J. Philip's Westchester Real Estate Blog: New York: White Plains

I love White Plains and White Plains loves me. 

Closed July 14: 16 Manor Ave, White Plains, NY. I have blogged about this one before. I was the selling agent. I sold my clients' White Plains Co op apartment last year in Bryant Gardens and we lost 2 other bids before landing this beautiful ranch in the Rosedale section off Mamaroneck Avenue. It was a process that took from February 2009 until July 2010. What a trip! 

Closed July 20: 11 Woodbrook Rd, White Plains, NY. This was a For Sale by Owner I contacted and listed within a week. The sellers are terrific people who took every piece of advice I gave them, and kept the place in showable condition every waking moment. No showings were denied, no issues with walking through, and we got a buyer in April. There were challenges with getting the buyers to the closing table, but close it did. $630,000. 

Accepted Offer, July 21: 19 Old Mamaroneck Road 5k, White Plains. This co op apartment in Overlook Towers was a listing referral from another client whose house I sold in Port Chester not long ago. It was only 45 days on market and contracts have gone out. White Plains has lots of co op complexes but not all are pet friendly. 19 Old Mamaroneck is pet friendly, and that must have helped. 

I've done plenty of other business in White Plains but that was July's activity so far. How does a broker up in Briarcliff Manor sell so many homes in White Plains? I don't have an office in White Plains and I don't live there. But my cyber presence in White Plains is pretty good, and the neighborhood where people window shop is online. That's how I am in White Plains, and that's why I'll continue to sell there. 

My previous postings on White Plains can all be found here. 

• 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

Hat tip to Craig Rutman:

Money Magazine has ranked America's top 100 small cities to live and White Plains came in ranked #53 . I am closing on a home in White Plains tomorrow as a matter of fact, with another closing later this month, and I do believe that Money has it right with this pick. White Plains in the county seat, has a fantastic mix of residential, shopping, and an exciting downtown, and a strong housing market even in these times. You can get a single family home, a high rise condo, or an affordable co op in a classy building here, and the taxes are low for Westchester. 

I have blogged about White Plains previously and will continue to be active in that market. I knew all along what Money magazine is reporting- White Plains is a great place to live. 

• 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

I like White Plains. It is the county seat of Westchester, has a great downtown, lots of pretty pre war buildings, and for some reason, even though I am over here in Briarcliff, I sell a lot of houses there. I have 2 deals going as I write this.  It has several sections, such as North White Plains, Downtown (which has those pretty apartments and a cool skyline), Battle Hill, Rosedale and Gedney Farms. It also has a big co-op and condo market which I'll cover another time. All information is from the Westchester Putnam Multiple Listing Service for single family homes in White Plains.

Prices are down in 2010 from 2009 just a bit, with the median sales price slipping from $590,000 to $546,000 on 9 closings in each year respectively. However, while prices may be down, there is one really interesting blip about 2010 that is worth noting: the median asking price in May 2010 was $535,000. The median sales price was actually higher than the asking price. Are there competitive bids now? The answer is yes, and I know this firsthand.

More good news for White Plains is that there are 49 homes under contract, which is a hugely healthy figure, and at a median price of $610,000, home values are on the rise in White Plains.

There are 154 active listings, so even with all this activity buyer have plenty of options. If you want to check out a White Plains home for yourself, get a free Listingbook account and search White Plains homes for sale like an agent. 

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• 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 night I broke bread at the Tuscan Grille with clients to celebrate signing contracts on their next home after 14 months of work on the project. It has been a journey. I listed their Bryant Gardens co op apartment last Winter, and we soon found a house in White Plains they loved. Unfortunately, the first buyer on their co op couldn't qualify, and we went into the spring watching their prospective house remain active while we worked on a new deal. A week before our new buyer was approved by the co op board, the house was sold to another buyer. They were crushed.

They moved in with her parents after closing on Bryant Gardens while we continued our search, and over the winter we found another home that was pretty close to perfect. We put in a strong bid at the most we could borrow (99.1% of asking), but were told that no decision would be made for another week. 6 tense days later, we were still the high bid. On the 7th day, an all-cash offer over asking price bumped us off. 

What made this rough was their specific criteria for the next home to make things work for commute and proximity to family. They needed to be in White Plains with a certain style of home, and their price point did not give them room for much flexibility. So they searched Listingbook daily, and we saw everything that matched their needs. There was no need to see 100 homes over the months; we screened homes well, and I have to admit it made things efficient. I probably showed them 20-25 places. 

