Archive for April, 2010


Out and About in Armonk

0 Comments By Gay Prizio on April 30th, 2010
Tags: , , , ,      Categories: Market Area, Out and About, Town Guides, Westchester

The Gateway to the Country

Armonk is first northern Westchester suburb that has a genuine country feeling.  Its armonk gazebo Out and About in Armonkrolling hills and sweeping vistas suggest a bucolic retreat from the hustle and bustle. Homes are sited on large parcels of land that give their owners privacy and solitude.  Yet 15 minutes from Armonk is the hub of White Plains and shopping at The Westchester. To the north and a 10 minute drive is Mt. Kisco, with shopping and restaurants. Express trains from the North White Plains Metro-North station take you to Grand Central Station, total commute time is less than an hour.

Armonk also has a thriving corporate population, namely IBM’s 25 acre corporate headquarters, and SwissRe US headquarters. Employees keep local retailers busy and most importantly, Armonk’s substantial corporate tax base keeps residential property taxes lower than other towns in Westchester.

Shopping

Main Street in Armonk is home to Hickory and Tweed, a venerable name that has for decades properly clothed residents for outdoor pursuits. Francophile shoppers love to browse at La Dentelliere which offers European linens, housewares and accessories while Table D’Hote has an eclectic selection of tabletop and glassware from around the world.

Restaurants

Armonk’s restaurant scene includes Kira Sushi and Made in Asia for Japanese, David Chen for Chinese and Gavi, Opus 465 and Marc Charles Steakhouse for meat eaters.

Recreation

Armonk is located in the town of North Castle, which has strong recreation department and offers a variety of activities for residents of every age. The Armonk Outdoor Art Show in October is a well-attended annual event that is sponsored by the Friends of North Castle Public Library.

Armonk Real Estate

Learn more in our Armonk Town Guide or review the latest Armonk Real Estate Market Report.

The Remodeling Rebound

0 Comments By Gay Prizio on April 26th, 2010
Tags: , ,      Categories: Selling

The Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University just released a study projecting home improvement spending will increase by 5% this year. According to the Leading Indicator of Remodeling Activity (LIRA), this would be the first annual increase for home improvement since 2006.

This nationwide study cites a stabilizing housing and job market, and increasing consumer confidence as contributing factors to this significant uptick in spending. However, the difference between a home renovation in 2010 vs. the boom years is a practical and prudent mindset. Today, new counter tops, appliances and floors are enough to update the kitchen, unlike a few years ago when a new kitchen meant super-size me with additional square footage, custom cabinetry and restaurant quality appliances.

Other energy efficient home improvement projects include creating a home with better insulation, geothermal heat pumps, and water heaters. The Federal government’s Energy Star program issues tax credits for certain energy saving home improvement projects.

Are you considering a home improvement project this year?

Westchester’s High-end Home Market

0 Comments By Gay Prizio on April 23rd, 2010
Tags: , , ,      Categories: Buying, Houlihan Lawrence News, Luxury market, Selling, Westchester

Houlihan Lawrence COO, Chris Meyers, discusses the current buying trends in the high-end home market in this video from Forbes.com. See what Chris has to say about where bargains exist in the local housing market here in Westchester County.

Mid-Century Modern Home in Westchester

0 Comments By Gay Prizio on April 19th, 2010
Tags: , , ,      Categories: Buying, Selling, Westchester

The cover story in the Spring issue of Westchester Home magazine features the home of Todd Goddard, a real estate agent for Houlihan Lawrence, who specializes in the marketing and sale of modernist iconic homes in Westchester County. As the proud owner of a recently restored Skidmore, Owings, Merrill modern home in Armonk, Todd both lives and sells the mid-century modern lifestyle.

westchester home cover Mid Century Modern Home in WestchesterMid-century. Modernist. Contemporary. These words are being spoken with a new found popularity and appreciation for the clean and simple lines that define this architectural style. As both a Westchester real estate agent and expert on this era, Todd’s studied eye allows him to market and sell modernist homes by speaking to the design elements that are emblematic of the period. His expertise and first-hand knowledge of modernist homes – not to mention his personal experience from his own restoration – resonates with buyers.

