WHITE PLAINS CITIZENETREPORTER SETS RECORD VISITS FOR YEAR 7,017,658 VISITS! 2,098,003 VISITORS MADE 6 VISITS A DAY EVERY DAY. 63,330 UNIQUE VISITORS MADE 133,730 VISITS IN DECEMBER. WPCNR AVERAGED 17,284 VISITORS A WEEK, VISITING 31,270 TIMES.

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WPCNR HOUSING TIMES. By John F. Bailey. October 19, 2011:

White Plains realtor and President of the Westchester Putnam Association of Realtors, Mike Graessle of Better Homes/Rand Realty reports City of White Plains housing sales down 25% in the months of July, August and September,with prices continuing to soften, but he feels, stablizing.

Mike Graessle on a recent appearance on the city news roundup show, White Plains Week (Fridays, 7:30 PM, Channels 45 and 76, or www.WPcommunitymedia.org) updates his appearance with the latest White Plains realty sales numbers.

 He noted to WPCNR that the decline in  homes on the market (125 as of October 15)may bring a robust spring selling season with competition for starter homes. The city sales decline contrasted with home sales in the rest of Westchester County which went up 8% (See last week’s story on county realty sales.)

The average selling price of a White Plains home continued declining in the third quarter drifting down to $619,732, 7.7% below the third quarter of last year, ($671,501). The time a White Plains homeowner can expect to sell their home remained at 155 days ( 5 months). Fewer White Plains  homes were put on the market the last three months (70) than the third quarter of last year (82) 

Graessle said  Co-op sales, however, were up an “astounding 74%” from 21 in the third quarter of last year to 37 in the last three months, well ahead of the county increase of 18%. The average price up 16% to  $185,360. The median price (half sold above, half selling below) was $182,250, with the time it takes to move a co-op declining to 215 (5 months), and inventory of co-ops up to 105. Graessle attributed this to a younger market seeking their first home and seeking deductibility of housing costs from their taxes.

There were 39 Condominium sales, up by 3 units over the third quarter of 2010. The average sale price was up 26.7% to $592,844, compared to $467,858 last year. The median sale price was also up, $408,000 contrasted with $385,000 a year ago.

Mr.Graessle remarked that it took longer to sell a condo this year, 201 days (almost 7 months). The number of condominiums on the market are down by 14%,, 79 compared to 92 in the same quarter last year. Condominiums are being priced more realistically, he said, with the sellers eventually selling their units for 4.2% less than what they had first offered. In 2010, sellers were on average selling eventually at 5.7% less than their offering price. Presently 133 condominiums are on the market in the city.

Graessle observed that the decline in selling prices of  family homes, was stabilizing as sellers priced their homes realistically going on the market.,  He noted that nventory was being cleared out. He said high-end homes were no longer driving up the average selling price. As the inventory declines, Graessle predicted a strong spring selling season that could bring more competitive bidding for  desirable homesl

In the last three months, 12 homes in White Plains sold in the $400,000 range; 10 homes sold in the $500,000 to $600,000 price plateau; 6 in the $600,000 to $700,000 grouping and 10 in the $700,000 to $800,000 range; 2 in the $800K-$900K price bracket; 2 in the 900K-1M range, and 3 in the 1M to 1.5M range.

Graessle pointed out that these sales figures represented closings from the spring and that quarterly sales results are lagging three months behind current contracting activity.

In conclusion, he said that the home sales are now reflecting a younger demographic entering the White Plains market.

Graessle said the real estate market is not usually strong after Thanksgiving until spring.

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WPCNR POLICE GAZETTE. From Commissioner David Chong, White Plains Department of Public Safety. October 18, 2011:

At approximately 7 PM last night, Monday, Police units were called to White Plains Hospital on a report of two females suffering from stab/slash wounds.

Investigation reveals that the two 18 year old females had confronted and then been involved in a fight with another 18 year old female at the bus stop located in the vicinity of Mamaronek and Martine Avenues.

During this fight, one of the women suffered a serious wound that required emergency surgery while the second woman suffered less serious, but substantial wounds.

The second woman was treated and released. We are holding their identity at this time because of the on-going investigation.  Both women are White Plains residents.

Detectives working through eyewitness accounts quickly identified the suspect third woman.  She was later located in front of 325 Mamaronek Ave. around midnight and taken into custody.

She is identified as Christina Hernandez, age 18, a resident of Thornwood NY.  She is currently being charged with Assault first degree, a felony, and Criminal Possession of a Weapon fourth degree a misdemeanor.

