Sale Prices Down, Buyers Up (i.e., Happy)

Any Westchester realtor will tell you that home prices are down—ALL home prices. Indeed, homes are selling below list prices. “Selling a property above list price is a fading memory,” says Deborah Camacho of United Realty Services of New York.

Realtor Susan Pratt of Houlihan Lawrence in Pound Ridge agrees. “People are looking for deals. There’s plenty of product out there so sellers have to price well.” Is well a euphemism for, ahem, low?

Pratt just helped a Brooklyn couple buy a Pound Ridge home that was owned by the granddaughter of Nelson R. Rockefeller; it’s at 247 Stone Hill Road. It was listed at $1.195 million and sold for. . .$999,000. “We negotiated the price under a million and avoided the mansion tax.”

Below is a sampling of recent homes that sold for well under the asking price. That’s good news for you buyers!

Original List Price: $1,500,000, reduced to $1,295,000 7/15/07; reduced again to $1,195,000 4/8/08)
Sale Price: $999,000 on 10/22/08
On Market Since: 4/05/07
Address: 247 Stone Hill Rd, Pound Ridge
Style: Colonial; 5 BR, 3 full baths and one half bath, 2.946 sq ft
Acres: 3.32
Year Built: 1924
Taxes: $16,806
School System: Bedford
Pluses: hardwood floors, two fireplaces, cherry cabinetry and granite counters in kitchen, pool and cabana with kitchen and bath
Minuses: home is “spitting distance” from neighbor’s home; pool not used for two years and needs upkeep
Agent: Susie Pratt, Houlihan Lawrence, Pond Ridge (914) 764-5762; (914) 588-8724; spratt@houlihanlawrence.com

Original List Price: $2,450,000, reduced to $2.3 million 7/24/07
Sale Price: $2,025,000 on 10/01/08
On Market Since: 2/10/07
Address: 43-Lot 26 Hammond Ridge Rd, New Castle
Style: Colonial; 5 BR, 5 full baths and one half bath, 5,852 sq ft
Acres: 2.27
Year Built: 2007
Taxes: $21,228
School System: Bedford
Pluses: two story foyer, FR with cathedral ceiling; sunroom, close to shopping and hospital
Agent: Peter Hull, Renwick & Winterling Realty, Bedford (914) 234-9261; peterh@renwin.com

Original List Price: $849,000, reduced to $799,000 5/20/08
Sale Price: $705,000 on 11/7/08
On Market Since: 2/27/08
Address: 220 S Bedford Rd, Bedford Corners
Style: Cape Cod; 3 BR, 2 full baths and one half bath, 2,300 sq ft
Acres: 4.1
Year Built: 1953
Taxes: $18,426
School System: Bedford
Pluses: dining room with built-in cupboards, updated kitchen and baths, screened porch, close to Metro-North
Minuses: drainage issues, on busy Rte 172
Agent: Deborah Camacho, United Realty Services of New York, White Plains (914) 629-5661; (914) 949-8828; DeborahCamacho.com

Original List Price: $2,875,000, reduced to $2,295,000
Sale Price: $1,850,000 on 10/16/08
On the Market Since: 2/1/2007
Address: 295 Salem Rd, Pound Ridge
Style: Colonial; 6 BR, 4 full baths and one half bath, 6,135 sq ft
Acres: 4.150
Year Built: 1988
Taxes: $36,926
School System: Lewisboro
Pluses: 12-foot coffered pine ceiling and stone fireplace in LR; renovated kitchen with Neff cabinetry and Viking appliances; tray ceiling and fireplace in master BR; heated studio with full bath over garage; heated shoreline pool and spa
Agent: Susan Mason, Houlihan Lawrence, Katonah (914) 232-5007; (914) 523-2299; smason@houlihanlawrence.com