Todd’s love of architecture is not confined to the merely modern, though it is his current passion. He appreciates all significant architectural styles, and has a bird’s eye view into a variety of home styles as a realtor.

Do you have a love of modern homes? Tell us what your experience has been buying, selling or renovating.

Mortgage Rates on the Move

0 Comments By Mark Logue on April 14th, 2010
Tags: , , ,      Categories: Buying, Credit, Mortgage, Selling

As we all know, interest rates have plummeted to historical lows in recent months. Average long-term interest rates remained below 5% throughout March 2010. That is well below the 6% average that we were seeing in 2008, not to mention the lowest rates seen in decades. All good things must come to an end (clearly not said by anyone from the optimistic Emerald Isle) and we have already seen rates climb over 5% to an 8 month high of 5.25%.

So what does the future hold for interest rates? As I am NOT clairvoyant with a crystal ball I can only look to the past to try and get an indication of what the future holds. History shows that periods of significantly low interest rates are generally followed by sky-high rates.  Case in point: From 1970 to 1972, 30 year fixed mortgage rates hovered around 7.25% before leaping to 10% by the end of 1973. Murphy’s law applies here (Murphy was a well known pessimist in Ireland ), when rates move downwards, it is typically a slow creep to the downside.  However, when rates rise, it is typically violently quick to the upside.

So why are rates rising?

  • Good economic news is one reason that rates are rising: Government debt, a safe bet during the recession is losing its appeal as stocks and corporate bonds are becoming the investments of choice by investors.
  • The Federal Reserve has ended its program of buying Mortgage Backed Securities. When the Fed was buying, rates were in the mid 4% range for most of last year. Today, according to the Mortgage Bankers Association, the national average for a 30-year fixed rate mortgage is 5.31%.

For people putting their home on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their transaction for two main reasons

  • Buyers want to lock in their interest rate before they go higher.
  • Buyers want to have a signed Purchase Agreement in place before April 30th in order to qualify for the (up to) $8,000 Tax Credit offered by the U.S. Government.

I am expecting a frenzied last two weeks in April as there will be a near panic (in some cases) to meet the April 30th deadline. As a seller, price your home right as you will not have time to “test the waters”. As a buyer, get pre-approved and lock in your interest rate before it is too late.

Tally Ho!

0 Comments By Anthony Cutugno on April 9th, 2010
Tags: , , , , , , , ,      Categories: Dutchess, Luxury Country Properties, Luxury market, Westchester

Ready to saddle up? Newcomers to our area are often surprised to find that there are still a number of major equestrian properties within easy commuting distance to Manhattan.

Home to both small and large horse farms with miles of beautiful riding trails to enjoy, our region also hosts major equestrian events such as top-level competitions at Old Salem Farm in North Salem, the Goldens Bridge Hunt, the Millbrook Hunt and one of our favorite summer events, the Fitch’s Corner Horse Trials, held annually in Millbrook.

Whether you are a professional or simply like to ride, here are a few of the picturesque equestrian properties that make our area so special.

Barn 2 150x150 Tally Ho!Three Ponds Farm – North Salem

A horseman’s paradise with an extensive barn complex, staff quarters and a charming house, this irresistible 57-acre setting offers a unique mix of meadows, forest, springs and three stocked ponds.

Horse Field1 150x150 Tally Ho!Beaver Dam Farm – Bedford

One of the few small equestrian estates in Bedford, this glorious 10-acre setting borders the Beaver Dam River and features a two-story barn, dressage ring designed by Lawton Adams and multiple paddocks.

                                                      1 150x150 Tally Ho!Shannon Stables – Bedford

There’s room for over 35 horses at this professional-caliber facility set on 33 acres in Bedford’s historic Guard Hill area. Large stables, indoor and outdoor rings, a Grand Prix jumping course and 22 paddocks are among the many special features of this tranquil setting, only minutes from Bedford Village.

