What can you get in Ossining for $741,000? 

If you acted fast, you could have gotten a gorgeous 2002-built colonial in Waterview Estates. Here’s what it had under the hood: a level half acre lot backing up to wilderness (General Electric-owned reservoir), exquisite landscaping, a lawn sprinkler system, a wrap around porch and a 2-car garage to start, and we havn’t even walked inside. 

Inside: 3600 square feet of living space, 4500 if you included the walkout finished basement. 5 bedrooms, 4.5 baths, with a master suite to die for; a granite and stainless steel gourmet kitchen with an island; a family room with a classic wood burning fireplace and sliding doors to the rear deck; lots of architectural detail and contractor-owner upgrades; plenty of massive walk in closets; cathedral ceilings with skylights; gleaming hardwood floors on the main level, including the formal living rom and den; high end carpeting in all bedrooms upstairs and in the finished basement rec room – get the picture? 

Now for a little bragging:

We listed this home on May 13, 2011, got an accepted offer in June, went under contract in July, and closed on September 9. 91 days total start to finish, less than half that before an accepted offer. It is the highest price for a home in this subdivision since 2009. Selling a home this fast for 99% of asking doesn’t happen by accident in this market. You have to know what you are doing, and you have to execute. 

If you’d like a home like this, get yourself a free Listingbook account and find another home right here or a nearby community with our easy home finding application that lets you search the MLS like an agent.  

Earlier this year, I wrote a piece on how the 2011 market was starting out far slower than the same period in 2010. I qualified the statement with the prediction that 2011 might surpass 2010 later in the year, as early 2010 results were skewed by the stimulus. 

Here’s how we are doing thus far: 

From January 1 2011 through August 31 2011, 2655 single family home has sold at a median price of $635,000. 

From January 1, 2010 through August 31 2010, 2832 single family homes have sold at a median price of $648,000. 

We are down 177 sales from the same period last year at a $13,000 lower median price. At the end of June, we were down 248 sales.

I believe we are catching up. Will 2011 surpass 2010 at this pace? It will be a close call. We have 4 months to make up roughly 45 sales per month. 

According to the Empire Access Multiple Listing Service, which is the source of all my data, 732 homes are currently under contract with a buyer as I write this, at a median list price of $535,000. Prices are certainly down from last year. If we can get a high precentage of the pending pipeline to close, I like our chances to best 2010 volume. The wild card is short sales, which are anything but short in timeframe. 

Stay tuned! 

Want to jump in? Get yourself a free Listingbook account and search for a Westchester home like an agent. 

Labor Day is past us and school has begun. So I’ll rub it in a little and show you a cool photo essay of Rye Playland, Westchester County’s revered amusement park and home of a million happy memories. 

As the sign says, Playland has been open since 1928. It is the only county-run amusement park in the USA, and it is in Rye, New York right on the Long Island Sound. Due to its age and layout, there is a distinctive old-time carnival theme to the place, with a central promenade lined by food and games, with rides and attractions fanning out throughout the park. In the center at the end of the promenade is a stage for performances, and on the other end is a beach and ice casino, where the New York Rangers have their practice facility. 

Playland Lake is a manmade lake where you can take boat rides or rent a paddle boat. You can’t swim in it, but the beach at the end of the park is there if you you want to get wet. 

The Dragon Coaster is a landmark, and one of the few wooden roller coasters in existence. It was conceived as a rival to the Coney Island Roller Coaster, the Cyclone. 

The Gondola Wheel is not for people with Vertigo. You are over the tree tops and at the apex you can see Long Island. I would eat *after* this, not before, but that’s just me. 

Another New York institution, Nathan’s Hotdogs. I love the “WC” on the building facade, which of course stands for Westchester County. Of course, local favorite Carvel Ice Cream is also close by. 

Plyaland has a tremendous amount of arcades, kiddie rides, water rides, and places to sit and relax. Of course, traditional rides like bumper cars are all there also. It is very clean, and the layout is easy to follow. We went there in August and paid about $25 each for all day passes. It was well worth it and the kids had a blast. 

Playland is a very special place, and it is one of the things that makes Westchester County one of the very best places in the world to live. I love that I am fortunate enough to work and raise my family here. 

You should be here too! Get a free Listingbook account and find a home driving distance from Playland and you’ll know what I mean. 

