All buyers looking at Westchester condos for sale know about the Ritz Carlton of White Plains NY. Among White Plains NY Condos for sale the Ritz Carlton is at the pinnacle on the luxury scale. Just a block from City Center (1-5 Renaissance Square) the Ritz Carlton is at the center of everything. Getting much closer to the center of town would be difficult. You can easily leave the car behind and walk to shopping, fine dining, entertainment and the train.
In addition to the convenience of being steps from just about everything, there are plenty of amenities to keep you right at home. There is a lounge, a fitness center which is very complete. There is also a spa, a pool and media room as well as a terrace. There is room service through the hotel as well as maid service. A jitney whisks commuters to the Metro-North Train Station which is about 0.5 miles from the complex. Everything is close at hand and very convenient.
The floorplan is open and the floor to ceiling windows expose magnificent views of the Long Island Sound or the Manhattan Skyline. The kitchens are open and boast walnut cabinetry and Viking appliances, including a wind fridge. The master bath has Aurora Rose Marble throughout and Kohlar fixtures. There are walk-in closets with custom storage systems in the Master BR. Ceilings are generally 9 ft in height giving a feeling of added space with 10 ft ceilings in the penthouses.
The official opening of the Ritz Carlton could not have happened at a more inauspicious time for the Westchester Housing market. The complex opened at the end of 2007 – just as the fall out from the sub-prime loan debacle was hitting the fan. Sales were sluggish though the sales volume indicated my figures are artificially low since like most new construction – most sales though done through agents dose not end up on the MLS. Prices actually inched up during 2008. But once the financial crisis of 2008 and the stock market crash happened – prices started to fall – reflecting the rest of the market.
The chart below depicts the pricing patterns for 2 BR units at the Ritz from the time of the construction of the first tower in late 2007. The red bars depict the market before the crash in 2008 and the green bars reflect pricing in the years following. The median sales price is down about 38% from the highs in 2008. Some very high-end units made their way into that mix in 2008. So in an apples to apples comparison, the prices are down about 25-30% depending on the type of unit. Over the past 18 months prices have held steady and have even edged up just a bit.
Right now this is not a buyers market paradise. Sales volume is up 35% from 2010 (from 13 to 20 units sold) which is a good indicator or a recovery in progress. Buyers need to get real. I’ve been getting a lot of lowball offers at the Ritz and Trump. Its not that kind of market. Buyers already have 25-30% savings baked into the cake and a stable market. You are still getting a great deal. But pushing the envelope will not fly. Sellers can get market value and do not have to entertain lowball offers.
Sellers need to be realistic. It will be a while before they see the heady prices of 2008. If you need to sell, bite the bullet. Don’t wait for prices to move up 25-30% – it could be a very long wait. Nevertheless, if your unit is in good condition, you can expect to get market value for your unit.
© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
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