Informative Info in the Mamaroneck, Larchmont, Harrison, Rye, & New Rochelle, N. Y. area by Gay E. Rosen, ABR, CBR, CDPE, CRS, GRI, SRES, Licensed Real Estate Associate Broker, Julia B. Fee Sotheby’s International Realty, Larchmont, N.Y. 10538, 914.907.2645 (Cell), http://www.gayrosen.com, gay.rosen@juliabfee.com (email)
While I originally posted this blog a few years ago, I felt I compelled to update it now! One of my biggest regrets is not having purchased a home in the New Rochelle Bayberry community so many years ago ( can’t give away my age!) when we were first looking for a home in New Rochelle. This community was built in the 1950’s and there were basically 3 different original styles as described in an original marketing brochure -“The Bayberry Model ( 3 bedrooms, 2 baths) , “The Bayberry Split – either 3 or 4 bedrooms plus a den and 2 baths, and “The Bayberry Expanded Model” which was either a 4 or 5 bedroom home plus a den and 3 bathrooms.
200 homes were originally built, and of course the community recreational area with the Olympic sized pool, children’s wading pool and shuffleboard court! I loved perusing through the brochure and noting how each home would have a Chamber’s stove. There are still a few homes with that original stove!
Over the years, the community grew, and those homeowners who chose to live in Bayberry have developed it beautifully. Many homeowners, loving the area so much, expanded their homes upwards, outwards, and so when you drive through you can see a variety of different styles today. The community pool area changed too. There is now a tennis court, the Olympic sized pool of course, the children’s wading pool, a volleyball court, a basketball court, a cafe, a summer camp, children’s playground, a pickleball (a cross between badminton, tennis and table tennis!) and seasonal community activities are offered too. Each home owner must pay the Bayberry dues of currently $650 per year (payable in two installments – February and October, and then tennis, pool membership are additional yearly costs.
A crass statement, but I can recall 14-15 years ago, some of the older, more seasoned agents would call regarding placing a bid, and ask “how much will it take to secure the home for my clients?” I can recall that while I was thrilled on behalf of my sellers, I felt somewhat appalled to think that the buyers were willing to offer x amount/seemingly any amount in order to obtain the home.
Fast forward to 2020 onward, and there were so many buyers leaving the city or rather escaping the city, that the inventory couldn’t accommodate the need. While a slightly slower start in 2020 as the Pandemic came upon us, homes have been selling anywhere from 5% – 25% over the list price with seemingly no regret, and I can’t help but start getting that “icky’ feeling again. When I represent my seller clients, I obviously would like to obtain the highest sales price possible for them. That is my Fiduciary duty. As a buyer’s agent, I would like my buyer clients to obtain a home they will enjoy living in for the ensuing years, but I would never wish for them to feel uncomfortable with what they had paid for that home. I am so thankful that I have clients that have returned to me for their real estate transactions 1, 2 3 or in one instance 4 times over the course of my career as they know that I have THEIR best interests at heart always, and I would always try to advise them honestly and correctly so they have no regrets.
I can recall hearing after the last real estate boom in Larchmont, there were those buyers who hadn’t realized their taxes would also increase commensurate with the sales price. Their agents were so intent upon obtaining the house for them, that they perhaps hadn’t explained everything.
When purchasing a home, any buyer should feel comfortable when placing their bid, having received information from their agent about the home from the town files, having seen what similar homes have sold for in the area, tax information, and have spoken at length with their mortgage broker and preferred real estate attorney.
The best piece of advice I can offer to any buyers, is to not buy with emotion but rather your head (pocket!), and don’t feel pressured into over bidding on a home. Your bid should always be a comfortable one for you, and only bid on what the home is worth to YOU.
James and Ricky live in New Rochelle and LOVE it! I am so blessed as it would seem I am always receiving flowers from James in a photo format (which is a wonderful way to start my day!), and I wanted to share some of them with you all in a slideshow below.
I asked James for his current thoughts about our fair city, and here is what he had to say. “Even thoguh right now she is little of an ugly duckling with all of the construction, I love this city.
My latest excitement was a retro marble Nutella Bundt cake from the Bread Factory. It was fantastic! We are also enjoying Tuesday wine nights at Posto. They are proving to be a lot of fun with a rotating cast of old and NewRo friends. It’s a great place in which to hang out!
