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.

How To Appeal A Tax Bill In Westchester County NY

Many have asked me how they go about appealing their tax bill.  First you must understand how properties are taxed in the state of NY.  The assessment is based on market Value, which is defined as the amount a willing buyer would pay a seller without duress.  Unfortunately assessments are not reviewed on an annual basis so the propertys assessment will never be 100 percent of the market value.

An equilization ratio is applied to make up for the difference.  This is to ensure that assessments somewhat equal among different taxing districts to all assessed values.  Home owners can obtain the equilization ratio used in their area from the local tax office.

Couple the above with a proper CMA (Comparative Market Analysis) from a Real Estate agent and then you will get a good idea if you are over assessed.

Follow with these steps:

1) You can setup an informal review with a local tax assessor

2) Review the property card which is available at the local tax offices and is public record.

3) Pay close attention the the comparables on the property card.  These recently sold homes are the basis for the assessors valuation of your home. 

4) Take the appropriate equilization ratio and multiply the market value you believe appropriate for the home by that rate.  If the number is lower then the current assessment, you should file an appeal.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real Estate Associate Broker

William Raveis Legends Realty Group

914.406.9023 cell

914.332.6300 office

chris@LegendsRealtyGroup.net

mrwestchester.blogspot.com

Croton-on-Hudson Real Estate Market Statistics July 2014

Single Family Homes

Sales

There were 10 unit sales in June. This is up 25.0% from 8 in June of 2013. On a year-over-year basis, unit sales have been rising for 4 months. This is the highest unit sales have been since 14 in August, 2013. Sales/list price ratio in June moved down to 94.6% from 97.6% in May.

Prices

Median price in June was $560,000. This is up 21.6% from $460,500 in June of 2013. 3-month median price of $534,500 in June was up marginally from $527,500 in May and up considerably from $417,500 in June of 2013.

Inventory

Inventory of 77 in June was up 5.5% from 73 in May but down 1.3% from 78 in June of 2013. New listings of 21 in June were down a little from 25 in May but up modestly from 20 in June of 2013. Months of supply of 11 in June was up marginally from 10.7 in May but down a little from 12.2 in June of 2013. On a year-over-year basis, months of supply has been rising for 4 months. This is the highest months of supply has been since June, 2013.

Market Time

Days on market of 91 in June was down just slightly from 95 in May and down slightly from 98 in June of 2013. This is the lowest days on market has been since December, 2013.

Condos

Sales

Unit sales in June were 2. Sales/list price ratio in June was 96.6%.

Prices

Median price in June was $545,000. 3-month median price in June was $540,000.

Inventory

Inventory of 16 in June was up 33.3% from 12 in May and up 14.3% from 14 in June of 2013. New listings of 6 in June were down considerably from 8 in May but way up from 1 in June of 2013. Months of supply of 17.5 in June was up modestly from 16 in May and up considerably from 12.9 in June of 2013. This is the highest months of supply has been since November, 2012.

Market Time

Days on market in June was 129.

Coops

Sales

There were 3 unit sales in June. This is up 200.0% from 1 in June of 2013. Sales/list price ratio in June moved up to 95.8% from 84.0% in May.

Prices

Median price in June was $110,000. This is up 57.1% from $70,000 in June of 2013. 3-month median price of $76,000 in June was up marginally from $75,500 in May and up modestly from $70,000 in June of 2013.

Inventory

Inventory of 9 in June was down 30.8% from 13 in May and down 40.0% from 15 in June of 2013. New listings of 2 in June were up substantially from 1 in May and up considerably from 1 in June of 2013. Months of supply of 8.3 in June was way down from 14.2 in May and down substantially from 20 in June of 2013. This is the lowest months of supply has been since January, 2014.

Market Time

Days on market of 84 in June was up considerably from 45 in May but way down from 516 in June of 2013.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023

chris@legendsrealtygroup.net

Bronxville NY Residential Real Estate Market Report July 2014

Single Family Homes

Sales

There were 22 unit sales in June. This is down 15.4% from 26 in June of 2013. This is the highest unit sales have been since 25 in July, 2013. Sales/list price ratio in June moved up to 97.9% from 95.4% in May.

Prices

Median price in June was $1,300,010. This is up 5.1% from $1,237,500 in June of 2013. 3-month median price of $1,147,500 in June was very slightly up from $1,140,000 in May and up marginally from $1,137,500 in June of 2013.

Inventory

Inventory of 103 in June was down 6.4% from 110 in May and down 20.2% from 129 in June of 2013. New listings of 26 in June were way down from 40 in May but up modestly from 24 in June of 2013. Months of supply of 8.1 in June was down a little from 8.4 in May and down somewhat from 10.2 in June of 2013.

Market Time

Days on market of 87 in June was up moderately from 67 in May but down considerably from 152 in June of 2013.

Condos

Sales

Unit sales in June were 2. Sales/list price ratio in June was 95.2%.

Prices

Median price in June was $190,000. 3-month median price of $210,000 in June was down moderately from $300,000 in May and down considerably from $313,000 in June of 2013.

Inventory

Inventory of 18 in June was up 5.9% from 17 in May but down 25.0% from 24 in June of 2013. New listings of 4 in June were up considerably from 1 in May but way down from 8 in June of 2013. Months of supply of 9.8 in June was down just slightly from 10.2 in May and down considerably from 13.1 in June of 2013.

