What has made many would be home buyers hesitate to purchase is that they have been waiting for low interest rates, and some have been waiting for the market to hit bottom so they can snatch up their dream home for the lowest possible price.  Home ownership is an investment after all, so the goal is the buy low and sell higher.  The perfect storm has hit and it won't last long. 

Mortgage rates are at an all time low.  This means home buyers can now receive "cheaper" money to put towards their purchase.  In addition real estate industry news indicates that we are approaching the bottom.  With lower inventory on the market and demand at a high we will be seeing prices driven up in the coming year. I am currently seeing multiple offers on properties.  Some are even selling above asking price as a result of multiple offers.  This proves to me that the demand is back. 

Waiting for "the bottom" of the market is risky.  It may only be here for a brief period of time.  Instead of putting your home search on hold, you should be beginning your search now, so you can take advantage of low mortgage rates and low prices.  If you wait too long you may miss a great investment opportunity.

Contact me for more information on the market and how to begin your home search.

The luxury market is back!  We are seeing luxury homes coming on the market, selling quickly, and are experiencing a decrease available inventory.  This tells us realtors that we may be close to the bottom and ready for the upswing!

Richard Smith, president and CEO of Realogy Corp., a global provider of real estate and relocation services and the parent company of Coldwell Banker, said "You're getting multiple offers and quick sells. It's not uncommon in New York City to see a co-op or an apartment go on the market and two days later it's gotten 10 offers and it's sold. That's becoming pretty typical of New York City."  From previous experience Westchester lags behind the New York City Market by just a few months.  All good signs for the Westchester Luxury home market.  In the coming months we may see new listings selling quicker and for higher prices, due to multiple offers.

It is speculated that luxury home buyers and investors are seeing signs that we are approaching the bottom of the market.  Instead of possibly missing out on the low prices investors are deciding to snatch up properties.  This includes second homes in luxury markets like the Hamptons.  With this news coming out and other analysts speaking about the housing bottom, buyers in the non-luxury market are going to take notice and deduce that now is the time to buy.  Hopefully this will bring an increase in demand as supply remains low.  Increased demand will stable or decreasing supply will bring about multiple offers on properties, inevitably driving up prices.  This is great news for the real estate community and sellers. 

We also have to take into account that rental prices have skyrocketed due to fewer people being able to obtain mortgages or unwilling to purchase knowing that the bottom would come eventually.  It is now more financially wise for renters to think about purchasing.

Let’s keep our fingers crossed that the Westchester Luxury market will follow NYC’s market as it has in the past and that the market begins its rebound.  This is the time to buy, if buyers wait much longer they might miss the rock bottom prices of home ownership.

​To read further on the topic please click HERE

Most homes in Harrison were built between the 1920's and 1950's and have undergone renovations to modernize them.  Styles of homes can range from Colonial, to Farmhouse to Tudor.  It is this variety in styles that gives Harrison it's charm.  Also in Purchase, an area of Harrison, the Ophir Farm development brought newer homes to the town.  Most were constructed in the 1990's.  The average sale price of a home in Harrison is $1.432 million.

In addition to Harrison's estate homes and proximity to New York City, the town offers much to do.  There are parks, trails and golf courses located right in town.  Silver Lake offers recreation for children, day camps, public pool, and lake.  Silver Lake is not the only park however, Saxon Woods Park also has hiking trails, public pool and golf course.  Across the street from the Harrison train station residence can find a variety of dining options including Italian, Japanese and Delis.  Just a short ride into White Plains allows people living in Harrison access to The Westchester Mall.  The mall includes stores like Nordstrom, Neiman Marcus, Apple, Tiffany, Coach, and Louise Vuitton. 

With all Harrison has to offer it may come as a surprise that Harrison has lower taxes than many of the surrounding towns in Westchester.  The reason Harrison can offer estate homes at a lower tax rate is because prominent companies have head quarters in the town.  Two such companies are Pepsi Co. and Master Card call Harrison home.  

There are many estate homes available in Harrison.  For more information please contact me!

Click HERE for more information on Harrison

I have found that buyers use their head in the initial search stages.  They have a target price point, decide on the number of bedrooms they will need to accommodate their family, how much square footage they are looking for, and if they want to put in work or want a move in ready home.  However when home buyers begin looking at houses a lot of these initial important characteristics can be adjusted if they have a feeling about a home.

