Public Open House Sunday April 15th 1-3 p.m. 1 Pelham Road Unit #3 New Rochelle

Please join me at a Public Open house scheduled for  Sunday, April 15th from 1-3 p.m. A simply wonderful 2133 sq. ft. 4 bedroom, 3.5 bath Condo Townhouse with views of the Long Island Sound, the Marina, and is both close to the beach and trains. This sunny townhouse has been freshly painted throughout, brand new carpeting that will captivate, and newly refinished hardwood floors.

This unusual town house has not one but two separate garages, a private rooftop terrace that offers water views, and is perfect for entertaining. The first floor entrance foyer leads to the living room, dining room, modern kitchen and the master bedroom and bath. The second floor offers an additional 2 bedrooms and hall bath. The lower level has a large family room, bedroom, bath and laundry area. With its skylight, this light filled home has so much to offer. Just 35 minutes to New York City! Perfect!  This town home is being offered at $550,000.

 

New Rochelle is GREAT!

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Selling and buying a Coop in Westchester

Before renovation..

I recently met with sellers who were selling their  2 bedroom coop, and didn’t know whether to renovate the kitchen to try and obtain a higher sales price. We..ell YES! Definitely!   The new kitchen with appliances cost $15,000 BUT that evolved into a $25000 profit. I received over 9 bids in the first week and it became obvious that new kitchens sell!

After renovation!

Accordingly, I had the honor and privilege of listing 2 coops this year, and both had new kitchens. Once again, the response was immediate. Today’s buyers do not like to renovate themselves, like it ‘already done’  and the appointments were fast and furious.  The key though is to make sure that any accepted offer (unless all cash) will also appraise.. As an agent, we must look at recent similarly sold coops in the area, and as a rule, appraisers like 3 similarly priced sold homes for comparison.  They will take into consideration an upward market trend, but there are no guarantees. I always tell my clients that it is best to try and under price a tad as opposed to listing really high, and see  the response thereafter. All cash is king, but those applicants must still pass the board so there are still no guarantees.

If a coop allows pooches then those buildings also make the listing more attractive. Elevators, pools, low maintenance  all attractive points too.

Whenever I take a coop listing, I will check with the management  on maintenance costs, whether there are any assessments in place or will be in place,  down payment requirements ( can be 10% or 20% or higher in some areas) , tax portion amount (usually 50%), if there is parking (the fees for same), which utilities are included, etc.  I always get the buyer’s application and financials at that time also, so I am ready to give to the buyer’s agent.

The sellers need to also look for their offering plan!

“An Offering Plan also called a Prospectus, is a printed statement/document disclosing all material aspects of the real estate project. You should have received a complete copy of the Offering Plan (including attachments and amendments) from the person who sold you your shares in the co-op.”

If the sellers can’t find the offering plan which rather looks like a telephone book (big and bulky) then they should order one. They can range in cost from $150 – $200, and the buyer’s attorney will review this compendium prior to the buyers signing the contract.

Sometimes buyers do not realize the length of time it might take to close on a coop.  Of course the first step is obtaining the accepted offer, and then it is their choice whether to have an inspection or not. I am seeing more people having an inspection but remember it is only relevant to what is inside the unit, meaning the building itself takes care of the structure of the building, the heating, the roof, etc.  and the shareholder (coop owner ) takes care of plumbing, electrical, anything inside their coop.  If there is  a leak behind the walls, then the building will take care of that. However, if a leak starts within your coop unit then you are responsible. I recently had an inspection at a coop, and the inspector found some electrical issues which we had resolved so that was quite worthwhile.

Once the contract is fully executed (signed by both buyers and sellers), then a copy of the contract is given to the mortgage broker who can then initiate the mortgage process. As an aside, it is also important to ensure that your mortgage broker can offer a mortgage in that particular building. Some banks will not offer mortgages if the building allows rentals, and the rental to ownership ratio is very high.  Good credit is required!!! Paying bills on time is important! Being able to afford the maintenance and the mortgage  (debt to income) ratio is important!  It might take up to 45 days in which to secure the mortgage commitment, and I always tell my buyers to complete the coop application alongside the mortgage application, as the same material required for one is also required for the other ( W 2’s, tax returns, pay stubs, etc.).  Invariably the coop application will require some reference letters so that might take a few weeks also. It is nice to get everything ready for when that commitment comes through, so the coop application can be submitted to the management company straightaway.  They basically have 30 days to review it, to obtain an additional credit report and to submit to the Coop Board for their review. As a buyer’s agent, I like to find out whether the Board meets ‘on demand’ or whether they have set meeting days each month. This can be important when submitting an application to the board for if you miss  their monthly deadline, you might have to wait another month for that interview.

