Real Estate Information

Westchester Magazine just came out with the high school rankings for Westchester County.  The rankings take into consideration a variety of components including mean SAT scores, average class size, percentage of juniors taking AP classes, and percentage of students who graduate in 4 years just to name a few.  

Personally I believe that the average SAT scores are a great way to rank schools.  These scores are indicative of the colleges and universities students can get accepted into.  It is also a result of the school's ability to prepare students.  Below are the top 5 schools in Westchester based on average SAT scores. 

For more statistics on these school districts and others in Westchester County click HERE

Knicks star point guard Jeremy Lin is calling White Plains, NY his new home.  Currently living in a unit at Trump Tower Jeremy Lin has a access to the many amenities that the building and city offer.  Trump Tower offers tons of on site amenities including: rooftop basketball court, putting green and tennis court, and indoor and outdoor pools.   Located in the heart of downtown Trump Tower is just walking distance to shops, restaurants, movie theater, shopping and worship.  You could not get closer to the action of downtown White Plains than this!

For more information on Jeremy Lin's home, and available units click HERE

Hastings-On-Hudson is a growing community situated along the Hudson River.  This community is becoming increasingly popular with commuters and NYC residences looking to escape city living.  

With a Metro-North train station allowing residences to arrive in New York City in about 30 minutes, residences find that they are not leaving their city lives behind.  In fact they are enjoying rural living with the added bonus of keeping in touch with their former New York City lives.  

In addition to its proximity to New York City, Hastings offers a wealth of amenities and charm.  The community has a small town feel with mom and pop stores, a town center, and a rich art community.  The Rivertowns Art Council organizes concerts, studio tours, and art workshops.  There are also many restaurants, some located on the river, multiple parks to enjoy the outdoors, and choices of public and private schools.

The area schools had the follow statistics: At the high-school level, 96% of students who entered high school in 2006 met or exceeded state standards in English four years later, compared to 94% from the previous year's class.  In math 94% of the 2006 group met or exceeded standards in 2009-10, compared to 93% of the 2005 class, the data show.  This is in addition to the Master's School in nearby Dobbs Ferry.  

For more information on this community and why it id growing please click HERE

Tax Grievance Days are fast approaching in Westchester County.  This day comes only once a year, so it's a good idea to know when the deadlines are and to begin collecting the necessary paperwork to grieve your property taxes.  White Plains' tax grievance day has already passed, but there are many other villages, towns and cities where you can still file grievances.  Below is a list of deadlines.
 

Villages: 3rd Tuesday in Feb (2/21/2012)

Towns: 3rd Tuesday in June (6/19/2012)

Cities of Mount Vernon, New Rochelle, Peekskill & Rye: 3rd Tuesday in June (6/19/2012)

Yonkers: November 15, 2012

Biotechnology and pharmaceutical companies are moving in!  Due to the low rent rates Westchester provides and a demand for companies in both industries.  Companies have already announced or are planning moves to Westchester such as HistoGenetics and Acorda Therapeutics.  These moves can also be attributed to Westchester's proximity to New York City, and Wall Street investors.

The growth rate for high-tech jobs has increase 2.6%, faster any other sector, with a net increase of 21,000 jobs.  Westchester wants to keep these biotechnology and pharmaceutical companies here for the long hall.  Facilities designed specifically for research may be developed in the area. With more companies moving in or expanding in Westchester we could see an decrease in unemployment in the area, and an increase demand to move here. 

All of this could bode well for Westchester's real estate market.  Decreased unemployment could mean more people will have the ability to purchase a home in the area.  Hopefully the increased number of high-end jobs will translate into more luxury home sales in the county.

To Read the Full Article Please Click Here

The Empire Access Multiple Listing Service, for the Westchester, Putnam area released their sales report for the 4th quarter of 2011.

