Why Your Market Report Stinks - 02/29/12 06:21 AM
After a discussion of market reports in a real estate discussion group geared at forwarding the industry, I am prompted to revisit what makes a market report good or bad in terms of consumer response. 
First, if what you produce gets no consumer response, you need to change what you write. If what you do works, keep it. 
Consumers basically want to know three things from a market report, and the more simply and elegant it is presented, the better. They want to know
If the local market is up or down.  What prices are these days.  An example of what … (95 comments)

The Day When When REO Agents Have To Work With The Rest of Us Again - 02/25/12 01:05 PM
Those of you who know Paul Slaybaugh know what I am talking about. Those of you who don't can thank me later. Paul is a writer of uncommon talent with a wit that I adore. He quasi graduated from Active Rain and now self hosts his own platform at Scottdale Property Shop, and his latest article is not only very funny, it is very true. 
Over the past 4-5 years I have often wondered aloud what it would be like for a certain segment of REO agents when the gravy train of cheap, bank-owned foreclosure listings go away and things like … (66 comments)

A Response to Glen Kelman of Redfin on "Dual Agent" Transactions - 02/24/12 05:27 AM
If you read Inman News, it is likely that you have seen the story on Redfin's blog entitled "Sellers Lose in Dual Agency." Glen Kelman, CEO of Redfin, had his firm look at the data covering 230,000 closed deals and concluded that homes sold in what REDFIN deems to be dual agent transactions sold for 1.6% less than transactions where a buyer agent was involved. In Redfin's post, Mr Kelman was gracious to link to my own counterpoint from a little while back. He disagrees, but does not address any specifics. 
I don't know about you, but if I were a consumer … (55 comments)

Is the Apartment REALLY a 2 Bedroom? - 02/20/12 09:47 AM
There is a sinking feeling real estate agents get when we look up the history of a co-op or condo apartment we are listing for sale and see that our new client bought it as a 2 bedroom unit and prior transactions have it as a one bedroom. Obviously, two bedroom apartments are higher in value than those with one bedroom. However, using a den or alcove as a bedroom does not make the area a legal bedroom.
Generally speaking, a bedroom has to have its own door, a window, and a closet. That said, even if the owner hires a contractor … (26 comments)

2012 Westchester Real Estate Market off to Slow Start in January - 02/12/12 11:58 PM
Sometimes there is no pretty way to say it, so I'll just say it: January 2012 was not a very good month in Westchester real estate. According to the Empire Access MLS, both the transaction total and median sale price of single family homes in the county were down from the same time in 2011. Since 2011 started out far slower than 2010, the ramifications could be far reaching. 
To sumarize: 
In January 2011, 237 single family homes closed at a median sale price of $540,000. In January 2012, 219 single family homes closed at a median sale price of $485,000.
The … (13 comments)

Jeremy Lin is Going to Need a New York Real Estate Agent - 02/10/12 11:59 PM
For those of you not living in New York or who don't follow NBA basketball, the toast of Gotham is Jeremy Lin, an unheralded, undrafted, and un-scholarshipped (is that a word?) point guard who just led the Knicks to their 4th straight win over the Lakers. He scored 38 points to pace the Knickerbockers, playing without their two stars, over LA 92-85. Lin is an amazing story: after leading his high school to the state championship, no college offered him a scholarship. I read last night that a coach at UCLA, Lin's dream school, admitted that had they been wise enough … (21 comments)

How Much Will You Cut Your Commission If I Find a Buyer? - 02/07/12 12:00 AM
Every so often I get a call from a home seller asking me a variation of this question:
What will the commission be if I find my own buyer?
It could be a seller client or someone considering listing their home with my company. Typically, the discussion that follows reveals that the questioner
either wants a complete exemption from commission because it is "their" buyer or:  a steep discount because they think most of the work is now done.  This shows a fundamental lack of understanding of the role their broker plays in the sale of their home. 
To backtrack: … (78 comments)

Pleasantville, NY Voted 2nd Best Smelling City in the Galaxy - 02/02/12 11:46 PM
I have often said that nearby Pleasantville is aptly named. It borders Briarcliff Manor to the east and is idyllic: a picturesque, charming little village on the Harlem line of Metro North with shops, eateries, and culture. The latest feather in the village's cap is that GQ magazine voted it the second best smelling city in the world. 
Good for them. I'm no expert on aroma but I can tell you that living in Pleasantville would never stink. My first job ever, which paid for my junior prom in 1984, was washing dishes at Pace University. When I took a year … (15 comments)

Wordless Wednesday: Victorian Home, Peekskill, NY - 02/01/12 05:11 PM
 

 
… (21 comments)

 
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J Philip Faranda, Broker-Owner

Briarcliff Manor, NY

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J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

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Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 30 agents & closed 350+ transactions valued at $140 million. He is in his 4th term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900.
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