CommentaryUncategorized October 9, 2024

When is Assisted Living the Right Move for Seniors?

If I hadn’t gone through this myself with my own mother I doubt I would write about it. I do think that my (and my brothers’) experience is worth sharing for those who are considering this as an option.

First, it is worth noting that getting old is good fortune. Not all people get to live well into their 80s or 90s, and my mom made it to 88.
It’s also worth noting that there are lots of reasons to consider assisted living beyond one’s house being too much for them to manage. But let’s tackle the obvious reasons first.

  • The expense of maintaining a home for a senior who lives alone and is on a fixed income is high no matter where you live, but in places like Westchester County, it can be prohibitive. Assisted living sure isn’t cheap either, but when you add up the maintenance, utilities, upkeep, taxes, and all the other costs associated with a typical single family home, the math may often point to a place that is more of a  one stop shop.
  • The physical strain of a single family home is also a consideration. Stairs. Lawncare. Taking out the garbage. Grocery shopping. Even driving can be a challenge at a certain point where the physical demands of living alone strain the quality of a person’s life.
  • Socialization. Once my mother reached a certain age, day to day living became lonely. She had long since retired. Her circle of friends was shrinking by the year. Her access to church, shopping, and other former backbones of her social life and autonomy became nonexistent save for the driving favors of me and my brothers.

For our family, the physical, mental and financial arrows all pointed to a significant need for change. My mother needed to make new friends. She needed help with her meals. She could no longer drive and couldn’t do as much for herself as she once could. Moreover, we couldn’t stay on top of the things we once took for granted, like making sure she didn’t eat expired perishable food or experience difficulty procuring and taking her prescription medications.

It’s kind of heartbreaking to see a person who was once a dynamic career woman lose her ability to care for herself the way she should. Even bringing my kids to see her was challenging, because her space was no longer toddler-friendly.

It’s also tough for some people to ask for help, especially for basic things like a broken toilet, a leaky faucet, or a new light bulb. There were times when I’d spend the first half hour of a visit addressing those very things- throwing rotten food away, refilling prescriptions, and fixing small household things that she was too bashful to ask for help with.

When the decision was made, my brothers and I all discussed the state of affairs with my mother, and she agreed that the quality of her life would be better if she didn’t have so much on her plate. She had spent winters in Texas with my older brother, but when he passed away we had to sell that house. The agent we dealt with, Tina Bertucci, was excellent. What is done with the primary residence once assisted living becomes the permanent arrangement is where a good real estate agent is worth their weight in gold.

The timeframe and preparation for selling the primary residence is a  big part of where an agent matters. It’s not always easy to clean out decades of possessions and memories from a home, even if a senior has moved out for good. They often feel that they should have a say is how the contents of the house are dispensed with, and deservedly so; that’s their stuff.

For my mother, having her meals taken care of and being around other people with similar interests was a big game changer. She had always been a bit of a pack rat, and we were surprised that for a majority of her things, out of sight was out of mind. She wasn’t nearly as opposed to throwing out, donating, and otherwise removing things she no longer needed. The new reality of never missing a medication, never having to do dishes or drag a big garbage can out to the curb, and dozens of other “little things’ to the rest of us made her later chapters in life better.

For the past 7 years, I have been a Senior Real Estate Specialist, or SRES. The designation did teach me quite a bit, but it was my experience with my mother that makes this more personal than any other professional designation I have. Moving is a big deal for anyone; sunsetting a home and making a lifestyle change for someone in their autumn years is considerably more.

The big question to ask when considering assisted living is fairly simple. Will this improve the quality of life for the person? That doesn’t fully take into account the pain of change, the adjustment or the new challenges. They will always be baked in and there’s no way to sugarcoat that difficulty. But if the day to day quality of life for a person is such that they are unable to truly care for themself and assisted living would improve their day to day quality of life, then it should be explored sooner rather than later.

I think I  speak for legions of other real estate licensees when I say that our involvement in this chapter of someone’s life is something we take very seriously, and we bring with us a significant amount of empathy, compassion, and patience.

BuyingCommentarySelling September 27, 2024

Why Listings that Appear Available Online Actually Aren’t

One of the more frustrating things for consumers to experience when searching for real estate to is to see a desirable property online for sale, send it to their agent to schedule a showing, and then not be able to get in. Sometimes the listing agent doesn’t respond, which is a violation of the rules. But other times the buyer’s agent is told that there is a deal on the home, contracts are about to be signed, and the that the seller has concluded showing the property. Often, it’s still active a week later. Why, you might ask, is it appearing online as active and available when the showings are finished?

In other cases the frustrated buyer has contacted the listing agent directly, only to be told that the agent will happily show them the property.

It’s frustrating for buyer agents also.

Part of the problem is that the contract process in Westchester and surrounding counties is not super compatible with MLS practices. Our local market is quite unique compared to the rest of the country and indeed the rest of New York State.

Here’s what I mean. In virtually every other market, the agents themselves fill out the contract paperwork. Even in upstate New York, the agents execute the contracts and it is contingent on attorney approval and inspection. But both parties sign the c0ntract almost immediately. In those cases, the MLS status is changed to reflect that the home is officially under contract, and the active listing disappears from consumer online searches. The contract is contingent on a home inspection in most cases, but the property is under contract.