Two weeks ago, a gem appeared on the White Plains market. The location was close to perfect, the price was right, and it was their layout. The price was designed, in our view, to getting multiple bids. So we went in over asking. Yet again, to our dismay, we had to wait a week for a decision. And we got it. 

It wasn't over, though. Attorneys prepare contracts in White Plain like most of Metro New York, so we had to quickly do our home inspection and then sign the contract. 

And the attorneys couldn't agree on terms. How snake-bitten could we feel? The other attorney was uncooperative. 

After 3 days of very uncomfortable drama, we got the lawyers on the same page and we finally executed contracts and deposit. Last night we got together to plan what was next with mortgage and appraisal, and decided it would be best to walk next door and eat. Now that contracts were signed, conversation had evolved from solving a rubik's cube of lawyers and what-ifs, to happier plans: furnishing, decorating, and landscaping. 

Obviously, it ain't over until it's over, but I like our position. And we all agree that the view from their new front window will be beautiful. 

• 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

An exceptional, fully renovated Bryant Gardens top-floor 1 bedroom. Renovated kitchen w/ new floors, cabinets & counters; new bathroom w/ new custom tile work, plus all other upgrades. Boasts new crown molding, new Berber carpeting, & 3 custom ELFA closet systems. Bedroom accommodates king-size set. Complex has immaculate grounds, on-site laundry, barbeque area, newly renovated halls, & playgrounds. Suburbia! Close to NY's new metropolis, trains & highways. Resident permit & visitor parking. 

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

• 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

White Plains is the county seat of Westchester and is, in many ways, the hub of commerce for the area as well. It is home to the county government offices, numerous malls, the local Westchester Board of REALTORS, and some fantastic food and libation along Mamaroneck Avenue.  You don't go to White Plains to hide- you go there to get things done. It is a great commuting point with appealing neighborhoods and proximity to everything. There are many co ops and condominiums near downtown. The mix works. There is very little not to like about White Plains.

This data is for the city of White Plains only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from the first quarter of 2006 , 2007, 2008 and 2009. I cut the data off at March 27 of each year so the numbers would be consistent.

Clearly, White Plains exhibits the "soft landing" people spoke of before the financial crisis hit. The number of transactions did go down from 2007 to 2008 but prices didn't drop very much. Transaction totals stabilized in the face of lower prices in 2009. In short, White Plains was not immune to the downturn but was not as adversely affected as some other parts of the county. This speaks well of White Plains- even though the economy is down, people are still buying there. I just sold a listing in the Battle Hill section this past week.

Don't think for a minute that it isn't still a buyers market in White Plains, however. Inventory is still quite high- 131 active single family homes remain for sale here, and only 21 are under contract with buyers.

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

• 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

Here in New York attorneys are an integral part of the transaction process. The following occurred this past Monday on a home I listed where an old deal resurfaced from when the home was listed with a prior agent.

I got a call from the attorney's office of the purchaser of my listing. I was told told that if I could deliver copies of some papers needed that they would give me their deposit check for my client's attorney to deposit. Due to the fact that this was a transaction that had been canceled by each party once and subsequently reinstated, we would then be able to close as soon as the check cleared. Naturally, I stopped what I was doing and headed straight for White Plains. Trump and Iacocca could wait.

Upon meeting the buyer's attorney I was pleased to meet a paralegal who struck me as being on her game without being arrogant (a rarity) and a lawyer who was quite down to Earth and eager to make the deal happen after months of drama (another rarity). Since this was the first time we met, I was encouraged that this wasn't a bait and switch, since real estate agents are cheaper than couriers.

Given the attorney's desire for expedience, she thought it wise for me to take the check straight to the bank so we could close Friday. We got my client's attorney on the speaker phone to clear it with her. She was unenthusiastic abut me depositing anything in her account, which I suppose is understandable.

As I watched the buyer's attorney speak with our lawyer, I witnessed her bury her face in her hands as the conversation deteriorated from an exploration of how to close this sale into a primer on banking in the year 2009. Our lawyer asked what bank the check was drawn on, presumably to ensure it wasn't an out of state check. "Wachovia!" she squealed. "They take forever to clear." It became evident in the ensuing, frustrating conversation that this lady was confused between depositing a check from a certain bank and depositing a check to a certain bank. Rather than jump in the deep end of her dementia pool, we agreed to close the next Tuesday the 17th rather than the coming Friday the 13th.

Oh, and one last thing, she said. The closing couldn't be too late into the afternoon hours. "I have bridge Tuesday."

Choose your attorney carefully, folks. These are the people who watch your back in the largest transactions of your life.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE confidentially & at no obligationat http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

• 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