Ruthmarie's Blog

How on earth does the consumer choose an agent? With so much hype, smoke and mirrors that the actually process can seem about as clear as mud.   Sadly, there is no foolproof way to do so, but there are pros and cons to any method. Here are some typical methods that sellers seem to use:

You have a friend who just got licensed.…and he/she acts as if she already owns your listing….so why not?

Watch out here…your friend may be very competent – but  competence and excellence are things that are often learned on-the-job in this field.   Does your friend know the market well?  Have they marketed a home for sale before?   If prices are depreciating and your friend doesn’t know how to market and price your home, you are losing money every week you have this person as your agent.   This should not be a decision based on friendship.  A lot of money is at stake.  But take heart – I do offer a possible solution to this dilemma later on.

You look for someone who is a top producer:

This can be done in various ways.  You can look for an agent who has fliers out saying they are #1. You can count yard signs or you can try to find out who has made the most in gross commission or who has the highest sales volume in your area.  This is all well and good.  But you need to know what you are getting.  Being #1 in listings is meaningless unless they sell.  In fact everyone can be #1 for something if they think about it long enough.  Many top producers built their businesses on trust and did it the old-fashioned way – they earned it.  But others, not so much.

You Go to Zillow, Trulia  or some other “trusted site” to pick an agent:

People trust these sites far more than they should.  Ask yourselves just how trustworthy any site that features  “Zestimates” that  have a 25% margin of error can be? Picking an agent this way is a crap shoot.  Don’t do it.   We all seem to have a child-like trust of high ranking websites. They found it on the web, so it must be true.  The public seems to have a vision of some nice person at Zillow or Trulia hand picking and vetting agents in every location in the country. Not so.  Agents PAY for these spots.  If they have the green – no questions are asked.  This is not a good way to pick an agent.

These are issues that are often overlooked by sellers, but they can shed light on who is best suited to list and sell your home.

Ask to look at previous or current MLS listings:

In my previous post about what rocks and what flops in terms of marketing – I put the MLS at the top of the list.  So ask to see some examples of MLS listings.   PHOTOS sell homes. Is it full of great photos of the home and even the neighborhood? Is there a slide show?  Buyers want pictures, pictures, pictures!   Is the copy decent?  Remember that they have very few words for a description – but look to see if it is informative and not filled with cliches like “won’t last long” or “a must see.”  If this is well done, then it is a sign that your home will be well-marketed.

Look at production – but get the full picture:

On questions of production – let’s get back to basics.  You are calling an agent to help you sell your home not just list it.  Looking at raw sales is only half the picture. Ask to see expired  listings as well.  This will give you an idea of the listing to sales ratio.   Some agents with lower sales volume actually have excellent, if not superlative, track records when it comes to actually getting what they listed sold.  Sometimes they leave top producers in the dust. Anyone can take a listing. If you have a “name” the chances are greater that you will have a lot of opportunities to list.  Throw enough things up against a wall and something will stick eventually.  But that doesn’t help you if 75% of what they list fails to sell.  Agents can get overextended.

A caveat is needed here.  Know that where this agent lists and what they list impacts those values.  An agent who is taking on a lot of distressed property is going to have a higher failure ratio.  Do not hold that against them. Ask for clarification and why the numbers are what they are. Listen carefully to what the agent says.  You are not trying to create the Spanish Inquisition, but you are asking for clarity.

Look at the ratio of list to sales price:

Ask for listing histories.  Did this agent promise one thing and then jawbone the price down inch by inch? This is particularly important when you find an agent that promises the moon and the stars.  Remember, agents don’t have the power to create or make a market.  We can only respond to what the current market conditions are. We all make mistakes.  What you are looking for is a pattern not an individual instance.  If you see rapid price drops at the beginning of a listing, that’s a clue that the agent was honest with the seller, but the seller needed to see the reality of the market for themselves.   They probably agreed to a rapid price reduction if they didn’t get showings and offers.  If some one is listing things 20-30% above the final sales price on a routine basis for months – that’s a problem.  Ask agents to clarify what happened.  Once again, you want to understand the pattern not be accusatory.

