As White Plains NY condos go, Jefferson Place offers a great deal in the way of amenities for the money. The Residences of Jefferson Place is a condominium complex with a split personality. The complex spans on square block between Livingston Ave. and Rutherford Ave. in White Plains, NY with units on 300 Mamaroneck Ave. and 31 Greenridge Ave. Jefferson Place is located a scant half -mile from heart of the downtown including the White Plains City Center. The city side – facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. The suburban side of the complex on Greenridge Ave. gives a bow to the Highlands community where it resides.
The following is an update of the sales stats at Jefferson Place. Prices have come down nicely over the past few years and for those interested in buying, I would strongly suggest that you get moving. The gift of super-low interest rates can not last forever and combined with the prices that we now see, this is a gift. If you qualify to buy – I have to ask what an EARTH are you waiting for???? Housing is highly cyclic. Those who miss out on this crazy low market will be kicking themselves for years to come. This is literally a once in a lifetime opportunity in the housing market.
The chart below follow median sales prices of 1 BR and 2 BR units at the 300 Mamaroneck Ave., the midrise portion of Jefferson place from 2006-Nov 2011. From the charts below you can see that 1 BR units underwent two corrections. Once at the beginning of 2009 following the market meltdown. They then climbed up a notch once again only to fall substantially to a median price of $317,000 down about 18% from their peak in 2008. 2 BR units corrected more sharply in 2009 and have remained flat since 2009 going up slightly, but not significantly to a median price of $445,000 in 2011. Actual pricing depends on many variables including square footage, view and location in the building. Upper floors traditionally selling for more. * All data was derived from the Westchester Putnam MLS.
The active listings indicate that there is about 1 year of inventory on the MLS so these units though bottoming are still in bear market territory for both 1 & 2 BR units. Sellers need to be realistic, but buyers shouldn’t overplay their hand either. 2 BR units appear to be bouncing along the bottom and so much air has come out of the 1 BR units price points that it is doubtful that there is much more room for decline. Sales of 1 BR units have been steady in spite of the price drop.
© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
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