The things you see in this business. This past week I posted about a small child I found after a home showing who wandered out of her home and how I made sure she was back in the care of her (mortified, surprised) mother. I didn’t write it to get a pat on the back but to hope that we all watch each others’ back. 

We have work to do. 

I first heard the term “forgotten man” a few years ago when I saw My Man Godfrey with William Powell and Carole Lombard. We have all seen a forgotten man or woman. 

Yesterday, while showing a home to buyer clients in Stamford, CT, we saw 2 police cars parked at the side of the road. Next to the cars was a tarp covering something on the banks of a wooded neighborhood creek. The area was taped off, and it really did look like the scene of a fatality. After we looked at the house, my client walked over to the two officers and confirmed the sad truth that it was indeed a fatality. To paraphrase what he was told, a local old crazy guy who wandered the city was found to have perished in the creek. From the sounds of things, he was homeless and troubled. The Forgotten Man’s final hour was in that creek. He might have drowned, he might have had a heart attack and fallen in , or something more troubling. Regardless, someone’s baby’s rough life was over. We were random witnesses to the aftermath. 

When I got home, it was late. I missed putting the kids to bed again, but I got to see them sawing wood in their Thomas the Tank Engine bedsheets, snoozing a sweet opera to their father’s ears, resting from a day of summer joy. It was a contrast I could not ignore. They will wake up to another day of idyllic sun-drenched fun, with roller skating day at camp, a blow up kiddie pool, Carvel ice cream, and their mother’s doting. 

I’m not what you’d consider a religious guy but I hope this Forgotten Man will wake up in God’s arms, shed of his troubles, whole again, and as happy as my children. I hope his final hour was not as bad as it appeared, and that he even laughed or remembered an old joke before going to sleep. But beyond that I hope the Forgotten Man will never be forgotten, and the perfunctory police search for next of kin or anyone that knew or loved him will not be fruitless. I hope his memory is more dignified than his demise. If anyone knew the poor soul who breathed his last in east Stamford on Brookside Drive in the creek that feeds Holly Pond I want you to know that I won’t forget. 

Anyone who think we just unlock doors and comment on decorating and do not see what goes on around us is nuts. 

I’m not really a big fan of rebates. Are you a fan of making less money?

Now, before you dismiss me as a broker who only wants to maximize his commission, I am pretty qualified to write about buyer rebates in a real estate transaction, because I am a Redfin Partner Agent, and rebates are one of the linchpins of their business model. I have done dozens of transactions with Redfin buyers, and all have gotten a 15% rebate. So I know what I speak of. I do it. I get it. I have also rebated sellers under certain circumstances. I guess you could say that I am a “master rebater!”

Do I love it? No! Is it the cost of doing business I would not otherwise get? Yes!

Two events have prompted me to offer my thoughts on rebates to buyers in a real estate transaction. 

• Two weeks ago, we received an offer on one of my listings. Before we could make a deal, a 2nd broker submitted an offer for the exact same amount from the same buyer. The buyer switched firms for a $500 rebate. $500.   
• Diana Lisinksi just wrote a featured blog about a client who asked for 50% of her commission after working with her for over a year.  

Those of us in the business for any period of time know the stress of a last minute expense to our buyers– a home not delivered in the same condition as when it was first seen, an unexpected closing cost or tax shortfall, or anything else that hits the already stressed buyer in the pocketbook after a drawn out transaction. It sucks. We’d never intentionally cause a financial hit to a client or customer. And we decry those among us who add fees to their commission at closing which were not approved when first hired. 

Last September I wrote a blog post about the AMC TV Series Mad Men and its connections to my home town of Ossining, NY where the main characters’ home is set. The post was picked up by TIME.com and a number of other sites, including my local paper. With the 4th season of Mad Men starting next week, our local paper contacted me again and did a Sunday Spread on the show’s connection to Westchester County, and Ossining in particular. They met 4 of us, including the mayor at the Ossining Train station last week and we had fun on camera talking about the show.

