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Answers (7)
- Robin Lynch, "robin398"
- Contributions:1935
One town that has good and bad turnover is Harrison. Harrison is divided by I-287. West Harrison and Purchase are north of I-287 and downtown Harrison is on the south side of I-287. The part of West Harrison that is doing well is Park Lane Reserve. There is a pick-up of houses sold within the last 6 months although housing prices are about 20-25% less that when these single family properties were originally listed. Single family homes and multi-family properties in downtown Harrison are not doing as well. There was a 15-20% property tax hike in Harrison this year prompting many homeowners to put their homes on the market. Unfortunately, not much is selling and these properties remain on the market.
- Robin Lynch, "robin398"
- Contributions:1935
In nearby Greenwich, CT, Mel Gibson's estate recently sold for $29.7 million after coming down almost 30% in price. Here is the link:
http://today.msnbc.msn.com/id/38036162/ns/today-entertainment/
http://today.msnbc.msn.com/id/38036162/ns/today-entertainment/
- Robin Lynch, "robin398"
- Contributions:1935
Analytical,
Do you actually have access to the MLS to configure your statistics? The absorption rate for each town can be used by this example:
http://activerain.com/blogsview/20685/How-Absorption-Rate-is
Robin Lynch
Keller Williams Realty Group
Do you actually have access to the MLS to configure your statistics? The absorption rate for each town can be used by this example:
http://activerain.com/blogsview/20685/How-Absorption-Rate-is
Robin Lynch
Keller Williams Realty Group
- Robin Lynch, "robin398"
- Contributions:1935
By only cutting your price by 5-10% will not make a difference in this market. This market cannot bear the highest price listed. The properties that are being sold are priced 30-35% lower than the original listing price and selling. The point is to bring the price down to a different price bracket therefore allowing more potential buyers to take an interest in the property.
- analytical
- Contributions:25
Robin,
You suggest there is a need for a 30-35% price reduction. That sounds like a lot, but you may be right. A beautiful 5200 sf house on 2.1 acres just sold for $258 per sf. I checked, and in North Castle, there are 28 homes for sale with over 5000 sf and under 3 acres. The average list is $376 per sf. (The range is from $220 to $600 per sf) So the recent sale was 31% below the average list per sf. I should mention that there were 2 other houses sold within the past 3 months of similar size and they sold for $371 per sf and $414 per sf. Soooo, some people get lucky! Still, at the rate houses are selling, it will take 28 months to sell those 28 homes!!
You suggest there is a need for a 30-35% price reduction. That sounds like a lot, but you may be right. A beautiful 5200 sf house on 2.1 acres just sold for $258 per sf. I checked, and in North Castle, there are 28 homes for sale with over 5000 sf and under 3 acres. The average list is $376 per sf. (The range is from $220 to $600 per sf) So the recent sale was 31% below the average list per sf. I should mention that there were 2 other houses sold within the past 3 months of similar size and they sold for $371 per sf and $414 per sf. Soooo, some people get lucky! Still, at the rate houses are selling, it will take 28 months to sell those 28 homes!!
- Robin Lynch, "robin398"
- Contributions:1935
Honestly, the properties that are selling in Area 2 in Westchester County which includes Bedford, New Castle, North Castle, Lewisboro, Pound Ridge, North Salem and Somers need to drop their prices of $1,000,000 to about 30%-35% off those prices for those properties to sell in this market.
- Robin Lynch, "robin398"
- Contributions:1935
Hi analytical,
Homeowners that have their properties priced over $1,000,000 need to drop their home prices by 40% if they want their properties to sell in this market.
Robin Lynch
Keller Williams Realty Group
Better housing turnover south of route 287?
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