Tag Archives: Douglas Elliman Westchester

Existing home sales jumped in May | North Salem Real Estate

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Existing home sales jumped in May to their highest increase in almost 10 years, according to a recent report by the National Association of Realtors.

While existing home sales may have jumped, the high demand and lagging home prices caused the median sales prices to also shoot up to an all-time high, according to NAR.

In fact, all regions except for the Midwest saw strong sales increases in May.

Total existing home sales, or completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased by 1.8% to a seasonally adjusted annual rate of 5.53 million in May. This is up from April’s 5.43 million.

After this gain, sales now increased to 4.5% from last year’s 5.29 million and are at their highest annual pace since February of 2007. This is the third consecutive month of rising sales, according to NAR Chief Economist Lawrence Yun.

“This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize,” Yun said.

“With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now,” he added.

Although home prices are up, they are not yet at pre-recession levels.

“May’s existing home sales numbers suggest that healthy demand continues to support a recovering housing market, but that inventory woes are preventing a full recovery to pre-recession levels,” said Trulia Chief Economist Ralph McLaughlin. Trulia is an online real estate listing service.

Some insist that the increase in existing home sales holds little good news.

“It’s encouraging to see another month of growth, the third in a row, in today’s May existing home sales report,” according to Svenja Gudell, chief economist for the real estate listing service Zillow. “But beyond that, it offers buyers little good news to grasp onto.”

“Inventory, while up very modestly from April largely thanks to more condos coming up for sale, is still well below a year ago,” Gudell said. “And the time homes spend on the market has fallen by a week in just one month, to 32 days, making an already hyper-competitive market even more so.”

“Buyers struggling to find an affordable home to buy will continue to do so, even given these very small improvements,” he continued.

Median home prices peaked last June at $236,300, but increased to $239,700 in May. This is an annual increase of 4.7% in home prices, and marks to 51st consecutive month of year-over-year increases.

“Barring further deceleration in job growth that could ultimately temper demand from these repeat buyers, sales have the potential to mostly maintain their current pace through the summer,” Yun said.

While total housing inventory rose 1.4% from last month to 2.15 million existing homes available for sale, it is still down 5.7% from last year, according to NAR.

 

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Existing home sales grow at highest pace in 9 years

Pound Ridge NY Real Estate Report | Sales Up 140% in 4th Qtr. | RobReportBlog

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Residential Real Estate –  Pound Ridge NY Real Estate Report  –  RobReportBlog

 

Pound Ridge NY Real Estate Report | Sales Up 140% in 4th Qtr. | RobReportBlog

via trulia.com

Lewisboro NY Parks and Preserves | Lewisboro NY Real Estate

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Lewisboro is rich in natural areas and is a component of the biotic corridor. Two Westchester County Parks are on Lewisboro’s borders, and there are 6 town parks and several community preserves.

Ward Pound Ridge Reservation is Westchester County’s largest (4,700 acre) park. In addition to many trails, there are camping facilities and a Trailside Museum. The main entrance is on route 121 in Cross River.

Mountain Lakes Camp is a County park on the northern border of Lewisboro, with beautiful ponds and trails in the forest. The most popular trail leads to Look Out Point which is perched on top of a cliff overlooking Lake Waccabuc,Lake Oscaleta and Lake Rippowam.


Onatru Farm on Elmwood Road is one of Lewisboro’s preëminent parks and includes tennis facilities and playing fields as well as some town offices. This area also includes some walking trails.

The Lewisboro Town Park on Route 35 contains tennis courts, the town pool, ball fields, and outdoor basketball courts. When ice skating is available in winter, a sign is posted. There are also some walking trails in this park that connect to the adjacent Ward Pound Ridge Reservation.

The Leon Levy Preserve was acquired by the town in 2006 as open space. While some trails exist in this 370-acre (1.5 km2) parcel, as of 2008 additional horse and hiking trails are under development and parking is still limited.

The Brownell Preserve is 118 acres (0.48 km2) of forested land given to the town. It has a 2-mile (3.2 km) trail that loops past an overlook of Lake Katonah.

The Old Field Preserve was obtained in 2003, and contains about 100 acres (0.40 km2) of woods, wetlands, and sizable old fields (thus, the name). The meadows will be preserved to support the birds and animals that are dependent upon this increasingly rare habitat.

Fox Valley Park has a variety of sports facilities for the town, including very busy soccer fields, ball fields, and tennis courts.
See Walking Wild Lewisboro for information on park facilities and trail maps.

