Active Rain September 15, 2010

What a Pleasure

Sometimes you just have to tip your hat. It seems so rare these days, especially in New York, where terse tolerance of the competition is the most we expect in this market. With the State Association (NYSAR) in town this week, 4 kids just getting back into the school routine, and my admin out all last week, I haven’t been the best P and Q guy around. So when it occurred to me on my drive home at a tad before 9pm last night that I hadn’t set up a showing requested by a client for 3pm this afternoon, I sheepishly called the listing agent to see if I could set the appointment. 

I got her voicemail, and left a message requesting the showing, that I was sorry for the late hour, and that I’d call her office first thing in the morning if need be. I expected that the best I’d do is not hear from her until after I called her office. It was late, and she really didn’t have to do anything. I should have called earlier. 

At 8:30am this morning, Liz called me back and told me she’d be delighted to confirm the appointment, and that she could log in the showing right now, or I could wait until 9am to call her office and log it. WOW, I told her, what a pleasure to deal with someone so on the ball! 

I have a house to sell! she answered, and then proceeded to give me lockbox instructions and logged me in. I was also informed of a strong price change. No drama, no asking me why such short notice, just advocacy and focus on the matter at hand. 

Now it’s your job to sell it, she said, and I laughed. True. The ball was in my court, because, whether I was on top of things or not, a professional was listing the house my clients wanted to see. Moments later, the confirmation email arrived in my inbox. 

Liz PereiraI have to admit that, if the show were on the other foot, I would have asked the agent to call our showing service and log in the showing. Moreover, this was far from a million dollar property, yet it was clearly getting white glove treatment from the broker. How few agents understand this- the best thing you can do for your client is dispassionately get people in their door and save the nitpicking about notice, you coulda, you shoulda, for the gym. 

So hats off to Liz Pereira of Houlihan Lawrence, for being a professional, a colleague, and a good advocate for her clients. You might think it peculiar to give props to the competition, but that is not how I see it. We should focus on the good, no matter where it is, because it is good for the clients. That is who we work for. 

 

Active Rain September 14, 2010

Croton on Hudson, NY Real Estate Market August 2010

This market report is for single family homes in the Croton-Harmon school district. All data is from the Westchester-Putnam MLS. Last month I wrote the following observation:

The median asking price of $624,450 is over 100k more than the median sales price, so I don’t think we’ll see a huge increase in volume until buyers and sellers are more aligned. Buyers want to spend less; sellers want more; imagine that. 

Well guess what? See below:

Croton Real Estate market August 2010

Only 1 home closed in Croton in August, and at $425,000, it sold for over $25,000 over asking. Other than that, sellers got nothing. The number of homes under contract swelled up to 17, with a median asking price of…wait for it…$425,000. 

The median asking price of unsold available properties in Croton? $598,500. Does this mean that if you want $600,000 that you’ll only get 425? No. But it does mean that the buying public is trending toward lower cost homes in Croton, and that sellers need to review their price if they want to move. The numbers don’t lie. Aggressively priced homes sell. Overpriced homes don’t. 

Croton on Hudson is a fantastic community. I spent a chunk of my youth there and my brother lives in Croton. But buyers aren’t gravitating toward the higher priced homes there at this time, but they’ll sign contracts on moderately prices properties. 

Previous posts on Croton on Hudson

Active Rain September 13, 2010

Peekskill Dog Splash September 25, 2010 10am-Noon

I have blogged about the Peekskill Dog Park before. It just happens to be the creation of clients of mine. The story is that they got the city to dedicate underused parkland to an attraction that gets dozens of users a week. 

In 12 days, the park will have its 2nd annual fundraiser, the Peekskill Dog Splash. It will actually take place at the lake at Depew Park, and all dogs will have a chance to splash around and swim and have a good time. There will be a complimentary dog wash station, so your wet dog will go home smelling fresh and clean, which, frankly, you know you could use about now. Admit it.

Depew Park

If your dog is a little breed, there will be kiddie pools. There will also be music, giveaways, and you’ll meet plenty of other dog aficionados and dog-o-philes who walk on their hind legs. 

Pre registration is required, so go to PeekskillDogPark.com and get your pooch in. Registration is $10, which is almost free in dog dollars. We are still enjoying nice weather in this area, and I’d expect late September to be a bit of a last hurrah for some of us in the “getting out and doing something special with our dog” department. They give us unconditional love, and they earned a play date. 

