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]

The Scarsdale home that reportedly belongs to Jay-Z and Beyonce

Westchester towns known for their million-dollar homes are bristling with sales activity — from buyers seeking homes for half that amount.

The New York Times reported that well-heeled towns like Scarsdale, Bedford, Armonk, Pelham, Larchmont and Irvington are experiencing unprecedented activity in the $500,000 to $600,000 price bracket. [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]

1133 Westchester AvenueIt’s a great time to be an office tenant looking for space in Westchester, according to the Wall Street Journal. The vacancy rate is high — at 18.2 percent according to third-quarter data — and demand is low, as rents average about $22 per square foot.

The Journal cites a lease inked by law firm Wilson Elser Moskowitz Edelman & Dicker as a good illustration of these circumstances. The firm signed for 125,000 square feet at 1133 Westchester Avenue in White Plains for just $26 per square foot, and received eight months of free rent, saving it $600,000 annually compared to what it paid at 3 Gannett Drive in Harrison, N.Y. [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]

With its number of 60-and-over residents increasing, Westchester County is finally moving forward on four assisted-living facilities and a continuing-care retirement community.
The several-year construction hiatus on the facilities came due to the tight lending market for developers and the difficulty of potential residents to sell their homes.
Atria Senior Living has recently renovated an assisted-living facility in Ossining that had been closed for three years, while Engel Burman is set to open two more, one in Armonk and one in White Plains. Soon, Fountain Square Senior Living will open the Kensington, which will be across from the White Plains hospital, offering both assisted-living and nursing care. [more]

The company that recently opened Coney Island’s new Luna Park and Scream Zone is one of 12 firms bidding to become the new operator of the Westchester County-owned Rye Playland, the New York Post reported. Zamperla subsidiary Central Amusement International’s $30 million proposal would include many popular Luna Park rides such as the Air Race, the Electro Spin and aerial-swinging Lynn’s Trapeze.  [more]

Recovery in Fairfield and Westchester’s office markets continued at a slow pace during the second quarter of 2011, according to a second-quarter office market report from Rhys (see report below).

The quantity of available office space in Fairfield County amounted to 1.1 million square feet during the quarter, 5 percent less than the first quarter and 6.4 percent less than in the same period last year at the same time. Availability rates dropped to 20.7 percent over the past four consecutive quarters. Leasing activity jumped 24.3 percent over the first quarter, thanks in large part to a 227,998-square-foot lease signed by Bridgewater Associates at 20 Westport Road in Wilton.

The amount of space available in Westchester County remained slightly above 7 million square feet, with the availability rate stuck at 17.5 percent, the report says. Leasing activity declined 9.8 percent to around 700,000 square feet from around 800,000 square feet in the first quarter. To put those figures in perspective however, it is important to remember that 540,000 square feet of the 782,814 leased in the first quarter was the PepsiCo. renewal at 1 Pepsi Way. — Katherine ClarkeRhys 2q 2011 Office Market Report [more]

New York’s horse farm properties have not been immune to the downturn and are facing sharp price reductions in both high- and low-end markets, the New York Times reported. For those who once had to board their horses because they couldn’t afford a farm, this may be the time to enter the market.
In North Salem, the heart of Westchester’s horse region, a three-bedroom, two-and-a-half-bathroom renovated farmhouse with a three-stall barn and four acres is asking $895,000. Five years ago it would probably have asked closer to $1.3 million, according to Carol Goldberg, the listing agent for Vincent & Whittemore Real Estate. [more]

From the 2011 Data Book: Westchester, dominated by singlefamily homes, saw that segment rise in price nearly 16 percent in 2010. But like positive numbers in Fairfield
and Northern New Jersey, it was more a sign of stabilization following an extremely weak 2009. The jump in Westchester singlefamily home prices also reflected a shift in the mix of homes sold from the prior year. See the complete summary of the housing market in the city’s northern suburbs below, and click here or follow the link at the top of the page to purchase a copy of The Real Deal’s 2011 Data Book. TRD

Data Book 2011: Westchester, Fairfield and Northern NJ housing markets Comments

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