The Ritz Carlton White Plains represents the pinnacle of high-rise luxury in downtown White Plains, not to mention the county of Westchester. As far as White Plains condos are concerned, it doesn’t get any more luxurious than this! Located in the heart of the downtown area, it is just steps from some of the finest dining, entertainment and shopping that Westchester has to offer. Lets not even get started on the amazing amenities the Ritz offers – and the views on the higher floors are simply breathtaking. You can get Manhattan, the Long Island Sound and everything in between in one massive panorama. Being just 33 minutes from midtown Manhattan is the icing on the cake.
Recently, I’ve had quite a few buyers interested in the Ritz Carlton – but many are confused about the pricing thinking that the inventory overhang is a recipe for a falling knife in terms of prices. These are uncertain times and I understand some of the concern, but you have to look at more than the number of units that have yet to be sold. This is particularly true of new construction. You have to look at demand – whether it is increasing or decreasing as well as trends in actual sales prices.
The chart below depicts the sales price history. The red bars are the two years – from the opening of the Ritz – to the crash of 2008. The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.
The pricing shows something far more robust than perhaps many potential buyers were hoping for. Prices dropped sharply as the knife fell in 2008. But 2010 show prices inching up and that trend has continued in 2011.
But the proof is really in the sales volume. Sales volume had already collapsed in 2008 and actually increased slightly in 2009. But there was a surge in sales in 2010 which has continued into 2011. Sales this year are only one unit shy of the entire 12 months of 2010. There are also several pending sales with another quarter to go.
Listen up buyers… There are two issues here: They involve price and cost. And quite frankly – in both cases, you have won the real estate lottery! Plain and simple – it doesn’t get much sweeter than this. The price increases are not stalling sales volume – so you might be wise to get while the getting is good. Prices are still off their highs. The second issue is interest rates. Affordability is where it was when Eisenhower was president. If you are under 40, I promise you that you do not understand what an amazing gift these interest rates are. You will – when they are gone – and once they are gone it is unlikely that you will ever see anything like this again in your lifetime.
As for inventory overhang – a large overhang is expected in new construction. Now that the units are selling again – it is not an issue, nor does it appear to be dragging prices down. You can not put new construction in the same category as resales – where a large volume of homes does impact the market. The market for high-rise units in Westchester was pretty scary for a while, but these stats point to a pretty robust situation.
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