Tag Archives: Westchester


Westchester sales up 2% | Bedford Hills Real Estate

Single family home sales rose just over 2 percent in Westchester County compared to the third quarter in 2015, according to report released Tuesday from the Hudson Gateway Association of Realtors.

Westchester lagged behind other counties in the HGAR report, which also incorporates Putnam, Rockland and Orange. For the four-county region, sales rose 7 percent compared to the third quarter in 2015. For the year, sales in all four counties are 15 percent higher than last year.

“The real estate market is healthy,’’ said Marcene Hedayati, HGAR President and part owner and manager of William Raveis Legends Realty Group in Tarrytown. “It’s growing, and transaction are up. Prices are flat, which is good because we don’t want to see some sort of wild market where prices keep going higher and we have a situation like we did in the early 2000s.”

The median sale price for a single family home in Westchester County fell 1.2 percent to $668,500, according to the HGAR Report. The median sale price in 2015 was $676,500.

Inventory, however, continues to fall in Westchester County and other regions. In Westchester, inventory fell 18.2 percent compared to the third quarter in 2015. Inventory dropped 20 percent over the four counties compared to third quarter in 2015. In Putnam County, inventory fell a staggering 29.4 percent.

“Inventory has been declining for more than a year, but it has not yet put pressure on prices,’’ Hedayati said. “I’m not sure at what point that will happen. We keep thinking it’s going to happen, but it hasn’t done so yet. We’re also having fewer buyers coming out as well. I think we’ll be able to tell more in the spring market what impact lower inventory is having on prices.”

Hedayati also said most pricing sectors continue to perform well, except for the high end markets.

Westchester County continues to attract growing families looking to move from the city. Millennials are finally starting to see the value in home ownership, but they are also seeking properties that are move-in ready and require little work and repair.

“There’s something for everybody on the market now,’’ Hedayati said. “Buyers are a little more particular than they have been in the past. Buyers are much more sensitive. They are reluctant to buy homes that require much work. And staging has become a huge factor. Homes that are priced right and staged well are getting a lot of attention.”



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Great Plains Road Gets a Great Big Pricechop | #BedfordHills Real Estate


291 Great Plains Road Southampton
24 images

Back when we first posted about this property, a little over two years ago, the asking price for the new-build was $18M. Now it’s just been pricechopped another $1.45M, down to $15.5M. We assume it’s just been price keeping this house from finding a buyer, because it’s rather lovely. It’s also huge: 12,000sf, nine bedrooms, 12.5 bathrooms. One drawback which we can’t figure out is the tininess of the kitchen in relation to the rest of the house; although there are separate prep and service kitchens in the lower level, we still think the main eat-in kitchen should be larger than it is. Other than that flaw, the house is in an elegant traditional style with beautiful bathrooms and a nice paneled office/den. The pool is stunning, as is the terrace and pool house, and there is a separate staff apartment above the garage. The grounds are 1.8 acres, which isn’t huge for this size of house but surely adequate, and the property is in a sought-after location in Southampton. Will the latest pricechop attract a buyer?



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Mt Kisco Mortgage Rates | Mt Kisco Real Estate


Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates little changed after initially easing slightly higher from the previous week which was largely fueled by a better than expected jobs report showing labor markets improving.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.7 point for the week ending July 10, 2014, up from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.51 percent.
  • 15-year FRM this week averaged 3.24 percent with an average 0.6 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 15-year FRM averaged 3.53 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.4 point, up from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.26 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.66 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates increased for the week as the labor market appears to be improving. Based on the employment report, released last week, the U.S. economy added 288,000 jobs in June, gained 224,000 in May and increased by 304,000 in April. Also, the unemployment rate in June fell to 6.1 percent from 6.3 percent in May.”

Gramercy Unit Sells for $17.3M; Transplants Can’t Cut it in City | South Salem NY Homes

Welcome to It Happened One Weekend, our weekly roundup of The New York Times real estate section…


1)Big Ticket The award for biggest sale of the week goes to 18 Gramercy Park South, where a full-floor, 4,207-square-foot apartment sold for $17.3 million. Carrying costs rounded out at about $11,225.31 and the sponsors, Zeckendorf Development and Global Holdings, bestowed a key to the private Gramercy Park as a customary closing gift, which sounds wonderfully dramatic and fun. We wish we had a key to a secret park . . . [“Big Ticket | Luxury Lodging for $17.3 Million”]

2) Every “The Hunt” column begins with the Hunters describing the apartment they want, and ends with them rationalizing whatever they came away with. This is The Hunt: Dreams vs. Reality The Hunters: a couple sick of city-life looking to move to the ‘burbs Price Dream: $350,000 to $450,000 Reality: $387,500 Neighborhood Dream: Westchester Reality: Hartsdale Amenities Dream: quiet, spacious Reality: 3BR/2BA, spacious Summary After seeing their rent on the Upper East Side skyrocket, this couple decided that city-life (and its modern hullaballoo!) wasn’t for them and decided to look for a two-story home in the suburbs, focusing on Westchester. They eventually settled on a two-story, Cape-style home with three beds and two baths in Hartsdale, attracted by its small ask and spaciousness. They paid $387,500 and are apparently loving life because everything’s cheaper and commuting to work doesn’t make them homicidal. But alas, they now live in the suburbs, trading crippling neurosis for soul-shattering boredom.