The Board is allowed to ask any questions they deem suitable at the interview so just be prepared and always cordial!  I once had a very well qualified doctor buying a coop, and her sister lived in the building.  Knowing the Board President’s phone number, the doctor called and demanded when was she going to be interviewed. Needless to say, that phone call angered the Board President, and she never made it to the interview – she was declined! They figured that if she was going to be  a pain before she moved in, what would she be liked afterwards?

Hopefully, the client will be approved, and a n acceptance phone call will follow together with a formal acceptance letter , thus allowing the attorneys to schedule the closing. Since  the coop purchase only owns shares in a coop, those shares are transferred to the new owner at the closing table. In truth, just a copy of the shares are given, as the bank retains the original as they are financing the mortgage.  Since banks sell and resell their mortgages, sometimes that share certificate gets mislaid which is annoying, and causes additional work for the attorney tracking it down ..

SO, bottom line, make sure you keep all of your closing documents, offering plan in a safe, secure place and congratulations on the sale or purchase!

Westchester is GREAT!

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New Rochelle – a City but Home!

A local Salvadoran restaurant! La Esquina Salvadorana 11..

I first had the privilege of meeting my friend James, years ago when he was selling a beautiful “Painted Lady Victorian home” on Mayflower Avenue. Beautifully renovated,  and through James’ hard work,  the home was one of the first homes in New Rochelle  given a Heritage Award.  That sort of describes James.  He worked so hard to bring the neighborhood together with a neighborhood association – which was basically a yearly gathering of the young professionals in the area getting together for  Holiday parties.

Viva La Rancha Grocery.. so many spices!

When it was time for  James to purchase again,  he of course wanted to return to New Rochelle, and we had so much fun  looking at various coop apartments together. Actually, with his significant other, Ricky! They found their 2 bedroom coop, have renovated it to perfection (but that is just them!), and whenever we get together, the hours pass by so quickly,  with nice conversation and fun!  James is the type of person who will send you that inspirational note that just makes you smile throughout the day.

Ricky and James getting married by Mayor Noam Bransom!

 

 

 

Lupita’s Tattoo Parlor!

Since James is such a goodwill Ambassador, I asked him to take some photos around our fair city,  and to let me know how he feels about New Rochelle. I should also mention that when he told Mayor Noam Bransom he was returning, and getting married, Noam insisted on performing the ceremony!  I guess that also describes our city too. We might BE a city, but we are just a close knit community too…Ricky and James are simply lovely, and are so happy they chose New Rochelle – where it is close to the city where they work, and yet offers so much more …

Here is why James and Ricky chose New Rochelle:

1) Everything is 5 blocks away!

* 3 beautiful parks on Long Island Sound
* the best & biggest? fruit & vegetable market in Westchester
* an awesome bakery
* 30 non-chain restaurants
* two full size supermarkets
* A bookstore
* A modern multiplex theater
* Banks
*  big library with cultural & kid programs
* High end consignment shop with on-site design services
* Two gyms
* Metro North station – 30 minutes to Grand Central
* Amtrak stop with trains to Boston &DC
*  my favorite tattoo shop

Other thoughts on New Rochelle!

2) The Mayor married us!
3)  you can still afford to buy a place!
4) it really is a big diverse city full of interesting characters
5)  it’s a small town where everyone is related to or knows somebody you know
6)  it’s quiet enough to sleep with your Windows open
7)  it’s fun and funny

That also describes Ricky and James! – Fun and funny!

Come and visit New Rochelle – you will love it!

New Rochelle is GREAT!

 

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Stanz Larchmont 10538 – a GREAT place for Breakfast and more..

