Facebook
Twitter
Pinterest
Copy Link
Property Spotlight: Historic Colonial Hits the Market in White Plains Fully Renovated 1700s Westchester County Home Offered for Sale at $1,435,000
White Plains, NY —- Better Homes and Gardens Rand Realty has announced the listing of a historic 1710 colonial set on a beautiful 1.2-acre property for $1,435,000. The 3,471 square foot home offers classical elegance and historic charm throughout its 4 bedrooms and 3½ baths and is filled with 1700s historic touches including original architectural features. Fully renovated, the home also offers the best of contemporary living and design and is located in the heart of White Plains, a short commute to New York City.
The historical elegance of this beautiful home is evident in every corner, including original colonial aspects which have been meticulously reimagined in each room: exposed wood beams, 18th-century brick, wood-burning fireplaces, period molding, and wide king’s board flooring. Combined with modern features including new windows, a new boiler, central air conditioning, modern appliances, and new electrical and plumbing this home is the perfect blend of historical charm and modern amenities.
Listed with Nicholas Wolff, Associate Broker, and Daniel Luckner RE Salesperson, Better Homes and Gardens Rand Realty, White Plains, “this is a very unique listing and a perfect fit for any history buff as it was once home to Benjamin Lyon, a Revolutionary War hero who cast a vote for the Declaration of Independence.”
For more details: https://www.bhgre.com/property/28-Colonial-Rd-White-Plains-NY-10605/50041212/detail
Rand Realty Welcomes Top Performing Agent, Annette Cicinelli
White Plains, NY—Better Homes and Gardens Rand Realty announced that Annette Cicinelli, who has sold over $20M in homes, has joined the Yorktown and White Plains offices.
Annette, who has risen to the top of the industry as a seasoned agent at Coldwell Banker and then Houlihan Lawrence, began her career in real estate in 1999. Known as “The Real Estate Girl,” she has been a successful REALTOR® for 20 years, serving the entirety of Westchester County, and holds a dual license in New York and Connecticut. She is an extremely active member of the Yorktown community where she participates in many town-sponsored events and is considered to be a knowledgeable, committed and sociable realtor with a powerhouse of expertise and power in the real estate industry.
Annette attributes her success to her “love for real estate, as well as always putting the client first and always being honest.”
“Communication is imperative in the real estate industry and knowing what and what not to tell buyers and sellers is key. If a buyer or seller asks you a question and you don’t know the answer, don’t make one up – just find it out!”
As an active community member, Annette loves when she can make a client’s dream come true and then see the family in town. “When I see a buyer at the supermarket or a school event and they tell me how much their family loves their new home, it makes my day,” she said.
Says Don Dwyer, Yorktown Office Manager, Better Homes and Gardens Rand Realty:
“We are thrilled to have Annette join our growing office. She brings local market knowledge and insight, home marketing skills and negotiation power that will prove to be advantageous to both our company and clients.”
Better Homes and Gardens Rand Realty Property Spotlight: Spectacular Home by Award Winning Architect Hits the Market in Scarsdale for $2,899,000
Scarsdale, NY– Better Homes and Gardens Rand Realty has announced the listing of a gorgeous, move-in ready five bedroom, six+ bathroom contemporary colonial, designed by award-winning architect Eran Chen featuring a loft-like flow and situated at the end of a cul-de-sac.
With over 6,000 square feet of bright, sun-filled living space, the house features floor-to-ceiling windows set off by black oak floors, along with state-of-the-art LED lighting. The kitchen is the heart of the home, designed by Vicente Wolf and complete with Calcutta gold countertops, four ovens, a built-in espresso machine, Sub Zero refrigerator and Viking range that will make even the most novice cook feel like a professional. Built in 2007, the home has been modernized with the most current smart home features, including Nest thermostats, electric vehicle charging station, custom closets, 7 zones, generator, and smart home security system.
Listed with Esther Berkowitz, Associate Broker at Better Homes and Gardens Real Estate Rand Realty, she says, “This home seamlessly blends colonial charm with a contemporary feel. As soon as you enter this house you are welcomed into a massive two-floor foyer with great natural light. The feeling of this home is like no other; it truly is a one-of-a-kind property in a serene setting.”
