New Rochelle United (.org!)

One of the MANY reasons New Rochelle is simply a wonderful city in which to reside! We CARE!  All you have to do is to take a few minutes and click onto the business and click ‘like’ and share them on your social media sites! Simple. Also, along the way I am sure you will be purchasing a few gift cards at some of these great stores!

“Hello!

I hope this email finds you safe and well.  I am pleased with the positive signs of recovery that we are seeing throughout the City of New Rochelle, but we still have a long way to go, both from a health perspective and in terms of getting back to a healthy economy.

My husband and fellow New Rochellean Brad Brown has been working on a tangible way to help our local businesses and, together with an all-volunteer group, launched New Rochelle United (www.newrochelleunited.org).  This City-wide site makes it makes it easier than ever to buy gift cards, make donations, or promote businesses on social media.  Please check it out and tell your friends!  If you would like to help but don’t live in the area, click Other Donation Options.

It is also quick and easy for businesses to sign up to participate on the site – please feel free to refer business owners to the Business Sign Up menu on the top right of the website.

The coronavirus is no match for a united city.  These steps can be part of all the terrific actions being taken by so many in our City during these difficult times.

Be well,

Sarah Dodds Brown “

Yay to Brad and Sarah !  Yay to New Rochelle!

New Rochelle is GREAT!

 

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Virtual Open House 196 Hamilton Avenue – Sunday, May 17th 1:30-2 p.m.

Yes! a VIRTUAL Open House, and it will be live on Facebook! Please join me as I take you on  a guided tour of this elegant 3582 square foot, 5 bedroom, 3.5 bath Dutch Colonial home on 0.47 of an acre in New Rochelle’s Historic District! 1:30 p.m. -2 pm on May 17th, 2020.

 

Elegant 3582 square foot 5 bedroom, 3.5 bath Dutch colonial home on expansive  property in the heart of the New Rochelle historic district nestled between New Rochelle and Larchmont, close to restaurants, beach clubs and a wide variety of shopping options. The beautifully designed and renovated Kitchen in 2011 features custom crafted cabinetry, a radiant heated tile floor, skylights and back staircase, opening up to a large private deck perfect for relaxing, grilling and entertaining. 

The  large welcoming front hall is flanked by pocket doors leading into an exquisite dining room with original tray ceiling, working fireplace and French doors to the front terrace. Pocket doors also lead into a large living room with French doors opening to the field stone front terrace and also leading into a cozy sun room split by an open hearth working fireplace and surrounded by windows and natural light.
Front hall staircase leads to the second floor with the spacious master bedroom and updated private bath, sitting area and large walk-in closet, including a beautiful built-in window seat.  Also on the second floor are 2 additional  bedrooms with ample closet space and an updated hall bathroom.  The quaint third floor offers two additional bedrooms and full hall bathroom. The finished basement has an  entertainment center, workout area and powder room bathroom leading to the adjacent laundry room.
This charming home has gorgeous, mature, perennial rock gardens with beautiful natural stone cascading walkway surrounded by a wide variety of blooming trees, including a 6 zone sprinkler system. The house includes 2 zone central air conditioning and natural gas hot water furnace. There is a large detached two car garage with ample storage and shelving, driveway was repaved in 2017. Additional storage shed with power.The Expansive south-facing field stone front terrace sits high on a hill overlooking a beautiful front lawn and neighboring historic homes with New Rochelle growing skyline in the distance. This is a home to call your own. Come and visit. You will love it! Just 30 minutes to New York City. 

 Special Features
 
Appliances 2011 The gas cook top is a high end luxury Dacor appliance. Refrigerator is also Dacor.
Radiant flooring was installed in the the kitchen remodel in 2011.
Water heater was replaced in 2012.
The AC is 2 systems.  The upstairs (2nd & 3rd floor) system was installed in 2005 and the downstairs 2nd zone is high velocity and was installed in 2011. The upstairs condenser was recently replaced in 2016.
The driveway was repaved in 2017
6 Zone lawn Sprinkler system

Volunteers Needed at the Paine Heights Cottage & Museum!