Stanz!  This is where you will find a wonderfully large breakfast and lunch menu but also a varied elegant menu that never disappoints. I recently met friends there, and we had a great late breakfast. Casually chic,  you order as you enter, pay for same, and then the meals are served at your table (long family style tables). You can help yourself to coffee, and get as many refills as desired, and so patrons feel comfortable in the relaxed setting.

I ordered the goat cheese, avocado and poached eggs on an English muffin with fresh fruit, and it was all delicious! One friend opted for the  hash browns , and another friend ordered the French Toast. 

Stanz also caters, and serves great lunches! It is located at 26 Chatsworth Avenue ( 914 833-9760).

Larchmont is GREAT!

 

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74 Hillandale Drive -Public Open house Saturday March 24th, 1-3 p.m.

Please join me at this spectacular 4200 sq. ft., 6 bedroom, 3.5 bath Colonial that has been meticulously renovated and re-positioned to reflect the desired lifestyle of today’s discerning buyers, and all located on 0.345 of an acre.

The gorgeous open floor plan features A Bilotta kitchen w Wolf & Sub Zero appliances, Signature Cabinetry cabinets, a 4’x10′ island and is perfect for large gatherings. The living room with its new blue stone fireplace leads to a large patio, and the owners leveled the rear yard to maximize the large property, planting fruit trees, a vegetable garden, new fencing, and a new retaining wall. Lush arborvitae abounds. The first floor also offers 2 bedrooms, 1.5 new baths and laundry area for convenience. There is a large den, a playroom, and the 2 story entrance foyer is sleek and stylish. Do you like walk-in closets? Well, the 4 second floor bedrooms all have them! The Master Bedroom & bath has a sitting area too, & there are 3 additional bedrooms and hall bath. So many upgrades! All just 35 minutes to New York City. This beautiful home is being offered at $1,399,000 and the open house is from 1-3 p.m.

New Rochelle is GREAT!

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22 Colonial Avenue Public Open House 1-3 March 11th

Join Camie Tobias this Sunday, March 11th, 2018 from 1-3 p.m. at 22 Colonial Avenue, being offered at $1,250,000. With its great Location, short walk to the trains, elementary school, village, fine dining, and just 40 minutes to NYC., this sunny,4 bedroom, 2.5 bath, 2859 square foot Tudor home located on 0.14 of an acre shows beautifully. Built in 1980 by the current home owner who wanted to ‘create a light filled home epitomizing warmth throughout” this charming home will not disappoint. There is a large eat-in kitchen with a step-down to a den and fireplace. Sliding doors to the rear yard and easy access to the deck and fenced yard too. The second floor features 2 spacious bedrooms, a hall bath and a laundry area. With just 4 steps up to the large third bedroom, and the huge master bedroom with it’s Cathedral ceiling offering an en suite bathroom, and so many closets. There is a central vacuum, gas heat, central air conditioning, hardwood floors throughout, a skylight, newer roof, and an attached one car garage. Perfect! Over Assessed! Taxes can be grieved!

 

For over a decade, Camie has been successfully committed to winning for her clients. Before joining Julia B. Fee Sotheby’s International Realty, she was a successful trial attorney in New York City and honed her negotiation and mediation skills.  Camie has developed a substantial career in analyzing stressful situations and applies her mediation skills to her real estate transactions ensuring successful and satisfactory results for her clients.

Camie was also a participant in the the Julia B. Fee Sotheby’s International Realty’s Imagine Lab, which is a program that changes the face of real estate.  Focused on the latest marketing and technological advancements in real estate for optimal results. From her involvement in the program, Camie is specially trained in hospitality, cutting-edge technology, and concierge services.

Currently residing in the Shore Acres area of Mamaroneck, Camie, her husband and two young children often enjoy the benefits of suburban life and their community. A former NYC resident for over ten years, Camie has an intimate appreciation of the difficulties entailed in transitioning to a new area and lifestyle. With a substantial amount of local knowledge and a market specialist, she provides her clients with the most exceptional experience possible.

Larchmont is GREAT!

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Public Open House 589 Quaker Ridge Road, 10804 2/25 – 2:30-4:30 p.m.