Active Rain September 13, 2010

Re-thinking Linking (or Your Hijack is my Trackback)

Time to let the light in

I have read a number of places on Active Rain about the protocol of posting your own links in comments and the belief that linking back to your own post is considered hijacking a blog. Others have stated that if a link is posted by a commenter, they’ll delete it. Where did this start? Isn’t linking back to your own post a trackback of sorts? 

This is ironic, because with a trackback, you are typically creating your own material or response to a post, whereas I see most re-blogs as relatively weak in the commentary department, and they instead lean on the content of the original author. I have no beef with re-blogs either, for the record, I just note the irony. I think that offering a link to your own post on the subject is continuing the dialog. 

I know that there is a link to a member’s own profile at the bottom of their comment, but frankly I don’t click on that unless their comment is intriguing or provocative. What if they just emptied their cartridge on a brilliant post and can’t come up with another home run in a comment? I may miss out on some brain food. 

I have never deleted a non-spam link in my comments, but I have gotten emails from people asking permission to post a link or just offering their link to me privately. To me, not being able to freely post relevant links in comments hinders the ease of exchange of information and is antithetical to the platform. 

I want to make it clear that if you want to link to something outside that is relevant or germane to the discussion, please feel free to do so. I am not afraid of ideas. None of us should be. If it “hijacks the blog” or diverts the discussion, GREAT. So be it. Better ideas should take the stage. YouTube allows responses, WordPress and Typepad have trackbacks, and I have no beef with links. All I’d ask is that the link opens in a new window.

I welcome your thoughts. Tell me where I’m right or wrong. 

Active Rain September 13, 2010

Speech Sundays: Max and Gregory

Active Rain September 13, 2010

FHA Offers Short Refi Program For Underwater Homeowners

 

Howard Sobel posted recently on the FHA program to refinance people who have negative equity. I think the idea is brilliant, and opens up possibilities other than a short sale for people who are underwater and want to keep their home. I’m sure there is small print, but if it helps 3-4 million people in the next 2 years, that should make a huge difference. 

The guidelines strike me as very reasonable as presented. Time to Google the program and get more information. I seldom re blog, but this is an important development. 

 

Via Howard Sobel (yourpropertypath.com):

 

FHA Offers Short Refi Program For Underwater Homeowners In an effort to help responsible homeowners who owe more on their mortgage than the value of their property HUD adjusted its refinance program.  The changes will enable lenders to provide additional refinancing options to underwater homeowners. see chart

Starting September 7, 2010, FHA will offer some underwater non FHA borrowers the opportunity to qualify for a new FHA insured mortgage. Designed to meet its goal of stabilizing housing markets, by helping 3 to 4 million homeowners through 2012.

FHA provided some guidance
 
Participation in FHA’s refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan:
 
1. The homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage.
2. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500.
3 The property must be the homeowner’s primary residence.
4. And the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower’s combined loan-to-value ratio to no greater than 115%.
5.The existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent.

 

Related Articles

FHA Offers New Mortgages

FHA Financing Now Available For REO Properties For Underwater Homeowners

Short Sellers And The Forclosed Catch A Break

Active Rain September 13, 2010

Chappaqua Real Estate Market August 2010

New CastleChappaqua is a beautiful hamlet located in the town of New Castle in north central Westchester County. It is known, nominally, as the adopted home of the Clintons and Reader’s Digest, and for being a idyllic, bucolic setting. New Castle abuts the Town of Ossining, and it is time to give the place a little more ink. 

Vanessa Williams is a product of Chappaqua schools, and hails from nearby Millwood. (Ms. Williams, by the way, is THE most talented creature to ever wear the crown of Miss America, and is an extremely nice lady. She still lives in the area as far as I know, and when I was tending bar during my sabbatical way back when she was one of the patrons at Mediterraneo. I did not fix her a drink; she was nursing. If you ever see a re run of the 1984 Miss America pageant, Miss Williams promised to star on Broadway. She did. That is calling the shot on the level of Babe Ruth, another adopted New Yorker. But on to Chappaqua.)

Chappaqua Train Station

Chappaqua is served by the Chappaqua school district, and includes parts of the town of Mount Pleasant. It is located on the Harlem Line of the Metro North railroad and is about a 50-minute train ride to Grand Central Terminal. 

This market information is for single family homes in the Chappaqua school district. All data is from the Westchester-putnam Multiple Listing Service. 

