What $713,250 Gets You in Eastchester, NY

 

I recently closed on a relatively new construction house in Eastchester, NY.  This house on Woodruff Avenue is conveniently located minutes to shopping, dining, the Bronx River Parkway and the Scarsdale Metro North train station.  This makes for a very easy NYC commute.  This attached home features 3 bedrooms, 4 bathrooms, 3000 square feet and belongs to the Eastchester School District.  The house was built in 2001 and is in excellent overall condition.  It lacked upgrades in the kitchen and bathrooms, but it’s open floor plan in the main level and finished basement is what sold this house.  

 The property was listed at an overpriced value of $749,000.  In this market, houses have been selling a little closer to asking price.  This deal took some patience because the seller was mistakenly convinced that the house was worth very close to the asking price.  We did some investigating and discovered that the house was purchased in 2007 for $740,000.  We politely explained to the selling side that it was unrealistic to think that while the rest of the country took a large hit since then, that their house had magically appreciated in value.  It took a couple of weeks, but eventually they realized that they either had to drop the price, or sit on the house for a while.  

If you are considering selling your home, it is important to realize that whatever you believe your home was worth between 2004-2009, it is now worth significantly less.  Obviously, that is a generalization.  There are other factors to include, but having a realistic expectation of your home’s value will help tremendously in reaching your ultimate goal. 

 

Westchester County continues to support the evidence of a strong housing market.  I am pleasantly surprised that the housing market has yet to show any signs of slowing down during what is now typically the slower part of the year.  If you are looking to purchase or sell a home in the Westchester/Putnam/Dutchess area, or if you have any questions on the buying or selling process, please don’t hesitate to call, text or email.  I will be happy to help.

What $300,000 Gets You in Cortlandt Manor, NY.

I just closed on a charming turn of the century farm house in Cortlandt Manor, NY.  This house on Furnace Woods Road is conveniently located minutes to shopping, dining, Route 9, the Taconic State Parkway and only a few minutes to the Cortlandt Metro North train station.  This makes for a very easy NYC commute.  This historic home sits on 1.4 acres and features 2 bedrooms, 2 bathrooms, 1600 square feet and belongs to the Hendrick Hudson School District.  The breathtaking landscape gives you the comfort of living on your own private country estate, while enjoying the suburban lifestyle of Westchester County.  As for the condition, it was an estate and was in need of a complete makeover.  

The property was listed at $325,000.  As with many properties in Westchester County, this house sold relatively close to asking price.  Keeping up with the current trend, there were multiple offers on this house.  The sellers eventually elected to go with my buyers because we had a preapproval letter that far exceeded the asking price of the home.  Not providing the highest preapproval to the selling side is a common mistake made by many buyers.  Many believe that showing you can afford much more is not a great negotiating strategy.  They feel the sellers will try to squeeze more out of them if they know it is affordable to the buyer.  This is a crucial mistake.  You can read more about that in one of my previous blog posts.        

There was a long delay in the process which tested the patience of all parties involved.  Because the house was so old, it predated the zoning department.  There was absolutely zero paperwork on file with the town.  This meant that the building department had issue a “Prior To Zoning” letter in lieu of a certificate of occupancy.  You can’t obtain a mortgage without them.  In order to accomplish this, code enforcement had to open and close permits on the house, deck, septic and electric.  If you’ve ever dealt with a local and county municipality, you know this was a slow and painful process!  At times emotions had run very high.  We had to deal with rising interest rates, extension fees and scheduling contractors.  We were clear to close TWO MONTHS before our eventual closing.

In the end, my buyers couldn’t have been happier at the closing table.  Seeing their sheer joy as they took possession of the property justified the long and stressful process that all buyers must endure on their path to home ownership.  Now they can focus on their goal of restoring the old world charm of this house.

Westchester County continues to support the evidence of a strong housing market.  I am pleasantly surprised that the housing market has yet to show any signs of slowing down during what is now typically the slower part of the year.  If you are looking to purchase or sell a home in the Westchester/Putnam/Dutchess area, or if you have any questions on the buying or selling process, please don’t hesitate to call, text or email.  I will be happy to help.