Tag Archives: 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.

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The Nightlife in Westchester County

The night is young, and scattered all across Westchester County are nightlife joints where you can enjoy good music, well-made drinks, and great company. The following establishments come highly recommended.

Photo courtesy of BarTaco website

Bartaco
1 Willett Ave, Port Chester
http://www.bartaco.com

Bartaco has several branches located in different parts of the country, but all you need is to make the trip to Port Chester to enjoy their well-loved margaritas, mojitos, and caipirinhas. The interiors of this Port Chester restaurant possesses a laidback, beach vibe further enhanced by nautical blue and whites as well as its unique light fixtures. Bartaco is a perfect place to kick back and relax in Port Chester.

Photo courtesy of Bridgeview Tavern website.

 

Bridgeview Tavern
226 Beekman Ave, Sleepy Hollow
http://bridgeviewtavern.com

If you find yourself in Sleepy Hollow with an unquenchable thirst for some of America’s finest craft beers, Bridgeview Tavern is the place to go. Aside from a great selection of 18 beers, ales, and stouts, the bar also offers house-made sangria and seasonal specials such as warm spiced cider. Bridgeview Tavern also uses the freshest, locally grown ingredients for their menu that offers all-time American comfort food.

Photo courtesy of Chat19 website

Chat 19
19 Chatsworth Ave, Larchmont
http://chat19.net

Transport yourself to the glamour of Old Hollywood as you step inside Chat 19, where you can enjoy a glass or two of the restaurant’s Lemon-Ginger Drop and Cappuccino Martini from its sleek bar. Aside from great drinks, Chat 19 is a favorite among local foodies for its great food. It’s a good place to get a nice dinner and have a cold class of Merlot afterwards. On weekends, the place is alive with the sound of music from live acts as well as DJs.

The Brazen Fox
175 Mamaroneck Ave, White Plains
http://thebrazenfox.com

Photo courtesy of the Brazen Fox website.

Featuring a roomy dance floor and an upstairs bar, The Brazen Bar is a favorite among the 20- to- 30-something crowd of White Plains. Women line up for its Wednesday ladies’ night specials featuring green-apple martinis and mudslides, while guys frequent the place to enjoy a cold bottle of beer. The place is hopping every Thursday, Friday, and Saturday, but you’ll discover that it can also attract quite a crown on game days.

Photo courtesy of The Gnarly Vine Facebook page

Photo courtesy of The Gnarly Vine Facebook page

The Gnarly Vine

501 Main St, New Rochelle
http://thegnarlyvine.com

Some say that the finest things in life are fine wine, oysters, gourmet cheese, pizza, and live music. If you’re not convinced, drop by The Gnarly Vine Wine Bar in New Rochelle and let their menu do the talking. Whether you’re a seasoned oenophile or just trying things out, The Gnarly Vine and its mellow interiors will make you feel comfortable. Take it from us – this is a great place to have a date. The wine bar also hosts open mic nights.

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Home Rental Rates in Westchester County

Covering an area of 450 square miles, Westchester County and its 49 municipalities lie around 35 miles north of New York City.

Due to its proximity to Manhattan, where real estate prices are sky high and vacancy rates are among the lowest, Westchester has become a preferred residential address among those who work in the big city.

Consequently, the county has a healthy housing market for both sales and rentals.

Most popular rentals

2For those who prefer renting their homes, Westchester County offers an excellent selection of properties. They include contemporary studio-type apartments and charming colonial homes.

Based on availability and popularity, the following are among the most popular rentals:

  • Apartments
  • Townhouses
  • Condos
  • Single-family residences

Apartment rentals

A low monthly rate of $725 will net you a studio-type apartment in the trendy city of Peekskill with its active artist community. The unit will have 1 bath and 247 square feet of space.

For $2,200 a month, you can move into a spacious 2-bedroom apartment in White Plains. The place has 1 full and 1 partial bathroom in 1,200 square feet of space, complete with stove, dishwasher, refrigerator, and microwave. It’s within walking distance to the downtown area.

Condo rentals

For condos, $1,750 per month gets you a unit in White Plains, with 781 square feet of space including 1 bedroom and 1 bathroom.

Higher-end units with 982 square feet of space go for $3,000 a month in Monarch at Ridge Hill in Yonkers. The unit has 2 bedrooms, 2 baths, open kitchens with stainless steel appliances and stone countertops, plus amenities like a fitness center, concierge, and a shuttle to Metro North.

Home rentals

When it comes to homes for rent, $4,000 a month can get you a classic one-level ranch-style home in Pelham with 1,126 square feet of space. The home has 3 bedrooms, 2 full bathrooms, patio, and 2-car garage.

If it’s luxury you’re after, $35,000 a month opens the doors to a stunning estate in Rye, adjacent to the Westchester Country Club and a few steps away from the downtown area. It’s got around 13,000 square feet of space, 7 bedrooms, 8 full and 2-1/2 baths, a swimming pool, tennis court, and beautifully landscaped gardens.

Home Rental Rates in Westchester County
For additional information on rental rates and the best rentals available in Westchester County, get in touch with the GioHomes team today.

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