One of the things I discuss is my view of where the Draper’s fictional house is most likely set, as Bullet Hole Road is nonexistent. A local historian, Norman McDonald, opined that their home is set in Chilmark; nothing would thrill me more, since that is where I live. However, there are several reasons why that wouldn’t work, not the least of which is that the Chilmark neighborhood is in Briarcliff Manor- not Ossining. Also, their daughter attends Brookside school, which is not where a child from Chilmark would attend in that day and age. The Drapers live in a pre war home – Chilmark was built from 1960-62. They would have lived on or near Justamere Drive in my view up by Maryknoll. Both neighborhoods have a street named “Orchard.” It is a fun debate.

There are many other connections,  such as the Ossining Reservoir, Cedar lane, the old A & P Market, and my beloved carvel Ice Cream. There will be new references and when the new season starts next Sunday I’ll be sure to blog about them.

Note to self: hit the gym. The camera may add pounds but mix in a salad!

All you autograph seekers can see me today from 1-3pm at a gorgeous 2006 built bank-owned foreclosure that I will be holding open at 6 Marble Place in Ossining. The builder never sold the house and it was rented only briefly, so it shows as virtually brand new. It is almost 3000 square feet above grade (excluding basement and garage) 4 bedrooms and 2.5 baths with hardwoods throughout most. The kitchen is granite and stainless steel, the master suite is massive with a great walk in closet, and the family room has a wood burning fireplace and sliding doors to the rear deck. It also has a first floor laundry, garage, flat rectangular yard and a poured concrete foundation. You can walk to shopping and restaurants from the convenient village location. 

You can see more photos at OssiningForeclosure.NET. 

Has something like this ever happened to you when you are seeing houses? We finished up our last showing, shook hands and exchanged thoughts, then got in our cars to drive away. I turned a corner, maybe 15 yards away, and my client was stopped, perplexed, as she looked at a little girl from the neighborhood standing in the street right in front of her car. Weird. I parked and asked the Little Princess where her home was, and she didn’t say anything. I’d say she was maybe 4 years old. 

A neighbor who was sitting on her front step walked over, and we got the child to get out of the road, but she wouldn’t tell us her name or where she lived. However, after some prodding, she went into a nearby front door. My client (with 2 children in her own car) drove off as all appeared well. The neighbor returned to her cell phone call. I went back to my car, and spied my new friend sneaking back out of the house now that the coast was ostensibly clear. I hesitated; was I making too much of this? Not enough? I then asked myself if this were my daughter, Catherine, what I’d want me to do. That cleared things up in a hurry. 

Mindful that there was a neighbor nearby, I went to the house where the little lass opened the door and started ringing the bell. I crossed my fingers this was the right house, and kept her in the corner of my eye, playing in a yard across the street (thank God- a dead end road) while I waited for someone to come to the door. It was a 2-family home. I rang both bells. It seemed like a long wait but it was probably only a minute before Momma came down the stairs, looking like she just woke up. She looked at me perplexed until she saw me pointing to her little girl, and he eyes became wide as saucers. She was out there like a lightning bolt, taking her daughter inside, and nodded at me as they came back up the stairs. I told her I had a daughter, but I don’t think she spoke English. 

From the looks of things, Mommy worked a night shift and daughter figured out how to go outside while she slept. I doubt it will happen again. I was relieved I found her mother. I was self conscious and unsure of how things would appear if I couldn’t find her family. What if she were afraid of me or a neighbor thought I was trying to abduct her? Hell, my car was still running. Still, there is a certain confidence one feels when they know they are doing the right thing. If that were my child, I’d want the whole village watching her back. It helped that a neighbor was hip to all this.

