First Quarter 2019: Real Estate Market Report – Lower Hudson Valley, NY

The housing market in Westchester and the Hudson Valley was a “tale of two markets” in the first quarter of 2019, with a sharp divergence between higher-priced and lower-priced counties. But we believe that the market is still poised for sales growth and price appreciation in what will be a relatively robust spring market.

Regional sales were down, but the results varied by county and property type. Regional single-family sales fell about 3% for the quarter, but that cumulative number masked a real divergence in the county results. For example, sales were down almost 5% in Westchester, 5% in Putnam, and over 15% in Dutchess, but they were up 8% in Rockland and over 1% in Orange. Results in the condo markets were also mixed, with sales falling in Westchester, Putnam, and Rockland, but up in Orange and Dutchess.

Similarly, prices were up regionally, but results were much stronger in lower-priced markets. For the region, the average price of single-family homes was up almost 2% for the rolling year, even with a slight tick down compared to last year’s first quarter. But, again, those cumulative regional results do not really tell the story, since price appreciation varied dramatically by county. Just looking at the longer-term trend for the rolling year, average prices were down a tick for Westchester single-family homes, but up sharply in all the other Hudson Valley counties: rising almost 4% in Putnam, over 4% in Rockland, over 8% in Orange, and over 11% in Dutchess. Moreover, price appreciation was much stronger in the lower-priced condo markets throughout the region. Rolling year average prices were up over 2% for the region, and up in every individual condo market, rising almost 1% for Westchester (and almost 4% for Westchester coops), 10% for Putnam, 4% for Rockland, 11% for Orange, and 7% for Dutchess.

Essentially, we are seeing a “tale of two markets,” with sales and price appreciation higher in lower-priced markets and property types. We believe this divergence has been caused by the 2018 Tax Reform’s cap on state and local tax deductions (“SALT Cap”). When the tax code implemented Tax Reform, we speculated that the SALT Cap might have a more significant impact on higher-end markets. Why? Because taxpayers in those markets are more likely to itemize their taxes and thereby feel the pinch of the $10,000 SALT Cap. But in the lower-priced markets, homeowners and buyers are more likely to be at income levels where they tend to take the standard deduction, meaning that the SALT Cap would have little effect on them.

Essentially, the SALT Cap is suppressing sales and price appreciation in the higher-priced markets like single-family homes in Westchester, but having little or no impact on lower-priced markets – including single-family homes in the other counties and condos throughout the region. Indeed, we are seeing the same thing throughout the metropolitan region – in the Northern New Jersey suburbs, for example, prices were down in higher-priced markets like Hudson, Bergen, Morris, and Essex but up in lower-priced markets like Passaic and Sussex.

The SALT Cap is not devastating the high-end markets – for example, the rolling year average price in Westchester was basically flat – but it is hampering what would otherwise be a fairly robust seller’s market.

Going forward, we still believe that the market is still poised for growth.

At some point, we expect the impact of the SALT Cap to get priced into the market, because otherwise the seller market fundamentals are very strong: the economy is growing, interest rates are near historic lows, inventory is relatively low, and homes are still priced well below their highs. Accordingly, we expect a relatively robust spring market throughout the region.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 4:09 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

First Quarter 2019: Real Estate Market Report – Bronx County, NY

The Bronx housing market stumbled in the first quarter of 2019, slowing after torrid growth throughout most of 2018.  Sales were down sharply for most property types, and prices were mixed. Going forward, we will be watching to see if this trend continues in the traditionally robust spring market, but believe that the fundamentals of the market are still very strong.

Prices were mixed, depending on property type.  The average price was up just a little more than 1% for the quarter overall, but that masked a real divergence based on property type, with condos and single-family homes down, but multi-family and coops up.  Even with the market slowing in the first quarter, though, the rolling year numbers were very strong, with the average price up almost 11% overall, and up in every property type: rising 3% for single-family homes, 10% for multi-family, 5% for coops, and 13% for condos.

