Archive for the 'Cities' Category
Homeowners in New York are up in arms over property taxes. For those who don’t know the region, New Yorkers enjoy just about the highest property tax rate in the country. Westchester has some of the highest taxes in the state – so you get the picture…..In some areas of Westchester, the taxes actually exceed assessed values.
Recently, Cut Property Taxes NOW rally signs have appeared around the city of White Plains. They are dotting the lawns of beleagured homeowners fed up with what seems like the unending tax hikes that show no signs of abatement. Right now the center of their wrath is on County taxes. However, many are pointing fingers at local taxes and school taxes.
It was just a few years ago that White Plains enjoyed significantly lower property taxes then the rest of the county thanks mostly to our large commercial and retail base. But even though that base has increased, the number successful certioari actions has also increased exponentially. The net result has been a shrinking tax base in the commercial/retail sector pushing the lions share of the burden on homeowners. Most notably: owners of single family homes. Although there was grumbling during the housing boom – residents were mollified by increasing home values. Now that that bubble has burst, the tax bubble has become the elephant in the room.
Homeowners and city officials in White Plains need look no further than Sleepy Hollow to see what happens to home prices when the homeowners are saddled with an ever more onerous tax burden. This burgeoning problem needs to be nipped in the bud or home values could well suffer.
I chose Sleepy Hollow for a comparison because it is an analogous community in many ways to White Plains. Although city officials prefer to liken White Plains to Scarsdale and Larchmont where high taxes are better tolerated, our community profile is in truth more like that of Sleepy Hollow – with respect to its diversity and schools. The commute to Manhattan is similar the two neighborhoods I chose to focus in are are quite comparable in terms of home size, amenities and lifestyle.
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First, I want to apologize. I thought I posted this. The text was created several weeks ago. So I apologize for the tardiness of the post, but I think the information is still useful.
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.
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** This condo has been sold** Feel free to contact me for other listings at Jefferson Place!
Email: ([email protected])
Mobile Phone: 914-374-5529
The Residences at Jefferson place is a large condo complex in downtown White Plains 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. The side facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. The façade reflects the growing urbanization of the city and is just steps away from all the shopping and dining that downtown White Plains has to offer. The other side of the complex on Greenridge Ave. gives a bow to the suburban neighborhood of the Highlands that it borders. The units on Greenridge are three story walk-up condos that have an outer façade resembling three story townhouses. The low-rise portion surrounds tree-lined streets, single family homes and other low-rise condo complexes.
Just across the street on the Mamaroneck Ave. sid e there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. Iannelli’s , a local Italian favorite is directly across from the Mamaroneck Ave. side. Going to either the Westchester Mall, Fortunoff, Whole Foods or the Cheesecake factory it is easy to leave the car behind and take a short walk.
Built in 2005, this complex offers state-of-the-art luxury. As such, it is no bargain. But it offers convenience, luxury and perks at a lower price than can be had at the Ritz Carlton or Trump. Among other things, Jefferson Place offers on-site parking (you can buy an extra space), laundry in each unit, central air conditioning, a 24-hour concierge, a workout room with state-of-the-art equipment, a media room and a business center. The units are beautifully appointed with granite countertops, and stainless steel appliances, luxurious master suites and more than ample closet space. The living room areas sport hard-wood floors with carpeting for the bedrooms.
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White Plains is in buyers market mode with varying levels of weakness and strength in terms of high inventories and low sales volumes. Prices in some sectors are showing more strength than the inventories and volumes would suggest. However, these sectors have already undergone a substantive pricing adjustment and though inventories are still high, they are lower than the White Plains housing inventories from the 3rd quarter.
Cooperatives:
Coops showed a mild price increase over the same quarter from the previous year. However, the average price of $208,000 was down from the previous quarter. This makes some sense as the housing correction started to hit home in the fourth quarter of 2007. Further, the pent up need to buy is quite intense in our area. The correction from the previous quarter combined with lower interest rates probably pulled some fence sitters to get out into the market. There is roughly 4 months of inventory currently on the market which is also an improvement over the 5.5 month inventory of coops at the end of the 3rd quarter.
Happy Holidays to one and all!
Often when people think of Westchester, they think of the glitz and the glamour of New York City. And why not? NYC is a mere 20 miles away and about 30 minutes by train. Certainly downtown White Plains and New Rochelle and building up that “city image.” But Westchester has a “softer side” with many small villages dotting the landscape. Here are some photos of Christmas lights that I have taken over the past few days. Nothing to glitzy or crazy – just a nice seasonal display…courtesy of White Plains, Scarsdale, Larchmont, and Tarrytown.
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New Rochelle is a city that has been undergoing dramatic changes. During the boom new housing sprang up and the downtown is undergoing a major revitalization. When I go to downtown New Rochelle, I am reminded of what White Plains was like about 10 years ago.
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.
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Over the last year the generally sturdy markets of Westchester County have shown signs of softening in terms of price as well as volume. That trend continued in the the third quarter of 2008.
Cooperatives:
Sales prices of White Plains cooperatives were down roughly 5.7% over the previous year. Until recently, price points on cooperatives have been remarkably resistant to the housing correction that has been in progress in other parts of the nation. That appears to be changing and is bolstered by the significant decrease in sales volume over the previous year. The second chart shows that coop sales have decreased a whopping 32.5% over the previous year. Finally, the third chart reveals a 5.5 month inventory of active listings – placing coops in “buyer’s market” territory for the first time in many years. The price range for cooperatives was from $95,000 for a studio to $450,000 at the high end. The average price was $217,000.
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Fall is my favorite time of year. The air is crisp and clear, the humidity that dominates New York summers has abated, the leaves have put on their colorful coats of red, orange and gold and create a colorful show that “peepers” come from all over to witness.
One of my favorite haunts when the seasons change is a trip to Carlson’s. Carlson’s Floral & Gift is a family owned Greenhouse with Charlie Carlson and his daughter, Nancy Shellhas running the show. Nancy In addition to their wonderful selection of plantings for landscaping and the home, Nancy offers a marvelous selection of one-of-a-kind floral arrangements that are completely unique.
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The third quarter of 2008 has just ended and its time to take stock of the Westchester housing market. Real estate is a local business and this was never more true than in Westchester County. In Westchester, you can move from high-rise cityscape to rolling hills with single family homes on half acre lots in less than two miles. It should not be surprising that market trends vary between communities.
White Plains, NY a city of close to 60,000 residents and a commuter population of over 250,000 has witnessed explosive growth over the past ten years and has proved to be remarkably resilient in spite of the housing recession that currently grips the country. Nevertheless, there has been some weakness in this market and in some sectors there have been minor corrections.
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