As licensees we see more than kitchens and basements. We see abused and neglected pets, hoarders, vandalism, and many other things that cause us to pause and determine we cannot ignore or forget, but act upon. We aren’t behind desks all day, we are out seeing humanity. We are exposed to more. I think, every day, there are those among us who do the right thing because there is no one else around to handle it, not because we want praise or credit but because we have to sleep at night. I hope that little girl grows up and finds a cure for cancer or something. 

Would any of you take a seat in the restaurant and then try and sell them tablecloths when the waiter came over? 

Why would I ever want to do business with this person? 

Name and contact info is redacted to protect the clueless. 

An Inquiry from Realtor.com(R)

Wikipedia defines the term Strategic Default as 

“the decision by a borrower to stop making payments (i.e. default) on a debt despite having the financial ability to make the payments.” (my emphasis added)

Given the huge amount of attention given to the practice, I thought that I would offer my own observations on what I am seeing in Westchester County. Given our proximity, I think the commentary holds true for other parts of the New York Metropolitan area, including Rockland, Fairfield and Long Island. 

Simply put, I don’t see many people consciously deciding to walk from mortgages that they could otherwise pay in this area. While it may be said that a short sale Realtor like myself would not be approached by someone considering a strategic default, I would argue to the contrary- the very definition of “strategic” would indicate that some thought and research would go into the mix before deciding to default. I have spoken with people who are considering it; there are just aren’t as many here as in other areas. I think the reason lies primarily in the characteristics of our marketplace, and the fact that you have to live somewhere, and this isn’t the easiest place to change where you live.

Here are a few reasons I think strategic defaults are not as prevelant in Westchester as they might be elsewhere:

• We don’t have the options other markets have. In places like the Sunbelt, which have been hit very hard, I can see why it would be tempting to move into a similar house right in your own subdivision and cut your payment in half. We just don’t have those subdivisions with dozens of available options. Westchester has been a mature county for decades, and there are no vast new subdivisions with lots of available inventory to be had. The options might not allow their children to remain in the same school, or that one identical house might be a mothball smelling geriatric special with a 1975 kitchen and baths. And if there is a tempting option at an attractive price, there might be competition, shrinking the financial advantage in moving.  
• The economy of scale is bigger than other places. Take a homeowner in an area like Eastchester or Yorktown who paid $600,000 for their home in 2006 and is now only worth $485,000 with a balance of $525,000. They are indeed underwater, but there isn’t much of a step forward in renting or buying a similar house for $485,000. In the case of buying, they’d still to come up with a downpayment and closing costs, which, even for an FHA loan, could be $40,000-$50,000. Remember, just the tax escrow on a home here would be $10,000 before you paid a dime in closing costs. There may be some who rent, but maintaining status quo in quality of life in that case, especially in light of losing the tax advantages, is dubious. I would argue that anyone who takes this option isn’t being strategic, but has their hand forced due to financial hardship. 
• The downturn hasn’t been as big here. Oh, it’s been big alright, and in dollar value perhaps even larger than most, but in terms of percentages, we’ve only lost 20-25% of value, half of the percent of the harder hit regions. The climb back, therefore, isn’t as steep. So if the choice on the table were to lower your mortgage payment from $4300 to $3800, come up with $50,000 and wreck your credit, I think most people would decide to stay put. Elsewhere, where the option is a far smaller payment and much less cash of an upfront cash outlay, the credit consequence might not seem as high a price to pay. 

Rockland County’s Ramapo and Clarkstown both made Money Magazine’s top 100 places to live. I blogged yesterday about Westchester’s 2 entries, New Rochelle and White Plains. Rockland County is right across the Hudson from Westchester and borders Bergen County, New Jersey. I have done business in both towns and they are both good choices. 

Ramapo is the westernmost town in Rockland, and includes the communities of Suffern, Airmont, Monsey, Spring Valley, Chestnut Ridge and New Hempstead, among others. We have a pending transaction in Chestnut Ridge.  

Clarkstown borders the Hudson on the east side of the county and includes the communities of New City, Nyack, Congers, and Valley Cottage. I sold a house in Congers not long ago and am working on a deal in Nyack now. 

