We were actually gratified to list and sell this property after selling it to the owners a few years prior. They did benefit from appreciation, selling for $568,000 after purchasing it for $395,000 7 years before.
As described in the MLS:
This is a adorable 3 bedroom, 2 bath ranch home on nearly half an acre with a garage and double sized driveway. It has excellent flow, a chef’s kitchen and fabulous outdoor deck overlooking picturesque garden and yard. There is a custom built shed for all your tools and hobbies. Established perennial bed, and garden has been organic for the last 7 years. Many new upgrades including Burnham boiler in 2014 and improved insulation in 2014 after NYS energy survey. New kitchen appliance in 2018, a 6 burner range, dishwasher, and a high volume Zephyr Air Extractor over the range for excellent exhaust. Second refrigerator in basement. It has a fireplace in the family room and an upgraded electrical panel 2019.
While the house is nearly 1500 square feet, the full basement offers additional space.
This marks the first time I have not posted this update on New year’s eve, so it feels weird to wrote a piece about 2020 in February 2021. However, I’ve got great reasons.
2020 was by far the most surreal year of most of our lives. When the pandemic restrictions began in March, one had to wonder if the new normal would become an extinction event for the brand. There were more sleepless nights than I can recall since the real estate crash in 2008. It was a rough matter from every angle; society was in an upheaval, everyone was concerned about their own health and that of their loved ones, regular life events were disrupted and altered, and a dark cloud of uncertainty seemed permanently above our heads. What added to the difficulty was the fact that we started out in January and February at a red hot, record-breaking pace. Then, just like that with the flip of the news cycle switch, we were looking at months of possibly no or a pittance of revenue.
That’s the backdrop. Q1 wasn’t even over and the possibility of the industry, and my brand, being dead in the water, loomed large. I founded this firm in 2005. It is my life’s work. I don’t think I can do justice describing that feeling of foreboding.
But a funny thing happened. We learned we were built for this. All of the online training, remote meetings, virtual reality imaging and other tech that we have invested in over the years was already in place, ready for us to implement rigorously. And implement we did.
As soon as the lockdowns began, we began an intensive schedule of remote events. Some were fireside chats. Some were happy hours. Much of it was intensive training on how to pivot and adapt. With rare exception, we were in better communication with our agents than we had before in the age of in person meetings and the odd phone call. The results in March, April and May were sub par for the spring, but not awful. When restrictions were partially relaxed in June, the dam broke. Executed contracts in June were 38% higher than the prior June. Contracts in July were 89% higher than July 2019. It continued. Year over year, we had months that exceeded prior totals by 34%. 88%. 128%. 53%. When all was said and done, 2020 saw close to $150 million worth of property put under contract, $40 million better than our prior best year of 2019.
The brand closed $141,500,000, better than 2019’s prior high by 34%. 383 closed transactions blew the doors off prior best totals.
Did webenefit from the exodus of New York City dwellers to the suburbs? Yes. But it’s never that simple. Inventory was historically low. Many buyers lost income. The competition for listings was intense, with buyers offering on 5 and 6 homes before they got a yes. Many brands were down from 2019. We were up by over a third. In the frenzy of low inventory and too many buyers competing, not everyone can come out winning. More often than not, our clients prevailed. Nothing punctuated the need for a good agent like 2020 did.
Other good news:
In July, Jennifer Maher wasnamed Chief Operating Officerof the firm. Jenn’s stepping up in the pandemic, to say nothing of her contributions to the brand since joining us in 2013, made this inevitable. Jenn also got married in December. Some people thrive in adversity. If you’re in a foxhole, you want her with you. She is now a partner in the company, operating principal of J. Philip Commercial Group, and COO. Not bad.
The firm cracked the top 20 of companies in our market for units sold. Out of close to 1400 companies that operate in our primary 5 counties, we ranked 19th overall, and were the top-selling Westchester/Putnam based independent. In Westchester Alone, we were 17th. in Putnam, we were top 5.
Brittany Alvarez
The firm named a newAgent Leadership Council, with Tana McGuire, Kisha Ocasio-Riviezzo, and Verona Cruz filling important roles as liaisons between leadership and the agents.
Congratulations go out to Brittany Alvarez, associate broker, former Rookie of the Year and Person of the Year, for adding Top Producer to her accolades. Between New York and Connecticut, Brittany closed over 40 sides worth over $14 million in 2020.
Gloria Hernandez
Congratulations to Gloria Hernandez for being named Person of the Year for 2020 for her teamwork, leadership, and contributions to the brand in an unforgettable year. Gloria will be retired from management later this year but will remain with the brand as an associate broker. We are fortunate to have her.
