Westchester Real Estate Talk

So, today, memories of the good old days.  I came upon a bidding war. A property in Hartsdale, New York had been on the market for a while, a couple of months and no offers.  My buyer has been reading all of the hype about what a terrible market this is.  Properties are sitting, rates are low, buyer's have loads of choices and it is now a buyer's market. So we negotiate but not a lot.  We put in an offer at 3% less than the asking price.  It is hard for buyers reading what they are reading to come in with asking prices.  This is the long awaited market that buyer's have yearned for.  Seller's have had to lower their prices and they no longer can dictate what price and terms of a deal. Well, guess what.  While for the most part it is buyer's market a buyer can get caught up in a situation where the price is just right, there really isn't that much inventory in a particular price with all of the bedrooms and baths that they might want and whoops, along comes another buyer.

I am glad it is no longer the frenzied days of the past where seller's dictated to buyer's what they should pay.  I like that buyer's get to be heard, get to negotiate a bit more and issues in houses can be discussed.  No take or leave it.  Seller's now need to listen and accomodate the buyer's a bit more.  Or so I thought.

Everywhere we turn we are hearing about foreclosures and that many homeowners are now in a terrible situation.  While the real estate market was escalating and values increasing the equity these homeowners had in their properties was increasing and if the properties were sold the amounts the seller's were paid would cover the loans.  Now with home prices stabilizing and adjusting downward this equity is no longer there.  Many individuals can be paying mortgages on properties that are now worth less than what they owe.

Individuals who did not "put down" money at the time of purchase and financed at 100% or 95% don't have any equity.  The down payment would have been the equity.  In the past, if a homeowner got into financial trouble they could sell their property and pay off any outstanding loan balances.

So what is a forclosure?  "A foreclosure is a legal action brought by a lender against a borrower who has defaulted on a mortgage loan.  If foreclosure is granted the borrower sells the house at a foreclosure auction and the proceeds are used to pay off the loan.  If the property is sold for less than the loan then the borrower loses title to the house but still owes any unpaid balance".

Pre-foreclosure:  this is the most important step and there are several options open to homesowners who find themselves in this situation.  First of all remember that most lenders want to avoid foreclosure as much as you do.  They will talk to you.  They may restructure your loan, they may give you some time, they may let you pay interest only until you can straighten out your situation. Do not avoid talking to them it makes it worse.  Hire an attorney who specializes in dealing with the banks.  If you can't afford an attorney find a financial counselor to advice you at www.HUD.gov.

Be careful to avoid con artists who are trying to scam you.  They know you are vulnerable and are basically trying to steal your house promising fresh beginnings, cash for your home and various other come - ons.  The Westchester County website has a great consumer page on what to do and what not to do.  Pre-foreclosure information is publically available and you may hear from potential buyers directly.  I get a lot of calls from buyers looking for foreclosure properties thinking that they can buy these properties "cheap".  Some calls however may be legitimate and from a buyer who can help you out of your situation.  Please don't sign anything without the advice of an attorney.  It may or may not be a scam.

Westchester County Consumer Information on Foreclosures Scams

Home Equity Consumer Protection Act - effective February 1, 2007 in New York State

If you do not contact your bank or send in any payments a formal Notice of Default will be issued. The bank will give you one final notice to make back payments and while it varies from state to state the bank will give you a specific amount of time, perhaps 90 days.  If they then don't hear from you then you move to the final stages of foreclosure which is the sale/auction.

Sale/Auction:  this stage of the process varies state by state. The date of sale by auction is posted. If you are thinking of buying a foreclosure most are "AS IS".  It is unlikely you will have the opportunity to bring in engineers or inspectors and usually there is no requirement to disclose flaws. Since the owner is still in the home at the time of auction you may need to evict them, mostly auction homes are paid for in cash so that if you need to finance the purchase you need to arrange this well in advance of the auction.  There may be liens against the property at the time of purchase and if you are not careful you may find yourself paying off some of the owners debt as part of your costs.  Buyer Beware.