If you have a friend who really needs business…

I understand the desire to work with them – and offer a possible solution.   If you feel you want to give your friend a break, suggest a co-listing with an experienced agent.   If they will agree to that – then you can help your friend and rest easy that the listing is in the hands of someone who knows what they are doing.  Remember that new agents are trained to cling to their friends who might be selling like crazy glue.   So don’t let that put you off.  One of the problems in our industry is that there are far  too many agents for the business available and getting started is treacherously difficult.

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Sadly, when I hear the word “trust” and “real estate” in the same question – my mind really turns to salad dressing.  They just don’t seem to mix at all.  We need look no further than YouTube to see evidence of the public mistrust of real estate “professionals”…and yes – that word is in quotations for a reason  – and here is why?

Almost anyone with a pulse and half a brain can get a real estate license:

This was something of a shock to me.   I came from a field that garnered a great deal of respect, but it took YEARS of post-graduate education to be  considered a professional.  Yet, in just 8 weeks – attending class twice a week – I was licensed to help the public purchase or sell what is generally their biggest financial asset. Does anyone see a disconnect here?

The result has been a cadre of agents  – some with significant business – that appear to have nearly nothing between the ears.  This is simply because the process is not selective.   Many agents  have indeed applied themselves to the process and have acquired a great deal of knowledge through their licensing classes, CE classes and designations – as well as on-the-job.   The trouble is, since almost everyone passes, how is the consumer able to  evaluate these agents.

Consumers are treated like shark chum:

If its easy to get started, why not try it? And thousands upon thousands of people do  just that every year.  If you can’t throw a rock without hitting an agent then there are simply waaaay too many agents for the amount of business available.  Since agents are only paid when a transaction closes, that creates fierce competition for every qualified buyer or seller.

Desperation is a powerful motivator and it will induce many agents to do or say literally anything to secure the buyer or the listing.   I always refer to the monthly list of expired listings as the “feeding frenzy.”   There are agents that are all over hundreds of  homeowners a month like a bad rash.

When buyers walk into open houses they often feel as though they are under assault by an army of agents all of them trying to convince buyers that they are the only buyers agent for them.

If agents have any doubts about how the buyers and sellers feel about the predatory behavior – the videos below pretty much sum up public sentiment:

Who benefits from all of this? 

Does this in any way benefit the consumer?  In a word, no!  Although it gives buyers and sellers lots of choices, with no obvious means of discrimination, it turns the selection process into nothing more than a crap shoot.  Meanwhile, agents pile on board plying any seller that will listen with their saying their “guru marketing package” that they promise will garner more than market value for their home.  Its absolute nonsense – and when it doesn’t work as advertised it feeds into the seething level of mistrust and anger.  No agent can beat the market because we don’t control the market. We can only respond to the realities of the market and get for our sellers the best price the market will bear.

Smoke and mirrors make navigating this minefield nearly impossible for consumers…

How on earth does the consumer know who to trust?  Many resort to the lowest common denominator.  Sales volume.  Buyers and sellers look to the agent with the most signs in the ground or the largest sales volume. Or some move to their favorite “trusted sites such as Trulia and Zillow and give a shout out to one of their “preferred” neighborhood “experts.” The trouble with each of these methods is that they don’t tell you much of anything.

Many top producers are excellent. However, some are not.  How did they get there?  Many got there through their own merit and built their businesses brick by brick.  Others not so much.   Ethically challenged agents come in the form of low, medium and even top producers.  If you have a name, they will have sales.  But how did they come by that production?  If the successes are hiding a carnage of cancelled and expired listings, then where does that leave the seller?

Trulia and Zillow? Forget about it.  Consumers mistakenly trust these sites.  Many seem to think that these “area experts” are carefully vetted and hand-picked for their competence and performance.  Ah…..no…. Agents PAY for those spots.  If your plastic is good, you have a license  and are willing to pay to play, then you too can be a preferred agent – even if you have never sold a home in that area.

Then there is the banking industry….

Don’t get me even started here.  Between the liar loans, the repackaged mortgages for whom the notes are missing, the unwillingness to proceed with short sales or loan modifications – it is small wonder that home buyers and sellers have had their sense of trust shaken to the core.

