Make this your home page

Letters to the Editor

Email:
Subject:
Message:
Please type the number 5 below to submit

Sponsored Links

Bronxville Weather

°F | °C
invalid location provided
Real Estate
Real Estate

Priscilla Toomey: Bronxville Real Estate Is Hot and in Short Supply PDF Print Email

Jan. 15, 2014:  As of January 1, 2014, inventory in the Bronxville Village real estate market was in painfully short supply with only nine single-family homes on the market, of which two were townhouses and at least two already had acceptable offers. The average asking price was $2,197,722.

At the end of the third quarter of 2013, there were 21 houses on the market, of which three were townhouses. They had an average asking price of $2,934,190.

At the end of the second quarter of 2013, there were 31 homes on the market, of which four were townhouses, with an average asking price of $2,631,194. Sales activity in Bronxville Village remains very strong, with multiple offers becoming commonplace.

Four single-family homes were under conditional contract in Bronxville Village as of January 1, and the sales of six single-family homes, of which one was a townhouse, were pending (all conditions met, just waiting to close). Townhouses are a regular point of entry to living in Bronxville Village, so the competition for them, and the desire for houses in that general price range, has been fierce.

During 2013, 84 single-family homes, including 24 townhouses, had sold by December 31, 2013, with an average selling price of $2,133,000 for detached homes and $996,673 for townhouses. Of these, 11 of the 60 detached homes and 7 of the 24 townhouses yielded prices at or above their asking price. 

For the same period the previous year, the sales of 62 detached houses had closed, with an average selling price of $2,132,726, and the sales of 22 townhouses had closed, with an average selling price of $902,682. 

Year-to-date, 12 of 54 co-op apartments and 2 of 6 condominium apartments closed at or above their asking prices at the time of sale.

For the full year 2013, the average price per square foot for detached single-family homes in Bronxville village was $621.55. For the same period in 2012, it was $557.71. For townhouses, those numbers were $540.50 for 2013 and $478.37 for 2012.

The question for the first quarter of 2014 is whether enough sellers will put their Bronxville Village homes on the market to satisfy at least some of the demand.

Pictured here:  Priscilla Toomey, associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty; cell, 914-559-8084; e-mail, CLOAKING .

Photo courtesy Julia B. Fee/Sotheby's International Realty

 

 
Seminar on Relocating the Empty Nest January 14 at Bronxville Public Library by Bronxville-Ley Real Estate PDF Print Email

Jan. 8, 2014:  Bronxville-Ley Real Estate will hold a seminar titled "Relocating the Empty Nest" on Tuesday, January 14, with a panel of experts. The event will take place from 6:30 to 8:30 pm in the Yeager Room of the Bronxville Public Library.

Homeowners whose children have flown the coop might find this the time to do something exciting and different with their lives--perhaps experience a lifestyle that has only been a dream, or escape escalating real estate taxes and utility bills, or, better yet, flee the responsibilities of yard work, snow removal, plumbing repairs, and roofing maintenance once and for all.

Members of the panel include a move/transition manager, a CPA, a New York City real estate broker, a home inspector, and a local senior real estate specialist who will discuss turning your dreams into your new reality.

The cost is free, but the information is priceless!

RSVPs are not required, but for more information, please contact Leah Caro, principal broker, Bronxville-Ley Real Estate, at 914-337-1234 or CLOAKING .

Pictured here: Leah Caro.

Photo courtesy Bronxville-Ley Real Estate

 
Priscilla Toomey: Preparing for the Spring 2014 Market--It's Already Here PDF Print Email

Dec. 31, 2013:  If you are considering selling your house in the spring 2014 market, know that the spring market has already arrived. There are buyers eager to go to weekend open houses in the snow, not to mention many individual showings by agents then.

As we have been saying, inventory is in painfully short supply at the moment in Bronxville Village and buyers want to get a "jump" on the market.

Some sellers, too, want to take advantage of supply and demand leaning in their favor and are willing to allow their houses to be shown, even on sloppy days.

If a sale is in your plans, now is the time to prepare as quickly as you can and get your house on the market as soon as you can. The buyers are there and the "official" start of the spring market, the Monday after Super Bowl Sunday, isn't far off, although some sellers want to take advantage of current market conditions and are eager to sell without waiting.

The first step, if you haven't already done so, is to de-clutter. Just what does that mean? Store or get rid of as much "stuff" as you can. Browse through "shelter magazines" like Architectural Digest to see how homes there look--so you can get as close to that look as possible with your own home.

Keep in mind that we live in a visual world, so photos are vital to promoting your property. It's best to work with a professional photographer if you possibly can. Their wide-angle lenses and correct resolution make the world of difference in what prospective buyers will see on the Internet, which is where the vast majority of them begin their search. Also, keep in mind that if you haven't had photos taken and the photos that are taken now show your house surrounded by snow, have those photos retaken as soon as we're past the snow season.

Buyers tend to respond to the emotional pull of the kitchen or some other aspect of a house. You as a seller, however, are supposed to be objective about the place you have considered your "ivy-covered cottage" for several years. For you to do that, you need to see your house as a commodity once it goes on the market. Feedback from both your agent and prospective buyers should be viewed dispassionately, not defensively. With your focus on reaching agreement with a buyer on price and terms, you will be in the best position to do what you need to do to "get the deal done."