Join Jennifer LaRue  at 589 Quaker Ridge Road this upcoming Sunday from 2:30-4:00 p.m. at an open house.  When the current owners first saw this home with its natural light, huge kitchen which opens to a wonderful family room and fireplace, they knew it was the home for them. “The house is so warm & inviting, we love to entertain, how could we not love it!” The kitchen alone offers a 36″ Refrigerator Sub Zero wine storage, Miele Dishwasher, Wolf Double wall ovens, Wolf Warming drawer, Wolf 6 Burner Cook top and Commercial Vent. There is easy access via the sliders to the fenced yard, deck and electric awning. The 3200 sq. ft. home is beautifully appointed with 4 bedrooms, 3.5 baths, and all located on 0.25 of an acre. From its grand entrance foyer to the Master Bedroom en suite with its exquisite bathroom offering a soaking tub and heated glass door frame less shower, this home will please! There is a NEW roof, NEW solar panels, NEW Central Air Conditioning and heating systems, NEW Hot Water Tank, NEW Andersen Sliders, central vacuum, and a skylight too! An additional 1630 sq. ft. in the lower level offers potential too. 35 minutes to New York City. This beautiful home is being offered at $1,120,000.

Jennifer LaRue is a driven, flexible & curious self-starter who thrives on creating engaging delightful client experiences.

Raised in Nashville, Tennessee, Jennifer graduated from Washington University in St. Louis, Missouri with a Bachelors in Fine Arts, before moving to New York City in 2001. While in the city, Jennifer built a successful career in digital marketing, merchandising and technology. She led the charge, building and managing a dozen websites, mobile applications and eCommerce stores for companies like Martha Stewart Living Omnimedia and BMG Columbia House. Her strength lies in making transactions and transitions go smoothly through detailed communication, focused planning, and most importantly calm encouragement.

Jennifer has a thorough understanding of both urban and suburban living after making similar life transitions from New York City to Westchester County. She and her husband, Cern Van Newkirk, currently reside in Mamaroneck with their two young children, Lillian and Max. Jennifer is actively involved in the schools and community, volunteering at Mamaroneck Community Nursery School and Daniel Warren Elementary School. She also spends her time as a Girl Scout Daisy troop leader and member of the PTSA.

With her professional background and partnership with Julia B. Fee Sotheby’s International Realty, Ms. LaRue is best positioned to serve her community and help others turn houses into homes.  Join her on Sunday!

New Rochelle is GREAT!

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2017 New Rochelle Real Market Stats for 10804 – Ward School

Since New Rochelle is a city, and has different zip codes, I always like to break down the home sales prices by zip code, Elementary School and different price points.

New Rochelle 10804 

This would cover both Davis and Ward Schools but since many people search by zip code, I thought I would first include them together, and then separate by Elementary School. However,  since this is by zip code, the 10583 (Davis School) would not be covered in this compilation.

$0-599,000 There were 21 homes sold in 2017 with an average price per square foot of $311.90, sales price to original list price ratio of 93.59%. There were 5 homes that sold over list price.

In 2016, there were 36 homes sold with an average price per square foot of $287.50, and an average sales price to original list price ratio of 94.39%. 10 homes sold over list price.

It  would at first glance appear  that the inventory was lower in 2017 with a slight softening on the sales price. However, when we look into the next price point  of $600,000 -$799,000, we can see that a few more homes were sold  in 2017, so the market indicates that people priced higher based on the stronger sales market, , obtaining a slightly less price per square foot  but still with 25 homes selling over the list price. The market is very robust in this price point.

$600,000- $799,000 There were 76 homes sold in 2017 with an average price per square foot of $318.16, sales price to original list price ratio of 96.47%.  25 homes sold over list price.

In 2016, 68 homes were sold in this price range with an average price per square foot of $325.83, and an average sales price to original list price ratio of 96.07%. 15 homes sold over list price.

$800,000 – $999,000 There were 36 homes sold in 2017 with an average price per square foot of $322.22, sales price to original price ratio of 95.35%.  12 homes sold over list price. 9 homes sold over list price.

In 2016, 33 homes sold in this price range with an average price per square foot of $305.60, and an average sales price to original list price ratio of 94.14%. 7 homes sold over list price.

Once again,  more homes were sold in 2017 in the $800-999,000 price point, reflecting a stronger market in this price range.