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‘From Manhattan to North Salem’ | Douglas Elliman Expands to Westchester

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Elliman moves into Westchester market  |   Bedford NY Real Estate

01/03/2011

From left: Elliman’s Dottie Herman, Holmes & Kennedy’s William Holmes and the Chappaqua officePrudential Douglas Elliman has made its first foray into Westchester County with the acquisition of the 135-agent firm Prudential Holmes & Kennedy.

A 40-year-old company, Holmes & Kennedy serves Westchester and Putnam Counties with six offices, located in Armonk, Bedford, Chappaqua, Katonah, Pleasantville and Somers. The new acquisition will bring Elliman’s total to more than 60 offices in New York City and Long Island, including the Hamptons.

Elliman CEO Dorothy Herman got her start on Long Island, (she purchased Manhattan’s Douglas Elliman with partner Howard Lorber for $71.75 million in 2003) and the sale marks Elliman’s first north of New York City.

Herman said the expansion made sense because the region’s demographics are similar to those of New York City. Indeed, Elliman and Holmes & Kennedy have been referring customers to each other for years, she said.

When Holmes & Kennedy CEO William Holmes approached her a month ago, “it was kind of a no-brainer,” Herman said. Holmes founded the company in 1968 and joined the Prudential network around five years ago, he said. The economic downturn has hit Westchester hard, he said, with home prices down about 30 percent from the peak and sales activity down 50 percent.

“Everyone’s working harder and making less money,” he said.

Holmes felt that joining forces with Elliman, which has some 3,800 agents, would help his agents gain an advantage over his competitors by giving them access to the larger company’s resources.

“Size makes a big difference,” he said, noting that it’s expensive for a small company to create and run a website, for example. In today’s difficult market, those costs matter more than ever.

“There’s an efficiency you have to have today that you didn’t have to have when prices were a lot higher,” said Holmes, who runs the company with his son Edward. “Costs are more critical than they used to be.”

Now that his agents are part of Elliman, it will be easier for them to get listings and customers moving from New York City to Westchester and Putnam counties, Holmes said.

“It helps a great deal to be part of a high-end network to get those listings,” he said, adding: “Our agents can make more money.”

Herman said the merger will help her agents as well, since many people move to Manhattan from Westchester, especially as more and more empty-nesters purchase homes in the city.

In recent months, Elliman also opened its first office in the Bronx, with the acquisition of the boutique Riverdale firm John Edwards Real Estate.

Other Manhattan firms have taken advantage of the downturn to expand into the suburbs. In 2009, Halstead Property purchased Connecticut-based brokerage Wheeler Real Estate.

And what of Elliman’s longtime slogan, “From Manhattan to Montauk?”

I’ll have to change that,” Herman said.

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3 Options To Sell Your Home In Pound Ridge NY | Pound Ridge NY Real Estate

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GETTING READY TO put your house on the market? Before you do, you’ll have to decide whether you want to hire a full-service broker, work with a discount broker or sell the place on your own. It’s not an easy decision — there are advantages and disadvantages to each method.

A traditional broker, for example, will present you with a complete marketing plan and expose your home to as many buyers as possible. You could, however, save yourself thousands of dollars by selling your property on your own. But some would argue that the headache isn’t worth it.

Here are some pros and cons to consider before you take the plunge.

Traditional Brokers
The Pros: Great exposure. Traditional real estate agents share their property listings in a database called the Multiple Listing Service. This database contains the vast majority of all properties that are for sale and is used as a standard by agents nationwide. (Manhattan, however, doesn’t have a local Multiple Listing Service.) Through the MLS, the details of your property can be easily accessed by prospective buyers either through their agents or directly by them on the Web. And since the listing broker is willing to split the 6% commission with any real estate agent who finds a buyer, there’s plenty of incentive to show a competitor’s inventory.

A good agent will do all the work for you. He or she will take control of the transaction and do everything from setting an accurate asking price and prescreening prospective buyers to showing your home and negotiating the final price. All you’ll need to do is keep the place tidy. This should free you to spend your weekends looking for your new abode.

The Cons: Brokers are expensive. Most of them charge a commission of as much as 6% for their services. So if your four-bedroom colonial sells for $500,000, you’ll have to cut a check for $30,000 at closing. Keep in mind, however, that all fees are negotiable.

An agent may not always have your best interests in mind. Take, for example, the so-called open house, where buyers are invited to view a home en masse. These events rarely lead to a sale. So why are they popular? Brokers like them, because they’re often used as a means for generating buyer leads.

A broker is in control of your transaction. So be prepared for strangers to traipse through your house for a “viewing” at practically any time of day. More important, your broker will be negotiating on your behalf, and you’ll have to trust that he or she is providing you with all of the information you need to make a final decision. Worst case, you may find your agent encouraging you to reduce your price just to make a quick sale so he can move on to another property.

Discount Brokers
The Pros: Discount brokers are cheaper than traditional brokers. Companies such as Foxtons, eRealty.com and zipRealty.com charge sellers between 2% and 5% for their services. (Typically, the higher the fee, the more service that’s provided.) So the commission for that same four-bedroom colonial could cost you between $10,000 and $25,000, compared with the $30,000 a traditional broker would charge you.

You’ll reach more potential buyers with a discounter than if you sell your home on your own. Discount brokers spend millions of dollars each year on advertising in the U.S. and abroad. A large percentage of homes handled by these low-cost brokers sell without being listed on the Multiple Listing Service.

Some discounters will prescreen for qualified buyers and weed out the riffraff. If you use a discount broker that runs credit checks on potential buyers and makes sure they’re preapproved for a sufficient mortgage, you can have confidence that people looking at your property are serious buyers.

The Cons: You get what you pay for. Some discounters merely list your property on their Web sites. Or they’ll field calls from prospective buyers, but you’ll have to give the official home tour and deliver the hard sell. If this is all the service you’re getting, some industry insiders argue you might as well run an ad yourself.

You’ll have to pay up to get your home in the Multiple Listing Service database. While discounters can offer you this service, you won’t get it for 2%. Many discounters will charge you a higher fee, say 4% to 5%, for the listing.

Don’t expect agents to bang down your door. Even if your home is listed in the Multiple Listing Service database, some agents may refuse to show your property. Why? The discounted commission. Rather than the traditional 3% buyer’s commission, many discounters will offer agents just 2% or 2.5%. While that may seem like splitting hairs to you, the difference can really add up. If an agent can make $10,000 selling one $500,000 home vs. $30,000 on a comparable property, which one do you think he’ll show first?

For Sale by Owner
The Pros: More money in your pocket. That’s right, you get to keep whatever your home sells for. You can put that 6% commission toward the down payment on a larger home or toward more important expenses, such as your child’s education.

No one knows your home better than you do. So doesn’t it make sense that you could point out all of the amenities and sell it better than an agent? Many agents showing a home are walking through it for the first time.

If you want something done right, do it yourself. Selling your own home gives you complete control over the transaction. You set the price, you set up convenient times to show the home, and you get to negotiate with a buyer. This way, you’ll know when it’s time to cave and lower your price or stay firm because your house is attracting a lot of interest.

The Cons: Less exposure. If you try to sell your home without the assistance of a broker, you’ll dramatically limit the number of potential buyers who’ll view your property. First, your house won’t be included in the Multiple Listing Service. Second, buyers feel more comfortable using a broker, since they want to see all of the available homes in a given neighborhood and have a professional on hand to help analyze the properties.

Expect your home to sell for less. According to the National Association of Realtors, homes that sold with a broker went for a higher median price than those sold by an owner. Many buyers believe they can negotiate more vigorously if they’re buying directly from an owner who’s avoiding a hefty broker’s fee.

Selling your own home can be a hassle. You have to set a price, place ads in the paper, field calls from prospective buyers and then put on your best smile and sell that house like a pro. And don’t forget about the negotiations. Some industry insiders even argue that buyers feel more comfortable talking money with a third party. Now try juggling all that’s involved while holding down a full-time job and looking for a new home for your family to move into. Some argue that avoiding the headache is well worth the 6% commission.

Smart Money Article

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Governor Cuomo’s NYS Real Estate Tax Facts | Bedford NY Real Estate

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Governor Cuomo promises to CAP real estate taxes because he believes they are too high.

Governor Cuomo’s NYS Real Estate Tax Facts:   (  http://tinyurl.com/2ed83fo  )

1.     Property tax levies in New York grew by 73% from 1998-2008, more than twice the rate of inflation during that period.

2.     New York has 2nd highest combined state and local taxes in the nation and the highest local taxes in America as a percentage of personal income, 79% above the national avarage.

3.     The median property taxes paid by New Yorkers are 96% above the national median.

4.     When measured in absolute dollars paid Westchester (1st), Nassau (2nd), and Rockland (5th) counties are among the 5 highest taxed in the nation.

5.     When property taxes are measuredd as a percentage of home values over a 3 year period, the top sixteen counties in the nation are all in upstate New York.

