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Priscilla Toomey on Real Estate: Swing into Spring with these 11 Home 'To-Dos' PDF Print Email

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By Priscilla R. Toomey, Licensed Associate Real Estate Broker JD, ABR, Julia B. Fee Sotheby’s International Realty


Apr. 25, 2018:  On days the weather is really saying “it’s spring,” one worthwhile activity is to walk around the outside of your home to see what needs to be repaired or spruced up. And then, of course, a good look around the inside is next. Here are 10 things to look for:

  1. Clear gutters and downspouts of leaves and other debris.

  2. Inspect your roof for missing or damaged shingles or tiles.

  3. Inspect your driveway, walkways, and deck for any damage or cracks that need to be sealed.

  4. Remove any vegetation that may have grown around your HVAC compressors.

  5. Check screens and repair any holes; check and repair seals around windows and doors.

  6. Replace or clean HVAC filters.

  7. Clean the dryer vent and check the washer fill hose for any damage that needs repair.

  8. Repair any place where there is cracked or peeling paint (both inside and outside)—check door sills, which may need to be re-varnished after a punishing winter.

  9. Vacuum refrigerator coils.

  10. Replace batteries in smoke and carbon monoxide detectors.

  11. Drain your water heater to get rid of any sediment build-up.

…and enjoy the spring weather as it finally comes our way, knowing you have taken care of your home’s wellbeing!

Pictured here:  Priscilla Toomey, licensed associate real estate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; email, CLOAKING .   

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

Editor's note:  As a public service, MyhometownBronxville publishes press releases, statements, and articles from local institutions, officeholders, candidates, and individuals. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

 
Admiral Real Estate Receives CoStar Power Broker Awards PDF Print Email

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By Staff, Admiral Real Estate Services Corp.


Apr. 4, 2018:  The Bronxville-based commercial real estate brokerage firm Admiral Real Estate Services Corp. is pleased to announce that the firm and two of its brokers, Jonathan Gordon and Joan Simon, have been recognized as CoStar Power Brokers by CoStar Group (NASDAQ: CSGP), commercial real estate’s leading independent research firm.

This annual award recognizes the “best of the best” in commercial real estate brokerage by spotlighting the U.S. firms and individual brokers who closed the highest transaction volume in commercial property sales or leases for the previous calendar year (this year, 2017) in their respective markets. 

As the largest professional research organization serving the commercial real estate industry, CoStar is uniquely positioned to identify the top firms and brokers in each market throughout the U.S. All awards are based on transaction data in CoStar's commercial real estate database, the largest independently researched database of commercial real estate property information available online.

Admiral Real Estate Services Corp. was recognized as a top Westchester/Connecticut commercial leasing firm. Gordon and Simon qualified as top brokers in the Westchester/Connecticut commercial real estate market based on the total leasing transactions each closed during 2017. 

Admiral Real Estate Services has been the recipient of a CoStar Power Broker designation every year since 2010. 

"Every year, we are honored to recognize those individual brokers and firms who have outperformed their peers," said CoStar Group founder and CEO Andrew C. Florance. "These industry leaders have demonstrated exceptional sales and leasing success, and we congratulate them on their achievement."

Pictured here (rotating): Jonathan Gordon and Joan Simon.

Photos courtesy Admiral Real Estate Services Corp.


Editor's note:  As a public service, MyhometownBronxville publishes press releases, statements, and articles from local institutions, legislators, and candidates. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

 
Priscilla Toomey on Real Estate: Is It the Bargain You Think It Is? PDF Print Email

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By Priscilla R. Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty


Mar. 14, 2018:  Often homebuyers see an especially attractive price and the fact that the property is in foreclosure or is a short sale doesn’t deter them from offering to buy it. It should. 

The reason the property is bank-owned or on its way to that status is that the owners have serious financial difficulties and can’t keep current with their mortgage payments. As a consequence, they rarely spend any of the precious money they do have on home repairs or renovations – or on “deferred maintenance.” They have come to accept their home’s condition for quite a while and probably don’t even see the issues a buyer would. The buyer inherits that condition and will need funds to cover the cost of repairs and renovations. 

Every so often, a house comes on the market in foreclosure or as a short sale and it happens to be the least attractive home on the most attractive block. If you find that home through some serendipitous event, ask yourself:

  • Do I have a pre-approval or verification of funds to show that I can afford the purchase?

  • Do I know my lender can act quickly to give me a mortgage commitment (the mortgagee bank doesn’t like to wait) 

  • Do I have sufficient funds for the work that needs to be done and that I want to do? 

  • Would I want the house and location even if it were not a foreclosure or a short sale, i.e., not bargain-priced? 

  • If it’s a short sale, am I prepared to wait an open-ended amount of time for the current lenders to approve the sale – six to eight months is not unusual. 

What you have stumbled upon may, in fact, be the rare terrific house and an unbeatable price – just be sure it is before you commit to it.