If you live anywhere near the Thomas Paine Cottage, you will definitely have noticed the annual events that offer a teste of history to all who visit, and always an enjoyable afternoon. Always conducted by dedicated volunteers, and now it is our turn to keep this historic building amongst us.

Please see the following :

“We have exciting news to share. An important part of our mission statement has always been the preservation of New Rochelle’s rich history. We strive not only to preserve documents and historical artifacts but significant historical buildings as well.
We recently learned that the Thomas Paine Memorial Building was in danger of being sold without the protection of Landmark designation by the City of New Rochelle. This oversight could have led to the demolition of this important piece of New Rochelle’s history.

With the help of a group of concerned citizens, Council Member Sara Kaye and City Historian Barbara Davis, the City’s Landmark designation is a reality. However, Landmark Status is only the beginning. Phase one – Landmark Status accomplished ! Phase two – Volunteers needed to save the Memorial Building for educational and community uses and promote Paine’s legacy. Contact the Committee to Save the Thomas Paine Memorial Building today to volunteer and help save a piece of New Rochelle history! ”

SavePainesLegacy@gmail.com or 914-775-8002.

No time? No problem,  just become a member – your contribution will go to good use!

New Rochelle is GREAT!

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New Rochelle and Jacob Leisler

New Rochelle – rich in history always. As you drive though the wide tree lined streets of New Rochelle, you will see many historic markers, and statues. One such statue is of Governor Jacob Leisler – but who was he? Why was a statue built and erected in New Rochelle?

The Jacob Leisler Monument is a bronze sculpture created by American artist Solon Borglum and located in the city of New Rochelle, in Westchester CountyNew York. The monument was erected by the Huguenot Chapter of the Daughters of the American Revolution, and the Huguenot Association of New Rochelle [1] to the memory of Jacob Leisler, 17th-century advocate of the Huguenot settlers and said to be the first chief executive of the province of New York to draw his power directly from the people.[2] The unveiling of the statue on June 24, 1913, was the principal event in the celebration of the 250th anniversary of the founding of New Rochelle.[3] The monument, cast by the Roman Bronze Works, is the only existing statue of Leisler. (Courtesy of Wikipedia)

Jacob Leisler was a German born Protestant who came to New York under the employ of the Dutch West Indian Company as a soldier. He left that company, became a wealthy merchant and became a judge in one of the several public offices he was appointed to.  In 1689, and during the accession of  William 111 and Mary 11 English Revolution, he led an insurrection called  Leisler’s Rebellion, supported by the common man and he appointed himself Lieutenant Governor of the Province. New Rochelle? During this period, he purchased land from Pelham Manor, reserving a portion to help create the Huguenot settlement of New Rochelle in 1689 (courtesy of Wikipedia).  However,  he was wrong in thinking that William 111 and Mary 11 would back him, and when he refused to turn over power to the newly elected Lieutenant Governor in 1690, there was an  insurrection . He was arrested in 1691 and ultimately hung along with his son-in-law.  Many thought it was unjust, and the entire facts were not relayed to England at the time of his arrest. The conviction was overturned 4 years later and his estate was returned to his heirs.

New Rochelle, so much history. A great place in which to reside.

New Rochelle is GREAT!

 

 

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Forest Heights Neighborhood Association & Mikey Dubbs!

New Rochelle is a wonderful city in which to reside. I have mentioned in earlier posts that we have different areas contained in the city. Wykagyl Park, Paine Heights, Sutton Manor, Bayberry… so many lovely communities. One such community is the Forest Heights area. It is nestled in between Paine Heights and the Beechmont area. There is also a Forest Heights Neighborhood Association

On Sunday, (Mother’s Day) , the Neighborhood Association invited Mikey Dubbs Frozen Custard to the neighborhood, set up a stand and sell their delicious custard. It was a great success! There was a continual line of people (all keeping 6 feet apart).  It was their way of supporting a local business.

Mikey Dubbs – located at 1282 North Avenue, New Rochelle 10804

Call (914)999-4488 for quick pick up or curbside service.

