inventory of 54 in September was up 14.9% from 47 in August but down 10.0% from 60 in September of 2014. New listings of 17 in September were up substantially from 8 in August and up considerably from 13 in September of 2014. Months of supply of 5.3 in September was up slightly from 4.8 in August but down modestly from 6.5 in September of 2014.

Market Time 

Days on market of 63 in September was down a little from 65 in August and down slightly from 68 in September of 2014.

Tarrytown NY Single Family Real Estate Statistics September 2015

Sales

There were 5 unit sales in September. This is up 25.0% from 4 in September of 2014. Sales/list price ratio in September moved up to 100.7% from 96.6% in August. 

Prices

Median price in September was $675,000. This is up 30.4% from $517,500 in September of 2014. This is the highest median price has been since November, 2014. 3-month median price of $624,250 in September was up marginally from $600,000 in August and up moderately from $520,000 in September of 2014. Price per square foot in September was $341. This is down from $395 in August but up from $248 in September of 2014. 

Inventory

Inventory of 18 in September was down 5.3% from 19 in August and down 21.7% from 23 in September of 2014. New listings this month are 8, the same as last month. Months of supply of 3.2 in September was down modestly from 3.4 in August and down considerably from 4.8 in September of 2014. 

Market Time

Days on market of 61 in September was down somewhat from 87 in August and down moderately from 83 in September of 2014.

There's Value In A Neighborhood, Do You See It?

I spent the first 18 years of my life on living at 19 Elm Hill Drive in Rye Brook.  In the beginning we were still part of Port Chester and in 1982 a rally was held in Crawford Park to change our section to Rye Brook.  I distinctly remember hearing the chants of "Rye Brook" coming through the trees of my best friends house at the end of the street.  From that point on things slowly started to change and eventually, all of the folks that bought into the neighborhood will have made the best investment of their life.  

My parents bought our home for $28,000 in the sixties, sold it in 1991 for $330k, it was renovated and a few years later sold for $1,075,000.  Aside from obvious reasons, I wish my parents were still alive so I could tell them how smart of an investment they made!

As kids we walked everywhere, to Ridge St Elementary and Blind Brook High School, Rye Ridge Shopping Center, the Rye Town Hilton game room (Bagatelle), Crawford Park, and Pine Ridge Park.  I recently visited Pine Ridge Park with my daughter and noticed that my name is still etched into the bleachers (seen in the picture below) by the baseball field.  This was done when I played little league there approximately 32 years ago!   

  

It has been a pleasure to watch the transition in this great town over the years.  The best part is working as a real estate agent and sharing the magic of Rye Brook with my clients.  There is no other town in Westchester like it.  You feel a certain sense of calmness when you drive through the neighborhoods.  In fact, when I need to get centered I enjoy driving through and visiting my favorite places.  

Beyond school rankings, which according to Newsweek are #9 in the country, the sense of community and convenience to everything are un-paralleled.  Many of the people we grew up with have moved back with their families, that say’s it all!  

My most recent sale was 9 Pine Ridge Road, two blocks from Pine Ridge Park for $770,000.  It is a modest split level home with modern flare and a serene backyard.  If you are considering a move to Rye Brook, NY then please take the time to drive, walk, and absorb all this great town has to offer.

Bicycle Sundays On The Bronx River Parkway 2015 Schedule

It's time once again to enjoy free reign of the Bronx River Parkway between the Westchester County Center in White Plains and Scarsdale Rd in Yonkers.  If you have never taken the ride, walk, or run, this is a great opportunity to experience the parkway like never before.  Many don't realize there is a trail that runs along the Parkway that you can also enjoy.  Below are the remaining dates, times, and rules.  Have a great day!

May 17 & 31

June 7, 14, 21 & 28

September 13, 20 & 27

Hours are 10 a.m. to 2 p.m.

 Bicycle Sundays Rules and Regulations

• Bicyclists, in-line skaters, scooters, walkers and joggers ONLY; no motorized vehicles allowed.
• Walkers, joggers and slower wheeled traffic must use right lane; faster wheeled traffic must use left lane.
• Helmets are required by New York State law for children under 14 years of age, including those riding in bike trailers, and are recommended for all wheeled participants.
• New York State law prohibits children under age one from riding on bicycles or in a separate seat.
• All headsets are prohibited; this includes but is not limited to music devices and hands free cell phones.
• No skateboarding allowed.   
• No dogs allowed.
• Bicyclists must obey posted parkway speed limit of 40 m.p.h.
• Children riding in strollers must be strapped in at all times.
• Children under age 10 must be accompanied by an adult.
• All participants must be off the parkway by 1:50 p.m.
• Stay alert and be considerate of others.

