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Armonk NY Real Estate Report | RobReportBlog | January 2011

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Armonk NY real estate was UP 34% in 2010 compared to 2009. Very good news. The Armonk NY median price dropped 6.37% to $955,000. Sellers understand there is a lot of competition to sell and need to price accordingly.

　

2010 Armonk Sales Numbers

82 sold

3664 average square feet

$4,000,000 high price

$460,000 low price

$955,000 Median price

$337 average price per foot

215 average days on market

92.95% average sold to ask price

　

2009 Armonk Sales Numbers

61 sold

3906 average square feet

$5,100,000 high price

$425,000 low price

$1,020,000 Median price

$338 average price per foot

190 average days on market

91.56% average sold to ask price

　

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Dr. Doom Economist Buys Manhattan Real Estate. A Vote Of Confidence? | Pound Ridge Real Estate

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Economist and NYU professor Nouriel Roubini became an international star with his bold predictions—seen as outlandish at the time—on the path of the world economy. By 2006 he was saying that a huge housing bust and other factors would soon lead to a deep recession, and we all know how that turned out. But this housing bear also loves to party, so he’s suddenly feeling bullish on luxury Manhattan real estate. Bloomberg reports that Roubini is the mystery buyer of the incredible triplex penthouse at 6 East 1st Street in the East Village, formerly the neighborhood’s priciest listing. He paid $5.5 million for the 3,700-square-foot loft, which was last asking $5.995 million, and was once priced at $7.35 million. Maybe he was talking trash about housing as a negotiating ploy?

The details, the floorplan. >>

The penthouse has 13′ ceilings, two big terraces, a walnut wet bar and enough entertaining space to host a G8 summit. Or a bunch of models. Whatevs. The Halstead listing is already gone, but the details live on over on StreetEasy. Stay in school, kids, and maybe one day you’ll have a cantilevered steel staircase connecting all the floors of your downtown party palace

Dr Doom Article

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Manhattan Luxury Market Picks Up. Good News for Katonah Market | Katonah NY Real Estate

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Manhattan Real Estate Market Continues Steady Growth, as Luxury Sales Perk Up

The 2010 real estate market in Manhattan will be remembered for slow but steady growth, with luxury sales of $3 million and up finally making a strong return in the final months of the year, according to fourth-quarter market reports to be released on Tuesday.

The steadiness in the market was welcome news for brokers who had spent at least part of last year concerned about a possible double dip in prices.

The median fourth-quarter sales prices, in separate reports compiled by the city’s biggest brokerages and by the real estate Web site Streeteasy.com, ranged from $825,000 to $845,000. Those prices represent increases of 3 percent to 11 percent from the same period in 2009. But average sales prices, which were more affected by the increase in higher-end sales, ranged from $1.37 million to $1.48 million, as much as 14.4 percent higher than last year’s prices.

The prices are still far from the peak of the market in 2008, when the median was close to $1 million and the average over $1.7 million, but they are also up from the bottom of the market, in mid- to late 2009, when the median hovered around $800,000 and the average dipped below $1.3 million.

“The year started out strong and remained really solid, despite some slight bumps along the way,” said Diane M. Ramirez, the president of Halstead Property. In 2009 and early 2010, homebuyer tax credits pushed up sales of studios and one-bedroom apartments. Overall volume slowed significantly during the summer, only to return to more typical levels later in the year.

“Now things are selling across the board at all price points,” Ms. Ramirez said, “and we’re finally seeing a more normal market.”

NY Times Article

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Need To Edit Photos Use Picnik | Katonah NY Real Estate

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You know the saying, “Life’s A Picnic“, right? Well, I’m here to tell you that Blogging’s a picnic too when you have the right tools, such as this super-easy image editing tool.

One of the ways you can really make your blog posts “POP” and get some extra google seo juice running through it, is by adding some visuals. If you compare a non-image laced blog post with one that has a few strategically placed images, you’ll notice immediately how much more inviting the one that has the images is to read versus the one that doesn’t.  Does this bring us back to our picture-book days of preschool?  Maybe so.  But is it your goal to have your potential clients remain on your site and possibly even READ your blog posts?  Definitely so!

Picnik was introduced just a few short years ago and is now one of the most widely used online photo editing tools available.  There are of course both the free and paid versions, but for what you would be using it for, I would stick with the free one.

One of the tricks that Picnik is great for is bringing some dimension to your images within your blog posts.  Adding a simple shadow effect takes an image from drag to “Dang!” in an instant!

We just got a new kitten for Christmas so I have to use his pic for a demonstration!