Sales overall in Westchester were down from last year.  This decrease in sales volume is largely due to the end of the federal home buyers tax credit program.  The stimulus resulted in a surge of home sales in 2010, but this did not translate into sales in 2011.  Comparatively single family sales were lower by 4.4%, condominiums by 10.9%, and cooperative by 8.5%.  Resulting in an overall decrease of 6%.

Decrease in sales could also be attributed to the opposing forces in the housing market.  Though interest rates are at historical lows, it is becoming harder for home buyers to qualify.  As a result it is more difficult for buyers to obtain mortgages.  In addition appraisals of properties are more conservative, hindering the sale of properties.

There was not all bad news for the 4th quarter.  Sales volume for co-ops were up by 20.1% compared to the 4th quarter of last  year.  The average sales price for cooperatives was $146,000.  With the increase in sales it seems that Realtors have found the price point that generates activity in this sector.  On the flip side sales volume and median sales prices have dropped for single family, multi-family, and condominiums.  We may not have hit the price point in these sectors that will initiate activity.

To read the full 4th Quarter Report from the Empire Access Multiple Listing Service Please Click HERE

Sales of multimillion-dollar homes in Westchester County are on the rise at the start of the new year, with some buyers in 2011 paying record or near-record sums that still were below sellers’ listed prices.

Notable recent sales in the over-$5-million residential market  include Holly Hill in Briarcliff Manor, the approximately 65-acre estate and 10,000-square-foot, 13-bedroom stone manor of the late Brooke Astor. Administrators of her estate, which include JPMorgan Chase Bank N.A., in December sold the 298 Scarborough Road property for $6.45 million.

The new owner, listed as Holly Hill L.L.C. in Dobbs Ferry, paid a little less than half of the asking price of $12.9 million when the property went on the market in late 2008. The price was lowered a few times, dropping to $7.5 million last August.

“The house itself is really something extraordinary,” said Tracy Isaacs, broker in the Scarsdale office of Coldwell Banker Residential Brokerage who represented the buyer in the deal. Houlihan Lawrence represented the seller. “I think it’s a great price for the buyer, but it needs a lot of work … It was state of the art in 1965.”

Holly Hill’s buyer, a privacy-seeking hedge fund manager, plans to use the riverside estate as his family residence after extensive renovations to the 1927 home and other buildings.

Foreign buyers in the market

Broker Jason Wilson, who manages the Scarsdale office of Julia B. Fee Sotheby’s International Realty, said hedge fund managers and other financial professionals drove the county’s luxury-home market in 2011, which saw “a lot of cash” from savvy investors in home real estate.

Overseas buyers too have made their presence felt in the market.

In Scarsdale, an undisclosed buyer moving here from a foreign country last month paid $10.88 million in an all-cash deal for 9 Heathcote Road, an 11,600-square-foot, seven-bedroom home in Scarsdale’s prestigious Heathcote Estate neighborhood. Built in 2006 by Cal Petrescu Architecture & Design in Scarsdale, the Georgian Colonial home in 2010 was named the county’s most beautiful home by Westchester Home Magazine.

The sale was the second highest in Westchester in 2011 and also the second highest since 2008 for sales listed with the region’s Empire Access Multiple Listing Service. Brokers said it was topped only by an approximately $11.6-million house sale last September at Milton Point in Rye.

The final sale price in Scarsdale was nearly $1.9 million below the $12.75-million list price for the home on 2.5 acres.

The foreign buyer was represented by broker Lisa Pitt, vice president at Paddington Stone Realty in White Plains. MaryKatchis and Dawn Knief, brokers at Julia B. Fee Sotheby’s International Realty in Scarsdale, were the listing agents.

Buyer confidence still is lagging

For the brokerage team of Katchis and Knief, 2011 was a record sales year in Scarsdale and surrounding communities. At the market’s peak in 2007, they were listing agents for the highest reported house sale in Scarsdale, a $12-million deal for a Heathcote Road property not listed with the Multiple Listing Service.

The near-record Scarsdale sale “is a good indicator as far as the luxury market is concerned,” said Michelle Coletti, president of Paddington Stone Realty. That market “has definitely picked up speed.”

