WHERE THE MONEY IN REAL ESTATE IS GOING IN WESTCHESTER HOUSING: RYE,MAMARONECK, BEDFORD, SOUND SHORE AND UPCOUNTY, Greenwich

WPCNR REALTY REALITY. Special to WPCNR from Houlihan Lawrence. October 27, 2020:

The COVID-19 pandemic has led many New York City residents to leave the city and head to Westchester County.

Houlihan Lawrence, reached deep into its real-time buyer data and analyzed which markets are experiencing a strong influx of homebuyers from New York City. 

Houlihan Lawrence’s proprietary data indicates that 37% of the buyers in Westchester in the third quarter originated from New York City, an increase from 26% year-over-year.

Year-to-date, 54% of the NYC buyers were from Manhattan, and of those, 18% from Brooklyn.   In neighboring Putnam County, the percentage of third quarter NYC buyers rose to 33%, nearly twice as many as last year. 

The most popular Westchester markets for NYC buyers are the Sound Shore (Rye, Rye Neck, Port Chester, Harrison, Mamaroneck/Larchmont) and Northern Westchester (Bedford, Armonk, Chappaqua, Pound Ridge, North Salem). Communities which showed the significant percentage increase in sales by New York City residents were Rye, Mamaroneck, Bedford, and Irvington.

In Bedford, the percent of NYC buyers rose from 11% to 43%, a stunning 291% increase year-over-year. Homebuyer interest in Bedford and other Northern Westchester communities is being fueled by city buyers looking for more open space and amenities with less emphasis on proximity to NYC.

Brendon DeSimone, manager of Houlihan Lawrence’s Bedford/Pound Ridge office, said his office has seen incredible interest from New York City buyers in the past six months. “We heard many buyers say that they couldn’t imagine bringing their kids back to New York City. Here in Northern Westchester, their kids are hiking, farming, swimming in a pool or even a lake. They appreciate all that we have to offer and realize there is a desirable lifestyle outside the city,” he said.

“People can now work remotely at least half the time or more. They can commute to the city during off hours, attend a few meetings and get back home without the stress of a Monday through Friday daily commute.  They like that option. It’s become the best of both worlds,” he added.

Terra Corning, manager of Houlihan Lawrence’s Larchmont office, also reports a steady influx of buyers from New York City. “The Brooklyn/Manhattan buyers have always been drawn to us. We seem to have just enough space, and yet not too much space. We are also very much a walking community which includes the neighborhood style elementary schools. And the train is never too far which is great for those optimistic about getting back into the City,” she said.

“Since March the New York City buyer segment is definitely driving sales in our communities, however the high end of the market – sales over $4M – have largely been local trade up buyers  in Larchmont. I think the NYC buyer at the higher end price range is looking for newer construction more easily found in Rye and Greenwich,” she added.

Houlihan Lawrence’s proprietary data indicates the percentage of residents from New York City buying in the Greenwich market rose from 19% to 34%. Darien also showed a similar increase from 19% to 35%. 

The migration of buyers from NYC has been reported anecdotally. Houlihan Lawrence’s data now quantifies the change in buying patterns on a local level.   

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Second Wave of Covid Alert

WPCNR THE LETTER TICKER. From the Office of Governor Andrew M. Cuomo. October 27, 2020:

Dear John, 

Our country is seeing a surge in COVID; there have been almost half a million new confirmed COVID cases in the US in just one week.

While the number of new cases per 100,000 residents in New York remains low relative to other states, New York State is not in a hermetically sealed bubble.  

COVID is still here and continues to spread in communities in New York, particularly when people do not follow the safety protocols in place to control the virus. We continue to see outbreaks linked to mass gatherings at houses of worship, at weddings and funerals, and other events where too many people gather. 

We cannot let our guard down and risk sliding backward in New York. We all must remain vigilant as the weather gets colder and as we are up against “COVID fatigue.”

Stay NY Smart: Wear a mask, socially distance and follow the public health guidance. It’s there to save lives. 

