The White Plains housing market has been trending upwards since the bottoming out from the housing crisis of 2008. The popularity of White Plains has been increasing over the years, particularly in the downtown. Many non-residents think of it as strictly a city until they see the charm of the outlying suburban areas. These represent two distinct markets for White Plains and both are doing well.
This is the final installment of my short series on the state of the Westchester housing market and today I will be talking specifically about move-up buyers.
As I said in my last podcast, people are always asking me for quick “market updates”. Today I’m going to give another quick assessment of the current Westchester market. The last podcast targeted first-time buyers. This podcast is about empty-nesters and others wishing to downsize.
People are always asking me about “how the housing market is doing”. Although I haven’t gone over the final stats from 2015 on the Westchester housing market, I am going to give an anecdotal response to this question in advance of doing my total geek dive into the land spreadsheets, numbers and graphs.
Recently, I have been posting about the bull market in Westchester NY. Well, new construction is always a sign of a bull housing market! On Nov 19 the LCOR project at 55 Bank Street had its ground-breaking ceremony on a complex that when complete, will add 561 vitally needed units to the housing stock.
Lately I have been running into several buyer clients that came out of the starting gate raring to go. Then, as the new reality of the sellers market started to hit home, a few of them got a big case of cold feet. From hemming and hawing to actually pulling a disappearing act, these potential buyers are making the decision to not make a decision. There are some situations where this inaction makes some kind of sense. But in an appreciating market like the one we are in, those cases are few and far between.
With all the “disruptive” technologies around, why have real estate brokerage commissions remained so “sticky”? Why hasn’t some disruptive technology come along to really shake up the commissions structure?
These questions come up fairly often and with good reason, selling a home has always been an expensive process and for all the new technology out there today, it is still expensive. Many people draw an analogy to travel and other industries where disruptive websites have literally crushed commissions and other forms of reimbursement.
Just the Facts:
|Asking Price:||$599,000 (subject to change)|
|Property Taxes:||$17,000 (w/o STAR rebate)|
|Lot Size:||0.39 acres|
Combine the best of the old with all the modern convenience of the 21st century in this lovely Dutch Colonial home. This is gracious living at its best. This Mount Vernon home is beautifully updated with special attention to detail. The eat-in kitchen has been modernized with granite countertops and stainless steel appliances to be a modern chef’s dream, while still taking into account the pre-war character of the house.
Both condominium complexes (1 & 5 Renaissance Square comprise two separate complexes) at the Ritz Carlton have experienced a more uneven recovery than Trump Tower. This is probably because the finances of both complexes caused some concern for a couple of years. This was mostly due to the unfortunate timing of the openings and the financial travails of the original builder (Louis Cappelli). As a result, the Ritz Carlton took a bit longer to recover from the housing recession.
Current Price: $849,000 (subject to change)
Monthly HOA: $1546
Additional Fees: $20 (storage unit)