1282 North Avenue
New Rochelle, NY 10804

Sunday 12pm – 8pm
Monday – Thursday 2pm – 8pm
Friday 2pm – 9pm
Saturday 12pm – 9pm

New Rochelle cares. New Rochelle is GREAT!

 

 

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Where in the World (Westchester ) is Matt? Blog #8

MONTEFIORE HOSPITAL NEW ROCHELLE – Compassionately Helping Those In Need During The Health Crisis.

Photo by Clare Lawrence

New Rochelle, the diverse and wonderful city that it is highly benefits from its hometown hospital Montefiore. This remarkable, caring teaching hospital opened its doors way back in 1892, and today still maintains the medical needs of the community and region. According to the skilled and able staff at Montefiore, they are working diligently to meet the needs of their communities during the current health crisis. The hospital has set several guidelines for people in the community to protect themselves:

“1. Unless you are an essential worker, stay at home.
2. Avoid close contact with people who are sick.
3. Impose social distancing guidelines of at least 6 feet, and avoid all physical contact with others when outside your home.
 4. Wash your hands often with soap and warm water for at least 20 seconds.
 5. Avoid touching your eyes, nose and/or mouth with unwashed hands.
 6. Use a face covering, such as a scarf or a bandana, if you need to go out for essentials.
DO NOT use a professional surgical mask; these are in short supply and needed by our first responders and healthcare workers to protect themselves.”
According to officials at Montefiore Hospital, it is safe to come here as they are taking every precaution to ensure the safety of their patients and visitors. All visitors will be screened for COVID -19 at the entrances and will be turned away if they display any symptoms of the virus. They apologize to their patients for any inconvenience this may cause and assure the public that these steps are necessary to ensure the safety of all patients and visitors while Montefiore manages the crisis. The hospital directs residents of the community to call The New York State Coronavirus Hotline: 1-888-364-3065. The Montefiore Covid – 19 Hotline, 24 hours a day, 7 days a week is 1-844- 444-2819. Montefiore’s gifted and renowned President and CEO Steven Sayfer M.D, Vice President, Executive Director Anthony Alfano, and their dedicated staff are working hard to protect and keep their patients and public protected and safe. Residents of New Rochelle appreciate the ongoing vigilance and skill the doctors and nurses are putting in each day during these difficult days.
THE BRONX ZOO – Taking Care Of The Animals During The Pandemic
Since 1899, families from literally all over the world have flocked to the wonderful and legendary Bronx Zoo. This mecca for animal lovers is a unique place that features over 4,000 animals and 650 species. The Bronx Zoo is important as it has protected species in the wild, and has saved and bred animals in their keeping. It is the biggest zoo in the metropolitan area and boasts over two million visitors a year. 
One feature, among many, is that The Bronx Zoo once housed some of the few existing probosci’s monkeys from Southeast Asia. Also an inhabitant of the zoo is the critically endangered species, a female Sumatran rhinoceros. Many of the 4,000 animals are endangered or threatened, but, alas, have been bringing smiles to people of all ages for over one hundred and twenty years.
The Bronx zoo has many free exhibits and attractions, including African Plains which visitors can walk past lions, African Wild Dogs and Zebras as well as herds of Thomson’s Gazelles,  hybrid giraffes and more. Madagascar features inhabitants found on the island of Madagascar including, lemurs, Nile Crocodiles,  and radiated tortoises. Tiger Mountain is just that, a great three-acre exhibit that showcases Amur tigers and Malayan tigers. One of the four-year-old  tigers has, as explained on national news, contracted COVID – 19 but is progressing and the zoo expects a full recovery.  And most recently, eight big cats have contracted the virus.
The Bronx Zoo is temporarily closed due to the pandemic and they are ensuring their adorable animals’ safety and health at all times. Their unwavering love continues to nurture and care for the animals amid Coronavirus. The Bronx Zoo…after more than ten decades it is still going strong!
Photos – courtesy of Clare Lawrence
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196 Hamilton Avenue – Elegant Dutch Colonial Home in New Rochelle’s Historic District

Elegant 3582 square foot 5 bedroom, 3.5 bath Dutch colonial home on expansive property in the heart of the New Rochelle historic district nestled between New Rochelle and Larchmont, close to restaurants, beach clubs and a wide variety of shopping options. The beautifully designed and renovated Kitchen in 2011 features custom crafted cabinetry, a radiant heated tile floor, skylights and back staircase, opening up to a large private deck perfect for relaxing, grilling and entertaining.