Chappaqua Real Estate Market August 2010

Prices are up from 2009 and the transaction total is up a tick as well. 22 homes are under contract, another healthy total, and there are mega options for buyers with 124 active listings, or roughly 7 months of inventory on the books. The vastness of the price range of available homes opens the doors to a wide variety of budgets. 

 

Active Rain September 13, 2010

Peekskill, NY Real Estate Market August 2010

This is the market data for August of 2010 for single family homes in Peekskill, and all information is sourced from the Westchester-Putnam MLS.

OK- here goes:

Peekskill Real Estate Market August 2010 Peekskill Westchester County

Prices are way down. Only 1 home sold, so all statistics are at the mercy of a number too small to be considered a representative sample. Median price last month was $65,000 and August of last year was $289,500. There are 77 homes actively for sale- the balance is out of whack, with only 7 homes under contract at a median price of $247,500.

So sales are way down and pending sales are low. Here’s the deal: Peekskill is a nice place- low taxes, affordable homes, a vibrant downtown, and proximity to Manhattan, points upstate, and all the amenities of Westchester County. You could buy a pretty nice joint here for not much money. The law of supply and demand is immutable- someone is going to get some good deals, and that someone should be you. 

Yeah, you. Or someone you know. 

Get yourself a free Listingbook account and check out homes for sale in Peekskill. It is absolutely a buyer’s market here.

Previous posts about Peekskill are here.  

Downtown Peekskill

 

Active Rain September 12, 2010

Thoughts on ReBar Camp Rye

REBar Camp Rye 2010ReBarCamp Rye was held today at the Rye Town Hilton, and it was my first ever BarCamp. I am typically rather cynical about seminars, camps and such, due mainly because I am tired of being recruited and I abhor being sold to. However, like Raincamp, there was no “product.” The sponsors weren’t hawked, and the subject matter was enlightening, relevant, and helpful. I also connected with a number of people in the offline world for the very first time and caught up with others. 

Lucky Strikers was prominent in the organization of the event, which was held ahead of the annual NYSAR meeting, also in Rye the next 3 days. If you have never been to a REBarcamp, you should go. It is a very fluid day, and the format is ad hoc- the participants are often the purveyors. I gave a session on short sales and anther on blogging, which was dubbed “BLUGGING- Putting the U in Blogging.” Michael Daly coined the phrase, and I love it. Chris Smith, author of Tech Savvy Agent gave a fantastic session on advanced social media, and I was floored by how much I do not know. 

Among those I met up with were 

 

  • Marilyn Katz, and Active Rainer from Connecticut.
  • Steve Hubbard, a Remax broker whom I knew from my days selling real estate in Rochester, NY 
  • Sonja Lovas, author of Westchesterisms, a wonderful tagline for a blog
  • Dawn Bricker, who presided over a lively session on managing your online reputation
  • Debbie Gartner, queen of Westchester Flooring and prolific contributor here on Active Rain
  • Suzanne Welch, a broker in nearby Croton on Hudson. 
There were a number of others, some of whom I hadn’t seen for years or never met in person, or both. But what really impressed me was how much I have yet to learn- the nuances of a Facebook page for business are multi-layered, deep, and impressive. It is my homework this week. 
Nikki Beauchamp gave a very good opening, with a moment of silence for 9-11 (this is after all, New York) and her personal vow to live her life to the fullest in the wake of the tragedy. She was compelling. 
The next REBar Camp in New York will be this January, and I’ll blog ahead of that so more people will take advantage. 
The Board

 

Active Rain September 12, 2010

iPad as a Help for Children with Autism

Ann announced today that she’d like us to get a iPad for Gregory. She emailed me a link of 10 apps for iPad which can help children on the Spectrum. Looking over the apps, they strike me as excellent, and right down Gregory’s alley. He responds to interactive, and just mastered the mouse a few weeks ago- what a difference in our lives. 

We have a teacher supply store in a nearby city with tons of ABA sorts of toys, and Gregory is also progressing on NickJr.com’s more rudimentary interactive activities, but the big breakthrough was his recent grasp of the mouse. Prior to that it required our full-time assistance. 

Ironic, as I understand that iPad does not use a mouse. Regardless, the outcome is crucial to us, and anyting that will develop and enrich is a welcome thing. 

Oh, and we can use the thing too, which certainly doesn’t suck!!!