Chart of the Day: The statewide test positivity rate (the orange line) remains under 2 percent. Here’s what else you need to know tonight: 

1. California has been added to New York’s Travel Advisory. Individuals traveling to New York from California must quarantine for 14 days upon arrival in NY. Massachusetts meets the criteria for the travel advisory but due to the region’s interconnectedness, quarantine is not practically viable. As such, New York highly discourages non-essential travel between Massachusetts and New York to the extent practical. See more info here. 

 2. The positivity rate in the “micro-cluster” focus areas was 3.65 percent yesterday. The statewide positivity rate excluding these areas was 1.53 percent. Of the 111,618 tests reported yesterday, 1,991, or 1.78 percent, were positive. There were 1,083 total hospitalizations. Sadly, we lost 15 New Yorkers to the virus.

  3. SUNY will require on-campus students to test negative for COVID-19 before leaving for Thanksgiving break. That means SUNY’s 64 colleges and universities will test about 140,000 people over a 10-day period leading up to Thanksgiving break. Per the policy, colleges in the SUNY system should schedule tests as close as possible to students’ departure date. “I want to thank our students for the phenomenal effort during these difficult times as well as SUNY health policy experts for helping us create this guidance that ensures a safe wind down of the fall semester,” said SUNY Chancellor Jim Malatras. 

 4. The MTA will begin a voluntary COVID-19 screening program for frontline transit employees. Under this new initiative, free COVID testing will be offered at field locations and medical assessment and occupational health services centers to frontline NYC Transit, LIRR, Metro-North and Bridge and Tunnels employees. Up to 2,000 frontline MTA employees will be screened per week under the initial phase of the program. Read more here.  

Tonight’s “Deep Breath Moment”: A Pulitzer Prize-winning composer is giving Central Park its own soundtrack. Composer Ellen Reid has written new music for an app called Soundwalk that is intended especially for visitors of Central Park. The app uses GPS to know where you are walking in the Park — and what you hear on your headphones changes depending on the route you take. In this way, the listener becomes a composer too. The music for this immersive auditory experience includes 25 different nature-inspired themes, recorded by members of the New York Philharmonic, among others.  If you were forwarded this email, you can subscribe to New York State’s Coronavirus Updates here. 

Ever Upward, Governor Andrew M. Cuomo

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COVID NEW INFECTIONS IN WESTCHESTER APPROACH 100 NEW CASES A DAY IN LAST WEEK. RECOVERY THREATENED.

NEW PERSONS TESTING POSITIVE FOR COVID AVERAGED 93 A DAY FROM OCTOBER 19 THROUGH OCTOBER 25.

WPCNR CORONA VIRUS SURVEILLANCE. By John F. Bailey October 26, 2020:

WESTCHESTER HAD A BAD WEEK FIGHTING OFF THE COVID VIRUS ACCORDING TO NEW YORK STATE STATS IN THE LAST 7 DAYS ENDED SUNDAY.

WESTCHESTER COUNTY AVERAGED  93 NEW POSITIVE COVID CASES A DAY FROM OCTOBER 17 THROUGH SUNDAY OCTOBER 25,

THE DAILY NUMBER OF NEW WESTCHESTER COVID INFECTIONS WAS 78, 72, 68, 78, 95, 101, 151 90 AND 71 ON SUNDAY.

A TOTAL OF 714 WESTCHESTER PERSONS TESTED POSITIVE IN THE LAST 9 DAYS FOR COVID. THE INFECTION RATE WAS 1.6% .

MAYOR ROACH IN HIS WEEKLY COVID UPDATE SAID THE COUNTY HAS 1,033 ACTIVE CASES, 45 ACTIVE CASES IN WHITE PLAINS, AND OVERALL WHITE PLAINS PERSONS WHO HAVE HAD OR STILL HAVE Covid 2,061.

MAYOR ROACH SAID THE CASES IN THE COUNTY WERE TRENDING ON THE UPSWING. HE SAID THE COUNTY DEPARTMENT OF HEALTH HAS MANDATED STUDENTS IN K-12 IN PUBLIC AND PRIVATE SCHOOLS SHOULD WEAR MASKS.