I LOVE Nyack. It is a quaint village with lots of pre war homes, a neat, healthy downtown and a view of the Hudson in much of the area. Downtown Nyack is the ultimate place for window shopping in Rockland- coffee shops, boutiques, art, books and neat bistros line the streets and if you venture toward the riverfront you can get some great seafood. 

Ramapo and Clarkstown, along with Rockland’s other three towns, Orangetown, Stony Point and Haverstraw, all offer a terrific quality of life and are worth considering if you aren’t married to Westchester or Putnam.

Like White Plains, New Rochelle has been ranked in Money magazines top 100 small cities to live in America with a ranking of number 82. I am not surprised. New Rochelle (of Dick van Dyke show fame to those of you who have never been) is on the Long Island Sound, is home to Iona College, has a fantastic down town, and some really gorgeous neighborhoods with jaw dropping pre war architecture. We have a great listing here that I expect to sell any day.

Driving through some of those old neighborhoods off North Avenue takes your breath away. Here are some random shots. 

Glen island Park is a popular waterfront park on the Long Island sound where they have a marina and crew regattas. The choice of restaurants is terrific, both in New Roc city, the new downtown retail complex, and older sections of the place. There is a huge variety of homes here, from mansions to starter homes. 

I have blogged about New Rochelle previously, and it is worth reading up. 

Hat tip to Craig Rutman:

Money Magazine has ranked America’s top 100 small cities to live and White Plains came in ranked #53 . I am closing on a home in White Plains tomorrow as a matter of fact, with another closing later this month, and I do believe that Money has it right with this pick. White Plains in the county seat, has a fantastic mix of residential, shopping, and an exciting downtown, and a strong housing market even in these times. You can get a single family home, a high rise condo, or an affordable co op in a classy building here, and the taxes are low for Westchester. 

I have blogged about White Plains previously and will continue to be active in that market. I knew all along what Money magazine is reporting- White Plains is a great place to live. 

On this, my forty-third birthday, I thought I’d pay a small tribute to my roots and share Ossining, New York with you. I was born in nearby Sleepy Hollow (known then as North Tarrytown) in 1967 and lived in Ossining until I graduated high school. I then left for college in Pennsylvania and had a 15-year odyssey of homes before moving back to stay in 2000 after I met my wife. In that time, I lived in Philadelphia, College Park, Maryland, New Orleans, Boston, Northern New Jersey, and Rochester. And here I am, typing at my kitchen table 1 mile from the home where I was raised and half a mile from Ossining High. Here is a little bit about my home town. 

This is Saint Ann’s Church. I was baptized here, confirmed here, eulogized my father here, married here, and had three of my children baptized here as well. I graduated 8th grade from St. Ann’s school up the hill in 1981.

This is 32 Linden Avenue. I was here almost every day from the age of 6 months until the 3rd grade. My mother worked as an RN, and my babysitter lived here. She’s like a mother to me, and her 5 children are like siblings. I knew every nook and cranny of that old house. It went on the market earlier this year and I walked through for the first time in 33 years. It was a powerful experience. This house is the reason I love old homes, especially homes with porches. Back when that porch was enclosed by screens I read about 1000 Sgt Rock comic books sitting in it as the world went by, with the breeze blowing my cares away. 

This is the infamous Sing Sing Prison, the genesis of the phrase “up the river” from old gangster movies, as it is up the Hudson about 30 miles from Manhattan. It is still in operation, and the Hudson line of Metro-North runs right through it before stopping at the Ossining station. Surrounded by walls, of course- That looks really cool on Google Earth. 

