I’m not interested in discussing whether or not it will ever be Morning in America anytime soon, but I think we can all agree that it isn’t Morning in Real Estate right now. We are in a dark evening in some precincts, and from my observations the freaks really do come out at night. The red meat of the buyer pool is incredibly marginalized now, often paralyzed by a lack of confidence or financial setbacks, forcing many agents to work with what some might term “the bottom of the barrel.” 

In short, many of the buyers out there now were never people who would have been in the front of the line during the days of irrational exuberance. And sellers, who are in mourning over lost equity and often under their own financial stress, are often at their own breaking points. It makes for some, shall we say, interesting scenarios. 

• Take the case of the buyer who gets a perfectly good deal-a great one, as a matter of fact- yet they still have an adversarial attitude toward the sellers, as if they are owed something more. After weeks of increased demands on the seller, the deal implodes when the homeowner declines to put on a clown outfit and sing with a banjo. Apparently, a huge concession, some furniture, the tractor, snow blower and repairs aren’t enough, the seller has to live in a hotel for 3 weeks because the buyer’s rate lock expires too soon. Their agent, hanging onto their ankles for dear life (and a commission), never thought to help with mortgage financing for fear of being sacked. 
• The you have the cash buyer who runs all over town making offers of 65 cents on the dollar, whose agent proudly boasts “but it’s cash,” as if the term will perform a hypnotic jedi mind trick and convince the seller (and their lender perhaps) that the form of payment will trump basic addition and subtraction. Again, the agent is just happy to be working with someone, operating under an illusion that they’ll make a sale with this person because Cash is King.
• Sellers aren’t immune, we see  our share who are turning down offers an eyelash short of asking price because if the offer is that good, they must have been underpriced. And their Aunt Doris, who lives a time zone away and sold real estate in the 1980s, wonders aloud how they can take that deal if there hasn’t been an open house yet. 
• And then you have the lawyer, my personal favorite here in New York, who apparently lives in the illusion that it is still 2005, choosing an inane battle to fight to the detriment of losing a buyer with a full commitment. So what if the deck is illegal? Because, dear, banks don’t loan money on homes that are out of compliance. Now do us a favor and go back to writing wills for your bridge partners. 

With the closure and razing of the old building that housed Big Top and several other small businesses and their imminent replacement by Walgreen’s, the village of Ossining will have yet another “big box” drug store. Nearby Chilmark shopping center on the border in Briarcliff also has a proposal on the table for the arrival of the area’s second CVS, which will be at the cost of Prescriptions Plus. 

Those of us old enough to remember Arcadian Garden Center before the arrival of CVS might recall that there was a time when Ossining was well served by small, neighborhood pharmacies, and the populace got by just fine. I hate to sound like a curmudgeon, but other than occupying vacant retail space that the market appears to not otherwise fill, I am skeptical of the value brought by another retail giant.

The argument that they bring jobs is doesn’t resonate with me. The various stores in Big Top’s building employed dozens, just as Walgreen’s will, but there will be 4-5 fewer proprietors in our midst. Their accountability and civic presence is not something that can be measured in a spreadsheet. 

I remember as a child on Linden Avenue walking down Clinton to Big Top or Burd’s stationary for candy or toys. The storekeepers at places like Strictly Ice Cream (remember them?) knew your name. They were neighbors. This was especially important with how the now disappearing small pharmacies filled prescriptions, which isn’t always a smooth process at a larger outlet (and after 4 pregnancies in our family, that is no small issue). 

The utility for consumers will remain constant, although I am dubious as to how our quality of life improves with so many choices of where to get a gallon of milk, a greeting card, or shampoo. In a diverse vibrant village with so much charm and history, can’t we attract a more independent and varied type of business? Is local ownership dead? I hate to stand in the way of “progress,” as relative as the term is in this case, but can’t we do better? 

This is the market report for the Byram Hills School district (predominantly Armonk and parts of Bedford and Mount Pleasant) for the 2nd quarter of 2011. All information is for single family homes and is sourced by the Empire Access Multiple Listing Service. 

For the second quarter of 2011, 23 homes closed with a median sale price of  $970,000. 

For the 2nd quarter of 2010,  29 homes closed with a median sale price of  $940,000. 

Things look pretty steady here, with prices up a touch amd transaction total down some. 

31 homes are under contract with a median list price of  $1,250,000. 

150 homes are active with a median asking price  of $1,272,500. Inventory is high, but pending sales look to carry on in a relatively healthy volume. Armonk is home to IBM and is also close to I-684 so it is a very good commuting location. And the available inventory has some gems. 

To search for Armonk homes for sale like an agent, get yourself a free Listingbook account. 

This Market Report is for the Yorktown school district and all data is for single family homes taken from the Empire Access (formerly Westchester-Putnam Multiple) Listing Service.

In the 2nd quarter of 2011, Yorktown had 27 closed sales at a median sale price of $380,000.

In the same time period of 2010, 45 homes sold at a median sales price of $465,000.