A few months ago, fellow blogger Susan Mangigian referred me to a high powered business woman who was looking to get into real estate. So, on a rainy April afternoon at Coffee Labs in Tarrytown, I had a nice discussion with Barbara Bartell about career in brokerage. It has been a circuitous route, but this afternoon Barbara officially joined our firm and we couldn’t be happier to have her. 

Barbara has run her own company in the Human Resource industry since the 90’s. I have great respect for that, as I run my own firm as well. She understands relationships. She understands what it takes to develop and listen to the client. She gets follow up and professionalism. Those things are all crucial to this business, and you can’t teach them-you have it or you don’t. Beyond that she has a voracious intellectual curiosity to absorb the best practices of this business and build her practice up. 

A resident of Hartsdale and familiar with White Plains, Scarsdale, Mamaroneck and the surrounding areas, Barbara will ber serving central and southern Westchester county. We’ll work closely together, but make no bones about it, she is no novice, having bought or sold a home NINE times. If that doesn’t give you empathy with the client, what will? We look forward to helping Barbara develop another empire with lots of happy clients. 

To contact Barbara, send an email to barbara@jphilip.com or call (914) 523-5087

Ann and I have just put the four children to bed that we brought into the world after Osama bin Laden tried to ruin it. Watching the news recaps, tributes, and the name ceremony a short drive south today was painful for us, not because because we lost anyone (our loved ones were, fortunately, all spared), but because of the abject terror of that day 10 years ago. We were in Manhattan that morning. 

Our wedding was scheduled for September 29, 2001. Ann’s parents were on a plane due that afternoon from Korea. And on our short drive from her apartment to her office on the upper east side, we could see the north tower billowing thick black smoke in the distance, like a big cigar sticking up. By the time we parked and went upstairs to her office, everyone was watching TV. We saw the 2nd plane hit the south tower, live on TV, a cab ride away. The shock of the event, the malfeasance and planning that had obviously gone into the operation, was chilling. News reports were alarming- other planes were hijacked- the Pentagon was hit- the port authority was closing the bridges and tunnels-and soon, we would not be able to leave Manhattan. Ann wanted to remain at her office in case her parents needed to reach her. I couldn’t see us separating. We English majors are too familiar with irony to let that happen. 

With the disaster so close, the news of war trickling in and the unknown hanging over our heads like the sword of Damacles, I appreciated, for the first time, what my father must have gone through when he served in the 2nd World War and Korea. What would they hit next? The subways? The water? I put Ann back in the car and we went downstairs. In the lobby, we saw the south tower fall on TV. 

We crossed the 3rd Avenue Bridge into the Bronx and started home to my mother’s house in Ossining. I specifically chose that bridge because it wasn’t a Port Authority crossing, and wouldn’t be closed. There were no cars on the road as I drove home. I felt like I was in an apocolyptic movie. But it was real, and it was absolutely terrifying because it was in our midst. And we didn’t know what would happen next. I felt certain that they would sabotage the trains. They seemed more vulnerable than planes. 

The stories we heard on the phone with friends were not TV network news. People were jumping from the towers with flaming clothes. They jumped in groups. My brother lost a client who was trapped above the impact whose last call to his wife was that the floor was getting very hot. He was never found. And after the towers fell, you could see the cloud for miles while sirens blared in the distance. Ann’s aunt in Chinatown, a few blocks from what was already being called “Ground Zero,” was unreachable because the phone infrastructure was severed. And there were a bunch of channels on my mother’s TV showing a test pattern.  I will never forget the fear we felt, the metallic, cold terror of what the next moment would bring, and the great effort to get my mind around such an unthinkable tragedy a brisk walk away.  

All loved ones were accounted for by the end of the week. My in laws stayed in a high school gym in Minnesota after they were grounded. Ann’s aunt was fine. We were all OK physically. It took all we had to resume our plans and not let evil deter us from our lives. I could go on for pages, but we got home safe, and we got married 18 days later. On July 16, 2002, Luke was born. He was the first of 4 candles we lit against that backdrop of darkness. Ann has said that if we met at 23 and not 33 that we’d have 4 more. 

Ann worked through her pregnancy at her job in Manhattan, and I drove her every day. She never rode a train again. Once we were parents, we sought to live and work in Westchester. The rest is history. 

