Active Rain August 1, 2011

July 2011 Sees a Rebound in Ossining Real Estate; Croton is Steady

Light at the end of the tunnelThe Multiple Listing Service statistics for July closings in Ossining and Croton indicate good news for market watchers. Comparing data from this past July to July 2010, Ossining is way up, and Croton is virtually identical. July is typically a high volume month in the market cycle due to the weather and school year schedule, and despite an overall malaise in the industry, local results give reason for optimism.

In July 2011, MLS data shows that Ossining had 14 single family home closings at a median sale price of $378,000. In July of 2010, only 8 homes closed, and the median price that month was a paltry  $269,000. What is significant about this rebound beyond the numbers is that last July was still in the stimulus period- the deadline for contracts was April 30 technically, but buyers had until September 30 to close. Despite the absence of this incentive, 2011 had a huge improvement in value and transaction volume.

Croton was a different story, although encouraging nonetheless. In July 2010, MLS data shows that Croton-Harmon schools had 6 single family homes close at a median price of $502,450. This past July, 6 homes again closed, and the median price was $500,000, a virtual statistical dead heat in value. In a market where the overall trend is downward, holding steady is a sign of resilience.

Whether this is a one month anomoly or an indication of recovery is unknown. What we do know is that when consumer confidence is as low as it has been, and lenders still seems like they are looking for any reason they can to deny a mortgage, strong numbers are welcome news. We still face a growing shadow inventory of foreclosed and distressed homes that have yet to be put on the market, stingy lenders and cautious buyers. But if the results can be this encouraging in such a climate, parhaps a recovery is not as far fetched as it might seem.

Active Rain July 31, 2011

Law Memorial Park, Briarcliff Manor, NY

Law Memorial Park in Briarcliff Manor is, to my eyes, one of the most attractive downtown parks of any municipality in Westchester County. It is literally walking distance from downtown (perhaps 2 city blocks) and has the village library, a huge swimming pool, a small wading pool, a huge clubhouse pavilion, clay tennis courts, a pond, tree lined paths, and gorgeous vegetation. Summer days see lots of people swimming and recreating here, walking the paths and relaxing, all in sight of beautiful, massive trees that, if they could talk, tell generations of history. In all it is 7 acres large and not a square foot needs help. 

The library was recently enlarged and the whole setting is peaceful, cared for, and uncommonly pretty. It is one of the things that make Briarcliff Manor a special community, and we are thankful we can live and raise our family here. But don’t take my word for it. Enjoy. And remember that what you see is 3 minutes on foot from downtown. 

Law Memorial Park, Briarcliff Manor, NY

Pool and clubhouse pavilion

Pavilion

Briarcliff Pool as seen from the pavilion

Briarcliff Library

Law Park Pond

View of Law Park from Pleasantville Road with Tennis courts in the foreground

 

Active Rain July 31, 2011

Thank You For Bringing the Storage Under the Stairs to Our Attention

The most amazing idea in the worldTo the best of my knowledge, only two things exist under stairs: little creatures who eat pens and underwear and poop lint, and storage.

I have never seen the little creatures.

Most people innately know that there is storage, or, in some cases, a full-blown closet under stairs because they have their own junk they need to hide or because they currently live somewhere with stairs. It is true. 

After getting my real estate license in 1996, I was first introduced to the phenomenon of homeowners who somehow felt that having storage under the stairs made their house the purple cow of the subdivision. I reflected on this strange manifestation of pride today when a homeowner showed a buyer client his own storage cubby beneath the stairs and then paused to behold it for a moment as if it were a sunset or piece of amazing art. It wasn’t a long pause, just long enough for me have a fleeting thought where the 19 year old in me in me wanted to burst out 

OH MY GOD YOU MEAN THERE IS TOTALLY SPACE BEHIND THAT LITTLE DOOR WHERE I COULD PUT MY STUFF? WHEN DID YOU FIND THIS OUT? I CAN PUT ANYTHING THAT WILL FIT? WHAT WILL THEY COME UP WITH NEXT? I need to sit down. 

It was just a fleeting thought, shorter than the owner’s pause, but I had to share it here. 

I have had people tell me in a walk through for a listing interview with a straight face “we love this house because there is storage under the stairs.” Then, they pause and wait for me to solemnly take the undertruss of the stairs in, and nod toward them like we just saw the house pull Excalibur from the rock. Trying to be polite, I might say how convenient it must be to put holiday decorations there instead of the attic, and they agree almost giddily, like they are the only people in the universe who have this special, amazing amenity. Call NASA. Alert the Smithsonian.

This is especially the case for owners of raised ranches, where the entry stairs curl around, giving the little cubby a second compartment, no doubt filled with the wonder of a new dimension in the space/time continuum.  These people seriously dig that little area. Do they talk about it when they are alone? Is some women knitting somewhere in the world, then looking up at her husband reading the paper and saying “thank goodness we have that storage under the stairs”? Do they hold hands and gaze at it? 