In the Million to $1,199,000 price range, prices stayed approximately the same. However, as an active agent, I would interject that the buyers were seeking perfection more so than ever before!

$1,000,000 – $1,199,999 14 homes sold in 2017 with an average price per square foot of $309.62, sales price to original list price ratio of 93.08%. 3 homes sold over list price.

In 2016, 15 homes were sold in this price range with an average price per square foot of $303.96, and an average sales price to original list price ratio of 93.59%. One home sold over list price.

$1,200,000 – $1,499,000 11 homes sold in the price range in 2017 with an average price per square foot of $301.74, and an average sales price to original list price ratio of 94.20%. 2 homes sold over list price.

In 2016, 13 homes were sold in this price range with an average price per square foot of $343.53, and an average sales price to original list price ratio of 92.46%. 4  homes sold over list price.

The market was again a tad stronger in 2016 in the higher price ranges  with higher  price per square foot.

$1,500,000 + 4 homes sold in this price category in 2017 with an average price square foot of $316.74, and a sales price to original list price ratio of 90.26%. One home sold at list price.

In 2016, 6 homes were sold in this price range with an average price per square foot of $337.62, and an average sales price to original list price ratio of 86.77%.

William B. Ward School  

When we break down the two elementary schools,  we start to see the different appeal of each area. More homes sold in this price point in 2016, but once again, we are seeing slightly more homes selling in 2017 in the next price point. Price were square foot was quite similar in the lesser priced homes, but increased nicely in the next price point.

$0-$599,000 29 homes sold in this price range with an average price per square foot of $244.64, and an average sales price to original list price of 96.43%. Eight homes sold over the original list price.

In 2016, 43 homes sold in this price range with an average price per square foot of $246.28, and an average sales price to original list price of 94.49%. 3 homes sold over list price.

$600,000 – $799,000 56 homes sold in this price range in 2017 with an average price per square foot of $305.74, and an average sales price to original  list price ratio of 96.06%. 7 homes sold over list price.

In 2016, 51 homes sold in this price range with an average price per square foot of $306.72, and an average sales price to original list price ratio of 96.35%. 6 homes sold over list price.

In the $800,000 – $999,000 price range, the sales were very similar year over year.

$800,000 – $999,000 23 homes sold in this price range in 2017 with an average price per square foot of $288.36, and an average sales price to original list price ratio of 96.19%. 6 homes sold over the list price.

In 2016, 25 homes sold in this price range with an average price per square foot of $289.43, and an average sales price to original list price ratio of 93.35%. 6 homes sold over list price.

In the $1,100,000 – $1,199,000 price range, prices per square foot were higher in 2017 which was great, a few more homes were sold also, but more homes were sold in the $1.2 -$1,499,000 price range  in 2016 and with a higher price per square foot.. So, a little softer in 2017.

$1,000,000 – $1,199,000 18 homes sold in the price range with an average price per square foot of $312.79, and an average sales price to original list price ratio of 93.71%. 3 homes sold over list price.

In 2016, 13 homes were sold in this price range with an average price per square foot of $293.87 and an average sales price to original list price ratio of 94.96%. 2 homes sold over list price.

$1,200,000 – $1,499,000 7 homes sold in this price range with an average price per square foot of $300.92, and an average sales price to original list price ratio of 94.86%. 2 homes sold over the list price.

In 2016, 10 homes were sold in this price range with an average price per square foot of $324.52, and an average sales price to original list price ratio of 89.12%. 2 homes were sold in this price range.

$1,500,000 + 3 homes sold in this price range in 2017 with an average price per square foot of $350.48 and an average sales price to original list price ratio of 89.90%. One home sold over list price.

In 2016, 4 homes were sold in this price range with an average price per square foot of $318.53, and an average sales price to original list price ratio of 81.99%. One home sold over list price.

It is always interesting to see how certain homes sell, and some don’t, and when I look at the higher priced sold homes  (over $1.5), it should be noted that one new home sold in 2017, plus two beautiful homes  (one with a profit from when it was purchased, and the other home sold for $580000 less than its original sales price. This tells us that the market was not sustaining the higher priced homes in this area.

New Rochelle is GREAT!