From 1996 through 2000, I sold real estate in Rochester, New York. I learned the business in a way very similar to the way real estate deals are put together in most other parts of the country. Here’s the typical chronology:

1. The buyer makes an offer in writing on a boiler plate form jointly approved by the local Bar Association and the Association of REALTORS. When countersigned by the seller, that offer then becomes the purchase and sale contract. 
2. The contract is contingent on attorney approval, home inspection, and mortgage within specified time frames. 
3. Once the attorneys approve the contract and inspection issues are settled, the remaining contingency is the buyer’s mortgage. 

Bidding wars are relatively rare in Westchester County except in those cases where the house is very special. Multiple offers are not uncommon, but having more than one offer does not mean the price necessarily gets bid up. Sometimes, when  we ask buyers for their best and highest, it can backfire and the competing offer walks, not desiring to go higher in price when there are so many other options out there. Sometimes, a buyer will get caught in the heat of competition and make an offer far higher than they are truly comfortable with. They later get buyer’s remorse, and that’s when things get messy. 

Upon occasion, we recieve a “contingent” offer on a listing. Most offers have contingencies, such as mortgage and inspection. But in Westchester and New York, a “contingent offer” is one where the buyer still needs to sell their own house (in nearby Fairfield County, CT it is known as a “Hubbard Clause”). Most of the time, our client wants nothing to do with waiting for another home to sell in order for them to sell their own. But what really makes the arrangement untenable is when the rest of the terms of the offer give us no reason to even consider the deal, even if the buyer’s home is quite salable. 

When negotiating, win/win works best. If something about your offer is less attractive, you have to compensate somehow by adding something that is attractive. In other words, if you want the seller to take their home off the market (and wait for your home to sell risking that it won’t and they’ll lose 60-90 days on market), you can’t expect them to embrace a low number. What’s in it for them? Why wouldn’t they just keep their home on the market and wait for a higher offer? 

Price and terms. Price and terms. Those are the magic words. Not just price, not just terms. They go hand in hand. Cash buyers know this, and that is why they leverage their strong terms with a lower price so often. They have leverage. On the other hand, if you are making a contingent offer, you have no leverage. None. Zero. Zip. Nada. Moreover, you are asking the seller for a huge favor, which is to share your own risk that your house might not sell. And yet we get some people who still make a low offer! Why would a seller do this? 

If a buyer truly believes that they can sell their own home and want to make a contingent offer to buy, they need to understand that their offer must be strong- very strong- to compensate for their contingency. It’s only logical. If you are going to make a contingent offer, and you want to be taken seriously, don’t lowball. A strong contingent offer just might be considered. And if you are making an offer on the home where you’ll want your loved ones to live, don’t you want your offer seriously considered?  

A recent post by Donna Harris got me to take this thought out of mothballs and share my view on a phenomenon I am witnessing out there in the market. We’ve heard of a “shadow inventory” of foreclosed homes that aren’t yet on the market. They are there, but they aren’t potential business until they get listed. 

Well, I think there is another “shadow inventory,” and it is on the side of the buyers. I’ll explain. As a listing agent, I monitor the number of showings each of my listings get. Some have has 20, 30 or even 40 showings and haven’t sold yet. So what did the 30 people who walked through end up buying? 

In most cases, nothing. There weren’t 30 other sales in that locale or price category. 25 of those 30 parties who walked through never bought anything. If they did, the market would have taken off. It didn’t. I would opine that more than half of the people out there looking won’t buy now or in the foreseeable future for a variety of reasons. 

• They still have to sell their current home.
• They haven’t been to the bank yet & won’t get approved.
• They are nervous about committing to a purchase in this environment.
• Their “plan,” such as an inheritance or parental gift won’t pan out. 
• They like to look at houses.

Many of the agents working with these people are so desperate for business that they feel that working with a warm body beats sitting at home. And they hope that the buyer will find something so spectacular and wonderful that they’ll finally commit, go to the bank, or get off their rear end and buy. But they seldom do. Like the shadow inventory of homes, these people are “there,” but they aren’t business. They are busy work. 

In the meantime, we’ll still have 10, 20, and 30 showings that don’t buy- this house, or any house, while the agents accompanying those people spin their wheels and hope for a miracle. It isn’t a good business plan, but it is a reality.