WatchingWestchester    October  Report  2010                                                            The  Angel  Team

Property of the Month

50  Harvard  Court  |  White  Plains,  NY5BRs/3.5BTHs

$735,000Beautiful   Pre-­‐War   Dutch   Colonial   with   modern   day  benefits.  Renovated  kitchen  with  stainless  steel  appliances  &  breakfast  nook.  Spacious   formal   living   &  dining   rooms,  plus   an   unusually   large   sunroom.   Hardwood   floors   &  classic  architectural  details  throughout.    Charming  finished  attic  with  2  bedrooms   &  full   bath   create   private   suite   for  guests  or  teenagers.  Upgrades   include  new  roof,  gutters,  windows,   power   generator   &   entirely   new   2-­‐car   garage  (’98)  with   finished  loft   for   the   stay-­‐at-­‐home  professional.  Desirable   location-­‐   walk   to   worship,   shops,   restaurants.  Short  ride  to  WPRR  or  walk  1  block  to  bus  route  that  goes  to  train.  Easy  commute  to  NYC-­‐  35  minutes.

For  more  information  or  to  schedule  a  showing,call  The  Angel  Team!

914.437.6141  or  914.263.7168

Westchester-Putnam Multiple Listing Service Releases Third Quarter Sales Report“Our   area’s   residential   real   estate   market   suffered   a   setback   in   the   third   quarter   as   total   closed   sales   in  Westchester   County   numbered   5.4%   fewer   that   in   2009,   and   23.7%   fewer   in   Putnam   County.   Part   of   that  retrenchment  was  due  to  the  generally  poor  economic  environment  during  the  late  springs  months,  the  period  in  which  marketing  activity  generated  most  of  the  closings  that   took  place  in  the  third  quarter.  Part,  though,  could   also   be   attributed   to   the   artificial   acceleration  of   the   market   into   the   second   quarter,   when   some  consumers  advanced  for  their  home  purchase  plans  to  beat  the  June  30  deadline  for  closings  that  were  eligible  for  the  first  time  homebuyers  tax  credit.

One  of  the  factors  that  depressed  sales  activity  in  the  summer  months  was  that  the  equity  markets  behaved  erratically  and  undermined  consumer   confidence   in  the   economy  including   the  real  estate  market.  The  Dow  Jones  Industrial  Average  plunged  in  fits  and  stars  from  more  than  11,100  in  early  April  to  less  than  9,750  by  July.  However,  we  have  since  re-­‐crossed  the  11,000  threshold.  Another  drag  on  consumer  confidence   in  our  area  is  the  unemployment  rate.  It  has  been  trending  downward  ever  so  slightly  and  is  still  quite  high  at  around  6.9%.Still,   the   direction   is   right.   Last,   mortgage   interest   rates  remain  at  record  low  levels  and  show  no  signs  of  market-­‐breaking   increases.   There   are   more   reasons   to   be  optimistic   than  pessimistic   about   this   area’s   economy   in  general,   and   real  estate  specifically.   The  recovery  may  be  slight,   but   it   is   a   recovery.”   -­‐WPMLS   2010   Third   Quarter  Residential  Real  Estate  Sales  Report

Real Estate in the NewsAll  information  provided  by  the  Keeping  Current  Matters  Real  Estate  Blog  &  can  be  found  

at  http://kcmblog.com.  Sign  up  for  their  daily  postings  &  keep  on  top  of  the  market!

If   you   know   a   great   real   estate   professional,   you  might  be  questioning  them  right  now.  They  may  tell  a  friend  of  yours  in  the  afternoon  that  this  is  a  great  time  to  buy  a  home  and  in  the  evening   tell  another  friend  that  they  have  to  lower  their  price  in  order  to  sell  their  home.  Wait  a  minute.  How  can  it  be  a  great  time   to   buy   if   prices   are   falling?   Is   the   real   estate  agent   just   saying   this   to  make   a   sale?   Actually,   the  agent   is   100%   correct.   Perhaps   for   the   first   time   in  American  real  estate  history,  you  must  buy  now  and  you  must  sell  now.  How  can  this  be?  Because  what  is  important   to   the   buyer   is   different   than   what   is  important  to  the  seller.  Let  us  explain.

The  most  important  thing  to  the  seller:  PRICE

Every  seller  is  most  concerned  with  trying   to  get  the  best   price   possible   for   their   home.   In   order   to   do  that,   they   must   sell   now.   Banks   repossessed   the  highest   number   of   foreclosed  homes   in  history   last  month.   These   houses   will   come   to   market   at  dramatically   discounted   prices.   This   is   the   main  reason  analysts  are  calling   for   another   dip   in  prices  over   the   next   eighteen  months.   The   best   advice   a  seller   can   receive   is   to  sell   their   home   now   before  these  foreclosures  come  to  market.

