Make no mistake, New Rochelle is still up-and-coming. Whereas it does not have the attraction of being as fully “established” as its sister city, White Plains  – the future looks bright.  Many who want White Plains, but find it inaccessible price-wise find themselves attracted to New Rochelle.  New Rochelle also has something land-locked White Plains will never be able to offer – water front property on the Long Island Sound.

Buyers who were disappointed that the White Plains market didn’t crash through the floor – should stop wishing for the impossible and give New Rochelle a second look.

Cooperatives:

Coop sales are down 33% over the previous year with prices slightly elevated.  Given the low volume, I would associate the price rise to be due to  random gyrations and describe the pricing as declining slightly or just flat.  There is a 19 month inventory on the market – making this a buyer’s market.

Condominiums:

Condos in New Rochelle took a plunge.  Prices are down 26.3% over the previous year with about 35 months of inventory left on the market.  This market was overbuilt during the boom.  The overbuilding included too many town houses along with the high-rise condos of Trump Plaza.  Volume is off over 33% from the previous year as well.  This is a market that buyers should be actively seeking – not shunning.

Single Family Homes:

The divergence between the high-end and low-end markets shows very distinctly here.  The stats generally show a 4% price change, but that change is much greater at the high end where sales are very depressed.  If you use $800k as the cut-off between the markets, the dichotomy is very clear.  In the under $800k range – 48 homes sold while only 9 sold that were over $800k.  Add to that the difference in inventory – 9 months for under $800k, 36 months at the high-end and you have two very different markets.

Further Reading:

Housing and Market Statistics for New Rochelle NY – First Quarter 2009.

New Rochelle NY – Housing and Market Statistics for Fourth Quarter 2008.

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com.  All rights reserved.

Going into NYC for July 4th is great – but it can be a hassle.  Fact is you don’t need to go to Manhattan to see terrific displays.  Here is a short list of  lower Westchester events and fireworks displays.  This will help get you started….

You can start celebrating as early as tonight:

Events for Wednesday July 1, 2009

Playland’s Weekly Fireworks Display:
Starts at 9:15.   Offered by the Westchester County Parks Dept.  Admission for parking is $4.00

Location & Info:
Playland Park
Playland Parkway
Rye, NY 10580
(914) 813-7010

White Plains Fireworks Display:
An evening out at the White Plains High School. Includes fun for all With inflatable rides and food along with a children’s stage. Free to the public.  6-10 PM. (Rain date July 2)

Location & Info:
White Plains High School
550 North St.
914-422-1200

Events for Friday July 3, 2009

Kensico Dam Music Fest with the Westchester Philharmonic and Fireworks:

Gates open at 5 PM for picnicing – bring your own chairs and blankets. Car pooling recommended.  Concert begins at 8 PM.  This should be quite an event. Admission is FREE

Location & Info:
Kensico Dam Plaza
Bronx River Parkway
Valhalla, NY 10595
914-864-7275

Playland’s Fourth of July Fireworks Display:
Starts at 9:15.   Offered by the Westchester County Parks Dept.  Admission for parking is $4.00

Location & Info:
Playland Park
Playland Parkway
Rye, NY 10580
(914) 813-7010

Westchester Chamber Orchestra’s Independence Day Concert:
Featuring pianist Adam Kent performing 20th-century composers from the U.S.
Admission is FREE.

Location & Info:
One Library Plaza
New Rochelle, NY
914-654-4926

Scarsdale’s Concert and Fireworks:
Concert begins at 7:30 PM and the fireworks start at 9:15 PM.  Admission is $2.00

Location and Info:
Scarsdale Municipal Pool
311 Mamaroneck Rd.
Scarsdale, NY
914-722-1292

Sleepy Hollow Fireworks Show:

Begins at 9 PM.

Kingsland Point Park

Sleepy Hollow, NY

(Note I have no information on this event other than a sign on the road!)

Events for Saturday July 4, 2009:

Independence Day 1856 at Sunnyside:
10 AM – 5 PM – This is a full day event that includes dramatic presentations, period music and country dancing.  They are offering a game of “Town Ball” which is a 19th century version of baseball.  There are house tours and ice cream demonstrations. You can bring your own picnic or buy food on site. Admission is  $12 for adults, $10 for seniors and $6 for children 5-17 years of age.  Children under 5 are free.

Location and Info:
89 West Sunnyside La.
Tarrytown, NY
914-591-8763
www.hudsonvalley.org.

Tarrytown Fireworks Display: CANCELLED!!!!
Concert and fireworks at the gazebo overlooking the Hudson. Starts at 7 PM.

Location and Info:
Pierson Park
West Main St.
Tarrytown, NY
914-631-8347

Playland’s 4th of July Fireworks Display:
Starts at 9:15.   Offered by the Westchester County Parks Dept.  Admission for parking is $5.00

Location & Info:
Playland Park
Playland Parkway
Rye, NY 10580
(914) 813-7010

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com – all rights reserved.