Of course, I don’t need to tell you that buyers have their own agenda, and while I have gotten plenty of requests to find something with a garage, fireplace or finished basement, I have never been asked to make sure that we only see houses with storage under the stairs. And no buyer has ever said to me “let’s make the offer on the house with the storage under the stairs.”  The fools. They must not get it.

If there is ever a call to give a Nobel Prize to the inventor of the storage under the stairs idea, I promise you that the guy pushing it just put his house on the market, and he’s got a plastic Christmas tree in a box in his cubby. And he keeps losing his pens. 

Active Rain July 30, 2011

Co-ops: The Starter Home of Westchester County

Right now, you could buy a 3 bedroom, 2 bath home in Ossining for less than $160,000. No, it isn’t a bombed out foreclosure behind a gas station, it is a co-op. Co -ops are one of the most affordable options for housing in all of Westchester county, and Ossining has almost 50 available priced under $200,000. Going further south in areas like White Plains, Scarsdale and Yonkers, hundreds more are available, often at very low price points. 

A co -op is one of the most misunderstood forms of home ownership. Simply put, co -op ownership differs from a condominium in that the owner is actually a shareholder in the corporation that runs the complex and get a proprietary lease to a unit instead of a deed. Because of this hybrid of real estate and stock ownership there is some extra paperwork for the lawyers in the purchase, and prospective buyers have to pass a board review before they can close. Reviews in this day and age are perfunctory, however, and mainly assess the strength of the buyer’s ability to pay their bills, not unlike their own mortgage bank. 

Co-op ownership has some advantages. There are no house or yard headaches such as cleaning gutters or mowing a lawn, and complexes typically have attractive amenities like gyms, pools and community rooms. But to me, by far the best advantage to co ops is that they are among the most affordable homes in Westchester. Indeed, they have been deemed the “starter home of Westchester County” for years now. In an area that seems to export people in droves to outlying areas like Dutchess and Orange Counties and out of state, they can mean the difference between staying and leaving home. 

If a housing budget is low, the option between renting and owning might mean living 2 hours or more north of Manhattan. Co-op ownership allows a person to live here in Westchester- affordably, without having to add 2 hours a day to their commute living in the “exurbs” of Orange or Dutchess counties. In real estate, it is all about location. To my way of thinking, it is better to live locally in something affordable, than to be add travel and commute time just to live under a roof that won’t break the bank. If you agree, you’ll have plenty of choices in co-ops right here in Westchester County. Perhaps if more people realized this we might not see so many younger adults migrating from Westchester to points far beyond. 

You can search co-ops all over Westchester with a free Listingbook account

Active Rain July 29, 2011

J. Philip Real Estate Welcomes Linda Polay

Linda PolayGrowth and the addition of a new team member is always a happy event for us, and I am pleased to introduce Linda Polay as the newest licensee on the J. Philip team. Linda has quite a stellar background, and I look forward to supporting her in serving her lucky clients. 

Linda comes to us with 6 years of real estate sales under her belt, most recently with Coldwell Banker, and almost 20 years of retail management and sales in the Garment District of New York City- no easy place to cut one’s teeth. She was also a buyer for Sterns, which is no job for the meek. She has sold multiple millions of residential real estate since getting her license, and a review of her transactions show some tremendous advocacy- one recent transaction where she represented a buyer closed at 9% below asking price, quite a steep discount, and one of her listings sold for $65,000 over asking– and the list price was below $200,000! When you get your sellers far more than asking and your buyers far less than asking you are good

The thing that sticks out for me early on in getting to know Linda was the thought and consideration she put into choosing her next company. We first interviewed over a month ago, and her line of questioning was not fluffy- it wasn’t about her, it was about how we could support her in serving her clients. Successful agents come from there. Linda’s clients will get excellent service and results because she not only truly cares, she is savvy and capable. 

A Jersey girl who is now a Westchester resident for 15 years, she resides in Cortlandt Manor with her husband and two sons. Linda serves all of Westchester and Putnam for residential buyers and sellers,and even has some experience with land. You can reach her at (914) 384-5596 or lindapolay@jphilip.com. Reach out to Linda and good things will happen. 

Active Rain July 28, 2011

Is Daily Blogging Bad?

The Gang of FourWhile I cannot be in attendance at Inman Connect San Francisco, I am following the Twitter stream on the event. I wish I could go, but I have to make hay while the sun shines. One tweet that caught my attention referenced a speaker by the name of Laura Roeder advising attendees to NOT blog daily, but to get out there and do business. Now, in fairness to Laura, there is no context to the sentiment, so I don’t have the full picture. I’ll offer my opinion with that caveat. 

In an of itself, I think that blogging is a smart thing to do daily so long as it is part of a plan that includes a full dose of other work. I do post 30-40 times a month on various sites, primarily right here, and were I to cut back, it would not help me do more business, it would set me back. Now I’ll be the first to say that if you are a new agent and all you do for business is blog, you have a problem. The same goes for agents who blog or hang out on Facebook to avoid other less comfortable work. That isn’t smart. But all things being equal, I believe that blogging daily, if you have the inclination, is better than not blogging daily. So long as you are taking care of everything you should and have a workable plan, I am all for it.  

