Westchester housing market?

Try this thread for advice: http://streeteasy.com/nyc/talk/discussion/34378-westchester-housing-market

Seems like a lot of interest in this market

sorry about the multiple posts.
anyone have info on this market and why inventory is so low?

What's with the quadruple posting? R u a robot?

Greensdale, what are you doing? Your links are taking us into an INFINTIE LOOP FROM WHICH THERE IS NO ESCAPE.

It is very seasonal market. Most houses will not start to hit the market until around May or so, as most of the people in Scarsdale move during the summer, around the school schedule.

This is time of year where everyone in the city gets rejected from preschools and before the Scarsdale houses go on the market...

People are holding out. We've been up there a couple times to look. Inventory is bad...at a 7 year low. Most houses in the areas you are looking will be 800k+ taxes 20k+ with a 1983 decor you'll need to gut. Read the Douglas Elliman reports to start.

more like $1MM+ 30K taxes in S'dale for a small starter

I'm in Chappaqua with my house on the market-- the $700,000- 1.2m range is very hot up here-- Mine is on for 2.65m and the activity is picking up as far as buyers-- What price range are you in?

That's one of the town's I"ve been looking at for the last year and the inventory for that range isn't great. Mostly gut job's in at least one area of the house (usually bathroom/kitches). Which is the problem with the area since there isn't many new developments. Be ready to put in a sizeable chunk of cash to that out that frosted glass.....that is unless you are 55 or older buying in which you are an idiot b/c why pay those taxes if you aren't going to use the school district.

The renovation cost can be reflected in the offer, but maybe you'd find more in Armonk

Armonk is similar, we've looked there as well. There are better options but a lot of places in Armonk you get to hear 684 in the background. My friends who still have parents living in the area even though their kids graduated 10+ years ago all say the same thing....they are waiting for the market to bounce back. Most families in these areas have the cash flow to not care about the taxes I guess which is why the inventory is also a bit low.

If you want land, value, and lower taxes and some new construction with great schools you have to head a little further north to Cross River, Lewisboro, etc. I have friends that live there that drive to the NWP train station to take the express.

Good afternoon NYCROBOT,

I live in New Rochelle and I do most of my business in The Bronx and Westchester. Yes, inventory levels are low, but that's the case nationwide. I'm often answering questions on the Trulia.com forums and buyers and real estate agents across the country are complaining about low inventory levels. IMHO I think it will break open soon. Spring is often the popular time to sell a home, plus I think there's logjam of Homeowners who've been nervous to sell due to the economic conditions. I think that logjam is soon to bust open. I say that based on 23 years experience as a Mortgage Banker, not on any statistical analysis (I know how StreetEasy folk love their statistics!), so I guess you could say it's anecdotal.

I'd recommend you hire a Buyer's Agent, someone like my good friend Jennifer Maher with JPhilip Realty. I referred two different Buyers to her, one in the late fall and the other last month, and she found both clients the right homes in no time flat, then negotiated a great deal for each. If you need her info, shoot me an email.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*I post my full contact information because it's required by NYS regulations

Thanks for all responses.
I guess I will hold on for a few more months to see if the spring really does allow for more houses to come onto the market.

Trevor Curran- is it a pipe dream to get a jumbo mortgage for say $1.4-1.5 million for less than 20% down? Like 10%? I've got a very large salary (high 6 figs), but that just started recently so I don't have very much saved away.

People aren't selling, beause unless they are retiring or moving out of the region, they will face the same tight inventory and high costs to buy...

NYCROBOT,

Doubtful you can find a mortgage on those terms. The issue primarily is the PMI. We don't offer such loans at our company, but a Lender that keeps loans in the portfolio might.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*I include my complete contact information because I'm required to by NYS regulations