J. Philip's Westchester Real Estate Blog: February 2010
Commentary from J. Philip Faranda, REALTOR, top-producing independent Broker-Owner in Briarcliff Manor, Westchester County, NY. I serve the Hudson Valley, including Westchester, Putnam, Rockland, & Dutchess Counties. I had the privilege of closing 100 clients & customers in 2007-2008.
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J Philip Faranda
J. Philip Faranda (J. Philip LLC) Westchester County NY
Commentary from J. Philip Faranda, REALTOR, top-producing independent Broker-Owner in Briarcliff Manor, Westchester County, NY. I serve the Hudson Valley, including Westchester, Putnam, Rockland, & Dutchess Counties. I had the privilege of closing 100 clients & customers in 2007-2008.
Wow. Westchester County and the surrounding areas are buried with snow. There must be 2 feet of the stuff outside in my yard. What's more, the trees are FULL of the stuff, as if it were glued to them. It is creating a scene like none I can recall. Briarcliff Manor DPW has been by plowing the roads all day. They have to be exhausted.
The 15 foot hedge in my back year is now bent over the 5 foot wood pile, completely obscuring it to the naked eye. Do you see any firewood in this photo below? I don't.
Tree branches that were 8 feet above the ground are now touching it.
My neighbor's evergreen limbs could not stand the weight of snow and ice- at least 6 fell to the ground with loud cracks we heard inside our home. They must weigh hundreds of pounds, because our fence us smashed in at least 2 places. Other parts of the fence appear to have "hedges" bordering them that weren't there yesterday. Those are near fallen limbs too.
Still, we are dug out. The cleared out front walk gives perspective.
Hey! If I'm dug out that means I'm open for business. But you can search for homes nice and warm with a free Listingbook account until you are ready to get out and look.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
Upon occasion, we get calls from people that see an ad or sign but they don't know the address of the house. They can give a color or a landmark, but the ad ID number wasn't written down. What then follows is an excercise in forensics and trianglulation which can take away from more pressing matters. In rare occasions, we get a wiseguy to say some version of "how can you not know the house? It's your listing." Some of those people are serious.
This is especially problematic with an ad, but rather than complain, I'll offer this advice to the buying public: if you see a house in person or online, write down the address, MLS ID or any other identifying feature of the home so that the person answering your call or email can get you better information faster. It isn't easy to do when driving, but if you can write the phone number of the yard sign down, just takle another moment to write the address or description down. Online ads are easier, because they usually have the address and MLS number.
Help us help you! The more information you have about what house you are inquring about the better we can help you. Moreover, anyone who calls our company to get a price or description is not given the cat-and -mouse give us your life story in exchange for the details. We know that if we give value, people will use us.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
MSN Money released an article today on the 2010 real estate market that has me in a fairly prominent position. The article is entitled Homesellers Finally Get Real, and addresses the process by which homeowners have accepted and adjusted to falling prices. The quote is split up, but here is what I said:
Look at it like the stages of grief. In 2006 and 2007, it was denial; in 2008 and 2009, it was mourning; in 2010, it's acceptance.*
Enormous numbers of foreclosed homes have sold with suppressed prices, and that has leveled the playing field for homebuyers," says Faranda. "If a guy with a half-million-dollar house still thinks it's worth $600,000, I can show him two or three foreclosures that are listed for $400,000 and $450,000 and ask him how he thinks I'm going to hypnotize people into buying his house for $600,000.
Of course, that is the distillation of a 15 minute conversation with the reporter, and there is far more to it than that, but the end result is the same. If you want 10 and the going rate is 8 because of foreclosures, you aren't getting 10. That's the reality of Westchester real estate.
Altos Research is referred to as the first source in the article, and that is great for Mike Simonson, whom I have met a number of times. He is a very nice guy who puts out a top notch product for real estate professionals. One colleague who agrees with me is *Sue Adler of Short Hills, NJ who is the top Keller Williams agent in the state. I first heard Sue use the stages of grief metaphor and while the article doesn't name her as the place I heard it first, I'll say so here. Both Altos and Sue are members of Active Rain as well as Rob Hahn's Lucky Strike Social Media, where I first met them both.
Quotes in the national press are gratifying. The reporter promised to send me a link and probably will (still early on the west coast) but I have already been emailed by clients. My wife tells me I should be more vocal about things like this, because my credibility as an agent and broker are the currency of our company. At some point, I will make a more comprehensive sidebar link to all of the places I have been cited as a source, which does tend to separate the producers from the pretenders in the Westchester real estate market.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
I'm not one to completely understand Einstein's theory of relativity, but I do observe that, depending on context, some things seem like they occurred a far longer time ago than others.