Bank Owned: If the property doesn't sell at auction it reverts to the lender's inventory. For most buyers this is the best stage to purchase bank owned properties (REO).  Risks have been reduced or eliminated.  Properties are listed on the MLS and easily located and the banks are usually anxious to sell because they are not in the business of property management.  At this stage any unpaid taxes or liens have been paid and are no longer an issue.

Foreclosures have all kinds of pitfalls for both seller's and buyer's.  Professional advice is a really good idea. Each state handles foreclosure differently.

Ardsley, New York is located in southern Westchester County directly north of Dobbs Ferry.  Route 9A is the main street that goes through Ardsley.  There are a series of strip malls with shops, a new supermarket that opened this past year and easy access to the Saw Mill Parkway, and Interstate 87.  From the Saw Mill Parkway you can easily get to the Cross Westchester Parkway (287) and from there to the Hutchinson River Parkway, Bronx River Parkway.  Stew Leonards, Costco and Home Depot in Yonkers are just a few minutes away.  Ardsley is known for one of the best school districts in Westchester County. Ardsley in one of the six Villages within the Town of Greenburgh.

A lot of Ardsley is hilly.  Ashford Avenue runs from the edge of Edgemont through Ardsley and to Dobbs Ferry. At the moment there are 39 single family houses on the market in the Village of Ardsley.  The average price is $905,549 with 2438 square feet, has been on the market for 84 days and is priced on average at $381/square foot.

The Ardsley Central School District consists of one elementary school and one middle and one high school.  To check school rates, demographics and SAT scores please visit my school page at www.MiriamBernstein.com you will find all the reports you need. 

There are two main parks in Ardsley.  One is the Ashford Avenue Park which has tennis courts, softball fields, basketball courts, soccer fields, playgrounds and picnic areas.  There is also McDowell Park which has four baseball diamonds, basketball court and picnic areas.  There are also several small parks.  The County run Anthony B. Veteran Park has swimming pools, playgrounds, kiddie pools, tennis courts and is available to residents of Ardsley.

Train transportation is available at Villages of Hartsdale, Scarsdale or Dobbs Ferry.  Train schedules, parking at the train information and cost of commuter parking is available on their web site here or by calling 800-638-7646. Bus transportation is available to the trains and to other communities throughout Westchester County by the Bee Line Bus at 682-2020.

Ardsley has its' own Police Department, Fire Department and a Volunteer Ambulence Corps.

Some helpful websites:

Ardsley Village

Town of Greenburgh

Westchester County

Ardsley School District

Volunteer Ambulance Corps

Search the Westchester County Multiple Listing for Ardsley, NY Homes

Westchester MLS Property Planner

Total Population:   942,444                             

Land Area:              450 square miles

Total Acreage:       288,200                            

Households:          333,000

College and Universities:    24

Hospitals:                         11 General Care

                                           7 Special Care

Unemployment Rate:    3.7%

Office Space:                  4,300,000 rentable square feet

Houses of Worship:       674

Politcal Subdivisions:    45 Municipalities

                                            6 CIties

                                           17 Towns

                                           22 Villages

                                           40 School Districts

Banks:                             23 Commercial

Hotels and Conference Centers:   Hotels 23

                                                               Conference Centers 4

The least expensive house on the market is $569,500 for a 2br, 2 bath SF with 1086 sq. ft.  The most expensive house on the market is over 6,000,000 with 6brs, 7 baths over 8,000sq ft on over 2 acres.
 

Broken down by price:
600,000's - there are 3 houses on the market and representative of this price is a 3br, 2 bath with 1671sq ft.

700,000's - there are 5 houses on the market and represenative of this price range is a 4br, 2bath with 2000sq ft on .11 of an acre. 

800,000's - there are 5 houses on the market representative is 5br, 4 bath 3000sq ft. on .34 of an acre. 

900,000's - there are 5 houses and three reductions in this price. '

1,000-1,500,000 - there are currently 23 houses in this price with 13 reductions. Representative of this price is 4br, 3bath, 2744sq ft. on .48 of an acre. 

1,500-2,000,000 - 20 houses are on the market and 8 have been reduced. Representative is 4br, 4 bath with 2926 sq ft. on .29 of an acre. 

