Here’s the YouTube link for WPW of 10-11-19
WPCNR REALTY REALITY. From the Hudson Gateway Association of Realtors. October 9, 2019:
Overall residential sales decreased by 1.6% in Westchester County in the 3rd quarter of the year, due to a 16-1/2% decline in Co-op sales. (from 545 last year’s 3rd quarter down to 455 in July-August-Sept 2019).
Single Family Homes in Westchesterland grew 1% from 1,919 in July-August-September last year to 1,939 this year.
The median price of a Single family home grew 3% to $699,000 from $678,500 a year ago. The average sales price of a single family home sold in this year’s third quarter is $907,900 compared $879,313 last year, a slight rise of 3%.
Condominium sales rose 3.2% from 401-to 414, while the average sale price of a condo rose 2.4% to $467,396 up from $456,396 a year ago, pretty much of a “wash.”
The HGAR analyst are concerbed about low inventory: “There was virtually no relief from the low inventory numbers that Realtors have been bemoaning for several years and that continues to be a hindrance to sales growth. With a low inventory, buyers often find it difficult to find housing that fits their criteria.”
Leah Caro, President of Park Sterling Realty in Bronxville explained the drop in Westchester co-op sales was due to the popularity of co-ops which has increased the average price of co-ops on the market. “When sales go up, prices go up, and people wait until affordability goes down. Now is actually a great time to buy a co-op, but you have to have all your ducks in a row, prepared to meet the average down payment on co-ops which is 10% to 20%.”
Caro said generally co-ops will allow about 80% financing but you as the buyer have to have a cash reserve. Caro noted inventory of co-ops for sale is down, too contributing to the higher prices.
The report from HGAR was bullish on commercial developments: “The region is experiencing an active commercial market with several economic development projects in progress: LEGOLAND in Orange County and a $100 Million film studio in Yonkers.”
The average price of a co-op sold in the last three months was $212,251, up 3% over last year at this time (when it was $205,792. Co-op prices are the lowest priced residential ownership entry market . Caro said the price of a co-op can range from$50,000 to 2 Million.
HGAR touted Westchester County positives : “Tourism in every county in the region had significant increases for 2018 and unemployment remains at historic lows. A healthy economy with low mortgage interest rates indicates that the housing market is on solid ground for the foreseeable future.”
WPCNR THE LETTER TICKER. From the Board of Directors of the Gedney Association. October 9, 2019:
Dear Members of the Common Council:
As you know the French American School of New York (FASNY) put approximately 48 acres on the market for sale earlier this year. More recently we have learned from potential purchasers that FASNY is entertaining offers for the entire former Ridgeway Country Club property.
The former golf course property is one of the largest remaining open spaces in the City. Importantly, the entire property is designated as an environmentally sensitive site characterized by watercourses, wetlands, steep slopes, a lake and pond. The Comprehensive Plan states that should a golf course no longer be feasible then the property should be developed at the lowest density residential zone.
In recognition of these features, the Common Council, a number of years ago, unanimously rezoned the property to the R-30 zone. The R-30 zone permits detached single-family homes on minimum lots of 30,000 square feet.
The former Ridgeway Country Club property is characterized by other unique features. Primary among them are that:
It is not a single, large 129 acre parcel separated from the adjoining properties. Indeed, the former golf course’s parcels are narrow, ribbon-like tracts that back up upon single-family detached homes. Therefore, it is essential that any proposed development be in conformity with the existing character of the Gedney Farms neighborhood and adhere to the R-30 zoning classification. Any subdivision plan must be carefully designed so all non-buildable areas are deducted before any calculation of the number of R-30 residential lots.
Lastly, The Gedney Association expects the Common Council to mandate preservation of the same amount of usable open space as proposed in earlier applications.
When appropriate, we are prepared to discuss in greater detail the neighborhood’s views and concerns regarding the possible development of this very important property with you.
Very truly yours,
The Board of the Gedney Association
WPCNR COUNTY CLARION-LEDGER. From the Westchester County Department of Communications, October 8, 2019 5:21 PM:
COUNTY EXECUTIVE GEORGE LATIMER STATEMENT ON GARDEN OF REMEMBRANCE VANDALISM
“On the eve of Yom Kippur, the highest of holy days in the Jewish faith, anti-Semitic materials were discovered today at the Garden of Remembrance in downtown White Plains. We are enraged by this act and heartbroken that individuals would target members of our community on the most solemn day in their tradition. County Police are actively investigating and reviewing video of the area; we seek to find and punish those who did this act. We as a County, people of all faiths, stand with our Jewish brothers and sisters today and always.”