With close to an acre of beautiful park-like property, this home is ideal for indoor-outdoor living and has plenty of room to grow, including approvals already secured for an in-ground pool and basketball court.
For more details: https://www.bhgre.com/property/14-Rock-Hill-Ln-Scarsdale-NY-10583/50112294/detail
Fourth-Quarter 2018: Real Estate Market Report – Westchester County, NY
The Westchester housing slowed slightly in the fourth quarter of 2018, particularly in the higher‑priced segments of the market, perhaps as a result of the Tax Reform cap on state and local tax deductions. For the quarter, sales of single‑family homes fell almost 6%, and pricing was mixed: down about 2% on average, up a tick at the median, and down almost 3% in the price‑per‑square‑foot. In contrast, sales in the lower‑priced entry‑level coop and condo markets were more robust, with transactions up over 11% for coops and almost 2% for condos, and average prices up 5% for coops and 1% for condos. The divergence between the higher‑priced single‑family market and the coop/condo market might come from the tax changes, which would particularly hit higher‑income home‑buyers in the higher‑priced markets. Still, though, demand is relatively strong, and with inventory starting to creep up, we might see a more robust start to 2019.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
Fourth Quarter 2018: Real Estate Market Report – Lower Hudson Valley, NY
Sales in Westchester and the Hudson Valley housing markets were down throughout the region, even while high buyer demand, coupled with low levels of inventory, drove meaningful price appreciation in most of the regional markets.
Sales were down throughout the region. Regional transactions fell across the board in the fourth quarter, dropping almost 7% for single‑family homes and 5% for condos. We saw the same story for the full 2018 year, with sales down over 4% for single‑family homes and about 1% for condos. To put these numbers in perspective, though, we closed almost 15,000 single‑family homes and almost 3,000 condos in 2018, up from about 9,000 single‑family homes and 2,000 condos back at the bottom of the market 10 years ago. So we’ve had a pretty good run‑up of sales in the past 10 years and were due to plateau at some point.
Prices were up in most of the markets of the region, particularly in the lower‑priced market segments.
Essentially, we had a “tale of two markets” developing in the region, with pricing flat only for the highest‑priced property type in the region – Westchester single‑family homes – even while average prices were up for every other county in the region for the year: up 6% in Putnam, 5% in Rockland, 9% in Orange, and 10% in Dutchess. And full‑year pricing in the entry‑level condo and coop markets was up in every market: rising 6% for Westchester coops, with condos up 0.1% in Westchester, 15% in Putnam, 1% in Rockland, 12% in Orange, and 7% in Dutchess.
So what was holding back pricing for Westchester single‑family homes? We might be seeing the effects of the 2018 Tax Reform, which capped deductions for state and local taxes, and could be having a disproportionate impact on high‑end buyers in high‑property‑tax Westchester. Unlike buyers in the entry‑level condo and coop market, or in the lower‑priced counties, Westchester luxury buyers are more likely to itemize their taxes, so they might be feeling the bite of the cap more acutely. This could be reducing demand at the higher‑ends of the market, suppressing the price appreciation we are seeing in the rest of the region.
Going forward, we believe that the market is still poised for growth. Sales are falling mostly due to a lack of supply, not a lack of demand. Essentially, the market needs more “fuel for the fire” – more viable inventory for the buyers who are looking. And that might be happening: regional single‑family home inventory was up almost 10% from last year, rising for the second quarter in a row after 25 straight quarters of year‑on‑year declines. This makes some economic sense, of course, since we would expect that sustained price appreciation over a period of time should tempt more homeowners into the market. The question is whether buyer demand is strong enough to continue driving price appreciation, even while absorbing this increased inventory. Ultimately, we believe that the region is still growing as a seller’s market, which should allow for both increases in sales and prices in what will be a robust spring market.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
Top Westchester Realtor Named Opcity Agent of the Month
Better Homes and Gardens Rand Realty’s Tracey May, of the White Plains office located at 222 Bloomingdale Road, was named “Opcity Agent of the Month” for December. Tracy has been in the real estate industry for close to two decades and is known as a seasoned real estate professional throughout Westchester and New York City.