Market Time

Days on market in June was 20.

Coops

Sales

There were 16 unit sales in June. This is down 20.0% from 20 in June of 2013. Sales/list price ratio in June moved up to 100.6% from 94.6% in May.

Prices

Median price in June was $171,250. This is down 29.4% from $242,500 in June of 2013. This is the lowest median price has been since January, 2014. 3-month median price of $195,000 in June was down a little from $235,000 in May and down slightly from $235,000 in June of 2013.

Inventory

Inventory of 177 in June was up 0.6% from 176 in May but down 19.5% from 220 in June of 2013. New listings of 39 in June were down marginally from 40 in May but up modestly from 37 in June of 2013. Months of supply of 11 in June was very slightly up from 10.7 in May but down somewhat from 14.6 in June of 2013. On a year-over-year basis, months of supply has been rising for 4 months. This is the highest months of supply has been since January, 2014.

Market Time

Days on market of 116 in June was down moderately from 163 in May and down considerably from 197 in June of 2013.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023

chris@legendsrealtygroup.net

White Plains NY Real Estate Market Reports, March 2014

Single Family Homes

Sales

There were 13 unit sales in March. This is down 7.1% from 14 in March of 2013. Sales/list price ratio in March moved up to 97.4% from 96.4% in February.

Prices

Median price in March was $580,400. This is up 6.5% from $545,000 in March of 2013. 3-month median price of $578,950 in March was up just slightly from $560,000 in February and up marginally from $574,000 in March of 2013.

Inventory

Inventory of 98 in March was up 30.7% from 75 in February but down 14.0% from 114 in March of 2013. New listings of 41 in March were way up from 11 in February and up considerably from 23 in March of 2013. Months of supply of 5 in March was up moderately from 3.8 in February but way down from 7.6 in March of 2013.

Market Time

Days on market of 128 in March was down a little from 132 in February and down substantially from 315 in March of 2013.

Condos

Sales

There were 6 unit sales in March. This is down 33.3% from 9 in March of 2013. This is the lowest unit sales have been since 2 in October, 2010. Sales/list price ratio in March moved up to 96.0% from 94.6% in February.

Prices

Median price in March was $342,250. This is down 15.2% from $403,500 in March of 2013. This is the highest median price has been since October, 2013. 3-month median price of $335,000 in March was very slightly up from $325,000 in February but down modestly from $397,000 in March of 2013.

Inventory

Inventory of 85 in March was up 6.3% from 80 in February but down 12.4% from 97 in March of 2013. New listings of 23 in March were up substantially from 11 in February and up somewhat from 19 in March of 2013. Months of supply of 6.4 in March was up a little from 5.9 in February but down modestly from 7.6 in March of 2013. This is the highest months of supply has been since August, 2013.

Market Time

Days on market of 109 in March was up slightly from 93 in February but down considerably from 175 in March of 2013. This is the highest days on market has been since September, 2013.

Coops

Sales

There were 13 unit sales in March. This is up 8.3% from 12 in March of 2013. Sales/list price ratio in March moved down to 94.3% from 95.4% in February.

Prices

Median price in March was $140,000. This is up 35.6% from $103,250 in March of 2013. 3-month median price of $141,250 in March was down a little from $155,000 in February and down modestly from $160,125 in March of 2013.

Inventory

Inventory of 149 in March was up 1.4% from 147 in February but down 19.9% from 186 in March of 2013. New listings of 36 in March were up moderately from 28 in February and up slightly from 32 in March of 2013. Months of supply of 10 in March was very slightly up from 9.9 in February but down moderately from 14.2 in March of 2013.

Market Time

Days on market of 271 in March was way up from 157 in February and up considerably from 220 in March of 2013. This is the highest days on market has been since March, 2012.

Multi-Family Homes

Prices

3-month median price of $750,000 in March was up substantially from $215,000 in February and up considerably from $341,000 in March of 2013.

Inventory

Inventory of 12 in March was up 9.1% from 11 in February but down 14.3% from 14 in March of 2013. New listings of 1 in March were up from 0 in February and up from 0 in March of 2013. Months of supply of 10.5 in March was up a little from 9.6 in February and up somewhat from 8.6 in March of 2013. This is the highest months of supply has been since October, 2013.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group

914.406.9023 cell
914.332.6300 office

chris@legendsrealtygroup.net
mrwestchester.blogspot.com

Earth Day Celebrations 2014

Reduce, Reuse, & Recycle are the three words that define Earth Day.  The week of April 22, 2014 is a great opportunity to expand our knowledge about treading more lightly on planet earth.  Going Green is more about a lifestyle then it is about a trend.  My pledge began with small commitments and grew to much larger proportions.  A little education goes a long way and can open your eyes to so many possibilities.  Your pledge can be as simple as using less or no disposable plastic, less water, or re-using/purposing everyday household items.  Below are a few events and organizations that can get you started.

1) Botanical Gardens Earth Day - Aprill 22 - nybg.org

2) Earth Day New York - April 22-24 - Union Square & Grand Central NYC - earthdayny.org

3) Green Festival - April 26-27 - Pier 94 NY - greenfestivals.org

4) Earthday.org

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
mrwestchester.blogspot.com

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