Preliminary investigation reveals that this fight was part of an on-going dispute between these women that goes back to their days in high school.

The alleged weapon used was a box-cutter.

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WPCNR THE HOUSING NEWS. From Westchester Putnam Association of Realtors. October 13, 2011:

The Westchester-Putnam real estate market enjoyed a welcome uptick in sales volume in the third quarter of 2011.  Real estate firms participating in the Empire Access Multiple Listing Service reported a total of 1,944 closed transactions in Westchester in July through September, an increase of 148 transactions or 8% from the same period last year. 

Among the various property types in Westchester County, co-op sales posted the largest percentage increase, 18%.  The 160 Putnam County transactions constituted a 13% increase. These Westchester and Putnam County closings largely resulted from market activity during the late spring and early summer months.

The burst of third quarter sales still was insufficient to counterbalance the relatively weak postings of the first and second quarters.  From January through September there were 4,774 closed sales in Westchester County, about 8% fewer than for the first nine months of 2010. 

However, the direction of the market appeared to be improving.  On a seasonally adjusted basis¹ the third quarter sales were running at a rate 5% ahead of the prior quarter. In Putnam County the improvement was 12%.   Taking all nine months into account and projecting for the balance of the year, 2011’s year-end performance could come close to 2010’s and establish a mildly improving trend line from the depths of the recession in 2009. 

 The third quarter median sale price² of a Westchester single family house was $684,005 or about 6% below last year’s level of $730,250 when there was a high (28%) proportion of million-dollar-plus properties in the mix. 

The proportion of high end sales decreased just slightly to 26% by 2011 and thus did not influence the overall third quarter median price very much.

Rather, the average price of properties selling for less than $1 million decreased by 8% on average from a year ago. 

 In 2010 the median sale price among properties selling for less than $1 million was $590,000; in 2011 that submarket median fell to $540,000. 

The third quarter median sale price of a Westchester condominium decreased by just 2.5%, to $337,500. For cooperative units, however, the decrease was 7%, to 6,011. United States Manuals Step-by-step Tutorials   It is noteworthy that single family houses and cooperatives, both posting lower prices, also posted higher sales volumes. 

In Putnam County there was no change from the $330,000 third quarter single family house medians posted in both 2009 and 2010. Putnam County has very few transactions in the $1 million-plus range to influence its statistics.

 In response to the burst of sales this past quarter, the end-of-quarter inventory in Westchester on September 30 was slightly decreased from last year, by 3% to 7,124 units. Putnam County’s single family house inventory decreased by about the same percentage. Inventory in both counties is now a bit lower than it was in 2008 when the recession was building.

 It would be fair to conclude from these sales data that lower prices stimulated much of the increase in sales volume.  Low mortgage interest rates counted, too. 

During the late spring when consumers were applying for mortgage loans for these now-closed transactions, the average mortgage interest rate on a 30-year conventional loan was trending downward from about 5.0% in April to about 4.7% by July. 

The combination of lower prices and extremely low interest rates made Westchester and Putnam real estate more affordable than at any time in recent memory, thus turning some of the pent-up demand into real sales. 

 Another factor that bodes well for the Westchester-Putnam market is the apparent increase in sales activity in New York City.  Reports from various brokerages operating in the city indicate that sales volumes in the boroughs have increased in the range of 12% – 16% over last year.  If that level of activity is maintained it will unblock the city’s market and allow more sellers in New York City to move to the suburbs including Westchester.

Unemployment remains a serious problem although Westchester is outperforming the State and New York City with an unemployment rate that has trended downwards from 7.3% in 2009 to around 6.5% today. 

Still, consumers are exposed to incessant reporting of the national rate, 9.1%, which contributes to a nervousness about economic conditions that in turn suppresses enthusiasm for purchasing a property. Wild swings in the stock market also add to the climate of uncertainty. United States Guidelines Step-by-step Guide   Overall, however, if the country does not fall into a second recession, our region’s third quarter real estate results point more to an emerging recovery than to backsliding into a moribund market..

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² The median sale price is the mid-point of all reported sales, i.e., half of the sales were for more than the median price and half were for less.  The median is not affected by unusually low or high sale prices.  The mean sale price is the arithmetic average, i.e., the sum of all sales prices divided by the number of sales. The mean does reflect the influence of sales at unusually low or high prices. United States Instructions Step-by-step Examples

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WPCNR ROADWAY. From Governor Cuomo’s Press Office and press reports. October 11, 2011:

Governor Andrew M. Cuomo announced Tuesday that President Barack Obama has approved New York State’s request to expedite the review and approval process to allow work to begin on the Tappan Zee Bridge project.

