J. Philip's Westchester Real Estate Blog

About three weeks ago I wrote a rather forgettable blog post about what $335,000 will buy you in Peekskill, New York. I really like to post these sorts of pieces because they are informative and sneakily self promotional (and I kind of lack any shame about promoting myself), but I have to admit that they aren't exactly cutting edge commentary. 

Not long after the post went live I got a call from a reporter working on a story on Westchester real estate, and I put her in touch with my clients to help with the story. The report was published in today's New York Post, and my clients were front and center with two photos and a healthy-sized quote. 

I love that. This has to be the 6th or 7th time I've gotten a client into the media, and I have to say that it I something I relish. Not everyone wants to discuss their home purchase with a reporter, but my clients saw the big picture (they started the local dog park, after all) and the opportunity to sell their community. They capitalized. 

I was quoted at the end of the piece also, and a reference was also made to my blog, which I believe was how the reporter found me to begin with. It is a nice feeling to know my efforts can occasionally yield these kind of results. I remain very bullish on Peekskill, by the way. Lots of great housing in this wonderful community on the banks of the Hudson. 

What can you buy in Peekskill for $335,000? It will buy you a pretty arts and crafts colonial with a rocking chair porch, 2 car garage, updated kitchen, and beautiful woodwork like the one our clients just closed on last week. This home has 4 bedrooms, a formal dining room, a woodburning fireplace, lovely landscaping, stained glass windows, a patio, walkup attic, and a dry, full basement. The location is also fantastic, just a 3 minute drive to the Peekskill train station. 

I love homes from the 1920's especially when the restoration job allows the original character to remain intact. 

We wish our clients many happy healthy years in their new home! 

This is the market data for September of 2010 for single family homes in Peekskill, and all information is sourced from the Westchester-Putnam MLS.

There was nowhere to go but up after a very poor August, and we may be looking at a "new normal" for this charming little city on the Hudson. The median price is up from last month but down over $160,000 from September of 2009. Transactions totals are higher, which is a good thing, but the volume of available properties- 81- means there is almost 2 years worth of inventory available, which will suppress prices. 

With 8 pending sales last month, and 4 pending sales this month after the 4 September closings, nothing new has gone into contract in the last month. When your median sales price is less than $200,000 and the median asking price is $279,000, it doesn't take a genius to figure out that the buying public is still waiting for prices to decrease. I am working on a deal that will add a sale to the hopper and greatly increase the median price, and that is because I have clients who know and love the area. They have good reason- Peekskill is a great place to live and work, and when the buyers wake up to what they can get at these low prices, you'll see a spike. All markets are cyclical, and I think we are witnessing the calm before a storm of activity. 

Get yourself a free Listingbook account and check out homes for sale in Peekskill. It is absolutely a buyer's market here.

Previous posts about Peekskill are here.  

I have blogged about the Peekskill Dog Park before. It just happens to be the creation of clients of mine. The story is that they got the city to dedicate underused parkland to an attraction that gets dozens of users a week. 

In 12 days, the park will have its 2nd annual fundraiser, the Peekskill Dog Splash. It will actually take place at the lake at Depew Park, and all dogs will have a chance to splash around and swim and have a good time. There will be a complimentary dog wash station, so your wet dog will go home smelling fresh and clean, which, frankly, you know you could use about now. Admit it.

If your dog is a little breed, there will be kiddie pools. There will also be music, giveaways, and you'll meet plenty of other dog aficionados and dog-o-philes who walk on their hind legs. 

Pre registration is required, so go to PeekskillDogPark.com and get your pooch in. Registration is $10, which is almost free in dog dollars. We are still enjoying nice weather in this area, and I'd expect late September to be a bit of a last hurrah for some of us in the "getting out and doing something special with our dog" department. They give us unconditional love, and they earned a play date. 

This is the market data for August of 2010 for single family homes in Peekskill, and all information is sourced from the Westchester-Putnam MLS.

OK- here goes:

Prices are way down. Only 1 home sold, so all statistics are at the mercy of a number too small to be considered a representative sample. Median price last month was $65,000 and August of last year was $289,500. There are 77 homes actively for sale- the balance is out of whack, with only 7 homes under contract at a median price of $247,500.

So sales are way down and pending sales are low. Here's the deal: Peekskill is a nice place- low taxes, affordable homes, a vibrant downtown, and proximity to Manhattan, points upstate, and all the amenities of Westchester County. You could buy a pretty nice joint here for not much money. The law of supply and demand is immutable- someone is going to get some good deals, and that someone should be you. 

Yeah, you. Or someone you know. 

Get yourself a free Listingbook account and check out homes for sale in Peekskill. It is absolutely a buyer's market here.

Previous posts about Peekskill are here.  

This is the market activity for Peekskill in June of 2010. All information is sourced from the Westchester-Putnam MLS. I have blogged about Peekskill extensively before. 

