Real Estate Update May 2008 – The Annual Rye House Tour

Single Family Homes (ending  4/30/08 ):

On the Market:  97

In Contract:  24

Shop Talk:

Forty eight homes have sold in the past six months in Rye City, compared to seventy five during the same six month time period last year. Interestingly, the same trend we spoke about last month continues: the average price of homes sold increased from $1,804,678 to $1,935,344 during this time period, even though the amount of homes sold decreased. Twelve or 25% were under $1,000,000 with an average price of $754,542 while 36 or 75% were over $1,000,000 with an average selling price of $2,328,944.

*Data per WPMLS  Zip 10580, RCSD & RNSD only. 6 month period 11/1/07-5/1/08 compared with same time period last year.

Mansion Tax Update – Get Involved!

We received an email form Assemblyman George Latimer in response to our March MyRye.com article on N.Y. State’s infamous "Mansion Tax". He is sponsoring a bill to change the threshold from properties sold at $1,000,000 to properties selling above $2,000,000 in our region. He writes, "I will try to make the case that the average home sales in Rye, Larchmont, Rye Brook, and elsewhere are routinely above $1 million, and the $1 million threshold, established in 1989, does not reflect the increase in house prices over 20 years. If you agree…please let me know by return email [[email protected]]: I will need all the support I can to move this bill in Albany."

To view the bill, click here.

The Annual Rye House Tour

The Rye High School Parents Organization is hosting the annual Rye House Tour on Friday, May 16th, from 9:00 a.m.-3:00 p.m. In addition to viewing five spectacular local area homes, the "Garnet Cafe and Boutique" will be presented in a showcase home for lunch and shopping.

The Rye House Tour was a concept that my manager, Nancy Neuman, and Pat Singer, her partner at the time at Country Properties Realty (pre Coldwell Banker), started in the late 1970’s as a way for their firm to give back to the community. According to Nancy, it was strictly a community service project to give back to the town in the form of a Rye High School scholarship fund. This continued for ten years until it was taken over by the RHS Parents Organization and opened up to the greater community. Today, as well as Coldwell Banker/ Country Properties, the sponsors include other real estate firms as well as local builders and designers.

This year, the House Tour is featuring an exotic custom built home on a cul de sac in Greenhaven with fantastic mix of artifacts from the Middle East and beyond. An 11,000 square foot Milton Point waterfront estate is a highlight with direct water views from all rooms and interiors designed by the renowned Bunny Williams. A six bedroom cedar and shingle Adirondack style Colonial home in the Midland School District is also the location for a special boutique and luncheon. Also featured are a stately turn of the century home from 1905, and a Colonial from 1800 which houses an amazing collection of furniture, art, books, and collectibles.

Past homes from last year’s tour included a 7,600 square foot 1928 Colonial with views from three golf courses, and a renovated Milton Point Colonial with water views and a beautifully landscaped garden.

Tickets are available at most local real estate agencies in town for $45.00 for the tour only, $65.00 for the tour and lunch. For more information, you may contact House Tour Chairs: Alicia Baldwin 967-9096, Lotte Meister 921-6110 or Sheryl Stroud 924-7455.

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