J. Philip's Westchester Real Estate Blog: March 2010

One of the most misunderstood aspects of real estate is the tension on the part of agents, landlords and tenants when it comes to the sale of the rental property. It is really a 3-headed monster. 

Landlords selling their property often want to "keep it a secret" that the building is for sale; they fear that the renters will leave if they find out.

Tenants are often suspicious and uncooperative with showings, because they fear that new owners will force them to move from their home.  

Agents view tenants as problem children, because they are not easy to confirm showings with, are hard to reach, or do not allow access despite the terms of their lease requiring cooperation. Because of this, many agents dislike listing rental property or don't give it their best effort.  

These misconceptions often make an otherwise straight forward process a nightmare. It does not have to be that way.Tenants who have a lease in force are protected from being forced to move by the terms of their lease.

In the State of New York, all rental property is sold subject to tenants' rights. Simply put, no owner, old or new, can break a lease. If a tenant has a 3-year lease and the home changes ownership 6 months into the term, they still have 2 1/2 years of right to quiet enjoyment of their home. This is the case if King King himself bought the place. He can't break their contract. 

If more people understood this fact, there would be far fewer problems selling rental property, and tenants would sleep far better at night. Rather than the landlord and listing agent conspiring to work in stealth, the better course of action would be to be upfront with the tenants, remind and reassure them of their rights, and operate transparently thereafter without the cloak and dagger headaches. 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

Last week I wrote a blog post entitled Developers Should Spare the Trees. In it, I decried the clear cutting, scorched-Earth methodology of removing every single tree in the building of a new subdivision. Lo and behold, this past week, while driving not far from the inspiration of that post, I came upon the Sagamor subdivision in Hopewell Junction. 

I forget what initially caught my eye; it might have been a clump of trees near new-looking homes, but it doesn't matter. I turned into the neighborhood and was happy to see that the developer did a fantastic job of keeping trees while still building beautiful homes. 

The homes themselves are very nice; typical houses are about 2500-3000 square feet above ground, and most if not all are center hall colonials with large yards (an acre or more) and 2-car garages. The development was completed around 2001. Recent sales in Sagamor are well above $500,000. The development is in the Wappinger Falls school district, with John Jay High school, Van Wyck Middle school, and Gayhead Elementary as the local public schools. 

Sagamor is located less than a mile from the Taconic State Parkway, so it is a very good location for commuters who need to get on the highway without a long trip. it is also right off of county Route 82, making it very convenient in inclement weather- county roads don't stay unplowed for long.

I actually wasn't going to do another piece on a Dutchess county neighborhood for a while, but the trees had me when I drove in. Big, majestic trees older than I am, proudly pointing skyward, spared the bulldozer because the builder was too smart to put dollars over beauty and nature.  Hats off to the builder!

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

This past December I blogged about 2 neighboring homes for sale in Nyack, NY that were featured in a New York Times article discussing the merits of using a broker to sell a home and the reasons people sell by owner. The homes were side by side; I was familiar with both, and even showed the one listed to buyers last autumn. 

I was in the neighborhood again yesterday, and what I found was worth capturing with a photo. 

Yes: The home listed with the broker, my capable friends at Wright Brothers in Nyack, is under contract at an asking price of $839,000. The FSBO remains unsold, according to the owner's website, at $795,000. Unless the REALTOR-listed home sold for considerably under contract, where is the savings? 

Will the NY Times do a follow up article on how this shook out? I doubt it. 

Meanwhile, the FSBO is still in limbo, unsold (if the website is accurate; If sold also, it can't be for more than 795k), unlisted, and, save for the owner websites, invisible to the buying public, with an amateur at the rudder of the ship. 

Savings, I suppose, is in the eye of the beholder. 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

Drive through Swiss Hamlet just once and you'll appreciate the name; beautiful homes in classic styles with stunning views of the valley. Residents have a full homeowners association which includes tennis courts, a clubhouse, and beautiful swimming pool. The amenities are run by the Swiss Hamlet Homeowners Association, located in the clubhouse right in the middle of the neighborhood.  

Swiss Hamlet homes range in age from those built in the early 70's right through new builds. One interesting constant, aside from the fact that nearly all are quite upscale, is that they are constructed with environmentally friendly materials (long before it was a trend): natural siding and wood roof shingles (as opposed to asphalt) are the norm. And the architecture of Swiss Hamlet homes are often stunning, especially if you like older styles, like tudors. 

I love stone homes and slate roofs. I listed my first Swiss Hamlet house in 2007 and have loved it ever since. It is actually a natural for a Westchester broker like me to end up there, because Westchester expatriots love neighborhoods like Swiss Hamlet- Westchester living with Dutchess prices. Moreover, even though it is a sleepy, woodsy area, the Taconic parkway is 5 minutes away, making it a perfect commuter locale. 

One thing a builder cannot give you is a view, and the fantastic view is the first thing that hits you when you drive into the neighborhood. On a clear day the residents can see for miles, even when the trees fill in with leaves. 

Swiss Hamlet is served by the Wappinger Falls School District. The elementary school is Fishkill Plains. The middle school is Van Wyck, and the high school is John Jay. If you'd like to see if the area is good for you, you can browse listings in Swiss Hamlet and the surrounding area. 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

When I was a kid I had a Murray 5-speed bike with a banana seat and high handlebars, and I would ride between my neighborhood, Ossining's Indian Village, and Chilmark, across Pleasantville Road on the other side of Ossining Resevoir. Homes in Chilmark were bigger and nicer than my own. While I rode through those streets I dreamed that someday I'd live there. When I was in high school and ran after wrestling practice at night, I'd run through Chilmark because the hills weren't too rough and there were never any cars to avoid. It's funny how a place can be good for you for different reasons at different ages. 