“New York City and Westchester are blue-chip,” Coletti said.

“They’re the first to rebound after a market like this. Everyone says slowly but surely, stabilization is happening.”

Coletti, though, said buyer confidence in the housing market still is lagging. “It’s almost a generational thing,” she said. Among the younger generation, confidence in the American dream of buying a home of one’s own “has been shaken a little bit” by what Coletti called “repeated exposure to sensationalized negative media.”

That lagging buyer confidence “has driven up rental demand and rental prices, especially in Westchester,” she said. In White Plains, the county’s top rental market, four downtown luxury apartment buildings all have occupancy rates at or above 95 percent, she said.

The county’s housing market “definitely is a lot more positive now than it was at the end of last year,” said Coletti.

‘Value-conscious buyers’

At Houlihan Lawrence in Bronxville, Chief Operating Officer Christopher Meyers said the Holly Hill and Heathcote Estate sales “seem to be a result of liquidity at the high end of the market – above $5 million in particular.”

Houlihan Lawrence had 15 house sales over $5 million in 2011, three more than in 2010. At the market’s peak four or five years ago, “We were doing 25 to 30,” he said.

Meyers said Houlihan Lawrence has eight housing transactions in contract that should close by the first quarter of 2012. A year ago, only one house sale was in the works at the start of 2011.

“The strength right now in the market is above $5 million and under $500,000,” said Meyers, with the lower-end market showing a 40 percent year-over-year increase in pending deals.

The luxury market for homes in the $2 million to $4 million range is down about 10 percent from a year ago, he said, perhaps due to a decline in Wall Street bonuses in 2011.

“The bonus buyers, that’s kind of their sweet spot, the $2 million to $5 million range,” Meyers said.

“We’re trading today at prices that are equivalent to about 2003,” said Meyers. Those prices have drawn “value-conscious buyers” into the market. “Today we’re not seeing a lot of emotional buys from buyers,” he said.

By: John Golden, Westfair Online

Westchester County Airport is now offering more nonstop flights to the Caribbean.

JetBlue added a daily nonstop flight between Westchester county airport and Nassau.  In addition Westchester County Airport has weekly nonstop flights to Aruba.  For more on other airlines' additional services to the Caribbean and Mexico please visit:

More Flights to Mexico and Caribbean

Westchester may be the suburb that's home to some of the area's biggest local celebrities -- from Bill and Hillary Clinton to Martha Stewart -- but that hasn't prevented market forces from taking hold of the real estate market there. 

Just north of the city, the county has been struggling for the last few years and, like the market in the city, hasn't fully rebounded yet. 

In this month's Q&A, The Real Deal talked to brokers and market analysts about everything from Westchester's super-luxury market to the rental market to the foreclosure situation. 

Our sources said that after several years of stagnation, there was finally an uptick in sales volume in the third quarter. But that improvement didn't translate into prices, which are still down by as much as 10 percent from a year ago and by 30 to 40 percent from the boom. 

The market is, however, bifurcated when it comes to prices, with the high end and the low end holding relatively well and the mid-market struggling. For example, the $1 million-plus market accounted for 28 percent of all sales -- which is almost as big a slice as it accounted for pre-recession. And, one source said the $5 million-and-up range has seen a flurry of activity in the last six to eight weeks. 

Meanwhile, the towns closer to the city, such as Scarsdale and Rye, are generally doing better than towns farther north, like Pound Ridge and Lewisboro. There are still plenty of market obstacles, like perpetually low appraisals, a steady foreclosure inventory, and stubborn sellers who are unwilling to accept prices far lower than their properties would have fetched during the boom. 

For more on inventory, geographical division and the reshuffling of the brokerage community, we turn to our panel of experts. 

Muffin Dowdle 
broker, Ginnel Real Estate 

How is the overall residential market in Westchester doing these days compared to a year ago and during the boom? 

The number of sales is up compared to a year ago by 10 percent. [Prices] are down 10 percent from a year ago. And prices are down 30 to 40 percent from the boom. 