But in Westchester, the Hudson Valley, all 5 boroughs of New York City, and Long Island, the contract process is completely different. First, the attorneys, not the agents, promulgate the contracts. Agents do a non-binding memorandum. Before the lawyers will send out the contract, they want the inspections completed. Now, if a buyer and seller have a meeting of the minds on a Monday, the inspection may not be completed for another few days. Often, wrapping up scheduling the inspection and resolving the findings can take 3-4 days even if everyone is on their game. That puts us to Thursday or Friday. Then, the seller’s attorney send the contract to the buyer’s attorney.

It is safe to say the-at the buyer’s attorney seldom agrees with 100% of the verbiage on the proposed contract. There may be some back and forth on wording. But again, let’s suppose that both attorneys agree to the contract verbiage within 48 business hours. This put us to the following Tuesday, or 8 days since the original meeting of the minds. Then, the buyers have to schedule a time to meet with their attorney and go over the contract for signing and to make their deposit. That often takes another day or two, so even in a fast scenario, we are at Thursday. The signed contract and deposit arrive back to the seller’s attorney the following day if we are moving fast, and then another day or two for the seller’s to meet up with their lawyer to sign and have a fully executed contract.

We are now two weeks into the “deal,” and all this time the property has remained in Active Status in the MLS and appears available the entire time. In that time, the buyer could change their mind, or another offer could come in that the seller likes better, and the could switch horses also. Anyone watching the property online would reasonably presume that the home is available.

In some cases, the seller can end showings and by rule their agent should change the status of the listing to TOM or “Temporarily off Market,” but my colleagues aren’t always that proactive. Moreover, contracts could be out and signing could be imminent, but until they are signed, the listing agent could still show the property to anyone who inquires to at least have a backup if the current offer doesn’t perform. It’s not very nice of them to say one thing to a buyer agent and another to a direct consumer inquiry, but it does happen.

But as you can see, the timeframe of local practices in Westchester and the surrounding area are far longer than the rest of the country , and the 2 weeks I outlined is more or less average. I’ve seen instances where it is drawn out for a month or more before contracts are fully executed and the listing status is finally changed.

Do I prefer how we do it locally? I do not. But I don’t have the magic wand to change it either, so all I can do is advise clients about how to expedite matters for their best interests and to prepare them for the timeframe and its foibles.

It does take longer around here, and my job for clients is to move things forward as expeditiously as possible to ensure that their meeting of the minds becomes memorialized contractually.

CommentaryReal Estate Tips September 25, 2024

What is Tax Certiorari in New York State?

September is a big month in property tax circles in New York, and courts throughout the state are receiving “tax certiorari” cases filed in considerable volume.

That term is quite a mouthful (thankfully, my spellcheck recognizes the word), and it’s related to the assessed value of properties for tax purposes. It’s no secret that property taxes in Westchester and the surrounding counties are among the highest in the country. Why that is so is a whole other article, but suffice to say that if a homeowner feel that their assessed value is too high, there is a procedure for getting it corrected.

The simplest way to appeal one’s assessed value is to simply pay a visit to the assessor in your municipality and show them either your record of recent sale or an appraisal. If the assessor agrees, then the assessed value is lowered for the next tax year. It doesn’t always work that simply.

All taxing authorities (towns, villages, cities) have an appeal process, and for most places in Westchester County the deadline to appeal is the third Tuesday of June. Submitting an appraisal is crucial to this process. There is a form for this process, RP-524 if you are keeping score, and it is to be submitted to the town “BAR” or Board of Assessment Review. If the BAR agrees, the assessed value is lowered for the following tax year.

They don’t always agree.

When the administrative route that I’ve described thus far doesn’t get you joy, then the legal route is next, an that is where tax certiorari comes in.  The New York State website has an excellent overview of the entire process. Essentially, the homeowner files for judicial review, or, if you want to simplify it, they hire an attorney to file a specialized lawsuit to appeal the BAR decision. There are attorneys who specialize in this type of work, and one of the values of a good real estate agent is to know which lawyers do this.

In my experience, the best place to start costs nothing: just call your real estate agent and have them do an updated market analysis to see if the market agrees with the assessed value. I’ve never charged for this personally, and as a matter of fact I encourage my clients to contact  me for an updated market valuation annually so they can be better informed. If the market activity indicates that the home may be over assessed, then grieving the taxes makes sense.

Another excellent resource to contact once you’ve had your agent out is my friends at retiredassessor.com. They grieve taxes for a living on behalf of homeowners, and their track record is incredible.

But the administrative grievance process is not 100% bullet proof, and retaining an attorney for the certiorari filing is the next step.

Everyone should pay their fair share of property taxes to keep our society functional and funded. If you feel your taxes are more than your fair share, the first call I’d recommend is your agent to see if you have grounds. Once that is done, they can guide you to the next appeal steps as described.

 

Selling September 18, 2024

Why Should I Have a Sign in My Yard?

It’s no secret that even in a hot market like this one, home sellers want all the stops pulled out by their agent to get their home sold for the most money.

As well they should. Business is business.

One ironic request, however, is when the seller does not want a yard sign. Their rationale is understandable in many cases, as the perception of privacy from nosy neighbors is often mentioned. Moreover, consumers aren’t primarily driving around looking for signs, they are looking online. That’s true- to a degree. I’ve had clients opine that the signs are more for the agent than the home seller, as if it is more of a self promotional vehicle than one to sell the listing. Selling a home successfully is a win/win proposition for client and agent, so I take issue with that more than the others.

Yard signs do work. Let me count the ways.