The large welcoming front hall is flanked by pocket doors leading into an exquisite dining room with original tray ceiling, working fireplace and French doors to the front terrace. Pocket doors also lead into a large living room with French doors opening to the field stone front terrace and also leading into a cozy sunroom split by an open hearth working fireplace and surrounded by windows and natural light.

Front hall staircase leads to the second floor with the spacious master bedroom and updated private bath, sitting area and large walk-in closet, including a beautiful built-in window seat. Also on the second floor are 2 additional bedrooms with ample closet space and an updated hall bathroom. The quaint third floor offers two additional bedrooms and full hall bathroom. The finished basement has an entertainment center, workout area and powder room bathroom leading to the adjacent laundry room.

This charming home has gorgeous, mature, perennial rock gardens with beautiful natural stone cascading walkway surrounded by a wide variety of blooming trees, including a 6 zone sprinkler system. The house includes 2 zone central air conditioning and natural gas hot water furnace. There is a large detached two car garage with ample storage and shelving, driveway was repaved in 2017. Additional storage shed with power.The Expansive south-facing field stone front terrace sits high on a hill overlooking a beautiful front lawn and neighboring historic homes with New Rochelle growing skyline in the distance. This is a home to call your own. Come and visit. You will love it! Just 30 minutes to New York City. This beautiful home is being offered at $1,100,000.

During the COVID 19 limitations, we urge you to take a virtual tour of this lovely home!

OR, view a video!!!

New Rochelle is GREAT!

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Sotheby’s Northeast Webinar – April 23rd, 2020

I just attended an interesting networking session  with 400 other participants in the Sotheby’s North Eastern region with participants from Boston, Vermont, New Hampshire, Maine, Connecticut, Long Island, Westchester and Nantucket, and also attended a Townhall meeting with our President and CEO, Mr. Paul Breunich.

We are continuing to evolve in this new world to best represent our customers and clients alike. Sotheby’s will be digital, and we will soon be having a digital flip brochure for our clients.

It was interesting to hear this morning what has been happening in the individual areas and how it might affect or does affect our real estate marketplace.

Connecticut & Westchester: William P. Pitt Sotheby’s and Julia B. Pitt Sotheby’s

Even during the pandemic, there have been 27 new homes listed and 15 went into contract. The difference in Connecticut though is that you can still show a home in person Ridgefield but in Litchfield, Connecticut, is the same as Westchester with no person to person contact.

There are now so many phone calls from New York City from buyers seeking to flee the city. Unit sales are currently down 35%, and 44% in volume, BUT still movement in the powder puff market, vacant homes, and homes that feature the Matterport app, virtual appointments, videos. Sellers are standing strong on their pricing, and in many cases they feel that even if the buyer pool shrinks, it will not affect the home prices. Cash is king, and there are still a lot of people seeking cash purchases, with buyer confidence having increased. There have been some low ball offers, but the sellers so far are not budging. It will be interesting to see that with new inventory, will those prices be competitive which could affect the pricing flow. Best to be on the market now and be seen.

Long Island – Daniel Gale Sotheby’s International Realty

Beth Catrone spoke on the Long Island market. Interestingly, she felt that many buyers are thinking they will get a great price, and are waiting for that ‘cyclical crash’. New buyers are seeking homes and are serious whereas the old buyers ( who have been searching longer) are still unrealistic, and are seeking a deal.