Personally, I wrapped up 9 years on Zillow’s Agent Advisory Board as well as a director role with the Hudson Gateway MLS and I was elected to serve as a director for the Hudson Gateway Association of Realtors.
It is a peculiar feeling to write about the company’s best year in the backdrop of such societal upheaval. I have to express a deep pride in the team for their stepping up. The culture here is difficult to truly render, but it inspires me. When the pandemic first began and revenue was uncertain, a number of agents offered to defer portions of their commissions to ensure the company had the cash flow to operate optimally. That is humbling. As I look back on a year that exceeded profit expectations, I am deeply grateful for their care and ownership of their brand.
Looking forward to 2021, while I hope and pray for society to return to normalcy and relative safety, I am working on bigger things for the company:
A significant expansion of the brand size and market share
A brand new company website
A state of the art back office tech suite which will empower the agents to do an even better job than before.
And that, dear reader, is why I couldn’t post the good news sooner. There was more to gather than ever.
$575,000 buys an awfully nice home these days, like the 3 bedroom, 2 bath split we recently closed for a seller client on Leawood Drive.
As the MLS described:
This is a TRUE GEM in a four cul-de-sac neighborhood of about 70 houses! Besides being completely renovated and move-in ready, what sets this house apart is its property; with nearly twice as much land as many plots, the owner really does have the “park-like” setting you read about! With woods on one side and in back, and location in the cul-de-sac – it also is quiet and has much more privacy, too! Back to the house itself, the floor plan on the main level features an updated, Eat In Kitchen with a formal Dining Room and doors out to a HUGE Deck – perfect for entertaining. Upstairs, the three very nice-sized Bedrooms feature pristine hardwood floors – much of them recently refinished – with both the Master Bedroom and Hall having beautifully modernized, sleek and polished bathrooms. Downstairs, there is a newly painted, large Laundry Room, and a HUGE carpeted Family Room/Office or fourth Bedroom with a door out to the side yard.
This one is gone, but we have more. Call me at 914-450-8883 and my team can help you find your best new nest.
I’m so glad you asked! If your budget is in the low 500’s, you might like a home like the one we just closed on Avis Court, a 3 bedroom 2 bath split on nearly 3/4 of an acre on a cul de sac. The final sale price was $513,500. Best of luck to my seller, a good human being and a friend.
As described in the MLS:
Move in condition front/rear split on a plum 3/4 acre cul-de-sac lot. Open concept in living area, with vaulted ceiling in the living room, faux mantel, and formal dining room off the kitchen. Appealing deck overlooks the spacious rear yard. You’ll love the view out of the wood Andersen windows. Lots of parking and 1 car attached garage. Front level has a family room and office, although there are possibilities for a media room or guest quarters. Good sized bedrooms on the upper level with ample storage base, and then you have the basement with storage that runs the length of the house. Pride of ownership shows throughout, and the location and setting are unbeatable!
This one is sold but my team can help you find one of your own- call 914-450-8883 for more information.
If your budget is $625,000 you might be able to buy a home like the raised ranch we recently closed on Country Club Lane with a Hudson River View.
As described in the MLS:
Your opportunity to own a home with breathtaking year-round views of the majestic Hudson from the living room, dining room, master suite, deck and enclosed porch alike. An amazing lifestyle awaits you on this cul-de-sac location with a gorgeous half acre, inground pool, enormous patio, rolling lawn, and much more. Boasts a large eat in kitchen, a massive rec area with fireplace downstairs, 2 car garage, and enormous potential for your updates and touches. Tremendously convenient location to commuter points, recreation, shopping, parks and the splendor of the Rockefeller preserve all a stone’s throw away.
This 4 bedroom 3 bath home needed some work, but we can find you something that fits your needs if you connect with us. Call 914-450-8883 to get the ball rolling!
$560,000 will buy you a mighty nice 3 bedroom 3 bath split on a dead end like the one we closed on last month.
As described in the MLS:
This wonderful, pristine house on a quiet cul-de-sac is ready for you to move right in! With a three-season Sunroom and HUGE basement area to make your own NOT included in the square footage, this house truly lives like a much larger home than many in the desired neighborhood. The updated Kitchen with stainless steel, GE Profile appliances COULD be converted to be Eat-In – OR use the current large counter areas and cabinets to cook and entertain to your hearts’ content! The main level is light and bright with a nice flow throughout, and has access from that Sunroom down to an expansive patio and wonderful yard. The Family Room downstairs is large – over 250 square feet – and has a door out to the side yard for your convenience, or if you want the flexibility of an office or even guest room. Finally, the separate Laundry Room and Full Bath downstairs make for SO many possibilities!