New Rochelle is now where White Plains was about 10 years ago.   Geographically, it has many things going for it.  It has the Long Island Sound along its eastern border which gives it a distinct aesthetic  edge over the land-locked White Plains.  It has a train station complete with a  new parking facility and boasts a 30 minute commute to Grand Central Station.  Granted it has a way to go before it becomes as established as White Plains, but  for those just can’t afford what they want in White Plains, their dollars will stretch further in New Rochelle.

The downturn in prices presents buyers with a unique opportunity.  Though there is risk in such an opportunity, all bad cycles come to an end and New Rochelle prices are truly reflecting a corrected market.  Add to that the fact that those buying now are getting in closer to the “ground floor” than they possibly could in White Plains.  Buyers should take notice because this is an area ripe with opportunity that fully established areas lack.

Cooperatives:

Coops in general have come down in price, but this quarter actually showed an increase when compared with the previous ear.  The average price for Q1 2009 was $198,000.   However, with over 15 months of inventory and overall sales down 42%, this is still a buyer’s market.

Condominiums:

Condos have been hit hard in other municipalities.  This has been due to overbuilding of luxury high-rise units.  New Rochelle has its share of this type of housing where Trump Plaza comes immediately to mind.  Prices were down nearly 8% over the previous year and sales volume was down 67% from 2008.  In fact, only four condos sold during the first quarter.  The overhanging inventory  can be measured in years – not months.

Single Family Homes:

Prices were hit hard – down 63% over the previous year.  But this might be more of a reflection of the type of housing sold – and not so much an actual price drop.  New Rochelle has some very expensive areas that are not selling well.  This has a lot to do with the public saying “less is more” and is exacerbated by the status of the “jumbo loan” market  with high interest rates.  Total sales volume was down over 50% and there is close to 30 months of inventory on the market.  This too, is definitely a buyer’s market.

Further Reading:

New Rochelle NY – Housing and Market Statistics for Fourth Quarter 2008.

New Rochelle NY – Housing and Market Statistics for Third Quarter 2008.

© 2009 Ruthmarie G. Hicks – all rights reserved

New Rochelle is an up-and-coming city that experienced tremendous growth during the housing boom. Those who look at White Plains and can’t quite afford the price tag, should take a second look at New Rochelle because it is heading in the same direction that White Plains took ten years ago. Although the current recession has put the boom in a holding pattern, all signs point to a strong recovery in the next few years. Further, this area has seen a significant price correction.

Cooperatives:

Prices tumbled 18.5% when compared to the fourth quarter of the previous year. This is in stark contrast to the substantial price increase seen in the third quarter. It is probable that the price increase of the third quarter was an indication that buyers were very choosy and were only buying the cream – leaving the rest of the market to languish. The market crash acted to force sellers hands and those who needed to move dropped their prices. – hence the sharp decrease. This did help to relieve the overhanging inventory and sales volume in coops was actually up over the previous year. This movement in the coop market is a reflection of what has happened in other parts of the county.

Condominiums:

Condominiums and town houses were overbuilt during the boom. Pricing has come back down to earth and there are bargains to be had as long as the seller or builder is reasonable. Sales prices are down 9.9% from the previous year with a current average sales price of $435,000. Inventory is high with 17 months of units on the market. This is mostly because of very low sales volume which is down 61% over the previous year. This is a very good time for buyers to get back into this market – they have negotiating room.

Single Family Homes:

Single family homes have experienced a 16.6% price drop over the previous year. This is a significant drop from the third quarter and is probably due to the market crash forcing sellers to lower their expectations. Average sales prices are down from $824k in 2007 to $687k. There is currently a 14 month inventory on the market with volume down over 57% from the the fourth quarter of the previous year.

This is a strong buyer’s market across the board. Combined with the tax credit and low interest rates, this should get fence sitters to start buying.

Further Reading:

New Rochelle NY – Housing and Market Statistics for Third Quarter 2008.

What the Heck is Going On with the Crazy Westchester NY Housing Market? Taking a look back in order to move ahead.

© 2009 http://thewestchesterview.com, all rights reserved.

New Rochelle had a mixed quarter price-wise showing an increase in sales price for single family homes and cooperatives. Condominium prices however, were down significantly. Overall, there is a lot of excess inventory which is an indication of a buyer’s market.

Cooperatives:

Coop sales prices were up significantly over the previous year (almost 20%.) This, in spite of the fact that sales volume was down about almost 30% and thee is a large overhanging inventory of about 1 year. It could be that only the “cream” of the coops actually sold – this creating an average price bump in the face of fewer buyers, but only time will tell the entire story here.

Condominiums:

Condo prices decreased 8.5% over the previous year and sales volume was down a full 20%. There is a great deal of inventory in this market as well – a full 18 months worth. Buyers have not had so much negotiatingroom in a long time. This is a definite buyer’s market where good deals can be found.

Single Family Homes:

Sales prices for single family homes were down about 4.5% with sales volume down nearly 16% over the previous year. With over 8 months of inventory on the market, this is a definite buyer’s market.