The  most  important  thing  to  the  buyer:  COST

Price  plays  a  part   in  the  buyer’s   decision.  However,  the  most  important  thing  to  most  buyers  is  the  cost  –   the   mortgage   payment   they   must   pay   every  month.  That   payment   is  determined  by  the   price   of  the   home   AND   THE   INTEREST   RATE   ON   THE  

MORTGAGE.   Rates   are   artificially   low   because  of   government   intervention.   That   will   not   last  forever.

The   National   Association   of   Realtors   (NAR)   has  projected   that   rates   will   rise   over   the   next   seven  quarters.   What   will   that   do   to   the   cost?   Here   are  NAR’s  projections  and  what   impact   it  will  have  on  a  $100,000  mortgage:

As  we   can  see,  the   interest   rate  has  a  major   impact  on  the  COST  of  the  home.  Even  if  prices  continue  to  fall,  the  cost  may  not  go  down  if  interest  increases.

Bottom  Line

Your   real   estate   agent   is   trying   to   give   the   best  advice   they   can   to   every   family   they   work   with   -­‐  even  if  that  advice  seems  counter  intuitive.

Best Time to Buy AND Best Time to Sell?

The Best Real Estate Graph of the Year?MacroMarkets   is  a  company  founded  by  Professor  Robert  Shiller  of  Case-­‐Shiller  fame.  The  company  has  assembled  a  distinguished  panel   of   over   1000  economists,   investment  strategists,  and  housing  market  analysts  who  survey  every  month   regarding   the   experts’   5-­‐year   expectations   for  future   home  prices   in  the  United  States.  KCM   decided   to  graph  this  on  a  timeline  so  you   can  see  how  the  ‘experts”  believe   the  market  will  perform.   To  the   left   is   a   graph  of  the  mean,  cumulative  home  prices  that   the  experts    expect  over  the  next  five  years.What  does  this  mean  to  you?  For  more  info,  visit

 http://kcmblog.com/2010/08/13/the-­‐best-­‐real-­‐estate-­‐graph-­‐of-­‐the-­‐year/

$$ Best Buy $$

58  Woodcrest  Avenue  |  White  Plains,  NY$599,000

Situated   on   a   quiet   road   in   White   Plains,   58  Woodcrest  represents   unparalleled  value  in   today’s   market.  Boasting  over  3200  square  feet  of   easy  living,  this  home   is  ideal   for  the  savvy  buyer,  listed  at  just  under  $184  per  square   foot.  The   sought-­‐after   floorplan   is   one   that   appeals   to   many,  with   large   formal   spaces,   a   huge   eat-­‐in   kitchen   with  adjacent  laundry  room,  sunken   family  room  with   fireplace  &   gracious   master   suite   with   full   bath,   dressing   area   &  multiple   closets.  Enjoy  time  outdoors  relaxing  and  playing  on   the   level   backyard   or   barbecuing   with   friends   and  family   on   the   deck.   Centrally   located,   just   minutes   from  downtown   White   Plains,  schools,  shops,  dining   and   train  station,  offering  35  minute  express  service  to  NYC.

For  more  information  or  to  schedule  a  showing,call  The  Angel  Team!

The Green Corner“Green  is  the  new  Gold.”            -­‐  KW  Research,  10/2010

A  recent  Keller  Williams  Research  survey  reveals  the  green  features   that   matter   most   to   buyers.   Green   homes   sell  faster   and   command   a   higher   price   than   traditional  construction,  and   the  demand  for   green  homes  is  climbing  quickly.   According   to   a   survey   conducted   recently   by   KW  Research,  nine  out  of  10  agents  indicated  that  green  homes  have   a   higher   market   value   than   similar   homes   without  green  features.

So  just  what  green  features  have  the  highest  appeal  among  buyers?  A  double-­‐pane  or  low-­‐e  window  tops  the  following  list  of  17  features  that  fall  within  the  category  of  “green.”

Green  features  that  buyers  were  looking  for   in  their  home  search  in  the  past  12  months:

Double-­‐pane  or  low-­‐e  windows         39.1%Energy-­‐efficient  appliances         36.8%Insulation             25.7%Heating/cooling/climate  control       25.5%Solar  panels  or  solar  powered         22.4%Non-­‐specific  energy  efficient/desire  to  keep  bills  low   15.1%Tankless  or  other  high-­‐efficiency  water  heater     14.8%Water  conservation  (rain  barrels,  low  flow  toilets)   9.7%Low-­‐  or  no-­‐VOC  paint           7.9%Energy  efficient  and/or  sustainable  roofing  materials   5.9%Tech  shield/radiant  barriers         4.8%Bamboo  Flooring           4.3%Energy  efficient  lighting         3.9%Air  quality/allergies/asthma         3.0%Fans               1.8%Landscaping             1.0%A  home  that  is  “off  the  grid”         0.5%

Spotlight on: White Plains

Current  Market  StatsSingle  FamilyActives:  138In  Contract:  15Pending:  4Solds(Oct.):  13Solds(6mos):  120

CondosActives:  131In  Contract:  14Pending:  12Solds(Oct.):  7Solds(6mos):  73

Co-­‐opsActives:  194In  Contract:  19Pending:  4Solds(Oct.):  10Solds(6mos):  64

Local LoreQ. How  did  the  “Gedney  Farms”  area  come  to  be?