  • Let’s tackle the privacy from the neighbors first. There’s nothing less private than having 3 photos of your bedroom on the Internet 24/7. And once the agent holds an open house, the neighbors will know.  But the neighbors are also the best source of word of mouth marketing a home seller has. It is considered a best practice to mail the neighborhood about the new listing, because they may know someone who wants to live nearby. You simply can’t have a home listed with a good broker and have it be a secret from select circles of people. In that respect, I recommend to clients to pull that bandage off.
  • Home buyers do drive neighborhoods. They go online first, but they check out the areas in real life all the time. They want to check out the local vibe, ascertain walkability, learn how close the property is to local attractions, and soak in the setting, among many other things.
  • Signs are a huge help in helping consumers and agents alike in actually making sure they are at the right property. Whether they are going to a showing or just doing a curiosity drive by, it matters. I’ve had people tell me that they are passing on a home, and they were at the wrong property. I’ve actually saved a few sales in those situations, and while it isn’t frequent, once is enough.
  • Yard signs are indeed effective marketing. With modern technology, anyone driving by a property can log onto a geo-locational app, which these days is virtually every search website, pull over, and enjoy a virtual tour among many other things. Sometimes that yields that the property is out of their budget or otherwise not for them when they call the agent. But that cuts two ways, as agents can and will direct folks to your listing from other listings with signs.

There are, of course, solid reasons for not having a yard sign. I had a recent client ask me to hold off on the sign because he was out of town and didn’t want to attract attention to anyone seeking vacant houses for less than honorable reasons. That made sense. He declined the sign when he returned, but wisely took my advice when a buyer was slow to sign their contract. I don’t think it was a coincidence that once the sign went up, the contract was signed.

Given that privacy in this day and age is a myth, I strongly recommend that more sellers take advantage of what a yard sign brings. It’s admittedly a very analog instrument in a digital world, but it does open a digital gateway that didn’t exist before mobile phones.

BuyingMarketPimpage September 15, 2024

Here’s What $460,000 Will Buy in South Salem, NY

Ah, north Westchester! The land of horse country, idyllic lake communities, winding roads, and spotty cellular coverage. When you find a home with lake rights that has good mobile phone signal like this one, you know you’ve got something special. Snark about cellular data aside, this 1500 square foot colonial set on nearly a quarter acre does offer quite a package. My clients will now enjoy lake rights on the pristine Lake Kitchawan, enjoy their deck overlooking their level rear yard, and have already begun the remodeling process on their new home.

The house has 3 bedrooms, a walkup attic, two full baths, a fireplace, and a formal dining room off the kitchen. I guess I’m dating myself but it doesn’t seem that long ago that the mid 400s got you a move in condition home, and while this one is quite livable as it is, I am eager to see how my clients’ updates will have transformed the place in another few months.  Many congratulations to our buyer clients, who weathered dozens of showings, 18 offers, and finally scored their home after some significant perseverance.

So, while south of half a million will not have many unicorns, my team will happily help you find your diamond in the rough if that’s your budget. Just call (914) 450-8883 and we’ll help you navigate the challenges buyers face in what is still a significant sellers market.

CommentaryReal Estate Tips August 26, 2024

Why Do I Have to Sign in at an Open House?

For many years, there has been an awkward moment when consumers attending an open house are asked to sign in. It is understandable to not want to become someone’s prospect or lead, and it doesn’t seem necessary to many folks. We see this pushback everywhere: a cashier asks a customer at checkout for their email or phone number, and is told they just want to buy the thing and be on their way. It seems like everywhere we go, we are asked for our information. You can’t even log onto some websites without a popup window offering you a discount if you enter your email handle, and you haven’t even decided if you want anything they sell.

I get it it.
People don’t want to give out their personal information.
They don’t want to be solicited just because they were shopping or browsing.
Stop the madness.

I relate to the headache. I truly do.

But here’s the thing. When a consumer seeks to enter an open house, they aren’t entering a place of business, a store, an office, or even logging onto a website. They are asking to enter someone else’s private residence. 

If a utility worker showed up to your door, they should have an ID badge and some reassurances about your security and their legitimacy, because this is your home. It’s where you live. You might have small children or elderly parents there. You probably have prescription medication. Perhaps you have a C-Pap machine or medical devices. You of course have valuables. And there is the matter of privacy; what’s on the refrigerator? What’s on your kitchen table?

Now, you might say that anyone selling their home should make allowances and adjustments for these things, and you’d be right but it is still their home. They have a right to know who is entering their home and how to contact them afterward for any reason. That’s the social contract of open houses. There are other important reasons for the sign in.

  • Security. The business model of real estate is meeting strangers alone in an empty house. 99.9% of the time the consumer is a good person. But thefts so happen, and so do assaults on agents. The seller and the agent have a right to know who they are dealing with, and open house sign ins do have a deterrent element for people up to no good.
  • Efficiency. When an agent makes an appointment to show a home to a client, they have a service agreement and in all likelihood have vetted them for financing. Not so at open houses, where anyone can walk in- curious neighbors, lookie-loos, and visits from unqualified people who aren’t capable of buying the home.
  • Personal possessions. I’m not talking about theft or damage to the home. I’m referring to the copious list of belongings that open house attendees have left behind. Glasses. Coffee mugs. Notebooks. Ear buds. Keys. Hats. Coats. I still have some awesome headphones someone left behind years ago because-guess what? They left a bogus number on the sign in sheet. I tried for hours to reverse engineer who they were. No joy. They lost headphones and I lost a chunk oy my Sunday night.
  • Accountability. The seller will want to know how many parties attended their event. A sign in log answers that question.
  • Agent follow up. Yes, of course our job is to contact open house attendees after and get their feedback or see if we can help them further. It’s simple to opt out of that if you don’t want to be solicited. But one call, email or text does not shatter your right to quiet enjoyment of your life. You’re attending a work site as well as a private home. Please let us do our job.