Vermont, New Hampshire, Boston – Gibson Sotheby’s International Realty

Debi Benoit from Wellesley spoke on behalf of the company. As of January, 2010, sales were up 34% over 2019, and they were looking towards a banner year. The sales dropped by 27% in March, and now only down 3%. People have started to search and purchase again. People are searching from California as well as New York City, and the states were locked down until a week ago. Properties in the $700,000-900,000 price range are going into multiple bidding, and there are record sales across all price points which have made up for the lull in the market. Locals were frowning upon New Yorkers and people from Connecticut going to their states, and were asked to quarantine for 14 days. However, they also realized that many people have second homes in those states, have a right to be there, but there was some grumbling. With hotels being closed and Air B & B’s closed then that appeased people to a large extent.

More people are inquiring and vacant homes are very much winners in the process, as they are much easier to show and sell.

Debi recounted several stories. One being a client calling and saying that after living with their in-laws, as much as they loved them, they needed to move immediately. Another story featured a condo purchase and with the buyer wanting to buy so badly that she left money on the table (paid more than needed) in order to secure the property and obtain a better environment for herself.

Rentals are also in great demand, even furnished. Over 50% of pending sales have occurred in the past 7 weeks, and with the inventory being down by 50%, there are many multiple bids.

Maine – Legacy Properties Sotheby’s International Real Estate

Brian Wickenden spoke on the market in Maine, and of course cited Matterport tours, virtual showings being key in selling homes currently. The condo market has been quite strong in the Maine (and Vermont) markets. Vacant – easier to sell.

Portland slowed down a tad, and some buyers have the ‘wait and see’ attitude. He feels that June, July and August will be stronger but with the emphasis on renovated homes.

Maine has always been attractive for second home buyers, and with the stock market strong, buying real estate is always a good investment with some of those stock market gains. The sellers in Maine are also holding firm in their prices with very few ‘fire’ sales.

A new question for buyers – “Can you see yourself being Quarantined here?”.

Westchester is GREAT!

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Julia B Fee Town Hall Meeting – 4/23/2020

We just had a 2 hour ‘Town Hall’ Zoom meeting (that was broadcast live on Facebook via Club Pineapple), to inform the agents, buyers, sellers and public that Julia B. Fee Sotheby’s has been working diligently on behalf of our clients – both sellers and buyers to find alternative methods in which to best serve everyone.

Firstly, and Paul Breunich ( CEO & President), stressed that everything we do MUST be under the guidelines and mandate of the governor for safety and health reasons. We market our listings with professional responsibility, and stand by our core values on behalf of our clients.

New listings are down by 76% in Westchester. However, we are down just 69% which depicts the strength of our company. William Pitt – Julia B. Fee Sotheby’s while ranked Number 2 in Westchester, is only down by 3% at this time in new listings behind the Number 1 ranked company, and it should be noted that we have 5 offices in Westchester compared to the 19 offices of the other competitor. Prior to COVID-19, our company had been up 29% over last year, and we were all looking forward to a banner year in real estate.

As of March 24th, per Zillow, on-line Home Shopping was down by 32%. The industry in our area seemingly shut down. As of April 15th, online home shopping was just down by 2%.  This informs us that the buyers were starting to view properties again. Nationally, active property page views were up by 18%. This was and is a good sign. This informs us that the buyers are restarting their home searches in some capacity.

We, as a company, have always been innovative, and Paul Breunich is part of a national think tank on how we can collectively work better on behalf of our clients in this new real estate market.

We have a virtual agent playbook, and we will be introducing the blueprint for virtual listings, from soup to nuts with videos for our clients to make it that much easier. We can ‘Zoom” a listing presentation now and offer virtual open houses, virtual appointments, and our website is now featuring those ‘virtual appointments’. Videos have always had a prominent display on our web site, but also now the Matterport 3D tour app will also be front and center. We have so many programs to better promote our properties – one being Lumentus which now enables us to not only market a listing, but to also offer a link for the virtual showings which is lead generated. Vin Socci, our Chief Operating Officer, mentioned that we had a trial run with just one listing yesterday for a property in Harrison, and we had 40 leads within a day. Questions were asked of the visitors such as were they ‘just browsing, looking to purchase in 3 months, 6 months, a year, etc.’ and most were looking between 1-3 months . This particular ad ran in Manhattan and Brooklyn but it informs us that people are seeking to leave the city, and it also informs us how we can better market our properties at this time. Buyers want more options also.

