Find Out More About the Larchmont, Mamaroneck, New Rochelle and Rye Area Economy & Job Market  Q4 2010. Many communities in southern Westchester County New York have residents that work in the financial and insurance industries. Larchmont, Mamaroneck, New Rochelle and Rye are no exception and in fact, probably have more employees in these industries than other local towns. In 2010 the turbulence on Wall Street seemed to level off and consumer confidence levels in our area increased. Mortgage rates also remained historically low. The positive impact of these factors can be seen in the market statistics for the end of 2010.
December activity for closed sales increased from November 100% with 14 properties sold. Year-to-date sales are 54% above last year at this time. Average sales prices increased from November 17%. This is mainly due to three large sales closing in December. The sales ranged $2.5mm to $4.75mm and all were in the Larchmont Manor. Year-to-date average sales prices are 17% above last year at this time. These trends illustrate overall prices seem to be increasing slowly with the biggest jump being in December compared to other months. The average sales price jumped to $1.48mm from last quarter’s $1.1mm average. Of the 27 sales that occurred, almost half of them were over $1.5mm and six were over $2mm showing a surge in high end sales in Q4. We will enter 2011 cautiously optimistic that the trends continue in the positive direction but realize that the interest rates, unemployment, government intervention and consumer sentiment will continue to be factors in our market. The interesting feature of our local market that appears to remain strong is consumer demand for our area. There is a significant pool of buyers looking to purchase homes in our area that, even if their purchasing power is reduced, will continue to seriously consider buying a home in 10538 zip code. Of the few homes that listed in Q1 2011, the ones priced correctly and in good condition are often receiving multiple offers and bidding wars.
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Disclosure Laws >Read the Fine Print
Many states require the seller of a home to fill out a real estate disclosure statement when transferring the title. The disclosure is designed to reveal any material defects in the home to the new owner. When buying a home, take the time to read the fine print of the disclosure form.
Look for a section that asks the seller to indicate the material defects that exist in the home's major systems. Most forms will specify interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, and the electrical and plumbing systems. As the buyer you will want to know of defects in any of these areas.
Sellers are required to note the presence of environmental hazards or zoning violations. They must disclose if there are any encroachments or easements, or walls or fences shared with adjoining landowners. Room additions or repairs made without the necessary permits or not in compliance with building codes must be noted. Sellers must disclose citations or lawsuits against the property. If any such conditions appear on the disclosure form, consult with your real estate agent immediately regarding how to proceed with negotiation.
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| Q |
What holds the title as the tallest reinforced concrete building in the U.S.?
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| A |
311 South Wacker Drive in Chicago was completed in 1990 and is 65 stories high. |
 See More Real Estate Trivia > |
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