The Real Deal New York

Westchester & Fairfield Cheat Sheet: Why Westchester homes are getting battered by “dramatic price reductions” … & more

By Maya Rajamani | August 08, 2018 05:30PM

Clockwise from top left: ‘Dramatic price reductions’ plague Westchester homeowners hoping to sell (credit: Daniel Case, Pixabay), Norwalk commission approves medical marijuana dispensary, Yonkers diner could become a hotel (credit: Anthony22), and Stamford board votes to reverse fitness center zoning decision (credit: John).

Why Westchester homes are getting battered by “dramatic price reductions”
An increasing number of Westchester residents are trying to sell their homes to avoid high property taxes, and at the same time, the market is seeing significant price chops, particularly on homes priced between $1.5 and $3 million, Bloomberg reported. Inventory at the end of June was up 5 percent from last year and the first half of the year saw price dips in areas like Scarsdale and Mamaroneck. Many sellers are determined to sell because of the GOP’s new tax law, which caps state and local property tax deductions at $10,000. Compass broker Angela Retelny told the outlet that some buyers are refusing to snap up pricey houses on which they’ll have to pay extremely high taxes — and the market is seeing “dramatic price reductions every single day — every hour, pretty much,” she said. [TRD]

Medical marijuana dispensary application gets the okay from Norwalk commission
Norwalk is one step closer to getting a medical marijuana dispensary, the Fairfield County Business Journal reported. The Norwalk zoning commission gave its stamp of approval to Healthport LLC’s application for a 3,000-square-foot dispensary on Connecticut Avenue. Now, the state’s department of consumer protection will have to approve the application. It’s expected to make its decision by the end of this year or at the beginning of 2019, according to the outlet. If it’s approved, the dispensary would be Fairfield County’s second state-approved dispensary. [FBJ]

Stamford board of representatives votes to reverse fitness center decision
High Ridge Office Park in Stamford may not be getting a Life Time Fitness center. The city’s board of representatives unanimously voted to reverse a zoning board decision that would have allowed large-scale fitness centers to be built in Stamford’s office parks, the Stamford Advocate reported. High Ridge Office Park owner George Comfort & Sons had hoped to build a 100,000-square-foot facility at the site, but many of the city’s residents were opposed to the plan, arguing that it would draw more traffic and noise to the area. George Comfort & Sons now plans to “review [its] legal options as [it] continues to seek viable solutions to a very real economic concern for all Stamford residents and taxpayers,” company spokesperson Geoff Thompson told the outlet. [Stamford Advocate]

Diner in Yonkers could become a hotel under new proposal
A Yonkers diner could become a hotel if its owner secures a land-use change from the city’s zoning board. Representatives for the American Dream restaurant spoke with city officials about converting the property on South Broadway, LoHud reported. Their proposal comes a few months after the planning board received another application for a hotel on South Broadway. Dennis Monasebian, the chairman of the South Broadway Business Improvement District, however, is opposed to a hotel along the stretch, writing in a letter that it could end up becoming a facility for homeless, mentally ill or drug-addicted populations, according to the outlet. [LoHud]

Car dealership snapping up Danbury’s only strip club with plans to raze it and expand
The last strip club in Danbury has closed its doors and is set to be demolished by the car dealership next door. The owners of Elan’s of Connecticut, a strip club opened in 1993, shuttered the business and plan to retire, the Fairfield County Business Journal reported. “After a gazillion years in the adult entertainment business, we need to retire,” the owners Aldo Nascimento and George Amaral wrote on the business’s Facebook page. Ingersoll Auto of Danbury, which is snapping up the property on Federal Road, plans to raze the building and expand onto the property, according to the outlet. [FBJ]