The numbers are in for September real estate closings in the Ossining School district, and they show a significant improvement over the prior September. All information is for single family homes and is sourced by the Empire Access MLS, a wholly owned subsidiary of the Westchester Putnam Association of Realtors. 

In September 2011, 17 single family homes sold at a median sale price of $395,000. 

In the same period last year, 9 single family homes sold at a median sale price of $345,000. 

That is almost a 90% jump in transaction totals and a 14% rise in median sale price. It is also the best September transaction total enjoyed by the Ossining market since 2006. Median price is still down almost 20% off the peak of 2005, however, and we are a long way from a full recovery off the high water marks of the last decade. 

There are currently 19 homes under contract with a buyer at this point in time, at a median list price of $429,500. This is a good sign that the trend of improvement is contunuing into the Autumn market. 

136 homes remain on the market as active and available at a similar median list price of $425,000. Buyers still have ample choices from the available inventory, and the asking prices are not far from those that are making it to the closing table. 

As a broker, my interpretation of the data is that the sellers are adapting to the new reality of lower prices. If the median asking price were higher, perhaps $475,000, we would likely have far fewer homes under contract, and of course fewer closings. So long as home sellers continue to price their homes to reflect the sensiblities of the buying public, we are likely to see an organic, sustainable recovery going forward. 

Prior posts on Ossining.

Find a home in Ossining with the Listingbook Home Search!

Redfin has laid their Scouting Report program to rest after less than a week. CEO Glenn Kelman posted a poignant announcement today on why he pulled the plug on the program, and among his statements, which I agree with, was the following: 

But I still think the folks most violently opposed to Scouting Report didn’t hate it because it was wrong but because it was right. 

I was not among those who was opposed to scouting reports philosophically. I just wanted reliable data. Because I belong to multiple MLS systems, my own report was incomplete, and this presented a problem for me. Of the 40+ deals that I brokered in the past 12 months, Redfin’s report had only 2. I felt forced to post my own report just a day ago: Redfin Can’t Get my Full Scouting Report Right. So I’ll Give it to You Here.

We can argue all we want about whether or not a broker has the right to publish the production of another brokerage’s sales data. What we as licensees need to understand, and I have said this before, is that this was a long time coming, and it will not go away. With information technology progressing, consumers will soon know who did what where and when, and for how much. Why shouldn’t they? It would certainly weed out the obfuscators who mislead consumers with false claims about their production, which, in my view, is a collosal problem today. 

Unfortunately, the program was poorly executed. No broker can expect an IDX feed meant for a consumer home search to tell them, for example, when an agent with both sides of a transaction was a dual agent, or that 120 days on market in one MLS is worse than 90 days on market in another, when one counts days under contract and one doesn’t. Someone else is bound to pick up the ball. 

But at the end of the day, whoever does this has to get the data right, period. If you can’t, don’t do it. I learned a long time ago that the best thing a brokerage-any brokerage- can do is play its position. In 2007 I elected to never originate a loan again because the industry had changed too much for me to add value. And Redfin should stick to being a kickass home search site that gives consumers an option they didn’t have before. 

If Redfin is truly the *answer” to the real estate industry they claim is broken, then their model will gain traction and grow organically. My company never grew because I antagonized the competition. It grew because I worked hard and did the right thing. Redfin will grow or not depending on how well they broker real estate. 

Redfin is now offering scouting reports (“Complete performance metrics”) on 1 million real estate agents! This is causing quite a kerfuffle in the real estate world, but I have to say that I don’t mind my numbers being published by Redfin or anyone else. 

That is, so long as they are accurate. If you click on my scouting report, it is missing over 90% of my data, and a curious regular guy who searches for me will not find a top-10 producer in Westchester, but rather two lonely transactions in Queens and Nassau county. They’ll also see a banner ad for two Redfin agents, with curiously higher sales figures right next to their names, and a statement on the bottom of the page that says the following: 

So, a regular guy will conclude that my transactions for the MLS of Long Island (MLSLI) and my local Empire Access MLS (EAMLS, highlighted) are included, and that I have sold 2 houses in the last 12 months. That sure makes the Redfin agents in the banner ad look far better than I look. 

NOW…IF that regular guy were to log in to Redfin (I am not sure how many people register and log in every time), he’d see another disclaimer saying the following: 

This scouting report is missing some data.

IF you log in, you’ll see that. If you don’t, you’ll conclude from the first disclaimer that the statistics have my EAMLS sales. It does not. 

So, I’ll publish my EAMLS data right here, with my sales and rental statistics for the last 12 months. Here it is:

That paints a different picture, doesn’t it? I think that’s more than two sales. My broker code is JPHILI. My agent ID is 15689. Even this data is not complete, as several of the transactions only credit me with 50% of the dollar volume because I co-listed or co-sold the property with one of my company’s agents. For example, on the last transaction, 28 Waterview Drive, the actual sale price was $741,000. EAMLS credits me with half the dollar volume because Leslie Miller was my co-listing agent.  On 178 North Regent a few rows up, the sale was actually $375,000, and I co-sold the house with Stephanie Solano, also known as agent 26482.

