October Report 2010
The Angel Team
Westchester
Watching
Westchester-Putnam Multiple Listing Service Releases Third Quarter Sales Report “Our area’s residential real estate market suffered a setback in the third quarter as total closed sales in Westchester County numbered 5.4% fewer that in 2009, and 23.7% fewer in Putnam County. Part of that retrenchment was due to the generally poor economic environment during the late springs months, the period in which marketing activity generated most of the closings that took place in the third quarter. Part, though, could also be attributed to the artificial acceleration of the market into the second quarter, when some consumers advanced for their home purchase plans to beat the June 30 deadline for closings that were eligible for the first time homebuyers tax credit. One of the factors that depressed sales activity in the summer months was that the equity markets behaved erratically and undermined consumer confidence in the economy including the real estate market. The Dow Jones Industrial Average plunged in fits and stars from more than 11,100 in early April to less than 9,750 by July. However, we have since re-‐crossed the 11,000 threshold. Another drag on consumer confidence in our area is the unemployment rate. It has been trending downward ever so slightly and is still quite high at around 6.9%. Still, the direction is right. Last, mortgage interest rates remain at record low levels and show no signs of market-‐ breaking increases. There are more reasons to be optimistic than pessimistic about this area’s economy in general, and real estate specifically. The recovery may be slight, but it is a recovery.” -‐WPMLS 2010 Third Quarter Residential Real Estate Sales Report
Property of the Month
50 Harvard Court | White Plains, NY 5BRs/3.5BTHs $735,000 Beautiful Pre-‐War Dutch Colonial with modern day benefits. Renovated kitchen with stainless steel appliances & breakfast nook. Spacious formal living & dining rooms, plus an unusually large sunroom. Hardwood floors & classic architectural details throughout. Charming finished attic with 2 bedrooms & full bath create private suite for guests or teenagers. Upgrades include new roof, gutters, windows, power generator & entirely new 2-‐car garage (’98) with finished loft for the stay-‐at-‐home professional. Desirable location-‐ walk to worship, shops, restaurants. Short ride to WPRR or walk 1 block to bus route that goes to train. Easy commute to NYC-‐ 35 minutes.
For more information or to schedule a showing, call The Angel Team! 914.437.6141 or 914.263.7168
Real Estate in the News
All information provided by the Keeping Current Matters Real Estate Blog & can be found at http://kcmblog.com. Sign up for their daily postings & keep on top of the market!
Best Time to Buy AND Best Time to Sell? If you know a great real estate professional, you might be questioning them right now. They may tell a friend of yours in the afternoon that this is a great time to buy a home and in the evening tell another friend that they have to lower their price in order to sell their home. Wait a minute. How can it be a great time to buy if prices are falling? Is the real estate agent just saying this to make a sale? Actually, the agent is 100% correct. Perhaps for the first time in American real estate history, you must buy now and you must sell now. How can this be? Because what is important to the buyer is different than what is important to the seller. Let us explain.
MORTGAGE. Rates are artificially low because of government intervention. That will not last forever. The National Association of Realtors (NAR) has projected that rates will rise over the next seven quarters. What will that do to the cost? Here are NAR’s projections and what impact it will have on a $100,000 mortgage:
The most important thing to the seller: PRICE Every seller is most concerned with trying to get the best price possible for their home. In order to do that, they must sell now. Banks repossessed the highest number of foreclosed homes in history last month. These houses will come to market at dramatically discounted prices. This is the main reason analysts are calling for another dip in prices over the next eighteen months. The best advice a seller can receive is to sell their home now before these foreclosures come to market. The most important thing to the buyer: COST Price plays a part in the buyer’s decision. However, the most important thing to most buyers is the cost – the mortgage payment they must pay every month. That payment is determined by the price of the home AND THE INTEREST RATE ON THE
As we can see, the interest rate has a major impact on the COST of the home. Even if prices continue to fall, the cost may not go down if interest increases. Bottom Line Your real estate agent is trying to give the best advice they can to every family they work with -‐ even if that advice seems counter intuitive.
The Best Real Estate Graph of the Year?
What does this mean to you? For more info, visit
MacroMarkets is a company founded by Professor Robert Shiller of Case-‐Shiller fame. The company has assembled a distinguished panel of over 1000 economists, investment strategists, and housing market analysts who survey every month regarding the experts’ 5-‐year expectations for future home prices in the United States. KCM decided to graph this on a timeline so you can see how the ‘experts” believe the market will perform. To the left is a graph of the mean, cumulative home prices that the experts expect over the next five years.