I have never heard of Ms Roeder, but she has close to 15,000 followers in Twitter  and she has the feathers in her cap to be a speaker for Inman, so she must be quite credible. Her website says that she is a social media expert, and while her profile kind of makes me feel old, I respect her views. Her “about” page states that she has been quoted in the LA Times, CNet and been a contributor to a number of industry blogs.

Well, I outsell all but a few out of 7500 agents in my market, been in the NY Times, ABC World News, AP, AOL, and several other outlets, and I am on the board of a very forward thinking and large MLS. My blogging has played a large role in that stuff, and I say posting daily is good so long as it doesn’t undermine other work. As I said to a colleague on Twitter, that’s what the other 23 hours a day are for. So if you want to do it daily, just put out quality content, unless you live in New York. 🙂

I am going to follow Laura going forward because her blog and other writing strike me as quite on point, and disagreeing with her on this matter may be a non sequitor, as I was 2000 miles away when she made her presentation. I hope to catch her next time. In the meantime, I’ll go back to selling real estate and blog about things other than blogging. 

 

Active Rain July 28, 2011

Wordless Wednesday: Hudson River in July, Verplanck, NY

Active Rain July 24, 2011

Speechless Sundays: Obviously, They Have Lived Here a Long Time

Active Rain July 24, 2011

Pheedback Phrom Phil

Today I came home to the usual flurry email requests for feedback for a full afternoon of showings homes to a great buyer client. I’m not the biggest fan of feedback for reasons posted before, but this afternoon I was more forthcoming. The following are my responses to feedback requests that I really did send. See if you can guess which house is the front runner, or if any of the feedback told the agent something they didn’t already know. 

  1. Showed well, but there was some concern about the shower in the former bedroom closet, the illegal bathroom, and the price. 
  2. There was doubt that the client would be able to fit her car in the altered garage without surgical precision and petroleum jelly. The vast brick facade (a school gym is directly across the street) dominating the front view was a deal killer. 
  3. Client felt that house was considerably overpriced for the condition.
  4. Thanks for the showing. 
  5. Would have been far more comfortable if owner’s wife was out of the shower when he showed us the bathroom and asked her to keep curtain closed. 
  6. Nice home, but the automat-styled kitchen was a bit too much to take on.
  7. Not bad, just wondering if there was a way to gain access to rear yard? We couldn’t do much better than see from upstairs. Does the owner collect/make crucifixes? Client was wondering. 

There you have it folks. Most of this stuff was obvious, and much of the “revelations” were just poor client education. We don’t want to see the woner’s wife in the shower. It would be actually nice to walk in the back yard. I am sure tha agent knows that the school towers over the listing and that the “garage” was best used for a mini. 

Now I’ll count the hours from the calls from the listing agents to tell me why 20+ religious artifacts is a room in great staging, how 3/4 of a garage is good for hand/eye coordination drills, and an expensive kitchen renovation in 50’s diner style is really neat-o, which will move my client not a millimeter. The time to scramble is not after we see the home, it is before the showing. 

Active Rain July 23, 2011

Agents Say the Darndest Things

Red BarnI could start a whole separate blog for the things I consciously decide not to write about, because it’s just too easy to express bemusement or incredulity at the stuff a small number of agents do with a straight face. For example, a few minutes ago an agent just asked me “what kind of person” my client was when I called about their listing. I responded that she has mastered walking on her hind legs. But that’s not the purpose of this article. 

Earlier today, after all week of no response, I finally got a return call from the buyer agent whose client was ostensibly about to sign the contract on my listing. The last we heard they were supposed to meet with their attorney Monday, and then nothing. 

“I’m on vacation,” my -ahem-colleague said, “but I’m calling you back as a courtesy.” 

Well gee. What a mensch. Calling me back from the beach or hotel. How nice of. Are vacations some new real estate agent union benefit we got from management? I never got the memo. I always thought that when you went on vacation, you, um, TOLD people, and you had a co worker COVER for you so your files didn’t crap out. 

But that’s just me. 

Anyway, my compadre had no update other than that the people “were supposed to sign sometime this week.”

WOW. It must be nice to just leave town, disappear for the week, and expect deals to close themselves. 

How would the buyer clients feel if we got a competing offer and I couldn’t reach the agent about it? 

What if my seller interpreted the disappearing act as disinterest and elected to engage someone else? 

Real estate is not a wage-earning job where the dishrag is waiting in the same place you left it when the shift ended. It requires care and maintenance of the shifting sands of a transaction, and if you can’t have your hands on the rudder, you absolutely have to make sure someone can cover for you. The cavalier attitude of this agent about basically deserting the file for the week makes me wonder what else was missed on the buyer’s behalf. 

Choose your agent wisely, folks. Real estate mistakes are expensive.