For example: It seems like only yesterday when my daughter was born 6 years ago in early 2004. It was a remarkable day in many respects, as you can imagine. We didn't know her gender until she arrived, and the nurses were all delighted at my shock, because I was expecting a boy. I'm no chauvinist- she was the first girl born in my family since the late 1800s. I even called her Gregory when she came out, as in "Gregory, what happened to your-". I can still hear Ann's laugh when the doctor told us we had a baby girl. A daughter. It feels like it happened only a few months ago, maybe a year. The surprise, gratitude and awe have never left me. A girl! A d-d-d-daw-tehhrrr. A Daughter.
Now, when I think of real estate, 2004 seems like it was just after the Ice Age. Buyers were nuts. Sellers were nuts. Banks were nuts. The only reason a deal died was because a higher offer came in. People forked up extra cash if the house didn't appraise. Buyers waived mortgage contingencies and home inspection issues to get the deal done. Agents walked into the office and made money just because they showed up. There was a mortgage program for dyslexic gnus, ambidextrous Visigoths, and investors with 5% down payment. They loaned you money if you had a job but no credit. Or credit and no down payment. People would grab you by the arm and ask how much over full price they needed to offer to get the house. All that seems like a different planet now, in a galaxy far far away.
Can you imagine walking into the office today and having people waiting for you, raring to buy a home by 5pm?
Can you imagine an investor telling you he was pre approved for 10% down and was looking to buy 3 multi family homes? That weekend?
In 2004, a waitress would tell you she was studying for her license, and you'd nod and guess what kind of BMW she'd buy. In 2010 if a waitress tells you she's going for her license you nod and ask what the soup of the day is.
How is is that concurrent periods of time can seem so recent and so long ago at the same time, just because the subject matter changes?
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
Route 6 West approaching the Bear Mountain Bridge has to be the most twisty, serpentine windy road I've ever been on, and to top it off, it is on the edge of a mountain cliff overlooking the Hudson River. Locals have dubbed it the "Goat Trail."
The Goat Trail starts northwest of Peekskill, NY and culminates at the Bear Mountain Bridge, which joins the far northwest corner of Westchester to southeast Orange County. The mountain it is carved into has been known since colonial times as "Anthony's Nose." The road itself is over 400 feet above the river.
How twisty is this road? Click on the video. This is not for people with vertigo.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
Also known as grieving property taxes or tax certiorari, having your home re assessed is becoming commonplace in Westchester as people realize that their local government will happily raise their taxes when the market is up, but won't break a sweat lowering them when it is in decline. There are three typical ways Westchester property owners lower their taxes, but all have the same common process:
You meet with the tax assessor;
You show them that your home is valued less than its assessed value, typically with a recent appraisal or contract of sale;
They lower the assessment for the following tax year.
Here are the three typical approaches:
Attend your town's designated grieving or appeal day. This is often in the Spring, but you can get the exact sate by contacting your assessor's office. You go before the board, and make your case. You should have either your recent contract of sale, an appraisal of the home, or both if you have recently bought. If you missed the appeal day or bought after it passed, you can still make an appointment with the assessor's office and make your case.
Hire an attorney to do a tax certiorari. This is essentially the same thing in outcome, but is often done at the court level in what is called a Small Claims Assessment Review.
Hire a company that doe tax relief. These are typically experience people in the process who will do everything for you for a fee (typically 1/2 the first year's reduction). Some will go to court as well to get the job done.
If you are selling your home and you are over assessed, your high tax bill is a liability in the sale. If you buy a home and the sale price is below the assessed value, you should begin the process as soon as possible. Everyone should pay their fair share, but the operative word is fair.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
It wasn't until I lived outside the Metropolitan area that I truly appreciated the cool names of many of the towns in Westchester County. You have to imagine being on a commuter train and having the MTA guy shout out the stop in the local tongue.
Yonkers- YAHNK-ahs! Or, as my mom used to ask, "what are Yonkers?"
Mamaroneck- Rolls off the tongue.
Ardsley- I love that hard A in the ARD.
Armonk- Ditto
Tuckahoe-No comment needed.
Ossining- Would be Top Dog if it were still known as Sing Sing.
Sleepy Hollow- Formerly North Tarrytown. Thank God they changed the name. Legendary.
Rye- Succinct.
Dobbs Ferry- On the Hudson, but I never actually saw a ferry here.
Port Chester- It actually has a port, too.
Neighboring Rockland County has some great names too: Nyack (love that), Ramapo, Haverstraw, and Tappan (or is it TapPAN?).
Some other honorable mentions from around the region:
Lake Ronkonkoma, Suffolk County, Long Island
Ho-ho-kus and Mahwah, NJ. I like Whippany too.
Pouqhquag, Dutchess County. Good luck pronouncing it.
Mahopac, Putnam County. In the town of Carmel, if you have a sweet tooth.
Tuxedo, Orange County. No penguins, but seems like there should be.
Cos Cob, Fairfield County, CT. Classic.
Massapequa, Nassau County, Long Island. Like Lake Ronkonkoma, a great indigenous name.