It’s pretty simple. If you are committed to being off the grid, attending an open house is not a wise place to go. In the context of how little privacy anyone with an email address or mobile phone truly have in an era of browser cookies and digital footprints, signing in at an open house is pretty benign. The seller and the agent have an absolute right to know who is entering that private residence and how to contact them afterward for any legitimate reason.

So if you attend an open house and bristle at the idea of losing your anonymity, please understand that the agent has a job to do on behalf of the client, and the homeowner expects them to do it.

Market August 5, 2024

Here’s What $800,000 Buys in Somers NY

This was the house that came back; I interviewed with the prior owner who sold it to my clients but we didn’t get the listing. This time we did! It just closed on July 31st for $800,000. Somers is known for its bucolic setting and this property didn’t disappoint, as the nearly 1.5 acre lot backs up to the a forever green preserve, the Somers Land Trust.  The nearly 3500 square foot home has three bedrooms, 4 baths, a finished walkout basement, and a master suite to die for. The road is a no-through traffic street as well.

The MLS description is as follows:

Come see your Mediterranean oasis! This stunning home is nestled alongside the tranquil Somers land trust offering a peaceful and scenic backdrop. A commuters dream less than a mile to major highways and Metro North. This home boasts two (2) oversized suites with unique seating areas and en suite baths. Entertain in the spacious living room with great fireplace while easily flowing into the large kitchen featuring stainless steel appliances, restaurant size refrigerator and freezer, induction cooktop and elegant granite countertops. All exquisite lighting fixtures will remain. A fully finished walkout basement with baseboard heating adds additional space for relaxation and recreation. A running stream right in your backyard along with groomed walking and hiking trails behind the home which abuts state preserved land. Enjoy your huge backyard from early spring through late fall. Star savings = $1,685. Very close proximity to shopping, restaurants and all that the Somers business center offers. An amazing opportunity for a gorgeous home & nature at its best in your backyard.

I honed my video editing as well.

This one is gone, but we can help you find another- just call or message me at (914) 450-8883 and the team will take great care of you!

BuyingMarketSelling July 23, 2024

Here’s What $480,000 Buys in Wappingers Falls, NY

If you feel priced out of Westchester, fear not. Dutchess County, sometimes humorously referred to as “Nextchester,” often has what you need if you are open to living a little farther north. A great example is this renovated raised ranch on a 1.2 acre lot on a cul-de-sac street that we closed on today at 6 Briar Lane in Wappingers Falls. The MLS description paints a great picture:

Renovated by a master craftsman and shows like a gem. 3 bedroom raised ranch on over a level acre and cul de sac street! You’ll enjoy a fantastic lifestyle in a quiet setting with convenient proximity to highways, parks, shopping, and all other local amenities! Brand new kitchen with stainless steel appliances. Good sized bedrooms. Formal dining room which leads to a deck overlooking the green grass of the spacious back yard. Maintenance free vinyl siding. New bathroom with double vanity. Brand new hardwood floors, brand new windows, lots of natural light and great closet storage space. Huge space on lower level with many possible uses, like a home office, media space, family room, and great for entertainment. A true opportunity for a turnkey home at a great price and location.

Like many homes in this market, it attracted multiple bids, sold for more than $20,000 over asking price, and spent a paltry 26 days on the market. Our seller client did a fantastic job with the renovation.

Unlike many homes, it somehow failed to sell with a prior broker despite being marketed at the same price. I was happy to pick up the ball on behalf of my seller client.

This one is gone, but we’ve got more- just call or text 914-450-8883 or email jphilip.faranda@randrealty.com and the team will take great care of you.

 

CommentaryReal Estate Tips July 8, 2024

When and When Not to Set Ultimatums in New York Real Estate Transactions

Contractual deadlines and “by when” dates are baked into industry practices. Listings have expiration dates. Buyer agreements do also. Purchase and sale contracts have mortgage contingency dates, closing dates, and other structures of fulfillment that are terms for principals to abide by. Deadlines are not exclusive to contracts. There is a reasonable amount of time to expect a response to an offer. The seller might set a date and time for all parties to submit their highest and best bids.

Sometimes, especially when you are waiting on a lender and all the red tape that comes with that, deadline dates are not met and extensions need to be executed. Some types of sales, such as short sales and lately assumptions, the wait can feel unreasonably long.

Frustration at the “hurry up and wait” stage of transactions is magnified by the unfamiliarity and stress of the sale. This is not a frequent exchange. Huge amounts of money are changing hands. There are scads of moving parts to manage, and all of them have consequences on where one will live, when they move, and other matters of long term importance.

It is no wonder then, when the stress and tension of the process take their toll, that it seems wise to impose an ultimatum on the other party to perform by a certain date and time or the deal is off. I am not exaggerating when I say that 90% of the time when a client brings this idea up that it is an ill-advised strategy. There are many reasons why ultimatums should only be a last resort.

