Ruthmarie Hicks

I'm still not sure about whether Amanda is looking for the village of Bronxville or in the Bronxville P.O. The difference is not trivial. So its tough to give specific advice.

As to whether to buy today. If you have the cash - it really is a great time to buy - DEPENDING on three factors:
1) Your time frame
2) The type of housing (condo, cooperative, single family house)
3) Specific location


What has changed since I last posted to this thread? A Wall Street crisis of unprecedented proportions. Something like this changes EVERYTHING. The fact that all real estate is LOCAL is extremely important here. I would now say that all real estate is hyper-local AND sector driven.

For example - SF homes have seen a decline in White Plains - but condos have gone UP in price. I would wait to buy most White Plains condos unless you had a very long outlook. However condos in New Rochelle have really taken a hit - now is a good time to buy a condo in New Rochelle. Buying a single family home makes sense in either municipality. Cooperatives have gone down in some areas, but not in others. There are no pat answers right now. I just work with individual cases.

Also - no short-term buying to make a quick profit. No way. You need a five year outlook - anything less than five years is subject to volatility.


On a personal note: My purchasing decision was influenced by a bear market in 1996. Prices were down, but SF homes were down more than condos. I didn't want a house - too much of a hassle. But when I weighed the "value" of a house vs. a condo/coop - I realized that the houses were in the best position to increase. I was right. The house lost money for the first 18 months after the purchase. After that it was up, up and away. I got a good deal by buying into an "unpopular" market during a downturn. Food for thought. - Thu Nov 20 2008, 01:02

Steve,
First of all, your information comes from the 2000 census – I hate to break this to you - but its 2008! A lot can happen in 7.5 years! There has been significant changes in population composition since that time. Second, how do you explain that some of my best BUYERS are NOT American nationals? Fully HALF of my clients are foreign nationals - and they are looking for luxury housing. Westchester is just dirt cheap to them and they are plunking down 30-100% CASH.

This is something fairly new, so stats from the year 2000 will not reflect that trend at all. The trend reflects what Americans have done in the past. They buy initially in the City, then they have families and like a lot of city dwellers, the look to the suburbs for more space.

Furthermore, someone is SELLING those units to foreigners. They aren't just snapping up new construction ya know! Those sellers are often American and they are coming to Westchester with wads of cash - literally. They have the money to buy and buy they do. This is a primary mover in the Westchester market. As it gets too expensive to stay in Manhattan, Westchester looks better and better. They aren’t affected by the mortgage crisis either.

A little knowledge is a dangerous thing. You need a better understanding of context. You also need information that far more up-to-date. Are there dishonest agents? Sure. But I’m not one of them. I present FACTS. The media is “talking down the market” to the point of total senseless irrationality. Unfortunately, the disconnect between salaries and housing costs will continue on their divergent paths in areas such as NYC for the foreseeable future. This has to do with a tremendous transfer of wealth flowing from America and to almost anyone who is holding anything but American dollars. This happened to a smaller extent in the 1980s with the Japanese. But to today its coming from EVERYWHERE, Europe, Australia, Dubai, China, Eastern Europe, India – you name it. - Fri Nov 9 2007, 03:20

With respect, I have to totally disagree with Rich. The market is not just being driven by Wall Street. That is incorrect. A great deal of the effect is coming from foreign capital. Its nothing less than a steal for people outside the US. Since there is high need and demand for permanent housing for foreign nationals in the New York area - their influx is one of the primary drivers of this market. The dollar will be staying low for some time to come - and as a result prices are edging UP not DOWN in Westchester. I've run the numbers every way I can in several municipalities - and for the most part (with a few noted exceptions) the absorption rates are high, inventories are turning over - its a very strong market for condos generally. Nevertheless, interest rates are low and you do have negotiating room - the feeding frenzy is over. I'm looking to invest in the near future myself - whereas I wouldn't have touched it in 2005. Look for areas that are up-and-coming. I can't ID them for you, but with a little bit of research, finding an area that is up and coming will help buffer you against any short-term problems that could arise. - Thu Nov 1 2007, 00:38

Hello, I am a local agent from Nelson-Vrooman GMAC in White Plains. I could be more helpful if you would be more specific as to your goals.

For example, if you are a house flipper with a short turn-around time, this would probably not be the best time to buy because you can not count on the same rapid appreciation of values that became the norm during the boom that ended in 2005. If you are purchasing a house or condo to live in, then this might be a good time to buy. Predicting markets is a very tricky thing in the short term, but over the long term, housing prices in this area are only going to be heading up. DO NOT try to "time" the market. By the time you realize that the market has bottomed, it will be too late to take advantage of it. Over time, real estate has been shown over and over to appreciate in value. So buying a house or condo that you will live in, it will (barring a major catastrophe) be an appreciating asset that provides a tax advantage and that you live your life in. Not a bad deal.