Federal Officials approved the project, according to a report by Christine Hauney of The New York Times, provided the original $16 Billion bridge-rapid transit-rail project envisioned by the New York State Department of Transportation be junked in favor of a new 8-lane bridge.

The new bridge will add one lane over the present 7-lane bridge now in operation, scrapping Bus Rapid Transit and a Suffern rail link to New York City, previously envisioned, for the foreseeable future.

Previous design by the New York State Department of Transportation of an 8-lane span with train and bus rapid transit tubes underneath as it appeared in a DOT Newsletter in 2009. Design of the bridge to be built has not been presented

The new bridge would not include the Bus Rapid Transit system or rapid transit rail from Suffern to Manhattan as originally designed by the state Department of Transportation, but the new structure would be built to add rapid rail or bus transit “in the future.”

The bridge to be built will cost $5.2 Billion instead of the $16 Billion “super bridge” as originally planned by the New York State Department of Transportation over the last eight years and a reported series of studies that cost the state $60 Million. The Times reports the state will issue bonds in the amount of $3 Billion, financing them with tolls, and receive $2.2 Billion from the federal government.

Deputy Transportation Secretary John Porcari is reported as saying the federal portion of the “bridge loan” will come from U.S. Labor pension funds and the Transportation Infrastructure Finance and Innovation Act. The arrangement apparently does not need congressional approval.

Bids are reported to be going out in August, 2012.

No details on the  design of the bridge were supplied by the Governor’s Office yesterday, and the press office for the New York State Department of Transportation Tappan Zee Project, headed by Michael Anderson whose office devised the $16 Billion plan, emitted a busy signal each time WPCNR called Tuesday for information on the status of the environmental review for the bridge project.

President Obama launched a competition where states could submit their high priority, job-creating projects in order to win expedited federal approvals, and New York submitted the Tappan Zee project in to the competition.

With this expedited federal review of the Environmental Impact Statement (EIS) and the processing of certain permits, the Tappan Zee project could begin as early as next year, potentially creating more jobs than any other infrastructure project in the country.

“I want to thank President Obama, U.S. Transportation Secretary Ray LaHood, and the U.S. Department of Transportation, including the Federal Highway Administration, for selecting the Tappan Zee Bridge project and recognizing that moving forward with the project is key to New York’s economic future,” Governor Cuomo said. “This is a shot in the arm for the project and a major step forward to restoring this key piece of our infrastructure and putting tens of thousands of New Yorkers back to work.”

Senate Majority Leader Dean Skelos said, “I applaud the federal government for expediting approval of this important project, which will create tens of thousands of jobs and protect thousands of commuters as they make their way across the Tappan Zee every day. As Senator Fuschillo and I have made clear since we toured the Tappan Zee Bridge with County Executive Astorino in July, rebuilding this bridge and investing in our infrastructure must continue to be a priority. I commend Governor Cuomo and Senator Fuschillo, the Chairman of the Senate’s Transportation Committee, for their leadership on this critical project, and look forward to working together with all parties until it is complete.”

Assembly Speaker Sheldon Silver said, “I am pleased that President Obama has agreed to fast track review of this critical project. Investments of this size have the potential to transform the region’s economy, create jobs, and renew confidence in our state’s economic revitalization. I commend Governor Cuomo for taking the lead and reaching out to the White House so that we can move forward with the Tappan Zee project and ensure this vital transportation link.”

Built in the 1950s, the Tappan Zee Bridge is a critical link in the regional transportation network carrying Interstate routes I-87/I-287 across the Hudson River, connecting Rockland and Westchester Counties in southeastern New York, approximately 15 miles north of midtown Manhattan. This bridge connects I-287 in New Jersey to I-95 in Connecticut for access to the Northeast, New Jersey and Pennsylvania and carries a high percentage of trucks. Approximately 135,000 vehicles cross the bridge daily with upwards of 160,000 vehicles on some weekends, with a total of approximately 45 million vehicles in 2010.

Over the last twenty years, the Tappan Zee has shown significant deterioration. Further, with seven narrow lanes and no safety shoulders, the Tappan Zee has an accident rate double the rest of the New York Thruway system. The bridge also has serious vulnerabilities to extreme events such as severe storms, ship collision and earthquakes. The loss of the Tappan Zee, or reduction in lanes or load limits, would over-tax alternate routes and have a catastrophic economic impact on the region.

