REALTY TALK WITH PETER GORBUTT

Market Discussion in White Plains Times - October 31, 2008

2008-11-07T08:15:00.004-05:00

The Real Story on Real Estate
Hit to Local Market “Minimal,” Realtors Say
By: Pat Casey
Published: October 30, 2008

If you want to get a good sense of the state of the local economy, there are many places to look. One is the residential real estate market. The news media are full of disaster stories of areas out west and across the “Sun Belt” where the housing market has suffered tremendously during recent weeks. Houses are in foreclosure, which forces prices down; the only good news is that the inventory is at least moving. This scene, however, is not the headline news for most of the Northeast, Westchester County, or White Plains. Residential real estate here has its own story.
In a recent discussion with Peter Gorbutt, president of the White Plains-based Gorbutt Group Real Estate, we found out that “our local market took a minimal hit compared to what other areas around the nation are experiencing.”
“Our strength in this market comes from our prime location and we will always have a demand for housing here,” Gorbutt continued. “White Plains has a well-balanced economy, great quality of life, great transportation, easy commute to Manhattan, excellent schools, and a vibrant city.”
We heard the same thing on Monday evening during the White Plains Downtown Residents Association meeting at Vintage on Main Street, when Ann Bernstein, a top-producing agent for the White Plains office of Houlihan-Lawrence, told the group that the Wall Street downturn has not significantly affected the White Plains residential real estate market thus far.
Bernstein attributes White Plains’ residential housing strength to the diverse population in the city that both buys and sells housing at various levels. Based on data she had collected, Bernstein said the median price for a single-family house in White Plains had only dropped slightly from 2007 to 2008. If you look at the various real estate ads in this newspaper and others, recent listing prices do seem to bear that out.
When it comes to condo sales, Bernstein claims there has been a 9.6 percent increase in the median sale price. “That is an overall number,” she said, which includes sales of luxury condos in the Ritz-Carlton, Westchester and Trump Tower, so the number is exaggerated. Also in attendance at the WPDRA meeting was Susan Fitzpatrick, the new property manager for the Ritz-Carlton, Westchester who spoke briefly about how those luxury condo sales are going. “What we have heard from the developer [Louis Cappelli] is that Tower I is almost fully occupied; Tower II opened on Sept. 24 and is nearly 50 percent occupied.” Fitzpatrick further stated that Tower II would include retail and office space—housing Cappelli Enterprises in the near future—and that construction on the upper floors of Tower II is still in progress.
Co-op sale prices in White Plains from 2007 to 2008 have remained relatively steady. Where there is a growth trend is in the rental housing market. “Much of our market slowdown comes from the tightening in mortgage lending criteria,” said Gorbutt. “Lenders are now requiring buyers to have good established credit histories and larger down payments,”—about 20 percent, according to Dean Curtis of DC Funding LLC, a boutique mortgage company based in Bronxville, who added that some lenders will not close on a mortgage if the down payment is coming from a property sale until that property has sold. “This is sending many [potential buyers] back to the rental market, which is causing a higher demand for rental units, and rental prices are increasing. The White Plains rental market is doing fabulously at the moment. Many developers and real estate investors have changed direction in projects to take advantage of the demand for rentals in our area,” Gorbutt continued. No one can say for certain where economic markets will be three months down the road. A snapshot of today shows White Plains residential real estate prices remaining stable. According to Bernstein, “history shows real estate is the best investment you can make,” and she stands by that claim going forward in White Plains. Gorbutt agrees. “Soon-to-be empty nesters in White Plains still have a very valuable asset. If they have been a long-time homeowner, the increase in value alone in the past seven years has been incredible. It all comes down to pricing the property right and making your home show-ready.”

The Journal News - Now Is The Time To Buy Section-Friday May 16, 2008

2008-05-19T09:38:00.003-04:00

Gorbutt Group offers residential clients experience, integrity and personal service.