A. “Gedney  Farms   in  White   Plains   now   a   residential   area  was   founded  in  1740   by   John  Gedney,   who   bought   116  acres  from  William  Marsh  for  400  pounds.  By  the  time  of  the   Civil   War,   when   Bartholomew   Gedney   was   in  possession,  it  was  one   of   the  most  productive   farms   in  Westchester   and  the   farmhouse   on  Ridgeway   was   one  of  the   fines   in   the   county.   James,   son   of   Eleazer,   who  was   born   in   Mamaroneck   in   1702,   was   another   land  buyer,  acquiring  Daniel  Horton's  60  acres  in  White  Plains  and  in  1739  buying  up  102  acres  of  the  Budd  land  in  Bud's  Neck,   Rye   Neck   of   today.   Hidden   within   the   modern  additions  of  the  house  on  the  Boston  Post  Road,  next  to  the   Nicholls'   garage   at   Barry   Avenue   is   the   Gedney  homestead   which   John   Built.   From   this   house   to  Halstead   Avenue   in   Mamaroneck   runs   a   row   of   giant  walnut  trees  that  once   lined  the  farm   lane  which  led  to  the  White   Plains   Road.  Here  Gedneys   lived  until   a   few  years   ago.   When   John   bought   his   big   farm   the   land  across   the  way  was   owned  by  the   Jay  family.Like  other  families   of   those   days,   the   issue   of   loyalty   to   England  was  an  important  one,  and   in  many  cases   brother  took  side  against  brother.  Isaac  Gedney,  who  owned  a  farm  in  Mamaroneck   harbor  near   the   bridge,  was   arrested   for  criticism   of   the   Provisional   Congress   but   released  because  he   had  a   large   family   of   children  who  needed  him  at  home.”  -­‐  Courtesy  of  The  Van  Tassel  Family  History  Homepage

Guess the sale price!This   is   a  contest   to   see   who  can  guess  what   this  home   will   sell   for!   This   gorgeous   Gedney   Farms  Colonial  in  White  Plains  was  designed  by  renowned  Westchester   architect   Phillips   Brooks   Nichols  and  features  5  bedrooms  and  4   baths,  with  over  3400  square   feet   of   living   space.   Timeless,   original  details   throughout   make   this   home   stand   out-­‐  hardwood   floors,   fireplace,   crown   molding,   etc.  Charming  kitchen  with  breakfast  nook  and  butlers  pantry.   Situated   on   over   half   an   acre,   there   is  plenty   of   room   for   a   pool   or   tennis   court.   Email  Gerry  at  gerryangel@kw.com  with  your  guess.  The  person  who  comes  closest  without  going  over  will  win  a  $5  Starbucks  Gift  Card!

Please   feel   free  to  pass  this  Newsletter   along  to   anyone  you  think  would  be  interested.  Better  yet,  have  them  ask  me  to   be  added   to   the  list   and  have  them  mention  your  name  and  I  will  send  you  a  $5.00  Starbucks  gift  card.

If  you  do  not  wish  to  receive  this  report,  please  reply  with  “Unsubscribe”  in  the  subject  line.

If   you   are   interested   in   seeing   any   of   the   properties  mentioned   in   this  Newsletter,   or   if   you   think   you   know  someone  who  would   be   interested   in   living   in   this  area,  please  call  me.  I  would  be  happy   to   set  up  a  consultation  at   your   convenience.   I   cover   all   of   Westchester   County  and  parts  of  Southern  Putnam.  

Please   note:   according   to   new   regulations   of   the  Westchester   County   Board   of   Realtors,   brokers   and  agents  are  not  permitted  to  mention  actual  addresses  of  sold   or   listed   properties   in   their   promotional   activities  unless  it   is   listed   by   their   office.   I   can,   however,   provide  you  with  complete  information  if  you  request  it.

The Angel TeamKeller  Williams  NY  Realty120  Bloomingdale  RoadSuite  101White  Plains,  New  York  10605O:  914.437.6141  C:  914.263.7168  F:  914.437.6199gerryangel@kw.comgerryyourrealestateangel.com

Eye on Luxury...Currently   listed   at   $2.5   million,   this   home   is   currently   the  priciest  property   in  White  Plains.   Taking   a   step  back   in  time,  this   1920s   Gedney   Farms   Georgian   is   a   true   example   of  Westchester  history.  Renovated  throughout,  this  6892  square  foot   home   blends   classic   details   with  modern   convenience.  High   ceilings,   hardwood   floors,   and   5   mantled   fireplaces  grace  this  7  bedroom,  6  bath  estate.  An  additional  profession  suite   with   separate   entrance   provides   a   fabulous   work-­‐at-­‐home  option.  With  over  half  an  acre  of  land,  the  possibilities  for  a  pool  or  new  garage  are  endless.