Which Westchester towns are performing best right now in terms of residential sales volume and prices, and which are struggling the most? 

Scarsdale, Rye and Bedford have always been strong and consistent. [But] Pound Ridge and Lewisboro are secret jewels that are taking a little longer to rebound. They are struggling for no reason other than they are a little further away [from the city]. 

Who are the most active buyers in the Westchester market right now? 

We have a consistent group of younger people and families moving north from New York City. Our weekend market is strong. I would say that 50 percent of my buyers are local people who have upgraded or made some kind of lifestyle change, and they have bought and sold houses within a 10-mile radius. 

What's going on with financing for residential purchases in Westchester? 

The banks are definitely coming in with low appraisals, sometimes by 10 to 20 percent. I tell all the buyers not to be surprised if the house doesn't appraise. We have had a few renegotiations. We are also having a lot of cash buyers who are refinancing after they close. 

P. Gilbert Mercurio 
CEO, Westchester Putnam Association of Realtors 

How is the overall residential sales volume doing in Westchester these days? 

In our third-quarter report we found that there was an uptick in sales volume. That was encouraging because we haven't seen much in the way of increasing sales in the market for a couple of years now. It showed an overall 8 percent increase compared to 2010. 

What's going on with residential prices in Westchester these days? 

Prices are down. [In the third quarter, we found that] in the single-family-house sector prices were down by 6 percent compared to last year. The median sales price of a single-family house in Westchester was $684,005. 

We wrote early this year about the luxury market in Westchester picking up and how the number of homes priced above $1 million or more was climbing. So, which price ranges are performing best in Westchester right now? 

That price range, $1 million-plus, is accounting for 28 percent of all sales. That is a high ratio, [almost] as high as it had been during pre-recession times. It's not so much that the high end is getting stronger -- it's that the moderately priced properties are having a harder time because they appeal to potential purchasers with lower incomes, who have a harder time gathering the cash needed for a down payment and getting financing. 

Are you still seeing distressed sellers? 

If you are talking about people going to foreclosure, the answer is yes. But Westchester doesn't have anywhere near the problem that other parts of the country do. The county clerk reports foreclosure filings here, and this year they've been in the range of 130 to 150 foreclosure filings every month. That is actually not a lot in the context of the total housing stock in this county, and only a dozen or two actually get foreclosed [with] the bank [taking] ownership. Most of the others go through a short-sale process. 

What is inventory like and how does that compare to the recent past? 

There were 7,124 units for sale in the MLS database at the end of the third quarter, and that was a 3 percent decrease from last year at this time. The inventory has been in the range of 6,800 to 7,500 units for quite some time now. What we don't have in Westchester is the overhang of inventory that's driving prices down. 

What's going on with financing for residential purchases in Westchester? 

It's not that it's difficult. I haven't heard any stories of people being refused or unable to qualify. It's just that it's taking longer and the examination of their assets is more rigorous. The lenders look at employment more closely than they used to, but I can't say that lending practices are blocking a recovery in the market. 

There's been a lot of merging and reshuffling of offices in Westchester in the last few years. Is the number of residential brokers expanding or contracting in Westchester these days? 

The number of firms is about what it has always been. I hear larger ones are acquiring existing offices, but there are also small shops starting up. In terms of numbers of agents, there has been a decrease over the last couple of years. Membership in a realtor organization is a kind of proxy for how many people are practicing. A couple of years ago, before the recession, this organization was on the edge of having 8,000 practicing realtors. Today it's about 6,700. That's a pretty big decrease over the past three years. Most of the realtor organizations in New York and nationally are also experiencing decreases. 

Cathleen Smith 
president, Coldwell Banker Residential Brokerage, Connecticut/Westchester 

Which Westchester towns and price ranges are performing best? 

We have seen some brisk sales activity in communities in central Westchester, particularly in towns like Rye, Scarsdale and Larchmont. Homes priced within the median price range are getting the most attention. Properties that are priced between $1 million and $2 million are also seeing increased attention. 

