Westchester Home Prices Pushed to Record High By Bidding Wars

(Bloomberg) — Home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat.

The median price of single-family homes that changed hands in the quarter jumped 16% from a year earlier to $808,500, the highest in data going back to 1986, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.



chart, histogram: Sellers Winning in Westchester


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Sellers Winning in Westchester

Open houses have drawn crowds, and multiple offers on the same day, largely from city-dwellers seeking space for a prolonged period of working from home throughout the Covid-19 pandemic. Their purchases nearly cleared the market of listings, which tumbled 30% from a year earlier.

“We’re all preparing for what could be a second wave of spiking cases,” Douglas Elliman President Scott Durkin said in an interview. “Everyone is positioning themselves

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Interested in a foreclosure sale property? It can generate a bidding war and is likely for sale ‘as is’: Ask Joe

I recently came across an ad for a property that’s for sale saying, “power of sale.” How does this differ from a traditional home sale?

Property sales due to lender foreclosure are often also referred to as a distress bank sale, or a power of sale.

A foreclosure sale is a method available to lenders, banks and non-traditional lenders to cover the unpaid mortgage. In foreclosure proceedings, the property is not being sold by the owner — rather, it is the mortgage lender that has taken action to sell the property.

In the case of a property being sold due to foreclosure, the lender may become the owner of the property and in that case may retain any profit realized from its sale. Lenders have an interest in recovering the amounts owed to them under the terms of a mortgage.

A significant difference between a foreclosure sale and a traditional

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