2,000-3,000,000 - 19 houses and 6 reductions. Representative is 5br, 5 bath 4700sq ft. on .49 of an acre. 

3,000-4,000,000 - 12 houses and 6 reductions. Representative is 7br, 9bath, 6300sq ft. on .52 of an acre. 

4,000-5,000,000 - 16 houses and 3 reductions.

5,000-6,000,000 - 3 houses and 3 reductions. Representative is 7br, 7 baths, 5287sq ft. with 2.260 acres.

If you are interested in viewing any of the properties currently on the market in Scarsdale or any of the other communities in Westchester County please visit my Westchester-Putnam multiple listing site, click here. For complete community information, maps, school reports and links, things to do, and how to buy or sell real estate in New York please visit my web site by clicking here.

We are all hearing about global warming.  A lot of us have seen Al Gore's very informative movie explaining what is causing the problem and what will happen if we don't pay attention.  There are some really simple things we can all do in our homes to start participating and reducing environmental gases.  Saving Energy in the home prevents pollution.

Starting with a simple thing like a light bulb.  Did you know that if every American changed just 5 bulbs in their homes to Energy Star bulbs each family would save $60 dollars/year in energy costs and as a country we could save $6,5 billion each year plus prevent greenhouse gases equivilant to the emissions from more than 8 million cars, really. Those ugly squiggly bulbs that you see have now been covered and look like the bulbs that we grown to love over the years. 

Earning the Energy Star rating means that a product meets strict energy efficiency guidelines set by the US Environmental Protection Agency (EPA) and the US Department of Energy. 

Some of the other things we can do are:

Clothes Washers use 40 gallons of water versus an Energy Star washer which uses just 18-25 gallons.

Dishwashers.  Energy Star dishwashers use 41% less energy and much less water.

Refrigerators.  Energy Star refrigerators use half the energy because of high efficiency compressors, improved insulation, more precise temperatures which should be kept at between 35 and 38 degreees.

If you thinking of remodeling your home you can solve issues like moisture on window panes, ice dams, peeling paint and mold with energy efficient steps. The new term is "Green Remodeling"

You can call your utility company to see if they provide free or discounted energy audits and if not you can hire a Certified Home Energy Rater to come and do a Home Energy Audit.  There are some simple things to do:

• Change Air filters
• Seal leaks
• use programmable thermostats
• make sure the damper on your fireplace is closed and sealed
• do not wear shoes in the house.  80% of all dirt comes in with shoes which is a leading source of household lead

There are a lot of sites now with information about going green.  The government's site is www.energystar.gov

So let me tell you about my Sunday afternoon. I had a buyer who I have been out with several times.  We spent about 6 hours looking at homes. In New York last week we had a really bad snow storm and by Sunday while streets had been cleared a lot of the driveways and paths leading to houses had not been cleared.  The snow had a hard icy surface that we could walk on.

So we start on our way.  The first two houses are two small.  One of the owners asked that we remove our shoes and there was no way that my buyer was going to do that.  So on to the next.  We viewed about ten houses.  We went to several different communities.  I worked a s buyer's agent so that part of my goal was to find the right community for my buyer.  We ended up in one of the Hudson River communities.  This seemed to be the best fit for my buyer in terms of commuting to work, school district, taxes and type of housing that my buyer prefers. Now my buyer wanted to resee one of the houses we had seen previously.  It was about 4:30pm and the listing office was closed (remember this was Sunday and some of the offices aren't open on Sunday or close early).  Luckily in my buyer's folder I had the listing agents cell phone number and I called to gain access.  She called me back and said the path to the house hadn't been cleared.  I said, no problem, we had been at houses all day with uncleared paths and my buyer didn't mind.  Then she says but the alarm codes are in the office and I don't have them and I said, no problem I have them in my folder from my last showing.

