Tag Archives: Homes for Sale in Westchester County

Westchester County and the real estate market after Tax Day 2019!

Giovanni Gonzalez | April 2019

Ever since December 2017 when the Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law, I have been thinking that April 2019 would be a breaking point.

I would venture to say that for most of the Country, Tax Day 2019 brought a mixed bag. Some got a bigger tax refund; some got a smaller tax refund. For a large number of Westchester County residents, the new so-called SALT (State and Local Tax) deduction of $10,000 actually became a net tax increase.

By the end of the first quarter of the year our real estate market has reacted in different ways according to my observation:

  1. For properties listed under the $800,000 number, the market is still a seller’s market. There are plenty of residual buyers out there trying to capitalize on the low interest rate and the inventory is still low. We are still seeing multiple-offer situations in some cases.
  1. For properties listed between $800,000 to $2,000,000 the market is flat. There are buyers for these properties, but they don’t have a sense of urgency. They are being more careful, especially those buyers above the $1,000,000 (these properties are subject to a mansion tax). Of course, these properties are selling but their marketability is now more a function of their real value.
  1. Properties Listed above $2,000,000 are struggling, some sources indicate sales falling 30% to 40%. There are several reasons for this decline but in my mind the impact of the Tax Cuts and Jobs Act of 2017 is the main reason.

It is important to note that the real estate market in NYC has been faltering for the last 18 months. Westchester is suffering the consequences of the softening of the NYC market because we feed from those buyers. Those NYC residents that had hopes to move to suburbia looking for more space to raise their families are not going to be able to do so until their properties go into contract. Meanwhile their properties sit on the market and their values go down as NYC also assimilates the changes of the new tax law. Some of them now will have to worry about another law. You guessed it, the NYS Transfer and Mansion Tax.

At some point the effect of the SALT cap will be assimilated into the pricing, in the mean time we can only wait and hope for the best.

Share

10 of the best neighborhoods in Westchester County

Just north of New York City, Westchester County is an ideal location for suburbanites who commute to work in Manhattan some 30 miles away.

Westchester is a charming community. Its 900,000 residents live across 49 towns, all offering a wealth of housing options to suit every need.

Here’s just a few of the best neighborhoods found in Westchester County:

1. Dobbs Ferry
Offering a truly diverse selection of homes ranging from classic Victorians to mid-century split-levels, to condos and million-dollar estates, this river town has been regarded as a warm and comfortable place to live.

2. Fleetwood
This busy and diverse neighborhood in North Mount Vernon has numerous vintage homes as well as pre- and post-war buildings. Convenient commuting remains Fleetwood’s biggest draw, since it’s just blocks away from the Metro-North station, and it’s right off Exit 8 on the Cross County.

3. Irvington
This unassuming river town named after Washington Irving is pretty near perfect, with a charming Main Street, burgeoning dining scene, and stunning river views. You’ll find sprawling park estates, elegant brick Colonials, and stately historical homes from among a diverse array of residences.

Partial View of Mamaroneck Harbor

Partial View of Mamaroneck Harbor

4. Mamaroneck

This historic harbor-side village with a diverse population and an array of shops and restaurants offers a lot of residential options, from co-op apartments to multi-million-dollar waterfront homes on the Long Island Sound – making Mamaroneck an attractive place to live for people of different incomes.

5. Mount Kisco
Downtown streets lined with a mix of big chains and small mom and pop stores offers shoppers the best of both worlds. It makes this diverse community one of the more desirable places to live in Westchester County, especially with its affordable home prices.

6. New Rochelle
Residents of New Rochelle have long praised the town’s ethnic diversity, community spirit, school system, and economic mix. It’s one of those places where the old and new, and the hip and traditional co-exist harmoniously. The same qualities can be seen in the town’s real estate, which range from sprawling multimillion dollar acreage to turn-of-the-century single family homes on tree-lined streets.

7. Ossining
One of the more affordable places to buy a home, Ossining also has low property taxes and above average schools. It’s also got a charming downtown area and an impressive number of structures that are on the National Register of Historic Places.

8. Rye
With 6 square miles of land and 14 square miles of water, Rye City is the smallest city in Westchester County – but it’s the wealthiest and most historic. Almost three-quarters of the homes are single-family residences, and the area has been described as having the “cuteness of a village, but it is a city.”

9. Tarrytown
Blending lovely small-town charm with modern diversity, Tarrytown bustles with appealing antique shops, art galleries, specialty stores, gourmet eateries, and a great music hall. Forbes Magazine did the right thing by including Tarrytown in their list of America’s 10 Prettiest Towns.

10. White Plains
The only municipality with a real skyline, White Plains owes its transformation to urban planners. They turned the town into a vibrant city, with an abundance of condominium apartments. Liveability has gone up, along with high walkability to nearby amenities, like having a Walmart a block away from a Ritz-Carlton.

 
Find out more on the best neighborhoods to live in Westchester County by getting in touch with us at the GioHomes Team today.

Share