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Posts Tagged ‘top westchester realtor’

I was quoted three times in an article on the 2010 real estate market discussing how sellers have adjusted to falling property values.

“Look at it like the stages of grief,” says J. Philip Faranda, the broker-owner of J. Phillip Real Estate in Westchester County, N.Y. “In 2006 and 2007, it was denial; in 2008 and 2009, it was mourning; in 2010, it’s acceptance.”

Sellers slow to change

It’s not surprising that it would take some time for sellers to come to terms with the market’s rapid and drastic changes. It’s a learning process — a “price-discovery process,” in economic terms.

Sellers frequently concede they’re harboring unrealistic expectations only after having tried and failed to sell their home. (See “Are you the reason your home won’t sell?“) Or they’ve watched other sellers reduce prices repeatedly to get buyers to even look at their homes, then seen those sellers relinquish additional ground when negotiating.

Pride often prevents sellers from seeing foreclosures as the new competition.

“If a guy with a half-million-dollar house still thinks it’s worth $600,000, I can show him two or three foreclosures that are listed for $400,000 and $450,000 and ask him how he thinks I’m going to hypnotize people into buying his house for $600,000,” Faranda says.

The Internet has helped change expectations. A seller traditionally blames his agent when his home isn’t selling. But today, Multiple Listing Service and syndication agreements let sellers list homes for sale on a dozen or more Web sites (take a look around your neighborhood), so “all the old excuses of ‘you’re not advertising my house’ have gone away,” Faranda says.

The reporter told me that she found me on Active Rain, which is nice to hear. I post quite a bit on that blog. The link is in the sidebar. I also got a nice hate email, from some anonymous guy who told me what a bad person I am because I helped cause the economy to fail. His presumptiveness is secondary; I acknowledge his frustration.

My main point in the interview with the reporter was that, once listed, a home becomes virtually ubiquitous, and, therefore, the main reason any home doesn’t sell is price.

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Own or rent the most affordable Briarcliff Condo on the market! 1st level unit in sought after Kemeys Cove with stunning view of Hudson River from either the living room or master bedroom patio. Both master bedroom and living room have sliders to outdoor covered patio with river view and close proximity to pool. Extremely large living room. Low maintenance includes heat & water. Walk/jitney to Scarborough train – minutes to NYC! Pool, clubhouse, assigned parking spot. Bring your imagination! Original family still owns this unit and price reflects updating you may desire. Also available for rent, call for details.

110 Kemeys Cove

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The show is CNBC’s “On the Money” with Carmen Wong Ulrich. The house comes up at 1:30 of the video.

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The NY Times is reporting that Sacramento, one of the earliest places to decline, is now showings signs of recovery. This is hopeful news. How long before we can expect ecouraging news in White Plains, Briarcliff Manor, and Pleasantville? Well, it depends on what you view as good news. It will be the better part of a decade before we see prices approach their 2005 zenith. Sales are certainly up, but the bulk of that volume is bank -owned foreclosures, short sales, and other underpriced assets. We still need to liquidate billions in bad loans before we can say we are “healthy.” Perhaps we are out of the emergency room, but we aren’t out of intensive care. 

Westchester County buyers are still lowballing, cautious, and demanding. I think it will remian a buyer’s market until other sectors of the economy rebound. I am still listing a high number of short sales all over the Hudson Valley. They have become part of the vernacular. Moreover, New York City is in the early stages of it’s own decline. Hopefully, NYC’s problems will be far more short lived than the rest of the country.

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10 Husky Hill, Poughkeepsie, Accepted Offer

44 Morehouse, Red Hook, Accepted Offer

62 Baldwin, Patterson, Under Contract

204 Tomahawk, Yorktown, Under Contract

15 Orchard, Putnam Valley, Under Contract

5 Bayden, Ossining- Pending Sale

177 Avondale, Yonkers, Pending Sale

97 Robertson Rd, White Plains, Pending Sale (2 offers)

2 Overlook, White Plains, Pending Sale

_____________________________________________

http://WestchesterRealEstateblog.net

http://www.jphilip.com

http://NewYorkShortSaleBlog.wordpress.com

http://www.NYShortSaleTeam.com

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The Listingbook Program allows consumers to search for a home online for free on a platform that is far more in depth and comprehensive than Realtor.com or a broker’s typical website. Registration is free, your information is confidential, and the results are fantastic.

Listing Book

Listing Book

Some features of the program include:

  • Customizable search, including bookmarking and rejecting specific properties
  • Morning updates delivered via email daily as new listings become available, putting you on top of the market
  • Personal notes on properties and the ability to send messages to your agent on each home
  • Change criteria quickly and easily
  • Database is updated twice an hour, not once daily!
  • Price change alert on bookmarked properties
  • Much more

Nothing can replace a good agent, but having this kind of technology at your fingertips will make the process far more efficient. Fewer homes will be “missed out on,” more homes will fit your search, and you’ll be able to be far more specific in your criteria. Not only that, you can instant message and email your agent from the site in real time.

All your information is confidential and safe. You’ll never be spammed or solicited from 3rd parties for registering your search on the site. This is truly real estate 2.0.

Right now the database is for the Westchester-Putnam MLS system only, which includes Westchester and Putnam Counties, as well as the Bronx and Dutchess County.

If you want to search Long Island (Queens, Nassau & Suffolk Counties), click here.

If you want to search Connecticut, email me and I can get you the link.

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Yes, real estate brokers fire listings. It is a rare occurrence for me, but if a client is particularly uncooperative, self destructive, or a liability to the company’s well-being, the listing has to be cancelled and the client given the opportunity to seek their fortunes with another broker.

Today, after months of acrimony and headaches, I gave a seller client her release. The ironic thing is that she is a retired real estate broker herself, and someone I thought would be collegial to work with. She wasn’t. Just scheduling showings was like performing a miracle, filled with drama and angst. It was a short sale file, no easy task to begin with, and an offer has been on the table for about 2 weeks. My client refused to submit the offer to the lender for approval, and has been obstructing my efforts to affect a short sale.

This afternoon I got a call from an agent who could not schedule a showing; I called my client to get to the source of the issue. It was a tempest in a teapot. I am not showing a lack of empathy, believe me. If Ed McMahon showed up at your door with a check for $1 million, would you refuse the money because his tie and socks didn’t match? An offer on a short sale is important, precious, and not to be trifled with. For a veteran of our business to obfuscate important issues with pedantic obsessions with process is not something I can work with.

My hope is that this will be a wake up call to the lady that she needs to get serious about avoiding a foreclosure. For me to continue things the way they were going would be enabling destructive behavior and subordinate my diginity to earning a commission. Even in this market, that is something I cannot do.

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