This is Southside Market, on the corner of Spring Street and Lafayette, about a block away from Sing Sing. It used to be a little deli called Pindt’s. My friend’s Dad bought it in the early 80’s, renamed it Southside, and made it a thriving enterprise. I started out as a stockboy there in high school (rotate the stock. New stuff goes behind, older stuff up front) and worked counter in college. I remember the rush of the 11:30pm shift of prison guards coming in after getting off duty. They all seemed to want Italian Combos. 3 meats and 2 cheeses. Those guys were grouchy after a long shift with inmates. And hungry. Ralph, my friend’s Dad, was one of the best men I ever knew. We spent hours on end together in there, working and talking about life. I eulogized Ralph too.

This is downtown Ossining on Main Street (creative name huh). When I was a kid the area was derelict and blighted because all the commerce from that once bustling downtown migrated to the Arcadian shopping center. It has taken decades for the downtown to come back, but it is back and getting better.

This is my old home where I grew up. The original house (mostly on the left) was a 3 bedroom baby boom era ranch. My father made 3 additions to it.

I have posted previously about my old neighborhood, as well as the now semi famous (Thanks to Mad Men on AMC) Ossining reservoir.  

I love this place, and I chose to raise my family here. I love how my daughter has the local accent more each day. I love that we call hero sandwiches “wedges.” I love the Yin-Yang quality of Sing Sing prison on the River and Maryknoll Mission up on the Hill. I love that when I sell a home here I get a new neighbor. I love seeing the Hudson from the top of almost any hill here. It is a beautiful river town with a rich history, and I know it like the back of my hand. I’ll post more photos and history as time goes on, but I thought I’d walk down memory lane a bit here. 

I was contacted yesterday by a colleague asking if I could help him find an agent in another state. His brother in law is looking for new a one- he’s not happy with his current representation. That’s an easy one, right? I’ll just log onto Active Rain and refer one of the slew of agents in that state that I have come to know and like this past year. They’ll treat him like family and get the job done. That’s what I want. One problem: None of the agents I know and like are in this county. 

Problem number 2, and it is a big one: None of the prominent agents in this area have profiles or blogs that give me much confidence. One has an OK profile, but her blog is mostly Postlets. Will she give personal service? It’s good that she’s pushing her listings, but… Another is NUMBER ONE in the county, NUMBER 6 in the Solar System and top 20 in the Galaxy. Pass. I fear she’ll never remember the guy’s name after he’s farmed out to an underling. Then there were some down the line who still had “Write something about yourself here” in some unfinished profile sections. Tres wonderful.  I decided to disregard point total, pick my top 3, and call them this week. 

It got me thinking about what my own profile says about me. If the roles were reversed and someone were looking for a good agent in Westchester, would my profile give another AR member confidence that I am the right choice? I’m not worried about my blog- 5 minutes and you know I’m a lunatic. I can’t un-ring that bell. But what if they don’t click on my blog and stop with my profile? What does it say? 

Referrals are a tricky thing. Some of them are family and good friends. They want their referral to be taken care of. They also want to get paid.  I have referred people out of state and heard later that the client got one phone call or decided they didn’t like the agent after a week or a month. Nothing is a guarantee in this industry.

So here’s the QUESTION, and it may have me totally revamp my own profile. What does your profile say about you? We are here about promoting our businesses, and we are sort of marketing both to the public and the agent community, no easy trick, but are we overdoing some things, like self promotion, and losing that personal touch? Are we out of balance in another way? One thing is for certain: My profile is getting a long overdue overhaul. I want it to say one thing clearly: Your business is in good hands with me. Because it really is. 

Yorktown is a larger town in north Westchester County between Cortlandt and Somers. It is is very suburban in character- think post-war/baby boom subdivisions with ranches, splits and raised ranches and with larger colonials in the newer developments. It is served primarily by the Yorktown and Lakeland school districts, and it has abundant shopping and parks. Yorktown has always been a popular place to land for southern Westchester and Bronx residents who wanted to move north to the “burbs” seeking a quieter lifestyle. Downtown Yorktown Heights is located at the intersections of routes 202 and 118 and is home to the Triangle shopping Center, the iconic Friendly’s, The Pennysaver of northern Westchester, and plenty of other commerce.

