Center Hall Colonial in Greenhaven
Tastefully updated 3/4 bedroom colonial in the Greenhaven section of Rye. Set on wonderfully landscaped .41 acre on a double cul-de-sac, this is a nature lover's delight as the Rye Marshlands is only half a block away. There is a new kitchen and 2 new baths. The dining room and family room open to two stone terraces for outdoor enjoyment.
Pelham NY....where you can live in a mansion and walk to the train!
This gorgeous Pelham Arts & Crafts home has just been listed by Carol Higgins.
This stunning 6-bedroom stone estate was built in 1908 and has been beautifully maintained and enhanced. You will be enchanted by all of the remarkable details! Greeted by the expansive front porch this 6,000 sq ft home is sited on a beautifully landscaped level half acre. Special features include: tiger oak paneled reception room, carved mantles, beamed ceilings, 4 fireplaces, and a separate two-story stone stable with endless possibilities.
Change to NY STAR
There has been a change to the NY STAR. People whose incomes exceed $500,000 will no longer be able to claim the basic STAR deduction. This is based on 2009 tax returns and represents the combined income of all the residents in the home. Typically a Westchester homeowner might save $1,000 on property taxes because of STAR.
To review the STAR rules check out the NY state website.
Race to Nowhere
From the film's website: "A concerned mother turned filmmaker aims her camera at the high-stakes, high-pressure culture that has invaded our schools and our children’s lives, creating unhealthy, disengaged, unprepared and stressed-out youth.Featuring the heartbreaking stories of young people across the country who have been pushed to the brink, educators who are burned out and worried that students aren’t developing the skills they need, and parents who are trying to do what’s best for their kids, Race to Nowhere points to the silent epidemic in our schools: cheating has become commonplace, students have become disengaged, stress-related illness, depression and burnout are rampant, and young people arrive at college and the workplace unprepared and uninspired."
This film is an interesting contrast to the recently released book: Battle Hymn of the Tiger Mother which concerns mother Amy Chua's attempt to raise the best, most disciplined and brightest of daughters in the face of the temptations of everyday 21st century life.
The moving and controversial film Race to Nowhere will be screened at the Pelham Jewish Center on January 25th at 7:15. This movie is meant to inspire community action and reaction. It urges education consumers to stop sitting on the sidelines and get involved to help get our schools back on track to inspiration and excellence in education.
The address of the Pelham Jewish Center is 451 Esplanade Pelham. Tickets are $15 at the door.
For more information check out http://www.racetonowhere.com/get-involved
Emelin Theater Presents "The Paperbag Players"
"The Paperbag Players"
Searching for Something Unique? Check Out Craft-Tastic!
Who doesn't love to find something special for that wonderful relative or friend? At this time of year it can be difficult to track down that unique gift and easy to settle for the quick trip to the mall or outlet center. Don't give up on local shopping! Your unique gift is a quick drive away at The Pelham Arts Center from now until January 15th (in case you don't receive a special gift!). They are sponsoring the annual artisan gift sale and exhibit. From the site:
"CRAFT-TASTIC is Pelham Art Center's annual artisan sale and exhibit. It will feature unique and affordable hand-made crafts including sculptural objects, prints, photography, furniture and jewelry."
The Craft-tastic gallery is open daily from Tuesday-Friday, 10-5 p.m. and Saturday, 10 - 4 p.m. Closed on Holidays.
Mansions Are Moving
An article in today's New York Times real estate section confirms what some Westchester real estate agents have been noticing over the last few months. While sales of lower priced homes have been stagnant, homes in the multi-million dollar range have been steadily moving on and off the market. Some of these homes have been reduced, sometimes by several million dollars, before selling. Nevertheless it is interesting to note the strength of this segment of real estate sales. While the article specifically references northern Westchester, the same is true of southern Westchester as well. Since September 1st in the Along the Sound real estate area, 19 houses at over $2mm have sold and another 21 are under contract. The median selling price was $2.8m for a 5 bedroom, 5 bath home with over 4300 square feet of living space.
