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Armonk: Country Living in Westchester NY

Armonk, N.Y., is tucked away in a rural section of northern Westchester County near Kensico Lake, surrounded by woods, nature preserves and golf courses. It is a great match for outdoor lovers wanting easy access to fishing and hiking trails

Homes in the area tend to be large, especially the newer ones. And average lot sizes for homes run between two and three acres.

But the relative seclusion and privacy of Armonk comes with a price. It is one of the more expensive areas in the county. Armonk also draws new residents from Manhattan and southern Westchester who come for the country surroundings and the well-regarded public schools but want to stay close to urban comforts like fine dinning and shopping, brokers in the area say.

Armonk's Wampus Brook Park, one of several parks in the area, offers fishing and rowboating and also has picnic grounds.

Armonk is a hamlet in the town of North Castle, which also includes North White Plains and Banksville. It borders Chappaqua, N.Y., and Greenwich, Conn. Armonk is about 35 miles from Manhattan and a 35-minute commute into the city from the Metro-North station in White Plains.

There are quaint shops and restaurants in Armonk's downtown area. Shopping also is plentiful in nearby White Plains.  Yet you are only 10 minutes from any type of city environment.

The town of North Castle was originally incorporated in 1788. During the 19th century, it was mainly a farming town. Around the turn of the century rich families from New York City came to establish country estates.

The current housing stock in Armonk is a mix of older houses and newer homes built during the 1990s and 2000s. The architecture styles include colonial, modern and a few Tudor homes.

During the late 1980s and the 1990s, more young families started moving into Armonk as new homes became available. "It was like a secret little hideaway, and now people know about it, because it's a great place to live," said Peggy LaSala of Houlihan Lawrence who lived in Armonk for 20 years.

Large employers like International Business Machines Corp. and MBIA Inc. are based in Armonk, which helps keep the property taxes comparatively low for homeowners, brokers say.

Main Street's shops and restaurants in the hamlet's downtown area

"They are about as good as you will get in Westchester County," Ms. Maddock said.

The current average asking price for Armonk homes is $1.85 million, according to real-estate site Trulia. In Chappaqua to the west, the average is $1.48 million, and in Valhalla to the north, it is $650,000, according to Trulia.

Some of the larger homes in Armonk have asking prices approaching $7 million. There is a 9,000-square-foot home on Whippoorwill Road currently on the market for $6.995 million. The huge brick colonial home has six bedrooms and 7½ bathrooms and sits on a 20-acre lot. The home comes with a greenhouse and heated pool.

There are also a few newly constructed homes on the market. On Evergreen Row, there is a new colonial home with five bedrooms and 4½ bathrooms situated in the Windmill Farm section of Armonk. The home measures 5,400 square feet and is on a two-acre lot. It is on the market for $2.695 million.

Mortgage News Daily

  • MBS RECAP: Bonds Take Pre-Fed Lead-Off (In Wrong Direction)

    Posted To: MBS Commentary

    Imagine you manage a baseball team. Let's say it's little league , because what follows probably wouldn't happen in the bigs. You're working with your kids on leading-off and stealing bases. One of your players lucked into a bean ball and has been on 1st base for several pitches in a game that has otherwise been pretty rough. But hey! At least you have a kid on base now! Maybe he or she will be able to steal a base or two. You shout: "OK, remember what we worked on in practice with leading-off!" Instead of inching toward second base, your player starts walking back toward home. If that's not a clear analogy, your base-runner is the bond market. It's not uncommon to see bonds take a lead-off ahead of the next at-bat--especially when it's the Fed that's...(read more)

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  • Mortgage Rates Highest in a Week Ahead of Fed

    Posted To: Mortgage Rate Watch

    Mortgage rates rose to the highest levels in more than a week today, but that's the most dramatic way to put it. In terms of outright movement, today was fairly average. It only earns the "highest in a week" distinction due to the incredibly flat trend that persisted from Tuesday through yesterday afternoon. More simply put, most borrowers would still be quoted the same rate as yesterday with the only difference being slightly higher upfront costs (or lower upfront credit, depending on the scenario). All the recent stability in rates begs the question: what might come along to shake things up again? Enter tomorrow's policy announcement from the Federal Reserve (the Fed) . While the Fed doesn't directly dictate mortgage rates or even longer term rates like US Treasury yields, the Fed Funds Rate...(read more)

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  • Despite Downward GDP Revisions, Fannie Sees Housing Holding Steady

    Posted To: MND NewsWire

    Fannie Mae has lowered its forecast for first quarter 2018 growth from 2.9 to 2.8 percent due to " lackluster consumer spending and nonresidential and residential investment. The second report of 4 th Q GDP downgraded real growth by one-tenth to 2.5 percent annualized. Incoming data has shown weaker domestic demand, with real consumer spending down 0.1 percent in January, the biggest monthly drop in a year. Based on this, Fannie also lowered its real consumer spending growth forecast for the first quarter to 2.2 percent annualized from 2.7 percent in the February forecast. FY 2019 looks brighter, and the company's economists have raised their full-year 2019 GDP forecast to 2.5 percent and lowered their outlook for unemployment to 3.6 percent. They stress that more rapid wage and inflationary...(read more)

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  • MBS Day Ahead: Still In The Range, But Defensive Trend Continues