  1. First and foremost, an ultimatum is almost always perceived as adversarial by the receiver. Transactions have a presumption of good faith. That presumption seems to be disposed of once a hard, extracontractual deadline is imposed, which can taint the proceedings from that moment forward. If other options for expedience exist, they should be explore first.
  2. The source of the delay is not due to the efforts of the principal. They could be waiting on a lender’s underwriter for sign off on a condition they’ve satisfied. They could be waiting for an approval from a loss mitigation or assumption department. Simply put, if red tape from a lender, local government office (like a building department), or a co-op board is the source of a delay, more effort will not speed things up and can in fact cause more delay.
  3. There is a perception filter that consumers often get in the stress of a transaction that, rightly or (more often) wrongly feels like the other side is playing games or stalling from some undisclosed  reason. I’ve often been asked by clients what the other side is trying to pull or some derivation of that question, and the answer more often than not is “nothing.” They have jobs, families, commitments, and other things going on that won’t allow them t drop everything and triage something that the other side wants addressed right this second.
  4. Consumers often aren’t prepared for the worst-case scenario outcome, which would be the other side calling their bluff and terminating the transaction. I’m thankful that this has happened to me very few times in my career, but reporting back to a client that their strategy backfired is not a happy discussion to have. It is of paramount importance that if a client insists on issuing a deadline that they include their attorney in the decision, and that they are prepared for the deal to cancel if the other side fails to comply.

There is one attorney issued ultimatum in New York known as a “Time of the Essence” letter, typically issued when the other side has either satisfied all contingencies and still fails to perform, stops communicating in good faith, or both. Lawyers use this approach sparingly and with great caution. I don’t think that I have brokered more than 10 transactions since 1996 when this was deployed. A good attorney will recognize that the “nuclear option” should only be used when no other viable alternative exists.

One of the triggers for ultimatum requests is insufficient communication from one side. Timely updates, answers to email and text messages, and returned phone calls keep stress, skepticism and doubt at bay. Once communication gets spotty, people start to assume the worst. When that happens, consumers often feel that an ultimatum should be issued. I’ll be the first to agree that poor communication should be addressed, but that doesn’t mean a threat is appropriate.

Due discretion is a must. In short, ultimatums are best used sparingly, when all other options have been exhausted, and, most importantly, when the client involves their attorney and understands that a possible worst case outcome is the termination of the transaction.

MarketPimpage July 6, 2024

Here’s What $2.9 Million Buys in Bedford, NY

If your budget is in the range of $2.895 million, a recent sale by our company can illustrate what that will buy quite clearly. As the MLS description says,

Welcome to the epitome of Bedford living. Meticulously crafted, this estate redefines opulence. Indulge in a serene exclusive haven offering 6 bedrooms, 8 baths and over 9400 plus square ft. set on 4.67 acres. This home boasts a grand foyer w/flowing staircase, LR w/fireplace, gourmet kitchen, butler’s pantry, formal dining room, private library/office w/fireplace, 1st floor ensuite, billiard room w/fireplace, gym, wine tasting room, media room, sauna/steam/shower area and a 3-car garage. The primary suite features a fireplace, custom walk-in closets, high ceilings, ample windows and a Juliet balcony. This estate is the pinnacle of luxury living where every detail has been designed to exceed your expectations.

The home was built in 2005. Congratulations to Carol Court and Jayne Morelock on a successful listing sale. This one is gone, but they can help you find another. Call Carol (914) 557-3287 or Jayne 914-774-9244 and they will take great care of you.

For Agents July 3, 2024

The Care and Feeding of Brokers and Managers, Revisited

13 years ago I wrote a post entitled “How Salespeople Can Prevent Their Broker From Premature Gray Hair.” It was a fun piece on things that licensees do that range from driving their managers crazy to working smarter and not harder. With the evolution of the industry and technology, I’ve decided to update the list. While I’m mindful that this is primarily a consumer-faced platform, consumers should know that we work hard and are always striving to do better. The better we are, the better the consumer experience.

So here goes an updated list on “managing your manager”:

  1. Texting is not for complex questions. The more detailed the scenario, the more important the context of a conversation becomes.
  2. Your manager is not your secretary. If you need a piece of paper, ask the admin. If it’s after hours, maybe plan better. And of course we’ll help in a pinch.
  3. Your manager is also not tech support. We have a fantastic support staff for all things tech and you should have them on speed dial for those matters.
  4. If, after a training session your only feedback is that you tried that long term strategy for 2 weeks once and it didn’t work for you, perhaps consider a career in another industry. If I give you advice and you tell me that you tried that in 2014 once and it didn’t work, you’re focusing on the wrong thing.
  5. If you have to ask whether or not you should tell a client something, the answer is yes; we are obligated to disclose anything that impacts them.
  6. PLEASE refresh yourself on the Code of Ethics. Just because an agent on the other side of a transaction does something you don’t like, it doesn’t mean they are unethical. They don’t advocate for you, and competing interests can be involved. You should be fluent in the code anyway.
  7. There are no stupid questions. Schedule a meeting if necessary, but ask the question.

I think the bottom line here is that my value as a managing broker is far more in the realm of professionalism than administrative assistance.

Community NewsCompany News June 14, 2024

New Yorktown Office is Coming!

First, some backstory: When I joined Howard Hanna Rand, I had been based in Briarcliff Manor for almost 20 years. My company had other office locations in Pelham and Carmel, but I hung my hat near my home. This past December, I was asked to move a bit north and manage the Yorktown and Carmel offices. So far it’s been a wonderful experience. The agents are committed professionals, eager to learn and up their game, and they’ve made me feel warmly welcomed.

One of the plans I inherited was a short relocation to a storefront down the block, and we will be cutting the ribbon on that next month. There were a number of reasons for the move, but one fringe benefit is that we will be next door to the Bagel Emporium and all its delicious goodness.