November Real Estate Sales Along the Sound
November single family real estate sales in the area Along the Sound (Pelham, New Rochelle, Larchmont, Mamaroneck, Rye Neck, Harrison, Rye, Rye Brook, and Port Chester) declined from prior years. The number of homes sold is also down slightly from prior months. (In October 2010 there were 62 single family houses sold.) In addition, selling price/square foot fell below $300/sf, far below prices over the last four years. So while there have been reports of consumer confidence rising (see Wall Street Journal article), this has not had a trickle up effect in real estate sales. Buyers seem to be firmly in control of this market. On the plus side, days on market for November 2010 dropped significantly from 156 last year to 131 this November, approaching the average market time of 2006 and 2007.
|
Year |
Number of Houses Sold |
Selling Price |
Square Feet |
SP/SF |
Days on Market |
|
2010 |
56 |
662,500 |
2278 |
$291 |
131 |
|
2009 |
58 |
667,500 |
2151 |
310 |
156 |
|
2008 |
49 |
760,000 |
2000 |
380 |
141 |
|
2007 |
70 |
717,500 |
2000 |
359 |
133 |
|
2006 |
78 |
716,500 |
2123 |
337 |
133 |
Consumer Confidence: From the Wall Street Journal:
"A separate report Tuesday showed that consumers are feeling a bit better about the economy in spite of the woeful housing market. The Conference Board, a private research group, said its index of consumer confidence increased to 54.1 in November from 49.9 in October. While confidence remains low by historical standards, the November reading was the highest since June."
Anomaly?
One interesting item is that in November there were 13 homes sold for less than $500,000 and only one for more than $2,000,000. In October, there were 10 homes sold for less than $500,000 and 8 for more than $2,000,000.
On the Market
Currently there are 687 single family houses for sale in the eastern part of Westchester. The median asking price is $850,000. The asking price is well above the past month’s median sales price (although in line with the year-to-date selling price), showing a disconnect between the price sellers are seeking and what buyers are able to pay. And I mean able, not willing. Mortgage rates are rising and the job market is still relatively uninspiring with unemployment at high levels. Banks are not rushing to give mortgages, so buyers may be willing to buy but unable due to lack of financing.
In the Pipeline
There are 165 single family homes under contract Along the Sound. Year-to-date we have had 936 homes sold in this area of Westchester at a median price of $830,000. They were on the market for about 4.5 months. It looks like we will reach the 1,000 mark of homes sold Along the Sound by the end of the year. Overall the real estate outlook is murky Along the Sound. One question is: will rising mortgage rates force on-the-fence buyers into action? If so, will they be able to obtain financing? Another is: will Wall Street bonuses have a trickle over effect to Westchester real estate sales? If you have any thoughts/insights on the current state of the market feel free to email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Get Organized: Shape Up Those Photos
Just in time for the holiday season, The Rye Free Reading Room is offering a workshop on how to organize your holiday photos. I imagine the lessons learned can be translated to apply to all of those other photos that are in various locations on your computer or still languishing in your camera. Rye Free Reading Room 1061 Boston Post Road, Rye on December 9th from 6:30-8:30 pm.
Mortgage Rates Still at All-time Low Levels
Mortgage rates have hovered slightly below 5% for several months now. Several people I know have inquired about whether refinancing is right for them. There is a short article on BankRate.com which lists 6 questions to ask yourself as a starting point for determining whether refinancing is in the cards for you.
1) Do I have equity in my home?
You may or may not know the answer to this question off the top of your head. Often it will depend on when you bought your house and how your local market has performed during the recent real estate slowdown. You can ask your local Realtor for a Comparative Market Analysis (CMA). This is not an appraisal but will give you a good idea of your current home valuation.
2) What is your credit score?
Quick and dirty go on one of the recognized sites for credit scores: Experian, Equifax, FICO. Asking for a credit score WILL NOT hurt your credit rating; applying for credit affects your score.
3) What are your financial goals?
This is very personal: are you trying to pay off your mortgage ahead of retirement? Get money out to pay for college? With rates this low, borrowers can sometimes maintain the same monthly payment while reducing the term of the loan.
4) How long do you plan on staying in your house to make it worthwhile to pay for the refinancing?
Bankrate has a calculator so you can calculate the payback period.
5) What are your current loan terms?
Borrowers who have an adjustable rate loan should seriously consider switching to a low fixed rate at this time. The specter of inflation is out there and there is no guarantee the Fed can keep rates low over the long term.