Are you still seeing distressed sellers in the market? 

Unfortunately, we are still encountering home sellers who must sell because they cannot keep up with mortgage payments or because they are in danger of losing their homes. Since banks are being slow to release the foreclosed inventory, we do feel we will see more distressed properties coming on the market. We also see those who owe more than their properties are worth trying to move their properties. This will be part of our business going forward for some time. 

How long are properties staying on the market in Westchester? 

The amount of time it takes for single-family homes to sell has remained steady for the last three years. The average days on market for single-family homes in Westchester [is] approximately 140 days. In 2005, it was closer to 119 days. 

What are the biggest challenges to selling residential property in Westchester? 

One challenge is getting homeowners to adjust their expectations when it comes to pricing. We are still seeing homeowners who want to overprice their homes. Those homes, unfortunately, sit on the market. In addition, we have encountered issues with appraisals, especially in this environment, where we are dealing with new rules and guidelines. 

Who are the most active buyers in the Westchester market right now? 

We've seen a significant increase in investors. Young families are [also] looking for good deals, and we are also seeing [clients] who are deciding to rent because they are expecting prices to drop even further. 

Chris Meyers 
CEO, Houlihan Lawrence 

How are residential prices doing? 

The median price year-to-date is $615,000 for a single-family home. In 2009, at the low point, [it] was $580,000, so we're up from two years ago. 

Which towns are performing best? 

Southern Westchester has performed better than northern. Towns like Bronxville, Scarsdale, Larchmont, Rye and Irvington are strong markets on a relative basis. What seems to be driving that is the proximity to the city. Even within those communities, the homes that are closer to the train station tend to outperform those parts of town where you have to drive farther to get to the train station. 

Which towns are struggling the most? 

Towns that don't have close access to trains and outlying areas of town. For example, Katonah, which is just north of Bedford in northern Westchester, [is] one of the markets that's been struggling. And yet, within the town of Katonah, homes that are right in the village have really done very well. 

Which price ranges are performing best and which are struggling? 

Homes that are $5 million and up are having a pretty strong flurry of activity in the last six to eight weeks. There are currently six homes in Westchester firmly in contract that are over $5 million. A year ago at this time there weren't any. And we have active negotiations going on a couple others in that price range. 

How negotiable are listing prices in Westchester these days? 

If you look at the data from the MLS, most homes are selling at roughly 95 percent of the last list price. [But] if you dig under that [to what] homes were originally listed at and marked down, there's a big difference between homes that were priced properly when they first hit the market and homes that have had to be marked down. Roughly one-third of sales are happening without having been marked down [much] at all. On average, those are selling at 97 percent of list price. Roughly two-thirds of the homes have been marked down at least once -- they are selling on average at 78 percent of the original list price. 

What are the most surprising trends in the Westchester market right now? 

We have begun to see international buyers. Of those six deals I mentioned that are currently in contract above $5 million, three of them, that I am aware of, have buyers coming from overseas. A couple [of them are] from Asia, and both Russia and China are out there at the very high end. We haven't seen that too much lately in the suburbs. 

Who are the most active buyers in the Westchester market? 

The families relocating from the city continue to be very important. In 2011, about 28 percent of all homes purchased were buyers coming from New York City. That is up from just under 25 percent at the peak of the market. The move-up buyers [within Westchester] are not as prevalent as they used to be. … Also, we have seen [that] White Plains and, more recently, New Rochelle -- the cities of Westchester -- have built a lot more condo product. Most notably, in White Plains there is the Ritz project in City Center and big growth in restaurants, shopping and theaters. There's a lot more dynamic urban scene that is attractive to couples who are downsizing and young single people. There's one project called Ridge Hill Village in Yonkers, which is unusual for this market. It's a residential community that has a multiuse center and 1.2 million square feet of retail, with a Whole Foods, Lord & Taylor, L.L.Bean, Lands' End and a cinema. The stores have just opened and there are 500 condominiums, which went on sale in the springtime. It's already over 25 percent sold. 