Chilmark was built in the early 60's, and is now a very mature community of tree lined streets with beautiful colonials, capes and ranches on spacious lots. It is the sort of place you'd want to trick or treat on Halloween. While it is in the village of Briarcliff Manor and benefits from village services, the close proximity to Ossining puts it in the Ossining School District. On the west Side of the neighborhood is Chilmark Park, an 8.3 acre facility on the grounds of a former country club. The park has a huge jungle gym, fields, tennis and basketball courts, and lots of open space. 

Given the bucolic character of the community, the street names have a similar theme: Orchard, Apple, Farm, Magnolia and Meadow, for example. One notable exception is the "main" street through Chilmark, Macy Road, because the it is a homage to the Macy Estate that used to be here. Macy Mansion is still up the hill, although not technically in the neighborhood. 

Compared to other baby boom housing, Chilmark is relatively upscale for the era. The homes and yards are spacious, and pride of ownership is evident wherever you look. 

As of July, 2007, there is one addition to Chilmark: me. My family moved into a home I used to jog past in high school and ride by on my bike in the 70's. We love it here, and yes, our children do trick or treat here every Halloween. 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

We have just closed on 155 North Regent Street in Port Chester, and to celebrate that closing I'll post a rundown of the real estate market in that distinguished village. Port Chester has a warm place in my heart. It was where "the office" was where my father worked when I was a child. Whenever I think of Port Chester, I think of my Dad, young and healthy. 

Port Chester borders Greenwich, Connecticut on the Byram River. It has a very vibrant, charming downtown, and plenty of pre-war architecture. 

It has some fantastic dining, including the Willett House, which I have posted on before. One notable landmark of the village is the "Lifesaver Building," a condominium which was the actual home of Lifesavers candy when I was a kid. 

On to the data:

There are 94 single family homes available for sale in the Post Chester school district. The median price for a single family home is $485,000. 4 others are pending sale, and 26 homes have sold in the past 6 months for a median price of $422,500. In the corresponding period (9/24/08 through 3/23/09) there were 23 sales for a median price of $440,000. Transaction totals are up a tick, and median price is down 4%- not terribly bad in light of the economy. 

With 94 single family units to choose from, Port Chester offers plenty of possibility. And good food. 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

George Mantor's article "Is It Time to Go on The Offensive?" has me thinking. Mantor echoes the dissatisfaction most of us have with both the government and large banks, and he announces that he is switching to a credit union for his banking. He is using his economic vote. Should we all? 

In 2005, when I started my company, I grew dissatisfied with Chase. I thought I'd stay local and started an account with a community bank in town. Checks took a long while to clear, my ATM card incurred a fee everywhere, and Internet banking wasn't available. That account was closed within a year. It wasn't convenient. I elected to go with a large institution. So, my accounts and money went to Washington Mutual. They were friendly and convenient. What I didn't know was that they were going bankrupt. 

Chase absorbed Washington Mutual in late 2008. After 2 1/2 years of happy banking, I was back with that large, uncaring monolith. Little changed at first- it was the same branch and staff. Today, however, I am back to 2005 with Chase. The branch staff are new and uncaring save for one (nervous) holdover teller from the WaMu days, and customer service is an exercise in futility. 

Is Mantor's method the way to go? Is switching my business to a credit union or smaller local bank going to make a difference? If thousands of us switched billions of assets away from the Giants, would they change their tune? And would we be able to put up with less convenience, slower processing and other disadvantages of a smaller place? Or have the smaller operations caught up? To me, a credit union with Internet banking would sound perfect. 

Would we do better with smaller banks in spite of small inconveniences? And would it make a difference if we did? 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

To get the word out about the FREE Westchester County home buyer seminar this coming April 7 at 6pm at the Tuscan Grille in Briarcliff Manor, we have set up www.TheKeysToHome.com. 

The theme of the seminar, The Keys, is very appropriate. The "key" to getting your own set of "keys" to a home is the knowledge that comes from a well presented seminar that breaks the process down so that all the ambiguity, stress, and mystery are taken out in place of good instruction, coaching and know-how. If I know it, you'll know it. 

• No more wondering what is next. You'll already know. The whole sequence is spelled out A-Z. 
• No more stressful waiting until your agent or lender calls back- you can anticipate the next step with knowledge instead of scratching your head.
• You'll understand the terminology, and what it really means to buy a short sale or REO. 
• Once you understand the process, you can relax and have fun finding a home. You can negotiate from a position of knowledge 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. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

While driving through Dutchess County today, I was reminded of a pet peeve in real estate that I have long meant to blog about: builders who cut every, single solitary tree down when they build a subdivision and then plant a few saplings in their place. It seems to be particularly bad in the Hudson Valley north of Westchester County. I know people cannot have a tree in their living room. What I don't get is how you cannot leave 1 decent tree standing for acres and acres in order to build a few houses. And those 3 sick saplings they stick in the ground  are hardly a substitute for the proud trees that once stood there. 

It takes decades for the replacement trees to grow in. Mature neighborhoods shouldn't take decades. One county over in Connecticut they have great neighborhoods where the builders built around mother nature, not on her grave. I hate a scorched Earth- it seems so barren and austere, especially when the immediate area surrounding the neighborhood is so rich with growth.  

There is nothing aesthetically pleasing about a barren landscape in a new subdivision. The way houses just stick out with no trees to frame them, shade them or accent them is antiseptic and unappealing. It is also a waste. I wish builders and developers who engage in this practice would cut it out, and I also wish that the municipalities that bug the rest of us about relatively minor issues in comparison would not allow it either. 

• 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 am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission