Michael's Blog

"Its taking longer to sell anything" said Bill Shepherd, a 15 year broker with Brown Harris Stevens, in the article Taking the Pulse of the Boroughs in The New York Times this weekend. The sales environment has changed a bit over the past 12 months. Some challenges range from difficulties in finding a qualified buyer to waiting 3 weeks for the bank to set the closing on a short sale.

I find it amazing how neighborhood specific the market is and also how the product demand varies by neighborhood. Take for example multi family(2-4 family) homes under $500,000 in Yonkers vs. Mount Vernon. In Yonkers 80% of the homes sold in the past 6 months were on the market for longer than 120 days, Mount Venon 85% were on the market for longer than 120 days. Now lets look at condos under $500,000 in both neighborhoods. In Mount Vernon 0% of the condos sold in less than 90 days, while 16% of the condos in Yonkers sold in less than 90 days. Those numbers are a bit skewed because there were only 5 condos sold in Mount Vernon vs 38 in Yonkers but I think it paints a bit of a picture in these 2 neighborhoods in Lower Westchester County. I remember the market of '06 when multi family homes where moving in less than 90 days in Yonkers, those were the days.

Has the mortgage crunch shifted the demand for these neighborhoods where mutli famiy homes make up a huge bulk of the volume?

Another neighborhood that has seen a major shift in sales volume is The Bronx which the article also sheds some light on. The Bronxis comprised of many multi family homes and is also feeling the mortgage crunch. I am finding that coops and condos are selling at a faster pace and are highly sought after in many sections of The Bronx particularly the Grand Concourse, Pelham Parkway and Riverdale areas. Along the Grand Concourse you will find some amazing sponsor unit coops in beautiful, art deco, pre-war buildings at a great value. 

The right pricing strategy and a little patience will go along way in today's real estate environment...

As always comments and suggestions are always welcome... 

MICHAEL A. BROWN - REALTOR® WESTCHESTER COUNTY AND THE BRONX

The proposed Struever Fidelco Cappelli redevelopment of Yonkers' downtown/waterfrontdistrict has caused sellers of commercial property in that zone to be a bit unrealistic in there pricing. Peter G. Klein, vice president of Fidelco Realty Group, said the developers have the property deals in place for the first phase of the $1.56 billion project but are assessing other sites for future development.

Will Yonkers stubborn landowners prevent future development in the area? One land owner was quoted to have asked for $2 million for .75 acres of land on Warburton Ave that lacked water views. CRAZY! Klein was also quoted he was unwilling to pay a premium today for property he would develop later. Could Yonkers end up looking like this in 5 years after all the developers have run out of money?

In order for Downtown/Waterfront Yonkers to flourish the surrounding neighborhoods will need to improve. Many of the pioneers like Peter Kelly's X2O on the waterfront will be forced to close if the neighborhood does not improve and/or continue to redevelop.  

Comments and suggestion are always welcomed...

MICHAEL A. BROWN - REALTOR® WESTCHESTER COUNTY AND THE BRONX

Buyers and sellers alike often ask: What exactly do you do for your commission?

My response is whatever it takes(Of course within reason)...

An article in this Sunday's NY Times outlines how creative we have gotten as REALTORS®to make a sale. Whether you are charging 6% or 3% you deserve every cent. Joan Goldberg, a broker at Brown Harris Stevens in Brooklyn Heights, says in the article "People are often overwhelmed by the prospects of selling, and its my job to get them to see that their homes will show better and sell for more if we can just take away some layers and layers of personal items and grime they've accumulated."

I think Ms Goldberg hit it on the head. Whether you have to hire a handy man to paint a fence, paint a hallway yourself or coordinate an eviction with Marshals to evict a tenant, ultimately your seller is happy and the property is sold.

True story... I represented the buyer on a 2 family home where on the MLS the washer and dryer were inclusions in the sale of the home. At signing of the contract my buyer was advised by his attorney that the washer and dryer were excluded from the contract. I get a call, "Mike, I thought they were not including the washer and dryer what the #$%$, I am not buying this house if they do not leave the washer and dryer...(trust me there was more)". I immediately called the listing agent and faxed him the MLS Agent Full Detail Copy of the listing which stated that the washer and dryer were to be included. After steady a number of phone calls and the opening of a Sears account, the contracts were signed and the title has since passed. I am happy to say that I payed off that account 6 months ago and was worth every penny. My buyer was happy, he has referred 2 buyers/sellers to me and I made someone's dream come true.

Suggestions and comments always welcomed...

MICHAEL BROWN - REALTOR® WESTCHESTER COUNTY AND THE BRONX

As if the budget deficit isn't enough, Westchester County is asking Yonkers residents to fork over an additional 23.6% in tax dollars. The increase can be attributed to the Westchester 2008 Budget and a spike in property values. Westchester County is a pretty complex county when it comes to calculating home values. Since each municipality has its own unique way of calculating values, the county has implemented a unique formula, a.k.a. the state equalization rate. Maybe I am a bit naive, but Yonkers has one of the lowest Median Household Incomes (As of 1999, and I understand its a city), how could this be?...

Yonkers, Peekskill, and White Plains round out the top 3 in tax increases for Westchester County.

Comments and Suggestions are always welcomed...

MICHAEL A. BROWN - REALTOR® WESTCHESTER COUNTY & THE BRONX

The Yonkers Budget is due the middle of next month and its not looking too good. New York State is facing a $5 billion budget deficit, America is singing recession, and I spend more money on gas than food. Insane!!

The City of Yonkers could become a city in jeopardy if it doesn't get any help from the state, home owners, President Bush, Yonkers Raceway, or for God's sake, anywhere! LOL. My biggest concern is the school district budget which predicts a short fall of $22 million and more than 400 layoffs. Also Insane!! The city plans to throw its weight around using its teacher's union, the fourth-largest in the state, to lobby on its behalf...

Is the casino adding any revenue to the city? What about all of the new construction projects? Help...

Comments and suggesttions are always welcome...

MICHAEL BROWN - REALTOR® WESTCHESTER COUNTY NEW YORK

What has been a normal practice by foreclosure bail out investors is becoming more popular in today's everyday transactions...

SHORT SALES!

A short sale is an option often used to escape foreclosure and happens when a seller is selling his/her property for less than owed. The sale has to be approved by the lender and the outstanding debt will be forgiven by the lender. It is a process that takes longer than a normal transaction and involves some patience.

There was an article this Sunday in the NY Times, see link: The Virtues of Short Sales

The key I found to these types of transactions are constant communication w/lender, organization and timely response from your seller when documents are requested.

As usual, comments and suggestions are always welcomed...

www.RealtorMichaelBrown.com

I think the NY Times read my last blog  (check it out here)...

"The Metro-North station has been restored to its 1911 Beaux Arts self; its reputation as a locus for prostitution and drug dealing is now a memory.

Leading out to the water, a Victorian-era pier - less than a decade ago a site where homeless people gathered - is a New York Water Taxi embarkation point for Wall Street. It is also home to a glass-enclosed 260-seat restaurant overlooking the Palisades and other Hudson River marvels"

To read more from the NY Times article featuring the development in Downtown Yonkers, see link below:

Living In Yonkers:  The Waterfront District

Picture Slide Show of the Waterfront in Yonkers

 The opening sentence describes the progress very well "LIKE a caterpillar undergoing a metamorphosis, the down-and-out industrial waterfront of Yonkers is shedding its old skin." One of my concerns which was also shared by local Realtor/trustee of the Yonkers Historical Society/member of the City Council's Green Policy Task Force, Nortrud Wolf Spero, "upscale is nice but an area should retain its diversity".

Links to other Yonkers Sites:

The City of Yonkers Official Site

Historic River Towns - Yonkers

Facts and Demographics - Yonkers

Comments and questions are always welcome.  To visit my website and to search for properties in Westchester County:

Michael Brown Property Search Site

I love the City of Yonkers! As the 4 largest city in New York State (by population as of 2005) it has so much to offer. It has loads of businesses, industrial entities, shopping and entertainment. It is also one of the closest cities in Westchester County to NYC.

On Feb. 26th, 2008 Mayor Amicone hosted a public forum on downtown development in Yonkers which I regretably missed, outlining the future of Yonkers. Featured were the  plans for a state-of-the-art ballpark at chicken island and the opening of Saw Mill River.

Downtown Yonkers is amazing, it has really come a long way. Awesome new restaurants, shops, metro north station uplift and tons of great waterfront coops/condos and homes. Blocks that have been known for late night summer hang outs are ghost towns at dusk. I still wonder why it hasn't taken off like the White Plains developments. Is there still a stigma?   

Does it exist? Can I place a Lo Jack on a person?

For the second time in this short year I have been working with a buyer for a couple weeks (shown at least 6 homes) who have made an offer/offers on a home and then go missing. These two buyers in particular went from sending me listings via email every 1/2 hour to not returning numerous voicemails in over 2 weeks. WHAT IS THAT?

My fellow professionals please advise. Besides building rapport, taking your buyers to lunch, previewing properties and sending them comps, picking them up from home, is there any way to prevent this? 

As of this posting I still have not gotten a return call or email from either buyer...

I have been advised by many real estate professionals, coaches and colleagues alike, that this site is amazing and blogging is the way to go. This is my first post, but I guarantee it won't be my last. I have read many postings on this site and found them to be very informative. I did not even know that a forum like this exists for our profession.

I am an associate broker in Scarsdale, New York at RE/MAX Prime Properties and have been a realtor for a little over 4 years, specializing mainly as a buyer's agent. I look forward to reading more of your postings and also look forward to any feedback and/or comments anyone would like to share. Happy Valentine's Day to all...