Two parcel of land, one on the Byram River and another on Willett Avenue in Port Chester are being developed for a combined 183 apartments. According to the Journal News, The Mariner will be a 100-unit complex on the river and the castle will be an 83 unit project with street level retail units. Demolition has already begun on one of the sites. 

Port Chester is near and dear to my heart; my father worked there for many years and I have sold there. It is a terrific village in the town of Rye with a lively downtown with great food and shopping, all a stone’s throw from Greenwich, Connecticut. The article touches on the question of whether or not the units would be condos or rentals, but the developer, Phoenix Capital Partners, appears to be leaning toward rentals. Luxury condos have had their problems in the area, and the rental market may be healthier. 

I concur. Port Chester does have plenty of condos already, and one of them, The Landmark in the old Lifesaver Building, just had to pay a mint to handle problems with an old management company and to fix a faulty parking garage, which had residents parking on the street. A new project won’t have those problems, but the real story here is development. This is a housing start, and a big one. That is a big win. This project will put people to work and put more affordable housing in Westchester County. It will also add tax revenue to the village of Port Chester, and the domino effect of progress will be underway. I hope more developers get into the act. 

From 1945 until 1984, 60 Main Street in Sleepy Hollow (then known as North Tarrytown) was a battery factory operated by Duracell. It was a Superfund site due to toxic contamination, but was then de-listed after a 1993 cleanup. The village bought it in the 1990’s for $1 from Gillette, who had acquired Duracell in the interim, and the acquisition was not without controversy- the then mayor was opposed by the village legal team and the planning board, especially in light of the fact that there was not a thorough environmental vetting of the site, which is now a parking lot. 

Fast forward to 2008, and the area’s history is still not lost on area real estate buyers, one of whom had the soil tested on a home they were considering purchasing on the south side of the property. Mercury levels were measured at 5 times the acceptable level, and lead was high as well. 

The village is now facing an environmental cleanup that may exceed $1 million, a massive amount of money for a village of 7000 people. Why? Because Gillette hasn’t owned the property for 7 years, and the responsibility may lie in the lap of the village. 

One can only wonder why the mayor would buy that land without an extensive environmental due diligence study. One can only wonder what the contamination did to residents, who may have severe health consequences that have yet to manifest themselves. Sleepy Hollow now either has to pay a massive legal bill to get Gillette to pay up, or pay a massive cleanup bill themselves. 

And to think it all started with a home purchase soil test. 

In light of this article in Tuesday’s NY Times on the poor October in real estate sales, I thought it worthwhile to inject a little sanity into the implications for local market conditions. According to the Empire Access MLS, in Westchester County in October 2010, there were 285 closed sales of single family homes at a median price of $576,500. In October of 2009, there were 336 closed sales in the same category at a median sales price of $575,000. That is a 15% drop in volume with virtually the same median price, albeit $1500 higher. 

That is far below the national decline, and while any 15% drop is significant, it is safe to say that Westchester stunk it up far less than most parts of the country, which were down 40 and 50% according to the piece.

Consider the following:  

2009: 2668 sales at a median price of $590,000 from 1/1/09-10/30/09

2010: 3461 sales at a median price of $640,000 from 1/1/10-10/30/10

Overall, sales volume is up by almost 800 closings, or 30%, and median price is up $50,000, or 8.5%. 2010 has already torched 2009. It isn’t even close. There are currently 731 homes under contract, so eclipsing 4000 closed deals is well within grasp. That would make 2010 the best year since 2007, which had over 5000 closed sales-but here’s the big asterisk- the sub prime meltdown didn’t occur until later in 2007. There were barely 1000 closings the last quarter of 2007 because so many banks were failing, scuttling a ton of pending transactions. 

What’s it all mean? The numbers indicate that Westchester is overall ahead of the national curve, and is doing far better than last year. Beyond that you’ll need to buy a fortune cookie. 

I have a day where I can catch my breath and veg out. I am surrounded by things I am thankful for, so I’ll share some of the reasons for my gratitude. 