The Tappan Zee project has the potential to generate more jobs than any other infrastructure project in the nation. According to the Federal Highway Administration (FHWA), transportation infrastructure accounts for 11 percent of the nation’s economic activity. For every dollar invested in highway construction, the overall economy receives $4.87 in economic benefits – nearly five times the return on investment. Highway construction also supports thousands of jobs. FHWA estimates that every $1 billion in highway construction supports over 30,000 employment opportunities. The Associated General Contractors of America estimates that $1 billion invested in non-residential construction will create or sustain 28,500 jobs: one third of those jobs will be on-site construction jobs, one sixth will be indirect jobs from suppliers of construction materials and services and about half of the jobs would be created when construction and supplier workers and owners spend their additional incomes.

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WPCNR ALBANY ROUNDS. From the Governor’s Press Office. October 11, 2011:

Governor Andrew M. Cuomo  announced Monday that he has asked the federal government to expedite the review and approval process to allow work to begin on the Tappan Zee Bridge project. The Tappan Zee project represents a multi-billion dollar investment that will create tens of thousands of jobs and restore a critical part of the Northeast’s transportation infrastructure.

President Barack Obama launched a competition where states could submit their high priority, job-creating projects in order to win expedited federal approvals, and New York submitted the Tappan Zee project in to the competition.

With an expedited federal review of the Environmental Impact Statement (EIS) and the processing of certain permits, the Tappan Zee project could begin as early as next year, potentially creating more jobs than any other infrastructure project in the country.

“The Tappan Zee Bridge is a vital part of our state and region’s infrastructure,” Governor Cuomo said. “The Tappan Zee Bridge project improves a key component of our state and nation’s infrastructure, and at the same time puts tens of thousands of New Yorkers back to work.”

Senate Majority Leader Dean Skelos said, “I urge the federal government to expedite approval for this important project which will create tens of thousands of jobs. Major investments in infrastructure are exactly what New York needs to jumpstart our economy and restore safety to heavily traveled bridges and other arteries. I commend Governor Cuomo and Senator Fuschillo, the Chairman of the Senate’s Transportation Committee, for their leadership on this critical project.”

Assembly Speaker Sheldon Silver said, “With support from the federal government, New York State will be able to begin work on the Tappan Zee Bridge, ensuring this critical part of the Northeast’s infrastructure remains safe and reliable. Investments of this size have the potential to transform the region’s economy, create jobs, and renew confidence in our state’s economic revitalization. Governor Cuomo has shown true leadership in rebuilding New York’s economy and I look forward to continuing to work together on critical infrastructure projects and creating jobs in our state.”

Built in the 1950s, the Tappan Zee Bridge is a critical link in the regional transportation network carrying Interstate routes I-87/I-287 across the Hudson River, connecting Rockland and Westchester Counties in southeastern New York, approximately 15 miles north of midtown Manhattan. This bridge connects I-287 in New Jersey to I-95 in Connecticut for access to the Northeast, New Jersey and Pennsylvania and carries a high percentage of trucks. Approximately 135,000 vehicles cross the bridge daily with upwards of 160,000 vehicles on some weekends, with a total of approximately 45 million vehicles in 2010.

Over the last twenty years, the Tappan Zee has shown significant deterioration. Further, with seven narrow lanes and no safety shoulders, the Tappan Zee has an accident rate double the rest of the New York Thruway system. The bridge also has serious vulnerabilities to extreme events such as severe storms, ship collision and earthquakes. The loss of the Tappan Zee, or reduction in lanes or load limits, would over-tax alternate routes and have a catastrophic economic impact on the region.

The Tappan Zee project has the potential to generate more jobs than any other infrastructure project in the nation. According to the Federal Highway Administration (FHWA), transportation infrastructure accounts for 11 percent of the nation’s economic activity. For every dollar invested in highway construction, the overall economy receives $4.87 in economic benefits – nearly five times the return on investment. Highway construction also supports thousands of jobs. FHWA estimates that every $1 billion in highway construction supports over 30,000 employment opportunities. The Associated General Contractors of America estimates that $1 billion invested in non-residential construction will create or sustain 28,500 jobs: one third of those jobs will be on-site construction jobs, one sixth will be indirect jobs from suppliers of construction materials and services and about half of the jobs would be created when construction and supplier workers and owners spend their additional incomes.