My point here is that our  industry has come by much of the public contempt the old -fashioned way…we have earned it.  The question is whether the industry has a whole is committed enough to make the changes necessary to restore the public trust.  It begins with each indivdual agent taking responsibility for their own behavior.  Agents have to work hard to differentiate themselves from the cadre of agents that  do not serve their clients, but are self-serving.  We need to offer true value, not smoke and mirrors with an extra helping of hype.  When we prospect for business, we need to ask ourselves whether what we are doing is actually of any real value to the clinet.  If it isn't then we have to admit that we are just trying to justify something that fulfills our need for a commission.  We need to remember that we are a service industry, not a self-serving one.  That is how we can once again earn the trust of an understandably cynical public. 

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

This post is a submission to the ActiveRain / Adobe EchoSign Trust Contest. I could possibly win a prize. You can find out about the contest by clicking here

Why does "trust" and "real estate" mix about as well as oil and vinegar?

One of the most exciting new construction developments is Hudson Harbor – Tarrytown NY.   I’m not normally a big fan of modern architecture, but I have to say that I really love the construction of this complex with its use of fieldstone and old wood beams.  They made it look like Stone Barns which is quite an accomplishment.  But what really makes its special are the views.

So after we saw the development, I went for a walk on the RiverWalk that runs right behind the complex.  (The complex – now in Phase II is right on the river.) and took some photos.  Basically I started with a wide-angle lens and moved to  a tele photo.

The first picture is of the Tappan Zee Bridge.  The Manhattan skyline can be faintly seen under the bridge with the wide angle. The second picture was with a zoom lens – it gives you a perspective of where the Manhattan skyline is in relation to the TZ bridge.  The final was when I zoomed in on the skyline itself.  I’ve taken photos from this perspective before, but it was such a clear – if blustery  day, that the skyline really “popped” particularly with the color of the sky.

Hope you enjoy these – they were fun to take.

© 2012  - Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Fotos on the Fly – NYC Skyline from Hudson Harbor – Tarrytown NY

That question seems to haunt me these days.  Sometimes it seems that the price for leaving my home to buy  a quart of milk is to be asked that question at least once.  Unfortunately, I generally leave my crystal ball at home.

The answer to that question in part depends on how you define “recover”.  I’m not trying to be cute here.  A buyers definition of “recover” may be entirely different from a sellers perspective which is different still from a homeowner who simply wants to refinance  but can’t because of tighter lending standards.

To buyers who are turning up their noses at what I believe to be a once-in-a -lifetime opportunity – I often respond that the market will recover a year before they decide they have to buy.  Those who are determined to time  the bottom of a market are destined to miss it.

For sellers, the answer is more complex.  What sellers are looking for is a robust market with a substantial price hike from present values.  Although all bad things come to an end, if you are looking for the glory days of 2005-2006, you will probably have a long wait.

Some areas are recovering while others decline:

Some parts of Westchester NY  are already recovering. In areas such as Scarsdale and Larchmont, we saw our fair share of competitive bidding this year.  This breath of fresh air was restricted to single-family homes in specific municipalities.  Prices in these areas are well off their lows in spite of continuing declines elsewhere.  But   some markets that had been remarkably resistant to correction took a  sickening nosedive in prices.  If you live in a high-end cooperative or a townhouse, you probably know what I am talking about.

Supply and Demand: 

Housing prices reflect supply and demand.  You can not have a robust recovery until demand returns.  Although there are hopeful signs for the Spring of 2012, we saw those signs in 2011 and our hopes were dashed by the stock market correction that was the result of the Euro crisis. First time buyers were out in droves in the spring and summer. But any bad news gives  buyers a big case of cold feet and the rush back to their rentals and renew their leases.  What looked to be a great spring/summer market flopped miserably as buyers dove for cover.  With no demand prices sank again and many sellers couldn’t find buyers for their homes.

What happened to demand during the crash?

To get a perspective on this, here is a chart of simple housing sales volume since the year 2000.   The market in 2000 was not in bubble mode, it was a fairly normal, market. So the sales volume of 2000 -2001 could be considered a reflection of normal.  The bubble started and sales volume peaked  in 2004 to over 9800 properties sold.   Sales volume decreased from that point on  and finally crashes in 2008  tumbling  26% in a single year.  The declines continued in 2009.  Prices followed the loss in sales volume and there you have it – a housing crisis was born.