http://kcmblog.com/2010/08/13/the-‐best-‐real-‐estate-‐graph-‐of-‐the-‐year/
Spotlight on: White Plains Current Market Stats
Single Family Actives: 138 In Contract: 15 Pending: 4 Solds(Oct.): 13 Solds(6mos): 120
Condos Actives: 131 In Contract: 14 Pending: 12 Solds(Oct.): 7 Solds(6mos): 73
Co-‐ops Actives: 194 In Contract: 19 Pending: 4 Solds(Oct.): 10 Solds(6mos): 64
Local Lore
Q. How did the “Gedney Farms” area come to be? A. “Gedney Farms in White Plains now a residential area was founded in 1740 by John Gedney, who bought 116 acres from William Marsh for 400 pounds. By the time of the Civil War, when Bartholomew Gedney was in possession, it was one of the most productive farms in Westchester and the farmhouse on Ridgeway was one of the fines in the county. James, son of Eleazer, who was born in Mamaroneck in 1702, was another land buyer, acquiring Daniel Horton's 60 acres in White Plains and in 1739 buying up 102 acres of the Budd land in Bud's Neck, Rye Neck of today. Hidden within the modern additions of the house on the Boston Post Road, next to the Nicholls' garage at Barry Avenue is the Gedney homestead which John Built. From this house to Halstead Avenue in Mamaroneck runs a row of giant walnut trees that once lined the farm lane which led to the White Plains Road. Here Gedneys lived until a few years ago. When John bought his big farm the land across the way was owned by the Jay family.Like other families of those days, the issue of loyalty to England was an important one, and in many cases brother took side against brother. Isaac Gedney, who owned a farm in Mamaroneck harbor near the bridge, was arrested for criticism of the Provisional Congress but released because he had a large family of children who needed him at home.” -‐ Courtesy of The Van Tassel Family History Homepage
$$ Best Buy $$
The Green Corner “Green is the new Gold.” -‐ KW Research, 10/2010 A recent Keller Williams Research survey reveals the green features that matter most to buyers. Green homes sell faster and command a higher price than traditional construction, and the demand for green homes is climbing quickly. According to a survey conducted recently by KW Research, nine out of 10 agents indicated that green homes have a higher market value than similar homes without green features. So just what green features have the highest appeal among buyers? A double-‐pane or low-‐e window tops the following list of 17 features that fall within the category of “green.” Green features that buyers were looking for in their home search in the past 12 months: Double-‐pane or low-‐e windows Energy-‐efficient appliances Insulation Heating/cooling/climate control Solar panels or solar powered Non-‐specific energy efficient/desire to keep bills low Tankless or other high-‐efficiency water heater Water conservation (rain barrels, low flow toilets) Low-‐ or no-‐VOC paint Energy efficient and/or sustainable roofing materials Tech shield/radiant barriers Bamboo Flooring Energy efficient lighting Air quality/allergies/asthma Fans Landscaping A home that is “off the grid”
39.1% 36.8% 25.7% 25.5% 22.4% 15.1% 14.8% 9.7% 7.9% 5.9% 4.8% 4.3% 3.9% 3.0% 1.8% 1.0% 0.5%
Situated on a quiet road in White Plains, 58 Woodcrest represents unparalleled value in today’s market. Boasting over 3200 square feet of easy living, this home is ideal for the savvy buyer, listed at just under $184 per square foot. The sought-‐after floorplan is one that appeals to many, with large formal spaces, a huge eat-‐in kitchen with adjacent laundry room, sunken family room with fireplace & gracious master suite with full bath, dressing area & multiple closets. Enjoy time outdoors relaxing and playing on the level backyard or barbecuing with friends and family on the deck. Centrally located, just minutes from downtown White Plains, schools, shops, dining and train station, offering 35 minute express service to NYC.
58 Woodcrest Avenue | White Plains, NY $599,000
For more information or to schedule a showing, call The Angel Team!
Guess the sale price!
This is a contest to see who can guess what this home will sell for! This gorgeous Gedney Farms Colonial in White Plains was designed by renowned Westchester architect Phillips Brooks Nichols and features 5 bedrooms and 4 baths, with over 3400 square feet of living space. Timeless, original details throughout make this home stand out-‐ hardwood floors, fireplace, crown molding, etc. Charming kitchen with breakfast nook and butlers pantry. Situated on over half an acre, there is plenty of room for a pool or tennis court. Email Gerry at gerryangel@kw.com with your guess. The person who comes closest without going over will win a $5 Starbucks Gift Card!
Eye on Luxury...
Currently listed at $2.5 million, this home is currently the priciest property in White Plains. Taking a step back in time, this 1920s Gedney Farms Georgian is a true example of Westchester history. Renovated throughout, this 6892 square foot home blends classic details with modern convenience. High ceilings, hardwood floors, and 5 mantled fireplaces grace this 7 bedroom, 6 bath estate. An additional profession suite with separate entrance provides a fabulous work-‐at-‐ home option. With over half an acre of land, the possibilities for a pool or new garage are endless. Please feel free to pass this Newsletter along to anyone The Angel Team you think would be interested. Better yet, have them ask Keller Williams NY Realty me to be added to the list and have them mention your 120 Bloomingdale Road name and I will send you a $5.00 Starbucks gift card. Suite 101 If you do not wish to receive this report, please reply with White Plains, New York 10605 O: 914.437.6141 “Unsubscribe” in the subject line. C: 914.263.7168 If you are interested in seeing any of the properties F: 914.437.6199 mentioned in this Newsletter, or if you think you know gerryangel@kw.com someone who would be interested in living in this area, gerryyourrealestateangel.com please call me. I would be happy to set up a consultation at your convenience. I cover all of Westchester County and parts of Southern Putnam. Please note: according to new regulations of the Westchester County Board of Realtors, brokers and agents are not permitted to mention actual addresses of sold or listed properties in their promotional activities unless it is listed by their office. I can, however, provide you with complete information if you request it.