Unlike the May of 2009 and 2010 comparison, prices and transaction totals are up, from a median price in June of 2009 of $237,500 to a more robust $304,750 in June 2010. There were 8 transaction in June this year, up from only 6 last June, and 9 homes are currently under contract. 64 homes are actively for sale.

64 active listings is about 8-10 months worth of inventory, not an outrageous amount but certainly plenty to choose from. Prices, while up, are at their lowest here since 2003. If you like the river towns and fancy pre war architecture, you'll like Peekskill. Now is a god time to buy real estate in Peekskill. Get yourself a free Listingbook account and check out homes for sale in Peekskill. 

Peekskill is one of the older River towns in Westchester County. I have blogged about Peekskill before, and I have done quite a bit of business there. It is by far the northernmost city in Westchester county, and in addition to being affordable, the quality of life there seems to improve by the week. This is the market data for May of 2010 for single family homes in Peekskill, and all information is sourced from the Westchester-Putnam MLS.

Prices are down quite a bit here, from a median price in May of 2009 of $440,500 to a mere $255,000. There were only 2 transaction in each month, which might not be considered a representative sample, but there are also 16 homes under contract and their median asking price is $297,000. 63 homes are actively for sale.

The last year that the median price in Peekskill was below $300,000 was 2003. Now is a god time to buy real estate in Peekskill. Get yourself a free Listingbook account and check out homes for sale in Peekskill. 

We just got word that one of our short sale transactions in Peekskill, NY was approved. This comes just one day after we listed another one for sale across town! 

On the approved sale, we had multiple offers. The one sent to the bank was less than 2% short of a full price bid, and it should close in the next 2 weeks. The property was put under contract on December 18, 2009, so the approval only took about 45 days. In the short sale world, that is lightning speed. I hope this is a sign of things to come in the field. Long approvals are rough on everyone, especially the sellers, who have their own share of stress. This will be our second sale in this subdivision, which should give us more visibility for other nearby prospective sellers.

On the new short sale, we have listed a fantastic 3 bedroom brick ranch right across the street from Depew Park. If you are a Jets fan, you'll recognize that name: it was the pre season practice field of the Titans/Jets in their AFL days from 1960-1969. The house therefore has a very quiet setting, abutting pastoral woods and a field on 2 sides. It has a large, detached 2 car garage and a full basement. The kitchen and baths are updated and it is in move in condition with shiny hardwoods and a fireplace.  

It is listed at $299,900. I consider it one of the better buys in Peekskill. Come see for yourself. If you like it we'll work on a fast approval. The great thing about short sales is that they aren't priced to chase the market, they are the market. 

What do George Pataki and Mel Gibson have in common? Peekskill, NY. Gibson was born here, and Pataki was once the mayor. 

I have blogged about Peekskill's market activity previously. We are talking about a historic river town with a lot of charm for those who dig pre war architecture. The place is teeming with activity and forward movement. Many of the old buildings have been restored, and the once dreary downtown is an eclectic mix of Bohemia and commerce. One thing that struck me when I was taking photos the other day was how many people and cars got in the way of my getting a clear snapshot. Then it struck me. That is the picture. 

The history goes back to the pre colonial era when the place was a valuable riverfront trading spot. Named for Jan Peeck's Creek, ("kil" is dutch for stream), Both Washington and Lincoln spent time here. While the colonial army was here before moving to West Point, Lincoln's time was brief; just a short train stop which was memorialized by a half-forgotten statue about a block from the current train station. I only mean half- it is maintained, but fenced off and hard to get a good look without a zoom lens.  

Being a river town, the view of the river is breathtaking whether you are up the hill or down by the station. It was an apt setting for the 9-11 memorial. That day did not leave the city unscathed.  

The architecture of the place is especially attractive if you like classic old buildings. I happen to love them. 

OK- so I guess you sort of get that I like the photos I took of the place.

Here's the snapshot of 2009 market activity.

In all, 65 single family homes sold in the city this past year. The median price was $305,000, down from the peak of $368,000 in 2005. That year, 137 homes were sold. That represents an 18% decline in prices from the height of the market, which is in line with the region. This makes Peekskill, on top of everything else I've gushed about, something else- affordable. 

Peekskill, NY now has a wonderful Dog Park! Opened October 31, 2009, the project was started by Peekskill homeowner (and dog owner) Michael Sellers, who devoted a year and a half to getting the city to dedicate unused park land to the project. The park now has a board of directors, a terrific website with plenty of pictures, and 50 visitors a week. It has also made the local news several times, including Journal News coverage of a visit from Santa Claus just 10 days ago (and you thought he just dug reindeer). You can read the story by clicking on the link on the park website.  

To take underused parkland and transform it into a place where people and enjoy themselves and build a community is a special undertaking, but then again, you have to know Mr. Sellers like I know him. I sold him his house in Peekskill 3 years ago. As fortunate as he told me he feels about putting down roots in Peekskill, I say that the city got the better part of the deal when it landed Michael Sellers. Hats off to my client and friend. 

My dog Max would approve!