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Pound Ridge Real Estate Report | January 2011 | RobReportBlog

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January 2011 has 56 active homes on the market in Pound Ridge NY. The high price is $10,000,000 and the low price is $380,000. The median unsold price is now $974,500, with the average Pound Ridge NY home is 3932 square feet, has been on the market 175 days and is asking $369 per foot.

　

Pound Ridge NY Homes 2010 Sold Statistics 

55           sold                      UP 103% 

3680        average square feet 

169          average days in market 

$793,350  median price         DOWN 6.1% 

$3,325,000 high price 

$295,000   low price 

$277.15     average square foot price 

91.75%      average sold price to asking 

Pound Ridge NY Homes 2009 Sold Statistics 

27 sold 

3317 average square feet 

195 average days in market 

$845,000 median price 

$2,749,000 high price 

$375,000 low price 

$297.21 average square foot price 

92.08% average sold price to asking 

　 

Pound Ridge NY Real Estate saw a big resurgence in 2010 compared to 2009. Sales are up 103%. Good market news. Sellers have been more realistic and realize there are less buyers, more inventory and prices have to come down. Median Pound Ridge NY price is down 6.1%. 

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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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5 Steps To An Armonk NY New Year’s Resolution | Armonk NY Real Estate

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How to Make a New Years Resolution That Works


Do you remember the New Year resolutions you made last year?

If you’re like most people, you made New Year resolutions – but you probably didn’t stick with them all year long.

But New Year resolutions are a good thing – so what’s the secret to making and keeping your New Years resolutions?

1.     Make Resolutions You Can Achieve

Most New Years resolutions can be achieved, but not all of them are realistic.

If you want to feel good about your resolutions, don’t set unrealistic goals. Saying “I resolve to lose 100 pounds this year” if you don’t know how you’re going to achieve your goal is a sure way to fail. Help yourself by only making New Years resolutions you can keep.

2.     Make 2 or 3 Resolutions You Can Keep and 1 You’ll have To Stretch To Keep

By making realistic resolutions that you can keep, you’ll set yourself up to feel good about yourself when you achieve your resolutions.

And by making 1 New Years resolution that you’ll have to really work at to achieve, you’ll challenge yourself to be successful.

3.     Write Down Your New Years Resolutions

Do you really want to make some changes in the New Year? Then you need to put at least a little thought into the changes you’d like to make.

Blurting out a few resolutions at a New Years party may be fun, but you probably won’t take them seriously. But if you take a few moments to think about some realistic changes you’d like to make – you’ll surprise yourself by being successful.

4.     Put Your Written New Years Resolutions Someplace Where You Can Find Them

About a week after New Years, take out your list of resolutions and start planning how you’re going to achieve your goals.

Weight loss, making more money or travel, if your goals are achievable and you actually come up with a plan, your New Years resolutions will become a reality.

5.     Celebrate Your Success

When you achieve one of your New Years resolutions, reward yourself and celebrate. Your friends will be amazed when you say “I just achieved one of my New Years resolutions.

New Years resolutions are a good thing. Improve yourself, make a positive change, do something you’ve always wanted to do. Make the New Year count – you’ll be glad you did.

Check out mine on Facebook

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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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4 Steps To Get Your Katonah NY Shortsale Approved | Katonah NY Real Estate

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You can save a few hundred a month by buying discount items on Ebay or Amazon and by searching for the hottest deals. Saving a few hundred bucks a month is a ton over a year and its effects are even greater over 10 years. But what if that’s not enough? What if you need to somehow impossibly cut back your expenses like $1000-$1500 because you lost your job or your savings have depleted?

The mortgage payment is America’s single highest expense.

Honoring your word is sacred. You signed on the dotted line and said you would pay your debts. Abraham Lincoln spent 17 years paying off debt he borrowed to start a business in 1833. The virtues of repaying debt and honoring your commitments are self-evident.

However, at some point you have to acknowledge when the snowball gets irreversibly big and you have to make a decision between food and the mortgage. Most people choose the former.

I do not advocate walking away from your mortgage for the sake of it, but if you can only hang in for 3-6 months, you might have to take a close and hard look at the situation and start preparing accordingly. While you might not need a short sale, you might need to prepare for one or at least look at this option. Downsizing and renting can potentially save you thousands of dollars per month.

How do I get started on a short sale?

Just like purchasing a home, it takes time to work a short sale – in many cases, even more time. Be patient and take it one step at a time. This can often take 90-180 days, and if successful, could be well worth your time.

1. Contact your bank – before the end of the road, you want to make sure that you’ve given them notice (i.e., speed bumps). Calling 30 days before you can’t make payment might not be helpful. See if there are loan modifications or refinancing programs that might help alleviate the burden. If you can’t find a viable and durable solution, then consider short selling your home. Request a short sale package to get the process started.

2. Find a short sales agent – it pays dividends to make sure you work with a realtor that has time of the day to answer your questions and go through the process with you. A short sale requires more time, thought, and effort to execute properly to bring all the relevant parties such as buyer, seller, lender, agents, title and escrow companies. Use an agent with good follow up.

3. Third party negotiators – sometimes (although not all) sellers in a short sales employ negotiators that charge a separate fee in addition to the realtor commissions (buyer’s and seller’s agent commissions). The beauty of this for the seller is that it does not directly cost the seller anything. It ultimately comes from the bank’s funds (or proceeds). However, there are plenty of short sales in which a “third party negotiator” is employed and the listing agent shares their commission with the negotiator.

I tend to like these arrangements where the seller’s agent and negotiator split the selling agents commission. Much of the work and brain damage comes from negotiating with the bank and making sure the borrower has everything right. If the seller’s agent does not do any negotiating besides list the property below market, they don’t earn their keep. In these arrangements, the listing agent can split their commission 35/65, where the agent gets 35% and the negotiator gets 65% or 50/50, etc.

Feel free to ask your agent whether they play to employ a negotiator and what the commission split is and why. While some agents can get prickly, you have every right to know if you plan to hire the agent.

4. Pricing – some agents will deceivingly tell you to list your property at a fire-sale price. They say this will help get an offer on the price after which you can send to the bank to move the short sale process along. If the agent tells you to fire-sale the property, do not use this agent. While this may not be fraudulent or negligent behavior, it shows inexperience. All banks that approve short sales employ a valuation method often know as a broker’s price opinion (BPO). This valuation gives the bank a reference point on the value of the property and whether the short sale makes “business sense” to approve.

For example, if the contract price is $300k, but the BPO comes back at $600k the bank will likely not approve a 50% discount. However, if the BPO comes back at $350k (a 14% discount) then may approve this just to get the property out of their hair.

Time is precious. Don’t waste it on apparent solutions that will not avail. In 2009, the banks were seen approving discounts of 15% or greater for homes. In 2010, banks have gotten tighter on their discounts and are typically seen approving discounts on short sales of 7-10%.

The goal: Price realistically and close to the market. You want the deal approved so you can get rid of debt and move on.

What is a Deficiency and Why is it Important?

As part of short sale negotiations you should know whether the bank will maintain their deficiency rights. A deficiency exists when a bank receives less money than it is owed. For example, you owe $400k but the bank only received $300k. $100k is your deficiency.

In cases where the bank maintains their full deficiency rights you may want to think twice about the short sale because you are still fully responsible for the deficiency. I have cases where borrowers negotiated this out of the deal. This is highly recommended if possible.

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Readers Digest Moves Last Employees Out Of Chappaqua | Chappaqua NY Real Estate

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CHAPPAQUA — The immense winged Pegasus statues will stay — but only because the symbols of Reader’s Digest are too heavy to be moved from atop the Georgian cupola. The stretch of blacktop off the Saw Mill River Parkway is still called Reader’s Digest Road. But the company that gave these things to Chappaqua is gone. Some might say Reader’s Digest as they knew it has been gone for a while. But this month the Digest officially moved its last workers out of the building in Chappaqua where it put out the world’s largest-circulation magazine since 1939. The Digest’s new headquarters are in Manhattan and a few departments work out of White Plains. The Chappaqua headquarters building that was for decades filled with thousands of employees will be leased to other companies by its new owners. But the memories of the Digest’s days in Chappaqua will linger.

In its heyday during the lifetime of its founders, DeWitt and Lila Wallace, the company took its place as the premier corporate citizen of Chappaqua, a place where locals could go down and get a job and employees were treated to legendary perks. But after its founders died and the company went public in 1990, the things that made both the magazine and the business distinctive began to change as it tried to remake itself to fit a new media landscape.

For decades, though, the Digest was different.

“It was a very great place to work,” said Ed Thompson, a former editor-in-chief for The Reader’s Digest Association. “I can’t imagine a company being better.”

For DeWitt Wallace, the most important thing was his employees, not the readers, said Thompson, who joined the company in 1960 and lives in North Salem.

“He wanted them to be as happy as can be and paid well,” he said.

The Wallaces spent a lot of money keeping their staff cheerful and intellectually stimulated, sending editors on annual trips to destinations of their choosing and clerical employees to Colonial Williamsburg, buying museum-quality art to hang in the halls and offices of the headquarters and bringing in famous people from presidents to Arctic explorers for lunches in the Guest House on the Digest grounds.

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