WMF 9 150x150 Tally Ho!Winchell Mountain Farm – Ancramdale

On over 142 acres with views that stretch to the Catskill Mountains, this breathtaking setting hosts a Colonial-style Farmhouse, 16-stall barn, 10-stall summer barn, outdoor ring, jumping field, 13 paddocks and multiple guest and staff houses.

  

  

  

 

Deal Tracker

0 Comments By Gay Prizio on April 7th, 2010
Tags: ,      Categories: Deal Tracker

Houlihan Lawrence tracks a variety of metrics on a weekly basis, such as listing volume, number of accepted offers (AOs), pending and closed sales from each office. This information is one of the many tools that help us understand our business companywide and to identify trends that may lurking on a broader scale.  

Accepted offers track immediate on-the-ground buyer/seller sentiment. An accepted offer means that buyer and seller have reached an agreement on price and terms, but is not binding until contracts are fully executed.  AOs can fall apart for a variety of reasons but nonetheless helps us see where the market is headed.

We are currently in the midst of the spring selling season and unlike last year – when the first quarter was practically static – the 2010 spring market is moving forward in a predictable and reliable fashion. Accepted offers have increased steadily since the beginning of the year, as is typical of the spring season, with a healthy uptick in AO’s the past 2 weeks.  An accepted offer on April 1st will likely close in June, the busiest moving month of the year.

In some towns, well-priced homes have an AO within days, indicating that buyers and sellers have reached a consensus about value.  What a difference a year makes.

The Ageless Profession

0 Comments By Gay Prizio on April 5th, 2010
Tags: ,      Categories: Uncategorized

Justice John Paul Stevens is thinking of retiring from the Supreme Court as he approaches his 90th birthday. What a gift to be wanted and needed professionally for so long and have the luxury to set your exit strategy on your own watch.

It got me thinking that real estate is also a place that admires and respects the elders of the profession. A “seasoned” agent is not forced out, and replaced with a younger model, as often happens in corporate America. In fact, agents who have been in the business for 30, 40 even 50 years in many ways have an advantage over their younger counterparts because their seniority and mastery is revered, not rejected, by their clients.

Their accumulation of  knowledge is an asset in a profession that rewards hard work, integrity and competency at any age.

Out and About in Cold Spring

0 Comments By Gay Prizio on April 1st, 2010
Tags: , , ,      Categories: Out and About

Cold Spring is the day tripper’s paradise. Accessible by train or car (only an hour from Grand Central Terminal) Cold Spring offers a wide range of things to do that make it both a destination and a joy to call home. The rampant volunteerism keeps safe this community of neighbors, many whom originate from New York City. They are attracted to the area of shady streets and Colonial and Victorian homes in a spectacular setting of mountains and the majestic Hudson.  Outside the village historic area, country roads wind through the hamlets of Garrison and North Highlands, where homes offer hidden havens to residents seeking privacy and solitude.

Activities

Main Street Cold Spring NY 150x150 Out and About in Cold SpringThe Hudson River borders this historic town and Storm King Mountain sits along the western bank of the river, making Cold Spring ideal for kayaking, boating, and hiking.  For those with less energy but just as much town enthusiasm, Cold Spring’s Main Street, lined with 1800s historic structures, offers an array of specialty shops and antique stores such as Jane Krenach Antiques, the Cold Spring Antiques Center and a variety of restaurants to satisfy any palette. Riverview, Cathryn’s and Le Bouchon are a few favorites.  

Cold Spring Real Estate

Cold Spring real estate is sought by both year-round and weekend residents. The town’s population is under 10,000 and zoning outside the village historic area generally allows for multi-acre parcels. Cold Spring homes include historic Victorians and a walk-to-everything lifestyle. Weekend lake cottages start in the $300s, and vertiginous river view contemporaries with multi-million dollar price tags dot the landscape.  Open land is protected through three land preservation organizations active in preserving the town’s beauty and natural resources while controlling the risk of overdevelopment. 

To find out more about, visit Houlihan Lawrence’s Cold Spring Town page or review the Cold Spring Market Report (Haldane school district).