NOTE: All data was taken from the EAMLS and includes  sales  of single-family homes, condos and cooperatives.  Rentals, multifamily homes, and rentals were not included as they represent a different type of market.

Where are we now?

Sales volume in 2011 was down from the 2010 when the tax credit was in place, but up from the lows of 2009 by about 6%.  But we have a long way to go to get back to healthy demand.  We are 41% below the peak volume of 2004 and 26% off from the more normal market of 2000.

With demand remaining low sellers will have to think in terms of the long haul.  Although I have no crystal ball, these numbers and common sense suggest that a healthy market with regular price increases is a long way off.  With demand at such low levels, we could be bouncing along the bottom price-wise for about 5 years.

What should a seller do?  

So….if you want to move because your home is no longer affordable, or it no longer suits your needs (your family is growing or contracting)  it is probably wise to sell.  We can not live in a state of suspended animation forever and there is something to be said about getting on with your life.   If affordability is an issue, the continuing outlay will negate any real benefit of a price increases down the road.  Also, if you sell in order to purchase something that better fits your needs, you are going to do well on your purchase.  However, if you are comfortable  with your outlay and can sustain it with ease, or if your space is truly workable for several more years, then perhaps staying put is the best option.   There is no right or wrong answer and one-size certainly doesn’t fit all.

When Will the Westchester NY Real Estate Market Recover?

The real estate industry is something of a black box to consumers. Agents hype their marketing in order to win listings. Consumers often buy into the hype because on the surface, it makes sense.   However, if you dig a little deeper, you might be surprised to see what actually rocks and what flops.

The MLS  Rocks:

The multiple listing service or MLS really, really rocks.  Our MLS has over 6000 agents.  So when you list your property on the MLS – you automatically put  6000 agents to work trying to find a buyer for your home.  You simply can’t beat that!

Anyone can load a so-so listing on the MLS – but it takes a good marketer to make it pop. Great photos are an absolute must!   Buyers expect them and will eliminate homes that don’t have them.  Think of the MLS photo display as your “first showing”. For the same reasons a high-quality video or slideshow is no longer optional.

Signage  Rocks:

Having a sign in front of the home with a sign rider guiding the buyer to a web page about the home always rocks. I buy a domain name for each listing and add QR codes for those with smart phones.  Fliers help too – if they don’t end up scattered all over the place.  The key here is to get the interested party to as much viable information as possible as quickly as possible.

On-Line Advertising Rocks:

Includes Craigslist, Postlets, Trulia, agent websites and blogs, twitter, FB, the New York Times online – all this stuff rocks.  Why? Because if your listing agent has done their job correctly, the buyer can get multiple photos and all the salient financial information at the click of a button.

Staging  Rocks:

There is a lot of confusion about the role of staging.  Staging will NOT get you more than market value for your home.  But if done correctly, it will help you get more offers,  reduce days on market and get you the most that the current market will bear.  It need not cost an arm and a leg and for the most part, the homeowners furnishings are used.   I don’t care what the old-school agents say – empty listings have a much tougher time on the market.  That’s just the way it is.

Open Houses – Can Rock or Flop

Open Houses are a long-time tried and true method of marketing the home. The trouble is that they are very inconvenient for the seller.   The bottom line for open houses is this:  if your home is in an active and desirable subdivision or  if your home has a very central location like a downtown area, open houses rock. In these cases, a couple of open houses will drive traffic to the listing and create buzz.   If the location is more remote, open houses will be a flop.  Too many open houses make the seller look desperate.  Less is more here.

Newspaper Ads or Big Brokerage Ads in the Newspaper – Flops:

You see them every Sunday…big ads from big brokerages highlighting certain listings. It looks great, but does it sell your home?  I’ve never seen it happen.   Buyers work online now because they can get more photos and information on-line than they can from a single small picture in a newspaper or even in a magazine.  This method may have rocked in the pre-internet era – but that’s not where we are anymore.  This type of advertising  tends to promote the brokerage more than the listing.