Yorktown is a wonderful community. The business scene is vibrant, the neighborhoods are almost all idyllic, and it’s got a great proximity to anything you might like in northern Westchester. It’s got a 55 and over community, a newly-refurbished Jefferson Valley Mall, and one of the county’s largest parks at FDR Park.  The town also has farms of many types, including equestrian venues. One of my very favorite things about this place is that Yorktown is the home of Guiding Eyes, the wonderful folks who train seeing eye dogs. I see them walking the fur babies in this neighborhood all the time.

I’ve done business here since opening my doors in 2005, and while my drive to the office is slightly longer (15 minutes! Oh my!), I drive all over the place anyway, and it’s closer to Carmel. I checked my stats and I’ve actually brokered 150 transactions here over the years. I had some input into the layout, and I’m excited that the setup will be optimized for training of the agents, which is a big priority for me. The move to a shiny new location with an upgraded physical plant is a clear commitment to build our brand in this community, and I’m honored to lead the charge.

 

Market June 6, 2024

Here’s What $410,000 Buys in Patterson, NY

The quality of life in Patterson is mighty nice, and I’m sure our clients will agree after closing on this awesome townhouse for $410,000 last week. This 1700+ square foot home was technically listed as a one bedroom, 2.5 bath but it lives like a 3 bedroom with a 2nd quarters on the second level and a terrific 3rd quarters with it’s own full bath en suite in the finished walkout basement. It has a rear deck overlooking nature, a small front porch, and maintenance free siding as well. The complex also has a clubhouse, community pool, and ample parking. Our clients are ecstatic about their new home. If you love Patterson living, let us help you find your next home there by calling me at 914-450-8883. Many thanks to listing agent Stephanie Way of EXP who was a total professional and a pleasure to work with.

Market June 6, 2024

Here’s What $580,000 Will Buy You in Mahopac

$580,000 will go far even in this market, as this 4 bedroom, 3 bath raised ranch demonstrates. Set on a pretty 1.1 acre lot, this 1991 build has a two car garage, a rear deck overlooking the yard, and a wonderful primary suite. The remarks on the MLS said the following:

Contemporary flair in this appealing Raised Ranch on a wooded acre! Super convenient location to train and highways. Main level living room has vaulted ceilings and Skylights, leading to a formal dining room, then a large eat in kitchen with more natural light and sliders to the rear deck overlooking nature’s splendor. 3 good sized bedrooms with master suite that has a shower and generously sized tub. Lower level has a summer kitchen, rec room and additional quarters currently used as a 4th bedroom, and sliders to the patio and yard. Gorgeous rear yard back up to walking and bike path. Wonderful lifestyle at a fantastic price point you do not want to miss!

This one is gone, as we had it under contract in 24 days, but we can help you find one for yourself! Just call me at 914-450-8883 and the team will take great care of you.

Commentary May 20, 2024

NIMBYs and the Damage They do to Communities

NIMBY is an acronym for “not in my back yard.”

It is a pejorative term, and, as I will explain, that is for a good reason. Real estate professionals with any involvement in their community will inevitably get exposure to NIMBYs, and, in my view this should be viewed as an opportunity to show some backbone.

Resisting change is a natural human behavior. Skepticism about proposed additions to the community is not only understandable, but a vital check and balance to progress and the democratic process. Once the process is followed, however, in some instances the opposition to the proposed development or addition dig in their heels. The outcome is in those cases is not the best side of humanity in my experience.

I’ll preface the rest of my thoughts with a few facts:

  1. Communities cannot have leper colonies where anything outside of single family homes with picket fences is forbidden. Healthcare facilities, halfway houses, group homes for the disabled, and related entities are why special use permits and variances exist.
  2. Fear on behalf of children’s safety should never be weaponized. The overwhelming majority of underage abuse victims suffer at the hands of someone they know or are related to.
  3. I am the father of two sons with autism who will never be able to take care of themselves. My brother was hospitalized for a year at age 4. So I have more than my share of experience with people who benefit from some of these facilities.

Some years ago I was asked to speak at a town hall meeting on behalf of a proposed group home for men in recovery from addiction. The facility would require a special use permit, variance, or some other type of approval from the town, and the hearing was to give the public an opportunity to make comments.

There was a vocal opposition to the project. People are entitled to support or oppose matters like this; the issue I witnessed was the lengths some will go to have their opinion dictate the town’s decision. I heard quite a bit of ugliness in that meeting, and when I spoke in support of the project I had a few hecklers ask how much I was being paid to speak. The answer was zero; many real estate agents will steer clear of discussions lie these because taking sides will alienate potential clients in their community. But I felt that I had to speak up, because the data is pretty clear- group homes neither adversely affect property values.

Moreover, the safety concern is also overblown. As I stated above, the vast majority of crimes against children are committed by people they know, not strangers jumping out from behind the hedges.  Of the thousands of child abductions occurring every year in the USA, only a few hundred are committed by strangers.

I wrote recently about another NIMBY situation, that time about the expansion of a children’s hospital. At that time, assertions that property values would plummet were refuted by the fact that values actually doubled, along with a higher sales volume.

NIMBYs are for some agents a touchy subject but not for me. 99% of the time I think they kind of suck. I understand the resistance to change, and a healthy dose of skepticism applied to new projects is healthy. But once the facts are on the table, doubling down on misinformation, baseless assertions, or hijacking the legitimate concerns about the safety of nearby residents and environmental concerns undermines legitimate cases where exploring alternatives should occur.