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New Agency Disclosure in Pound Ridge NY | Pound Ridge Real Estate

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A New Broker Disclosure Law in New York  _  Pound Ridge Real Estate

AS if the process of shopping for an apartment weren’t fraught enough, potential buyers and renters will have to deal with another wrinkle this year, when a new real estate broker-disclosure law goes into effect in New York.

The law requires a real estate agent to have clients sign a form stating that they understand whom the agent represents and to whom the agent will give “undivided loyalty,” as soon as they enter into a relationship.

Brokers are interpreting that to mean that the form does not have to be produced for everyone who walks into an open house, but rather as soon as someone starts asking substantive questions about a property, and certainly when someone asks for an appointment to see it a second time. Given that many apartment hunters are reluctant even to put their names on a sign-in sheet at an open house, agents do not want to have to present them with forms any sooner than necessary.

The disclosure law is designed to clarify the roles of buyers’ and sellers’ agents, in order to, as the form itself states, “help you to make informed choices about your relationship with the real estate broker and its sales associates.” The form goes on to define the various categories of agent.

Assemblyman Jonathan L. Bing, a Democrat who sponsored the legislation, says the new law increases consumer protection because previous disclosure forms were required only in transactions involving single-family homes and buildings with four or fewer units. Mr. Bing said the state and city Realtors’ associations had joined with him in urging passage of the law because it simplifies disclosure of dual agency, in which an agent represents both a buyer and a seller. Buyers can now sign one form providing advance consent to dual agency rather than having to sign a form for each listing that they might see.

“This is a consumer protection law,” said Neil Garfinkel, residential counsel to the Real Estate Board of New York, “but it also protects brokers, because now they will have a written record of what they’re already required to do now verbally.” If a complaint is filed against an agent for not producing a disclosure form, the penalty is a fine of up to $1,000 and, potentially, a requirement that the agency return the commission.

The law will also apply to sellers and landlords, but for them it will presumably be less jarring, because they will already be in negotiation with an agent for an exclusive contract. The disclosure forms will be fairly straightforward when agents are acting either for the buyer or for the seller. But often circumstances are less clear-cut, because they are acting as dual agents.

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Lewisboro Real Estate Prices Rising in 2010 | Lewisboro NY Real Estate | RobReportBlog

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Taking a look at the Katonah-Lewisboro school district real estate prices over the last ten years we found median prices were rising until their peak in 2007.  In 2008 and 2009 prices dropped.  In 2010 the median price for a Katonah-Lewisboro school district home rose again.

2000          $502,000

2001          $595,000

2002          $647,500

2003          $675,000

2004          $750,000

2005          $749,500

2006          $790,000

2007          $815,000

2008          $730,000

2009          $617,500

2010          $690,000

Inventory is still high but the median price in Lewisboro shows a good increase in 2010. 

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New York Real Estate – Prudential Douglas Elliman Moves to Bedford NY

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© 2010 Prudential Douglas Elliman Real Estate. All Rights Reserved.

All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions.

All information regarding a property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

via elliman.com

Douglas Elliman comes to Bedford NY. Yeah!!! My new boss at Prudential Bedford is Douglas Elliman.

Fair Housing Rules and Regulations in Westchester NY | Westchester NY Real Estate

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Westchester Putnam Association of REALTORS®, Inc.
60 South Broadway, White Plains, NY 10601
914.681.0833

INFORMATION ABOUT FAIR HOUSING IN REAL ESTATE TO WESTCHESTER HOMEBUYERS, RENTERS, SELLERS, AND APARTMENT OWNERS:

The Westchester Putnam Association of REALTORS, Inc., of which I am a member, has asked its member REALTORS to distribute this memo to everyone with whom they do business. The purpose is to promote better understanding of current fair housing laws and the ethical obligations of REALTORS.

Discrimination in the sale or rental of residential property based on race, color, religion, sex, national origin, age, familial and marital status, or disability is prohibited by one or more provisions of federal and state law. In addition, Westchester County and some individual communities have local fair housing laws to supplement the federal and state laws. An abstract of key federal, state, and county laws is printed on the reverse side of this memo.

Real estate agents are subject to these laws. If the real estate agent is also a REALTOR member of the Board of REALTORS, he or she is subject to the additional standard of total nondiscrimination that is a part of the REALTOR Code of Ethics. Violation of the Code leads to

disciplinary action against the REALTOR in addition to the penalties under applicable laws.

But real estate agents and REALTORS are not alone in being subject to the fair housing laws.