Having your listing on the window of your local brokerage – Flops:

I worked in a brokerage that had a walk-in presence when I was new to the business.  That was back in the boom days of 2005.  Even then the walk-in  traffic into the brokerage was minuscule  and it has gone downhill from there.  Further I NEVER saw anyone actually buy the property that brought them through the door.  Agents who work in local brick and mortar brokerages often tout their “local presence” and this is part of the package that is offered.  But does this help your listing sell?  I just don’t see it.

This should not be confused with local knowledge.  Local KNOWLEDGE is important.  Your agent needs to understand your market.  But that does not mean they have to have an office in your town.

So there you have it -  I hope this brings a bit more transparency to the process of marketing your home.

Marketing Your Home – What Rocks and What Flops…

Real estate in Scarsdale NY has a remarkably sparse number of cooperatives located within  theScarsdale municipality. The famous Garth Road cooperatives – though conveniently located with resepect to Metro-North and village shopping, are not truly in the Village of Scarsdale. If you are looking  a cooperative that is located in the Village of Scarsdale with easy access to the train station as well as shops and Scarsdale restaurants, then the Chateaux of Scarsdale is one complex that  fits the bill. The location couldn’t be better for the commuter -  you can even grab a quick morning drink at Starbucks on your way to the train platform.

The Chateaux in Scarsdale NY:

The Chateaux is an elegant  pre-war  garden complex located just off of East Parkway on Chauteaux Circle.  Mature growth gives and the unique garden-style buildings a  tremendous amount of grace.  The setting is peaceful in spite of being in the middle of the village.  And you can’t ask for a better location.  You can easily leave the car for day to day errands.  Shops are just around the corner, dining out is just steps away.

The Chateaux – Recent Pricing  & Sales History:

Up to the end of 2010 there were some very sturdy markets that appeared to be immune to the gyrations of the housing recession.  Certainly, Westchester is far more resistant to correction than other parts of the country.  But in 2011 this market, that had resisted a major correction, finally corrected…and the correction was severe because it came all a once.  1 BR units fell from a median price of $249,000 to $192,00 – a near 23% decline.  2 BR units fell from a median of  $545,000 to $375,000 – over 31%.   This correction in higher end cooperatives has also been seen in the Larchmont P.O. where the price drop has also been over 30%.  These areas represent the highest end of these markets in areas that are close to the train and have sought after school systems.

*The Chateaux is a smaller complex so statistical data is difficult to relay reliably.   The asterisks indicate years in which no sales were recored So  I kept the median price the same as the previous year.

Although sellers have to be very realistic when listing their coops, this represents a rare opportunity for buyers.  Buyers should be grabbing on with both arms because this could truly be a once-in-a-lifetime opportunity to get in at the ground floor with affordability that hasn’t been seen for over a generation.  It really doesn’t get much better than this and buying now beats renting hands down. It’s not even close when the overall outlay is examined carefully. With rents increasing rapidly, I have to ask – yet again – what on earth are you waiting for? If you are rejecting the 30% off sale hoping to get a 50% off sale – you are taking a very big risk indeed.

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

When people think of real estate in Scarsdale NY they tend to think of single- family homes and high-end cooperatives with  Old-World charm.  Scarsdale Manor is one of the larger cooperative complexes on the famous Garth Road.  The area reflects the mature elegance of Scarsdale Village  and features many pre-war complexes that were converted into cooperatives in the 1980s.   It is a mature community with very little space for new development.

The area couldn’t be more convenient.  It is highly walkable, you can leave the car behind for most of your day-to-day errands.  A 10 minute stroll puts you on a Metro-North Train to NYC.  The trip to Grand Central station in midtown is a mere 29 minutes by express.

Scarsdale Manor Complex:

Scarsdale Manor like many of the buildings surrounding it,  is a pre-war complex which is reflected in the grace of the structure and the grace  that the units inside convey.  A 1 BR unit can range in size from 725 – 950 sf while 2 BR units range from 900-1250 sf.  Many of the 1 BR units are sold as Jr.4’s  when they have a separate dining area.  Many of these units have been renovated from top to bottom allowing buyers to enjoy the best of the old as well as the new.  And speaking of modern amenities, the complex is wired for FIOS, Cablevision and Direct TV.