Connect with me at 914-450-8883 and my team will help you find you next dream home!
(Note: the following piece was originally published in Inman News)
Like many of my colleagues, I’ve been reading — with great concern — about how the ripple effect of the coronavirus pandemic is playing out and how it will affect my business.
However, unlike many of my colleagues across the nation, I am seeing serious consequences in my own backyard. New York state ranks second behind Washington state for coronavirus cases. As I type this, my market of Westchester County accounts for over half of the documented COVID-19 cases in New York (178 at last count).
Only a few miles from one of my offices in New Rochelle, New York, there’s a 1-mile diameter containment zone. The governor brought in the National Guard to assist in cleaning up houses of worship and schools, which will remain closed for two weeks.
Schools are closing like we’re under 6 feet of snow. There’s no widespread panic, but there’s certainly grave concern.
Having lived through the Great Recession, I’m really not in the mood for another disruption. Although, even if things get demonstrably worse, it will, in all likelihood, never be a full-blown crash like the one we saw in 2008.
That said, with so many events being cancelled or postponed, a disruption is inevitable. So what can we, as an industry, do to minimize the detriment and squeeze results out of the scarcity of an alarmed consumer base?
For markets where showings are still happening, advise your clients not to bring their young children or aging parents along on home tours
Those over 60 are most susceptible, and this practice would minimize their exposure to contagions. It also provides the added fringe benefit of not having a front-row seat to grandma’s sticker shock when she finds out how prices and taxes have gone up since she last bought a house in 1988.
Associations: Please, for the love of God, stop calling meetings
Last week, I got an invitation to a broker-manager meeting my association is holding on March 18. To its credit, the association allowed remote access as news changed.
Since my business partner just became a grandmother last week, she shouldn’t be forced to miss an important meeting because she wants to hold her infant granddaughter. Allow us to attend remotely. The technology isn’t new. Come on associations, we can pivot.
Support local businesses
It might be easier to shop on Amazon, but they will never refer you business. That Chinese restaurant down the road is likely taking it on the chin, especially with so many states and counties placing limits on large gatherings and bars and restaurants.
Be a mensch, and have lunch there if you can, or buy a gift card if they cannot serve. Grab a loaf of bread and chicken soup at the corner deli. Now is a great time to get acquainted with local cleaning operations. When all this blows over, they — and all of their referral sources — will know you were a stand-up supporter. That will make you money.
Invest in 3D imaging and virtual reality
Even if folks aren’t going to actively tour homes, you can bet that they are looking online. 3D tours are a phenomenal differentiation, as well as a great way to attract more inquiries once things return to normal. We see open houses being cancelled in many markets, and this can help.
Brokers and managers — go virtual
Chill out on the office meetings, and start leveraging platforms like Zoom, GoToMeeting and Google Hangouts (that goes for you too, associations).
Keep your personal space
If you’re in a market where it’s customary to drive clients around in your car, rethink the practice. This is a rarity in liability-conscious, litigious New York, but I do know it occurs more frequently elsewhere. Now is no time to be in such close quarters with people you may not know very well.
Be consistent
Whatever business practice changes you make, apply them consistently. NAR released guidelines that aren’t earth-shattering, but they are useful. One of the more timely takeaways for me was that if you’re going to make changes for one client or customer and not the other, you could run afoul of fair housing guidelines. It’s common sense — but crucial.
The situation sucks. It really does. I see a hot start for my own company hijacked by the pandemic, and I see my industry brethren arguing over politics and health policy.
But we will get through it, and when we do, we should hit the ground running with the pent-up demand. Remember: People prefer to live indoors. There will be plenty of work to do when this passes, but we can produce results in the interim as well.
If you like a 3 bedroom, 2 bath Tudor styled cape on a landscaped lot with a detached 2 car garage, this was the place that we closed on last week.
The MLS description:
Tudor-inspired Cape with oversized yard & a fantastic two car detached garage with loft on a quiet street near everything. Solar energy! Brick & stone pre-war home with tons of upgrades without losing the traditional soul of the period. Double-sized lot currently loved with gardens, ample greenery with plenty of lawn & still room for parking 5-6 cars without the garage. Private rear paver patio, great for entertaining or relaxing. Inside you’ll be inspired by the modern kitchen, well-maintained wood trim and appointments, bright living room with wood burning fireplace, dining room, upgraded bath and two good-sized bedrooms. Upstairs is a renovated master suite with modern bathroom & a walk-in closet/attic area to store enough for a small army. Finished basement rec area (not in square footage). Dynamite location, minutes to the North White Plains metro-North station, shopping, and highways. An unmatched lifestyle at this price point offering modern convenience and traditional charm.
