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
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
Better Homes and Gardens Rand Realty Announces the Promotion of Deborah Clark, Manager of the New Windsor Office
New Windsor, NY—Better Homes and Gardens Rand Realty announced the promotion of real estate veteran Deborah Clark to become the new manager of Rand Realty’s New Windsor office. Deborah has served as manager of the Pine Bush office for two-and-a-half years and will continue to act as manager there as well. She will take over for Wayne Patterson, the previous New Windsor office manager, who will continue his career at Rand Realty, focusing on sales in the Warwick office.
“Deborah has done a great job leading our Pine Bush office and will be a dynamic addition as manager of the New Windsor office. We look forward to working with her in this new role and we’re confident her leadership skills and enthusiasm will greatly enhance the continued growth of our New Windsor team,” said Matt Rand, CEO of Better Homes and Gardens Rand Realty.
Prior to launching her successful real estate career, Deborah held a corporate job with a major national company. She joined Rand Realty in 2003 and became a top producer there within her first year.
“The most rewarding part of my job is coaching and training agents on how to achieve their goals. It was so rewarding to see that 93% of our agents from the Pine Bush office surpassed their 2017 numbers in 2018,” said Deborah. “We had a banner year, maintaining our #1 Company status in Orange County, a result of great teamwork on all fronts” said Deborah.
She added, “Rand Realty provides tools that help enhance the careers of individual agents and is truly ‘for the agent’ and making every agent a success. Agents love that we have 28 offices all under one owner, and that each of the Rands are extremely involved with every office.”
Right now is a really great time to be buying a home in Westchester or the Hudson Valley.
Man, do I hate saying that. As I’ve explained before, I hate the phrase “great time to buy” for a couple of reasons.
First, people have different needs, and a market that’s great for one person might be terrible for another person.
Second, while markets tend to move together, we do see micro-markets (i.e., towns and villages) that defy larger trends. So while it might be a great time to buy in Village A, it might be not so great in Town B.
Third, and most importantly, though, “it’s a great time to buy!” just seems like a hack thing to say, the kind of thing that TERRIBLE real estate agents have said for generations to get unsuspecting and gullible people to buy an overpriced home. And I think that most people get suspicious when real estate agents talk like that.
So I understand if you’re skeptical. And that’s why I don’t want to just TELL you it’s a great time to buy, I want to SHOW you why it’s a great time to buy.
Specifically, I want to make this specific point: the monthly payment you need to buy an inflation-adjusted average priced home in Westchester and the Hudson Valley is as low as its been in a generation.
Think about what I’m saying for a second. I’m NOT saying that homes are cheaper than they’ve ever been. That’s not true. Depending on the year, homes have appreciated, and if you go back more than 15 years, they’ve appreciated pretty dramatically. I’m just saying that the MONTHLY PAYMENT you need to make to buy the AVERAGE PRICED HOME is lower right now than it’s been in a generation — if you control for the effects of inflation.
If you look at the graph below for Westchester County, you’ll see what I mean.
On that graph, as we’ve done before, we’ve plotted the monthly payment that a purchaser in the county would have to make to purchase the average-priced home at various points over the years. After all, affordability is not just a matter of the sales price – it’s a matter of the monthly payment you’re going to have to make, which is partly a function of the prevailing interest rate. And then to measure the change in the monthly payment over time, we factored in the effects of inflation.
So we took the following data points:
•The average price of a single family home up to the end of 2017 – from the local MLS data.
•The average interest rate for a 30-year fixed-rate mortgage for every calendar year up to 2017 – from Freddie Mac.
•The prevailing inflation rate for every calendar year up to 2017– from the US Department of Labor.
You can see the results on the graph. The monthly payment you have to make to purchase the average-priced home in Westchester is just about as low as it’s been in years. We saw the slightest uptick from 2012-2014, partially because of a slight increase in pricing and a slow inflating of interest rates. But the payment came down again over the past two years, with rates falling and prices stalling.