Scarsdale Manor – Sales History:

The sales history at Scarsdale Manor reflects the general market on Garth Road in the Scarsdale PO.  Prices for 1 BR units are down about 18% from the peak while 2 BR units are down about 16% from the peak prices  As of the end of 2011, the median price for a 1 BR unit in Scarsdale Manor is about $180,000 while the median price for a 2BR unit was $270,000.  Thats down from a peak of $220,000 and $320,00 respectively.   The area has held up relatively well when compared with other municipalities.  The proximity to NYC as well as the walkability of the area contributes to the ability of the complex to sustain these price points.  The lower volume over the past year may indicate that prices that are still declining – but for most part, the air appears to be out of this market and buyers would do well to take advantage of a near 20% price drop along with the very low interest rates that are now available.  By doing so it is easy to “lock-in” a low cost of living that if interest rates rise, we won’t be seeing again.

The charts below show the median prices before (in red)  and after (in green) the market crash of 2008.  The market for 2 BR units responded more strongly to the tax credit with an uptick in prices for 2010 – only to have the gains erased in 2011.   The sales volume is of slight concern.  This often indicates that the market is still declining.  Sellers certainly need to be realistic in their pricing.

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – (Ruthmarie.Hicks@gmail.com).

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Market Update – Scarsdale Manor – Garth Road – Scarsdale NY

Located in the heart of downtown at 20 North Broadway in White Plains NY – the Broadlawn is one of the most desirable cooperatives in White Plains.  The central location of  the Broadlawn helps  make it special.  It lies within a block of the White Plains City Center, and Trump Tower.  you can easily leave the car behind and walk to shopping, fine dining, entertainment and the train.   Rated a walker’s paradise by WalkScore.com  - the area ranks a 97 out of 100  with respect to walkability. The commute to Manhattan is 33 minutes on the Harlem Line. With the likes of New York transplants such as BLT Steakhouse  and Level 42at the Ritz Carlton just a short stroll away, the lifestyle  at the Broadlawn has a distinctly urban upscale feel. The White Plains Performing Arts Center is also just a short walk away. As for shopping the Westchester mall as well as the City Center mall  along with  major supermarkets including Whole Foods are all a comfortable walk away.  In spite of being in near the center of the downtown, the area across from Tibbets Park creates an oasis of peace and quiet.  It’s a world apart from the hubub despite its very central location.

The Broadlawn Complex:

The complex consists of  garden style units surrounded by formal  gardens that including  Pergola and  barbecue area.  Built in 1928, the Broadlawn is know for its Old-World charm and architectural details.  Most of the units at the Broadlawn have  two bedrooms.  Many include such wonderful amenities as fireplaces and  balconies overlooking the formal gardens.  Ground floor units often have private patios.   Many units are duplexes.  The ground floor units tend to be simplexes with patios while the upper floor units are generally duplexes. The Broadlawn was able to forgo raising its maintenance fees last year – which speaks well to its financial stability.  The interior hallways have just been given a facelift and they are also in the process of creating a fitness room on the premises.  All of these are positive steps for the owners and are signs of a thriving community.

The Broadlawn – White Plains – Sales History:

The current sales prices reflect the market correction which has been difficult for all sectors of the housing market.  However, the Broadlawn has held up very well in spite of downward pressure on the coop market.   Median sales prices are down 17% from their highs in 2006  of $348,000 for a 2 BR unit  to a median price of $290,000 in 2011.  1 BR units are less common in the complex and more difficult to evaluate.  Units on the first two levels are generally simplexes while units on the 3rd level are duplexes.  Pricing varies with respect to condition, the presence or absence of a fireplace, balcony or patio.  Some units are “fixers” but the fact that they have been selling fairly well in spite of this market speaks well to the stability of the complex.

The charts below show the pricing history and the sales volume history.  As prices dropped in 2011, sales volume increased sharply.  This is a good sign that the “sweet spot” for pricing has been reached.  Although sellers need to be realistic, the increase in volume indicates that buyers should not be greedy.  Inventory as of the end of 2011 has less than six months of inventory – making this a balanced market.