Here's where heart comes into play.  A buyer could indicate they want 3 bed home, with 1600 square feet for $400,000 with little work, but could fall in love with a 3 bedroom home with more square footage for a lower price but needs work.  It's all about how the home buyer feels when they walk into the home. Coldwell Banker discovered "28% of women and 25% of men put MORE emphasis on their feelings about a home than they do about layout, square footage, or price" according to Marketwire.

In addition home buyers seem to know right away how they feel about a home.  Coldwell Banker's research shows that 62% of women and 61% of men know within the first visit if the home is right for them.  This is important for sellers and Realtors to know.  Presenting your home in a way that connotes positive feelings and appeals to a majority of buyers is key, in my opinion.

Since buyers are putting emphasis on their feelings and usually only need 1 visit to know if they like a home or not it is important for sellers to make a good first impression.  Staging is a great way to appeal to a wider audience and sets a tone for how the home will show.  I have personally gone into my sellers' homes and rearranged furniture and asked for certain items to be put away because I know when a buyer walks in the door they need to feel like they can live there.  Having too many knickknacks or personal items may detract from the overall feel of the home and derail buyers who are looking for that gut response.  To get your home sold it is imperative to have a Realtor that understands what factors today's buyers are considering when purchasing a home.  Home is where the heart is.

To read more about Coldwell Banker's research please click HERE

Sundance Cinema is going to be built in what is now an industrial site with access from the Saw Mill River Parkway, within what will be a diverse luxury complex.  The complex is going to boast restaurants with rooftop dining, boutiques, a gourmet market, entertainment, and luxury residential units.  With such a variety of amenities I believe this complex is going to draw a high volume of luxury real estate buyers.  You just can't find anything like this in Westchester!  

In addition purchasers will seemingly have access to "an incomparable entertainment exprience found nowhere else in the New York Metropolitan area" says Martin Berger, Principal of Saber Real Estate Advisors, and developer of Rivertowns Square. The cinema itself will be designed like previous ones with a Sundance Bar & Bistro, an art gallery featuring local artists and traditional concessions.

Residence who have an appreciation for the arts and who support art projects in both Westchester and New York City will now be just a stones throw away from their very own Sundance Cinema.  They could even hope for Sundance events to be held right outside their doors! With such a great reputation for support of the arts Sundance Cinema is going to be a great addition to Westchester county.

Lastly, with Dobbs Ferry's close proximity to New York City and central location in Westchester this complex is going to be a hub of activity for artists and consumers of all kinds.  Bringing such a diverse complex to Dobbs Ferry will inevitably increase spending in the area and surrounding towns as people flock to the different attractions.

Sundance Cinemas Westchester is scheduled to open its doors in the spring of 2014.

To read the full article please click HERE

Included on their 2012 list is Coldwell Banker's parent company Realogy.  This is a great honor for  Realogy who was chosen from over 5,000 companies in over 100 countries.  I am proud to work for an organization who not only excels in their business adventures, but also makes a conscious effort to conduct ethical business, an important characteristic for companies conducting business around the world.

I believe building a reputation for ethical business practices is one of the best ways for any organization to maintain and gain business. Congratulations Realogy!

For the full list of ethical businesses around the world click HERE

Here is how the scam works:  

A home is put up for sale by a licensed real estate agent and posted online.  Phony agents/owners then copy the pictures of the listing and create Craigslist ads that indicate the property is for rent at below market value.  Once a renter inquires about the property the scammers take it one step further by taking the potential renters to open houses to view the property.  Since these renters have seen the property the deal seems more creditable.  

According the the Journal News in Westchester there have been reported incidents of renters paying the phony agents/owners down payments and/or rent and even moving into usually vacant homes.  When the home is legitimately sold the new owners and buyer's agent find the home occupied.  Since the renter does not legally have the right to the property they are evicted from the home, creating a housing crisis for the renter.

How to avoid the fraudulent rental listings:

There are measures you as a renter can take to ensure you are not a victim of a rental scam.

First, always make sure you are working with a reputable and licensed real estate agent.  The best way to find out is to search the New York Department of State website to see if the agent you are working with is licensed. You can also call the office the agent is suppose to be associated with to ensure they are licensed.  It is best to always work with an agent who is a member of a reputable brokerage, like Coldwell Banker.