Best of luck to my clients who are flying NORTH, not south, and starting their new life upstate! This one is gone, but I can help you find one of your own! (914) 450-888
Spoiler alert: Best year ever by every metric we employ.
Last year’s summary was wrapped up thusly:
In years past, I’ve made numerical predictions, but this year I’m going to be a bit more coy. I’m looking for good agents who want to grow their practices the right way. My role is evolving from chasing deals to procuring the best training, tools and professional infrastructure. 2019 will be centered on providing those agents with the best tools and training possible, and this year I can say that we’ve never laid the groundwork the way we have in the past 12 months. So I’m not worried about numbers; we’ll let the bean counters do their work while we do ours.
While I haven’t finished the counting, what has been tabulated puts us back into explosive growth. The firm eclipsed $100 million in closed business in our main market area alone before December even hit, and as we grow it becomes virtually impossible to have everything counted by New Year’s Eve. That is a wonderful “problem.”
2019 has been replete with happy milestones:
Our number of closed transactions is up to at least 320 at last count, up 12% over 2018
Our closed volume is now at $115 million, up 15% over 2018
Median sales price is up 9%, when the market itself overall is flat.
Contracts executed for 2019 are up enormously, 15.5%, with a median price 15% higher. This is huge because it means we go into 2020 with momentum and a swollen pipeline of pending business for the new year.
For the 3rd year in a row, our listings sold on average over two weeks sooner than the MLS average, and for a admirable percentage of asking (many selling well over asking).
Happily, for the 4th year in a row, J. Philip Real Estate is the top selling Westchester and Putnam-based true independent brokerage for transactions. No other independent outsells us in those counties. We outpace the market in most categories by 10% or more.
Another accomplishment of note is our inaugural 2019 membership as the exclusive Westchester and Putnam affiliate for Leverage Global Partners, the premier network of independent brokerages. We remain happy members of Westchester Real Estate Inc., the local area’s premier consortium of independents, as well as my continued membership as a Hudson Gateway MLS board member, Zillow’s Premier Agent Advisory Board, and as immediate past president of the Beverly Carter Foundation.
Double digit growth is both exciting and humbling. As the firm has grown, I have had to expand my own knowledge base also, evolving from prospecting and deal making to understanding how to deal with vendors, how to train agents effectively, what resources work and which ones aren’t for us, and a host of other things that weren’t in my original skill set when I started the firm 14 years ago.
Suffice to say, huge debts of gratitude are owed to Jenn Maher, my business partner and friend, Gloria Hernandez, who manages two of our three offices and is a tireless trainer and respected voice of wisdom, and Maureen Jacobson, who for my money is the area’s best business coach by far. In addition to the administrative superteam of Ronnie DeMeo, Rose D’Angelo, Rosaline Cruz and Michele Kantrowitz, we also added my niece Josie Faranda to the tech team. I’ll add a special thank you to Elena Kupka, who stepped up this past summer with advice that made a huge contribution to me both in and out of work.
As we look to 2020, I’ll demur on predictions, but will state that I remain committed to double digit growth in becoming a billion dollar enterprise. We will do it the right way, with solid professionals with whom I am proud to associate. To that end I will continue to provide the best possible tools to the agents, the best available training, and responsive and mindful mentoring. Our agents will have a brand to represent they can be proud of beyond mere numbers. If you are an agent (or considering becoming one) who is curious as to how you can have double digit growth as well, call me at 914.450.8883 and we’ll talk.
I am linking to a short video I posted on LinkedIn recently that acknowledged the firm’s milestone in exceeding $100,000,000 worth of real estate sold in our “home field” MLS for the first time in our history. The MLS scene here is very fragmented, and we belong to several systems (7 to be exact, all within a half hour drive save one), but the one we do the most business on is the Hudson Gateway MLS, which comprises Westchester, Putnam, Rockland, Orange, Sullivan, and several surrounding counties. We’ve done $100 million total before combined among all the systems, but never in HGMLS alone. Not only did we do that, we accomplished it with more than a month left to go in the year.
Overall, the firm is up from last year 15% is number of closed transactions, 23% is closed dollar volume, and a whopping improvement in contracts written year to date: 27% higher in dollar volume than 2018. The contracts are the best metric of the firm’s current deal pipeline and future health.
The market itself is up just over 2% in dollars sold and virtually a dead heat in transactions. We are outpacing the market by well over 20%. This is a wonderful accomplishment for the team, and highlights why J. Philip is the top-selling true independent brokerage in Westchester-Putnam.