So we get to the house and the homeowner is there.  I have my trusty UGGS and I make footprints in the icy surface and my buyer follows me to the house in my footprints.  We go into the house and I leave my buyer to take a second look alone so they can talk.  The seller is in the den and while my buyer is going through the house asks me if they are interested?  Odd since in the freezing cold, traipsing through ice we are back to see his house. No, Mr. Seller, we can nothing else to do today!  Then he says "my price is firm".  I said really?  Buyers like to negotiate, are you telling me I am wasting my time?  That my footprints in the ice will help another broker sell your house?  He says, but I don't have to sell.  So, Mr. Seller, why are you on the market? Would you rather not sell and sit there?  That's ok, there are more houses and more icy paths I can take my buyers to.  So, Mr. Seller, your price is firm, you don't have to sell, you haven't heard about the shift in the market from a seller's market to a buyer's market, you don't understand that buyer's will not just walk in and give your price and you are on the market because?????  You love your house and that's a good thing because you will be there for a while.

Graphic from www.GeekPhotographer.com

 Ok you have been looking at house for a while, you have found the house that you want in the community and school district you prefer, the house isn't too large, it is easy to reach the train so you can get to work.  It is just want you want, now what? 

If you have been working with a Buyer's Agent you can request all of the sales in the area and can strategize with your agent as to how to present your offer.  You and the agent want to present your offer and you in the best possible light.  You want the seller to think you are the buyer for their property. So you come prepared. Offers should always be made in writting.  It means you are serious.  You and your agent can decide how much to disclose about you but the offer needs several main components for it to be considered.

1.  Reviewing the sales in the area and deciding what you want to pay is the first component of an offer - the price you want to pay.

2.  Next is showing the seller how you plan to pay for it.  If the offer is all cash with no financing then you need a letter from your bank or financial institution explaining that indeed the money is available and unencumered. A cash offer is not the same as signing an unconditional contract with financing.  CASH mean CASH funds in the bank.  If you will financing any portion of the house then you need a letter from your bank or mortgage broker stating your ability to financing.  A "pre-qualification" letter is useless.  These are the letters you get when you first meet a mortgage broker and the letter says, if what you are telling is true, if your credit is ok, and if you supply me with the necessary for review, then maybe we will provide you with a mortgage.  A "pre-approval" is what you are looking for.  This means that your bank or mortgage broker has run your credit scores, has reviewed you bank records and tax returns, and is in a position to say that you hav the abilitiy to get financing. If you are serious about buying the house you love you need to seriously present your offer.

3.  When do you want to move (close) on the property? You should as part of your offer put in when you want to move.  If you are financing the property there is usually a window in the contract where you need to get a mortgage by, this can be 30 days or 45 days.  60-90 days might be called usual in New York State but can be discussed if either you or the seller have different requirements.

4.  In my area of New York prior to signing a contract the Engineering is done.  I recommend always that an Engineer is used. Add-ons would be radon testing, termite testing, water tests.  If there is a septic system that should be tested and if there is a well that should also be tested.  Buried oil tanks as wel should be discussed or tested.  While these test are all done prior to the contract signing it is important to inform the seller as to what you plan so that when your offer is considered he knows all the facts. Remember buying in Westchester County is different than in other areas, real estate is regional.

After all this is done and you hopefully have an acceptance and after the Engineering all the information that has been decided so far is submitted to your attorney to be included in the contract. 

This process may be different in other areas of the country as real estate is regional.  We don't sign binders here and houses will continue to be shown after the acceptance until a contract is signed.  The pressure is on the buyer to move ahead so that the more preparation you do prior to finding the home of your dreams the better.

If you wait to get a "pre-approval" and try to rush through the process you don't have time to shop for the right mortgage broker/bank.  If you wait and need to rush around and find all the documents you need -what if you can't find them.  A lot of buyers don't realize the complexity of the process and misjudge the time it takes.  A lot of buyers say "don't worry" about the financing and invariably find out that there is something they didn't know and have a problem.

If you are serious about buying then you need to be serious about your preparation so that you can present yourself in the most positive light to the seller.  Often an offer is not just the amount you want to pay but the terms (closing, amount of cash) of your offer.

There have a couple of articles recently about selling your house and what to do about pet odors.  Realtor Magazine published an article this week about this topic.  I wanted to expand on this topic because pet odors are not the only problem. 

 Entering a house where individuals smoke is also a problem.  This smell is really offensive to non-smokers and even to some smokers. Especially in enclosed areas.  This is not a discussion of the merits of not smoking just a consideration if you are trying to maximize an investment.  Open the windows!  If you can go outside to smoke at least while the house is on the market.  It can cost you not to in the offer you receive. 