Pictured here:  Priscilla Toomey, licensed associate real estate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; email, CLOAKING .   

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

Editor's note:  As a public service, MyhometownBronxville publishes press releases, statements, and articles from local institutions, legislators, and candidates. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

 
Priscilla Toomey on Real Estate: Don't Wait Till It's Too Late PDF Print Email

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By Priscilla R. Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty


Feb. 14, 2018:  There is an area real estate office with a sign that reads: "The house you saw yesterday and are thinking of putting an offer on tomorrow is the same house someone else saw yesterday and is putting an offer on today." ‎It's only human nature to think another more a desirable, less expensive, larger, more recently renovated house will come on the market at some point in the future. It might. But you could lose out on the house you just saw and loved in the meantime.

Let me repeat other words of wisdom a very experienced agent tried to impart to a "newbie" once upon a time: "Half the journey is finding the house, the other half is making it yours."

There's a reason behind the saying "the grass is always greener," but, as we know, it often doesn't hold true. Sometimes it just appears to be that way and we'd be happier if we'd made an offer on that earlier house we loved--before someone else snatched it up.

Today's buyers tend to want everything on their wish list and believe they should wait until they find it. Yet the "sweet spot" in buying a home is often a house that is not perfect but that has most of the items on that buyer's checklist--but most likely not all. Those are the homes other buyers may have passed over and can be bought at an attractive price and made your own.

This applies especially to kitchen/family room combinations ("open plan"). Many older homes ‎were built with traditional kitchens, and converting them to beautiful open-plan kitchen/family room combinations is, admittedly, a chunk of work and expense. But at the end of the day, you have something that suits your taste, not someone else's, and gives you joy to live in and come home to.

Homes that meet most, though not all, of your criteria as a buyer may be the perfect solution for you. Don't lose what you love.

Pictured here:  Priscilla Toomey, licensed associate real estate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; email, CLOAKING .   

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

Editor's note:  As a public service, MyhometownBronxville publishes press releases, statements, and articles from local institutions, legislators, and candidates. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

 
Houlihan Lawrence: Westchester's Top Ten Performing Markets for Luxury Home Sales PDF Print Email

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By Dean Bender, Partner, Thompson & Bender, for Houlihan Lawrence


Jan. 17, 2018:  Sales of luxury homes selling for $2 million and higher in Westchester County hit a 10-year high in 2017 with 357 high-end homes sold, a 4.7 percent increase from 2016, according to the Houlihan Lawrence Luxury Market Report released last week.

Sale prices for luxury homes rose slightly from 2016, with the median sale price at $2.60 million, up from $2.56 million. Total sales for 2017 topped the $1 billion mark, a 6.2 percent increase from the previous year’s volume. Two markets – Scarsdale and Rye City – accounted for approximately 43 percent of the total luxury sales in Westchester in 2017. 

Westchester’s top ten performing markets for luxury home sales selling for $2 million and higher were, in order of total sales: Scarsdale (79), Rye City (74), Mamaroneck (45), Bronxville (33), Harrison (26), Bedford (23), Byram Hills (16), Irvington (12), Katonah-Lewisboro (9), and Chappaqua (8). The single highest-selling price in 2017 was $7,575,000, in Mamaroneck. Six of the top ten sales were waterfront properties.

Sales were strong in the $3 million to $4.9 million range, with 93 homes sold, a 16 percent increase from 2016. The $5 million-plus category was essentially unchanged from 2016, with 17 total sales. 

Meanwhile, sales of luxury homes selling for $1 million and higher in Putnam and Dutchess counties rose 9.8 percent in 2017. The median sale price was $1.5 million, unchanged from 2016. Total luxury sales volume in the two counties was $82.9 million, an increase of 3.3 percent from 2016. The top-performing market in the Putnam-Dutchess area was Garrison, with 10 sales of $1 million and higher. 

Pollena Forsman, the number-one agent for single-family homes in Westchester every year since 2014, weighed in on luxury buyer trends. “This year, buyers gravitated towards sleek, modern design with open floor plans. The desire for masterfully renovated, or new, continues to dominate the mindset. The land equation was notable in 2017 too, with luxury purchasers seeking enough property for soccer/lacrosse and maybe even a pool someday . . . yet all trends must be tied with a bow on value,” she said. 

Commenting on the impact of recently enacted tax legislation, Anthony Cutugno, associate real estate broker of Houlihan Lawrence, said, “Major tax legislation passed in late December benefits corporations and is forecasted to help fuel the bull market yet another year. For homeowners, tax reform reduces the amount of property tax that can be deducted, increasing the after-tax cost of homeownership. Buyers’ purchasing power is reduced as well, and the impact is greatest in the luxury market--higher home values equate to a larger reduction in purchasing power. We anticipate that declining purchasing power will exert pricing pressure on luxury inventory to offset the new math of tax reform.”

Pictured here: Bronxville office of Houlihan Lawrence.

Photo by A. Warner

 
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