But sales were down in almost all property types.  Overall, sales were down 11% compared to last year’s first quarter, falling for most property types: down 10% for single-family homes, 20% in multi-families, and 18% for condos. Quarterly sales were only up for coops, rising 4%.  And now, for the first time in years, we’re seeing sales down for the full rolling year, dropping almost 4% overall.

So why did the market slow in the first quarter? It might just be a short-term “breather” after the torrid pace over the past few years; the market has simply exploded over the past few years, and could not keep that up forever. Indeed, the Bronx might be feeling the effects of a much more severe slowdown in the Manhattan market, which is experiencing its first major correction in years. And we might also be seeing the impact of the 2018 Tax Reform cap on state and local tax deductions, which has had a modest but meaningful effect of suppressing sales growth and price appreciation in higher-end markets throughout the region.

Going forward, though, we believe that Bronx sellers and homeowners have reason to be optimistic about where the market is going. The fundamentals are very strong: the economy is growing, inventory is still low, interest rates are near historic lows, and demand is high. We expect that, even with the challenges of the Manhattan slowdown and the tax cap, the Bronx market will grow in the traditionally robust spring market, with both sales growth and price appreciation.

Editor’s Note: This report includes only those sales reported through the Hudson Valley Gateway Multiple Listing Service.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:55 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

First Quarter 2019: Real Estate Market Report – Dutchess County, NY

Pricing in the Dutchess housing market soared again in the first quarter, with single-family home prices spiking from high demand and limited inventory. Average prices were up almost 19% from the first quarter of last year, and over 11% for the rolling year. We caution readers, though, not to read too much into that data, because the quarterly average price was skewed by a number of large-acreage multi-million-dollar sales that are not representative of the average homeowner experience. That said, while Dutchess will probably not continue to experience double-digit appreciation, the county still has room for growth based on longer-term historical trends. The more significant anomaly was the severe drop in sales, which were down over 15% for the quarter and almost 8% for the year. We don’t believe that this is an indication of a slackening of demand, not with prices going up like they have, but more likely is simply a result of low levels of inventory. We expect that sales will rise in the traditionally more robust spring market, but we’re skeptical that prices will continue to rise at this rate.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:55 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

First Quarter 2019: Real Estate Market Report – Orange County, NY

The Orange County housing market continued to grow in the first quarter of 2019, with both sales and prices up in what is now a thriving seller’s market. Low levels of single-family inventory continued to stifle sales growth, with sales only rising about 1% for the quarter and just a tick for the year. But demand remains high, evidenced by the almost 2% increase in the average sales price for the quarter, closing a rolling year in which Orange homes appreciated over 8%. Unlike the higher-priced markets in the region, Orange was unaffected by the 2018 Tax Reform cap on state and local tax deductions, perhaps because home buyers in the Orange price range are less likely to itemize their taxes. Indeed, if you look at the even lower-priced condo market, sales were up almost 31% and prices up over 6% for the quarter. Going forward, Orange home sellers have reason to be optimistic for the spring market, with prices at attractive levels, inventory below six months, and interest rates still near historic lows.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:52 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

First Quarter 2019: Real Estate Market Report – Putnam County, NY

The Putnam housing market got off to a relatively soft start to the year, with both sales and prices falling in a slow first quarter of 2019. Single family home sales were down almost 5%, and average prices were down almost 4%, from the first quarter of last year, maybe as a result of a slackening of demand from the 2018 Tax Reform cap on state and local tax deductions (“SALT Cap”). That said, Putnam sales were only down about 2% for the year, and prices for the year were up almost 4%, so this first quarter might be a hiccup. Indeed, overall, Putnam sellers have reason to be optimistic for the spring market, with supply still below six months of inventory, interest rates near historic lows, and days-on-market still falling. We expect that at some point the SALT Cap impact will get priced into the market, and Putnam will show some more meaningful price appreciation in a robust spring.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:50 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