 So if you have a dog or cat use some common sense  Stained carpets should be picked up or at the least professionally cleaned.  Pet dishes with food should not be left out but removed during showings.  Dogs should be let out in the back yard or walked.  If you are at work and you can cage your pet that is a good idea.  Some buyer's are really affraid of barking dogs.  Some buyer's come from cultures where they don't consider an animal you have as a pet a pet.  If your dog is older remember that carpet stains may not just be surface but can soak through and ruin wood floors.

Cooking odors are another problem.  Some ethnic cooking is really offensive especially the next morning.  Open windows!  You are used to the smell in your house and in fact may not even realize it.  But again, it can effect an offer and not for the better.  Using air freshener on top of any of these odors does not help.  OPEN WINDOWS!

This can be a very uncomfortable situation for a lot of real estate agents.  To have to explain to  a homeowner that there is an odor in their home is not fun.  A lot of agents won't say anything or don't know how to say it without offending an owner.  

Hartsdale is an area of approximately three square miles in central Westchester County, New York. Hartsdale is a hamlet, an unincorporated area, within the Town of Greenburgh which has six incorporated Villages. Hartsdale has its' own zip code, post office and fire district.

There is a "Village" of Hartsdale with a Metro-North Station, as well as a row of apartment buildings that are walk to the Village and train. Hartsdale also has several neighborhoods of single family homes with something for everyone and is centrally located in mid Westchester County, a 30 minute train or drive to Manhattan.

Hartsdale is part of the Greenburgh Central #7 School District with three Elementary Schools, one Middle School and one High School. There are several private/religious schools in the area.

Historic Treasures
On Ridge Road there is Odell House which was built by a wartime aide to George Washington in 1765 and deeded to the Town of Greenburgh by the descendents in 1965. Currently there are plans to renovate and preserve the house. It is on the National Register of Historic Places.

Communities
Manor Park
Windsor Park
Poet's Corner- 26 streets all named after poets. Keats, Longfelllow, etc.
Ridge Road
Orchard Hill- in Greenburgh with a White Plains mailing address
College Corners- streets all named after Colleges, Yale, Harvard, etc.
Upper Manor Woods

 

                                                          View Hartsdale Houses for Sale

As of 3/15/2007 there are 36 Single Family Homes on the market in the 10530 zip code. The least expensive is a 3 bedroom, 1 bath, 1280 sq ft. house on .34 of an acre that has been on the market for 269 days.  The most expensive house on the market is $2,999,000 which is a 1910 manor house with 5 bedrooms, 4 bathrooms on an acre and a half with 6400 sq ft.  This house has been on the market for 266 days.

There 17 Condominiums currently on the market.  The least expenseive is a 1 bedroom, 1 bath asking $279,000 that has been on the market for 825 days.  The most expensive is a 2 bedroom, 3 bath asking $720,000 with 2,248 sq ft that has just come on the market.

There are 61 co-op's currently on the market.  The least expensive is a studio asking $85,000 with 550 sq ft. that has been on the market for 85 days.  The most expensive is a 4 bedroom, 2 baht asking $508,000 with 2000 sq ft that has been on the market for 524 days. 

Schools
Creative Beginnings Children's Center
http://www.cbcc.org/

Nursery School-Bartholemews
Early Childhood Program

Maria Regina Regional High School
Roman Catholic / 560 girls /Grades 9-12

Solomon Schecter High School
Conservative Jewish School

Greenburgh School District

Transportation 

CommuterTrains to New York City

Bee Line Bus Service (Including Metro Card Information)

Greenburgh Public Library 

The library is currently going through a renovation. The Town has arranged for several satellite sites during the construction

Greenburgh Nature Center- 33 acres of nature and the environment, program and exhibits

One of the things that Hartsdale is known for are two Cemeteries. One for people and for dogs. Ed Sullivan, Joan Crawford and James Baldwin are all buried at Ferncliff Cemetary on Secur Road. The Hartsdale Canine Cemetary is also home to some famous dogs.