Opcity is a real estate referral company aiming to turn online inquiries into transactions. The company features an “Agent of the Month” awards program that highlights an agent each month who “stands out from the rest.” Opcity’s program description states that “out of the 40,000 agents who receive leads from Opcity, a few stand out from the rest based on their responsiveness to claim referrals, continued follow up, and dedication to helping their clients buy and sell homes.”
Tracey says that she is “grateful” for the honor she received from Opcity and that she takes advantage of every Opcity referral opportunity. “I’m constantly looking for new clients and opportunities, and I never put all my eggs in one basket.”
She added. “I pride myself on being just a call away when the time arises for an experienced real estate broker.”
Says Jose Maymi, Better Homes and Gardens Rand Realty White Plains office manager: “Tracey truly deserves this award! Our clients really appreciate Tracey’s go-get-it attitude. She jumps at all opportunities that come her way and is always prompt and professional.”
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
Real Estate Market Report: Third Quarter 2018 – Westchester County, NY
The Westchester housing market held steady in the third quarter of 2018, with a small decline in sales coupled with flat pricing. We believe that the decline in sales comes largely from a shortage of viable inventory, rather than a lack of demand, but it may be that the 2018 tax reform changes have hampered demand in the highest end of the market, increasing the percentage of lower‑priced homes in the mix of properties sold and thereby suppressing price appreciation. That would explain why, for example, average prices are increasing dramatically in the lower‑priced condo (up over 5%) and coop (up almost 4%) markets, as well as the more affordable neighboring counties. That said, tax reform is having only a modest impact on this market, with prices still up slightly for the rolling year. Going forward, we believe that demand is strong enough to overcome the tax concerns and that Westchester will experience a strong end to the year and a robust 2019.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
Real Estate Market Report: Third Quarter 2018 – Westchester and Hudson Valley
Despite concerns that the 2018 tax reform law would undermine housing values, Westchester and the Hudson Valley held steady in the third quarter, with prices rising throughout the region and up dramatically in some counties.
Some analysts have expressed concerns about the effects of the 2018 Tax Reform law on our regional housing market. The tax law capped the deductibility of state and local taxes and reduced the mortgage interest deduction, which particularly impacts high‑tax areas, like Westchester and the Hudson Valley. Indeed, those analysts might see evidence for this theory in the third-quarter results, with regional single‑family home sales falling almost 2% from last year, and down in almost every individual county.
For the most part, though, sales are down because of a lack of supply, not a lack of demand. Regional inventory levels have gone down 25 straight quarters, falling from a high of around 16 months to the current six months. Quarter after quarter, inventory went down until we reached a point where we have a shortage of desirable homes for sale. That’s what’s holding back sales – a lack of “fuel for the fire.”
How do we know that falling sales aren’t the result of slackening demand from the impact of tax reform? A couple of reasons:
First, this trend of declining sales predates tax reform. We’ve been tracking falling sales for almost two years, with regional sales down, in five out of the last six quarters, well before the passage of tax reform in late 2017.
Second, sales are down in all markets, not just high‑priced markets. Tax reform would not explain why sales are down even in the lower‑priced markets, where most buyers do not itemize taxes in a way that they’d be affected by changes in deductibility. And yet, quarterly sales were down more in Rockland and Dutchess than they were in Westchester.
Third, prices are up in almost every market segment. Regional average sales prices were up almost 3% for houses and 5% for condos in the third quarter and were up (in some cases dramatically) in every individual county for almost every property type. If tax reform had sapped demand in the market, we’d be seeing flat or declining pricing, not robust appreciation.
All that said, tax reform might be having a small impact on the very high end of the market, where the loss of deductibility for mortgage interest and local taxes hits the hardest. Price appreciation was more pronounced in the lower‑priced markets, with single‑family average prices rising 11% in Putnam, 6% in Rockland, 14% in Orange, and 7% in Dutchess. Meanwhile, Westchester’s single‑family home pricing was up just a tick on average, and only fell 1% at the median. We’re talking about a marginal, not a major, impact. Prices aren’t rising at the rate they are in the lower‑priced markets, they’re basically flat, not falling.