We will be bringing out digital flip page brochures – in short everything to best serve our clients in this ever changing world, and we will continue to adapt regarding the state updates regarding real estate. The virtual blueprint is not eman to replace in person content, but it is a blueprint for providing the seller with as many options as possible.

Ina virtual world, all eyes are on social marketing. Facebook reaches 60.6^ of internet users, Instagram reaches 1 Billion every day.

Our company has wonderful social advertising access, the company is the epitome of branding and elegance.

As an aside, our company hosted 2137 Zoom meetings in the past 5 weeks totalling 575,000 minutes.

( (we) am here for you, and I look forward to keeping you informed .

Westchester is GREAT!

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Westchester Real Estate Market Update – April 20th, 2020

While the news is getting changed daily, my friends, family and clients have been asking?  What is happening with real estate prices, the market?

We were all looking forward to a banner year in real estate. The numbers were great! My office had broken records from last year, and we were all discussing sales and listings.  Larchmont  property owners were enjoying multiple bidding situations. Then, with COVID-19, people losing money in the stock market, sales dropped off. The First Quarter market report 2020 reflected that .

To best explain what has been happening with real estate, I must first mention that as of March 22nd, there was an Executive Order by Governor Cuomo as follows:

“As of 8:00 pm tonight, March 22, an Executive Order (EO) by Governor Andrew Cuomo effectively restricts real estate licensees from working outside of their homes. Real estate brokerage and many other businesses were not designated as essential by the Governor in the EO.”

That  Executive Order  meant that until further notice real estate licensees were precluded from holding open houses, showings and in-person listing presentations for example.  We were able to communicate with our current clients and customers but no ‘cold calls’ or reaching out to potential future clients. Closings, appraisals,  inspections, everything was in flux and as a result, it was obvious that unless a buyer had seen a home, was negotiating no same, it was going to be that much harder to purchase and or sell a home. Zoom meetings became a way of life! My office is phenomenal, and (as an aside), we had an “Intro to Meditation session this morning,  a virtual yoga session is scheduled for Wednesday, and of course all interspersed  between market updates, and how we can continue to assist our clients to their advantage. We still have weekly office meetings via Zoom, and they are all greatly beneficial.

On April 1st residential home and commercial office showings were deemed essential along with  home inspections, residential appraisers. (emphasis added) all with caveats. As of April 3rd, only virtual showings were allowed. Meaning, an agent could enter a vacant home with a mask and gloves, and with the seller’s written permission show the home to    their client via Facetime, Skype or through videos taken at the house. Those listing clients that already had videos of their home, or who had the Matterport 3D platform tour were obviously at a greater advantage as potential buyers could still view their home on the internet. ”

22 Fenbrook Drive, Larchmont, N.Y. 10538. Courtesy of the listing agent Carola Schonander.

Zillow reported that the last week of March, compared with the average from February, saw a 408% increase in users making 3D videos for homes on the market that aim to immerse prospective buyers and recreate the feeling of touring a home in person. Such videos have actually been a nationwide feature on Zillow’s website since 2019, but are no longer a “niche product,” Olsen says. “It’s what you need if you want to keep getting your home through (the sale) process,” Olsen says. (U.S. News  – Devon Thorsby)

As of April 1st, purchasers were allowed to be present with an inspector with his/her permission, but that changed as of April 9th and purchasers were no longer able to be present.  Home Inspectors/engineers were requested to conduct the inspection via Facetime, etc. with the purchasers. There are now ‘virtual’ closings. I have heard stories of a buyer being in one room, their attorney in another, and  a bank’s attorney was in the driveway of a home at yet  another,

Accordingly, it was further confirmed that  “real estate services shall be conducted remotely for all transactions”. Licensees must utilize alternative methods of conducting business to avoid person to person contact with members of the public. NYSAR is unaware of any scenario where a licensee would be “legally necessary” to have in-person contact.