Market Update – The Broadlawn of Downtown White Plains NY

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The cooperatives on Garth Road in the Scarsdale PO are a very popular destination for first time home buyers and those who are scaling back from a home.   Among Westchester coops, the Garth Road location is one of the best known and most sought after.  This is not without good reason.  The location is fairly close to perfect for commuters and those who prefer to leave the car behind and walk to town.

Although Garth road bears the ever popular Scarsdale PO, the coops on Garth Road are located in the municipality of Eastchester.  But for all practical purposes, the location is is just like living in the Village of Scarsdale.  Just 30 minutes from Grand Central Station – the location is ideal for commuters.  For most residents, the train is less than a 10 minute stroll away.  The village of Scarsdale is equally convenient. Leaving the car behind is easy in such a prime location – easier in fact than for many people who actually reside in the town of Scarsdale.

Like most cooperatives, the bulk of these complexes -particularly those close to the train and town are prewar buildings with a great deal of character.

The complexes of Garth Road Scarsdale:

• The Northgate – 105 Garth Road
• Eton Lodge  - 117 Garth Road
• Eton Hall – 127 Garth Road
• The Kenilworth – 142 Garth Road
• Colchester Hall – 143 Garth Road
• The Craigswald – 187 Garth Road
• Scarsdale Manor – 174-198 Garth Road
• The Thornycroft – 209 Garth Road
• Garth Essex – 230 -260 Garth Road
• Garth Woods – 235 Garth Road
• The Buckingham – 253 Garth Road
• Garth Manor – 281 Garth Road

General Sales History and Pricing on Garth Road:

Cooperative complexes across the county have undergone a major market correction over the past few years.

The charts below show an overall decline of  of roughly 20% for both 1 BR and 2 BR units over the past six years. Median prices for 1 BR units have fallen from $214,000 to $171,000 since 2006.  For 2 BR units the price drop has been from a median sales price of  $344,000 in 2006 to $273,000 in 2011.  Although sales volume is well off from the peak of the market, it is healthier than some other areas and the decline has leveled off – and at these prices, it is likely that demand will increase significantly in 2012.  Certainly it is far cheaper to purchase a cooperative than it is to rent anything comparable.  So this will drive buyers into the market in the near future.

Right now,  buyers should consider these complexes to be “on sale” and be ready to take advantage of what this market has to offer.  Waiting for the 35-40% off sale that may never happen, may prevent you from taking advantage of the 20% off sale.  Sellers need to be realistic.  It is no longer 2005-2006 and it could be a long time before we see those prices again.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Garth Road Scarsdale NY – Market Report

Yes, I know its Christmas day – but New Year’s Eve is just a week away…and its not too soon to think about where you will be when 2011 becomes a memory and 2012 is born.

For those who don’t know the history – downtown White Plains used to be a fairly quiet place.  During the housing boom the downtown became built up an is now thought of as a mini-me Manhattan.  Following the opening of Trump Tower and  the Ritz Carlton – a new tradition was born.  White Plains initiated a new tradition of celebrating New Years Eve in the heart of the downtown – including its own ball drop.  The festivities include live music from 10:30 PM to 12:30 AM.  It is a fun-filled event for the entire family.  Last year I was downtown at around 11 PM and was watching as all the downtown residents started walking en masse towards the music.  Parents with children in tow,  and extended families all getting together as a large community.  Its a terrific way to meet your neighbors and just have a great time with the whole family.   At the stroke of midnight the ball drops and it is topped off by a fireworks display that literally lights of the entire sky.

For those who want to make an entire evening of it and eat out – here are some suggestions….

BLT Steakhouse White Plains - in the heart of the downtown in the Ritz Carlton – $125 pp.  First seating 5:30 – 7 PM, Second seating after 9 PM.

Morton’s Steak House – Downtown White Plains – Maple Ave.

Black Bear Saloon & Wicked Wolff Tavern – Downtown White Plains – Mamaroneck Ave.    are hosting a New Years Eve Bash. The doors open at 9 PM. Tickets are $50 pp and include an open bar.

 © 2011 - Ruthmarie G. Hicks - http://thewestchesterview.com - All rights reserved.

Westchester Events – New Years Eve Family Spectacular – Downtown White Plains NY