This also does not include sales I made that were not on EAMLS that I sold in other MLS systems. If you were to account for the full dollar volume and deals outside the EAMLS, the dollar volume is probably closer to $15,000,000 and another half dozen transactions. I am no stranger to high dollar, 7 figure transactions, and I proudly broker rentals. I am all about putting a roof over your head regardless of your checking account balance. So are my 20+ agents. 

On at least 4 transactions, I am both the listing and selling/renting agent, but in none of those deals was I a dual agent, as Redfin’s metrics would claim. This is important to clarify. Redfin doesn’t have access to my confidential files, and even though they say they can report deals where I was supposedly a dual agent, they can’t unless they saw my files and signed agency disclosures. They have not. 

If Redfin wants to publish my data, I have no issue with that whatsoever. Like they like to say all the time, I am all for transparency. However, if they are going to publish the data, they ought to get it right, and it might even be wise to hold off on ill-advised tweets like CEO Glenn Kelman’s “Live by the sword, die by the sword” line from September 29 until they can publish credible data. That goes for dual agency as well. I have met Glenn and like him, but he’s wrong here. 

So there you have it. Redfin says they have my data, but they don’t. But I’ll give it to you anyway, because I have nothing to hide, and I stand by my numbers. 

The September edition of Real Estate In Depth, the official publication of the Westchester Putnam Association of Realtors, has an announcement that WPAR is in discussions with neighboring organizations on the possibility of a merger. The other associations are the Rockland County Board of Realtors and the Orange County Association of Realtors, and the idea also includes the WPAR-owned Empire Access MLS and the OCAR-owned Greater Hudson Valley MLS. A work group of the five entities has met a number of times to discuss how the possible merger might be achieved, what the advantages would be, and what potential issues might have to be addressed. As Vice President of the EAMLS, I am in that work group.

Given the economy and the recent trend of mergers of other associations around the country, there are some considerable advantages to a merger. For me, the eventual consolidation of the MLS systems is a big one, and one that I made a call for in the past. I have always worked both sides of the Hudson and belong to both MLS systems, and I have long wished that there would be just one MLS serving the region instead of the current fragmented (and expensive) arrangement. The MLS consolidation would not be instantaneous and would likely take effect a year or two after the merger of the Realtor associations, but the light at the end of the tunnel is encouraging. 

There are other advantages. smaller associations have fixed overhead and fewer resources to support their members. The idea of a strong 9000+ member association with a streamlined infrastructure and single set of overhead considerations is an attactive one. 

Of course, like any “marriage,” there are also questions that need answers. Three sets of governance, a new name, lockbox systems, the eventual MLS mergers and other necessary changes mean growing pains and possibly tough decisions. No binding decision has been made yet.

Is it a good idea? I think so– a great idea as a matter of fact. Membership will have to decide, but I can say with some confidence that with what I have seen thus far, this is a very good idea whose time has come. 

Realtor associations often say that they are the “voice of real estate” for their areas. This consolidation and pooling of strengths and resources will give our trade organization a voice that is stronger and more unified. That is good for members, and ultimately good for the public we serve. 

Stay tuned. 

Milky Way
        Earth                                                                               
             USA                                                                        
                 New York                                                     
                      Westchester                                      
                               Briacliff Manor
                                          Chilmark
                                                The Faranda House

Seoul, Korea, to Rego Park, Queens, to Ossining, NY to Briarcliff

Ossining to 7 other places in 4 other states to Ossining again to Briarcliff

10 years, 4 kids, one moderately sovent business, a dog, and a million bajillion gajillion dollars in debt later, we still smile. 

“Staging for the Average Homeowner” will be the theme for Marie Graham‘s workshop to be held Thursday, October 6th at 7pm at the John C Hart Memorial Library in Shrub Oak. The event will cover many of the more important underpinnings of home staging and how it can aid in the sale of the home, one of which is teaching you to see the home through the eyes of the buyer. 

Marie is the stager I use for my listings. She is ASP certified, and her work is nothing short of phenomenal. She can work with any home I bring her into and she is excellent with clients, many of whom have some stress and anxiety on changing anything in their home. When a stager makes your job easier as a broker, she is worth her weight in gold. Marie is 24 karat- I firmly believe that she is among the best home stagers in Westchester County. 

In addition to having a front row seat for her staging masterpieces in my own listings, I have attended her workshops before and they are very valuable for anyone who is selling or buying for that matter. The subject matter is well presented, myths are broken down, and the fundamentals are laid out in a very understandable way. 

I believe the right stager can make a huge difference in the sale and marketing of a home. Not all stagers are equal, so if you have an interest in learning more from an excellent professional, I strongly encourage you to attend the event. 

The Hart Memorial Library is located at 1130 E Main Street, Shrub Oak, NY 10588. It is just off the Taconic, and is within a half hour of Connecticut and southern Dutchess. It begins at 7pm. 