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We were actually gratified to list and sell this property after selling it to the owners a few years prior. They did benefit from appreciation, selling for $568,000 after purchasing it for $395,000 7 years before.
$575,000 buys an awfully nice home these days, like the 3 bedroom, 2 bath split we recently closed for a seller client on Leawood Drive.
If your budget is $625,000 you might be able to buy a home like the raised ranch we recently closed on Country Club Lane with a Hudson River View.
$560,000 will buy you a mighty nice 3 bedroom 3 bath split on a dead end like the one we closed on last month.
I am linking to a short video I posted on LinkedIn recently that acknowledged the firm’s milestone in exceeding $100,000,000 worth of real estate sold in our “home field” MLS for the first time in our history. The MLS scene here is very fragmented, and we belong to several systems (7 to be exact, all within a half hour drive save one), but the one we do the most business on is the Hudson Gateway MLS, which comprises Westchester, Putnam, Rockland, Orange, Sullivan, and several surrounding counties. We’ve done $100 million total before combined among all the systems, but never in HGMLS alone. Not only did we do that, we accomplished it with more than a month left to go in the year.
7 Things the Industry Should be Doing Amid Coronavirus
(Note: the following piece was originally published in Inman News)
Like many of my colleagues, I’ve been reading — with great concern — about how the ripple effect of the coronavirus pandemic is playing out and how it will affect my business.
However, unlike many of my colleagues across the nation, I am seeing serious consequences in my own backyard. New York state ranks second behind Washington state for coronavirus cases. As I type this, my market of Westchester County accounts for over half of the documented COVID-19 cases in New York (178 at last count).
Only a few miles from one of my offices in New Rochelle, New York, there’s a 1-mile diameter containment zone. The governor brought in the National Guard to assist in cleaning up houses of worship and schools, which will remain closed for two weeks.
Schools are closing like we’re under 6 feet of snow. There’s no widespread panic, but there’s certainly grave concern.
Having lived through the Great Recession, I’m really not in the mood for another disruption. Although, even if things get demonstrably worse, it will, in all likelihood, never be a full-blown crash like the one we saw in 2008.
That said, with so many events being cancelled or postponed, a disruption is inevitable. So what can we, as an industry, do to minimize the detriment and squeeze results out of the scarcity of an alarmed consumer base?
Those over 60 are most susceptible, and this practice would minimize their exposure to contagions. It also provides the added fringe benefit of not having a front-row seat to grandma’s sticker shock when she finds out how prices and taxes have gone up since she last bought a house in 1988.
Last week, I got an invitation to a broker-manager meeting my association is holding on March 18. To its credit, the association allowed remote access as news changed.
Since my business partner just became a grandmother last week, she shouldn’t be forced to miss an important meeting because she wants to hold her infant granddaughter. Allow us to attend remotely. The technology isn’t new. Come on associations, we can pivot.
It might be easier to shop on Amazon, but they will never refer you business. That Chinese restaurant down the road is likely taking it on the chin, especially with so many states and counties placing limits on large gatherings and bars and restaurants.
Be a mensch, and have lunch there if you can, or buy a gift card if they cannot serve. Grab a loaf of bread and chicken soup at the corner deli. Now is a great time to get acquainted with local cleaning operations. When all this blows over, they — and all of their referral sources — will know you were a stand-up supporter. That will make you money.
Even if folks aren’t going to actively tour homes, you can bet that they are looking online. 3D tours are a phenomenal differentiation, as well as a great way to attract more inquiries once things return to normal. We see open houses being cancelled in many markets, and this can help.
Chill out on the office meetings, and start leveraging platforms like Zoom, GoToMeeting and Google Hangouts (that goes for you too, associations).
If you’re in a market where it’s customary to drive clients around in your car, rethink the practice. This is a rarity in liability-conscious, litigious New York, but I do know it occurs more frequently elsewhere. Now is no time to be in such close quarters with people you may not know very well.
Whatever business practice changes you make, apply them consistently. NAR released guidelines that aren’t earth-shattering, but they are useful. One of the more timely takeaways for me was that if you’re going to make changes for one client or customer and not the other, you could run afoul of fair housing guidelines. It’s common sense — but crucial.
The situation sucks. It really does. I see a hot start for my own company hijacked by the pandemic, and I see my industry brethren arguing over politics and health policy.
But we will get through it, and when we do, we should hit the ground running with the pent-up demand. Remember: People prefer to live indoors. There will be plenty of work to do when this passes, but we can produce results in the interim as well.