2017 Third Quarter New Rochelle Real Estate Market Stats

While I have lived in New Rochelle for over 38 years, I am privileged to represent clients  in the lower Westchester area, and so I actually cover Larchmont, Mamaroneck, Rye, Scarsdale, Pelham, and Bronxville. 


In covering the different areas, has given me a better perspective of what is happening in each area on a first hand basis, and I would like to feel it better serves my clients.  For example, the market  has been softer in  Larchmont with fewer sales to-date (2017 in Mamaroneck compared to 278 of 2016), and then we have the lesser

priced homes in New Rochelle  selling very quickly with multiple bidding.  Each town and city experienced successes and some resistance in different price points as detailed in my reports. I have a link to the Rye and Larchmont Newsletter in the column left!
The Waterfront homes are still slower to sell, or rather when the home owners are more realistic to pricing, then there is movement! Staying in tune with the market trends,  and what the home buyers are willing to pay are going hand in hand with success and sales. High taxes are one reason some of the higher priced homes are requiring a market adjustment.
While we all know that real estate is always local, it should be noted that Nationwide,  more luxury homes have been sold this year  perhaps because there are more to choose from, and prices have come down accordingly. On the whole, per the NAR (National Association of Realtors),  sales were down 1.7%, and pending home sales sank to 2.6% in August.
Potential buyers are very savvy when it comes to choosing the area in which they wish to live.  After all, it has been noted that the Millennials could be worth 24 Trillion by the year 2020, and while they are still savvy enough to use an agent (92% of the discerning buyers!!),  they will still pay for value.
Buyers are seeking renovated homes or homes that have been updated such as newer kitchens, and basements.  They are not afraid to wait for that price reduction should they feel a home is over priced based on market conditions.  They are educated, internet driven, value oriented and aware.
That value would include close proximity to the city which has always been desirable, and today’s buyers are seeking lesser property taxes too. They might opt for the smaller home where good school stats  abound over larger homes,  and I am seeing a trend for larger properties. People leaving the city want land!  However, they aren’t seeking further travel to home and work places. One of the reasons I feel the home sales have dropped slightly this year in the Larchmont area as an example has been the increase in property taxes.
However, Westchester is always desirable, and an interesting factor is the mortgage tax. Non existent in Connecticut, but far less in Westchester than the city.  As an example, on a $1.5 Million dollar home, it is zero in Connecticut, $12,570 in Westchester and $23,070.00 in the city.
Buyers are discerning, they are fact driven, but ultimately they are seeking a home that ‘speaks’ to them, and in Westchester, we have much to talk about!
 I would also be very remiss if I didn’t mention the new developments in New Rochelle. Please see my blog regarding same. 
As an aside, I am so excited at working in the Larchmont Julia B. Fee Sotheby’s office – and why not?  Did you know that Sotheby’s is the most recognized brand in the world? It represents luxury (and luxury is a level of service NOT a price point), knowledge (we are the market experts  -obtaining the highest price for our clients), it represents trust (we are the most trusted residential real estate brand),  and did you know that there are approximately, 21,000 sales associates in the Sotheby’s  International luxury real estate network, 900 offices , covering 68 countries and territories!   
I hope you will find the information in this newsletter interesting and  worthy of reading!  My goal is always to provide accurate information to better assist in your home search or home sale. I am here to help!
Gay Rosen
Licensed Real Estate Associate Broker
2016 Top 1.3% of all HGAR  Agents (over 10.300)
2017-2010  (Every year since it originated) Top Five Star Agent in Exceptional Service as published in Westchester Magazine
2015 – 2013 NYS CRS Public Relations & Communications Chairperson
2013 New York State Certified Residential Specialist of the Year
2014 ReVamp Realtor of the Year
Julia B. Fee Sotheby’s International Realty
1946 Palmer Avenue
Larchmont, NY 10538
Visit me on FacebookLinkedIn, and Twitter.
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About Gay E. Rosen

Gay E. Rosen is a Top Realtor in the Larchmont and New Rochelle (Lower Westchester) area. She is diligent, caring, driven and thorough (with a sense of humor).Utilize her expertise. Call her!
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