Peter Gorbutt, broker and managing partner of Gorbutt Group Residential Brokerage has always had the highest professional standards in business. The former fashion executive joined real estate in 2000 and instantly became a successful top-producing agent working with many of the industry giants. A year ago, he and his team founded Gorbutt Group, a full-service real estate firm dedicated to the needs of residential clients in the purchase or sale of residential cooperative apartments, condominiums and townhouses, single and multi family homes and luxury homes and estates in Westchester County. The highly experienced associates of Gorbutt Group, represents buyers and sellers with a dedication of purpose that is unmatched in the industry. They know that the world of real estate can be tough and will become your trusted guide throughout the process. Rather than taking a cookie cutter approach, every client and his or her property needs receives close personal attention from a remarkable team of real estate professionals. As a result, Gorbutt Group enjoys the respect of its clients and peers in the Westchester County real estate market. When working with the Gorbutt Group, honesty, integrity and personal trust are vital elements in all of the company’s transactions. The firm offers full real estate services with the same marketing and advertising of the larger firms and has a state of the art website at GorbuttGroup.com. The Gorbutt Group is located in downtown White Plains and can be reached at 914-993-9200 or visit us on the web.

Peter’s tips for a successful sale:

Experience: Hire an agent that has experience in your market area.

Listen: An agent is a real estate professional and will advise you of what your property is worth in the current market. The suggested list price should be backed by recent sales and more importantly what is currently on the market for sale in your immediate area (your direct competition).

De-clutter: Get rid of all the extra furniture, knickknacks and stuff around the home. By eliminating extra stuff, it will help show the space of the rooms and closets. Remember you are selling space, not furniture!

Clean & Fresh: Kitchens and Baths should always be spotless. Walls should be freshly painted and carpets should be clean. Bedrooms should be tidy and beds should always be made perfectly.

Light and Bright: Replace heavy curtains with lighter ones, keep blinds and shades open. A house full of sunshine is always a winner!

Always Counter to an offer: Offers from buyers, however ridiculous, should always be countered politely. With the current market conditions and all the media on the housing market…buyers are starting low and are much more cautious in bidding. Everyone these days is seeking a bargain, but with proper negotiations and realistic expectations, an agreeable price between seller and buyer can be reached. You never know what that buyer is willing to go up to unless you counter and play the game too!

Call Gorbutt Group to schedule a consultation to sell or buy at 914-993-9200

Make it a successful sale:

2008-05-08T13:59:00.003-04:00

Peter’s tips for a successful sale:

Experience: Hire an agent that has experience in your market area.

Listen: An agent is a real estate professional and will advise you of what your property is worth in the current market. The suggested list price should be backed by recent sales and more importantly what is currently on the market for sale in your immediate area (your direct competition). Not taking your agents advice and overpricing your property is just a waste of everyone’s time and energy…be realistic!

De-clutter: Get rid of all the extra furniture, knick knacks and stuff around the home. By eliminating extra stuff, it will help show the space of the rooms and closets and make them appear larger…remember you are selling space, not furniture!

Clean & Fresh: Kitchens and Baths should always be spotless. Walls should be freshly painted and carpets should be clean. Bedrooms should be tidy and beds should always be made perfectly. Remember, first impressions are everything!

Light and Bright: Open those curtains and let the sun shine in! Replace heavy curtains with lighter ones, keep blinds and shades open. A house full of sunshine is always a winner!

Always Counter to an offer: Offers from buyers, however ridiculous, should always be countered politely. With the current market conditions and all the media on the housing market…buyers are starting low and are much more cautious in bidding. Everyone these days is seeking a bargain, but with proper negotiations and realistic expectations, an agreeable price between seller and buyer can be reached. You never know what that buyer is willing to go up to unless you counter and play the game too!

Call Gorbutt Group to schedule a consultation to sell or buy at 914-993-9200

Broker Thoughts: Westchester County Local Real Estate Market

2008-04-28T14:23:00.000-04:00

The real estate market continues to be one of the most talked about subjects
everywhere you go these days. Not a day goes by that we don’t read or hear about the housing market, the housing bust and all the negative press surrounding it. It is important to keep in mind that all real estate is local and every local
market is different. Most of these negative reports we read or see in the news are based on a national or state level of reporting.

True, the Westchester County area has experienced some declines in sales and sale prices with the downturn of the real estate market, but we are still a vibrant
market and will continue to be so with our close proximity to New York City, our
excellent schools and for quality of the suburban lifestyle we offer.

Sellers will have no problem selling a home if its price realistically and they have gone the extra step in making their home appear in show ready condition. With the increase of inventory on the market, sellers must also realize that homes are taking longer to sell.

Buyers may feel a bit uneasy about the market, but this is a great time to consider buying with interest rates still low, more housing inventory available and some room to negotiate on asking prices.

While I do not have a crystal ball, I believe that Westchester real estate has proven to be a solid investment and there will always be a demand now and in the future for people to want to live here.