Second, if you can not view the property at all or are only offered to see that property at an open house be suspicious.  Real estate agents and brokers throughout America cooperate with each other to show all listings.  This means that your agent should always be able to schedule a private showing for you.  In addition if they are representing themselves as the owner they should always be able to grant you access.

Third, check to see if the property is also listed for sale.  If it is listed by an agent or two different agents this may be the time to ask some more questions.  Owners can list their property for sale with an agent and personally try to find an renter or can list their property for rent and sale with different agents but neither scenario is common.

Lastly, NEVER EVER pay a deposit or rent in cash.  There is no way for police to track a cash payment, and no way for you to have a record of payment.  Police have stated that it is hard to catch the fraudulent agents/owners as they usually use a bogus name and then request cash, giving them no way to track who it was.

For more information on this scam and to read some actual stories of fraudulent rental tragedies please click HERE

According to Phil Orlando, chief equity strategist at Federated Investors, "The improvement in the jobs market is leading to an early improvement in the housing market".  In my opinion this could mean us seeing a sustained increase in home sales.  When people feel secure with their employment situation they feel more confident about making the long term financial decision to buy a home.

We are seeing an increase in activity starting earlier this year.  Warmer weather could be contributing to the early activity in the market as described by Robert Barone, a portfolio manager and partner at Universal Value Advisors in Reno, NV.  Buyers are getting out there early to view homes and make offers.  With interest rates holding low, for now, this is the time for a buyer to snatch up their dream home with little interest.

Depending on the economic forces and how confident buyers become with the economy, we could see a further increase in demand for homes in the US.  This is great news for sellers as their properties may spend less time on the market before a buyer comes through.  It could also have an impact on sale prices, if demand far exceeds supply the housing market may see an increase in price, though this may not happen for years. 

To read the full article or to find out more about the current state of the US economy click HERE

Real estate firms throughout the country, including those in New York City, Seattle, Miami and Los Angeles are reporting upswings in sales of luxury condos.  According to the Forbes article "America's Most Amazing High-Rise Mansions" the Seattle real estate market saw an increase in million dollar condo sales after 2009.  In the same period million dollar single family home sales decreased 50%.  This is evidence that people who are interested in purchasing million dollar homes are looking for something that single family homes can not offer them.

There are multiple factors that could be contributing to the shift in sales.  Forbes suggests that a major factor is security.  Living on a palatial estate may not make home owners feel as secure as it once did.  Single family owners have to worry about who they let into their property, if people are able to scale the tall walls, who they hire to maintain the home and installing sophisticated home security systems.  In a condo owners don't have any of those worries.  Luxury high-rise buildings offer 24 hour front desk security, grounds are maintained by the building, not the owner, and only invited guests are allowed in the building.

In addition luxury condos offer amenities on premises.  Buildings, like The Century in Los Angeles, offer onsite gym, wine cellar, spa, and outdoor living space with fireplace.  Convenience is key.  Owners have access to all of these amenities, space for a family, and shortened commutes without the hassle. 

Combining safety, with space and amenities make these million dollar condos in high demand.  The Trump Group is currently building a high-rise condo building in Miami, Fl.  Without much effort or announcement the building already has $200 million in reserves for units in the building.  

You can expect to see more luxury condo buildings going up and being bought up in the near future.  White Plains, NY already is home to the Ritz-Carlton and Trump Tower.  Considering all these factors this could be the time to snatch up your million dollar condo before they are gone and prices head skyward.

To view pictures of the ultimate luxury condos or to read more please click HERE

Currently the land that is designated for this plan is a wire fenced plot of land that some town trucks are stored.  Wouldn't replacing a plot of land with luxury condos only add to the towns charm? I think so.  Also, I don't believe that adding 108 units will largely affect the amount of enrolled students.  Chances are that not all residences would have children, maybe only adding 100 students to the entire district.

This would not be the first luxury condo complex built in Tuckahoe.  Residence at the Rivervue Condominium, a 88 unit building, currently calls Tuckhoe home.  Tuckahoe's southern Westchester location is ideal for those commuting to New York City, or for those who enjoy traveling to NYC for leisure.  Couple this with all the restaurants, shops, theater, and night life Westchester County has to offer and you have the perfect location for luxury condos.

For more on this complex and how they received their green light click HERE

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

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

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

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

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

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

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