Recently, an acquaintance expressed to me a concern about the possibility of building a new school in their neighborhood. They said, and with solid evidence backing them up, that the roads were insufficient to service the two nearby schools that were there already. In that instance, I think they had a point. Moreover, their plan was simply to move away if the initiative passed.  That is a far cry from scorching the earth at town planning meetings.

No community can be just cute neighborhoods and a quaint downtown commercial center to the expulsion of other societal needs. Communities needs sewage treatment facilities, school bus parking, recycling plants, public works and garbage trucks, storage for asphalt, salt & sand, hospitals, industrial areas, and yes-affordable/subsidized housing and facilities like group homes and halfway houses for the people who can’t live in picket fence suburbia.

The protests that granting permission for some of these facilities is social engineering seem to miss the point that municipalities that only zone for single family homes on acre lots is in itself a form of social engineering.

Some of the damage caused by the pushback is as follows:

  1. The Streisand Effect: Many prospective home buyers lurk in community social media groups to get the vibe of their possible future home. When this ugliness comes out, it tends to amplify the community in an unattractive way that isn’t truly indicative of the lifestyle there.
  2. When NIMBYs get their way, essential services become hard to get. You may think a medical open door is a magnet for undesirables, but the day you or a loved one has to drive 45 minutes for a service that could have been around the corner, you’ll feel differently. Meanwhile, another town gets the jobs and commerce you could have enjoyed.
  3.  It promotes segregation and de-facto redlining. These services have to be rendered somewhere, and if enough places reject them, we are back to the same problems we faced before equal housing became the law.
  4. The Law of Unintended Consequences. Westchester County has more than its share of communities that appear to be residential utopias, but that comes at a cost beyond mere inconveniences. Among those consequences are children raised in communities where they have no experience knowing people that might look or speak differently than they do. Growing up in an echo chamber is tragic.

I totally understand the resistance to change many have, and I relate to skepticism about new plans for change in a community. But once the facts are presented, all parties need to know that while they are entitled to their own opinions, they are not entitled to their own facts.

 

Home Improvement Real Estate Tips May 17, 2024

Why Homeowners Should Keep Their Agent on Speed Dial

I get an apologetic phone call from clients now and then, and I think its kind of sweet. They don’t want to transact but have a question they know I can answer, and feel like they are imposing. Post sale service is a legitimate thing to me, and I always tell them that their call is a welcome one. Every agent wants to stay top of mind with their past client if they have half a brain, and these “impositions” are anything but.

So if you own a home and you have a question that you think your real estate agent can answer, please don’t ever be shy about asking just because you aren’t calling them to buy or sell right now. It’s more than fine, a good agent will want to help in any way they can.

A few good reasons to call your agent, even if you are years if not decades away from listing your home for sale are as follows:

  1. Getting your home value updated. I’ve said this before, but knowing your home’s estimated value is good for more than putting it on the market. You might want to grieve your property taxes. Knowing your equity position for a line of credit is always a great idea, especially if you are considering home improvements.
  2. Home Improvements Return on Investment. The idea of renovating, expanding, or otherwise improving your property will likely raise your value. Your agent can give you a sense of how much that value potentially is, and weigh it against the time you plan on staying and the expense of the work.
  3. The Golden Rolodex. Over the years I have had savvy clients pick my brain about referrals for non- transaction related services, and with good reason. I know the contractors. I know the lawyers. I know all the good places to eat, shop, and who’s who in the community. I have referred  clients to all kinds of  contractors, estate planning attorneys, auto mechanics, wedding venues, and all sorts of community services from Little League to Meals on Wheels. A good agent always has a guy for that.
  4. Finding other agents outside the market. Smart clients of mine have often asked me if I know a good agent out of state for a friend or relative considering moving. Without exaggerating, I have probably played matchmaker to grateful strangers in at least 30 of the 50 states over the years. I’m in a number of networks outside my own sphere to fill in the gaps but I’m proud of the connections I have facilitated.

There are plenty of other reasons, but I think you get the point. A friend once told me that real estate agents are the welcome wagon of most communities, and I totally agree. You real estate agent is a valuable resource, and you should never hesitate to reach out to them if you think they might be able to shed some light on anything for you.

BuyingPimpage May 10, 2024

i-Movied! 29 Deans Bridge Road Somers Walk Through Video

This was fun to make. I did it for fun on my iPhone, and I used iMovie to edit. You can’t ever go wrong with Mozart either, although this style might match better with Rossini.
29 Deans Bridge Road in Somers is now $849,900. Someone is going to get a wonderful house at this price, and they will be glad they did. There is more information on the property here. It is a 3500 square foot Mediterranean with 3 bedrooms, 4 baths, and a lot with over an acre of land.

Market May 10, 2024

What Does $330,000 Buy in Patterson, NY?

You can still buy a nice 3 bedroom home in Putnam County for under $350,000 like the one our buyer client closed on last week. It is a fully renovated 1100 square foot 3 bedroom, 2 bath bungalow on a level lot with parking for at least 4 cars. The siding, roof, HVAC, walls, kitchen, and baths are all new. It is in the Putnam Lake community, so the property has lake rights- as a matter of fact the water is only about 500 feet from the front door. Putnam Lake (or “Put Lake,” as the locals and agents affectionately refer to it) is a woodsy, sleepy community of tidy homes that tend to be on the smaller side, so it is a great place for starter homes for anyone who likes lake living. There is shopping and food nearby, and the area is served by the Brewster school district.

The house is quite turnkey, and the rear yard is fenced off which is great for anyone who has pets. This one is gone, but my team can help you find one like it. Hit me up by call or text at 914-450-8883 and we will hook you up!

