2015 Real Estate Trends for NYC’s Northern Suburbs

From: HERD The Houlihan Lawrence Blog – By: E.J. Kelley

We asked our brokerage managers for their forecasts in our market for the new year.  Here were their replies:

On design

“I think that stainless steel appliances will still rule in 2015 along with the move toward open floor plans, losing the formal dining rooms, opting for a more loft type living space. More modern and casual.” –Deborah Doern, Larchmont Manager

“You’re going to see a continuation of salvaged woods (rustic).  Bronze is making a continued comeback.” –Brian Levine, Irvington Manager

“According to our favorite stager, the new hot color trend for 2015 is Marsala—Pantone’s Color of the year—which is a cranberry red. It will be seen in small accents which will really be beneficial for us to help our pictures pop.” –Maryellen Walsh, Bedford Manager

“I predict that painted wood cabinets—gray and blue—will be the trend instead of cherry and white.” –Deborah DeGiacomo, New Rochelle/Pelham Manager

“New construction, with the look of a Manhattan condo, is the buyer’s ideal. That product will continue to be wildly popular in 2015.” –Judiann Smith, Rye Manager

On the market

“I believe 2015 will be the year the ‘millennial generation’ buyers emerge strong. I think they will be focused on the small dwelling movement, less sq. ft. but high quality finishes and amenities—and in a desirable area close to downtown action, sidewalks, ‘trendy’ neighborhoods and public transportation.” –Charles Vetter, LaGrangeville Manager

“In 2015, the price differential between existing and new homes will become so great that savvy buyers will turn to re-purposing older homes. Banks will recognize the emerging trend and make financing renovations possible again.” –Judiann Smith, Rye Manager

“There’s pent up buyer demand waiting for well-priced inventory, and there’s plenty of inventory waiting to come to market next month.  Scarsdale sales prices on single families were up 16% year over year, but I doubt—and hope—that trend doesn’t continue, because we know where that leads.  The Robert Schillers of the world say 3-4 % per annum through 2018.” -Lewis Arlt, Scarsdale Manager

“We are seeing the second/weekend buyer back at various price points. I totally agree that more open spaces for easy living is in more demand than traditional layouts.” –Maryellen Walsh, Bedford Manager

“The suburban markets north of NYC will continue to see a growing number of buyers from mainland China looking to purchase property for investment/immigration purposes. These buyers are interested in areas with a stable economy, excellent schools and clean air as these are the driving forces behind leaving China.” –Liz NunanVice President-Global Business Development

“Millenials will be buying up whatever they can get their hands on, irrespective of any interest rate increases, while at the same time there will be a major inventory problem finding ranch style homes or townhomes with first-floor master bedrooms for the massive number of baby boomers unloading their present 2-story colonials. As a result, condo sales will skyrocket in both number of sales and price. Developers and builders will now be reassessing the need for building more condo units and exiting rental building developments.” –Geoffrey Berry, White Plains Manager

“On the New Development front, there is strong demand for one-floor living (condos) and first floor master bedrooms (townhomes).  Buying a lifestyle remains important and increasingly sophisticated buyers set the bar higher and higher for amenities; yesterday’s community room is today’s landscaped rooftop terrace with fireplace.  Technology will play a larger role in pre-construction sales. Tools such as architectural visualization and walkthrough animation will accelerate the pace of pre-construction sales.” –Gay Prizio, Director of Project Marketing

“I think 2015 will be marked by a return to normalcy and balance for real estate markets across the county, except for the vibrant markets that are and have been active. I think investors will exit the market, clearing the way for traditional buyers and millennials.  Buyers are looking for perfect because they can, with no pressure of dramatic rising prices and interest rates.  In my area, they want to fall in love, for long term goals.” –Barry Graziano, Chappaqua/Armonk/Croton Manager

“Contrary to popular belief, Millenials believe in homeownership; however, they are buying smaller so you’ll see an increase in sales of condos, co-ops, and smaller single-family homes.  Encouraging this trend is the belief by experts that the 30-year loan rate will continue to rise but will remain below 5%, thus making their ability to purchase and finance easier.” –Brian Levine, Irvington Manager

“I predict that demand will remain strong from city dwellers seeking relief from NYC prices (for housing, education and NYC cost of living). The equity markets have recorded new highs, creating a wealth effect and driving consumer confidence higher. Additionally I am hopeful that the Bronxville trade-up market will return to prior year levels.  In Yonkers, demand will remain strong from buyers and probably increase based on the stimulus provided by the new Fannie Mae 3% down, 1st time home-buyer program. Yonkers may experience greater price appreciation based on supply side constraints.” -Cynthia Landis, Bronxville/Yonkers Manager

“With a stronger housing market being predicted for 2015, there will be a significant pick-up in activity for first time homebuyers with financing designed for these potential new home owners.” –Dan Duggan, President—Thoroughbred Mortgage

On technology

“Home sellers will increasingly select listing agents that understand today’s buyer and can can articulate how to market a listing via the latest mobile, digital and social platforms. Agents with a strong online presence, great reviews and robust social media profiles will outpace their offline counterparts in inbound leads. If current trends continue more buyers will connect with brokerages on mobile–apps and mobile web–than via desktop for the first year ever.” –Anne Marie Gianutsos, Director of Digital

From more from HERD visit: http://www.houlihanlawrence.com/blog
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