Courtesy of the Listing Agent, Carola Schonander – 22 Fenbrook Drive, Larchmont, N.Y. 10538

That then meant that everything was required to be performed digitally and virtually. SO, it was then no surprise that real estate companies started to furlough its workers. Amongst those companies were Compass, Redfin and Corcoran. Barron’s article April 17th regarding Compass.    TechCrunch 4/17/2020 

Not so for Julia B. Fee Sotheby’s.  I have always thought of the company being a family run business as it emanates that aura.  I can email the CEO and President, Mr. Paul Breunich, and I will get an immediate response. All of the executives are accessible, always. So, while our sales dropped these past few weeks, my company has been working towards creating a total virtual and digital platform. I should rather state they are completing that goal as the company has been working towards such a platform for a long time now to make it easier for the public and agents alike.

The interest rates are really low, and so the real estate market was never an issue this year. It is the accessing of those properties, and the marketing of same that has now become the issue. Sales are now down on average 32% with my company between the Connecticut and Westchester offices.  Property Shark posted a 62% sales drop this year over last year in the city.  In the same article, it did mention that sales prices were still positive although I have heard that some buyers are trying to renegotiate their sales prices in the city.

It all portends I believe to more city dwellers seeking the suburbs for a safer clime, and so we are on a wait and see projection right now.  It all depends upon supply and demand as always, and once the real estate market opens up, we all know there will be a flurry of new listings as there are people who still need to sell. Interest rates are still so very low! As of today, Bankrate is posting 3.53 for a 30 year loan, and as little as 3.03% for a 15 year fixed mortgage loan. A client who is also an Actuary has commented on real estate being THE best investment when the stock market declines.  On that note too, the  stock market shows promise also but not until the third quarter. “A double-digit rebound in GDP growth in the third quarter still seems like a decent bet, but it won’t recover all the lost ground,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, wrote in a note Sunday. Shepherdson’s anticipation is for a 30% annualized drop in GDP in the second quarter, a margin about in-line with many other economists’ grim outlooks for the quarter.” Yahoo Finance.

Chase Bank has also changed its requirements. For a jumbo loan for example, they used to require one year’s mortgage amounts reflected somewhere – be it a 401-K, savings, etc. Since COVID-19, they are now requesting 9 months but 6 months must be liquid funds. (readily accessible). Some banks are requesting a minimum of 20% down (80/20 loans).

My associates all have properties they are waiting to bring onto the market, and  when I speak with other agents in different companies, the same is true with them too. In some  areas, the agents plan on introducing the homes at a lesser price to be as competitive as then can. The key is to have the house look as great as possible so now is the perfect opportunity to declutter, and get the house and grounds ready!

The areas that have always been in demand such as Rye, Larchmont, Scarsdale will probably continue to do well, but it might take a little while longer while the stock market rebounds, the different price points for corporations and people to  feel more comfortable with the process. Web portal visits dropped in March on Zillow and Curbed.com which indicates the lack of enthusiasm right now.  However, I did see the unique web visitors increase over the Easter/Passover weekend so that was positive also. Unemployment has played a great part also in real estate interest thus resulting in those lower portal numbers and unique visitors.

Many sellers might delay listing their homes until the market rebounds somewhat. Buyers might wait also to sense some sort of returning normalcy. To the home sellers who have had their homes on the market, we have urged them to continue to do so. ” While some may be concerned about the Days on Market ticking upward on their homes as real estate transactions potentially slow down, we feel the increased exposure these properties will receive before a virtual audience at this moment in time should outweigh such concerns. The rental market too is receiving considerable attention as people temporarily leave cities for more secluded refuges, according to multiple news outlets. “ (Paul Breunich, CEO & President William B. Pitt – Julia B. Fee Sotheby’s International Real Estate).

One thing is for sure, showing homes will be surely different in the upcoming months, and it is always a challenge that we as Realtors are here to assist with. I believe the seasonal months have changed this year, and the spring market will evolve into a later summer market for all.

I would be proud to be at your helm during this process in this evolving world.

Gay Rosen, ABR, CBR, CDPE, CRS, GRI, SRES, GREEN,

Licensed Real Estate Associate Broker

Westchester is GREAT!

 

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