One negative right now are the potholes at the intersection of North Avenue and Burling Lane!”
Well, it’s 2022, the spring market has ‘sprung’ and we are already seeing and hearing of multiple bidding everywhere. So many clients are asking me about the market and should they purchase a home now. The last 2 years has brought forth wonderful sales prices for the homeowners based on (unfortunately) a smaller inventory perhaps due to Covid 19 with buyers escaping the city, but will it continue? In representing buyers, their questions are obviously will the inventory be larger this year? Will they ever be able to obtain a bargain or are they long gone? It is costing far more to have a new home built based on the lack of building materials. Sellers have been reluctant to sell their home for where will they go when home prices are high everywhere in the United States. It should be noted however that there were more single family homes sold in 2021 in the Larchmont area than in 2020 (267 – 221), and in New Rochelle also (469-421). However, even though there were more homes entering the market, there was not enough for those seeking to purchase, hence our calling it a low inventory when perhaps we should just be calling it a low ‘standing’ inventory as the homes did not sit that long on the market.
As an aside, our office out performed the market in both Larchmont and New Rochelle.. While the average median sales price was $1,498,425 in Larchmont for single family homes,our median sales price was $1,600,000 with a 07 % sales price to list price ratio compared to the market list price to sales price ratio of 104%. Accordingly, our office median sales price in New Rochelle for single family homes was $937,000 compared to $801,000, and we had a sales price to list price ratio of 104 compared to 101%.
New Rochelle High School
So lets discuss the market.
It’s no suprise that it all goes back to current market conditions and value. I always advise my clients to seek a home in the location of their choice, the size is obviously important, land also, and schools which goes back to the location! Taxes can play a larger part in the decision making also. Many times, clients look at their pre-approval,and don’t realize that there is tax factor in that pre-approval. Some towns like Bronxville, Larchmont, Scarsdale, Mamaroneck, Rye Town, Ossining, Greenburgh, North Salem and Putnam County maintain thir rolls at 100% of value which means the taxes will increase based on the home sales price should that home be assessed at a lower value.
It should be noted that the Town of Rye Tax Office serves the Villages of Port Chester, Rye Brook and the Rye Neck Section of the Village of Mamaroneck as well as the Port Chester, Blind Brook and Rye Neck School Districts.New Rochelle doesn’t increase the property taxes if a home is sold for more than the assessed value. This is to the home buyers’ advantage for if they pay less than a home is being assessed at, they can grieve that differential. This grievance takes place on June 1st each year and home owners can file for that grievance up until the third Tuesday of June of that year. Many buyers who are facing high tuition rates in the city for their children aren’t offset by the seemingly high taxes in Westchester as they still save money on having their children attend the local schools here.
I think that no one wants to overpay and would like to feel that the the value will increase in any home they might purchase. In truth, when there was a decline in the economy and the housing market tanked in 2006/2007 (it took longer to hit the Larchmont area), home prices did drop and there were some disappointed sellers who had purchased at a higher premium, and they lost money when they tried to sell their home a few years later.
Renovations are also important. When a home is purchased and was just totally renovated prior to sale then once again, we would like to feel that value would remain for years to come. However, if the home was renovated 10 years prior, and then sold at a premium, then it would stand to reason that the value would not quite be the same 10 years later than that fully newly renovated home was. As a home gets older so do the renovations. So, if you are purchasing a home that was renovated 10 years ago but looks great, and you go to sell it in 10 years, those renovations are then 20 years old and if you paid a higher price in today’s market – then how would those renovations reflect in tomorrow’s market. Meaning, will the real estate market increase accordingly to offset the older renovations? None of us knows what will be. We do know that the interest rates are expected to increase 3 times this year commencing in March. However, per Veronica (a great mortgage lending advisor):
The average Mortgage Interest Rate on the 30 year fixed for the past 50 years is 8% (APR 8.1000%)The average 30 year fixed today is approximately at 3.375% (APR 3.3750%). On a loan amount of $900,000 the monthly would be $4004The average 30 year fixed for the past 2 years has been 2.875% (APR 2.8750%). On a loan amount of $900,000 the monthly would be $3762As you can see, the difference monthly is $242.
