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.

Be Grateful For What You Have, Things Can Change...

We don't often realize how well off we are.  I'm not talking about money, just the simple things that are usually taken for granted.  I volunteer with a charity called Midnight Run every month.  We load up a van with clothing and food, drive down to NYC, and spend the night feeding and clothing the less fortunate. 

 What's interesting is the people we help aren't all homeless, some have just enough to rent a room but need money for food and other things.  Or people that have money coming in but it's not eought to rent a room.  I make sure that I engage these folks in meaningful conversation and treat them as I would any other person I encounter, with respect.  I've met people that have degrees from NYU that now live on the streets. 

You think you have an idea what it's like to be homeless, eat from garbage cans, and sleep on the streets but you have no idea until you witness it first hand.  Be grateful for what you have because things can change in an instant.

From Park Ave to park bench we are all human...

How's The Real Estate Market In Hastings, NY?

We should see inventory levels start to rise in January and most likely a large buyer pool to go with it.  We have had a shortgage of inventory over the past two years and the large buyer pool helped to drive up prices, good news for sellers.  

Hastings Single Family Home Sales

Sales

Unit sales in November were 6, unchanged from the same month last year. Sales/list price ratio in November moved down to 95.5% from 96.5% in October. 

Prices

Median price in November was $855,000. This is up 5.9% from $807,500 in November of 2013. 3-month median price of $848,000 in November was up slightly from $785,500 in October and up a little from $737,438 in November of 2013. Price per square foot in November was $411. This is up from $352 in October but down from $444 in November of 2013. 

Inventory

Inventory of 27 in November was down 6.9% from 29 in October but up 17.4% from 23 in November of 2013. New listings in November were 3, unchanged from the same month last year. Months of supply of 4.9 in November was down a little from 5.3 in October but up substantially from 3 in November of 2013. 

Market Time

Days on market of 82 in November was up somewhat from 66 in October but down a little from 89 in November of 2013. This is the highest days on market has been since April, 2014.

How Much Is Too Much When Renovating A Home In Westchester County NY?

Over the years I have had many clients buy, plan to renovate, but decided to hold off because they were comfortable in the home.  Then, when it came time to sell they seriously considered making improvements just to get a higher dollar amount for the home.  A home owner never see's a dollar for dollar increase, just overall improvement and some added value.  Some of my clients bought in 2006 and shortly after the market started to head downward.  

A few years later they wanted to sell and couldn't even ask what they paid for the home due to the declining market.  The homes needed some improvement and even if they put those dollars into the home they still wouldn't come out ahead.  At times, improvements will simply justify your asking price not command a higher one.  I've had this conversation with too many clients and don't enjoy delivering the bad news.  

Buying a home is a major investment as we all know and having a knowledgable agent guide you from the very beginning is paramount.  I sit with buyers all the time and talk about the home they have interest in, what their plans are for the home (and future) , How long they plan to stay, the benefits of certain improvements, and the current state of the market.  

I'm definitely a believer in improving a home for your enjoyment because after all, our home should be our castle.  There is definitely value in the enjoyment of the project.  You will have to seriously consider how long you plan on staying in the home.  If only a short time then you are probably better off leaving it as, unless you got the home for a great price and certain improvements will help you get a higher dollar amount when it comes time to sell.  Kitchens and bathrooms are typically a smart improvement but be careful not to over imporove.  You can spend $10,000 or $100,000 on a kitchen renovation, it depends on your taste and the quality of the finishes.  

Finished basements are another big topic of conversation.  Finished basements are a great way to have additional space for the family and entertaining.  There is definitely value in that but in terms of legal square footage it should only be counted if the basement is above grade and has a legal egress.  You can always call a local appraiser in to talk about how they determine value and adjust where necessary.  It's always wise to do your research in the beginning then to wish you had later on.

Let's pull into the driveway of the nicest home on the block.  Many buyers shy away from the nicest home on the block due to the fear others not following suit.  Before buying the home pay close attention to the neighbors and look for pride in ownership.  This is most likely the most important purchase you will ever make, take as much time as you need to do your research.  An informed decision is a sound decision.

Please feel free to contact me Christopher Pagli, directly on 914.406.9023 or chris@LegendsRealtyGroup.net to discuss this topic and any others in more detail.

Pleasantville NY Real Estate Market Update November 2014

Despite slower times Pleasantville Single Family home sales were steady this past month with 9 closings. Sales are up from 7 in October 2013 and the sales/list price ratio decreased by 3% in September.  The median price was $535,000 which is barely up from $534,500 this time last year.  This is also the lowest the median price has been since March 2014.  Inventory of 57 homes was down 16.2% form 68 in September and down 8.1% from 62 in October 2013.  New listings were also down a bit and modestly from 11 last year.  The days on market of 91 in October was up modestly from 83 in September and down considerably from 119 in October 2013.

Christopher Pagli

Accredited Buyer Representative

Real Estate Associate Broker

William Raveis Legends Realty Group

914.406.9023

chris@legendsrealtygroup.net 

Larchmont NY Real Estate Market Update November 2014

Larchmont single family home sales cooled down a bit with 10 closings in the month of October.  This is the lowest home sales have been since 9 in April 2014.  The sales/list price ratio moved down to 94.4% from 97.8% in September.  The median price was $1,012,225 which is down 51.8% from $2,098,888 in October 2013.  This is also the lowest median price has been since May 2014.  Inventory levels of 53 homes  was down 14.5% from 62 in September and down 36.9% from 84 this time last year.  The average days on market of 67 was up marginally from 64 in September but down substantially from 149 in October 2013.  This is the highest days on market has been since May 2014.  Overall the Larchmont real estate market remains strong and usually does.

The Larchmont Coop sector saw a total of 8 closings in October, up 300% from 2 this time last year.  The sales/list price ratio moved down to 95.1% from 100.3% in September.  The median price was $208,750, up 11.6% from $187,000 in October 2013.  Price per square foot of $259 was down from $307 in September but up from $205 in October 2013.  

Happy Thanksgiving to you and your family!

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real estate Associate Broker

William Raveis Legends Realty Group

914.406.9023

Chris@LegendsRealtyGroup.net

SONYMA Loans For First Time Home Buyers In Westchester County and NY State

SONYMA, short for State of NY Mortgage Agency has been a saving grace for many cash strapped, first time home buyers in NY State. Some of the benfits of a SONYMA loan are a minimum 3% down payment (with down payment assistance) and the ability to finance closing costs, along with a host of others that your mortgage professional will educate you on.

Many buyers that I have recommended this loan product to were originally considering an FHA loan for a condo purchase. Since the FHA only backs loans in approved condo complexes the SONYMA worlked well because they back all condos.

One gripe some have had is that the SONYMA loan takes a bit longer and has more paperwork. This past spring began working with two of it’s largest lenders to develop SONYMA Express. This program will help improve the processing time and quickly determine the buyers eligibility.

The program will also cut down the amount of paperwork needed by using auto-populated forms that only require a buyer signature. There is so much more availailable to you through this SONYMA program and the others they offer. I’m just making you aware of the option.

Quite often I will talk with buyers that haven’t been educated on all of the loan products that may be available to them if they qualify. The best thing you can do is find a mortgage professional that will answer all of your questions and guide you accordingly. Don’t assume that they will automatically educate you on everything, ask the simple question “Can you please tell me about any and all available programs that I/we may qualify for?

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real Estate Associate Broker

William Raveis Legends Realty Group

914.406.9023

chris@legendsrealtygroup.net