Recognizing that not all markets are the same and that we as brokers have an obligation to disclose material facts, my thoughts are centered on practices here in my home market of Westchester and the Hudson Valley. Simply put, I am not sure that marketing listings that are short sales as short sales first and foremost is the best approach. I have actually stopped the practice almost entirely, especially in cases where the home is still occupied. 

Our MLS has a Yes/No option for the disclosure of a short sale. We can say that the sale is subject to 3rd party approval. I think this suffices for disclosure. Most of my short payoff listings are the same as regular sales- owner occupied, cared for, warm and well-presented. Some have been downright upscale. I have found through experience that the more homey, attactive elements these homes have in common with equity sales is the best way to market them.

Phrases like short sale bargain, short sale opportunity, and in my opinion the worst, pre-foreclosure, all over the marketing can be counterproductive. There are several trends I have identified. 

• I get inundated by inquiries from these people who are “short sale investors.” 
• They attract more lowball offers from bargain hunters, bottom feeders and speculators.
• The buyers and buyer agents treat them more like REOs, with less notice for showings and, in some cases, insensitivity to the owner occupants. 
• Plastering “short sale” all over my listings began to brand me at one time as a less attractive option for prospective sellers who weren’t short sales and didn’t want to be lumped in with them. 

 

One of the somewhat unique things about Westchester County, especially south Westchester, is that it was almost completely developed after the 2nd World War. What this means is that there are very few newer homes, and the inventory that we have is older, often much older, than a typical home in other communities around the USA. The home I am living in now was built in 1962. A home I spent a chunk of my childhood in was built in 1890. We have terms here like “pre war” and “turn of the (20th) century” that describe some neighborhoods. 

This means that things wear out. Roofs need to be replaced, Plumbing needs to be upgraded, Electricity needs to be modernized, windows have to be replaced, and on it goes. Older homes, like older bodies, require more maintenance. 

The other side of matters is that Westchester is one of the highest cost places to live you can find. My own property taxes are over $16,000. The median price of a home is $635,000. 

When you mix “old” and “expensive” and a you aren’t talking about wine, then the purchase of the real estate requires due diligence. You have to do your homework, and you have to get a home inspection. A decent home inspection can be done for as little as $400. But the value of the $400 investment is priceless. It is more than a means of discovering possible defects and problems, it gives the purchaser peace of mind and serves as an instruction manual for home ownership. 

You just do it. To skip an inspection, or to rely on your friend the contractor to walk through and size it up is the ultimate in being penny wise and pound foolish. It can help you avoid a far more expensive mistake, and has almost always saved money for the buyer in my experience. Unless you know going in it is a gut renovation and nothing will be left after the work, you get the home inspected. It is the largest purchase of your life. Have a professional check it out before you go forward. 

Discovering Westchester County is like peeling an onion-anyone that views “the 914” as an amalgam of bedroom communities slumbering while all the action takes place south of us in Manhattan is missing out. For the last 37 years, Broadway has had an outpost right in Elmsford at the Westchester Broadway Theatre. Just last night, Ann and I celebrated our 10 anniversary at a fantastic performance of My Fair Lady starring Jennifer Babiak and Tom Galantich with a great ensemble cast. 

We love the arts. Ann is a Stuyvesant alum and plays three instruments, and I have it on good authority that my mention of Audrey Hepburn and Julie Andrews on our first date got me my second date. Before we got all tangled up in children and work we saw our share of shows, and as a matter of fact our first reception dance was from Rent. So, driving 10 minutes and parking for free to see an awesome musical with a great dinner is quite a luxury. 

The Westchester Broadway Theatre has been around for 37 years. It was originally called An Evening Dinner Theatre, and when I was younger my parents took me there twice (Fiddler on the Roof and South Pacific). In 1991, it became the Westchester Broadway Theatre, and for the better part of the last 4 decades it has been a source for more great productions that I could list- Evita, Chicago, 42nd Street, and dozens more. 

We had a wonderful experience last night. They start with a cocktail hour, dinner, and then the show. The place seats under 400, so it is intimate. We were in the 2nd row, with the stage centered with seats on three sides stadia style, so we could see the veins in their neck at the high notes. There is really nothing like a live performance, and this cast really brought it. You get chills.

Jennifer Babiak, a Long Island girl, was Eliza Doolittle and she was powerful. It is a tough role following Julie Andrews, Marni Nixon and Audrey Hepburn, but she was a good girl, she was! Just the right mix of vulnerability, passion, and what a voice. Tom Galantich, himself a Brooklyn product, was wonderful as Henry Higgins as well. It didn’t stop there, and if you are in the sound of my voice you should pick a date in October and enjoy yourself. 

10 minutes after we left the parking lot, we were home. As much as we love Manhattan, it is so nice that we have something so high caliber that is local for our own. The WBT is one of the great things about Westchester County, and as I have said many times, we feel blessed to live, work and raise our family here.

Put down roots here already!