Just so you know, the Bronxville P.O. covers three municipalities, Eastchester, Yonkers and Mt. Vernon. There are very few available condos in the area, however there are quite a lot of co-ops for sale. For According to the MLS, Bronxville single family homes in the Eastchester municipality, has 20 current listings ranging in price from $839k-tp $3,250k in asking price. For co-ops, listing prices range from $215k to $1195k.

For houses in Bronxville Yonkers/Mt. Vernon houses range from $400k to $2295k whereas coops range from $98k to $1195 k.

Although there is some inventory, the inventory is moving as evidenced by recent sales. Don't forget that the market in lower Westchester is being driven by the NYC market. All real estate is local and you should not lump Westchester into the same slow-down that has appeared nationally. There are several locations nationally where real estate has either appreciated or remained steady. Portions of Westchester have seen mild price corrections. But the Westchester market hasn't tanked nor does it appear poised to do so.

Hope all this info is helpful. - Sat Aug 11 2007, 00:37

It's not a matter of better - its what you like. One thing you should do is check out the immediate area. For example, Bryant Gardens is near a very upscale neighborhood and a golf course which is nice for walking. If that is something that means a lot to you, you should let that guide you. If being near the center of things is important to you - let that guide you. Both areas have distinct positives. It's more a matter of personal preference. - Sat Oct 25 2008, 14:58

Guys! Give it rest...you are making yourselves look like the ultimate Realtor cliche. Riley has already moved...let him enjoy his new home. - Tue Sep 9 2008, 20:08

I don't think too many agents would laugh at working below the $900k range. If you are analytical, you might like my blog site. I personally feel that location is key with respect to transportation issues. You might enjoy this entry from my blog sight for starters and stay tuned for the next installments.

No one has a crystal ball, but I believe that being near a train station and I-287 will be key for values in the near future.

I can not comment as to school systems nor can any other agent. We can only send you in the right direction to do the research yourself. To do so is a violation of fair housing laws and could result in a massive fine and loss of license. Clients need to understand that this is our livelihood and we can not afford to violate the law in this matter. For openers, there are testers who test agents and the law is genuinely for the public good. It dates back to the days in which certain ethnic groups were deliberately steered to specific neighborhoods - sustaining a segregated society. The laws a very clear and the penalties harsh - for good reason. - Fri Jul 4 2008, 01:02

My last blog on housing prices for White Plains gives you a realistic idea of where this market is right now. It shows prices generally flat for cooperatives over last year and sales volume down significantly. In early July there was about 4.9 months of inventory in the White Plains cooperative market. Not a buyers market. Still a sellers...but not a strong sellers market. The pricing depends on your complex. Some have risen in value such as the Broadlawn and others have remained flat or are declining slightly.

I would call this a SOLID market for a seller but I define a "booming market" as one where volume is up over the previous year and overall prices are up over the rate of core inflation. That is not the case here, but some people use different definitions. Calling something "booming" when volume is down and prices are somewhat flat can set the seller up for disappointment and unrealistic expectations. It is essential in a slower market, no matter what the inventory, to price the property in a realistic way. It's not a bad market, but it isn't 2005. - Wed Aug 27 2008, 00:44

A great deal depends on the complex...Also , in your zip code, parking is very key. If you are in a complex that has parking for new residents - it is very helpful. As pointed out in the previous comments, the price range and differences between each complex make answering this question on-line very difficult.

However, if you are moving up into a house - you may be in luck. Single Family homes are showing more weakness then coops - putting you in a potentially excellent position.

The link below is to my blog site - to an entry about pricing and inventory in White Plains. the numbers are about 1 month old. - Fri Jul 4 2008, 00:15

Westchester is a region where the market is hyper-local. Just a few blocks spells the difference. It's ALL ABOUT LOCATION. I don't have a crystal ball but I do look at the trends. For example, the exurbs are no longer popular. Being near public transportation - being in a location that has easy access to shopping (preferably walkable) are key and will continue to be so into the future.

The foreclosure hype is just that in some case - hype. 89% of the increase in foreclosures has occurred in 4 states - and NY isn't one of them. the foreclosure rate in these states is driving the numbers quoted by economists and skewing the data to be far more grim than it is for most of the country.

From the Mortgage Bankers Association on June 5,
"The problems in California and Florida are extraordinary and they are the main drivers of the national trend. The quarterly rate of foreclosure starts on subprime ARM loans in California was 9.24 percent. This rate, combined with Florida's rate of 8.25 percent, drove up the national average foreclosure start rate to the point where 43 states were below the national average of 6.32 percent."
That's a HUGE issue. Most states have not experienced a huge increase at all. 43 states are below 6.32%.

As prices being down or up - that depends on the location. I don't look much at county stats. I look at each town, village, city individually. Some are up, some are down and some are flat. Here are some stats I posted from White Plains. This can be done for any area in the county - Fri Jul 4 2008, 01:56