• I am thankful that my parents made the sacrifices they made so I could build the life I now enjoy. 
• I am thankful for my brothers, who tease, support, advise, annoy, and understand me. 
• I am thankful for my wife, who puts up with a tsunami of difficulty every day being the wife of a self employed lunatic, the mother of 4, one of whom has special needs, all while co -owning the firm with me and all that comes with it in this economy. 
• I am thankful that my company has weathered the storm of the housing crash and has in fact grown to 18 agents since 2005. 
• I am thankful for my agents, all of whom have honor, integrity, and loyalty. 
• I am thankful for Luke, our oldest son, who is in 3rd grade and is a whiz at building things. 
• I am thankful for Catherine, the first daughter born in our family since the 1890’s, who is, in one package, strength, sass, an artisan, and the apple of her father’s eye. 
• I am thankful for Gregory, who despite his difficulties, is pure sincerity and authenticity. He is also very affectionate, a trait his mother and I treasure each day. 
• I am thankful for Mark, the caboose, who is like the payback for every difficult moment we ever had with his siblings. He is a dream child and steals his mother’s heart daily. 
• I am thankful for Max, our rescued German Shepard, who is 100% devoted to his humans. 
• I am thankful for the community I live in, and that I am fortunate enough to be an American. 
• I am thankful for my health, my ability to communicate, and my curiosity.
• I am thankful that I can speak my mind, go where I wish, read what I wish, and associate with those whom I wish, free from fear or intimidation. 

Happy Thanksgiving to all!!

It sort of amuses me to see questions asked by people online these days, such as on Trulia Voices. I was inspired to comment on one with the “foreclosure mentality” of many buyers, but it was actually posted a long time ago. Everybody wants a foreclosure. The perception that they are a wonderful bargain is overblown, but you can’t fight the tide. And the questions I see on Trulia Voices do amuse. Many of the answers are classic too. 

I want a foreclosure in <insert absurdly exclusive, wealthy suburbs here>! Why can’t I find any? The answers are a bunch of agents screaming “pick me, pick me!!” when the people are asking for homes that in all likelihood do not exist, not agents who are all too plentiful. 

How come my mortgage loan officer asks me for so many things? Because when the banks didn’t ask for much from the borrowers we got this economy. 

I have a really complicated, nuanced situation and I am going to give you really sparse facts. What should I do? Beats me. This is another crazy thing- how people can put more credence into anonymous online advice rather than that of their hired professional. 

Can you tell me if my co-op will allow <whatever>? This is a good one because all co ops are different and their rules on renting, purchase, board approval requirements and other arcane things can vary enormously. They can always call their co op, especially given that they don’t tell us what co op they live in. Yet there are agents (pick me! pick me!) offering answers on a co op they know nothing of. 

There are others, but the platform seem to be drying up, at least in our area. There are questions from 2008 and 2009 showing as “most recent,” most likely because the value of such interactions are so limited. If you have a question, ask your agent or broker. He or she has a vested interest in your well being. 

The time around Thanksgiving and Christmas is typically when the inventory is often at its lowest level in general, as people tend to get more into the holidays. Homes buying often resumes after the holidays, and there is a phrase that says that spring begins January 2nd in real estate. This past July, Ossining had 146 active single family home listings available on the MLS. One week short of December, Ossining now has 144 active and available listings for sale. Inventory has not gone down, indicating that buyers continue to have excellent choices in the so called “off season” and probably a more motivated pool of sellers as well.

People who love Ossining are attracted to the river views, close proximity to Teatown, Maryknoll, good shopping, beautiful homes, lovely downtown, and of course the attractive commuting distance to New York City on the Hudson train line of Metro North. 

Prospective home buyers no longer have to have to put on a hat and scarf to search for homes in Ossining these days, especially if they are just starting out. Most brokers, including myself, have online home searches that allow you to search for homes, see the photos and specifics and compare features on their website.

Our firm has a number of online home searches, and the Listingbook home search is one I highly recommend. It allows you to search homes on the same MLS database as agents use, the Empire Access MLS, with high functionality. Registration is free and confidential. My clients love it, and there hundreds of registered users since we unveiled it. It isn’t just Ossining homes for sale, it covers all of the Westchester, Putnam, Dutchess and Bronx county inventory on the MLS. 

Buyers have good choices, even now in the so-called “slow” season, and online search tools make finding a good home easier than ever. 

