How the Chappaqua Condo Market Demonstrates That All Real Estate is Local

Phil, it seems to be a universal phrase that I just let them know what the true local picture is with my stats and figures in hand...actually, I haven 't had a comeback since I did that...lol

That's worse than the agent who sent me a stupid offer ... but she did a CMA, but it was apples and figs.  Her comps weren't the same shape, size, ect...

Buyer agents and listing agents should be using the same comps. That is especially true in a condo community like this one where you have good history. It's not rocket science.

Sometimes in frustration when the seller is not going to sell for less than X amount, the buyer can play musical agents, brokers game. Thinking someone can tackle this seller agent, owner and wear them down to come around to their 50% the price thinking. You can see the frustration growing when what part of "NO" is the problem but you tactfully say the seller is set in concrete on this price and says if you can find something this nice for half price grab it. Or call me and the seller says she'll buy it. You hope the other agent is telling the buyer the same truth. Or they can say what a jerk that big bad listing agent is. And you wonder where the public gets their shiny, always positive opinion of anyone wearing the "R". We ourselves promote, lift up or tear down our sisters, brethren. This is the price, sometimes it is don't have to like it but take it, leave it. And if you can only afford half price, this is not a salvage yard for misfit real estate listings like the toys that Santa jettisons. Produced by negligent elves to a far away icy island. Because they would really rather be a dentist.

Yes real estate is local. Did you see my post on Chappaqua houses? In Chappaqua the market is up. http://activerain.com/blogsview/2739901/chappaqua-ny-housing-market-4th-quarter-2011

Very true...and this makes sense to me...it's a bargain to live in Chappaqua for those prices.

I will always have an affinity for these condos...this is where we found and rescued my dog when she got lost.  I think I was 14 or 15 and they were just building these and some nice workers gave their lunch leftovers to my dog.  We thought she was gone as she was 5 miles away from home across the other side of Chappaqua having chased my brother on a fire engine over a mile from home.  She had epilepsy and was without pills for 4 days and there were thunderstorms for 2 of them.  Never were we so happy and relieved to see her when we came home.  My mom was talking to a neighbor that commented that someone across town found a golden retriever and sure enough she was ours.  I love her and still miss her and always will.

Oh I could say so many things here but I'll keep this comment short and sweet.  Things in many parts of NY are actually getting better.  CMA....Shmee M A.  It all depends on buyer and seller motivation.  How bad does a seller want or need to sell and how bad does the buyer want that home or condo.  Sounds like a supply and demand issue as it always is, right J. Phillip?  Some agents still don't get it...

Hey, Florida has it's local markets also. Don't paint the brush so wide. 

Totally agreement.  Here in Boulder, CO, there is very little inventory.  People are just scared of selling in what they perceive to be a Buyer's Market.  So, what little IS put on the market is snatched up.  I have clients that don't hear this, they put in lowball offers, and they are disappointed over and over again.  It's not a Buyer's Market everywhere!

Perfectly written. Here, too, it still is a buyer's market in general, but we are starting to see multiple offers in some cases. Having that mentality (i.e., "it's a buyer's market") can and definitely does cost some buyers their dream house.

Philip,

Well done, and without being judge & jury- did your Listing Sell ? and for what percentage of its Listed Price ?

Being in a Coastal boaters specialty market [though with more that a dozen and a half sales per year], Retail Sales [very few and far between] are fighting Short Sale Closing prices as well as poor Appraisals.

Dose your Market have this issue ? and are your few sales per year being Financed ? or paid Cash ??

Steven Zimmerman Realtor ABR GRI

As far as prices have fallen in California we too have pockets in Murrieta and Temecula where prices have risen in the past two years.Spot on Philip.

Very true, I often stress to clients that the market is always all over the place, some developments price is up, but some streets that border the highway in the development are down, same for local towns, some streets are popular others are not and it is our local knowledge as Realtors that allows us to guide our clients in making wise choices in either selling their homes or getting the home they want.

So the three L's in real estate have shifted to: local, local, local!  There is nothing more illustrative then posts such as these.  Very well done.

They were hoping it was a "buyers'" market..  Some buyers and some agents seem to believe if you repeat something enough times, it will become the truth.  

I'm glad the Chappaqua Condo market is doing so well.

Well said, Phillip!  I say it and write it over and over!  My newsletter readers are probably sick of seeing it! But real estat is local!!!

But my offer is cash! Do you understand cash? And it's a buyer's market and we can close in 15 days!

It's going to be a long Spring.

I can almost understand (almost) how a buyer can answer your question the way they did. But an agent? The agent and the client should always look at comps before an offer is written. And sure, if they still want to go low, that's fine, but they will know why it was rejected. Jeesh!

Great post and I'm going to reference it along with similar posts I've done to continue to impress this very important concept on buyers (and seemingly in your case, their uncomprehending agents). We have a very large second/vacation home market here, and many buyers come in expecting the same market conditions here as they have in their permanent resident areas...that's just simply not the case, and it's important to educate and level set expectations from the get-go!

Just love this - couldn't be said better -

"the "buyer's market" phrase was thrown around as if it were some childhood game wildcard phrase that granted immunity from logic or true market forces.

In other words, there were no other sales they could use to justify their price- it was just a speculative pipe dream. "

In some markets, and in this case, with some specific properties, it's time for buyers to get on board with facing the reality and get back to basics - real estate is local.