This data is for the Yorktown school district only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from June of 2010 to June of 2009.

Simply put, Yorktown had a positively enormous June this year, more than doubling last year’s transaction total and increasing the median price by almost $20,000. To give you some perspective, at the height of the bubble in June 2005 there were 21 closings. With 22 homes under contract production has far from cooled off. 

To check out the 141 available properties Yorktown has to offer, register yourself for a free Listingbook account. 

Previous posts on Croton on Hudson. 

Located in northwest Westchester County, the Hendrick Hudson School district is in the town of Cortlandt and encompasses parts of Croton, Cortlandt Manor, Peekskill, and all of Montrose, Verplanck and Buchanan. All information is from the Westchester Putnam Multiple Listing Service. 

Last month I said the following in the Hen Hud market report: Barring another crisis, and I think we’ve wrung them all out, we are in the beginning of a very slow recovery. This June report seems to support that observation. 

Transaction totals have risen from 5 in June of 2009 to 12 this June; Median price is up from $354,415 to $366,00; and 15 homes are under contract for sale at a median asking price of $569,900, which is a huge jump upward. This is all positive movement.  

93 homes are actively for sale, giving the area ample consumer choice.

Previous posts on the Hendrick Hudson School District real estate market. 

I will be hosting an open house this afternoon from 1-3 pm at 1001 Brentwood Drive in Tarrytown. It is a rare, 4 bedroom end unit townhome in the Watch Hill complex with a finished basement, deck, 2 car garage and fireplace. It is loaded- master suite, over 2400 square feet, and a cul de sac location. Moreover, at $499,990, it is priced $65,000 less than the last 4 bedroom which sold in the complex a few months ago. Someone will be getting a very good value when they make this their home. 

1001 Brentwood Dr, Tarrytown Open Sunday July 11, 1-3pm

This is the market activity for Peekskill in June of 2010. All information is sourced from the Westchester-Putnam MLS. I have blogged about Peekskill extensively before. 

Unlike the May of 2009 and 2010 comparison, prices and transaction totals are up, from a median price in June of 2009 of $237,500 to a more robust $304,750 in June 2010. There were 8 transaction in June this year, up from only 6 last June, and 9 homes are currently under contract. 64 homes are actively for sale.

64 active listings is about 8-10 months worth of inventory, not an outrageous amount but certainly plenty to choose from. Prices, while up, are at their lowest here since 2003. If you like the river towns and fancy pre war architecture, you’ll like Peekskill. Now is a god time to buy real estate in Peekskill. Get yourself a free Listingbook account and check out homes for sale in Peekskill. 

You would think that all the stuff published by financial advice websites would have some consumers more educated about the role of real estate agents, especially in the case of a short sale. They don’t. I have to educate many who reach out to me and set them straight on certain ideas in their head that they get from who knows where- most likely these asinine “what your agent hopes you never know” online columns that sow discord rather than educate. 

A few brief examples:

• The Open Listing. The guy is essentially a FSBO but wants me to do the short sale once he gets a buyer. Do it Yourself is fine if you are building a picnic table, but not saving your financial rear. When it is explained that he saves nothing the way he theoretically would if he had, say, equity, I still get blank stares. 
• The Un-Bundler. The Un-Bundler wants me to do their short sale, but wants to keep cousin Ethel as the listing agent. I have to explain to this person that the only compensation paid by lenders in a short sale is a brokerage fee, and I cannot take an upfront fee from him. He has a choice: List with me or have cousin Ethel dock her license with me. But I’m not doing all the dirty work for another agent. 
• The Competitor. The competitor wants half my commission if they find the buyer. I have to explain to them that I don’t compete with clients, but more importantly, paying them a rebate in a short sale is bank fraud. They probably got this advice off some website somewhere that isn’t talking about short sales specifically but addresses negotiating commissions.