First Quarter 2019: Real Estate Market Report – Rockland County, NY

The Rockland housing market surged again in the first quarter of 2019, with both sales and prices of single-family homes up for the quarter. The 8% increase in sales from the first quarter of last year was the largest increase in any county in the region, demonstrating how strong buyer demand in the county has remained. And Rockland continued to see meaningful price appreciation, with average prices up over 2% for the quarter and 4% for the year. Unlike the higher-priced markets in the region, Rockland seemed unaffected by the 2018 Tax Reform cap on state and local tax deductions, perhaps because home buyers in the Rockland price range are less likely to itemize their taxes. Indeed, prices were up even higher in the lower-priced condo market, rising 11% for the quarter and up almost 4% for the year. Going forward, Rockland home sellers have reason to be optimistic for the spring market, with prices at attractive levels, inventory below six months, and interest rates still near historic lows.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:49 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

First Quarter 2019: Real Estate Market Report – Westchester County, NY

 

The Westchester housing market stumbled through the first quarter of 2019, with both sales and prices down sharply. Sales dropped almost 5% for the first quarter and 4% for the rolling year, continuing a trend we have been watching since the enactment of the 2018 Tax Reform’s cap on state and local tax deductions (“SALT Cap”). As we expected, the SALT Cap has had a modest but meaningful impact on the higher-end Westchester market, where more home buyers are likely to itemize their deductions and feel the effect of the cap. And this decline in sales is also holding back price appreciation, with the average price down almost 5% for the quarter and down a tick for the year, as the SALT Cap suppressed what we believe would otherwise be the kind of robust growth we have seen in lower-priced markets in the region. Indeed, even in Westchester, the negative impact of the SALT Cap was reduced in the lower-priced condo and coop markets, which both saw price appreciation for the year. All that said, at some point we expect the SALT Cap to be priced into the market, and with demand still fairly robust we believe that the spring market could still open strong.

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 TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:49 pm
Adam DiFrancesco | Category: In the News, New York, Quarter Market Report

Real Estate & Racing: A Winning Combination

RJ Smith likes to win.  Not only is he an ace broker here at Rand Realty, but he is a competitive race car driver and his car recently won the track championship for the third year in a row, with six wins.

Racing with the official Better Homes and Gardens Rand Realty hot rod, RJ raced in Formula 2000s across the country, and now goes dirt track racing every weekend, April through October.  “The Rand hot rod has won the track championship for the third consecutive year!

“This year we are looking forward to returning to the Orange County Fair Speedway to join in the celebration of 100 years of auto racing at the track. We will be scheduling a special event that the entire Rand team looks forward to.”

Although he has been passionate about racing for as long as he can remember, he made the decision to begin competing at the age of 38 – inspired by Paul Newman, who started to compete in races around age 40 while still an actor, film director, producer, entrepreneur, and philanthropist. RJ now has his own race shop located right down the street from the Rand Realty office in Pine Bush

RJ says that as an older race car driver, he plans to mentor and help new people in the sport when he finally retires from competitive racing.  “I pride myself on living life to the fullest and racing is a huge part of my life. I plan to always continue my involvement in the racing world to some capacity, I don’t plan on slowing down anytime soon,” he said.

RJ dedicates himself whole heartedly to everything he is passionate about, including his wife of 46 years and their three children. He has worked in leadership positions in real estate for decades. And, he has invested years serving his community.

Posted on March 27, 2019 at 1:02 pm
Nina Agro | Category: In the News, New York, Orange County, Rand Country Blog

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

Posted on March 5, 2019 at 11:18 am
Nina Agro | Category: In the News, New York, Rand Country Blog, Westchester County | Tagged , ,

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

Posted on February 26, 2019 at 11:23 am
Nina Agro | Category: In the News, New York, Rand Country Blog, Westchester County | Tagged , ,