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Murray Avenue 10538 Real Estate Market Stats for 2017

A very desired area, with the homes in easy access to the village and trains, Larchmont residents love living here,  and why not?

Murray Avenue Elementary School

 The inventory was far lower in 2017, in the different price points up to $1,199, 000 Million. A similar number of homes sold in the higher priced homes over $1.2 Million.  

$0- $999,000 There were 21 homes sold in 2017 in this price range ranging from $630,000 to $823,340 with an average price per square foot of $468.54 and a sales price to original list price ratio of 97.40%. 8 homes sold over list price.

In 2016, 40 homes sold in this price range with an average price per square foot of $468.65, and an average sales price to original list price ratio of 98.14%.

$1,000,000 – $1,199,000 Six homes sold in this price range in 2017 with an average price per square foot of $466.94 and an average sales price to original list price ratio of 99.02%. Four of the six homes sold over list price.

In 2016, 25 homes were sold in this price range with an average price per square foot of $514.27, and an average sales price to original list price ratio of 101.47%. 14 homes sold over list price.

$1,200,000 – $1,500,000 15 homes sold in this price range with an average price per square foot of $515.02 and an average sales price to original list price ratio of 101.52%11 homes sold over list price.

In 2016, 18 homes sold in this price range with an average price per square foot of $504.86, and an average sales price to original list price ratio of 102.50%. 11 homes sold over list price.

$1,501,000 – $1,999,99919 homes sold in this price range with an average price per square foot of $494.67, and an average sales price to original list price ratio of 100.65%. 11 homes sold over the list price.

In 2016, 22 homes were sold in this price range with an average sales price to original list price ratio of 99.78%. 11 homes sold over list price.

$2,000,000 and higher!  10 homes sold in this price range with an average price per square foot of $468.01 and an average sales price to original list price ratio of 91.30%.

In 2016, 11 homes sold in this price range with an average price per square foot of $470.84, and an average sales price to original list price ratio of 92.48%. 3 homes sold over list price.

In looking at the different price points, we can readily see that the inventory was far less in 2017, and consequently there were more homes sold in 2016 than in 2017. 2018 looks to be very promising and we shall see! The buyers are out there!

Larchmont is GREAT!

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2017 New Rochelle 10805 Real Estate Market Stats by Gay Rosen

This school district and zip code also covers the waterfront communities , and so you will always see a vast disparity in sales prices, depending upon where the home is located. People love water views!  More homes sold in 2016 in the price ranges up to $799,000. Prices were similar in the home sales over $1.2 Million.

To make it easier, I have broken down the sales by different price points.

$0-$599,000 23 homes sold in this price range with an average price per square foot of $254.25, and an average sales price to original list price ratio of 96.07%. 7 homes sold over list price.

In 2016, 36 homes were sold in this price range with an average price per square foot of $262.55,and an average sales price to an original list price ratio of 96.74%.

$600,000 – $799,000 7 homes sold in this price range with an average price per square foot of $277.48, and an average sales price to original list price ratio of 96.98%. 2 homes sold over list price.

In 2016, 12 homes were sold in this price range with an average price per square foot of $273.25, and an average sales price to original list price ratio of 97.22%. 3 homes sold over list price.

$800,000- $999,000 One home sold in this price range with a price per square foot of $265.97, and an average sales price to original list price ratio of 90.90%.

In 2016, no homes were sold in this price range.

$1,000,000 – $1,199,000  Nothing in this price range was sold.

In 2016, no homes were sold in this price range.

$1,200,000 – $1,500,000 Two homes sold in this price range with an average price per square foot of $487.43, and an average sales price to original list price ratio of 97.41%.  One home sold over list price.

In 2016,  2 homes were sold in this price range with an average price per square foot of $495.47, and an average sales price to original list price ratio of 91.38%. One home sold over list price.

$1,500,000 – 4 homes sold in this price range with an average price per square foot of $348.46 and an average sales price to original list price ratio of 94.78%.

In 2016, two homes were sold in this price range with an average price per square foot of $401.20, and an average sales price to original list price ratio of 94.14%.

Please visit Sotheby’s Market Watch for more in depth real estate market trends.

I am here for all of your real estate needs!

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