Inventory of Homes for Sale Continues Softening, According to Houlihan Lawrence. Raising Prices. Rational Pricing by Owners Encouraged if you Want to Sell

WPCNR REALTY GO ROUND. From Houlihan-Lawrence. February 8, 2018:

The story for the 4th quarter remains relatively the same as the last quarter.

The stock market and economy continued to gain steam and both ended the year with record highs.

While consumer confidence was also at an all-time high, confidence in our local real estate market is showing signs of softening.

For the 4th consecutive quarter this year, active listing inventory continued its descent across our market area, a trend that isn’t showing signs of improvement in the near future.

Homes for sale in Westchester were down 8.4%, Dutchess was down 10% at the end of the quarter.

The average sale price in Westchester was up 5.1% to $794,660, Dutchess was up 2.2% to $303,150.

In Putnam, where the decline in inventory was the greatest at 10.8%, prices were up 1.7% to $368,422.

The steady increase in pricing due to the lack of supply is resulting in wavering demand.

Pending sales in Westchester were down 4.2% overall, and down 4.5% at the most affordable levels, homes priced below one million.

While pending sales overall in Putnam and Dutchess were slightly up by 2.7%, pending sales at entry level price points were down 21% in Putnam and 14% in Dutchess.

With higher prices and less choice, entry level buyers have taken up a wait and see posture.

Here are some trends Houlihan Lawrence  is seeing as we head into the new year.

While we could initially attribute the reduced activity in the beginning of the year to the polar temperatures, activity levels have only slightly warmed up.

Showings in our area are down 32%.

Showings of homes listed under one million dollars are down even further at 36.8%.

Homeowners interested in selling need to understand that pricing is key.

Homes priced competitively, without experiencing a price reduction, sell on average in 50 days at 99.9% of their original asking price.

Conversely, homes priced too high, that get reduced, sell on average in 361 days for 82% of their asking price.

Homeowners need to be very competitive in their pricing in the current climate. In our luxury markets, demand is healthy, for now.

We are beginning to see inventory levels increasing at a rate that is creating an imbalance of more homes than can be absorbed by the current pool of buyers.

Sellers should recognize that luxury buyers are looking for homes they can move right into with little to no work needed.

An attractive home, not only in price, will help bring buyers in as the inventory in the luxury market inflates. The tax changes will undoubtedly have an effect on our markets, to what extent remains to be seen.

The reason people buy homes are rarely based solely on tax incentives. Where people buy, and how much they spend however are certainly going to be effected by the changes to the tax law.

For now, Houlihan Lawrence  isn’t seeing a major adjustment.

What we can expect is that the tax changes will likely put downward pressure on prices, and perhaps that will be the catalyst needed to jumpstart the market.

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Rivertowns Liberated After 10 Years of Exile as County Opens Ashford Avenue Bridge Linking Dobbs Ferry-Ardsley Northbound Exit and Entrance opened at 3:45 PM Tuesday

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 COUNTY EXECUTIVE GEORGE LATIMER AND LEGISLATOR MARY JANE SHIMSKY CUT  RIBBON ON THE CRITICAL NORTHBOUND ARDSLEY-DOBBS FERRY ENTRANCE EXIT AT SAW MILL PARKWAY

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COUNTY MEDIA MOBILE DEPARTS NORTHBOUND ON THE NEWLY OPENED ENTRANCE/EXIT IN ARDSLEY–CLOSED 10 YEARS

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AND AWAAAAAYYYYYY WE GO!  

MARY JANE SHIMSKY,GEORGE LATIMER RIDE A VINTAGE DODGE MUSCLE CAR GT TO OPEN NEW RAMP THAT ELIMINATES THE-SOUTH BOUND-TO-GO-NORTHBOUND DETOUR MOTORISTS FROM DOBBS FERRY AND ARDSLEY MADE FOR YEARS TO EXIT OR ENTER FROM DOBBS FERRY AND ARDSLEY NORTHBOUND ON THE SAW MILL PARKWAY

WPCNR TRAFFICA. From the Westchester County Department of Communications. (Edited) February 7, 2018:

Motorists are advised that the entrance/exit ramp (exit 17) to the northbound Saw Mill River Parkway at Ashford Avenue in Ardsley and Dobbs Ferry has reopened today, approximately four months ahead of schedule.  The ramp reconstruction is part of the Ashford Avenue Bridge and Ramp Rehabilitation Project.  The ramp was previously closed on March 14, 2016.