    Posted To: MBS Commentary

    While there have been a few pockets of decent gains in the past week (Thursday afternoon and yesterday morning), the general trend has been toward weaker levels since last Wednesday. That marked the 2nd time in March that 10yr yields bounced at 2.80% in a clearly-delineated sort of way. Each bounce has given way to fairly linear selling trends (i.e. rates moving higher). Yields are currently riding that trend into tomorrow's FOMC announcement. There are several pivot points (or "technical levels") in 10yr yields that serve as a backdrop for the recent breakout attempts and subsequent trends. Naturally, with the 2 big bounces both happening at 2.80%, that's an obvious choice for the bottom of the recent range. The high end is a bit more subjective, but 2.91% is a good first...(read more)

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  • State Changes Impacting Lenders and Banks; Business Opportunities

    Posted To: Pipeline Press

    The first day of Spring! Converting empty warehouses, grain elevators, under-utilized shopping malls, or Toys-R-Us stores to new housing? Perhaps. There is certainly a lack of buildable land in many areas and builders, recognizing that lots of people want to own their own home, are utilizing land as much as possible. How much cleverness can you put into a “tiny home,” agency approved if there are comps? It turns out, quite a bit . Am I missing the point if I wonder where I would put all my stuff? State News It is expensive to be a multi-state lender , and potentially doing business in different ways and using different policies in various states. And different states have different demographics. Last year IL was the state where the most residents moved out, followed by NJ, NY, CT...(read more)

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  • MBS RECAP: Stock Losses Helped But Bonds Had Their Own Limits

    Posted To: MBS Commentary

    Bonds entered the domestic session feeling a bit down on their luck. There was some general weakness early in the overnight session, but just before 8am, European Central Bank (ECB) sources were quoted (anonymously) as generally approving of the market's consensus for policy tightening. Specifically, the sources didn't push back on the view that the ECB should stop buying bonds later this year or that it should execute its first rate hike of this cycle some time in 2019. Granted, that wasn't huge news (after all, it was the market's "consensus" that the ECB sources were responding to in the first place), but it was enough of a development to leave 10yr yields several bps weaker to begin the day. Relief came from heavy losses in stocks which pulled bond yields lower...(read more)

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  • Mortgage Rates Maintain Flat Trajectory Ahead of Fed

    Posted To: Mortgage Rate Watch

    Mortgage rates have been on a tear recently , moving sideways with reckless abandon. Since the middle of February, the "effective rate" (based on actual rate sheet offerings and upfront costs) has held inside a narrow range of 4.52% and 4.58%. This lies in stark contrast to the persistent move higher during the first month and a half of 2018 which saw the same effective rate rise from roughly 4.0% into the 4.5% range. When rates are as flat as they are on the approach to a key market event like this Wednesday's Fed announcement. We often see a break in that narrow range after the key event. For now, there's no reason to believe Wednesday WON'T be such a day this time around. Even if Wednesday turns out to be a dud in terms of its impact on rates, it's always safest to plan for the risk (or...(read more)

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  • Future Housing Market at Mercy of Young Adults

    Posted To: MND NewsWire

    Freddie Mac's economists headlined their March Outlook economic report "Adulting is Hard." The newest crop of young adults may find this to be truer than others. They have been slow to reach life's milestones like getting married, starting families and living independently, but with some valid reasons. Many came of age in the midst of recession ; wage growth has been weak, and housing, education, and healthcare costs have risen rapidly. Average annual expenditures for adults aged 25 to 34 in 2016 are 36 percent higher than those faced by those the same age in 2000, while costs for health care and education have more than doubled. The U.S. Census Bureau says the 25-to-34-year age group contained 45 million people in 2016, 4 million more than the next older age group (35 to 44). But instead of...(read more)

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  • MBS Week Ahead: Absolutely No Significant Data Ahead of The Fed

    Posted To: MBS Commentary

    If it weren't for the Fed Announcement on Wednesday, this would look like a prime vacation week for market participants as there is a distinct lack of relevant economic data. In fact, there's only one top tier report: Friday's Durable Goods. Making the dearth of data even more striking is the fact that there aren't even any 2nd tier reports on the first 2 days of the week. It's not until Fed day (Wednesday) that we get our first sniff of econ data in the form of February Existing Home Sales, and that's not a report that tends to be much of a market mover. All of the above places an inordinate amount of market movement potential with Wednesday afternoon's Fed festivities. There are 8 Fed meetings/announcements on the schedule every year. 4 of them are limited strictly...(read more)

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  • Tax and Sales Products; Mergers Continue; Fed Meeting This Week

    Posted To: Pipeline Press

    For me the last seven days included California, Texas, Nevada, and Illinois. What am I seeing? Some companies are doing well. Others aren’t, and unfortunately, probably more fall into this latter category due to margins and volumes both dropping. Here’s a note from a warehouse rep in the Southeast. “Rob, everyone knew, at some point, rates were going to head higher, and that refis were going to slow. We’re seeing plenty of independent mortgage bank owners who seem to be eternally optimistic, talk about how technology will change their business, believe their profits will rebound, believe they will outlast their competition. Those same people are lousy at knowing when to sell their company. But we’ll see plenty of that this year, I think, more than in 2017.”...(read more)

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Bonnie Koff  |  Licensed Associate Real Estate Broker  |  William Raveis Legends Realty Group  | Tarrytown Office 
914-332-6300  |  37 Main Street, Tarrytown, New York 10591  |  Email