Is the number of residential brokers expanding or contracting in Westchester? 

The number is down from where it had been. I think the last numbers there were 7,000 residential brokers active in Westchester today, and that is down from around 8,500 at the peak of the market. As far as brokerages and the offices, the large players have been relatively stable. The companies who have, say, 5 percent or more of market share have held pretty steady. 

Chris Raveis 
managing partner, William Raveis Real Estate, Mortgage & Insurance 

How is overall residential sales volume doing in Westchester? 

With seven weeks remaining until the close of 2011, residential, single-family sales in Westchester are running pretty even to last year, with a 2 percent projected increase by year end. Unit sales are 21 percent up from 2009, but remain down 33 percent from the boom in 2005. 

Which towns are struggling the most? 

Katonah/Lewisboro and North Salem are the districts that [are struggling] the most. 

Which price ranges are performing best in Westchester right now? 

In terms of the over-$1 million home market, homes that might have sold just below $2 million in the past are now seeming to be a bargain in the mid-$1.5 million range. For those with high buying power, there are bargains to be had. The $300,000 to $500,000 range is also doing quite well. 

Are you still seeing distressed sellers? 

Westchester seems to have been hit last with the distressed properties. We are seeing them, not in major abundance, but at all ends of the spectrum. … The total number of short sales/foreclosures on the market in all of Westchester is 280 homes, or 7.4 percent of total inventory. 

What are the biggest challenges to selling residential property in Westchester? 

One of the biggest challenges today is convincing sellers to price their house fairly within recommended market ranges and to accept an asking price that may be 30 percent lower than at the peak of the market. The price of a house has to be sold four times -- first to the homeowner, then to the brokerage community, the buyer and finally the lender. Another challenge is to persuade the seller to invest in their home in preparation of placing it on the market. 

Who are the most active buyers in the Westchester market right now? 

There are young couples or families from New York City. There's still activity within the towns, but at a lesser rate. … Professional relocations [are also] picking up again -- with business families moving to our area from other parts of the country. This is a positive note, as little to no activity was seen in this category over the past two years. 

Can you tell us about a notable deal that illustrates the state of the market? 

William Raveis's Rye agent, Nancy Everett, represented the buyers in the highest recorded Rye city sale in MLS history. Her clients purchased an 8,000-square-foot, Long Island Sound waterfront home on 1.5 acres. The list price was $12.5 million and [it sold for] $11.6 million. 

Mark Nadler 
president/principal broker, Prudential Centennial 

Which towns are performing best? 

Scarsdale and Larchmont are doing well, relatively speaking. Last year there were 184 sales in Scarsdale, and as of Nov. 10, there were 186. So it's comparable. The average selling price last year was $1.47 million, and again this year it's $1.51 million -- a 2.3 percent increase for single-family houses. 

Which towns are struggling the most? 

The New Rochelle market is awful, one of the worst periods I have seen. It's a big city with a strong school system, but the market there is not doing well. Edgemont is also in a slump. 

Which price ranges are struggling most right now in Westchester? 

Probably the middle segment of the market and some of the upper niche markets. New construction from a few years ago might have been selling for $3 to $3.5 million. A lot of those properties are now selling at between $2.5 and $3 million. The new-construction market has contracted. 

What are the most surprising trends you're seeing in Westchester? 

One of the things I have seen this year and last year is the number of rental properties have increased. A lot of people who couldn't sell properties are renting them. Buyers who didn't see what they liked or weren't confident rented with the intention and belief that they are going to buy in six months to a year. We just rented a property two weeks ago, a six-month rental that can't be extended because the owner is selling and the tenant is renting to give himself six months to find a house to buy. 

Is the number of residential brokers expanding or contracting in Westchester these days? 

The number of offices has probably decreased. The number of agents has stayed about the same or had a slight decrease. But the expectation is that in the next year or two, the number will go down.