The ramp opening indicates a substantial completion of the project with major items of work completed.  Several weeks ago, the final stage, Stage 3, of construction, commenced with Ashford Avenue restored to four lanes, with two lanes in each direction during peak hours.

Although, Ashford Avenue has been restored to two lanes in each direction during peak hours, single lane closures may occur in each direction during off-peak hours.  This final stage of construction will last until this summer when minor items are completed in warmer weather.

The $17.9 million project to fully rehabilitate the Ashford Avenue Bridge and Ramp along the border of Ardsley and Dobbs Ferry started pre-construction on January 4, 2016, and began impacting traffic on March 1, 2016 with off-peak lane closures on Ashford Avenue, the Saw Mill River Parkway and the New York State Thruway (I-87).  It is estimated that the entire project will be completed by this summer.

Shimsky said the bridge and ramp were deemed unsafe about 2008, when concrete fell from underneath the bridge. No progress to  repair the bottleneck that essentialy cut the rivertowns of Irvington, Dobbs Ferry and Hastings off from entering the Saw Mill Parkway north without going south or north first began until 2015.

Bumper to bumber  morning and  evening bottlenecks were created from about 3 o’clock on for years creating chronic delays westbound and eastbound on Dobbs Ferry Road as the Saw Mill could not be accessed northbound at the critical bridge.

Hopefully this will now be a thing of the past.

In his brief remarks, County Executive George Latimer said the county is reviewing capital projects and what needs be looked at as the top priorities, as well as how to fund them. He said a sequence of priority infrastructure projects had not been decided upon at this time. He hoped that federal and state aid might be found to tackle priority projects.

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The County Strikes Back: Westchester Files National Lawsuit Against 30 Pharmaceutical Companies to Recover Million$ in Damages. Accuses Big Pharma of False Advertising, Suppression of Dangers of Opioids. Any Recovery Will Be Channeled to Drug EDucation, Expenses of Treatment, Enforcement.

 

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WPCNR COUNTY CLARION-LEDGER. From the Westchester  County Department of Communications. February 6, 2018:

Westchester County is facing the ever-escalating costs associated with combating the opioid epidemic.  In its continued efforts to confront this crisis, Westchester County filed a complaint seeking to recover damages for use of public resources to fight the opioid epidemic in Westchester Supreme Court on February 6, 2018. The amount being sought is still being determined, the attorney representing the county said.

The complete news conference may be viewed on this YouTube Link. Click on the “Opiod” Video:

https://www.youtube.com/channel/UCC774tkGUZw8xoZtHhuQUsQ

The complaint filed against  more than 30 defendants, alleges that the manufacturers, distributors and other entities intentionally misled the public about the dangers of opioids.

The Companies Named in the complaint filed today:PURDUE PHARMA L.P.; PURDUE PHARMA

INC.; THE PURDUE FREDERICK COMPANY,
INC.; TEVA PHARMACEUTICALS USA, INC.;
CEPHALON, INC.; JOHNSON & JOHNSON;
JANSSEN PHARMACEUTICALS, INC.; ORTHOMCNEIL-
JANSSEN PHARMACEUTICALS, INC.
N/K/A JANSSEN PHARMACEUTICALS, INC.;
JANSSEN PHARMACEUTICA, INC. N/K/A
JANSSEN PHARMACEUTICALS, INC.; ENDO
PHARMACEUTICALS, INC.; ALLERGAN PLC
F/K/A ACTAVIS PLC; ACTAVIS, INC. F/K/A
WATSON PHARMACEUTICALS, INC.;
WATSON LABORATORIES, INC.; ACTAVIS
LLC; ACTAVIS PHARMA, INC. F/K/A WATSON
PHARMA, INC., ENDO HEALTH SOLUTIONS
INC.; INSYS THERAPEUTICS, INC.;
MCKESSON CORPORATION; CARDINAL
HEALTH, INC.; AMERISOURCEBERGEN
CORPORATION; AMERICAN MEDICAL
DISTRIBUTORS, INC.; BELLCO DRUG CORP.;
BLENHEIM PHARMACAL, INC.; DARBY
GROUP COMPANIES, INC.; EVEREADY
WHOLESALE DRUGS LTD.; KINRAY, LLC; PSS
WORLD MEDICAL, INC.; ROCHESTER DRUG
COOPERATIVE, INC.; RUSSELL PORTENOY;
PERRY FINE; SCOTT FISHMAN; and LYNN
WEBSTER,
Defendants.
Index No.:
VERIFIED COMPLAINT
PLAINTIFF DEMANDS A TRIAL
BY JURY
– –

The complaint outlines the history of how these defendants downplayed the risks associated with opioids such as OxyContin, Fentanyl and Percocet while aggressively marketing them.

