Horse county in Bedford Village
Like the Hamptons, summer retreat towns in northern Westchester are seeing their rental markets gain strength for the first time since the downturn, according to the New York Times. Towns like Bedford and Pound Ridge are seeing increased activity from renters, who prefer the more private, lower-key semirural towns to the paparazzi-and-traffic-laden options on Long Island’s East End. [more]
Christopher Meyers of Houlihan Lawrence and appraiser Jonathan Miller
Sales volume edged higher in Westchester County in the first quarter of 2012, according to reports by Prudential Douglas Elliman and Houlihan Lawrence released today. But, that was countered by growth in inventory, the Elliman report indicates, and a decline in the average sales price.
The number of sales in Westchester increased 1.8 percent to 1,277 from 1,254 sales in the prior-year quarter, the Elliman report shows, but listing inventory increased 1.5 percent to 6,769 units from 6,667 units at this time last year. Meanwhile, average sales prices declined 3.4 percent to $534,977 from $553,846 in the prior year quarter. [more]
Cost-conscious New York tri-state area buyers such as teachers have finally reentered the housing market, the Wall Street Journal reported. In a reversal, it may be higher priced sales that lag.
The number of buyers in contract to buy homes priced less than $500,000 in Westchester County rose by almost 40 percent in 2011 compared to a year earlier, according to a market report from residential brokerage Houlihan Lawrence. And a similar trend is apparent in New Jersey, the Journal said. Jeffrey Otteau, an appraiser in New Jersey, told the paper that the market there was like a “snowball, rolling down hill and gaining momentum,” and that he expected that snowball to keep rolling into 2012. [more]
A few brokerages dominated an otherwise drab year in residential real estate in Westchester, according to the New York Times. Home sales dropped 4.5 percent in 2011 compared to 2010, and total dollar volume fell 6 percent.
But Houlihan Lawrence had 15 of the county’s top 20 producing agents, and brokered $2.6 billion in sales, or 34 percent of the county’s total volume. [more]
From the December issue: Westchester may be the suburb that’s home to some of the area’s biggest local celebrities — from Bill and Hillary Clinton to Martha Stewart — but that hasn’t prevented market forces from taking hold of the real estate market there.
Just north of the city, the county has been struggling for the last few years and, like the market in the city, hasn’t fully rebounded yet.
In this month’s Q&A, The Real Deal talked to brokers and market analysts about everything from Westchester’s super-luxury market to the rental market to the foreclosure situation.
Our sources said that after several years of stagnation, there was finally an uptick in sales volume in the third quarter. But that improvement didn’t translate into prices, which are still down by as much as 10 percent from a year ago and by 30 to 40 percent from the boom. [more]
The 64.5 acre Westchester County estate of Brooke Astor, known as Holly Hill, has sold for $6.45 million, according to a press release from Coldwell Banker Residential in Westchester, who represented the buyer.
The new owner intends to live in the circa-1927 stone mansion at 298 Scarborough Road, in Briarcliff Manor, N.Y., according to Tracy Isaacs of Coldwell, who represented the buyer. Isaacs described the buyer as “a family from the Westchester area who intend to restore it and live in it.” Officials and residents in the Westchester town 30 miles north of New York City were pleased that the sale was not to a developer intent on carving up the ample land.
The estate went on the market three years ago and was first listed at $12.9 million, as was previously reported. – Guelda Voien [more]
A family-owned residential brokerage firm from Westchester, Kincart Associates, has merged with Houlihan Lawrence, Houlihan Lawrence announced today. Kincart co-owners John and wife Elaine Kincart have joined Houlihan Lawrence’s Yorktown office along with their nine agents, the brokerage said.
John has operated in the Westchester and Putnam real estate markets in home sales, appraisals and new development marketing for the last 25 years, Houlihan said in a statement. Kincart has handled projects such as Stonefield Farm homes in Cortlandt Manor and Dorchester Heights in Yorktown.
“We have been approached by a number of other real estate companies over the past couple of years, and we were exploring ways to grow and expand our own business,” John said. – Katherine Clarke [more]
An 18-room mansion in Katonah, part of Bedford in Westchester, is on
the market for $22 million, the Wall Street Journal reported. The
12,900-square-foot house used to belong to Tommy Mottola, a former Sony Music
executive who used to be married to singer Mariah Carey. Current owner
Sara Arnell, the chief executive of an advertising agency, bought the
home from him in 2001 for $18.3 million. [more]
Dual agency, the act of representing both the buyer and the seller in a property transaction, is becoming increasingly common as buyers shop for houses on the Internet, contacting the seller’s agent directly, the New York Times reported. While there are certain advantages of having one less intermediary involved in a sale, the job of dual agent comes with its own set of difficulties, awkwardness and questions of loyalty.
“It’s always a little bit tricky,” said Joan O’Meara, a broker for Houlihan Lawrence who recently served as a dual agent, “because you want to make everybody happy and at the same time you don’t want either side to question your allegiance.”
According to state law, a dual agent is not permitted to advocate for the buyer or the seller. He or she cannot negotiate on behalf of one party or another, or even suggest an offering price.
Mark Seiden, a broker-owner in Briarcliff Manor, N.Y., is strictly opposed to dual agency. [more]
From the April issue: While the Manhattan real estate community is used to record-breaking residential deals, sales prices on some homes north of the city in Westchester are not too shabby either. Indeed, the county’s priciest listing, which is in Bedford Corners, a hamlet of the tony town of Bedford, is on the market for $30 million.
Not surprisingly, the firms brokering those deals are fighting for market share, in much the same way that they are in the city.
So which firms are dominating?
According to The Real Deal’s first-ever ranking of Westchester firms, Houlihan Lawrence is currently winning by a landslide, with 857 agents and 1,602 listings valued at roughly $1.67 billion as of early last month. See the accompanying charts in the story.
[more]