One week from election day, the Associated Press reported average deaths per day across the country are up 10% over the past two weeks, from 721 to nearly 794 as of Sunday, according to data from Johns Hopkins University. Newly confirmed infections per day are rising in 47 states, and deaths are up in 34.

NOW WHAT DOES THIS RISING INFECTION RATE MEAN? 

THE WESTCHESTER ECONOMY IS IN TROUBLE. THE SALES TAX RECEIPTS IN SEPTEMBER REFLECT THIS.

IN WHITE PLAINS AFTER 3 MONTHS OF OUR FISCAL YEAR, SALES TAX RECEIPTS ARE DOWN 21%. IF OCTOBER NOVEMBER DECEMBER MEET LAST YEAR’S TOTALS, AND CHANCES ARE THEY ARE NOT GOING TO DO THAT, THE CITY WILL STILL BE 10% DOWN WITH HALF A YEAR TO GO. .

WESTCHESTER COUNTY IS UP 2.3% AFTER 9 MONTHS OF ITS FISCAL YEAR, BUT THEY ESTIMATED SALES TAXES RECEIPTS WOULD BE UP 27% THIS YEAR.

IF THE COUNTY CONTINUES ON THIS INCREASE 2.3% THEY WILL ONLY MAKE $673 MILLION WHEN THEY PROJECTED $747 MILLION a SELF-INFLICTED BLOW.

MEANWHILE IN HIS STATE OF THE COUNTY SPEECH LAST WEEK, GEORGE LATIMER SAID HE WAS RELYING A THE STIMULUS PACKAGE THAT WE HAVE BEEN WAITING FOR FOR 6 MONTHS FROM WASHINGTON.

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Westchester Broadway Theatre: The Live Museum of Broadway Theatre for 45 years Goes Dark. White Plains Performing Arts Center Steps Up to the Role

WPCNR STAGE DOOR. From the Westchester Broadway Theatre. October 26, 2020:

The Westchester Broadway Theatre will close its doors after 45 years of business due to COVID 19. The work that WBT has done over the years has been truly historic and will go down in history, not only in Westchester, but in the theatre industry as New York’s longest running Equity theatre.

Over the years, WBT has produced 217 musicals, hosted numerous concerts, benefits and fundraisers, employed 5,000 theatre professionals, many who have gone on to Broadway and beyond, and served over 6 million customers. 

As the world has been plugged into an intense emergency; we have determined there is no way we can reopen when the ban is lifted on live theatre.

Dinner- theatre, because of social distancing requirements, will be the last entertainment category to be given permission. Our landlord does not want to continue supporting our lease.

Sadly, the interior is to be destroyed and the building turned into a warehouse.

“It is with a great sadness that we say goodbye. We wish you much good will in the future. We will miss you!” said Bob Funking, Bill and Von Ann Stutler, founders of the Westchester Broadway Theatre, in a letter to employees. 

The art of presenting live theatre is one of NY State’s largest industries. It has been greatly affected by the pandemic leaving many shows on hold, 12 million people out of work, and numerous patrons with outstanding tickets to shows. 

However, Westchester residents will still have a professional Equity theatre in their backyard to attend when restrictions are lifted.

The White Plains Performing Arts Center, which is located in downtown White Plains, has used this down-time to make many new renovations to accommodate the “new world of theatre” when Governor Cuomo authorizes theaters to reopen. Everything from air purification systems, to advanced cleaning solutions and social distancing has been put in place. 

“As someone who grew up seeing and working on shows at WBT, it’s with a heavy heart that we say goodbye to our colleague. The work they have done over the years was remarkable. When we heard of this news, we knew we had to do something to not only honor their legacy but also make sure we keep professional theatre alive in Westchester. We are honored to have the torch passed to us at White Plains PAC to take on that task!” said Stephen Ferri, White Plains PAC’s Executive Producer. 

White Plains PAC has generously offered to try assisting affected WBT ticket holders by honoring outstanding tickets and gift cards for a future WPPAC show. This will be a way to give back to the community and keep the industry alive; as well as fulfill the outstanding obligations to patrons. Eligible patrons will be contacted in the coming weeks with details about the exchange program.

WBT Staff

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