Westchester County NY Real Estate Blog

New to Market: 10,000sf English Georgian Masterpiece on 83 Acres

New to Market: 10,000sf English Georgian Masterpiece on 83 Acres

Welcome to an exquisite replica of "Salutation," an English Georgian masterpiece originally crafted by Sir Edward Lutyens in London. Located on an 83-acre estate in North Salem, NY, this luxurious home offers over 10,000 square feet of living space, including 10 bedrooms and multiple baths. The property features an infinity pool and an indoor pool with a spa for relaxation. Equestrian facilities include paddocks, grooms quarter, 11 stalls, a tractor barn, and a jumping field. The English-style garden, fruit trees, lily pond, and reflecting pool enhance the beauty of the grounds, which also include open fields and a large pond for fishing.  Read more courtesy of OneKey…

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Luxury Home Prices Spike 9% to All-Time High

Luxury Home Prices Spike 9% to All-Time High

According to Redfin, luxury home prices in the U.S. have soared to a record $1.18 million, an 8.8% increase from last year and the largest in nearly two years. Luxury homes, defined as the top 5% in market value of their metro area, are in high demand with limited supply. In contrast, non-luxury home prices rose 3.8% to $342,500. Key findings from the report include:

• Inventory: Luxury inventory rose 9.7%, marking the 4th consecutive quarter of growth, yet still below pre-pandemic levels.

• Cash Purchases: This spring, 43.7% of luxury homes were bought with all cash, a slight increase from 43.2% during the same period last year.

• Days on Market: Luxury homes remained…

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Two Key Terms of a ‘Highest and Best’ Offer

Two Key Terms of a ‘Highest and Best’ Offer

Most buyers are familiar with the traditional terms of an offer to buy a home. They include the purchase price, down payment amount, financing details, desired closing date, and any inclusions or exclusions of items such as furniture or fixtures. However, there are two key terms that can help influence a seller’s decision during “Highest and Best” situations:

Escalation Clause: Allows a buyer to automatically increase their bid if a competing offer is higher. They should always include an initial offer, the increase amount, cap, and a request for verification of the competing offer which triggered the escalation.

• Example: Let's say a buyer offers $800,000 for a home…

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New Listing: This Island Home in Greenwich Includes Two Boston Whaler Boats

This Island Home in Greenwich Includes Two Boston Whaler Boats

This unique property offers sweeping views of Long Island Sound and includes its own island, boat dock, and two boats. The half-acre features mature trees, perennial gardens, a gazebo with a fireplace, and water sports amenities. Enjoy coastal New England living with proximity to NYC. Read More Courtesy of OneKey MLS

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The 10 Most Affordable Lake Towns in 2024

The 10 Most Affordable Lake Towns in 2024

If you're dreaming of affordable lakeside living, a recent article from Realtor.com highlights some of the most budget-friendly lake towns for 2024, including one in New York. These towns offer charming communities, beautiful views, and a variety of recreational activities, all without breaking the bank.

• Rogers City, MI

• Lockport, LA

• Fox Lake, IL

• Albert Lea, MN

• Zapata, TX

• Mentor-On-The-Lake, OH

• Peshtigo, WI

• Bull Shoals, AR

• Forsyth, MO

• Caroga Lake, NY

Ralph’s Take

My grandparents bought a waterfront home on Candlewood Lake in 1968. Spending summers there during my youth, I…

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U.S. Home Price Forecasts for 2025

U.S. Home Price Forecasts for 2025

According to Resiclub's analysis of top housing forecasters, U.S. home prices are expected to rise by an average of 2.5% in 2025. Here's a detailed breakdown of the projections from each forecaster:

• Goldman Sachs: 4.4%

• Wells Fargo: 4.3%

• Mortgage Bankers Association: 3.3%

• Morgan Stanley: 3.0%

• Zelman & Associates: 2.3%

• Fannie Mae: 1.5% 

• Freddie Mac: 0.5%

• Moody’s: 0.3%

Ralph’s Take

Expect steady national growth through the end of this year and into the next. Locally, home prices will continue to rise faster than the national average due to the low level of new construction and the historically low volume of…

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Home Prices Soar, Setting a New Westchester Record

Home Prices Soar, Setting a New Westchester Record

According to the Hudson Gateway Association of Realtors (HGAR), the median sales price for single-family homes saw a notable increase across nearly all regions in June, despite a drop in sales volume. Westchester hit a new record high for the median single-family home price at $1,031,500 in June—a 12.7% increase over last year’s median home price of $915,000. Here's the highlights of the report:

• Sales Decline: All counties in the HGAR market area saw a drop in sales, with Orange County experiencing the largest decline at 26.9%.

• Price Increase: Median sale prices rose sharply, reflecting higher demand than available home inventory.

• Regional Variations: While…

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Part 1: Understanding "Highest and Best”

Part 1: Understanding "Highest and Best”

“Highest and Best" scenarios have become common due to the imbalance between homes for sale and homebuyer demand. When sellers receive multiple offers with limited room for negotiation, we often advise setting a deadline for buyers to submit their best possible offer. The goal, from the seller’s perspective, is to encourage buyers to present their most competitive bids while ensuring fair treatment for all parties.

How It Works:

• Multiple Offers Received: Two or more offers are received without room for the seller to negotiate.

• Announcement: The seller's agent announces the "Highest and Best" deadline to all agents who have shown the property, giving a clear timeframe…

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Bruce Willis' Former Home Reduced to $6.5M

Bruce Willis' Former Home Reduced to $6.5M

Atop one of Bedford's highest points with breathtaking panoramic views of the Croton Reservoir and the Lower Hudson Valley, this 14.4 acre gated and fenced retreat includes a five-bedroom main house with saltwater pool, pool house, tennis court and detached garage with a loft (suitable for studio/office/gym). Read More

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Wondering if the upcoming Presidential election will shake up the housing market?

Visual of the Week

Wondering if the upcoming Presidential election will shake up the housing market? Here's what you need to know. History shows home sales may slow down a bit in November, but they usually bounce back fast, prices keep climbing, and mortgage rates tend to dip a bit. Overall, the impact is minor and short-lived. Have questions? Let's chat.

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