This negligent behavior has led to a significant increase in County budgets for law enforcement, emergency care, first responder overtime, Narcan training and prevention and treatment programs.  There will be no cost to the Westchester County taxpayers with this filing.

County Executive George Latimer said: “Too many lives have been lost to opioids.  Too many parents in this County have watched their children suffer and die from these drugs.  It is time that we take a stand and hold the pharmaceutical companies responsible.

These companies clearly knew the risks associated with use of these products; they needed to build in protections for how they would be used and give proper attention to the likely abuse of their products. They ignored these concerns when promoting these drugs.

They are drugs and they are dangerous – and the public must be protected. Further, the costs of this opioid epidemic have been borne by the taxpayers, in additional education, enforcement, and Medicaid costs. These costs must be borne instead by those who profited from the sales of these drugs”

In 2017, approximately 64,000 people died from a drug overdose in the United States – the largest annual increase of drug-related deaths ever recorded in US history.  Overdoses are now the leading cause of death for Americans under 50.

Westchester experienced 124 Opioid overdose deaths  (more than have died in traffic accidents), (includes heroin and prescription drugs) in 2016, according to the New York State Department of Health.

Westchester County Attorney John Nonna said:

“Westchester County, like many local governments, has expended resources and suffered financial loss addressing the opioid crisis affecting our entire community. We believe that the manufacturers, marketers and promoters of these drugs have misled us as to the addictive power of these drugs in their negligent marketing and misleading promotion of them. They should, and will be, held accountable for this conduct.”

Paul J. Napoli of Napoli Shkolnik, the firm the County has partnered with in this endeavor said: “We are committed to working with the County in their fight against the makers of these dangerous and addictive painkillers.”

County Police Chief Inspector John Hodges, who is the Commanding Officer of the Detective Division, said:  “From our efforts here in Westchester, to our work with federal partners, the Department of Public Safety is working tirelessly to identify and arrest those responsible for the distribution and sale of illegal opioids in our communities. Law enforcement, however, is only one piece of the puzzle. We will not arrest our way out of this problem, which has impacted families from every community, demographic and walk of life in Westchester.”

The Harris Project Founder and President Stephanie Marquesano, who lost her son Harris to opioids, joined Latimer for the announcement of the lawsuit: “My 19 year-old son Harris died by an accidental opioid overdose in 2013. This propelled me to become an advocate for prevention programming and integrated treatment to meet the needs of those with co-occurring disorders. I work closely with the County to support those facing the challenges of opioid addiction, and see first-hand the catastrophic impact on individuals and loved ones. This is a critical step in turning the tide on this epidemic, and creating long-term solutions.”

Westchester County Department of Community Mental Health Commissioner Michael Orth said: “The County Department of Community Mental Health has experienced the devastating impact of opioid addiction in our County.  This includes a significant increase in the need for crisis, inpatient and outpatient treatment as well as daily calls from family members desperate to keep their loved ones alive.   The pharma industry needs to be held accountable for the unnecessary costs incurred as a result of prescription opioid misuse and abuse, including healthcare costs such as treatment services and crisis care.”

County Health Commissioner Sherlita Amler, M.D. said: “Westchester and the Nation are in the throes of a new public health crisis, the opioid epidemic, which last year killed more of our people than motor vehicle accidents. Prescription painkillers have actually overtaken heroin as the most common cause of opioid overdose deaths and every measure must be taken to stop this dangerous trend.”

The County is represented by the firm of Napoli Shkolnik PLLC in coordination with the Westchester County Attorney’s Office.

 

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WINTER ENLIGHTENMENT

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ICE FLOW JAM ON THE HUDSON IN COLD SPRING

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ICE FIELDS SOUTH TO WEST POINT

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CHESSIE SYSTEM BIG FREIGHT MOVING SOUTH BASE OF SNOWY MOUNTAIN

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SEAGULL AIRPORT AT PEEKSKILL LANDING: TRIO OF DUCKS AWAIT CLEARANCE FOR TAKE OFF FROM AIR TRAFFIC CONTROLLER (BELOW)

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