Christopher Pagli - REALTOR/ABR

The highest property tax bills in the country are in New York and New Jersey, according to the Tax Foundation's analysis of data from the U.S. Census Bureau.

The Tax Foundation analyzes counties and includes taxes levied by school districts and other taxing authorities. The national median property tax is $1,854.

The counties with the highest median property tax for owner-occupied properties are:

1. Westchester County, N.Y., $8,404
2. Hunterdon County, N.J., $8,347
3. Nassau County, N.Y., $8,306
4. Bergen County, N.J., $7,997
5. Rockland County, N.Y., $7,798
6. Essex County, N.J., $7,676 (tie)
6. Somerset County, N.J., $7,676 (tie)
8. Morris County, N.J., $7,310
9. Passaic County, N.J., $7,095
10. Union County, N.J., $7,058

While the area's residential real estate market has struggled in recessionary mode all year long, there has nevertheless been a steady improvement in the sales rate over the past nine months. Realtor participants of the Westchester-Putnam Multiple Listing Service, Inc. reported a total of 1,898 closings of Westchester residential real estate transactions in July through September, a level that was 9.7% less than last year's third quarter closings, but that was considerably improved over the second and first quarter sales volumes which were off by 30.7% and 36.6%, respectively, from the prior year.

On a seasonally adjusted basis1, the third quarter Westchester closings were equivalent to an annual sales rate of 6,170 units, an increase of 30.7% over the prior quarter, constituting a very large bounce-back from the barely 4,000-unit level posted in the first three months of the year.

Putnam County's performance, though not as vigorous as Westchester's, also showed improvement in the third quarter. The 186 posted closings were 18.1% fewer than last year's, whereas the first quarter closings were down by 30.5%.

Third quarter single family median2 sales prices, $630,000 in Westchester and $330,000 in Putnam, were below last year's levels by 11% and 12% respectively, constituting a modest recovery from the second quarter when median prices were running 16% and 19% below last year's levels. Most of the price decrease since the start of the recession has been attributable to across-the-board market depreciation from lack of demand but part of it also results from a pronounced fall-off in high-end sales.

In 2008 and earlier, million-dollar-plus sales accounted for as much as 25% or more of all transactions. That percentage abruptly fell to 13% in the first quarter of 2009; it increased to 17% in the second quarter and to 20% in the third quarter but still falls short of its former high levels.

The condominium and cooperative sectors fared better as to prices. The $362,000 median sale price of a Westchester condominium was 8.6% less than last year's. The co-op median of $170,500 was 9.2% lower than last year's. The median sale price of Multi-family (2-4 unit) houses was $399,500, retaking its place from condominiums in the second quarter as the second most expensive housing type in Westchester.

Notwithstanding the continuing sluggish pace of sales in the region, there has been no buildup of actively marketed inventory. The end-of-quarter supply of single family houses in Westchester barely changed at all from the third quarter of 2008 to 2009. Total inventory of all property types actually decreased by 5.4%.

In Putnam County the total inventory decreased by 7.6%. The number of units now on the market is not much different than in 2007 before the looming recession became truly apparent.

The third quarter closings in Westchester and Putnam Counties largely followed upon marketing activity that occurred in the late spring and summer months, a period that produced mostly positive economic indicators favorable to real estate. Mortgage interest rates, which had reached a short-term peak of about 6% on 30-year conventional loans in mid-June, subsided thereafter to a range of 5.6-5.8%.

Except for a brief dip in early July, the equity markets exhibited sustained growth from May through August; the Dow Jones Industrial Average crossed the 9,000 mark in late July. The most serious negative indicator during this period was, and remains, a Westchester and regional unemployment rate around 7.5%. Conservative lending practices also continue to put a brake on the market.

On a nine-month basis, Westchester County's sales volume of 3,975 units was 24.1% less than in 2008, and a hurtful 43.3% less than in 2007. The second and especially the third quarter results, however, are trending to a steady improvement in sales volumes. Further, there is a slight suggestion in the data that overall prices are at or close to bottom, and that the high-end segment of the market is inching its way back to a larger market share though probably not its former prominence.

These factors, together with the restrained local inventory, suggest that there exists pent-up demand to complement pent up desire to sell - a real estate market in the remaking if only the larger economic environment would cooperate.

Please join myself and fellow Rotarians at our annual pancake breakfast. This year we will be hosting at the Mt Kisco Holiday Inn Saturday November 7, 2009 from 8:30am-11:30am. All proceeds will benefit the Mt Kisco Boys & Girls Club and Mt Kisco Rotary.

Ticketprices are as follow: Adults $7.00, Senior $5.00, And Child $3.50.

Rotarys "Service Above Self" motto allows us to think of others first and raise money for various local charities, events, and scholarships. If you would like to know more specifics about what we do or would like to join a local chapter please contact me so we can talk.

Hope to see you at the breakfast!

Chris

Fall is upon us and the foliage is one of the things I enjoy most about the season. Below are five trailways worth traveling if you enjoy it as much as I do!

1) Rockwood Hall, Sleepy Hollow NY - This spot is absolutely beautiful, peaceful, and scenic. It is accessible by public transportation (off Route 9). One of the highlights is the amazing views of the Palisades.

2) North County Trailway, Croton NY - This site offers the only view over the Croton Reservoir and is accessible by bike. Go south on route 118 out to the railroad brodge over the Croton Reservoir ( which is handicapped accessible). You can also pick up the trail from Route 134.

3) Lakeside Trail At Teatown Reservation, Ossining NY - This site offers many scenic views on the trail over the lake.

4) Camp Smith Trail, Peekskill NY - These views are billed as the best in Westchester County. It is also very romantic, many couples have gotten engaged here! It is accessible from the Toll House Visitors Center on Route 6/202. Or you can reach it by the Appalachian Trail just north of the Bear Mountain Bridge.

5) Silver Lake Preserves White Trail, Harrison NY - This is a little park that was once the site of American Revolutionary War activity.

What is Twitter you ask? Twitter is a social networking site that allows people to follow your updates. It is very important for you to determine your ultimate goal with the site before beginning. I choose to use it for work purposes. I post useful articles and stories pertaining to Real Estate along with the occasional recipes, cool gadgets, etc. Below are the 5 steps to begin Twittering:

1) Go to Twitter.com and setup your account. It's pretty basic, just setup a username/email and password.

2) Read the basic guidelines at http://Help.Twitter.Com, this will save you alot of time and headaches in the long run. Many people avoid because they don't understand. This may become a valuable tool for you, give it a shot!

3) Once your account is created you will then get a home page and profile. Fill it out your profile and then you can start searching for friends and topics of interest. If you choose to follow someone you will be able to see their updates, if they follow you they will see yours.

4) Decide who you want to follow. Start with people you already know by using Twitters directory. You can also browse http://www.Twellow.com. This site sorts people by industry. You can also register yourself here as well.

5) Decide what content you want to post. You can observe others before posting. It's kind of like watching from the sidelines until you are comfirtable jumping in the pool. This can also be used as the first step.

These are just the very basic beginning steps. As you become comfortable with the site you can get creative and take advantage of the many tools that come with it.