6) Do you have a second mortgage or line of credit?
When refinancing, any secondary mortgages will have to be paid off or combined into a larger primary mortgage loan.
It's Back!!
A grand tradition returns: the New Rochelle Thanksgiving Parade is back marching proudly down North Avenue. Come and join the spectators along the Avenue on Saturday, November 20th. The parade steps off at 10 am from Eastchester Road and North Avenue. It ends at Main Street and Maple Avenue. The parade is sponsored by the New Rochelle Chamber of Commerce and the City of New Rochelle. There will be floats, bands, Girls Scouts, Boy Scouts and, of course, firetrucks and an appearance by Santa. Fire Commissioner Raymond "Doc" Kiernan is the Grand Marshall.
Rye Recreation Turkey Trot
Want to run off some of those Thanksgiving calories? It's not too late to sign up for the 34th annual Turkey Trot sponsored by Rye Recreation. Click on the link for registration information. The races take place starting at 9 am on Friday, November 27th. There are 1 mile, 3.1 mile and 5.2 races. Pets are welcome too! Too stuffed to run? Come cheer on your neighbors!
October Sales Drift Downward
We failed to maintain our previous optimistic levels of real estate sales in the Along the Sound Westchester real estate market. While there seemed to be plenty of home seekers out in September judging by the open houses, October closings usually represent contracts signed in July. Perhaps the exceedingly warm weather this summer took a toll on the home buyers.
|
October/Year |
Single Family Sold Units |
Median Sales Price (000s) |
Square Feet |
Days on Market |
|
2010 |
62 |
$840 |
2760 |
146 |
|
2009 |
74 |
675 |
2284 |
156 |
|
2008 |
59 |
690 |
2135 |
163 |
|
2007 |
78 |
812.5 |
2271 |
154 |
|
2006 |
71 |
815 |
2086 |
141 |
Year-to-date, there have been 880 single family homes sales in Pelham, New Rochelle, Larchmont, Mamaroneck, Rye Neck, Harrison, Rye City, Rye Brook, and Port Chester. The median selling price was $837,500. As of November 7th, 2010, there were 804 houses still on the market Along the Sound. The median asking price of these homes was $889,500. At this time there are also 158 homes that are under contract with a median list price of $749,500. While the number of homes sold is down about 16% from last year, selling price has rebounded significantly (up 24%). And that higher price is buying a larger home: almost 20% larger than last year. ($295/sq ft for 2009 and $304/sq ft for 2010)
What are Home Buyers Bidding On?
Looking at the numbers, sellers must be willing to reduce their home price to bring in offers. This is going to be difficult news for most sellers, but it’s time be realistic. There is almost a full year of inventory on the market. If you are serious about selling and have decided to move, what is holding you back? Could it be lack of a buyer? And what is preventing the buyer from making an offer once he has seen your house, even if it’s only on the internet? The price. Buyers need to believe there is value in your home before they will be interested in making an offer. They literally have hundreds of homes to choose from and if they perceive that you are unrealistic in your price, they will move onto the next seller who is truly ready to sell.
What is in it for the Seller
Hopefully today's seller is tomorrow's buyer and you will also reap the benefit of a "buyer's market." You may not be able to get the price for you rhouse that you could a few years ago, but you will also pay less for your new home. Hopefully that will be of some comfort.
All numbers taken from the Westchester Putnam MLS.
Author Event: The Shack
William Paul Young, best-selling author of the novel, The Shack, is coming to Molly Spillane's on Mamaroneck Avenue on November 10th at 7:30 pm. This novel was a sensation around the world and has been translated into 14 languages. The book was on The New York Times bestseller list for over 70 weeks. It touches on issues of faith, family, and redemption.
Tickets are $12 through theshackbook.eventbrite.com, and at Molly Spillane's. For more information: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Molly Spillane's, 211 Mamaroneck Ave., Mamaroneck, NY; ( 914) 899-3130. www.mollyspillanespub.com.
Shopping for Your Pet
A big part of suburban life is taking care of your family and often that includes family members who have four legs or feathers. Shopping for them just got easier with the opening of the Petco on Boston Post Road in Mamaroneck opposite Trader Joe's. The store has opened in the site of the short-lived Duane Reade drug store.
