Rye Real Estate Update - December 2008 - Best Places for Singles to Rent

On the Market - 94

In Contract - 7

Fifty nine single family homes have sold in the past six months in Rye City, compared to ninety five during the same time period last year. Fourteen or 76 1/4% of the sales were under $1,000,000 for an average price of $768,036, while forty five or 23 3/4% of the sales were over the $1,000,000 mark for an average sales price of $2,314,400.

As you can see below, sales are down from last year, but the past 3 months sales in Rye (since the credit crisis) are nearly half of 2007. Prices have remained steady to slightly higher year to year as a whole but are starting to level off since September. Slightly more homes have been rented but the average rental price has dipped. Will the buyers come out of hiding in 2009 if the U.S. plans to push down interest rates to spur homes sales, as per a recent Wall Street Journal article?

Rye Quick Facts:

            2007

• YTD Sales: 162 Homes at an avg sales price of $1,841,985.
• September to November Sales: 27 homes at an avg sales price of $2,010,074.
• YTD Rentals (homes): 78 Homes at an average rental price of $7,939.

            2008

• YTD Sales: 111 Homes at an avg sales price of $1,930,302.
• September to November Sales: 16 Homes at an avg sales price of $1,847,656.
• YTD Rentals (homes): 83 Homes at an average rental price of $6,245.

*Source: WPMLS, Zip 10580, RCSD & RNSD only, up to 11/30/08.

 

Best Places for Singles to Rent in Rye

You know from last month's post that the rental market is strong for private homes, but what about rental apartments?  MyRye.com's Social Scene columnist, Pamela Baur, assures me that Purchase Street is still where the action is for singles. You can stroll down to Ruby's Oyster Bar or The Pub from one of my favorite complexes, The Gardens at Rye, at 130 Theodore Fremd Avenue. Two story brick garden apartments surround an intimate courtyard with a gazebo, and a communal lower level laundry room and storage facility making it easy to get to know your neighbors (think Melrose Place).  For $2,200/month to rent, you can move right into #M1, a lovely 2 bedroom, one bath unit with a renovated kitchen. Dog lover?  Bring your furry roommate over to 259 Purchase Street to a spacious 2 bedroom, 2 bath, 2 year old living space over Pet Pantry- granite counters and cherry floors complement this bright space for $2,950/month, and offers a central in town location with free parking in the store lot.

Outdoorsy type? Head over to Rye Town Beach where a 3 bedroom, 2 bath contemporary beach cottage on Ridgeland Manor recently rented for $3,100/month or walk on to Rye Golf Club and play a few holes from a cul de sac home on the 3rd green at 9 Eldredge Court ($7800/month) or from private homes for rent on Soundview Avenue, one of my favorite Rye streets. Currently, you can rent a a four bedroom renovated home at 186 Soundview that is available for $5,200/month (short or long term) on this quiet street with golf course and winter water views.  Some smaller properties on the street have rented in the high $2,000-$3,000s/month range.

If you want to get away from the hustle and bustle of town but are still looking for a comfortable burger and beer, you can head over to Kelly's Sea Level from Manursing Lodge, a lovely Tudor Style building at 6 Davis Avenue, where a 2 bedroom, 1 bath recently rented for $2,300/month, or from a completely renovated 3 bedroom, 2 bath cottage on Midland Avenue, that recently rented for $2,400/month.

You can find these listed rental properties (no fee) online at www.realtor.com or through a local licensed real estate agent, and search unlisted properties on websites such as www.craiglist.com, www.apartments.com, www.forrent.com, and more.

 

December 2008 Market Update and Article written by Judy Croughan, Licensed Realtor, Coldwell Banker Rye.

Comments

[The Wry Record]

I don't know Scooter you will have to check with Mayor Flotis and Corporation Counsel Kevin Flunkett.

You see as a taxpayer paid Corporation Counsel, Flunkett gives Flotis legal advice as to whether to sue somebody or to defend the City in lawsuits. He also presumably gives advice when not to sue or defend for various reasons such as being too costly. The only problem with this arrangement that I see is when Flunkett gives his legal advice to sue or defend a lawsuit, Flotis has given some of theses legal cases and the lucrative legal fees that go with them to Flunkett as a now "Outside" Attorney.

In essence, Flunkett may be benefitting financially from his own legal advice that he was already paid for by Rye taxpayers. Does this sound normal or ethical to you Scooter?

Have a Merry Christmas and a Happy Holiday season.

[Scooter]

So, Wry Record, any new stupid lawsuits pending in 2009? Enquiring minds want to know!

[The Wry Record]

I gotta agree with you on that Scooter. You don't have a clue.

[Judy Croughan]

Not sure I share your dismal view as it relates specifically to Rye Real Estate. Price adjustments, yes, but there are still plenty of people, especially young families,who want to live in Rye and are waiting in the wings...and as a parent with three children currently enrolled in Rye City Schools, at the Elementary level through High School, I can say firsthand that the great schools are still a draw, contract or no contract.

[Scooter]

Wouldn't have a clue. Do you know if the city can expect any more absurd lawsuits that waste the city attorney's time, drive up the city's legal costs and ultimately, our taxes?

[The Wry Record]

Hey Scooter do you know if Mayor Flotis and the Rye City Council are going to meet in secret at 7:30 one morning around the holidays and after the 2009 budget gets voted on to give Shew another $17,000 raise like they did last year?

[Scooter]

Rye Tax Payer - Depressing to read about, but unfortunately, too true. Another view of this debacle, from the Washington Examiner:

The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.

The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.

“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, who has been trying to warn Americans of the coming financial tsunami for years, to no avail. So, after Uncle Sam bails out bankers, Wall Street gamblers, carmakers and over-their-head homeowners, who’ll bail out Uncle Sam?

And what does our government do?

Not much... they're too busy chasing interns, pages, lobbyists, selling influence, senate seats, sleeping with prostitutes, lying to their spouses and the public, warning us of global warming (by the way, if and when oceans do rise, the US will have been reduced to a nuclear ashpit - courtesy of Islamic nutjobs in fanatic Iran and our do-nothing congress), grandstanding, quizzing automakers about their method of travel, promising what they can't deliver.

Our national, state, county and local goverments are corrupt, inept, uninterested and/or incompetent. High time for some real change.

[Rye Tax Payer]

Real estate in Rye is right at the edge of the cliff .... the 100,000+ layoffs announced by Street in last 30 days will be the final shove off the cliff as many more in Rye get pink slips for Christmas . Rye politicians have a 5+% tax hike to give us despite fact westchester already the highest taxed county in the nation . School teachers walk around dressed in black with their angry NO CONTRACT buttons on still oblivious to fact NY State is insolvent . we are a disaster and nobody seems to know it . the plunge in home prices , Rye , and NYC area economy in next 12-15 months will be epic and yet so many will profess to be SHOCKED!