"The high end of the market — houses selling at $1 million and above — is showing more modest signs of a rebound", said P. Gilbert Mercurio, the chief executive officer of the Westchester-Putnam Association of Realtors, “That part of the market took a terrible beating, and it may take a long time for that sector to come back,” Mr. Mercurio said, noting that before the bank failures in October 2008, sales in excess of $1 million represented close to a third of the county’s market.

WESTCHESTER’S real estate market has benefited from what sales agents like Marcene Hedayati, a managing partner at Legends Realty Group in Sleepy Hollow, describe as a perfect confluence: House prices finally dropped. Interest rates remained low. And first-time buyers were able to take advantage of a federal tax credit. The result: the beginnings of a recovery, judging in part by a sharp increase in the number of sales in the first quarter of this year.
By Elsa Brenner, April 14,2010 NYT

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