Flushing, Queens. Watch it, Bub. Jamaica and Ozone Park are pretty good too.
THE BRONX
I don't live there anymore but outside Rochester, NY they have the town of Irondequoit. Say that 5 times fast.
Good stuff, and anything but boring.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
Westchester magazine has published its picks for best restaurants in the county, and I thought I'd chime in with a few picks of my own. These are my opinion only, and if you disagree I hope you enjoy your research.
Bronxville: Underhill's Crossing. American Bistro owned and operated by Stephen Palm, who I have known for 10 years. Underhill's has been a fixture on Pondfield Road for over a decade, and offers al fresco dining in favorable weather, a fantastic bar, and great service.
Hartsdale: Harry's of Hartsdale. Steakhouse/Oyster bar in Stephen Palm's group. Located across the street from the train station, the raw bar and aged steak are very reminiscent of a fine Manhattan eatery.
Port Chester: Willett House. Classic steakhouse in a restored building overlooking the Byram River. Fantastic steak served in the classic style in a rich, pleasant atmosphere.
Pleasantville: Mediterraneo. Italian food with a good selection of fine wine. The chef owns the place and is on premises. Outstanding, tasty dishes of all varieties, reasonably priced and a loyal customer base.
Briarcliff Manor: Tuscan Grille. Italian food specializing in great lunches. Formerly Torchia's, it was bought by employees who have kept the tradition of great dishes going. Walking distance from my office!
Elmsford: Pete's Saloon. Old reliable. American fare with the great tavern atmosphere the name suggests.
In a past life I tended bar at Harry's and became familiar with the management. They know what they are doing, and it shows. I have dined at each of these places numerous times, and that includes breaking bread with clients and colleagues.
This list is by no means complete, and as a matter of fact I'll enjoy adding to it quite a bit.
Mangia!
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
Max ran out of kibble so I ran down to Arcadian Shopping Center to replentish the dawg Smörgåsbord. You see a lot when you open your eyes, and I am glad I brought the camera. Over the past 2 years, I have seen business in town contract, close, and cause vacancies. That trend appears to be reversing, and Ossining is open for business. Here are a few good signs of growth and expansion of commerce.
Some of the vacancies are 2-3 years old; a large restaurant just opened in the same shopping center which I'll blog about in the near future. The fact that so much is happening at the same time is significant to me. All of this is happening within a diameter of 300 or so yards. This is no coincidence, and portends a recovery in my view.
This will have a positive effect on Ossining real estate. Oh yes, another business is expanding, and it is about to put a few signs up as well.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
Not far from my home, adjacent to a popular shopping center and on a well traveled, visible street corner, there is the former home of Chase Bank. It is an all-brick building, with a parking lot and offices. It would be a turn key opportunity for another bank and a phenomenal location for any professional or retail business. If I had the means I'd move my company to that location in a heartbeat. Asking price when I inquired a 2 years ago was $1 million. Despite the great location and set up, it remains vacant for 2 years since Chase acquired Bank of New York and moved to the other side of the Chilmark Shopping Center. I am sure that when the economy recovers another business will be there.
Across town, there is a medium sized private residence next to an industrial site on a less traveled road. It is a house; nothing about it would be turnkey for a business. However, it is located in an area zoned for general business, and is on the market for just under $1 million.
Question: If the building by the shopping center can't get a taker, why would the house get one?
Every so often, I get contacted by a potential client in the second scenario who believes that their ship has come in because of their zoning. No matter that the site would need to be redone for business, or at the very least, rehabilitated ( I don't mean knock down a few walls; I mean add a parking lot). Sometimes, in the right locale, a chain will make an offer to a private residence that is gigantic. Those people should consider themselves as lucky as Powerball winners. But, by and large, a drab old house next to a rock quarry or bus depot is worth just what a drab house next to a quarry is worth. The zoning isn't an automatic premium.
How do I know this? I have listed these people before. I've gotten them higher offers than they would have gotten, and in each case I can recall, they have rejected their offer because they wanted more. One former client I listed in September of 2005 is still selling by himself. Moreover, he is still zoned residential! Commercial use would require a variance! He just thinks he'd be a good commercial opportunity! You know what the guy would get today? $200,000 less than what I brought in in 2006. He's asking double what he's worth, and that is why he's selling by owner. The local brokers have written him off.
Commercial zoning is not without challenges. It may not qualify for conventional financing if the buyer is a business. There could be appraisal issues because the appraiser's job is the evaluate the property for it's best use, not the potential. A restaurant, salon or professional office might not want to be next to an unattractive industrial site. Moreover, buyers of commercial property are savvy and conscious of overhead. They will not overpay unless there is a strong payoff. These things have to be taken into account for property that is commercial in zoning only.
If the owner will not listen to the advice of their agent and is instead advised by their own self interest, the outcome is often long, drawn out, and unhappy.
We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