Veronica Finkel | Sr. Home Lending Advisor CPC | NMLS ID 62262 | Home Lending| Chase | 608 Columbus Ave., Thornwood, NY 10594 | Office: 914-769-4128 | Cell: 914-420-7875 | Fax: 877-891-5572 | veronica.finkel@chase.com | http://homeloan.chase.com/veronica.finkel Please note: Interest rates, points and APR quoted are subject to change based upon credit score, loan-to-value and other factors.
Accordingly, buying is more advantageous than renting:
The 2022 Rental Affordability Report says:
“. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion of average local wages than renting.”
Other experts in the industry offer additional perspectives on renting today. In the latest Single-Family Rent Index from CoreLogic, single-family rent saw the fastest year-over-year growth in over 16 years when comparing data for November each year
What advice can I offer to both buyers and sellers?
Sellers if thinking of selling, keep the repairs up to-date, declutter (so many of us have that same problem as it is so hard saying good-bye to our ‘stuff!), and keep up todate with market trends if you are thinking of renovating such as painting, updating a bathroom etc. Those brightly colored walls might be fun, but try to see your home as through a buyer’s eyes where a soft palette is more inviting. A great site to contact if you wish to donate unwanted items is Charitable Donations | GreenDrop (gogreendrop.com). You have a choice of selecting out of 4 charities which one you would like to benefit.
Trim the trees! Power wash! That truly makes such a difference. Plant flowers in the spring and have tubs of pretty flowers in front of your home. If you are contemplating selling your home the following spring (which starts the end of January/early February) then ask your Realtor (hopefully me!) to have photos taken the fall before when everything is in bloom! If your taxes are high, then think to grieve your taxes well before you decide to sell a home. A tax assessor will not look too kindly on a homeowner lowering his/her taxes only to place their home onto the market at a much higher price!
Market Reviews! I LOVE market reviews – it is a great way of staying in touch with what has sold in your immediate area. Contact me!
Shore Acres
Buyers: Travel around the different areas, towns, interview schools where possible or ask your Realtor for names of parents who can speak about the local schools. This will help you be more prepared when you are truly seeking to purchase a home as you are already looking in a specific area. I have had buyers who were looking in 10 different towns, then wanting only one, only to discover they really wanted another and had already missed out on several homes in those other areas. If you target an area, then you can see all of the homes as they enter the market, you are able to get a true idea of what is available, and you will feel more comfortable when placing that bid.
If there is multiple bidding in the area, then consider obtaining a priority pre-approval which basically approves you for a loan amount, and the loan is only then contingent upon the address, appraisal and Clear Title, etc. It would enable you to bid with a no mortgage contingency with peace of mind.
I have met buyers who first need to sell their homes in order to obtain the down payment. A cash out refinance might be a way of overcoming that hurdle. Research well first though to make sure it is the right avenue for you as you would not only have the closing cost in refinancing but also the additional closing costs in your home purchase.
Your Realtor can assist with sending to you information regarding insurance, pre-school programs, fine dining, local activities and travel options. In short, it is our pleasure to assist the buyer and seller to make any transaction as seamless as possible. Please call me for you real estate needs.
Please join me on Sunday from 1-3 p.m. at a public Open House. Imagine yourself by the semi inground heated pool with its surrounding deck, enjoying your favorite beverage, and being located so close to fine dining, all transportation, schools and stores alike! This is the perfect opportunity to buy now and enjoy the pool in the summer months which will be upon us before you know it! Welcome home to this 3 bedroom, 1.5 bath home with an updated modern eat-in kitchen, granite counters, stainless steel appliances, dining area with French doors to the deck and pool area, living room with a fireplace and a great den area. While 1638 square feet, it lives much larger with a front entry enclosed porch that measures 364 square feet not included in the sq. footage. There is so much charm and is the perfect entree to a desirable area. The home also features hardwood floors, gas heating, updated modern bathrooms (a skylight too!) and a one car garage. Just 40 minutes to New York City. Low taxes too! This home is being offered at $799,000.
Gay Rosen is a Top Realtor in the Larchmont and New Rochelle, New York (Westchester) area. She is diligent, caring, driven and thorough (with a sense of humor). Call her!
