White Plains NY Real Estate Market Report September 2014

The White Plains Real Estate Market saw another blockbuster month with Single family, Condo, and coop closings.  Definite signs that the White Plains market is strong and not slowing down.

White Plains Single Family Homes

Sales

There were 31 unit sales in August. This is down 13.9% from 36 in August of 2013. Sales/list price ratio in August moved up to 98.1% from 96.4% in July.

Prices

Median price in August was $610,000. This is up 9.8% from $555,500 in August of 2013. 3-month median price of $614,000 in August was down a little from $621,500 in July but up just slightly from $600,000 in August of 2013. Price per square foot in August was $293. This is up from $278 in July and up from $285 in August of 2013.

Inventory

Inventory of 95 in August was down 12.8% from 109 in July and down 21.5% from 121 in August of 2013. New listings of 19 in August were way down from 30 in July but up a little from 17 in August of 2013. Months of supply of 5.1 in August was down modestly from 5.7 in July and down somewhat from 6.5 in August of 2013. This is the lowest months of supply has been since March, 2014.

Market Time

Days on market of 57 in August was down considerably from 96 in July and down substantially from 104 in August of 2013.

White Plains Condos

Sales

There were 13 unit sales in August. This is down 40.9% from 22 in August of 2013. Sales/list price ratio in August moved up to 98.1% from 95.2% in July.

Prices

Median price in August was $501,500. This is up 7.0% from $468,750 in August of 2013. 3-month median price of $413,500 in August was up modestly from $388,100 in July and up a little from $385,000 in August of 2013. Price per square foot in August was $474. This is up from $387 in July and up from $369 in August of 2013.

Inventory

Inventory of 84 in August was down 1.2% from 85 in July and down 3.4% from 87 in August of 2013. New listings of 17 in August were way down from 32 in July and down modestly from 20 in August of 2013. Months of supply of 6.8 in August was very slightly up from 6.5 in July and up slightly from 6.2 in August of 2013. This is the highest months of supply has been since July, 2013.

Market Time

Days on market of 125 in August was up moderately from 99 in July and up considerably from 100 in August of 2013. This is the highest days on market has been since September, 2013.

White Plains Coops Sales

Sales

There were 27 unit sales in August. This is up 68.8% from 16 in August of 2013. Sales/list price ratio in August moved up to 95.3% from 94.7% in July.

Prices

Prices

Median price in August was $180,000. This is up 20.0% from $150,000 in August of 2013. 3-month median price of $182,500 in August was very slightly up from $175,000 in July and up just slightly from $177,000 in August of 2013. Price per square foot in August was $193. This is up from $187 in July and up from $187 in August of 2013.

Inventory

Inventory of 131 in August was down 9.7% from 145 in July and down 32.1% from 193 in August of 2013. New listings of 20 in August were way down from 33 in July and down considerably from 26 in August of 2013. Months of supply of 7.9 in August was down modestly from 9.2 in July and way down from 13.5 in August of 2013.

Market Time

Days on market of 107 in August was up a little from 98 in July but down substantially from 182 in August of 2013.

Christopher Pagli
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023 cell
914.332.6300 office

MrWestchester.blogspot.com - Blog
chris@legendsRealtyGroup.net

Purchasing A Coop In Westchester County NY

I have been receiving a lot of questions about Coop Apartments, what they are and how the operate. A Coop is a corporation made up of all the occupants of the building. When You buy a Coop you are not buying an actual unit, you are buying shares in a corporation. You will receive a stock certificate and a proprietary lease which entitles you to occupy the unit.

Since the occupants do not own the unit they do not pay property taxes like you would in a condo or house. You pay a monthly maintenance fee which includes your pro-rata share of the buildings property taxes, and care for the grounds, etc. If in NY you will qualify for the basic STAR reduction but will have to inquire with your particular Coop to see how they handle it. There are additional fees that vary from parking, assessments, flip tax, storage, etc. Again each building is different and you will have to inquire about any additional fees. There is a percentage of your maintenance that is tax deductible, usually 45%-55%, but it can vary. There is always a minimum down payment requirement which can range from 10%-50% down, depending on the Coop. Nowadays alot of Coops are requiring 20% down to protect themselves and make sure only the qualified apply. Even the banks are requiring this so times have changed a bit. On occasion you will find a "Sponsor Unit" available. This is a unit that is on the market by the sponsor for the first time. These are highly sought after because they usually don't require a board interview. This is good for the first time only, the next time it goes on the market a board interview will be required. Keep in mind just because at first you don't need an interview the board usually still looks at the package.

When purchasing a coop part of the process is a board interview. Many people get scared and worry about what it will be like. Once you have an accepted offer on a unit you will receive a board package to fill out. This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc.) Here are a few major things the board will look at...1) Amount of down payment, where it came from, and how much you have in reserve after making it. Most Coops want to see a few months reserves at least. 2) Credit scores, do you have any judgments against you, how much debt you have. They look at your "Front End Ratio" which is how much debt you'll have with just housing payments and "Back End Ratio" housing debt along with any other existing debt you have; credit cards, loans, etc (student loans sometimes get deferred, you'll have to inquire). They will have a debt-to-income ratio requirement which can vary. 3) Current Income is important as well, they want to see that you make enough and aren't spending everything you have to pay your bills. Having a lot of cash in the bank doesn't impress them, that can be spent quickly. You will also get a copy of the by-laws (house rules) and the offering plan. The offering plan tells how many units are in the building, what the existing mortgage is on the building, how much the building has in reserves, etc. You will have a chance to review these with your attorney to make sure you are buying into a financially sound building.

The application can be a bit intrusive but the Coop does this to make sure that they don't take on any financial liabilities to the building. They will only hurt the corporation. Once the package is complete it can be submitted for the management review and once they approve it, it's then passed on to the board members. Once the board reviews you will be contacted to come in for an informal interview. They might ask questions regarding your motivation for buying in the building, questions about your finances, or just general questions to get to know you further. They will have a pretty good sense of who you are by your package already.

My advice to you...stay calm, don't over answer their questions, be positive! At times you will find out right away if you are approved and others you will be notified the next day, or so by the management company. The approval needs to be in writing and sent to the attorneys on the deal to make it official. Once approved you can finalize everything with the bank and setup a closing. I hope this answers some of your questions and I welcome any further inquiries.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.332.6300 office
914.406.9023 cell
chris@LegendsRealtyGroup.net