WPCNR REALTY REALITY. News & Comment By John F. Bailey November 18, 2014:
Nothing is changing in the White Plains Housing Sales anytime soon.
White Plains had a very flat 2014 third quarter (July, August, September) compared to 2013, selling the same number of homes in White Plains as last year.
Single Family Home sales were flat at 80 sales compared to 82 last year; 9 less condominums sold—43 sales this year compared to 52. The equity death spiral condo owners are experiencing in horror continues — not getting all the money they expected to get out of their condo investment, and watching the possibility of getting even less became inescapable.
Co-Ops are the least expensive way to own your own home in White Plains New York USA.
Co-op sales in the third quarter were up 22% ,61 co-ops sold compated to 50 last year. There’s no magic here: the Average selling price of a CO-OP in the lowest taxed city in the county was $188,954..up from $176,000 last year…median selling price for the 61 sold was $177,000
Prices continued to sink in Condoland.The average selling price of a condo in White Plains in the third quarter was $554,260 — down 6% from $590,000 a year ago. The median selling price sank 7% to $395,000. That is not a good trend if you still own a condominium.
Meanwhile homeowners have to be increasingly concerned over the agonizing slow rise of prices on single family homes. Real estate prices in White Plains on single family homes have not recovered like “Wall Street World Casino,” the stock market.
The optimism of last spring on single home sales has been dashed in the third quarter is now tempered by the hope that the rising inventory will spark the market. Mike Graessle, of Rand Realty who supplied this interesting snapshot of the White Plains housing market says that homes coming on now have attracted multiple offers.
But you have to be patient, and price it right, as Mike has often told me in the past.
In the third quarter it was taking the owner of a single family home 4-1/2 months from first listing to sale. People who need to get out are desperate, they are having to drop their price on average 7-1/2% from their first listing price before selling. That simply kills your nest egg takeout, that has already been blown away some 10% in value since before the recession.
The national disgrace that is holding back the housing market is college tuition loans. There is no way the vast majority of first time home seekers can afford a home with college loans, stingy wages and anxiety about taking on more debt.
That’s why Co-ops are popular first options. They are the lowest priced.
The banks are bringing back the Uriah Heep tradition, realtors have been telling me for five years.
The median price of a single family home in White Plains is $576,500 the average selling price, $676,000 that’s up an insignificant 3% from the third quarter of 2013, slightly more than inflation.
If you have to put 20% down on a $500,000 White Plains house…you need $100,000 cash plus a $400G mortgage. The banks are not taking that risk if you already owe on tuition loans and just starting out in your mid-20s or early 30s. Why can’t our congress see that and forgive those college tuition loans across the nation? That would start a recovery.
If you can’t buy a house in White Plains, where can you buy it?Where would you want to buy it? Recovery, what recovery?
We can also look forward to new tax increases in the spring from the city and the school district. A lot more. I predict a fat 5% (to bring up union wages) from the city since there is no major election for two years and about 7% from the school district that will really hurt.
That old house is starting to kill its owner on the city and school property taxes and the excruciating slow increase in what you can sell your house for has exploded what you thought you’d get from your equity when you sold it, while the city and school district unchecked spending is eroding your cash flow to pay the taxes. As you transition to fixed income that is a big time problem for the county and city economy growth potential.
And another thing…
Have you received that property tax rebate from the state, yet for our city and school district staying under the tax cap? The Department of Taxation and Finance told WPCNR the state is sending out the rebates for cities and school districts that stay under the tax cap, which the city and school district of White Plains claimed they had. The state can’t even get the refunds to us in time for holiday shopping.
Could the city and school district governments start cutting this year?