Clearly, Yorktown is taking it on the chin this quarter. However, this quarter is being compared to the last stretch of the stimulus from last year, which artificially inflated the numbers. 

Currently, there are 26 homes under contract at an asking price of $397,464. If they close at an average of 95% of list price, that will put median value at just under $380,000. Values, therefore, look steady. 

There are 150 active and available listing on the market now at a median list price of $449,000. That means there is 18 months of inventory on the market, which is quite a bit. And judging from the median sale prices, the higher prices homes are not selling as well.

It is a good time to be a buyer. Is there an acho in here?  

Previous postings on Yorktown can be found here. 

To check out the 150 available properties Yorktown has to offer, register yourself for a free Listingbook account. 

Last year I did a blog post on the churches in Ossining. Today I’ll share some of the very beautiful houses of worship in Briarcliff Manor.

This is St Mary’s Episcopal Church of Scarborough on Albany Post Road (Route 9) right next to Sleepy Hollow Country Club. I love Gothic stone buildings like this.  

This is All Saints Episcopal, also in Scarborough at the Intersection of Scarborough Road and Old Briarcliff Road. This is moments from my home and is another gorgeous stone structure. 

This is Scarborough Presbyterian. If you’re seeing a “Scarborough” theme here, it is with good reason: Scarborough is one of the older parts of Briarcliff Manor along the Albany Post Road corridor, and this would be the logical place to build a church in the area’s earlier days. A quick story about the bell tower- back in college in the 1980’s, my friend worked a summer for an electrician, and he had to go up there for a job. Whatever had to be fixed up at the top first had to be excavated out from decades of ancient bird droppings. He decided that his father’s advice to stay in college and get a degree was good advice. 

Faith Lutheran is far more modern. As different as it is, it has always stood out pleasantly. 

Briarcliff Congregational Church is another striking old stone structure that is over a century old walking distance from downtown. A bigger building than a photo can do justice, I’ll post two. 

Congregation Sons of Israel is walking distance from where I grew up, and I remember frommy youth how the building has grown over the decades. It is another place with a larger footprint that is very pretty framed against a blue sky. 

Saint Theresa’s Roman Catholic is another stately, traditional stone building, but instead of slate the roof is tin! The front steps were just made for a wedding portrait, and I have driven past quite a few. 

I have left out Holy Innocents Episcopal, and I’ll try and add that in the near future. I love these buildings, and they are one of the prettier pieces of scenery for me as I drive around no matter what the season might be. 

This is the market data for the second quarter of 2011 for single family homes in Peekskill, and all information is sourced from the Empire Access (formerly Westchester-Putnam) Multiple Listing Service.

In the 2nd quarter of 2011 there were 14 closings at a median price of $239,500. 

In the 2nd quarter of 2010, Peekskill had 16 closings at a median of $267,500. 

Prices continue to slide in Peekskill, and transaction totals are also down some. It is a good time to be a buyer, and investors know this- there are 11 homes under contract at a median asking price of only $160,000. The less expensive inventory is all that’s moving. 

There are  73 active listings with a $290,000 median list price. That is over 18 months of available inventory at incredible prices compared to the bulk of Westchester County. 

I’ll repeat: Now is the time to buy in in this beautiful, historic town on the banks of the Hudson. Peekskill also has a plethora of condomiums as well, and I may post a market update on that sector also. 

Get yourself a free Listingbook account and check out homes for sale in Peekskill. 

Previous posts about Peekskill are here.  

I remember as a child in the 1970’s hearing my mother lament that she knew that she was making less than her male counterparts. It was a problem, and pay equality continues to be an issue to this day. Things are improving, but I don’t think we’re there yet. 

But is real estate an occupation where pay equality is an issue? According for a recent article in Forbes, real estate ranked as one of the top 10 sexist jobs in the United States, along with truck driving and marketing managers, earning about 70 cents on the male dollar. The piece also put women at about 52% of the agent population, which struck me as peculiar.  In my area, women dominate the agent pool; I’d put them closer to two thirds of licensees. 

Since real estate is virtually only a commission based pursuit, the 70 cents on the dollar statistic can’t refer to a lower salary. Commissions are negotiable; you earn what you sell. In my market, female agents dominate the high dollar producers. There are plenty of males who are high producers (like, for instance, Yours Truly), but we’re outnumbered. And I don’t think that New York is an aberration. I think females make up the lion’s share of the agent population just about everywhere. So what gives? 

I really don’t know the source of Forbes’ data. However, if the average female agent really does earn less than $700 per week and the average male almost $1,000, I have some theories. 

1. While men may very well be a minority of the agent pool, a higher percentage who are licensed may be full time bread winners. This is where women being in the majority works against them, because the more part timers you have, the more your numbers are pulled down. 
2. Commission splits for women could be lower for women, which strikes me as incredibly unlikely. The competition for productive agents is fierce, and I have never heard of such a thing as offering a female agent less and expecting to get her license hung in your office. 
3. A wild card could be that female agents negotiate lower commissions with clients, but, like number 2, I see no evidence of this at all. 

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