Westchester County NY home prices

[ssamaroo01]

People not from the area don’t really understand the dynamic here. Yes, people have left. No, house prices haven’t dropped. Instead, it has gone up. There are still plenty of people in and around the area. I moved from southern Westchester to Orange County and I still work in the city. I drive there as my job requires me to report to different places in the city with my gear and I have not seen a decrease in traffic, even with congestion pricing. Granted, the traffic now is concentrated more uptown than downtown.

Florida and Texas do not have state or local taxes and yet, people up here rather pay that and stay here. If taxes scare people, then they probably would have left long ago, especially when Florida was cheaper than it is now. And I’d rather have snow and cold than hurricanes.

 

[BMWTurboDzl]

My daughter lives in the NYC commuter suburbs with her husband and child. They have been trying to buy a home in north suburbs of NYC. They just put an offer in on a home for $100,000 over asking price. There were 25 offers above asking price, and their offer was in the middle of the 25 offers. It wound up selling for 42% above asking price! None of this makes sense to my Midwestern sensibilities. At this point they’ve put offers in on about 5 homes above asking price and haven’t been too close to closing a deal. Can somebody help me understand how this home market works and why the asking price is really just a suggested starting point?

High population density. After all 19M people live within NYC Metro area so there are more buyers than sellers. This means more buyers who have A LOT of $$ to throw at a house. California is a lot like this as well.

 

[BMWTurboDzl]

I've been hearing this for 30 years. My wife is from Darien CT and she has family all over Long Island and they all work on Wall Street. All their kids are in top tier schools also studying finance on their way to Wall Street. So long as NYC is the finance capital of the world, home prices aren't coming down any time soon in NY, CT or NJ.

Ya. My sister and her family live near Stamford CT and her kids anticipate working in NYC (Corporate Law and Commercial Real Estate). My BIL had Wall Street and UK banks as clients

 

[PWMDMD]

Ya. My sister and her family live near Stamford CT and her kids anticipate working in NYC (Corporate Law and Commercial Real Estate). My BIL had Wall Street and UK banks as clients

I used to live in Fairfield CT and when one of my kids was in kindergarten my wife was "co-room mom" with someone who worked at Google - she was (12 years ago) the 12th wealthiest woman in the world. I know kids who go to Fordham university and there's an entire building named after on of my FIL's friends who I've met and hung out with more times than I can count because he donated $31M to the school. People put their kids on the waiting list at birth for membership to The Country Club or Darien and Wee Burn Country because the wait list is that long. There is just sooooo much money in Fairfield county CT.

 

[BMWTurboDzl]

I used to live in Fairfield CT and when one of my kids was in kindergarten my wife was "co-room mom" with someone who worked at Google - she was (12 years ago) the 12th wealthiest woman in the world. I know kids who go to Fordham university and there's an entire building named after on of my FIL's friends who I've met and hung out with more times than I can count because he donated $31M to the school. People put their kids on the waiting list at birth for membership to The Country Club or Darien and Wee Burn Country because the wait list is that long. There is just sooooo much money in Fairfield county CT.

Hanging out with smart people is fun.

 

[Gus_Mahn]

About a year and a half ago, they took my wife and I to look at a home open house in New Haven, CT. Old, outdated, Not cheap, but cheap for the area, and it sold for only $400,000 over asking. There were so many people looking at it, that the police were there directing traffic.

 

[alarmguy]

My daughter lives in the NYC commuter suburbs with her husband and child. They have been trying to buy a home in north suburbs of NYC. They just put an offer in on a home for $100,000 over asking price. There were 25 offers above asking price, and their offer was in the middle of the 25 offers. It wound up selling for 42% above asking price! None of this makes sense to my Midwestern sensibilities. At this point they’ve put offers in on about 5 homes above asking price and haven’t been too close to closing a deal. Can somebody help me understand how this home market works and why the asking price is really just a suggested starting point?

I guess you can look at it this way regarding is the asking price a suggested starting price.

The asking price is just that. It never really mean't much did it. IN a buyers market where homes are not selling, do you ever hear of a buyer offering full price and expecting to pay the price the homeowner is asking? No, not really

Well the same goes in a sellers market, seller puts the home on the market at certain price but is not obligated to sell it at that price, anymore than a buyer is obligated to purchase a home for full price.

SO yeah, I guess you could always look at the home price as a starting point. Meaning the owner might accept a lower offer or a higher offer.

Your daughter lives in a desirable area, both the north suburbs and east suburbs of Long Island prices are on fire and typically always are. I know someone who is putting a house on the market in a few months towards the northern end of the Palisades Parkway near Westwood NJ. Now you have me curious... it may go on around 900k but from what I hear they may end up in a similar experience.