Legends Realty Group LLC
RE/MAX Power Realtors
First of all, your information comes from the 2000 census â€“ I hate to break this to you - but its 2008! A lot can happen in 7.5 years! There has been significant changes in population composition since that time. Second, how do you explain that some of my best BUYERS are NOT American nationals? Fully HALF of my clients are foreign nationals - and they are looking for luxury housing. Westchester is just dirt cheap to them and they are plunking down 30-100% CASH.
This is something fairly new, so stats from the year 2000 will not reflect that trend at all. The trend reflects what Americans have done in the past. They buy initially in the City, then they have families and like a lot of city dwellers, the look to the suburbs for more space.
Furthermore, someone is SELLING those units to foreigners. They aren't just snapping up new construction ya know! Those sellers are often American and they are coming to Westchester with wads of cash - literally. They have the money to buy and buy they do. This is a primary mover in the Westchester market. As it gets too expensive to stay in Manhattan, Westchester looks better and better. They arenâ€™t affected by the mortgage crisis either.
A little knowledge is a dangerous thing. You need a better understanding of context. You also need information that far more up-to-date. Are there dishonest agents? Sure. But Iâ€™m not one of them. I present FACTS. The media is â€œtalking down the marketâ€ to the point of total senseless irrationality. Unfortunately, the disconnect between salaries and housing costs will continue on their divergent paths in areas such as NYC for the foreseeable future. This has to do with a tremendous transfer of wealth flowing from America and to almost anyone who is holding anything but American dollars. This happened to a smaller extent in the 1980s with the Japanese. But to today its coming from EVERYWHERE, Europe, Australia, Dubai, China, Eastern Europe, India â€“ you name it.
I actually think now is a great time to purchase. Although statistics country wide show the market falling, we have been very fortunate in lower Westchester to have our market remain strong. Having said that, those statistics are price driven, meaning you may need the help of an experienced broker to help navigate a fluctuating market. An expert would be able to share market statistics and trends to enable you to be comfortable in your decision. I feel strongly an educated home buyer becomes a happy home owner.!Call anytime to discuss your plans. Amy Via (Bronxville) (914) 337-0400 Ext:242
Gladys 914 589 2455
Keller Williams Realty Sales Associate
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As to whether to buy today. If you have the cash - it really is a great time to buy - DEPENDING on three factors:
1) Your time frame
2) The type of housing (condo, cooperative, single family house)
3) Specific location
What has changed since I last posted to this thread? A Wall Street crisis of unprecedented proportions. Something like this changes EVERYTHING. The fact that all real estate is LOCAL is extremely important here. I would now say that all real estate is hyper-local AND sector driven.
For example - SF homes have seen a decline in White Plains - but condos have gone UP in price. I would wait to buy most White Plains condos unless you had a very long outlook. However condos in New Rochelle have really taken a hit - now is a good time to buy a condo in New Rochelle. Buying a single family home makes sense in either municipality. Cooperatives have gone down in some areas, but not in others. There are no pat answers right now. I just work with individual cases.
Also - no short-term buying to make a quick profit. No way. You need a five year outlook - anything less than five years is subject to volatility.
On a personal note: My purchasing decision was influenced by a bear market in 1996. Prices were down, but SF homes were down more than condos. I didn't want a house - too much of a hassle. But when I weighed the "value" of a house vs. a condo/coop - I realized that the houses were in the best position to increase. I was right. The house lost money for the first 18 months after the purchase. After that it was up, up and away. I got a good deal by buying into an "unpopular" market during a downturn. Food for thought.
Certainly anyone who says their is no uncertainty in the market and the economy is not giving a fair picture. But many of the previous posters had good questions related to your situation and made fair points. The reality is buying today is a good time only because you are in more control as a buyer than ever before. Does that mean you need to rush into anything? No. But if you find something you like and can get a sales price reflecting the adjustment to todays market then you should consider it. If you are in no rush and would not care if you lost a specific place then wait it out.
I looked into buying a condo v. a house in Bronxville. With a condo, you pay higher taxes and monthly common charges than with a coop. If you have the money, I would pick a single family house over a coop (although there a lovely coops) within the Bronxville school district (i.e., not just the Bronxville P.O.).
I haven't seen a dramatic decrease in price in the Bronxville market, although homes are certainly staying on the market longer. If you are looking for a deal and are willing to put up with a longer commute into the city, I would suggest Darien or New Canaan, CT (take a min. of 5% off the list price).
Take what you hear from real estate agents with a block of salt. It is Manhattan not the nearby outskirts that receive the majority of benefits from the foreign influx.
My .02 cents, if you dont have a gun to your head and have to buy something now, give it some time.
Then again I am a jaded buyer :)
Merrill Takes $8.4 Billion Credit Hit
I don't mean to sound flippant, however, it is the same if you ask if it is a good time or not to buy stocks or invest in the stock market. Time will tell and nobody, even the experts, can predict the future.
Let me ask, "Do you want to buy a house or condo in Bronxville?" Do you want to enjoy the benefits of living in that community now or are you willing to wait? How long do you intend to live in Bronxville? I could go on and on with additional questions I usually ask, but feel you can probably see it is not an easy decision for someone other than yourself to make.
One last thing to remember: Over time, NO investment offers the same tangible rewards as home ownership!
For example, if you are a house flipper with a short turn-around time, this would probably not be the best time to buy because you can not count on the same rapid appreciation of values that became the norm during the boom that ended in 2005. If you are purchasing a house or condo to live in, then this might be a good time to buy. Predicting markets is a very tricky thing in the short term, but over the long term, housing prices in this area are only going to be heading up. DO NOT try to "time" the market. By the time you realize that the market has bottomed, it will be too late to take advantage of it. Over time, real estate has been shown over and over to appreciate in value. So buying a house or condo that you will live in, it will (barring a major catastrophe) be an appreciating asset that provides a tax advantage and that you live your life in. Not a bad deal.
Just so you know, the Bronxville P.O. covers three municipalities, Eastchester, Yonkers and Mt. Vernon. There are very few available condos in the area, however there are quite a lot of co-ops for sale. For According to the MLS, Bronxville single family homes in the Eastchester municipality, has 20 current listings ranging in price from $839k-tp $3,250k in asking price. For co-ops, listing prices range from $215k to $1195k.
For houses in Bronxville Yonkers/Mt. Vernon houses range from $400k to $2295k whereas coops range from $98k to $1195 k.
Although there is some inventory, the inventory is moving as evidenced by recent sales. Don't forget that the market in lower Westchester is being driven by the NYC market. All real estate is local and you should not lump Westchester into the same slow-down that has appeared nationally. There are several locations nationally where real estate has either appreciated or remained steady. Portions of Westchester have seen mild price corrections. But the Westchester market hasn't tanked nor does it appear poised to do so.
Hope all this info is helpful.