Moreover, inventory is starting to respond to these rising prices. For the first time since 2012, inventory levels went up this quarter, which illustrates fundamental economic market theory: If demand is strong, and supply stays steady (or goes down), prices will go up. And when prices go up, new inventory will come onto the market. That’s what we’re seeing now: After years of decline, single‑family inventory was up in almost every county in the region, stabilizing near that six‑month level that usually signals a balancing market.
Going forward, we believe that the appetite in the market can handle both the impact of tax reform and this increased inventory while still driving continued price appreciation. With strong economic conditions, relatively low‑interest rates (and the specter of rate increases on the horizon), and pricing still at attractive 2004‑05 levels, we expect a robust market through the end of the year.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
Real Estate Market Report: 2nd Quarter 2018 – Westchester
Westchester’s lack of inventory again held back sales while driving pricing up in the second quarter. Sales fell for the fourth quarter out of the last five, with activity dropping by almost 5% for houses, 13% for coops, and almost 9% for condos. But high levels of demand, coupled with this depleted supply, continued to push the rolling-year average price up: rising about 2% for houses, 4% for coops, and 1% for condos. The supply shortage may be easing, though, with the months of inventory actually rising for both houses and condos for the first time in several years. Going forward, we expect that rising prices will continue to bring sellers into this market, which will probably stabilize sales for the third quarter. But we still think that prices have significant upside potential, simply because of the high levels of demand in the market, relatively low inventory, and good economic conditions.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
Real Estate Market Report: 2nd Quarter 2018 – Lower Hudson Valley (New York)
The regional housing market in the New York City northern suburbs surged again in the second quarter of 2018, with high demand and low supply driving prices up throughout the area.
We are clearly in a “seller’s market.” The main story in the market right now is a textbook illustration of basic economic principles: when demand is high, and supply is low, prices go up. This is essentially what a seller’s market looks like, with low levels of inventory coupled with high demand holding sales down while driving prices up. And that’s exactly what we’re seeing throughout the region:
Sales are down. Regional single‑family home sales in the quarter fell almost 3%, and condo sales fell 7%, continuing a trend we’ve been watching for the past year ‑‑ indeed, the rolling-year sales were down about 2% for all property types. To put this in perspective, rolling-year sales had gone up in 24 out of the last 25 quarters prior to the first quarter of this year. And the decline is universal, with single‑family sales down in virtually every county in the region: falling almost 5% in Westchester, 4% in Putnam, and 10% in Rockland (sales rose slightly in Orange and Dutchess).
Prices are up. But all this demand, coupled with a lack of supply, is having its expected impact on pricing. Single‑family average prices were up across the board, rising over 3% for the region and up in every county in the region: up over 2% in Westchester, almost 3% in Putnam, over 8% in Rockland, almost 11% in Orange, and over 10% in Dutchess. And for the first time in over 10 years, single‑family average prices for the rolling year were up in every county in the region.
Inventory is low, but is starting to rise. The key to this market, of course, is the amount of available supply: the number of homes for sale in the market. Inventory has been falling for several years now, holding back sales and driving prices up. But that same economics textbook teaches us that as prices go up, eventually supply starts to rise. Why? Because rising prices attract sellers into the market.
And that is exactly what we’re starting to see: stabilizing inventory. Inventory is still low, but it’s starting to settle at about the six‑month level that signals a balanced market. Indeed, the months of inventory in the region was at 6.2 months, flat compared to the second quarter of last year. And inventory was actually up in both Westchester and Rockland. It might be too early to call a shift in the market, but this was a noticeable change after several years of sharp inventory declines quarter after quarter.
Going forward, we expect the market to continue to grow through 2018. The seller’s market is really just starting to hit its stride, where high demand meets higher supply and pushes both sales and prices up over last year. Higher prices might be tempting more sellers into the market, but we believe that demand is strong enough to accommodate this supply, and drive price appreciation through the end of the year.
To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.