The Anatomy Of A Good Home Purchase Offer

As easy as making an offer on a home seems it can be very difficult for some to do. As an agent I get asked all the time "what do you think we should offer"? I technically cannot tell you what to offer just provide you with market data and support in order for you to make an informed and comfortable decision.

My approach is simple; we need to make an educated offer. An educated offer is one where we have analyzed the most recent, comparable sales data to the subject home. It is very important to compare Colonial homes with Colonialsbecause you won't compare them to a ranch. If a ranch is the only comp then you will have to adjust a bit because Colonials typically bring a higher dollar due to popularity. Another very important factor is how close to the subject home the comps are, sometimes you have to extend beyond the 1/2-1 mile radius.

This is the same data a bank appraiser is going to use and hopefully the listing agent when determining a price for the home. The reason we use sold data is the price a home actually sells for determines value. In regards to active listings, the seller can ask anything they want for a home but if there isn't a buyer that's willing to pay that price then guess what, your home isn't worth that price. The active listings will just be your competition on the market if you are a seller. In that case you will want to position yourself as the best value amongst the competing homes.

We take the sold comps and couple them with your level of interest in the home, supply levels, and what you truly feel it's worth to YOU. With that we formulate our offer. When presented we can let the listing agent know how we came to our number and that will give us ground to stand on. Sometimes this means paying the asking price and above. In a market like we have in Westchester at the moment, supply levels are low, competition is swift, and homes are disappearing quickly. So many Westchester County home buyers are willing to pay above ask in order to get that home they love.

Lastly, a good offer isn't always about the price, the terms can make or a break a deal as well. As a Westchester County Buyers Agent I always advise the buyer make an offer contingent upon a satisfactory home inspection and their ability to obtain a mortgage. In some cases buyers do waive one if not both of these in order to "sweeten" the offer a bit. You have to feel comfortable doing this and if you aren't then that is how it will be. Having nothing to sell, the ability to break a lease at any time, and being flexible with the seller on closing timeframe can also help you.

Lastly, make sure you team up with an agent that understands the multiple bid climate and can provide you with sage. This means discussing options before you encounter a multiple bid scenario so you are fully prepared and know what you are willing to do. Acting quickly is paramount. 

I love giving my buyer clients the knowledge and tools they need to make a comfortable decision. After all, I want you to love the home you purchase!

NYC Beer Week 2015

It's time to grab a cold one, or two, or three...so many to choose from!  NYC Beer Week is in full swing and runs through Sunday March 1, 2015.  This event showcases the microbreweries that have come on to the scene within the past five years.  The  number of breweries has soared to 23 from 6 in 2011 and there's more to come.  For the complete schedule and participating locations visit http://newyorkcitybrewersguild.com/beer-week/2015-beer-week/

Tarrytown NY Single Family Homes Inventory Still Very Tight

Despite tight inventory levels in Tarrytown and Sleepy Hollow sales were up a bit in January with six closings total.  This is the highest single family homes sales have been since 9 in June 2014.  The sales/list price ratio decreased to 100.8% from 103.7.  This tells us homes are still selling for the asking price or more.

The median price in January was $613,750, up from $545,750 this time last year.  Inventory levels of 17 are up but down one from 18 in January 2014, not much change there.  New listings are still scarce with a total of 4 homes in January.  This should definitely improve over the next two months.  We have seen homes going to multiple bids in the first week on the market so far this season.

The average days on market of 161 in January was down a little from 168 in December but up moderately from 133 in January 2014.

Christopher Pagli
Licensed Real Estate Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group

914.332.6300 office

914.406.9023 cell

Westchester County Real Estate Consultant For Buying & Selling With The Property Brothers - HGTV

Voted Westchester County 5 STAR Agent 2010, 2011, 2012, 2013, 2014

http://www.WestchesterCountyRealEstateMarket.com - Real Estate Search & info
mrwestchester.blogpsot.com - Blog

http://www.Trulia.com/Profile/ChristopherPagli
http://www.LinkedIn.com/in/ChristopherPagli
http://www.Twitter.com/ChrisPagli
www.914Realtor.yelp.com
 

NYC Restaurant Week February 16th - March 6, 2015

It's time for NYC Restaurant Week once again and it couldn't come at a better time.  We are currently experiencing a deep freeze and a hot meal is more then welcome.  Here is how it works: 3 course prix-fixe lunch $25 and dinner $38, both are per person and not including drinks, tip or tax.  Restaurants in NYC tend to book up quickly outside of restaurant week so book now!  Visit http://www.nycgo.com/restaurant-week/ for the complete list of participating restaurants and other details.

Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
www.WestchesterCountyRealEstateMarket.com
chris@legendsrealtygroup.net

Are You Using Social Media To It's Full Potential?

Social media has become one of the most important avenues for marketing online, yet many don't even know where to begin. They think all they have to do is create a profile, start following everybody under the sun, and the business will come. There is an etiquette that goes along with social media but most important, a strategy. Are you one of those people that "like" everything, or campaign for "likes" but have nothing of substance on your page to keep the public interested?

I firmly believe that substance is more important then a large following. I would rather have more quality then quantity. If you lack it the following won't engage or revisit your page. Challenge yourself to write a quality article rather then always re-posting others. Show your human side and let people know what you are like outside of business. Lastly, engage others rather then just collect them. Let's have meaningful conversations and interactions, we will all benefit in the end. Spend some time getting to know all of the available sites and choose which ones work well for your lifestyle and/or business. 

I think many people get overwhelmed because there are so many to choose from. They don't know where to begin so they avoid it altogether.

If used properly, social media can boost your business and reinforce why the public should hire you or retain your services. Remember, what you post is outthere forever, attached to your name, and a representation of who you are.

Do you want people to remember you for quality and substance or how many connections you have?

7 Reasons Every Home Buyer Needs Representation In Portland Maine

I find more and more that buyers are calling the listing agent of a property and expect them to have their best interest in mind. The listing agent represents the seller in a transaction, and should always have the sellers best interest in mind. Anything you say to the listing agent can, and will most likely be used against you in a negotiation.

Your Greater Portland Maine Buyers Agent will know what to tell the sellers side without weakening your negotiating position. Here are some questions I want you to consider the next time you are on the fence about whether to use a Buyers Agent...

1) Do you know how to comprehend all of the local market data to best understand what is a good value, current trends, and absorbtion rates?

2) Are you familiar with a common residential real estate contract and how to interpret various clauses to protect yourself from making common buyer mistakes?

3) Do you know what not to say to the seller in order to avoid weakening your negotiating position?

4) Do you know the zoning regulations, building codes, and any other laws pertaining to real estate in the area you desire?

5) Are you familiar with the various loan types and special programs that you may qualify for?

6) Do you have the expertise to negotiate on your own behalf, especially if the seller has an agent negotiating for them?

7) Are you familiar with all of the documentation that is needed to complete a transaction in your desired area?

There is typically no fee for the expert services of a Greater Portland Maine Buyers Agent, the seller almost always pays the commission. There are times that a buyer can pay a commission if it is mutually agreed upon when signing an "exclusive right to represent contract". Many of the items can be negotiated in the contract; length of time, specific areas, specific homes, to name a few.

Don't be afraid of the agreement. the purpose is to protect the buyer and the agent. Make sure your Buyers Agent properly explains the agreement in its entirety, along with the process, so that you fully understand what you are agreeing to. Setting expectations upfront is critical.

Are You Considering Moving To Bronxville NY?

Bronxville is one of my favorite villages in all of Westchester County.  Not only because I was born in Lawrence Hospital or that my parents were born and raised here, but because it has a special charm that doesn't exist in many of the other towns.  The architecture is warm, historic, charming, and valuable!  Many don't realize that buying a home that is actually within the Bronxville school district can be quite a feat under a million dollars.  

Are you considering a move to Bronxville NY?  Many people often wonder if Bronxville is part of Eastchester or part of Yonkers.  Bronxville (and Tuckahoe) is a village within the town of Eastchester NY.  There are parts of Bronxville, outside the village that land in Yonkers.  So you will have a Bronxville PO box but Yonkers schools.  All residents of Yonkers have to pay an income tax surcharge of 16.75% of their net state income, more info can be found at http://on.ny.gov/1tfAFjy.  

The village of Bronxville is roughly one square mile, boasting gracious single family homes on pleasant streets.  The majority of homes are within walking distance to the train and one big reason many flock here from NYC.  There are a wide variety of coops and condos to choose from if you aren't looking to take on a single family home just yet.  One common element you will find is old world charm in all housing options.  Please keep in mind that a 2+ bedroom coop or condo in the Bronxville school district will greatly differ in price from one that is in the Yonkers district.  

If you are wondering if Bronxville is right for you I recommend taking a day trip, walking the town, and maybe even speaking to a few locals.  If you would like Bronxville real estaste listings that cater to your specific needs please feel free to visit my website www.WestchesterCountyRealEstateMarket.com, email me chris@legendsrealtygroup.net, or call direct on 914.406.9023.  I'm happy to do this with no strings attached.