Generally, though, we’re talking about a monthly payment that is as low as anytime in the past 35 years – and as low as it was in the mid-1990s, during a crippling buyer’s market.
So why are monthly payments lower than they’ve been in a generation? A couple of reasons:
1) Prices. Part of it is that we have not seen prices go up in any measurable way in almost 10 years. Home prices peaked in 2006-08, lost about 25-30% of value from 2008-2010, and have bounced around a little since then. But they’re still around 2004 levels — without controlling for inflation.
2) Inflation. Ah, yes, inflation — the value of money goes down a little bit each year as inflation takes a bite. Now, inflation rates have been pretty low over the past 15 years from historical standards, but that little bit each year does add up.
3) Rates. But the biggest reason we’re seeing monthly payments lower than they’ve been in a generation is that rates are still at historic lows. After all, about ten years ago, the average interest rate was about 6%. For the past few years, it’s been below 4%. That’s a huge difference in your monthly payment.
And the same is true throughout the Hudson Valley. I showed you Westchester first because we have good data on prices for the county going back all the way to 1981. In other counties, our data doesn’t go back as far, but if we look at each of those counties you can see that it’s pretty much the same story for the time period we have.
Orange County. Here’s Orange County, where we have data going back to 1994:
You can see that the monthly payment to buy an average-priced home in Orange County is lower right now than it’s been in over 20 years.
Rockland County. In Rockland, we have data going back to 2002, over 14 years of data.
Again, you can see that even with a slight rise in the past few years, the monthly payment you have to make to buy the average-priced home in Rockland is lower right now than it’s been since at least 2002, and probably for quite a bit of time before that.
Putnam County. Similarly, we have data going back to 2002 in Putnam, and the story is the same:
Dutchess County. Again, same story in Dutchess County for that same period:
And although we don’t have data for Orange, Rockland, Putnam, or Dutchess going back as far as Westchester, the fact that the curve over the recent decade or so is very consistent with Westchester’s results suggests that, like in Westchester, the monthly payment you need to make throughout the Hudson Valley is lower right now than it’s been since the Carter administration.
Condos and Coops. All that’s for single-family homes. What about condos and coops? Well, we don’t have data going back as far, but in each county, condos (and coops in Westchester) show the same trend — the monthly payment to buy an average priced condo or coop in the region is lower right now than it’s been at any time since the 2005 era. Here are the graphs:
You can see that except for Westchester and Putnam condos, which have seen some pricing changes in the past two years, the monthly payments are lower than any time since 2005. And even in Westchester and Putnam, they’re lower now than at any time in the last decade, just a little higher than the last two years.
We wrote this up last year, and predicted that 2016 would be the last time we’d be able to say it. And we were mostly correct, since prices throughout the region went up a bit, and rates started to creep up. So it’s not quite right to say that 2018 is the best year to buy a home in a generation, since 2917 and 2916might have been better. But you have to otice the trend — the real monthly payment you have to make to buy the average-priced home in our region is lower than it’s been in years.
Again, I HATE it when real estate professionals say that “this is a great time to buy,” because at many times in our history that has been bad advice.
But if you measure a “great time to buy” by looking at the monthly payment you’ll have to make to buy a home, then we’re talking about as good a time to buy as any in the past decades. Prices have been flat for almost 10 years, and they’re down significantly if you factor in the effects of inflation. And interest rates are still as low as we’ve ever seen them. Unless we see some major shock to the economy, I think we’re looking at a near-decade of reasonable price appreciation coupled with increasing interest rates – both of which are going to drive that monthly payment up over the next few years.
So I’m not going to tell you what to do. That’s not my job. But if you’ve been thinking about buying a home, I think these graphs speak for themselves.
Joe Rand is the Chief Creative Officer of Better Homes and Gardens Real Estate | Rand Realty, and compiles and writes the Rand Quarterly Market Report.