[The Hunt/”In Westchester, an End to Elevator and Subway Commutes”]

Happy Birthday, Westchester! County Turns 330 Friday | Westchester Real Estate

Friday marks the 330th anniversary of the founding of Westchester County, and at the Westchester County Historical Society in Elmsford, staffers Katie Hite and Patrick Raftery are dedicated to preserving the county’s rich historical significance.

The county was first formed on Nov. 1, 1683. With the British still in charge, the county government was established as a way of organizing the region. Most towns weren’t established until after the Revolutionary War. What is now the Bronx was originally part of Westchester before being annexed into New York City in the 1870s.

The major population centers of Westchester were Bedford and White Plains, where the two courthouses were located. There were some small towns, but most of the land was divided into manors, land bestowed upon wealthy individuals who let farmers work their land in an almost feudal society.

When the Revolutionary War broke out, Westchester played an important role, acting as a buffer zone between land owned by British and American forces.

“It was as much a civil war as the Civil War was,” Hite said. “People within families, within communities took different sides.”

Many historical sites still survive from the Revolution, such as the Bedford Courthouse and the Purdy House in White Plains, which served as Washington’s headquarters. The Odell House in Hartsdale was where Washington and Count de Rochambeau devised their strategy to attack the British in Yorktown, VA.

Many of the owners of the manors sided with the British, and were forced to give up their land after the war. The land was sold at affordable rates to the farmers who worked the land, and towns began to be established.

“Nowadays, people tend to think of the county as a suburb of New York City, and really the railroads made that possible,” Raftery said. “Someone could wake up, hop on a train and head into the city for work, where before they couldn’t do that.”

A lot of the population lived and worked in the county, operating stores, farming, working in manufacturing. Once the railroads came in, more people started moving out to Westchester.

“They began moving out for the fresh air,” Hite said. “They didn’t want to live in an overcrowding, teeming place. They wanted peace and quiet. And that trend accelerated when the care was invented and became something that everyone had.”

The Westchester Historical Society was first established in 1874 and is one of the oldest historical societies in the country. Located in the same building as the county’s records department, its library contains more than 100,000 private and public documents from the county.

The books, letters, photos, diaries and maps are carefully preserved in a temperature and humidity controlled vault. Visitors researching their family, home or other aspect of Westchester history can visit and receive help finding the records and information they need.




CoreLogic: July Prices to Increase 12.5 Percent | Westchester Real Estate

July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and rise by 1.8 percent on a month-over-month basis from June 2013m, the fastest pace since 1977, according to CoreLogic’s Pending HPI released this morning.

Excluding distressed sales, July 2013 home prices are poised to rise 11.4 percent year over year from July 2012 and by 1.3 percent month over month from June 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June 2013 compared to June 2012. This change represents the 16th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June 2013 compared to May 2013*.

Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June 2013 compared to June 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013. Distressed sales include short sales and real estate owned (REO) transactions.

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” said Dr. Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.”

“The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” said Anand Nallathambi, president and CEO of CoreLogic. “Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.”

Highlights as of June 2013:

  • Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent).
  • Including distressed sales, this month only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).
  • Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent).


CoreLogic: July Prices to Increase 12.5 Percent | RealEstateEconomyWatch.com.

Commercial real estate development surge expected in California | Mt Kisco Real Estate

As the economy improves, commercial real estate industry leaders are increasingly optimistic about a surge in the California market over the next three years or so, a new report said.

Experts said they expect the nonresidential market will keep growing steadily for the next three years but start to slow after 2016 or 2017. There will still be growth, the report said, but at a slower rate.



Commercial real estate development surge expected in California – Los Angeles Times.

Investors racing rising home prices for profits | Bedford NY Real Estate

House flippers are racing against rising prices to make fast profits.

In the first half of this year, 9% of the single-family homes that sold were resold again within six months — meaning “flipped,” according to market researcher RealtyTrac.

But some markets are already seeing flippers recede following sharp gains in home prices. Flipping declined in the first half of this year vs. last in 32 of 100 markets, including in cities that have seen rapid price gains, such as Las Vegas, Phoenix, Atlanta and San Jose, RealtyTrac says.

Meanwhile, flipping is increasing in markets with more muted home price gains, including New York, Washington, D.C., Chicago and in several Florida cities.

Palm Coast, Fla., led the way, where 37% of single-family home sales were flipped in the first half of this year. Omaha followed at 32% and Daytona Beach, Fla., at 16%.

“The flippers try to catch the wave at the bottom,” says Daren Blomquist, RealtyTrac vice president. About 8% of sold single-family homes were flipped last year, he says.

Flippers — who take advantage of rising prices to turn quick profits — were partially blamed for inflating the housing bubble before the market crashed in 2006. That could happen again in some markets, says John Burns, CEO of John Burns Real Estate Consulting.

He hopes that rising interest rates will cool price gains and flipper interest. The average 30-year fixed rate was 4.37% this week, up from 3.5% a year ago, Freddie Mac says.

On the other hand, flippers often pay cash for homes that are in such bad shape that banks won’t lend on them, says Mark Goldman, real estate expert at San Diego State University. He’s invested in three flips this year.

Flippers don’t inflate home prices, he says, they “improve housing inventory.”

Strong price gains in San Diego, combined with tight inventories, have made flipping less profitable, Goldman says. Instead of the 20% profits seen two years ago, 10% is now more the norm, he estimates.


Investors racing rising home prices for profits.