BuyingReal Estate TipsSelling May 10, 2024

Square Footage

Decades ago when I was tending bar, we always knew to avoid any discussion of politics or religion because it was a powder keg. In real estate, that would also include any discussion involving Zillow, dual agency, and square footage.

Ah…square footage.

Where do I start? Broadly stated, residential square footage typically includes finished living space. If we want to get more specific, it is finished  living space at or above grade. A finished basement can be included in square footage if it has a certificate of occupancy, but it is easier to justify including basement area that is above grade, for example a walkout basement with a slope to the rear yard that doesn’t require stairs as part of the egress. Appraisers have a harder line on this than agents, but in general if there is a CO for the finished living area, we include it in the square footage.

Measuring the SF can also result in variations. For example, a builder will measure the area from corner to corner of the structure, whereas some people will measure the interior dimensions of the rooms, which will exclude the area inhabited by walls, closets, stairways, and so forth.

Raised ranches always include the lower level or basement, and because they are so commonplace they are all an apples to apples comparison.

This is important, and I want it to be the final takeaway: the final authority on verifying square footage is always the municipality building department. In other words, when I am doing my due diligence as either a listing agent or buyer agent on a property, I will go the the building department in Ossining, White Plains, Scarsdale, or wherever else the property is and get the property card. Whatever the building department has on record is the official square footage of the home.

Appraisers and agents can field measure a home. Tax assessors often have square footage on record for taxing purposes, but they are NOT where you go to verify square footage, and there are two huge reasons why that is so.

  1. The assessors office may not have the exact same information as the building department. That may be because they didn’t confirm that finished area was legalized, but they tax on it anyway, or
  2. Some assessors only tax on the above ground living area for assessment purposes and exclude legalized, finished area in the basement.

Simply put, you verify the true property tax with the assessor and the correct legal square footage with the building department. It is analogous to going to a dentist for your teeth and a proctologist for your caboose. They will both tell you not to put things in there that don’t belong, but beyond that they have different roles.

The building department will also be where you verify bedroom and bathroom count, the legality of improvements like decks, pools, and finished basement, and all other physical characteristics of the home, even violations filed.

Why am I so fired up about square footage? Well, aside from the aforementioned passions it inspires in industry discussions as it is, I have recently discovered that agents don’t understand this basic underpinning of due diligence. Recently, a transaction died an untimely death because an agent advised her client to verify the square footage themselves with the assessor. Let’s put aside the fact that the agent should be doing this, not their client. The assessor only quoted the person the square footage they assess on, excluding the finished, legal walkout basement that made up more than  600 square feet. Not realizing the rationale for the exclusion, the prospective buyer flipped out and walked from the deal.

The seller was disappointed, but it was really that buyer who lost out, all because their agent didn’t do their job. Just remember this: for all things taxes, it’s the assessor. For square footage, get thee to the building department.

BuyingCommentarySelling April 30, 2024

Escalation Clauses in Offers to Purchase: a Double Edge Sword

Escalation clauses are sometimes included in offers that essentially state that if the offer being presented is outbid by another competing offer that the buyer will raise their number by a set amount over the higher competing bid. Sometimes they are clever due to the confidential nature of closed bids in New York real estate, but they are not the cure all that some agents think they are.

The first escalation offer I can recall was a sale I made in 2012. The house was a rare offering and the market was, at long last, recovering, and the winning bid promised to be $2500 higher than any superior offer. The listing was sold for about $40,000 over asking, and that clause made the difference for the buyer who ended up getting the house. That buyer was paying cash, so it was a particularly strong proposal in the terms category as well as price.

When the market heated up around 2020, escalation clauses became far more common. Not many listing agents understood them well enough to properly convey the message to their seller clients as effectively as they could have, but by 2021 most agents grasped the mechanics.

Unfortunately, some agents know them a little too well.  Yes, escalation clauses are no longer viewed as obscure or a gimmick, but they aren’t always the answer. Here are a few scenarios where they just don’t work the way the presenting agent thinks they will:

  • Multiple escalation clauses. If a property has multiple offers and more than one has an escalation clause, it can create too much noise for the seller. Yes, one escalation clause can promise $10,000 more than the competition whereas others are $2500 or $5,000, but that does not negate other terms. Speaking of other terms…
  • When other terms like down payment are not competitive. If the seller of an $800,000 house has a $825,000 cash offer and a competing offer has an escalation clause of $10,000 over best but their down payment is only 5 or 10%, that bump up may not help because the certainty of a cash buyer is superior to that of a highly leveraged loan contingency. To say nothing of…
  • The house may not appraise. And if the buyer is cash poor, they may want the seller to eat the difference if the appraised value come back low. The lower the down payment, the less punch the escalation clause will pack.

It has gotten to the point where some listings will state that no escalations will be entertained. We recently had a multiple offer situation on a listing where the winning bid was chosen because it had a high down payment and waived the appraisal contingency. An offer with a VA mortgage came in with an escalation clause, but VA mortgages are 100% financing, or 0 down. That might have gotten the seller an additional $5,000, but the risk of going to contract with a buyer with no cash to cover an under appraisal was not palatable for the seller. The buyer agent was unhappy about this, and I do appreciate the uphill battle VA buyers face, but that agent did not have an answer for the possibility of an appraisal problem.

Escalations can indeed make a difference. But they aren’t the panacea that some think they are because of the law of unintended consequences connected to other terms, and agents need to educate their clients that the clause isn’t a magic wand.