This is the first in a series of three articles. The next two will cover "What to Renovate . . . Or Not" and "Pricing it Right."

Pictured here:  Priscilla Toomey, associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty; cell, 914-559-8084; e-mail, CLOAKING .

Photo courtesy Julia B. Fee/Sotheby's International Realty

 
Priscilla Toomey: The Importance of 'No Contingencies' in a Bidding War PDF Print Email

Nov. 20, 2013:  When inventory is tight, bidding wars happen. Whether you are the buyer or the seller, it's important to understand how they work and what your options are. 

An offer consists of price and terms. We all know what price is, but terms can be just as important and can also affect the final price. In fact, sometimes there have been instances where terms trump price!

Terms include the preferred closing date and contingencies. Contingencies in this area are most commonly getting a mortgage commitment. That's because an inspection, which historically was a contingency, is now typically completed before contracts are signed.

That leaves the mortgage contingency as the sticking point. Why? Because the seller wants a non-contingent agreement in order to move forward with another purchase, and the buyer wants to be sure the property
"appraises out."

There are two key facets to getting a mortgage. The first is approval of the borrower, the second, approval of the property. To protect its investment, first, the lender "vets" the borrower and, typically, also attaches the condition that the borrower's circumstances (such as job status) continue unchanged until the closing date.

Once the borrower is "preapproved," the lender wants to know that, should the borrower default, the property could be sold for enough to pay back the loan. Typically, the lender will lend only up to 80% of the value the bank's appraiser places on the house, with the rest coming from the borrower to make sure that the borrower has what is considered to be sufficient "skin in the game." 

Thus, a lot depends on the appraiser's opinion of the house's market value. Moreover, buyers can often be swayed by the appraiser's opinion of value into thinking it is more scientific than it is and, therefore, that the house is "worth" the amount the appraiser ascribes to it, even though that isn't necessarily the case.

Obviously, where there is no mortgage contingency, the risk of the house's market value falls on the shoulders of the borrower rather than requiring the seller to wait until the appraiser's report is in to see if it agrees with the negotiated contract price. Many times, if the appraised price is lower than the contract price, the contract price may need to be renegotiated or the buyer may need to come up with more cash to satisfy the lender's 80% requirement, which may jeopardize the transaction when buyer and seller don't agree.

Of course, where there is no mortgage and no appraisal, the transaction becomes non-contingent ("pending") upon the contracts being signed by both buyer and seller and the 10% deposit being paid. That could enable the seller to feel able to commit to a purchase 30 to 60 days earlier than otherwise, a significant bonus to many sellers and the reason why buyers frequently try to gain an edge in bidding wars by submitting their offers as "non-contingent." 

Pictured here:  Priscilla Toomey, associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty; cell, 914-559-8084; e-mail, CLOAKING .

Photo courtesy Julia B. Fee/Sotheby's International Realty

 
Priscilla Toomey: Real Estate Inventory in Village in Short Supply PDF Print Email

Oct. 23, 2013: At the end of the third quarter, real estate inventory in Bronxville Village remained in very short supply, with only 21 houses on the market, including three townhouses.

Their average list price was $2,934,190, versus $2,631,194 at the end of the second quarter for the 31 single-family homes on the market then, of which four were townhouses. While, in general, activity has picked up in neighboring areas, local sales activity has been as strong in Bronxville Village as ever in recent years.

One single-family home was under conditional contract in Bronxville Village at the end of the third quarter, and the sales of seven single-family homes, including two townhouses, were pending (all conditions met, just waiting to close).

The sales of 72 single-family homes, including 21 townhouses, had closed as of the end of the third quarter of 2013, with an average selling price of $1,808,301 (excluding townhouses, the average was $2,146,716).

Of these, 15 single-family homes yielded prices at or above their asking price at that time, of which six were townhouses. For the same period last year, the sales of 74 single-family homes had closed, of which 20 were townhouses.

The average selling price for single-family homes excluding townhouses was $2,018,130, and for townhouses it was $920,900. Of the single-family homes and townhouses whose sales closed through the end of the third quarter in 2012, 13 closed at or above the then asking price, of which three were townhouses.

For 2013, the average price per square foot for single-family homes was $623.88 for the first three quarters of the year. For 2012 it was $539.82. For townhouses, those numbers were $524.50 for 2013 and $481.89 for 2012.

Editor's Note: Priscilla Toomey is an associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty and can be reached at 914-559-8084.

 
<< Start < Prev 21 22 23 24 25 26 27 28 29 Next > End >>

JPAGE_CURRENT_OF_TOTAL
 
Sign Up For Newsletter

MyhometownBroxnville reserves the right to monitor and remove all comments.  For more information on Posting Rules, please review our Rules and Terms of Use, both of which govern the use and access of this site.  Thank you.

The information presented here is for informational purposes only. While every effort has been made to present accurate information, myhometownBronxville, LLC, does not in any way accept responsibility for the accuracy of or consequences from the use of this information herein. We urge all users to independently confirm any information provided herein and consult with an appropriate professional concerning any material issue of fact or law. The views and opinions expressed by the writers, event organizers and advertisers do not necessarily represent those of myhometownBronxville, LLC, its officers, staff or contributors. The use of this website is governed by the Terms of Use . No portion of this publication may be reproduced or redistributed, either in whole or part, without the express written consent of the publisher.

Copyright © 2009 myhometownbronxville.com, All rights reserved.