Previous posts on Ossining, NY

There are times when I wonder if the public really knows what it takes to run a decent business when they bring up our real estate commission. Today, for example, we got our error and omission (E & O) insurance premium for fiscal 2011 and it was over double what I paid in 2010. And I never had a claim. I could see if they had to pay a liability claim of some sort, but I’ve never had one. We don’t assess our agents any part of our premium the way large firms do. I started my own firm in large part because I didn’t like getting nickeled and dimed. That policy will not change. But it doesn’t mean I have to be delighted for having my premium doubled for stellar conduct. The reasoning for the increase was higher revenue this year than last. A happy reason perhaps, but I’d expect a lower premium for no claims, not a doubled one. 

Being self employed in this environment is no picnic. I have a government that defines me as part of the wealthier class if the business makes a commensurate profit with revenue, and over on my side I have 4 children to feed, clothe and educate, one of whom may well need assistance all his days. That’s a worthier cause in my book than 90% of what the federal government throws money into. 

Not long ago, I had a listing expire unsold when the owners refused to accept an offer that was on the table toward the end of our term. Really sadly, our cordial relationship blew up at their dining room table when my client informed me that he was going to let the listing expire, then sell to the prospective buyer after the end so he’d be exempt from paying me. When I reminded him that he’d have to wait until the protected period was over, he was unapologetic. It was “business.”

I got a call from his attorney the following day asking for a copy of our listing contract. Of course the client had a copy; he either lost it or misplaced it. I told the attorney, whom I had been plenty friendly with beforehand, that I knew full well what was going on- he was going to see where he could find an “out” so his client could squirm out of paying my fee. He got nasty when I said this, but I learned a long time ago when an attorney calls with a chip on his shoulder asking for paperwork nothing friendly ever comes of it.

The crux of all this, ironically, is a walk in closet. My client’s home was paid for, and his retirement was secured.

He was moving south after he sold to a less expensive area, where he and the missus would live in their dream home. And it had to be the model with the walk in closets.

This guy wanted me to subsidize his retirement. He couldn’t live in what he earned. I had to chip in and work for free. People that put their hands in my pocket stink. People that put their hands in my children’s pocket should lose that hand. 

I think I put the fear of God in the guy and his attorney after that little episode. As far as I know, they did not sell, most likely because the buyer walked after they waited out the terms of our contract. Serves them right. My heart goes out to those folks out there who  have little or no equity and face hardship. Paying for food, clothing and necessities are tough enough these day, let alone a real estate commission. I know that. Interestingly, those are the people that give me the least grief about fees. But people with no such hardship who want me to subsidize their lifestyle on the backs of providing my family and livelihood don’t get it, and that is a shame. 

I have a listing that recently expired. A deal fell apart on it and my client lives out of state. That’s all I can tell you. Apparently, Central Hudson Gas and Electric can’t reach him, so they harass me. They want me to let them in the house so they can cut the power. 

One problem: I’m not authorized to do that. Do I have a key? Yes. Am I allowed in the house? Probably still to show a possible buyer. Can I let a creditor of my client in? No. No, I can’t do that. 

So here’s the message the utility left for me in my office:

Phil, Sabrina from Central Hudson Gas and Electric called regarding XX XXXX. She said you spoke last month about getting in to lock the gas meter. If access is not given they will transfer the bill to your business name.

Now that’s chutzpah. Transfer the debt to the broker. I’m not a lawyer but I don’t think they get to do that. Sabrina and I are going to have a little conversation Monday, and if I don’t set Central Hudson straight, my attorney will. I am about as liable for my client’s gas bill as his dentist.  

White Plains condominium 15 Stewart Place 1C will be help open today from 1-3pm. 

Spectacular 1,238 square foot 2-bedroom condominium at Heritage Towers! Features a bi-level first floor with a step-down living room, high ceilings, glass wall of windows, and patio, plus a lovely dining room & eat-in kitchen. Sprial staircase takes you up to the Master BR, 2nd BR, plus Full Bath; the hallway closet can be converted back to a Full Bath if desired. Doorman building, 1 assigned indoor parking space, plus convenience to shopping, bus and train add to making this a terrific duplex unit!