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.

 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.