IT IS IMPORTANT FOR REAL ESTATE BUYERS AND SELLERS TO KNOW THAT THEY, TOO, ARE SUBJECT TO MOST PROVISIONS OF THE FEDERAL, STATE, OR LOCAL FAIR HOUSING LAWS WHETHER OR NOT A REAL ESTATE AGENT OR REALTOR IS INVOLVED IN THE TRANSACTION. IN PARTICULAR, RACIAL DISCRIMINATION BY ANYONE IN THE SALE OR RENTAL OF HOUSING IS A VIOLATION OF FEDERAL LAW. Although the sale or rental of real property is a private act, it is subject to fair housing laws. Ordinary buyers and sellers, “testers,” and regulatory agencies can and do take legal action against parties who do not deal on an equal opportunity basis. We hope this information clarifies our mutual responsibilities in fair housing. Thank you for your attention.

REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. SUMMARY OF IMPORTANT FAIR HOUSING LAWS

EXCERPTED FROM PUBLICATIONS OF THE NATIONAL ASSOCIATION OF REALTORS AND FROM A

WESTCHESTER REALTOR’S GUIDE TO FAIR HOUSING AND EQUAL OPPORTUNITY REAL ESTATE

The 1866 CIVIL RIGHTS ACT provided that:

“All citizens of the United States shall have the same rights, in every State and Territory, as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold and convey real and personal property.”

On June 17, 1968, in the case of JONES v. MAYER, the United States Supreme Court held that the 1866 law prohibits “all racial discrimination, private as well as public, in the sale or rental of property.”

Thus, any individual, who feels he or she has been discriminated against, can immediately file a suit in Federal Court. The court can stop the sale of a house, or rental of an apartment, to someone else

or award damages and court costs.

The 1968 Supreme Court decision further held that the 1866 Act protects all individuals against the following:

1. Denial that housing is available for inspection, sale, or rent when it is really available.

2. Discrimination in the terms or conditions of sale or rental lease.

1968 FAIR HOUSING LAW

Title VIII of the Civil Rights Act of 1968 (the Federal Fair Housing Law), declared it a national policy to provide fair housing throughout the United States. This law and subsequent amendment makes discrimination based on race, color, religion, sex, or national origin illegal in connection with the sale or rental of most housing and any vacant land offered for residential construction or use. The Fair

Housing Law provides protection against the following acts, if they are based on race, color, religion, sex or national origin:

1. Refusal to sell or rent, to deal or negotiate with any person.

2. Denial of a loan or creation of different terms or conditions for home loans by commercial lenders, such as banks, savings and loan associations or insurance companies.

3. Discrimination, by advertising that housing is available only to persons of a certain race, color, religion, sex or national origin.

4. “Blockbusting” for profit i.e. persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood.

5. Denial to anyone of the use of, or participation in, any real estate services such as brokers’ organizations, multiple listing services, or other facilities related to the selling or renting of housing.

NEW YORK STATE LAW

New York law prohibits discrimination in the sale, rental or lease of housing accommodations on the bases of race, color, creed, national origin, sex, disability, age or marital status by the owner, lessee, sublessee, or managing agent of housing accommodations or by real estate brokers and salepersons.

The law also prohibits discrimination in:

1. The terms, conditions or privileges of the sale, rental or lease or in the furnishing of facilities or services in connection with any housing accommodation;

2. The printing or circulating of any statement or publication or the use of any form of application or publication for the purchase, rental or lease of a housing accommodation.

There are certain limited exceptions to New York State’s Human Rights Law: (1) the rental of one and two family dwellings where the owners or their families reside in such dwellings, (2) the rental of

rooms in housing accommodations by owners or occupants where such persons or their families actually reside in such accommodations or (3) the rental of all rooms in a housing accommodation to persons of the same sex.

FAIR HOUSING AMENDMENTS ACT OF 1988

This Act strengthened the enforcement of the 1968 Fair Housing Law. It also provided substantial additional protection for disabled persons seeking housing, and limited restrictions on purchasers or

renters on account of familial status or age. Sellers or landlords who would decline to sell or rent to persons on account of handicap or familial status are advised to consult an attorney beforehand.

WESTCHESTER COUNTY HUMAN RIGHTS COMMISSION

In 1999 the Westchester County Board of Legislators passed a County Human Rights law and created a Human Rights Commission to enforce compliance and promote equal and fair opportunity in Westchester County. In addition to the protected

classes addressed in Federal and State law, the Westchester law also prohibits discrimination by owners and real estate agents based upon an individual’s alienage or citizenship status, or their

sexual orientation.